Vitru Educação (VTRU3) investor relations material

Executive summary

• Student base reached 972.8k, up 10% year-over-year, with engagement rate rising to 68.6% and blended learning intake up 64.9%, validating academic quality and strategy.

• Net revenue grew 6.1% year-over-year to R$579.2 million, driven by hybrid and distance learning undergraduate programs.

• Adjusted EBITDA rose 16% to R$235.2 million, with margin expanding 3.5 p.p. to 40.6%.

• Free cash flow surged 85.6% to R$217.1 million, reflecting strong operational efficiency and merger synergies.

• Adjusted net income increased 24.1% year-over-year to R$91.8 million, with a 15.9% margin, supported by operating leverage and merger benefits.

Financial highlights

• Consolidated net revenue: R$579.2 million (+6.1% year-over-year).

• Adjusted gross profit: R$412.9 million (+4.6%), gross margin at 71.3%.

• Adjusted EBITDA: R$235.2 million (+16.0%), margin at 40.6% (+3.5 p.p.).

• Adjusted net income: R$91.8 million (+24.1%), margin at 15.9% (+2.3 p.p.).

• Free cash flow: R$217.1 million (+85.6%), conversion rate at 82.6%.

Outlook and guidance

• Proceeds from April 2026 follow-on offering to strengthen capital structure, accelerate healthcare school openings, and support regulatory investments.

• Capex expected to concentrate in upcoming quarters for lab expansion, healthcare schools, and digital platforms.

• Management expects continued improvement in bad debt provisions and operational efficiency.

• No significant cost impact from new regulatory framework expected until 2027.

• Dividend policy under discussion, with potential for future distributions if performance continues.