Cogna Educação (COGN3) Q1 2026 earnings summary

Executive summary

• Celebrated 60 years, now serving over 25 million students and transforming into a leading educational platform in Brazil.

• Successfully integrated Vasta, Saber, and Cogna operations, creating two main verticals: Basic and Higher Education, with new segmentation in reporting.

• Demonstrated ambidexterity by evolving core business and expanding new growth fronts, notably B2G and new product launches.

• Strong operational and free cash flow generation, with significant improvements in profitability and efficiency.

Financial highlights

• Net revenue grew 31.9% year-over-year to R$2.1 billion in Q1 2026/2028.

• Recurring EBITDA increased 22.2% to R$679.6 million, with margin at 31.7%, down 2.5 p.p.

• Net income rose 48.7% to R$141.4 million, driven by operational results and higher tax expenses.

• Free cash flow rose 68.7% year-over-year to R$252.5 million.

• Net debt reduced to R$30.4 million, leverage improved to 1.13x EBITDA.

Outlook and guidance

• Optimistic for continued growth in both Basic and Higher Education, with further regulatory adaptation expected by 2027.

• Focus on productivity gains, operational efficiency, and portfolio expansion, especially in Basic Education.

• Anticipate increased intake and revenue from new on-site nursing courses in the second semester.

• Expect marketing and technology expenses to normalize in coming quarters.