Vitru Brasil Empreendimentos Participações e Comércio (VTRU3) Q2 2025 earnings summary

Executive summary

• Total student base surpassed 1,045.5 thousand, up 10.6% year-over-year as of June 30, 2025, driven by 13.4% growth in distance learning undergraduate enrollments.

• Achieved SAEME-CFM accreditation for UniCesumar Medicine Program, enhancing academic quality and credibility.

• Expanded network to 2,660 centers, up 5.8% year-over-year, with a focus on medium and large centers.

• Proactively adapting to new regulatory framework, emphasizing compliance, operational optimization, and academic excellence.

• Integration with Unicesumar delivering expected synergies and supporting growth.

Financial highlights

• Consolidated net revenue reached R$1,151.9 million in H1 2025, up 6.6% year-over-year; Q2 2025 net revenue was R$606.1 million, up 5.1% year-over-year.

• Adjusted EBITDA totaled R$457.1 million in H1 2025, up 7.9% year-over-year, with a margin of 39.7%; Q2 2025 EBITDA was R$254.4 million, margin 42%.

• Adjusted net income was R$245.2 million in H1 2025, up 75.6% year-over-year; Q2 2025 adjusted net income was R$154.8 million, up 48.4%.

• Free cash flow grew 12.9% to R$248.1 million in H1 2025; Q2 2025 free cash flow was R$131.9 million, up 43.9% year-over-year.

• Adjusted net margin improved to 21.3% in H1 2025, up 8.4 percentage points year-over-year.

Outlook and guidance

• Expectation for high-digit enrollment growth in H2 2025, with stable average ticket and normalization of bad debt levels.

• New pedagogical model to be implemented in H1 2026, with pricing impacts assessed at that time.

• EBITDA margin expected to remain flat in H2 2025, with gross margin stability and slight reductions in bad debt.

• Integrated strategy underway to adapt to new regulatory framework, focusing on compliance, operational optimization, and value acceleration.

• Integration with Unicesumar projected to add R$265.9 million in net revenue and R$154.0 million in EBITDA for 2025.