Vitru Educação (VTRU3) Q2 2026 earnings summary

Executive summary

• Engaged student base reached 1,031,000 in H1 2026, up 4.8% year-over-year, with a unified engagement criterion and focus on quality.

• Engagement rate improved to 82.1%, up 9.6 percentage points year-over-year, supporting retention and profitability.

• Hybrid programs expanded 35% and now represent 58% of total intake, aligning with sector trends.

• Operational improvements and disciplined execution led to record financial results and highest-ever first half EBITDA margin.

• Recognized externally with renewed Great Place to Work certification and Valor Inovação Brasil Award for innovation.

Financial highlights

• Net revenue reached BRL 1,240.6 million in H1 2026, up 7.7% year-over-year; Q2 revenue up 9.1%.

• Adjusted EBITDA for H1 was BRL 513.1 million, up 12.3%, with a margin of 41.4%, highest in company history.

• Adjusted net income on a cash tax basis was BRL 251.7 million in H1, up 28.7%, with a 20.3% margin.

• Free cash flow hit a record BRL 410 million in H1, up 64.8% year-over-year; conversion rate rose to 68.9%.

• Net debt ex-IFRS 16 reduced by BRL 630 million year-over-year, leverage down to 1.36x from 2.34x.

Outlook and guidance

• Structural EBITDA margin expected to normalize below 41–42% due to regulatory changes and cost pressures.

• Dividend policy under discussion, with intention to implement a stable, yield-focused payout from 2027.

• CapEx expected to be BRL 180–200 million in 2026, higher than previous years due to regulatory transition and growth investments.

• Expectation of higher capex in coming quarters for lab expansion, healthcare schools, and digital platforms.

• Readjustments for veteran students expected to remain above inflation if current scenario persists.