Vitru Educação (VTRU3) Q3 2026 earnings summary

Executive summary

• 9M26 adjusted EBITDA reached R$748.0m, up 11.4%, with a 41.1% margin; free cash flow rose 39.7% to R$631.5m and leverage fell to 1.13x.

• Engaged student base reached 922.4k, up 11.9% YoY; intake engagement increased to 83.6% from 63.7%.

• Hybrid undergraduate intake grew 9.9% YoY in 3Q26, representing 56% of total intake.

Financial highlights

• Q3 net revenue was BRL 579m, up 5.4%; 9M26 net revenue was R$1,819.5m, up 7.0% YoY.

• Q3 adjusted EBITDA was R$234.9m, up 9.7%, with a 40.6% margin; 9M26 adjusted EBITDA was R$748.0m, up 11.4%.

• 9M26 cash-tax adjusted net income was R$397.1m, up 41.0%; net margin increased 5.3 p.p. to 21.8%.

• Free cash flow was R$221.5m in Q3, up 9.0%, and R$631.5m in 9M26, up 39.7%.

Outlook and guidance

• Q4 student intake was tracking similar to Q3; 2027 intake and margin outlook remained under planning.

• Regulatory changes are being implemented to plan, with impacts expected in 2027; detailed margin effects remained under planning.

• Distribution policy permits quarterly base distributions when quarter-end leverage is at or below 1.5x; additional distributions may be proposed if year-end leverage is below 1.2x, subject to approvals and reserves.

• Q3 CapEx of BRL 58m reflected investment in labs and IT; further investment in both areas was expected.