In the earnings release for the second quarter of 2026 (2Q26), Cruzeiro do Sul Educacional (CSED3) reported adjusted net income of R$ 100.7 million, 60.6% higher than in 2Q25. In the same period, consolidated net revenue reached R$ 780 million, an increase of 8.2% compared to 2Q25, and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came to R$ 233.5 million, with a margin of 29.9%, an increase of 2.0 percentage points year over year.
Operating performance in 2Q26 was supported by a 9.4% increase in the average ticket for on-campus undergraduate programs and a 12.8% increase in the ticket for digital and hybrid programs, compared to 2Q25. The on-campus student base was virtually stable, with a 0.8% drop in total enrollments, while the digital and hybrid base fell 7.3%, a move offset by the greater weight of higher value-added programs.
By segment, on-campus revenue reached R$ 535.9 million in 2Q26, 8.7% higher than in 2Q25, supported mainly by the increase in ticket. Revenue from healthcare programs totaled R$ 389 million, an advance of 10.6% on the same comparison basis and it came to represent 73% of on-campus revenue. Meanwhile, digital and hybrid revenue was R$ 267 million, up 6.1% versus 2Q25, driven by the higher average ticket.
In the first half of 2026 (1H26), Cruzeiro do Sul Educacional’s net revenue totaled R$ 1.5 billion, an increase of 6.4% compared to 1H25. Adjusted EBITDA for the half was R$ 443.9 million, with a margin of 29.9%, 2.6 percentage points below 1H25, impacted by the higher share of provisions for doubtful accounts (PECLD) in net revenue and by higher expenses with personnel, technology and consulting.
The company also reported that cash flow to shareholders was R$ 31.1 million in 2Q26 and that net financial debt ended the quarter at R$ 523 million, resulting in leverage of 0.8x net financial debt/EBITDA for the last 12 months, excluding the effects of IFRS 16.
