In the release of its results for the first half of 2026 (1H26), published on Tuesday, August 11, 2026, Vitru Educação (VTRU3) reported cash tax-adjusted net profit of R$ 251.7 million, up 28.7% compared to 1H25. Net revenue totaled R$ 1,240.6 million in the period, an increase of 7.7% year over year.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came to R$ 513.1 million in 1H26, an increase of 12.3% versus 1H25, with an adjusted EBITDA margin of 41.4%, a gain of 1.7 percentage points. In the second quarter of 2026 (2Q26), adjusted EBITDA was R$ 278.0 million, up 9.3% from 2Q25, with a margin of 42.0%, stable in relation to the same quarter of the previous year.
The company reported free cash flow of R$ 410.0 million in 1H26, 64.8% higher than in 1H25. Free cash conversion reached 68.9% in the half, compared to 46.8% a year earlier, supported by an improvement in working capital and a reduction in the average net collection period net of the allowance for doubtful accounts (PCLD) from 52 to 46 days between 2Q25 and 2Q26.
On the balance sheet side, Vitru Educação highlighted a reduction of R$ 630.0 million in net debt ex-IFRS 16 compared to 1H25, closing the half at R$ 1,163.3 million. Financial leverage, measured by the ratio of net debt ex-IFRS 16 to adjusted EBITDA for the last 12 months ex-IFRS 16, stood at 1.36x in 1H26, down 0.98x year over year, with an average debt cost of CDI + 1.84% in June 2026.
On the operating front, the base of engaged undergraduate students in blended learning and distance learning (EAD) was 945.4 thousand at the end of 1H26, growth of 5.5% versus 1H25, with the engagement rate rising from 72.5% to 82.1%, an increase of 9.6 percentage points. The blended learning undergraduate segment accounted for 58% of total intake in 1H26, and the average undergraduate ticket reached R$ 287.4, up 1.5% from the same period of the previous year.
