On Tuesday, August 11, 2026, Vitru Educação (VTRU3) reported that it posted adjusted net income before cash taxes of R$ 159.9 million in the second quarter of 2026 (2Q26), up 31.5% versus 2Q25, with an adjusted net margin of 24.2%. In the first half of 2026 (1H26), adjusted net income before cash taxes totaled R$ 251.7 million, an increase of 28.7% compared to 1H25.
Vitru’s consolidated net revenue reached R$ 661.4 million in 2Q26, growth of 9.1% compared with the same period of 2025. In 1H26, net revenue came to R$ 1,240.6 million, up 7.7% over 1H25, driven mainly by blended learning undergraduate courses, whose revenue reached R$ 338.6 million in the quarter, an increase of 17.2%.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 278.0 million in 2Q26, an increase of 9.3% compared to 2Q25, with a stable adjusted EBITDA margin of 42.0%. In the half-year, adjusted EBITDA was R$ 513.1 million, growth of 12.3% versus 1H25 and a margin of 41.4%. The company highlighted that the result benefited from an improvement in provisions for doubtful accounts (PCLD), greater marketing efficiency and tax benefits stemming from the merger of UniCesumar.
The student base under the engaged student criterion reached 1.031 million in June 2026, up 4.8% compared to June 2025, while intake in blended learning undergraduate programs reached 50.6 thousand students in 2Q26, growth of 35.3% on the same comparison. Free cash flow reached R$ 192.9 million in the quarter, 46.3% above the R$ 131.9 million of 2Q25, and totaled R$ 410.0 million in 1H26, an increase of 64.8% versus 1H25.
With strong cash generation and the follow-on offering of common shares completed in April 2026, which distributed 15,656,909 shares at a price of R$ 13.00 per share, Vitru reduced net debt ex-IFRS 16 by R$ 630.0 million in 12 months, to R$ 1,163.3 billion in June 2026. Financial leverage, measured by the ratio of net debt to adjusted EBITDA over the last 12 months (ex-IFRS 16), fell from 2.34x in 2Q25 to 1.36x in 2Q26.
