On Wednesday, August 12, 2026, Cogna (COGN3) reported net income of R$ 148.9 million in the second quarter of 2026 (2Q26), up 25.3% compared to 2Q25. Net revenue totaled R$ 1,960.7 million in the period, an increase of 17.8% from the same quarter of the previous year, driven mainly by K-12 Education.
Recurring EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 589.4 million in 2Q26, an increase of 6.8% year over year, while the recurring EBITDA margin fell 3.0 percentage points, reflecting margin compression in Higher Education with greater in-person attendance. In the first half of 2026, net revenue came to R$ 4,106.9 million, up 24.7% from 1H25, and recurring EBITDA totaled R$ 1,269.0 million, growth of 14.6% with a 2.7 p.p. decline in margin.
Operating cash generation after capex was R$ 394.9 million in 2Q26, an increase of 33.1% compared to 2Q25. Free cash flow reached R$ 251.9 million in the quarter, growth of 87.8% versus the same period of the previous year. In 1H26, free cash flow totaled R$ 504.3 million, compared to R$ 283.8 million in 1H25, up 77.7%, supported by higher operating inflows in both business units and by liability management initiatives that reduced interest payments.
The company also reported that non-recurring items totaled an expense of R$ 7.1 million in 2Q26, a decrease of 70.3% year over year, influenced by an approximately R$ 15.0 million capital gain from the remeasurement of the Educbank acquisition. Net debt closed the quarter at R$ 2,775.4 million, a reduction of R$ 21.8 million or 0.8% compared to 2Q25, and leverage (Net Debt/Adjusted EBITDA) stood at 1.10x, versus 1.22x a year earlier.
In terms of shareholder returns, Cogna paid on May 29, 2026 the mandatory minimum dividends related to fiscal year 2025, in the total amount of R$ 28.6 million, with a yield of 3.3%. On June 26, 2026, the company also completed the acquisition of 47% of Educbank Pagamentos Educacionais S.A. for R$ 46.3 million, increasing Somos Sistemas de Ensino S.A.’s stake to 90% of Educbank’s share capital.
