On Thursday, August 13, 2026, YDUQS (YDUQ3) released its results for the second quarter of 2026 (2Q26). The company reported adjusted net income of R$ 14.0 million in 2Q26 and R$ 164.1 million in the first half of 2026, compared to R$ 184.3 million in 1H25. In the half-year, net revenue totaled R$ 2,900.9 million, up 1.2% versus 1H25, while adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came to R$ 904.2 million, with a margin of 31.2%.
In 2Q26, consolidated net revenue came to R$ 1,392.1 million, growth of 1.0% over 2Q25, even with the R$ 23 million decline in revenue linked to DIS (the tuition installment model). Excluding this effect, revenue would have risen 2.6% in the quarter and 4.1% in the half-year. By business unit, Idomed (Medicine) revenue grew 7.4% in the quarter and 8.6% in the half-year, Ibmec advanced 12.5% in 2Q26 and 17.7% in 1H26, while Estácio & Wyden fell 2.2% in the quarter and 2.6% in the half-year, impacted mainly by a 15.2% drop in Digital revenue and lower DIS revenue.
Consolidated adjusted EBITDA reached R$ 400.2 million in 2Q26, an increase of 1.6% compared to 2Q25, with a margin of 28.7%. By brand, Idomed posted adjusted EBITDA of R$ 151.6 million in 2Q26 (margin of 44.6%), Ibmec R$ 33.8 million (margin of 31.6%) and Estácio & Wyden R$ 214.8 million (margin of 22.7%). Management highlights that lower adherence to DIS reduced adjusted EBITDA by R$ 18 million in the quarter and by R$ 66 million in the half-year; without this effect, adjusted EBITDA would have grown 6.2% in 2Q26 and 6.8% in 1H26, with margin expansion.
Net financial result was negative by R$ 206.4 million in 2Q26, a deterioration of 9.8% versus 2Q25, and totaled a negative R$ 386.6 million in the half-year, 2.9% higher than in 1H25. According to the company, performance was mainly influenced by the level of the Selic rate, which generated a negative impact of R$ 14 million in the half-year, by higher expenses with private financing linked to Medicine courses and by a higher level of discounts in credit recovery initiatives in 2Q26. Accounting net income was R$ 3.1 million in 2Q25 and turned into a loss of R$ 1.5 million in 2Q26; in the half-year, it fell from R$ 131.8 million to R$ 64.0 million, an impact mitigated in adjusted profit.
In terms of balance sheet and cash, gross accounts receivable declined 13.7% between 2Q25 and 2Q26, to R$ 1,964.1 million, reflecting the migration of students from private financing to the model of receipt over the course term, the R$ 25 million reduction in the balance of the old financing and lower DIS penetration. The provision for doubtful accounts (PDA) fell 11.1% in the period, bringing net accounts receivable to R$ 1,208.8 million, 14.6% below 2Q25. The average collection period went from 94 days in 2Q25 to 78 days in 2Q26. Operating cash flow ex-IFRS 16 was R$ 298.1 million in 2Q26, down 1.3% versus 2Q25, while free cash flow totaled R$ 193.0 million in the quarter.
YDUQS ended 2Q26 with cash of R$ 721.9 million and net debt of R$ 2,907.7 million, a reduction of 1.9% compared to 2Q25. The net debt/adjusted EBITDA ratio, excluding IFRS 16 leases, stood at 2.00 times in the quarter, versus 2.14 times a year earlier; on the metric that excludes only the effect of IFRS 16 on gross debt, the ratio was 1.55 times, down 0.11x versus 2Q25. In the half-year, the company paid R$ 150 million in dividends, executed R$ 100 million in share buybacks and disbursed R$ 145 million in the acquisition of Unifametro, while keeping Capex at R$ 218.6 million, equivalent to 7.5% of net revenue, within the 7% to 8% range projected for the medium and long term.
