Cogna (COGN3) posted a net loss of R$ 37.3 mn in 3Q26, versus net income of R$ 191.6 mn in 3Q25. The result reflects a 24.2% decline in recurring EBITDA (earnings before interest, taxes, depreciation and amortization), which totaled R$ 320.4 mn. The comparison base was also boosted by the recognition of R$ 126.3 mn in deferred income tax assets in 3Q25.
Net revenue for the quarter was R$ 1,444.3 mn, a 5.2% decrease from 3Q25. The recurring EBITDA margin fell 5.5 percentage points, to 22.2%, from 27.7% in 3Q25. Adjusted net income was R$ 22.8 mn, down 90.9% from R$ 250.9 mn in 3Q25.
In the first nine months of 2026 (9M26), net revenue totaled R$ 5,551.1 mn, up 15.3%. Recurring EBITDA was R$ 1,589.5 mn, growth of 3.9%, with a margin of 28.6%. Net income was R$ 253.0 mn, down 37.6% from R$ 405.5 mn in 9M25, and adjusted net income totaled R$ 433.8 mn, a decrease of 25.6%. During the period, Cogna distributed R$ 148.5 mn in dividends, paid R$ 46.3 mn for the purchase of 47% of Educbank's capital and approved in November 2026 a buyback program of 141,792,187 shares, with a 12-month term.
In Basic Education, net revenue in 3Q26 fell 18.6%, to R$ 315.5 mn, and recurring EBITDA was negative R$ 47.3 mn, versus positive R$ 52.2 mn in 3Q25. The company cites the PNLD (national textbook program) calendar and the pace of B2G (government sales) contracting during the election period. In Higher Education, revenue was R$ 1,128.7 mn, in line with 3Q25, and recurring EBITDA was R$ 367.7 mn, also stable.
Operating cash generation after Capex (investments) was R$ 372.0 mn in 3Q26, down 5.2%. Free cash flow totaled R$ 264.3 mn, a 12.0% decrease, and R$ 768.6 mn in 9M26, up 31.6%. Net debt fell R$ 239.2 mn from 2Q26, to R$ 2,536.2 mn, and leverage (net debt to adjusted EBITDA) reached 1.04x, versus 1.11x in 3Q25, the company's lowest level.
Is COGN3 worth investing in?
- Price
- R$ 1.52
- as of 11/11/2026
- Dividend yield
- 7.80 %
- P/L
- 4.47
- P/VPA
- 0.23
