Cogna (COGN3) posted a net loss of R$ 37.3 million in 3Q26, compared with net income of R$ 191.6 million in 3Q25. The result reflects a 24.2% drop in recurring EBITDA (earnings before interest, taxes, depreciation and amortization), which totaled R$ 320.4 million. The comparison base was also inflated by the recognition of R$ 126.3 million in deferred income tax assets in 3Q25.
Net revenue for the quarter was R$ 1,444.3 million, a 5.2% decrease from 3Q25. The recurring EBITDA margin fell 5.5 percentage points, to 22.2%. Adjusted net income was R$ 22.8 million, down 90.9%.
In the first nine months of 2026 (9M26), net revenue totaled R$ 5,551.1 million, up 15.3%. Recurring EBITDA was R$ 1,589.5 million, growth of 3.9%, with a margin of 28.6%. Net income was R$ 253.0 million, down 37.6% from R$ 405.5 million in 9M25, and adjusted net income totaled R$ 433.8 million, a 25.6% decrease.
In Basic Education, net revenue in 3Q26 fell 18.6%, to R$ 315.5 million, and recurring EBITDA was negative R$ 49.2 million. The company cites the PNLD (national textbook program) calendar and the pace of B2G (sales to governments) contracting during the election period. In Higher Education, revenue was R$ 1,128.7 million, in line with 3Q25, and recurring EBITDA was R$ 367.7 million, also stable.
Operating cash generation after Capex (investments) was R$ 372.0 million in 3Q26, down 5.2%. Free cash flow totaled R$ 264.3 million, a 12.0% decrease, and R$ 768.6 million in 9M26, up 31.6%. Net debt fell R$ 239.2 million from 2Q26, to R$ 2,536.2 million, and leverage (net debt to adjusted EBITDA) reached 1.04x, compared with 1.11x in 3Q25.
Is COGN3 worth investing in?
- Price
- R$ 1.50
- as of 11/10/2026
- Dividend yield
- 7.91 %
- P/L
- 4.41
- P/VPA
- 0.23
