Vitru (VTRU3) reports adjusted net income of R$ 145.4 mn in 3Q26

Consolidated net revenue reached R$ 578.9 mn, up 5.4%. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) totaled R$ 234.9 mn, an increase of 9.7%, with a margin of 40.6% (+1.6 percentage point). According to the company, performance was driven by the reduction in PCLD (provision for doubtful accounts), which totaled R$ 29.2 mn in the quarter, down 42.4%, a result of collection efforts and the focus on engaged students.

In the first nine months of 2026 (9M26), net revenue was R$ 1,819.5 mn (+7.0%), adjusted EBITDA reached R$ 748.0 mn (+11.4%) and cash-tax-adjusted net income totaled R$ 397.1 mn (+41.0%), with a net margin of 21.8% (+5.3 percentage points). Accounting net income for the nine months was R$ 996.0 mn, versus R$ 275.6 mn in 9M25. The company states that the accounting result includes a deferred tax reversal of R$ 762.6 mn in the first quarter, which had no cash effect and was excluded from adjusted income.

Free cash flow was R$ 221.5 mn in 3Q26, up 9.0%, and R$ 631.5 mn in 9M26 (+39.7%), with a cash conversion of 73.9%. Net debt excluding IFRS 16 effects fell by R$ 677.8 mn in one year, to R$ 986.5 mn (-40.7%). Leverage, measured as net debt over adjusted EBITDA for the last 12 months, dropped from 2.13x to 1.13x. The average cost of debt is CDI+1.84%. The student base reached 922.4 thousand (+11.9%).

On November 11, 2026, the Board of Directors approved the Profit Allocation and Dividend Distribution Policy and the first distribution: R$ 79.7 mn in dividends, or R$ 0.5332 per share, representing a yield of 4.5% on the November 3 close (R$ 11.73). Shareholders of record on November 18 are entitled, shares trade ex-dividend on November 19, and payment takes place on November 30, 2026. Under the policy, the base payout in the first three quarters requires leverage equal to or below 1.5x, and the additional payout in the fourth quarter depends on leverage below 1.2x and approval at a shareholders' meeting. The company emphasizes that the policy is not a promise of payment.