Cogna Educacao S.a. · BMFBOVESPA:COGN3
Cogna Educacao — Q2 2026 Earnings Presentation
20 slides from Cogna Educacao's earnings presentation, Aug 13, 2026
Slide 1: Results 2Q26
ugust 13, 2026 cognd EDUCAGAO
Slide 2: Disclaimer
Disclaimer The material that follows is a presentation of general information about Cogna Educação S.A. (“Cogna”). The information herein is not intended to be extensive, and it should not be considered by potential investors as a recommendation. This presentation is strictly confidential and may no
Slide 3: Financial Highlights
2Q26 RESULTS / H i g h l i g h t s Financial Highlights 2Q26 1H26 Net Revenue OCG after Capex Net Revenue OCG after Capex R$ 1,960.7 M R$ 394.9 M R$ 4,106.9 M R$ 713.0 M +17.8% vs. 2Q25 +33.1% vs. 2Q25 +24.7% vs. 1H25 +30.4% vs. 1H25 Recurring EBITDA Free Cash Flow Recurring EBITDA Free Cash Flow R$
Slide 4: The diversity of our business supports growth in 1H26
2Q26 RESULTS / H i g h l i g h t s The diversity of our business supports growth in 1H26 Net Revenue | Cogna (R$ million) +24.7% 4,106.9 Basic Education +50.5% vs. 2Q25 3,292.3 1,601.0 +63.1% vs. 1H25 981.8 +17.8% 1,960.7 1,664.6 432.0 650.2 Higher Education 2,310.5 2,505.9 +6.3% vs. 2Q25 1,232.6 1,
Slide 5: Recurring EBITDA Growth across both Business Units
2Q26 RESULTS / H i g h l i g h t s Recurring EBITDA Growth across both Business Units Recurring EBITDA and EBITDA Margin | Cogna (R$ million) 33.1% 33.6% 30.1% 30.9% Basic Education +14.6% +62.7% vs. 2Q25 EBITDA Margin expansion of 0.9 p.p. 1,269.0 1,107.7 +65.6% vs. 1H25 350.5 EBITDA Margin expansi
Slide 6: Net Income and Free Cash Flow remain among the Company's key performance indicators
2Q26 RESULTS / H i g h l i g h t s Net Income and Free Cash Flow remain among the Company’s key performance indicators Adjusted Net Income and Adjusted Net Margin FCF Leverage and Average cost (R$ million) (R$ million) 10.7% 10.7% +77.7% 10.1% 10.0% 504.3 1.63% 1.59% 1.52% 1.33% +23.6% 1.32% 411.0 +
Slide 7: Capital Allocation
2Q26 RESULTS / H i g h l i g h t s Capital Allocation Financial Expenses Boost Growth Return to Shareholder Reduction Strategy Repurchase of Shares Debt prepayment Strategic M&As Payments of Dividends Shareholder return actions Drawn risk and Debt Dividend Payment Educbank Acquisition Reduction In 2
Slide 8: Q&A
Q&A ri.cogna.com.br dri@cogna.com.br
Slide 9: Basic Education
Appendix BASIC EDUCATION
Slide 10: Basic Education: Financial Performance
2Q26 RESULTS / Basic Education Financial Performance Financial performance was primarily impacted by the shift in the NBTP schedule, as well as better ACV conversion and growth in Complementary Solutions. +63.1% ACV Cycle Recurring EBITDA and EBITDA margin Net Revenue (R$ million) (R$ million) (R$ m
Slide 11: Basic Education: Costs and Expenses
2Q26 RESULTS / Basic Education Costs and Expenses¹ Operating expenses stood out, reflecting G&A optimization driven by lower third-party services and rental expenses. Marketing and sales expenses benefited from lower royalty costs. (R$ million) +62.9% 1,244.9 44.6 156.9 270.3 764.1 +52.3% 27.4 582.0
Slide 12: Higher Education
Appendix HIGHER EDUCATION
Slide 13: Higher Education: Operating Performance
2Q26 RESULTS / Higher Education Operating Performance The New Regulatory Framework impacted the DL segment. However, On-site and Hybrid learning continued to grow in both student intake and student base. The higher dropout rate is related to the strong student intake in 2H25, reflecting the natural
Slide 14: Higher Education: Financial Performance
2Q26 RESULTS / Higher Education Financial Performance Growth was supported by On-site and Hybrid learning, while gross margin was impacted by the student base in DL. EBITDA growth was moderate. Gross Income and Gross Margin Recurring EBITDA and EBITDA margin Net Revenue (R$ million) (R$ million) (R$
Slide 15: Higher Education: Costs and Expenses
2Q26 RESULTS / Higher Education Costs and Expenses¹ Improvement in PDA reflected lower student intake through Pague Fácil. Higher Marketing investments were concentrated in the previous quarter, while operating expenses were impacted by higher G&A expenses related to utilities and systems, driven by
Slide 16: ACP and Coverage Ratio
2Q26 RESULTS / Higher Education ACP and Coverage Ratio Average Collection Period (ACP) for paying students decreased compared to 2Q25 (39 days versus 47 days). During the same period, the student coverage ratio was 69.2%. Average Collection Period (payers) Coverage Ratio (Total) and PDA/NOR 48 67.8%
Slide 17: Cogna
Appendix COGNA
Slide 18: Cogna: Financial Performance
2Q26 RESULTS / Cogna Financial Performance Double-digit Net Revenue growth was primarily driven by Basic Education, while EBITDA margin was impacted by greater on- campus presence in Higher Education. Recurring EBITDA and EBITDA margin Adjusted Net Income and Adjusted Net margin Net Revenue (R$ mill
Slide 19: Desempenho Financeiro
2Q26 RESULTS / Cogna Desempenho Financeiro Cash generation benefited from higher operating inflows in both BUs, particularly from PNLD, B2G, and B2B in Basic Education. OCG after Capex FCF (R$ million) (R$ million) +30.4% +77.7% 713.0 504.3 +33.1% 546.9 +87.8% 394.9 283.8 296.6 251.9 134.1 2Q25 2Q26
Slide 20: Indebtedness
2Q26 RESULTS / Cogna Indebtedness Average cost of debt reached CDI +1.59% in the quarter, with a 29-month duration and 1.10x leverage. The Company also paid R$28.5 million in dividends. Excluding the acquisition of Educbank, leverage would have reached 1.02x. 1.63% 1.59% 1.52% 1.32% 1.33% Amortizati