Cogna Educacao S.a. · BMFBOVESPA:COGN3
Cogna Educacao — Q1 2026 Earnings Presentation
22 slides from Cogna Educacao's earnings presentation, May 7, 2026
Slide 1: Results 1Q26
EDUCAGAG RESULTS 1Q26 May, 7, 2026
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: Opening remarks: Cogna 60 Years, Integration and new structure
Opening remarks Cogna: 60 Years Sixty years ago, five teachers founded Pitágoras in a single classroom in Belo Horizonte. Today, this initiative has evolved into Cogna, which connects millions of Brazilians and empowers people and organizations to build their best versions. Integration and new struc
Slide 4: Quarter's highlights
Quarter’s highlights Recurring EBITDA Recurring EBITDA Net Revenue Margin R$ 2,1 Bn R$ 679.6 MM +31.9% vs. 1Q25 +22.2% vs. 1Q25 31.7% -2.5 p.p. vs. 1Q25 Net Income Operating Cash Free Cash Flow Generation after Capex R$ 141.4 MM R$ 252.5 MM +48.7% vs. 1Q25 R$ 318.1 MM +68.7% vs. 1Q25 +27.1% vs. 1Q25
Slide 5: Basic Education
cogna BASIC EDUCATION v oe e VASTA + SABER - EDUCACAO
Slide 6: Net Revenue
Net Revenue Strong growth primarily driven by NBTP and Subscription. Also supported by the performance of growth avenues B2G and Languages + Start Anglo Net Revenue ACV – Cycle (R$ million) (R$ million) +73.0% 950.8 +8.8% +8.7% 17.7 1,108.7 52.5 +14.6% 1,019.5 +11.0% 248.5 n.a. 307.7 223.9 549.7 16.
Slide 7: Costs and Expenses
Costs and Expenses¹ Increase in Costs and Expenses, with improvements in Operational Expenses and Salling and Marketing expenses, driven by NBTP and operational efficiency. Total Costs increased due to the recognition of NBTP revenues, impacting COGS (R$ million) +73.6% 662.9 25.5 17.8 52.0 148.1 38
Slide 8: Recurring EBITDA and EBITDA Margin
Recurring EBITDA and EBITDA Margin Strong double-digit growth in Recurring EBITDA, with an impact on EBITDA margin. Margin performance reflects NBTP production costs. This is a seasonal effect, and we continue to capture productivity gains across other Basic Education segments, partially offsetting
Slide 9: Higher Education
HIGHER EDUCATION - kroto né
Slide 10: Operational Performance
Operational Performance Despite the decline in the total base due to Distance Learning (DL), growth in On-site and Hybrid formats increased the average ticket Students Intake Final Student Intake Average Ticket (Thousand) (Thousand) 3.7% Growth in Intake -4.6% Revenue 1,197.5 1,142.8 +19.4% vs. 1Q25
Slide 11: Financial Performance
Financial Performance Net Revenue and Gross Profit growth across all modalities, with emphasis on On-site Net Revenue Gross Profit Gross Margin (R$ million) (R$ million) +10.9% 1,195.4 +10.4% 1,077.9 997.4 -0.4 p.p. vs. 1Q25 Total Higher 200.9 903.6 Education 185.1 +8.5% 196.1 180.7 +8.5% 418.1 +1.1
Slide 12: Costs and Expenses
Costs and Expenses¹ A 14.5% increase in Total Costs and Expenses, driven by higher Corporate Expenses, mainly due to increased technology spending; as well as higher PDA/NOR and Salling & Marketing Expenses, reflecting regulatory changes and a more competitive environment (R$ million) +14.5% 812.2 7
Slide 13: Recurring EBITDA and EBITDA Margin
Recurring EBITDA and EBITDA Margin Recurring EBITDA increased, with margin pressure (R$ million) 36.2% 33.7% +3.4% 389.8 403.1 1Q25 1Q26 Recurring EBITDA Margin 13
Slide 14: Cogna
cogna
Slide 15: Financial Performance
Financial Performance Sustainable and positive double-digit growth across both business units, driven by the On-site segment in Higher Education and NBTP in Basic Education Net Revenue Recurring EBITDA (R$ million) (R$ million) +31.9% 34.2% 2,146.1 31.7% 1,627.6 +22.2% 679.6 556.0 1Q25 1Q26 1Q25 1Q2
Slide 16: Cash Generation
Cash Generation Positive impact from higher operating inflows across business units, particularly NBTP and B2G. Additionally, lower interest payments contributed to the increase in FCF OCG FCF (R$ million) (R$ million) +27.1% +68.7% 318.1 252.5 250.3 149.6 1Q25 1Q26 1Q25 1Q26 16
Slide 17: Net Income and Net Margin
Net Income and Net Margin Result of a 25.0% increase in Operating Income Net Income (R$ million) 6.6% 5.8% +48.7% 141.4 95.1 1Q25 1Q26 Net Margin 17
Slide 18: Net Debt
Net Debt Reduction in Net Debt, driven by lower gross debt following liability management initiatives. Additionally, in February, the Company distributed R$119.5 million in dividends Net Debt Bridge (R$ million) (52) 2.836 2.785 74 8 (252) 119 Net Debt 4Q25 FCF Shareholders Return ∆ WK Others moveme
Slide 19: Indebtedness
Indebtedness Leverage reduction driven by lower Net Debt and higher Adjusted EBITDA; Debt prepayment reduced the average cost compared to 1Q25; Next debenture principal maturity in July 2027, totaling R$67 million Net Debt / Adjusted EBITDA LTM Average Cost CDI + (R$ million) 3.50x 1.66% 1.63% 1.52%
Slide 20: Capital Allocation
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 2025 2026 2025 2026 2025 Liability Share Bonus Dividends Vasta Tender Offer Liability Management Management
Slide 21: Closing remarks
Closing remarks •Proven ambidexterity: consistent evolution of the core business combined with the expansion of new growth fronts, with emphasis on B2G growth and the launch of new products in recent years; •Customer focus: enhanced experience for students and schools through the transformation of c
Slide 22: ri.cogna.com.br dri@cogna.com.br
ri.cogna.com.br dri@cogna.com.br