Cogna Educacao SA
BOVESPA:COGN3
Cogna Educacao SA
Cogna Educação SA is a private educational organization, which engages in the provision of educational services. The company is headquartered in Belo Horizonte, Minas Gerais. The company went IPO on 2007-06-08. The firm focuses on developing primary and secondary schools, post-secondary and undergraduate programs, as well as vocational courses. The firm's activities are divided into three business segments: In-class higher education, which offers port-secondary programs on campus; Distance learning higher education (EAD), which provides port-secondary programs via online platform, and Basic education, which includes own and managed primary schools, collection and development of teaching materials, school management advisory, as well as educational support tools, among others. The firm operates a number of brand names, such as Anhanguera, Fama, Pitagoras, Unic, Unime and Unopar. In addition, it is involved in the wholesale, retail, distribution, import and export of textbooks, course books, magazines and other publications related to education.
Cogna Educação SA is a private educational organization, which engages in the provision of educational services. The company is headquartered in Belo Horizonte, Minas Gerais. The company went IPO on 2007-06-08. The firm focuses on developing primary and secondary schools, post-secondary and undergraduate programs, as well as vocational courses. The firm's activities are divided into three business segments: In-class higher education, which offers port-secondary programs on campus; Distance learning higher education (EAD), which provides port-secondary programs via online platform, and Basic education, which includes own and managed primary schools, collection and development of teaching materials, school management advisory, as well as educational support tools, among others. The firm operates a number of brand names, such as Anhanguera, Fama, Pitagoras, Unic, Unime and Unopar. In addition, it is involved in the wholesale, retail, distribution, import and export of textbooks, course books, magazines and other publications related to education.
Cash generation: Free cash flow reached BRL 716 million in 2025 (up 81% vs 2024) and management highlighted operational cash generation of BRL 1.274 million, underlining strong cash conversion despite some timing effects.
PNLD timing: A large government school-books purchase (PNLD) was postponed from Q4'25 into Q1'26 (management cited ~BRL 67 million of revenue / ~BRL 52 million of EBITDA displaced), explaining much of the apparent Q4 weakness.
Revenue & pro forma growth: On a pro forma basis revenue grew 11% in 2025 to BRL 7.184 billion; company reiterated underlying organic growth across Kroton, Vasta and Saber.
Margins & mix: Gross margin saw pressure driven by a higher on‑site mix (and maturation of health/medicine courses), but EBITDA remained resilient (management pointed to higher per‑student contribution on site and operational efficiencies).
Balance sheet & capital allocation: Net debt trends were improved (management cited net debt reductions and availability of BRL 1.2 billion); leverage was discussed around 1.2x–1.21x and the priority remains debt reduction, dividends and selective M&A.
Vasta / B2G momentum: Vasta reported recurring growth (subscription and B2G) with a large B2G pipeline and >20 public contracts; Saber also growing in languages and government products despite PNLD timing effects.
Guidance & outlook: Management expects cash generation to continue improving into 2026, sees double‑digit sustainable long‑term growth, and flagged opportunities from regulatory changes (e.g., nursing pre‑authorization) and AI/process efficiency initiatives.
