Cogna posts R$37.3 million loss in third quarter

Brazilian education company Cogna reported a R$37.3 million net loss in the third quarter of 2026, compared with a R$191.6 million profit a year earlier.

Its adjusted profit fell 90.9% to R$22.8 million, while recurring EBITDA, a measure of operating performance, dropped 24.2% to R$320.4 million.

Revenue fell 5.2% to R$1.444 billion, with basic education revenue down 18.6% and higher education revenue almost unchanged.

The basic education unit was affected by textbook purchases shifting into the fourth quarter and slower public-sector negotiations during the election period.

The comparison was also affected by a tax benefit recognized in the third quarter of 2025, while improved financial results partly offset the weaker performance.

Net debt fell 8.6% from the previous quarter to R$2.536 billion at the end of September; the delayed textbook purchases are expected in the fourth quarter.