Cogna Educação, a Brazilian university and school-publishing group listed in São Paulo, reported a sharp drop in third-quarter 2026 profit. Its adjusted net income fell 90.9% to R$22.8 million (about US$4.1 million) from R$250.9 million (about US$45 million) a year earlier.
The main drag was its school business, where sales of textbooks to government programmes fell sharply. We use a rate of R$5.56 per US$1, the central bank’s PTAX selling rate for 11 November 2026, for every conversion below.
For US readers, the company trades in Brazil under the ticker COGN3, on the B3 exchange in São Paulo. We found no confirmation of a US listing for Cogna itself, so American investors reach it mainly through Brazilian shares or funds.
What Happened
Cogna Educação, a Brazilian group that runs universities and sells school materials, published its results for July to September 2026. Net revenue was R$1.44 billion (about US$259 million), down 5.2% from a year earlier.
Recurring EBITDA, a measure of operating profit before interest, tax and depreciation, fell 24.2% to R$320.4 million (about US$57.6 million). The margin on that measure slipped to 22.2% from 27.7%.
The reported result was worse than the adjusted one, a loss of R$37.3 million (about US$6.7 million) attributable to shareholders. A year earlier the company had booked a profit of R$191.6 million (about US$34.5 million).
Cogna says the gap comes from a one-off deferred income-tax gain of about R$126 million (about US$22.7 million) in the third quarter of 2025. That gain did not repeat this year.
Central Bank of Brazil headquarters, Brasília. File photo.Why the School Business Hurt
Cogna’s school arm, made up of Vasta and Saber (its school-business units), earned R$315.5 million (about US$56.7 million) in revenue, down 18.6%. Its recurring EBITDA was negative at R$49.2 million (about US$8.8 million).
Revenue from PNLD, the federal programme that buys textbooks for public schools, fell sharply. Cogna says the timing of those purchases cost it about R$70 million (about US$12.6 million) in the quarter.
Lower sales to public-network buyers cost a further R$27 million (about US$4.9 million). Costs also rose, as the company spent more on a new SAP (business-management software) system, technology and earlier recognition of sponsorships.
Over nine months, school revenue is still up 40% at R$1.92 billion (about US$345 million). The weak third quarter therefore sits against a much stronger year so far.
Universities Hold Steadier
Cogna’s higher-education arm produced R$1.13 billion (about US$203 million) in revenue, roughly flat from a year earlier. Its recurring EBITDA was R$367.7 million (about US$66 million).
The student base fell 7.9%, mostly in distance learning, and new enrolments fell 29.5%. Distance-learning revenue fell 12.1% while in-person revenue rose 3.6%.
Debt is lower. Net debt was R$2.54 billion (about US$457 million), or 1.04 times EBITDA, which Cogna calls its lowest leverage on record.
What It Means for Investors
The results show how much a Brazilian education group depends on government purchasing calendars and on rules set in Brasília. A late or smaller public order can erase a profitable quarter, even when universities are stable.
Chief executive Roberto Valério said he is “very optimistic” about the fourth quarter as PNLD purchases are expected to start. He blamed the quarter on the election-year slowdown in sales to state and city education departments.
What Is Not Known
The company has not said how much of the school-book delay comes from public-sector budget timing and how much from other causes. The CEO says the election year slowed sales to state and city education departments, but the company has not quantified that effect.
It is also unclear how large the fourth-quarter government orders will be, and when they will arrive. The company described its own expectations as optimistic, without giving a figure.
Frequently Asked Questions
How much did Cogna earn in Q3 2026?
Adjusted net income was R$22.8 million (about US$4.1 million), down 90.9%. The reported result was a loss of R$37.3 million (about US$6.7 million) attributable to shareholders.
Why did Cogna’s profit fall so much?
Government textbook purchases slumped, and a large tax gain in 2025 did not repeat. Costs in the school unit also rose.
Can US investors buy Cogna?
Cogna trades on the B3 exchange in São Paulo as COGN3. We found no confirmed US listing for the company itself.
Sources: Cogna Educação, third-quarter 2026 results release and investor page (ri.cogna.com.br); Banco Central do Brasil, exchange-rate series (api.bcb.gov.br); B3 exchange, ticker COGN3 (b3.com.br)