In brief

Cogna lost R$ 37.3 million in 3Q26, versus a profit a year earlier.

Revenue fell 5.2% and recurring Ebitda 24.2%.

What we know

04

  1. Verified fact · material

    Cogna posted a net loss of R$ 37.3 million in 3Q26, versus a R$ 191.6 million profit in 3Q25.

    Swings to a loss.

    Sources[01][02][03]

  2. Verified fact · material

    Net revenue was R$ 1.44 billion, down 5.2%, and recurring Ebitda R$ 320.4 million, down 24.2%.

    Weaker operations.

    Sources[01][02][03]

  3. Verified fact

    Adjusted profit was R$ 22.8 million, down 90.9%.

    Adjusted base.

    Sources[01][03]

  4. Verified fact

    CNN publishes an Estadão Conteúdo text.

    Report origin.

    Sources[02]

Transmission to assets

Market read-through

The weak result renews caution on listed education.

Portfolio impact

01
COGN3negative

Loss and lower Ebitda.

Pressure on the stock.

What would change the view: No enrollment recovery.

direct35% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • Early-2027 enrollment
  • Leverage

Limits of the reporting

What remains uncertain

  • Money Times attributes part of the result to seasonality.

Full sources

03
01
InfoMoneyCogna (COGN3): resultados do terceiro trimestre de 2026independent newsroom
02
CNN Brasil MoneyCogna registrou prejuízo líquido de R$ 37,3 milhões no terceiro trimestre de 2026independent newsroom
03
Money TimesCogna (COGN3) tem prejuízo de R$ 37 mi no 3º tri com sazonalidadeindependent newsroom