Vitru records a 48.4% increase in net income and strong cash generation in Q2 2025

With over 1 million students and a 10.6% growth in the total student base, Vitru solidifies its market position and boosts financial results

Vitru (B3: VTRU3), the leader in digital education in Brazil, released its financial and operational results for the first half of 2025 on Wednesday (13), showing significant growth in net income, which reached R$ 154.8 million, a 48.4% increase compared to Q2 2024. This was coupled with strong operational cash flow generation, which totaled R$ 306.9 million on June 30, 2025, reflecting a 13.1% growth compared to the same period in 2024.

The total number of students enrolled at the 2,660 campuses of Uniasselvi and Unicesumar exceeded 1.04 million, a historic milestone for the company, resulting in a 10.6% year-on-year growth in its student base. Enrollment in distance learning undergraduate programs (EAD) increased by 19.5% compared to Q2 2024, driving the performance of the first half, which recorded a 13.4% accumulated increase compared to the same period last year.

William Matos, CEO of Vitru Educação, emphasizes: "The results of Q2 2025 reflect our undisputed leadership in high-quality, widespread digital education in Brazil. Being the largest player in distance education, now with over 1 million students, validates our commitment to transforming lives through access to education. This milestone reaffirms our belief that education is the key to the future of thousands of Brazilians."

Vitru's ability to convert results into liquidity is also reflected in the strong operational cash conversion of 57.6% for the first half of the year, an increase of 2.9 percentage points compared to the same period last year. The company ended this semester with a leverage of 2.3x, lower than the levels registered in Q2 2024 (2.6x) and Q1 2025 (2.4x), continuing its downward trajectory in debt levels, even in the face of a challenging macroeconomic scenario.

Gabriel Lobo, CFO of Vitru Educação, comments that the results for the first half of 2025 are a reflection of financial discipline and an operational efficiency agenda. "The strong cash increase is a direct result of deep work in seeking opportunities for improvement in internal processes. In a market context that is more challenging from a top-line perspective, it is essential to maintain an agenda focused on cost control and efficiency. The cash generation and the reduction in leverage in recent quarters are a reflection of this, and we will continue to pursue this reduction target until we reach levels that we consider ideal for our operation. This agenda is critical to create room for new efforts and avenues for growth and value creation for the company."

Other financial highlights included:

• Consolidated Net Revenue grew by 5.1% in Q2 2025, reaching R$ 606.1 million. For the first half of 2025, the increase was 6.6% compared to the same period last year.

• The adjusted Gross Margin for Q2 2025 reached 70.9%, demonstrating good cost control levels. For the semester, the Adjusted Gross Margin remained stable compared to 2024, reaching 71.6%.

• Adjusted EBITDA totaled R$ 254.4 million in Q2 2025, with a slight increase of 0.6% compared to Q2 2024. For the semester, the growth was 7.9%, with an EBITDA margin of 39.7%, up by 0.5 percentage points compared to H1 2024.

New Regulatory Milestone

The publication of the new guidelines by the Ministry of Education (MEC) on May 19, 2025, represents an awaited milestone, providing distance and hybrid learning with the predictability necessary for market evolution. In this context, Vitru, with over 1 million students and around 3,000 campuses across Brazil, solidifies its position as the largest hybrid education group in the country, ahead of trends and aligned with the demand for flexible, technological, and high-quality education.