XP sees 39.5 percent margin ahead of Cruzeiro do Sul stock results

Published on 10/25/2026 at 03:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue rose 8.00 percent to BRL 780.00 million. November 10, 2026 is the next results date for Cruzeiro do Sul stock.

Margin test before November results

XP projected 1.1 percent revenue growth and a 39.5 percent adjusted EBITDA margin for the third quarter on October 23, 2026.
Second-quarter revenue reached BRL 780.00 million, up 8.00 percent year over year, according to BTG Pactual on August 12, 2026.
The next results date is November 10, 2026, followed by the presentation on November 11, 2026.

Cruzeiro do Sul, BRCSEDACNOR9, Illustration mit AI erstellt.

Cruzeiro do Sul (BRCSEDACNOR9) is heading toward a third-quarter test after XP Investimentos projected 1.1 percent revenue growth and a 39.5 percent adjusted EBITDA margin on October 23, 2026. The forecast points to modest growth, while margin resilience remains the central operating question.

What does 3T26 mean for margins?

XP's forecast calls for adjusted EBITDA of 39.5 percent of revenue in the third quarter, 0.54 percentage points below the comparable level a year earlier. The estimate also includes adjusted net income of BRL 113.00 million and cash generation of BRL 160.00 million, compared with BRL 221.00 million in the third quarter of 2025.

The forecast follows a stronger second quarter. BTG Pactual said on August 12, 2026 that net revenue reached BRL 780.00 million in the second quarter, up 8.00 percent year over year. Adjusted EBITDA rose 15.00 percent to BRL 232.00 million, lifting the adjusted EBITDA margin to 30.00 percent from 28.00 percent.

Three dates changed the setup

On August 12, 2026, BTG Pactual reported second-quarter net income of BRL 101.00 million, 16.00 percent above its estimate. On October 6, 2026, a report described GIC's possible reduction of its 37.00 percent stake, valued at BRL 2.20 billion, according to El Fondo. On October 23, 2026, XP published its third-quarter preview with the 1.1 percent revenue-growth and 39.5 percent margin estimates.

Results dates set the next checkpoint

A results calendar lists November 10, 2026 for the third-quarter report and November 11, 2026 for the conference presentation, according to Bolsa e Mercado. Those dates put collections, student volumes and cash conversion alongside the margin comparison.

Stock keeps the results test ahead

Cruzeiro do Sul trades on B3, where the stock last closed at BRL 6.74 on October 23, 2026. The company reported 2,454.32 million BRL of total debt at June 30, 2026, while cash and cash equivalents stood at BRL 865.95 million.