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cogna EDUCAÇÃO EARNINGS RELEASE 2021 Belo Horizonte , August 13 , 2021 , Cogna Educação S.A. ( B3 : COGN3 ; OTCQX : COGNY ) - " Cogna " or the " Company " discloses today its results for the second quarter of 2021 ( 2021 ) . The Company's financial information is presented on a consolidated figures basis , in Reais , in accordance with the Brazilian Corporate Law and accounting practices adopted in Brazil ( BRGAAP ) , already in accordance with the financial report standards ( IFRS ) , except when otherwise indicated form . FINANCIAL HIGHLIGHTS Values in R $ ( 000 ) Net Revenue Recurring EBITDA¹ Recurring EBITDA Margin Adjusted Net Income² 2Q21 2Q20 Chg . % 1Q21 Chg . % 1H21 1H20 Chg . % 1,300,599 329,517 25.3 % 1,372,520 120,623 8.8 % -5.2 % 173.2 % 16.5 p.p. ( 20,376 ) ( 139,987 ) -1.6 % -10.2 % 27,471 8.3 % 145,158 120.3 % -85.4 % 8.6 p.p. -81.1 % -112.0 p.p. 1,262,384 365,814 29.0 % 6,495 0.5 % 3.0 % -9.9 % -3.6 p.p. -413.7 % -2.1 p.p. 2,562,984 2,999,988 695,330 27.1 % ( 13,880 ) -0.5 % -14.6 % 560,877 24.0 % 18.7 % ( 93,178 ) -3.1 % 8.4 p.p. -85.1 % -83.8 % -38.0 p.p. 197,062 28.3 % ( 1,512 ) Adjusted Net Margin Operating Cash Generation ( OCG ) after Capex³ OCG after Capex / Recurring EBITDA 169,590 46.4 % -0.3 % 2.6 p.p. -13133.2 % 28.6 p.p. 1 EBITDA includes interest and default in the result , and excludes the impacts of the inventory surplus ; 2 Net profit adjusted by amortization of intangible goodwill of inventory , recognition of loss in the recoverable amount of assets and write - off of deferred assets . 3 Considers organic capex and investments with M & A and Expansion . • • Net revenue of R $ 1.3 billion , a 5 % decrease reflecting the revenue pressures over On - Campus higher education , which result was partially offset by the growth occurred in Distance Learning " DL " higher education and Vasta revenues . Recurring EBITDA of R $ 330 million , with a margin of 25 % , as a result of improved performance at receipt , higher timely payment by our students and a decrease in cost with faculty . Such improvement was reflected in a lower provision for bad debts ( PDA ) in out - of - pocket higher education and in installment products ( PEP / PMT ) compared to 2020 . Post - capex operating cash generation ( OGC ) accumulated in the first semester of R $ 197 million , against a negative R $ 2 million in the first half of the last year . Net debt / Adjusted EBITDA for the last 12 months reached 2.13x , below the 3x limit . The Company announced the raise of R $ 1.250 billion which will be used to increase the duration of its debt profile . OPERATING HIGHLIGHTS Cogna . Beginning of periodic disclosure of ESG ( Environmental , Social , Governance ) information in our Earnings Release , expanding the reach of these information in addition to our website www.esgcogna.com.br . Kroton . Growth of 12.4 % of the student base for the DL in 2Q21 , while its revenue grew 18.1 % lead by Premium DL . The combination of growth in the digital student base , with measures adopted by the company's management to optimize costs and expenses , resulted in an improvement in Kroton's accumulated Recurring EBITDA Margin of 28.6 pp , even with a decrease in revenue for the period . Vasta . Growth of R $ 31 million , or 28.1 % , in net revenue , due to the increase observed in the revenue of all segments , mainly Subscription ex - PAR ( traditional education systems and complementary solutions ) which grew R $ 14 million . CONFERENCE CALL ON THE RESULTS Date : August 13 | 4h00 p.m. Brasilia , 3h00 p.m. New York | Phones +1 844 204 8942 , +1 412 717 9627 | Password : Cogna