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RESULTS 3Q25 November, 07, 2025
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Disclaimer The material that follows is a presentation of general information about Cogna Educação S.A. (“Cogna”). The information herein is not intended to be extensive, and it should not be considered by potential investors as a recommendation. This presentation is strictly confidential and may not be disclosed to any other person. We make no representations or warranties as to the correctness, adequacy, or completeness of this information, and it should not be relied upon for investment decisions. The forward-looking statements and information herein comply with Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. The forward- looking statements and information include only predictions, and there is no guarantee as to the future performance. Investors are advised that the forward-looking statements and information are and will be, as applicable, subject to risks, uncertainties and factors relating to the transactions and business environments of Cogna and its subsidiaries, which could cause actual results to differ materially from future express or implicit results in the forward-looking statements and information. While Cogna believes that the expectations and assumptions in the forward-looking statements and information are reasonable and based on existing data available to its management, Cogna cannot guarantee future results or events. Cogna expressly claims that it is under no obligation to update the forward-looking statements and information. This presentation is not an offer or invitation to purchase nor a solicitation of an offer to buy any securities. This presentation is not the basis of an agreement or commitment whatsoever.
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Free Cash Flow (FCF) Recurring EBITDA Net Debt/EBITDA Recurring EBITDA Margin Leverage Reduction Net Income Operating Cash Generation after Capex (OGC) Net Revenue Message from Management R$ 1,523.4 MM +18.9% vs. 3Q24 Year-to-date R$ 4,815.6 MM +13.0% vs 9M24 R$ 422.7 MM +9.8% vs. 3Q24 Year-to-date R$ 1,530.4 MM +12.4% vs 9M24 27.7% -2.3 p.p. vs. 3Q24 Year-to-date 31.8% -0.2 p.p. vs 9M24 R$ 191.6 MM vs. Loss R$ 29.1 MM in 3Q24 Year-to-date R$ 405.5 MM vs. Loss R$ 46.0 MM in 9M24 R$ 392.5 MM -1.9% vs. 3Q24 Year-to-date R$ 939.5 MM +32.8% vs 9M24 R$ 300.1 MM +3.1% vs. 3Q24 Year-to-date R$ 583.9 MM +197.9% vs 9M24 R$ 474.0 MM Reduction compared to 3Q24 1.11x vs. 1.58x in 3Q24
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• Intake for 3Q25 increased by 7.3% compared to 3Q24; • Intake Net Revenue grew by 41.0%, due to the mix of courses with higher LTV , driven by the change in regulation. Operational Performance 207.7 220.9 5.9 6.120.0 3Q24 23.6 3Q25 233.6 250.6 +7.3% Kroton Med On-Site DL +6.4% +4.3% +17.9% 37.3 145.9 909.5 3Q24 40.9155.2 925.7 3Q25 1,092.7 1,121.8 +2.7% Students Intake (Thousand) Final Student Base (Thousand) Average Ticket +8.7 p.p. vs 3Q24 On-Site +14.0 p.p. vs 3Q24 DL +5.9 p.p. vs 3Q24 Kroton Med +11.7 p.p. vs 3Q24 Kroton Total +1.8% +9.6% +6.4% • 17th consecutive quarter of growth in the student base; • 2.7% growth in the student base; • Excluding PROUNI students, the growth in the student base was 4.0%, with growth across all segments. • Growth of 11.7% compared to 3Q24; • Growth across all modalities; • Resulting from increased enrollment in healthcare courses with high LTV. Kroton Med On-Site DL Excluding PROUNI 0.9% On-Site 6.2% DL 7.1% Kroton Total 17.5% Presencial
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6 Quarter (R$ million) 9M24 9M25 2,934.6 3,446.4 575.7 808.8 1,550.1 638.6 957.3 1,850.5 +17.4% Accumulated (R$ million) 3Q24 3Q25 939.8 1,136.0 195.7 238.9 505.2 213.9 319.6 602.5 +20.9% Kroton Med On-Site DL Net Revenue +10.9% +19.4% +18.4% +9.3% +19.3% +33.8% • Net Revenue grew 20.9% vs. 3Q24, reaching R$ 1,136.0 million; • Growth in all modalities, with double-digit increases in both On-Site and DL; • Increase driven by higher intake and a mix with higher LTV; • Incentive to offer the Pague Fácil financing program, extended to 100% of students as an alternative to price reductions. • Year to date, Net Revenue totaled R$ 3,446.4 million, growing +17.4%; • Even excluding the effects of the reallocated discounts, Net Revenue still grew +13.9%. Kroton Med On-Site DL
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7 3Q24 3Q25 746.6 907.3 140.3 135.6 470.7 145.9 198.2 563.2 +21.5% 9M24 9M25 2,365.7 2,801.6 419.5 491.9 1,454.3 457.3 600.9 1,743.4 +18.4% Kroton Med On-Site DL Gross Profit and Gross Margin 79.4% 79.9% 80.6% 81.3% Quarter (R$ million) Accumulated (R$ million) Gross Margin +2.0 p.p. vs 9M24 On-Site +0.4 p.p. vs 9M24 DL -1.3 p.p. vs 9M24 Kroton Med +0.7 p.p. vs 9M24 Kroton Total Gross Margin • Double-digit increase in Gross Profit of +21.5% in the quarter; • Impact of intake cycles with higher LTV and revenue growth. • Total Gross Margin growth reflects the increase in Net Revenue and expansion in On-Site and DL margins; • Margin reduction at Kroton Med due to higher costs with teachers as a result of the maturation of the new courses. • Accumulated Gross Profit reached R$ 2,801.6 million; • Double-digit growth of +18.4%. +4.0% +19.7% +46.2% +9.0% +19.9% +22.2% Kroton Med On-Site DL Gross Margin
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8 33.0 3Q24 38.7 3Q25 614.4 774.4 58.5 219.3 110.4 193.2 156.5 228.5 122.0 228.7 +26.0% Costs and Expenses¹ - Quarter (R$ million) 1 - Total costs and expenses do not consider the Interest and Arrears and Equity Equivalence lines • Costs and Expenses in 3Q25 totaled R$ 774.4 million, an increase of 26.0% compared to 3Q24; • Increase in the ratio of PDA/NOR, due to higher provisions driven by the revenue growth in “Pague Fácil”. Excluding the adjustment of the inactive student discount line allocated to PDA starting from 4Q24, the increase in PDA/NOR versus 3Q24 went from 10.1% to 13.8%; • Reduction of 3.2 p.p. in Operational Expenses, due to: a) the reallocation of some Kroton teams to the corporate office, driven by organizational changes focused on optimizing processes, centralizing functions, and improving efficiency gains through processes, systems, and automation; • Reduction of 1.0 p.p. in Selling and Marketing Expenses, due to efficiency gains in 3Q25. % NOR 3Q24 3Q25 D Corporate Expenses 3.5% 3.4% -0.1 p.p PDA 6.2% 13.8% +7.6 p.p Operational Expenses 23.3% 20.1% -3.2 p.p Selling and Marketing Expenses 11.7% 10.7% -1.0 p.p Total Costs 20.6% 20.1% -0.4 p.p Total 65.3% 68.1% +2.8 p.p
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9 568.9 644.8 347.0 359.6 605.2 639.3 269.2 460.596.5 9M24 112.5 9M25 1,886.8 2,216.7 +17.5% Costs and Expenses¹- Accumulated (R$ million) • Costs and expenses in 9M25 totaled R$ 2,216.7 million, an increase of 17.5% compared to 9M24; • Increase in the ratio of PDA/NOR, due to higher provisions driven by the revenue growth strategy in “Pague Fácil”. Excluding the adjustment of the inactive student discount line allocated to PDA starting from 4Q24, the increase in PDA/NOR vs. 9M24 went from 12.1% to 13.4%; • Reduction of 2.1 p.p. in Operational Expenses, due to: a) the reallocation of some Kroton teams to the corporate office, driven by organizational changes and synergies focused on optimizing processes, centralizing functions, and improving efficiency and efficiency gains with processes, systems, and automation; • Reduction of 1.4 p.p. in Selling and Marketing Expenses, given the strategy adopted throughout the period. 1 - Total costs and expenses do not consider the Interest and Arrears and Equity Equivalence lines
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10 PDA Adjustment (Kroton Proforma) and ACP • We changed the allocation of discounts for inactive students, which until 3Q24 reduced Net Revenue, to be recorded as PDA starting in 4Q24; • The change does not generate an impact on Recurring EBITDA; however, it more clearly reflects the company’s real revenue growth and enables more efficient billing of inactive students,100% provisioned; • In 3Q24, we recorded approximately R$ 40,5 million that negatively impacted revenue. Excluding this effect, Kroton’s Net Revenue grew 15.9% in 3Q25 vs. 3Q24, and the PDA/NOR ratio increased from -10.1% to -13.8% compared to 3Q24; • Year to date, the reallocated discounts totaled approximately R$ 98.0 million. Excluding this effect, Net Revenue for the period grew 13.6%, and the PDA/NOR ratio increased from -12,1% to -13,4% compared to 9M24; • The Average Collection Period (ACP) for paying students decreased by 8 days compared to 3Q24 (34 versus 45 days). Average Collection Period (Payers)Ajuste PCLD 47 44 36 48 45 44 37 47 34 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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11 9M24 9M25 1,094.0 1,266.4 +15.8% 35.8% 32.6% 3Q24 3Q25 336.6 370.5 +10.1% 37.3% 36.7% Accumulated (R$ million) Quarter (R$ million)) • A 10.1% increase in Recurring EBITDA, with a 3.2 p.p. contraction in EBITDA margin; • The EBITDA margin was impacted by the installment plan strategy Pague Fácil. Considering the regulatory environment and the increase in competitiveness, we deemed it more efficient to raise the financing level, resulting in a one-off effect on PDA in this quarter. • Year to date, Recurring EBITDA increased 15.8%, with a margin contraction of 0.6 p.p. Recurring EBITDA Margin Recurring EBITDA Margin Recurring EBITDA and Margin EBITDA
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13 Quarter (R$ million) 69.0102.5 Cycle 2024 66.8118.6 Cycle 2025 1,529.4 1,737.4 1,357.9 1,552.0 +13.6% Net Revenue Cycle (R$ million) 14.3 3Q24 17.020.8 3Q25 220.2 249.7 205.9 211.9 +13.4% B2G Non-Subscription Subscription n.a. +2.9% +45.0% -3.2% +14.3% +15.7% • Net Revenue grew 13.4% vs. 3Q24, reaching R$ 249.7 million; • Growth was observed across all lines, mainly driven by new B2G contracts, conversion of ACV into revenue, a 63,4% increase in complementary solutions, and a 45.0% increase in Non-Subscription revenue; • Vasta closes the 2025 sales cycle with 14.3% ACV growth. • Net Revenue grew +13.6% in the 2025 cycle; • Closing Vasta’s commercial cycle with ACV growth of +14.3% vs. 2024, driven by a 12.5% increase in Core Content and 25.3% growth in Complementary Solutions; • Non-Subscription Revenue increased 15.7%, supported by higher enrollment in Start-Anglo flagship schools and the Anglo pre- university course. B2G Non-Subscription Subscription
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Trimestre (R$ milhões) 14 ACV 2025 grows 14.3% vs. 2024 716 853 1,000 1,230 1,350 1,550 692 741 1.024 1207 1358 1552 Cycle 2020 Cycle 2021 Cycle 2022 Cycle 2023 Cycle 2024 Cycle 2025 Annual Contract Value (R$ million) COVID Effect -3% COVID Effect -13% CAGR +17.5% ACV Forecast ACV Achieved ACV Breakdown (R$ million) Highlights: Premium Brands and Complementary Solutions 1,167 1,313 191 2391,358 1,552 2024 Sales Cycle 2025 Sales Cycle Core Complementares
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15 28.4% 27.7% 8.4% 9.2% Recurring EBITDA Margin 18.4 23.1 3Q24 3Q25 +25.4% Cycle 2024 Cycle 2025 435.0 480.9 +10.6% Recurring EBITDA and Margin EBITDA • Recurring EBITDA increased by 25.4%, driven by growth across all business lines; • EBITDA margin expanded by 0.8 p.p. vs. 3Q24. • Recurring EBITDA reached R$ 480.9 million, up 10.6% vs. the 2024 cycle; • The increase was supported by operational efficiency gains, improved PDA, and higher Net Revenue; • EBITDA margin contracted by 0.7 p.p. due to lower gross margin and higher commercial expenses. Recurring EBITDA Margin Quarter (R$ million) Cycle (R$ million)
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16 Costs and Expenses¹ - Quarter (R$ million) 7.8 3Q24 7.6 3Q25 199.4 224.8 14.3 24.9 63.7 88.7 15.8 33.1 77.4 90.9 +12.7% • Costs and Expenses in 3Q25 totaled R$ 224,8 million, an increase of 12.7%, with a dilution of -0.5 p.p. as a percentage of revenue; • Operational Expenses increased by 2.0 p.p., due to the update of social and payroll charges resulting from the rise in Vasta’s stock price under the long-term incentive program for executives and employees; • Selling and Marketing Expenses increased by 2.1 p.p., due to marketing spending for the new 2026 contract cycle; • Total costs improved by 3.9 p.p., driven by the sales mix effect and payroll efficiency. 1 - Total costs and expenses do not consider the Interest and Arrears and Equity Equivalence lines
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17 Costs and Expenses¹ - Cycle (R$ million) 59.660.2 Cycle 2024 63.153.0 Cycle 2025 1,085.8 1,246.6 130.5 277.6 557.9 130.8 329.7 670.0 +14.8% • Costs and Expenses in the 2025 cycle totaled R$ 1,246.6 million, an increase of 14.8%, with a 0.8 p.p. increase as a percentage of revenue; • PDA improved by 0.8 p.p., even under a more restrictive credit scenario; • Operational Expenses improved by 1.0 p.p., driven by process optimization, automation, and systems, as well as greater budgetary efficiency; • Total costs increased by 2.1 p.p., due to a seasonal effect on production costs linked to the mix of products and services delivered during the period. 1 - Total costs and expenses do not consider the Interest and Arrears and Equity Equivalence lines
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Quarter (R$ million) 19 Accumulated (R$ million) 13.6 3Q24 3Q25 133.2 145.7 90.3 29.3 89.5 15.9 40.3 +9.4% 9M24 9M25 399.6 362.8 186.5 31.6 66.4 115.0 118.3 69.5 175.0 -9.2% NTBP Langueges Others Net Revenue -0.8% +37.6% +17.0% -36.6% +52.2% +4.7% n.a • Net Revenue grew 9.4% vs. 3Q24, reaching R$ 145.7 million; • Performance was mainly driven by 37.6% growth in the Other Services line (Acerta Brasil and Voomp) and +17.0% in Languages; • Gain of 8.0 p.p. in market share in NTBP for High School textbook purchases. Market share growth is expected to be reflected in increased revenue from NTBP , both from purchases and repurchases of educational materials in the coming years. • Net Revenue declined 9,2% year-to-date vs. 9M24; • This reflects a 36.6% decrease in NTBP Net Revenue, in line with the company’s expectations and the program calendar; • Impact from the sale of SETS. Excluding SETS, year-to-date Net Revenue is in line with 2024. NTBP SETS Langueges Others
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20 Accumulated (R$ million) 67.5 78.5 9M24 9M25 +16.4% 16.9% 21.6% Recurring EBITDA Margin 22.5% 18.9% Recurring EBITDA and Margin EBITDA • Recurring EBITDA fell by 8.2% with a decline of 3.6 p.p. in the margin, impacted by the production of new publishing products and advertising expenses (marketing and commercial) related to the purchase of the NTBP high school program for next year. • Year-to-date, recurring EBITDA grew 16.4% and margins expanded 4.7 p.p., driven by the mix of net revenue. 30.0 27.5 3Q24 3Q25 -8,2% Recurring EBITDA Margin Quarter (R$ million)
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22 9M24 9M25 4,261.9 4,815.6 +13.0% Accumulated (R$ million) 3Q24 3Q25 1,281.6 1,523.4 +18.9% Net Revenue Quarter (R$ million) • Consolidated Net Revenue grew +18.9%, reaching R$ 1,523.4 million, driven by growth across all three business units. • Year-to-date, Net Revenue reached R$ 4,815.6 million, an increase of +13.0%.
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23 32.0% 31.8% 30.0% 27.7% 3Q24 3Q25 385.0 422.7 +9.8% 9M24 9M25 1,362.1 1,530.4 +12.4% Recurring EBITDA and Margin EBITDA Recurring EBITDA Margin • Consolidated Recurring EBITDA grew 9.8%, reaching R$ 422.7 million, reflecting Kroton’s “Pague Fácil” strategy aimed at maintaining the average ticket, with a one-off impact on PDA. • Year-to-date, Recurring EBITDA reached R$ 1,530.4 million, an increase of +12.4%. Recurring EBITDA Margin Quarter (R$ million) Accumulated (R$ million)
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Accumulated (R$ million) 24 -1.1% 8.4% -2.3% 12.6% 3Q24 3Q25 -29.1 191.6 +757.9% 9M24 9M25 -46.0 405.5 +982.4% Net Profit and Net Margin Net Margin Quarter (R$ million) • In 3Q25, Net Income reached R$ 191.6 million vs. a loss in 3Q24, reflecting the following impacts: (i) 10.1% growth in Operating Income; (ii) 13.1% reduction in Financial Expenses; (iii) Positive effect of R$ 126.3 million from deferred income tax recognition. • Year-to-date, Net Income reached R$ 405.5 million, vs. a loss of R$ 46.0 million in the same period of 2024; • Net Income growth, excluding deferred income tax recognition and contingency reversal, reached R$ 227.2 million. Net Margin
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25 Cash Generation 3Q24 3Q25 400.1 291.2 392.5 300.1 -1.9% +3.1% OCG after Capex Free Cash Flow¹ 9M24 9M25 707.2 196.0 939.5 583.9 +32.8% +197.9% • OCG was R$ 392.5 million, R$ 7.6 million lower vs. 3Q24; • In 3Q24, there was a tax credit refund from the Federal Revenue Service totaling R$ 115.9 million; excluding this effect, cash generation increased by R$ 108.4 million; • Free Cash Flow expanded by R$ 8.9 million, reaching R$ 300.1 million in 3Q25. • Year-to-date, GCO increased by R$ 232.2 million (+32.8% vs. 9M24); • Year-to-date, Free Cash Flow was R$ 583.9 million (+197.9% vs. 9M24); • Free Cash Flow in 9M25 exceeded the total recorded for the full year 2024 by 47.7%, which amounted to R$ 395.4 million. OCG after Capex Free Cash Flow¹ 2024 395.4 FCF 2024¹ Quarter (R$ million) Accumulated (R$ million)
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Loan and Financing Amortization Schedule¹ (R$ million) 26 106 116 Loans and Financing Derivative Financial Instruments Accounts Payable Gross Debt Cash Net Debt 3,631 3,853 1,277 2,576 • At the end of 3Q25, total Cash and Cash Equivalents amounted to R$ 1,277.0 million, 13.4% higher vs. 3Q24; • The next maturit of debenture principal will be in May 2027 in the amount of R$ 607.0 million related to COGNA2; • At the end of June, we announced the signing of a loan agreement with the International Finance Corporation (“IFC”). The disbursement occurred on September 10, 2025, with a total amount of US$ 100,0 million, which, when converted to reais, totaled R$ 545.8 million, with a 6-year term and a cost of CDI + 1.44%; • During the quarter, the COGN19 debt (CDI + 2.15%) was prepaid in the amount of R$ 500.0 million. 213 42 811 309 2025 2026 2027 2028 2029 >=2030 1,225 1,031 Cash Position and Indebtedness Breakdown of Net Debt (R$ million) 1- The schedule does not consider the balances of derivative financial instruments.
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27 3Q24 4Q24 1Q25 2Q25 3Q25 1,931 3,050 2,135 2,880 2,196 2,814 2,298 2,797 2,329 2,576 Adjusted EBITDA Net Debt 1.58x 1.35x 1.28x 1.22x 1.11x Net Debt/EBITDA 3.50x Covenants Average Cost CDI+ 1.82% 3Q24 1.65% 4Q24 1.66% 1Q25 1.63% 2Q25 1.52% 3Q25 Leverage and Indebtedness • At the end of 3Q25, the leverage ratio reached 1.11x, the lowest level since 4Q18; • The company maintained its deleveraging trend, driven by cash generation used for debt prepayment, as well as cost and expense reduction; • Net debt decreased by R$ 474,0 million, or 15.5%, in 3Q25 compared to 3Q24, and by R$ 221,0 million compared to 2Q25, as a result of Liability Management actions.
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We continue the year focused on our Strategic Pillars... 28 Growth Efficiency People and Culture Innovation ESG Revenue showed double-digit growth in Kroton and Vasta, even in a more competitive market due to the New Regulatory Framework. Performance was driven by a growing student base and average ticket in higher education and growth in ACV in schools, both in core and complementary education systems. Experience We continued to advance our student experience, with a 5% increase in NPS. This excellence was recognized with four additional major Customer Experience (CX) awards during the third quarter. For Kroton, there was an increase in gross margin, as well as efficiency gains as a percentage of net revenue in marketing, corporate and operating expense lines. At Vasta, there were gains in operating efficiency and improvement in PCLD, generating growth in EBITDA and EBITDA margin. Process, systems, and automation improvements are the main factors. Cogna consolidated initiatives focused on professional development and, together with SOMOS, debuted in the GPTW ranking at 12th and 66th positions, respectively. Cogna also reached 15th place in the Employers For Youth ranking and 1st place in Glassdoor’s“Best Analytics Adoption” award. Cogna Labs has advanced as an important partner to the business areas, acting as an accelerator by channeling efforts and resources into initiatives that support the company’s long-term strategy. The Corporate Venture Building (CVB) and Open Innovation fronts remain structured and guided by the company’s strategic priorities. Cogna held the V Education & ESG Forum, promoting discussions on sustainability and public policies. The company was also recognized in the Valor 1000 ranking, listed among the 100 Best Companies in Customer Satisfaction by the MESC Institute, and received awards such as Best Legal Department in the Education sector.
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ri.cogna.com.br dri@cogna.com.br