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3Q25 & 9M25 Results Presentation November 14, 2025
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DISCLAIMER This presentation includes forward-looking statements and information related to the Company that reflect the current views and/or expectations of the Company and its Management relating to its performance, business and future events. The statements contained herein include, without limitation, any forward-looking statement, estimates and projections of future results, performance and objectives, as well as terms such as “believe”, “anticipate”, “expect”, “estimate”, “project”, among other similar expressions. Such forward-looking statements are subject to risks, uncertainties, and future events. We caution investors that various factors may cause actual results to differ materially from the plans, objectives, expectations, projections, and intentions expressed in this presentation. In view of the foregoing risks and uncertainties, the forward-looking circumstances and events discussed herein may not occur, and the Company's future results may differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements involve risks and uncertainties and are not guarantees of future events. Investors should not make any investment decisions based on any forward-looking statements contained herein. Therefore, under no circumstances is the Company, its subsidiaries, board members, directors, agents or employees responsible before third parties (including investors) for any investment decision taken based on the information presented in this presentation, or for any damage resulting therefrom. Market and competitive position information, including any market projections mentioned throughout this document, has been obtained from internal research, market surveys, public domain information and corporate publications. Although we have no reason to believe that any such information or reports are inaccurate in any material respect, we have not independently verified the competitive positions, market positions, growth rates or any other data provided by third parties or other industry publications. The Company is not responsible for the veracity of such information. Certain percentages and other valuesincluded in this document have been rounded to facilitate presentation. Scales can appear in different proportions to optimize the demonstration. Therefore, the figures and charts presented may not represent the arithmetic sum and the appropriate scale of the figures that precede them and may differ from those presented in the financial statements. 2
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HIGHLIGTHS OF THE PERIOD
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Main highlights of 9M25 The Total Students in our base reached 898,1 hundred and a 7.4% increase in annual comparison The Consolidated Net Revenue increased 5.5% vs 9M24, reaching BRL 1,701.0 million in 9M25 The Adjusted EBITDA increased 7.2% vs 9M24, totaling BRL 671.3 million in 9M25, with Adjusted EBITDA Margin of 39.5%, +0.6 p.p. expansion, a result of rigorous expense control and consequent operating leverage. The Adjusted Net Income increased by 79.8% vs 9M24, reaching BRL 366.3 million in 9M25, with 8.9 p.p. expansion in Adjusted Net Margin Free Cash Flow +32.9% vs. 9M24, totaling BRL 452.0 million in 9M25. Net Debt ex-IFRS 16 decreased by 10.7%, ~BRL 199.1 million vs. 9M24. Improvement in leverage ratio: from 2.4x in 3Q24 to 2.1x in 3Q25.
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5 The Undergraduate DL student base grew 6.4% in 3Q25. Despite the decline in average ticket, we remain focused on student engagement, resulting in lower and well-controlled dropout levels. Student Base (‘000) Average Ticket (R$) Note: data refers to distance learning undergraduate programs. Intake (‘000) Dropout (‘000) 6.7% CAGR 3Q22 - 3Q25 672.5 780.8 745.4 816.9 3Q22 3Q23 3Q24 3Q25 9.6% 5.2% CAGR 3Q22 – 3Q25 250.5 283.3 304.0 291.5 3Q22 3Q23 3Q24 3Q25 4.1% 207.3 200.2 3Q24 3Q25 3.4% 66.8 44.4 56.3 55.6 3Q22 3Q23 3Q24 3Q25 1.2% CAGR 3Q22 - 3Q25 6.0%
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6 Consolidated Net Revenue DE/Hybrid Undergraduate Medicine Continuing Education Net Revenue (R$MM) The performance of the main revenue segments reflects the complementarity of our portfolio. DE/Hybrid Undergraduate On-Campus (ex-Medicine) Medicine Continuing Education Consolidated Net Revenue Breakdown (%) 71.0% 9.1% 13.5% 6.4% 9M25 530.8 549.1 1,611.8 1,701.0 3Q24 3Q25 9M24 9M25 5.5% 3.5% 367.0 397.6 1,135.0 1,206.9 3Q24 3Q25 9M24 9M25 6.3% 71,8 75.2 217.1 230.1 3Q24 3Q25 9M24 9M25 6.0% 4.7% 8.3%
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7 Gross margin remained at healthy levels in 3Q25, despite a slight decline. (8.9) Adj. Gross Profit 3Q24 Net Revenue Cost of Service Adj. Gross Profit 3Q25 18.3358.1 367.5 2.6% | 0.5 p.p. Margin Adj. Gross Profit 9M24 Net Revenue Cost of Service Adj. Gross Profit 9M25 1,134.6 (31.6) 1,192.289.2 5.1% | 0.3 p.p. Margin
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50.9 50.7 167.0 166.334.9 33.4 95.2 99.6 75.4 73.7 257.8 267.6 172.7 181.6 477.1 508.8 3Q24 3Q25 9M24 9M25 333.9 1,042.3 339.4 997.2 1.7% 4.5% Costs G&A Selling PDA Breakdown of Costs and Adjusted Expenses (R$MM) 8 3Q24 3Q25 % 9M24 9M25 % Costs 32.5% 33.1% 0.5 p.p. 29.6% 29.9% 0.3 p.p. G&A 6.6% 6.1% -0.5 p.p. 5.9% 5.9% - Selling 14.2% 13.4% -0.8 p.p. 16.0% 15.7% -0.3 p.p. % Net Revenue PDA (1) 9.6% 9.2% -0.4 p.p. 10.4% 9.8% -0.6 p.p. + 5.2% - 2.3% - 4.2% - 0.4% + 6.6% + 3.8% + 4.6% - 0.4% (1) PDA is defined as “Net impairment losses on financial and contract assets” in our Financial Statements. The rigorous expense control generated efficiencies and optimizations, with positive impacts across all lines.
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9 Note: All figures in this slide include the adjustments applied in our definition of Adjusted EBITDA. . Adjusted EBITDA (R$MM) Adjusted EBITDA Margin (%) Discipline in controlling G&A, marketing expenses, and provisions for doubtful accounts (PDA) drove EBITDA margin expansion and consequent operating leverage. 38.1% 39.0% 38.9% 39.5% 3Q24 3Q25 9M24 9M25 0.9 p.p. 0.6 p.p. Adj EBITDA 3Q24 Net Revenue -8.9 Cost of Services Selling 0.2 PDA G&A -1.1 Interest on tuition fees Adj EBITDA 3Q25 202.5 18.3 1.7 1.5 214.2 5.8% | 0.9 p.p. Margin 38.1% 39.0%
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10 Expansion of adjusted net income, accompanied by a significant improvement in net margin. Note: All figures in this slide include the adjustments applied in our definition of Adjusted EBITDA. -6.3 Adj. Net Income 3Q24 Adjusted EBITDA Financial Result Depreciation & Amortization Income Tax Corresponding tax effects on adjustments Others Adj. Net Income 3Q25 -13.9 64.1 11.7 20.5 3.1 41.9 121.1 Adj. Net Income 9M24 Adjusted EBITDA Financial Result Depreciation & Amortization Income Tax Corresponding tax effects on adjustments Others Adj. Net Income 9M25 5.1 -5.9 -16.2 366.3 203.7 45.1 51.6 82.9 89.0% | 10.0 p.p. Margin 79.8% | 8.9 p.p. Margin
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11 Solid cash management, with improved working capital and optimized cash conversion efficiency. Free Cash Flow to Equity 9M25 (R$MM) (1) Others: Consider leasing payment and Other Operational Activities 45.1 ∆ Financial Results FCF to Equity 9M25 41.3 ∆ CAPEX -4.0 ∆ Others 9.0 ∆ IR/CSLL -24.8 ∆ Working Capital 86.7 ∆ Adjusted EBITDA 184.9 338.2 FCF to Equity 9M24 82.9% Days Sales Outstanding (DSO) (# days) Free Cash Flow (R$ MM) Conversion (%) 30.8% 91.5% 23.0% 43.1% 3Q24 3Q25 9M24 9M25 124.5 203.2 340.1 452.0 63.3% 32.9% 54 53 50 52 48 3Q24 4Q24 1Q25 2Q25 3Q25 -4 days
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Semiannual Covenants (Net Debt/Adjusted EBITDA LTM(2)) Net Debt / Adj. EBITDA LTM Covenants Amortization Schedule (R$MM) (considers Subsequent Event of the period)* (1) Does not consider leasing liabilities; (2) Adjusted EBITDA Ex. IFRS16. The improvement in the debt profile and cost reflects the Company’s continued progress in its liability management agenda. Net Debt(1) (R$MM) 12 74.9 99.6 438.4 678.9 735.9 382.5 2025 2026 2027 2028 2029 2030 * Issuance of 6th debentures and the pre payment of the 4th debentures 1,894.7 1,956.7 1,863.3 1,900.1 1,793.3 1,664.3 3Q23 4Q23 3Q24 4Q24 2Q25 3Q25 Net Debt Ex. IFRS16 10.7% 3Q24 vs. 3Q252,351.9 2,449.7 1,793.3 1,664.3 558.6 785.4 Gross Debt Ex. IFRS16 2Q25 Net Cash 2Q25 Net Debt Ex. IFRS16 2Q25 Gross Debt Ex. IFRS16 3Q25 Net Cash 3Q25 Net Debt Ex. IFRS16 3Q25 Debentures 3.1x 2.9x 2.6x 2.4x 2.6x 2.3x 2.1x 4.5x 4.0x 3.5x 3.0x Sept.23 Dec.23 Jun.24 Sept.24 Dec.24 Jun.25 Sept.25 Debentures The value for 2025 includes only interest
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MENOR INADIMPLÊNCIA / Sustainable Profits Capital Efficiency Financial Deleveraging Focus on healthy margins and consistent value creation, even in challenging scenarios. Discipline in resource allocation and prioritization of long-term returns and shareholder value creation. Ongoing commitment to debt reduction and strengthening of the capital structure. High-Performance Team with Empowered Leadership Engaged teams with strong execution capabilities and alignment with strategic objectives. Financial Highlights — Sustainable Profitability, Capital Efficiency, and Robust Leverage Control are reinforced by an excellent team and strong leadership.
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MENOR INADIMPLÊNCIA / Sustainable Profits Capital Efficiency Financial Deleveraging 64.1 121.1 203.7 366.3 3Q24 3Q25 9M24 9M25 Adjusted Net Income (R$ MM) 89.0% 79.8% Adjusted Net Margin (%) 12.1% 22.1% 12.6% 21.5% Free Cash Flow (R$ MM) Conversion (%) Net Debt / EBITDA (ex-IFRS 16) % Average Cost of Debt (CDI+) 2.4x 3Q24 2.6x 4Q24 2.4x 1Q25 2.3x 2Q25 2.1x 3Q25 2.56% 1.99% High-Performance Team with Empowered Leadership Engaged teams with strong execution capabilities and alignment with strategic objectives. 14 Financial Highlights — Sustainable Profitability, Capital Efficiency, and Robust Leverage Control are reinforced by an excellent team and strong leadership. 3Q24 3Q25 9M24 9M25 124.5 203.2 340.1 452.0 48.8% 81.9% 45.9% 58.0% 63.3% 32.9%
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FINAL APPENDIX
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R$ millions 3Q25 3Q24 9M25 9M24 Net income for the period 98.3 24.0 275.6 94.4 (+) Deferred and current income tax (30.3) 11.6 (60.0) 23.0 (+) Financial result 81.0 101.5 235.8 287.4 (+) Depreciation and amortization 56.6 53.5 166.0 160.9 EBITDA 205.6 190.6 617.4 565.7 (+) Interest on tuition fees paid in arrears 4.5 5.6 12.6 11.8 (+) Share-based compensation plan 0.4 0.3 1.2 3.8 (+) Other income (expenses), net (0.8) 0.8 2.6 1.5 (+) Expenses with M&A, B3 migration and emissions 0.2 (6.9) 0.3 11.7 (+) Changes in the Uniasselvi academic model - - 17.3 - (+) Transformation project – Consulting 1.5 - 9.8 - (+) Corporate restructuring 2.8 0.1 10.0 17.6 (+) Others - 11.9 0.2 14.2 Adjusted EBITDA 214.2 202.5 671.3 626.2 17 Reconciliation of Adjusted EBITDA
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R$ millions 3Q25 3Q24 9M25 9M24 Net income for the period 98.3 24.0 275.6 94.4 (+) Expenses with M&A, B3 migration and emissions 0.2 (6.9) 0.3 11.7 (+) Changes in the Uniasselvi academic model - - 17.3 - (+) Transformation project – Consulting 1.5 - 9.8 - (+) Corporate restructuring 2.8 0.1 10.0 17.6 (+) Others - 11.9 0.2 14.2 (+) Share-based compensation plan 0.4 0.3 1.2 3.8 (+) Amortization of intangible assets from business combinations 28.7 31.5 90.5 94.6 (-) Corresponding tax effects on adjustments (10.8) 3.1 (38.5) (32.6) Adjusted Net Income 121.1 64.1 366.3 203.7 18 Reconciliation of Adjusted Net Income
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Thank you! investors.vitru.com.br ir@vitru.com.br