Slides
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Vitru * EDUCAÇÃO 2Q26 & 1H26 Results Presentation August 12 , 2026
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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 values included 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. Disclaimer
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Highlights of the Period
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Highlights OPERATIONAL EXCELLENCE AND DISCIPLINED EXECUTION DRIVE CASH GENERATION AND SHAREHOLDER VALUE CREATION 1H26 vs. 1H25 Operational figures Financial results Balance sheet 1.031million ENGAGED STUDENT BASE vs. 1H25+35.3% Hybrid Undergraduated INTAKE – 1H26 58% HYBRID represented TOTAL INTAKE in 1H26 +4.8% vs. 1H25 BRL1,240.6 MM NET REVENUE +7.7% vs. 1H25 BRL 513.1 MM ADJUSTED EBITDA +12.3% vs. 1H25 BRL 251.7 MM ADJUSTED NET INCOME¹ +28.7% vs. 1H25 4 1 . 4 % ADJUST. EBITDA MARGIN +1.7 p.p. vs. 1H25 2 0 . 3 % NET MARGIN¹ +3.3 p.p vs. 1H25 BRL 410.0 MM FREE CASH FLOW vs. 1H25 B R L 6 3 0 . 0 M M reduction of NET DEBT ex-IFRS16 +64.8% vs. 1H25 ¹Adjusted on a cash tax basis. -0.98x vs. 1H25 Net Debt/ EBITDA ex-IFRS16 in 1 . 3 6 x
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1H25 1H26 895.7 945.4 ¹ Hybrid learning definition aligned with the New Regulatory Framework (NRF) guidelines issued in May 2025. ² Nursing: students transferred between institutions, excluding new enrollments. ³ Beginning in 1Q26, the engaged student methodology was extended to UniCesumar. An engaged student is defined as a student who has paid the first full tuition installment and/or recorded academic activity. 1H25 figures have been recast on a comparable basis Ended 1H26 with 945.4 thousand Hybrid and Online Undergraduate students (+5.5% vs. 1H25), while the engagement rate increased significantly from 72.5% to 82.1% (+9.6 p.p.) Undergraduate Intake (‘000) engaged student methodology3 Student Base Engaged and Undergraduate (‘000) Average Ticket Undergraduate (R$) 5.5% 1H25 1H26 283.1 287.4 1.5% 2.9% 51.6%45.5% 0.2% 42.2% 57.6%72.4k 1H25 1H26 21.3 % vs. 1H25 Hybrid¹ DL On-Campus (Nursing) ² 87.8k 945.4 mil + 5.5% vs. 1H25 R$ 287.4 + 1.5% vs. 1H25 Hybrid: from 51.6% to 57.6% of intake STUDENT EXPERIENCE EVOLUTION (NPS – CYCLE 2026.1) Return to 2024.2 level + 5 pts Improvement during the stabilization of academic solutions + 2 pts Both brands ended the cycle in the quality zone
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Financial Highlights
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Growth in Hybrid and Online Undergraduate programs reinforces the strength of our brands and the quality of our education. Consolidated Net Revenue (R$MM) Hybrid Undergraduate (R$MM) On-Campus and Medicine (R$MM) DL Undergraduate (R$MM) Continuing Education (R$MM) 2Q25 2Q26 1H25 1H26 606.1 661.4 1,151.9 1,240.6 +9.1% +7.7% 50.3% 22.3% 8.8% 13.0% 5.6% Hybrid Undergraduate DL Undergraduate On-Campus Undergraduate (ex-Medicine) Medicine Continuing Education 2Q25 2Q26 1H25 1H26 288.9 338.6 542.8 623.9+17.2% +14.9% 2Q25 2Q26 1H25 1H26 141.1 149.7 266.4 277.1+6.1% +4.0% 76.1 53.9 2Q25 80.6 55.2 2Q26 154.9 103.9 1H25 161.2 108.8 1H26 130.0 135.8 258.8 270.0 +4.5% +4.3% Medicine On-Campus ex-medicine 2Q25 2Q26 1H25 1H26 46.0 37.3 83.8 69.6 -18.9% -17.0% Net Revenue Breakdown 1H26
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OperationalEfficiency: The improvement in credit loss provisions, combined with disciplined marketing spending, contributed to the Company's operating leverage. - 0.6 p.p - 0.8 p.p Costs G&A Selling PDA ¹ 2Q25 2Q26 % 29.1% 29.7% + 0.6 p.p. 5.2% 6.7% + 1.5 p.p. 12.5% 12.7% + 0.2 p.p. 11.7% 9.3% - 2.4 p.p. 1H25 1H26 % 28.4% 29.2% 5.7% 6.4% 16.8% 15.8% 10.0% 7.7% + 0.8 p.p. + 0.7 p.p. - 1.0 p.p. - 2.3 p.p. Adjusted Income and Margin Breakdown of Adjusted Costs and Expenses (R$MM) Absolute figures (R$MM) % Net Revenue 1.PDA is defined as “net impairment losses on financial and contract assets” in our financial statements. 2Q25 2Q26 429.8 465.1 +8.2% 1H25 1H26 824.7 878.0 +6.5% 70.9% 70.3% 71.6% 70.8% 176.3 76.0 31.7 70.9 2Q25 196.3 83.7 44.6 61.7 2Q26 386.3 +8.8% 327.2 193.9 66.2 115.6 1H25 362.6 196.6 79.6 95.9 1H26 702.9 734.7 +4.5% Costs Selling G&A PDA Adjusted MarginAdjusted Net Income
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Higher engagement and operating leverage drove profitability, directly contributing to EBITDA margin expansion, which reached an all-time high in 1H26. All figures in this slide include the adjustments applied in our definition of adjusted EBITDA. Adjusted EBITDA Margin (%) 9 Adjusted EBITDA (R$MM) OperationalEfficiency: 41.4% +1.7 p.p. vs. 1H25 55.3 Adjusted EBITDA 2Q26 Interest on tuition fees -0.3 G&A -12.9 PDA 254.4 278.09.2 Selling -7.7 Cost of Services -20.0 Net RevenueAdjusted EBITDA 2Q25 +9.3% 88.7 Adjusted EBITDA 1H26 Interest on tuition fees -0.9 G&A -13.4 PDA 457.1 513.119.7 Selling -2.7 Cost of Services -35.4 Net RevenueAdjusted EBITDA 1H25 +12.3% 42.0% stable vs. 2Q25 Stable margin against a high comparison base Record-high margin for the first half
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All figures in this slide include the adjustments applied in our definition of adjusted Net Income. (cash tax view) Adjusted Net Income Growth driven by strong operating performance and the benefits of the UniCesumar corporate merger effective January 2026 Net Income adjusted by cash tax (R$MM) Adjusted Net Income Reconciliation (Cash Tax Basis) 2Q25 2Q26 1H25 1H26 121.6 159.9 195.6 251.7 +31.5% +28.7%20.1% 24.2% 17.0% 20.3% R$ million 2Q26 2Q25 1H26 1H25 Net Income for the Period 105.8 127.4 900.5 177.3 (+) M&A, Offering Expenses and Restructuring Expenses 4.8 9.2 7.0 33.0 (+) Stock-Based Compensation Plan 0.8 0.4 3.1 0.8 (-) Corresponding Tax Effects on Above Adjustments (0.6) (12.5) (0.8) (27.7) (+) Amortization of Intangible Assets Business Comb. – Added Value 28.8 30.3 57.5 61.8 (+) Tax Effect on Merger - Deferred Fair Value 13.6 - 35.8 - (+) Tax Effect on Merger - Deferred Goodwill 6.7 - 11.2 - (-) Tax Effect on Merger – Reversal of Deferred Taxes - - (762.6) - Adjusted Net Income 159.9 154.8 251.7 245.2 (-) Recognition of Tax Loss - (33.2) - (49.6) Net Income adjusted for Cash Tax 159.9 121.6 251.7 195.6 +4.1 p.p +3.3 p.p
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V alueCreation: Record-high free cash flow conversion in 1H26 Free Cash Flow (R$MM) Days Sales Outstanding (DSO) (# days) Conversion (%) 42.3% 58.1% 46.8% 68.9% 2Q25 2Q26 1H25 1H26 131.9 192.9 248.8 410.0 +46.3% +64.8% FCF to Equity 1S25 63.4 ∆ Adj EBITDA 44.6 ∆ Working Capital 40.3 ∆ IR/CSLL -0.8 ∆ Others 13.7 ∆ CAPEX -2.2 ∆ Financial Results FCF to Equity 1S26 111.3 270.3 86 88 83 80 79 74 50 52 48 45 48 46 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Gross PDA Net PDA -13 days -6 days Shareholder Cash Flow (R$MM)
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Debt management and financial discipline improved the debt profile and reduced leverage to 1.36x in 1H26 ¹ Excludes lease liabilities. ² Adjusted EBITDA excluding IFRS 16 impacts Net Debt¹ (R$MM) Leverage Ratio and Quartly Covenants (Net Debt¹/ Adjusted EBITDA LTM²)Amortization Schedule – Interest e Principal (R$MM) 2.95 x dec/23 2.57 x dec/24 2.34 x jun/25 1.99 x dec/25 1.75 x mar/26 3.00 x 1.36 x jun/26 1,956.7 1,900.1 1,793.3 1,605.3 1,465.9 1,163.3 Covenants Net Debt (ex-IFRS 16) Net Debt/Adjsted EBITDA LTM (ex-IFRS16) Average Cost of Debt (CDI+) Net Debt ex- IFRS16 2025 -455.2 OCF 45.1 CAPEX 150.2 Financial Results 3.5 Dividends -185.7 Follow-On Net Debt ex- IFRS16 1H26 1,605.3 1,163.3 Cash and cash equivalent 2Q26 2026 2027 2028 2029 2030 697.9 28.8 241.1 481.8 732.7 376.8 2.97% dec/23 1.99% dec/24 1.99% jun/25 1.97% dec/25 1.97% mar/26 1.84% jun/26
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Capital Allocation G R O W T H Disciplined Evaluation of Growth Opportunities We evaluate new growth opportunities with discipline, including the option to expand our on-campus healthcare schools, always guided by return on invested capital, strategic fit with our existing portfolio, and the Company's resilience as the New Regulatory Framework (NRF) transition progresses toward 2027. S H A R E H O L D E R R E T U R N S Capital allocation under governance review The balance between deleveraging, investments and shareholder distributions is currently being evaluated by the Company's governance bodies. Decisions will be made through a structured governance process, taking into account capital allocation priorities and long-term value creation. C E N T R A L P R I N C I P L E One Capital Allocation Framework Across All Decisions Across all strategic initiatives, we apply a single guiding principle: allocate capital where it creates the greatest long-term value for shareholders.
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1S26: engagement, operational efficiency and financial discipline ENGINE1 STUDENT ENGAGEMENT Engagement increased, driven by student acquisition focused on profiles with higher retention potential, which also improved marketing efficiency. 82.1% INTAKE ENGAGEMENT 2 OPERATIONAL EFFICIENCY Higher engagement, combined with improvements in renegotiation and collection efforts, helped reduce the allowance for doubtful accounts, supporting higher operating profitability and EBITDA. 3 FINANCIAL DISCIPINE Higher EBITDA, combined with improved working capital, supported strong cash flow generation and continued deleveraging. ↑ Culture Renewed GPTW Innovation 1st place in the Valor Inovação Brasil Award (2nd consecutive year) ↓ Financial discipline enhances the Company’s flexibility to assess new growth opportunities and future capital allocation decisions, with the goal of maximizing long-term shareholder value creation. Final Remarks +9.6 p.p. vs. 1H25 R$513.1 MM EBITDA +12.3% vs. 1H25PDA: 7.7% of NR -2.3 p.p. vs. 1H25 Seeling: 15.8% of NR -1.0 p.p. vs. 1H25 R$ 410 MM FCF +64.8% vs. 1H25 1.36x LEVERAGE RATIO -0.98x vs. 1H25
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Appendix
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Adjusted EBITDA Reconciliation R$ million 2Q26 2Q25 1H26 1H25 Net income for the period 105.8 127.4 900.5 177.3 (+) Deferred and Recurring Income Tax 21.2 (21.9) (694.7) (29.7) (+) Financial Result 85.4 78.8 171.9 154.8 (+) Depreciation and Amortization 58.8 54.6 114.4 109.4 EBITDA 271.2 238.9 492.1 411.8 (+) Interest on Late Tuition Fees 2.9 3.2 7.2 8.1 (+) Stock-Based Compensation Plan 0.8 0.4 3.1 0.8 (+) Other Net Income (Expense) (1.7) 2.7 3.7 3.4 (+) M&A, Offering Expenses and Restructuring Expenses 4.8 9.2 7.0 33.0 Change of Uniasselvi Academic Model - - - 17.3 Transformation Project - Consultancies - 4.3 - 8.3 Corporate Restructuring and Earn-Out Unicesumar 2.7 4.8 3.5 7.1 Other 2.1 - 3.5 0.2 Adjusted EBITDA 278.0 254.4 513.1 457.1
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Net Income adjusted for Cash T ax Reconciliation R$ million 2Q26 2Q25 1H26 1H25 Net Income for the Period 105.8 127.4 900.5 177.3 (+) M&A, Offering Expenses and Restructuring Expenses 4.8 9.2 7.0 33.0 (+) Stock-Based Compensation Plan 0.8 0.4 3.1 0.8 (-) Corresponding Tax Effects on Above Adjustments (0.6) (12.5) (0.8) (27.7) (+) Amortization of Intangible Assets Business Comb. – Added Value 28.8 30.3 57.5 61.8 (+) Tax Effect on Merger - Deferred Fair Value 13.6 - 35.8 - (+) Tax Effect on Merger - Deferred Goodwill 6.7 - 11.2 - (-) Tax Effect on Merger – Reversal of Deferred Taxes - - (762.6) - Adjusted Net Income 159.9 154.8 251.7 245.2 (-) Recognition of Tax Loss - (33.2) - (49.6) Net Income adjusted for Cash Tax 159.9 121.6 251.7 195.6
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Strong cash management, supported by improved working capital and enhanced cash conversion Free Cash Flow (R$MM) Capex (R$MM) 2Q25 2Q26 1H25 1H26 40.1 23.5 58.8 45.1 -41.4% -23.2% % Net Revenue 5.1% 3.6% 6.6% 3.6% R$ million 2Q26 2Q25 % Var 1H26 1H25 % Var Adjusted EBITDA 278.0 254.4 9.3% 513.1 457.1 12.3% Non-recurring expenses (4.8) (9.1) (47.9%) (7.0) (33.0) (78.8%) Provisions and reversals 58.8 66.4 (11.4%) 88.7 107.4 (17.4%) EBITDA for Cash Purposes 332.0 311.7 6.5% 594.8 531.4 11.9% Change in working capital (94.6) (103.5) (8.6%) (94.3) (138.9) (32.1%) Income tax and social contribution (1.0) (15.6) (93.4%) (4.2) (44.5) (90.5%) Lease payments (18.4) (16.2) 14.1% (36.4) (31.7) 15.1% Other operational activities (1.6) (4.5) (64.4%) (4.8) (8.8) (45.3%) Adjusted cash flow from operations 216.4 172.0 25.8% 455.2 307.6 48.0% Cash conversion from operations adjusted 65.2% 55.2% 10.0 p.p. 76.5% 57.9% 18.6 p.p. Capex (23.5) (40.1) (41.4%) (45.1) (58.8) (23.3%) Free Cash Flow 192.9 131.9 46.3% 410.0 248.8 64.8% Free Cash Conversion 58.1% 42.3% 15.8 p.p. 68.9% 46.8% 22.1 p.p. Net financial income 23.4 18.6 26.1% 50.4 33.3 51.6% Interest Payment (185.2) (170.8) 8.4% (185.2) (170.8) 8.4% Prepayment premiums and structuring fees (5.0) - n.a. (5.0) - n.a. Shareholder Cash Flow 26.1 (20.4) n.a. 270.3 111.3 142.9% Acquisitions or divestments of assets - - n.a. - - n.a. Dividends (3.5) (2.5) 38.8% (3.5) (2.5) 38.8% Ending cash flow (generation/consumption) 22.5 (22.9) n.a. 266.8 108.8 145.3% Final Cash Conversion 6.8% (7.3%) 14.1 p.p. 44.9% 20.5% 24.4 p.p.