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INDEX 3Q25 Earnings Presentation November 6, 2025
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2 DISCLAIMER This presentation contains forward-looking statements that can be identified using forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements appear in several places in this presentation and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them considering new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward- looking statements. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time, including in the section titled “Risk Factors” in our most recent Form F-1 and 424(b) prospectus. These documents are available on the SEC Filings section of the investor relations section of our website at: https://ir.vastaplatform.com. We prepared this presentation solely for informational purposes. The information in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any of our securities or securities of our subsidiaries or affiliates, nor should it or any part of it form the basis of, or be relied on in connection with any contract to purchase or subscribe for any of our securities or any of our subsidiaries or affiliates nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. We have included in this presentation our EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Cash Conversion Ratio, which are non-GAAP financial measures, together with their reconciliations, for the periods indicated. We understand that, although EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Cash Conversion Ratio are used by investors and securities analysts in their evaluation of companies, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations as reported under IFRS. Additionally, our calculations of Adjusted EBITDA, Free Cash Flow and Adjusted Cash Conversion Ratio may be different from the calculation used by other companies, including our competitors in the education services industry, and therefore, our measures may not be comparable to those of other companies.
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3 Highlights Cycle 2025 R$316mn Free Cash Flow 117% higher than 2024 (vs R$146 million). LTM FCF / LTM Adjusted EBITDA conversion in 64.0%, 31.5p.p better than 2024, 32.5%. +14.3% Subscription Revenue R$494mn Adjusted Ebitda R$ 45 million or +10% increase vs R$ 449 million in 2024. Adjusted EBITDA Margin achieved 28.4% (vs 29.4% in 2024). ACV Bookings delivered as expected (R$1,552 million) Net revenue +13.6% vs cycle 2024; Expansion of complementary solution: +25.3% vs 2024;
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4 1,167 1,313 191 2391,358 1,552 2023 Sales Cycle 2024 Sales Cycle Core Complementary ACV 2025 Bookings +14.3% vs 2024 Top performers: Premium brands and Complementary solutions 716 853 1,000 1,230 1,350 1,550 692 741 1.024 1207 1358 1552 Cycle 2020 Cycle 2021 Cycle 2022 Cycle 2023 Cycle 2024 Cycle 2025 Annual Contract Value (ACV, R$ millions) COVID Effect -3% COVID Effect -13% CAGR +17.5% ACV Forecast ACV Achieved ACV Breakdown (ACV, R$ millions) +48mn +14.3% +146mn
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5 206 212 14 210 17220 250 3Q24 3Q25 Subscription Non subscription B2G Quarter Values in R$ (million) Note: The Business is comprised of a single segment. We are presenting in this slide a supplemental information in terms of t he sub-segments composing the reportable operating segment. Net Revenue Values in R$ (million) +3% +45% +13.4% Cycle to date 1,358 1,552 102 119 69 671,529 1,737 2024 2025 Subscription Non subscription B2G +14% +16% -3% +13.6% n.m.
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6 449 494 29.4% 28.4% 2024 2025 21 31 9.7% 12.6% 1 3Q24 3Q25 Adjusted EBITDA and Adjusted EBITDA Margin Values in R$ (million) Adjusted by non-recurring expenses, expenses with share-based compensation plans and one -off M&A adjusted expenses. Cycle to date +9.9% Quarter +47.6% +2.9p.p -1.0p.p
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7 29.4% 28.4% 12.7% 12.4% 18.2% 19.0% 3.9% 3.1% 64.2% 62.8% 2024 2025 Gross margin PDA Commercial Expenses Adjusted G&A Adjusted EBITDA Margin Adjusted EBITDA Margin 100% 100% (%) Net Revenue Cycle to date -0.8pp -1.4pp +0.8pp Gross Margin Impacted by different sales mix PDA Improvement in PDA although still considering a restricted credit scenario. Adj G&A expenses Reduction are driven by operational efficiencies and workforce optimization indicating greater cost- effectiveness. Adjusted EBITDA Margin In 2025 sales cycle the EBITDA margin decreased by 1.0 p.p. compared to 2024. Commercial expenses Slightly higher due to commercial cycle 2026 but remaining stable near 19%. Margin analysis as % of Net Revenue +0.3pp -1.0pp
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8Adjusted by non-recurring expenses, expenses with share-based compensation plans, amortization of intangible assets from business combination, one-off M&A adjusted expenses and one-off income tax contingencies gain, net of the tax shield (34%) originated by these expenses. (47) (29) 3Q24 3Q25 Adjusted Net (Loss) Profit Values in R$ (million) 62 82 2024 2025 +32.2% Quarter Cycle to date +38.8%
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9 146 316 1 32.5% 64.0% 2024 2025 Free Cash Flow and LTM FCF / LTM Adj EBITDA conversion Values in R$ (million) 1) Cash flow from operating activities less: income tax and social contribution paid; tax, civil and labor proceedings paid; interest lease liabilities paid; acquisition of property, plant and equipment; additions to intangible assets; and lease liabilities paid. Quarter Cycle to date +116.6% +31.5p.p. 55 93 1 32.5% 66.9% 3Q24 3Q25 +66.9%
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10 8 8 3.6% 3.1% 3Q24 3Q25 60 53 3.9% 3.1% 2024 2025 Provision for Doubtful Accounts (PDA) Values in R$ (million) Quarter Cycle to date 1) Percentages related to the net revenue +11.9% +0.8p.p. +0.5p.p. +2.5%
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112 186 188 153 111 3Q24 4Q24 1Q25 2Q25 3Q25 Accounts Receivable 1) Balance of accounts receivable at the end of the period divided by the last -twelve-month net revenue, multiplied by 360. Average Days of Accounts Receivable(1) -1 day y/y
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Net Debt Values in R$ (million) 93 36 3917 863 Net Debt 2Q25 Free Cash Flow Interest accrual Others Net Debt 3Q25 Quarter R$ 54 million decrease 316 137 3 1,040 863 Net Debt 3Q24 Free Cash Flow Interest accrual Others Net Debt 3Q25 Cycle to date R$ 177 million decrease 11
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Net Debt Position Values in R$ (million) 12 Net Debt Composition 778 1,254 863 476 391 Private Bonds Accounts payable for business combination Total Debt Cash and Cash equivalents Net Debt 2.36 2.32 1.97 1.90 1.75 4Q23 3Q24 4Q24 2Q25 3Q25 -0.15x Net Debt/LTM Adjusted EBITDA 391 31 275 361 111 232 224 20 Cash and Cash equivalents 2025 2026 2027 2028 Net Debt Maturities 2029 Private Bonds with Parent Company (Cogna) Accounts Payable for business combination Downward trend in the last 3 years Ratio -0,61x
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14 https://ir.vastaplatform.com ir@vastaplatform.com