\n| \n \nNote: Students enrolled in partner schools<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn the 2025 sales cycle, Vasta provides approximately 1.5 million students with core content solutions and more than 560,000 students with complementary solutions. This is aligned with the company\u2019s strategy to focus on improving its client base in 2025 through a better mix of schools and growth in premium education systems (Anglo, PH, Amplia and Fibonacci), brands with higher average ticket, lower defaults, greater adoption of complementary solutions and longer-term relationships.<\/p>\n FINANCIAL PERFORMANCE<\/b><\/p>\n Net revenue<\/span><\/b><\/p>\n\n\n| \n Values in R$ \u2018000<\/i><\/p>\n<\/td>\n | | \n\n \n2Q25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2025 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2024 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSubscription<\/p>\n<\/td>\n | | \n\n \n320,711<\/p>\n<\/td>\n | | \n\n \n279,760<\/p>\n<\/td>\n | | \n\n \n14.6%<\/p>\n<\/td>\n | | \n\n \n1,340,155<\/p>\n<\/td>\n | | \n\n \n1,152,007<\/p>\n<\/td>\n | | \n\n \n16.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTraditional learning systems<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n316,374<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n275,817<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,111,926<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n967,821<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nComplementary solutions<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,337<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,943<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n228,229<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n184,186<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-subscription<\/p>\n<\/td>\n | | \n\n \n28,960<\/p>\n<\/td>\n | | \n\n \n14,593<\/p>\n<\/td>\n | | \n\n \n98.5%<\/p>\n<\/td>\n | | \n\n \n97,787<\/p>\n<\/td>\n | | \n\n \n88,139<\/p>\n<\/td>\n | | \n\n \n10.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nB2G<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,829<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n49,879<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n69,031<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(27.7%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal net revenue<\/p>\n<\/td>\n | | \n\n \n358,500<\/p>\n<\/td>\n | | \n\n \n294,353<\/p>\n<\/td>\n | | \n\n \n21.8%<\/p>\n<\/td>\n | | \n\n \n1,487,821<\/p>\n<\/td>\n | | \n\n \n1,309,177<\/p>\n<\/td>\n | | \n\n \n13.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n% Subscription<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n89.5%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n95.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5.6p.p.)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n90.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n88.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.1p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNote: n.m.: not meaningful<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn the 2025 sales cycle to date (4Q24 through 2Q25), Vasta\u2019s net revenue totaled R$1,488 million, representing a 13.6% increase compared to the same period of the 2024 sales cycle. Subscription revenue grew 16.3% mainly driven by the conversion of ACV bookings into revenue. Non-subscription revenue increased 10.9%, supported by higher enrollment in the Start-Anglo flagship schools and Anglo pre-university course.<\/p>\n \nIn 2Q25, Vasta\u2019s net revenue totaled R$358 million, a 21.8% increase compared to 2Q24, mainly due to ACV bookings conversion into revenue, and the results obtained in B2G. Non-subscription revenue was positively impacted this quarter by a seasonal effect related to the delivery of student books, besides higher enrollment of students mentioned above.<\/p>\n EBITDA<\/span><\/b><\/p>\n\n\n| \n Values in R$ \u2018000<\/i><\/p>\n<\/td>\n | | \n\n \n2Q25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2025 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2024 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet revenue<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n358,500<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n294,352<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21.8%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,487,821<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,309,177<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCost of goods sold and services<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(156,321)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(130,767)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19.5%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(565,546)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(466,293)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral and administrative expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(129,518)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(122,909)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(369,442)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(358,462)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral and administrative expenses – reversal of tax contingencies<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n92,558<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommercial expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(82,383)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(73,578)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(252,263)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(213,966)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n341<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(284)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(220.1%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,935)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,068<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nn.m.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare of loss of equity-accounted investees<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,648)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,968)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(9,151)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(20,151)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(54.6%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment losses on trade receivables<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(11,037)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(10,149)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(45,387)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(52,348)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13.3%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProfit before financial income and taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(25,066)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(47,303)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(47.0%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n329,655<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n200,025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n64.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(+) Depreciation and amortization<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n64,953<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n67,827<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4.2%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n207,687<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n204,390<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEBITDA<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n39,887<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20,524<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n94.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n537,342<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n404,415<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n32.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEBITDA Margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.2p.p.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30.9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.2p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(+) Layoff related to internal restructuring<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n588<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,630<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(77.6%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n927<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,610<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(74.3%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(+) Share-based compensation plan<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,631<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,768<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(41.1%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,361<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,997<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n39.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(+) M&A adjusting expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,271<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,776<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(40.0%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(-) Reversal of tax contingencies<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(92,558)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted EBITDA<\/p>\n<\/td>\n | | \n\n \n42,106<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25,922<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n62.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n462,343<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n427,798<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted EBITDA Margin<\/p>\n<\/td>\n | | \n\n \n11.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.8%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.9p.p.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n32.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.6p.p.)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNote: n.m.: not meaningful<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn the 2025 sales cycle to date, Adjusted EBITDA reached R$462 million, representing an increase of 8.1% in comparison to the same period of the 2024 sales cycle, with a margin of 31.1%, compared to 32.7% in the same period of the 2024 sales cycle. This increase in Adjusted EBITDA was mainly driven by gains in operating efficiency and improvement in PDA (provision for doubtful accounts), which offset lower net revenue in the B2G segment. In 2Q25, Adjusted EBITDA totaled R$ 42 million, a 62.4% increase compared to R$ 26 million in 2Q24, mainly impacted by growth in core content and B2G.<\/p>\n \nIn the 4th<\/sup> quarter of 2024, which is the first quarter of 2025 sales cycle, the Company proceeded with the partial reversal of the tax contingencies, based on the opinion of its legal advisors, related to the discussions of goodwill and other subjects derived from the acquisition of the Anglo Group in 2010 and subsequent restructuring, in the total amount of R$ 532,717, comprising (i) R$ 92,558 reversals of the principal portion, which impacted positively our general and administrative expenses (ii) R$ 233,198 reversals of the income tax and social contribution, (iii) R$ 206.961 reversal of interest and fines, in the Finance result.<\/p>\n\n\n| \n (%) Net Revenue<\/i><\/p>\n<\/td>\n | | \n\n \n2Q25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nY\/Y (p.p.)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2025 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2024 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nY\/Y (p.p.)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n56.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n55.6%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.8p.p.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n62.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n64.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2.4p.p.)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted cash G&A expenses (1)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n(18.6%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(18.3%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.3p.p.)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(10.9%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(11.4%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.5p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCommercial expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(23.0%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(25.0%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.0p.p.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(17.0%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16.3%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(0.6p.p.)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nImpairment on trade receivables<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3.1%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3.4%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.4p.p.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3.1%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4.0%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.9p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted EBITDA margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.8%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.9p.p.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n32.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.6p.p.)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(1) Sum of general and administrative expenses, other operating income and profit (loss) of equity-accounted investees, less: depreciation and amortization, layoffs related to internal restructuring, share-based compensation plan and M&A one-off adjusting expenses.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nGross margin decreased 2.4 p.p. in the sales cycle to date mainly due to a different sales mix and lower net revenue in the B2G segment. Complementary solutions have grown at a faster pace despite royalties being owed to the owners of certain products. Adjusted cash G&A expenses declined by 0.5 p.p. driven by workforce optimization and budgetary discipline. Commercial expenses increased by 0.6 p.p. reflecting higher expenses related to business expansion and marketing investments. Provision for doubtful accounts (PDA), decreased by 0.9 p.p. in the 2025 sales cycle, mainly due to an additional provision booked in the 2024 sales cycle for expected credit losses related to customers in mainstream brands.<\/p>\n Finance Results<\/span><\/b><\/p>\n\n\n| \n Values in R$ \u2018000<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2025 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2024 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance income<\/p>\n<\/td>\n | | \n\n \n18,452<\/p>\n<\/td>\n | | \n\n \n16,187<\/p>\n<\/td>\n | | \n\n \n14.0%<\/p>\n<\/td>\n | | \n\n \n45,064<\/p>\n<\/td>\n | | \n\n \n46,405<\/p>\n<\/td>\n | | \n\n \n(2.9%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance from contingencies<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n206,961<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nn.m.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance costs<\/p>\n<\/td>\n | | \n\n \n(68,131)<\/p>\n<\/td>\n | | \n\n \n(63,974)<\/p>\n<\/td>\n | | \n\n \n6.5%<\/p>\n<\/td>\n | | \n\n \n(182,044)<\/p>\n<\/td>\n | | \n\n \n(205,176)<\/p>\n<\/td>\n | | \n\n \n(11.3%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(49,679)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(47,787)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n69,981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(158,771)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn the second quarter of 2025, finance income totaled R$18 million, a 14% increase from R$16 million in 2Q24. In the 2025 sales cycle to date, finance income slightly decreased to R$45 million from R$46 million in the same period of the 2024 sales cycle. Finance income was positively impacted by a gain of R$207 million recorded in 4Q24, due to the reversal of finance interest on tax contingencies reverted, as mentioned above.<\/p>\n \nFinance costs in 2Q25 increased 6.5% to R$68 million, from R$64 million in 2Q24. In the 2025 sales cycle to date finance cost decreased 11.3% compared to the same period of the 2024 sales cycle driven by the reduction of the interest on provision for tax, civil and labor risks as a result of the reversal of tax contingencies recorded in 4Q24.<\/p>\n Net profit (loss)<\/span><\/b><\/p>\n\n\n| \n Values in R$ \u2018000<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2025 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2024 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet (loss) profit<\/p>\n<\/td>\n | | \n\n \n(56,151)<\/p>\n<\/td>\n | | \n\n \n(66,171)<\/p>\n<\/td>\n | | \n\n \n(15.1%)<\/p>\n<\/td>\n | | \n\n \n548,195<\/p>\n<\/td>\n | | \n\n \n15,739<\/p>\n<\/td>\n | | \n\n \nn.m.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(+) Layoffs related to internal restructuring<\/p>\n<\/td>\n | | \n\n \n588<\/p>\n<\/td>\n | | \n\n \n2,630<\/p>\n<\/td>\n | | \n\n \n(77.6%)<\/p>\n<\/td>\n | | \n\n \n927<\/p>\n<\/td>\n | | \n\n \n3,610<\/p>\n<\/td>\n | | \n\n \n(74.3%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(+) Share-based compensation plan<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,631<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,768<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(41.1%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,361<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,997<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n39.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(+) Amortization of intangible assets (1)<\/sup><\/p>\n<\/td>\n | \n\n \n39,395<\/p>\n<\/td>\n | | \n\n \n39,304<\/p>\n<\/td>\n | | \n\n \n0.2%<\/p>\n<\/td>\n | | \n\n \n118,185<\/p>\n<\/td>\n | | \n\n \n118,902<\/p>\n<\/td>\n | | \n\n \n(0.6%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(+) Success fee (tax contingencies reversal)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9,333<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(-) Income tax contingencies reversal<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(532,717)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(+) M&A adjusting expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,271<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,776<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(40.0%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(-) Tax shield (2)<\/sup><\/p>\n<\/td>\n | \n\n \n(14,149)<\/p>\n<\/td>\n | | \n\n \n(15,199)<\/p>\n<\/td>\n | | \n\n \n(6.9%)<\/p>\n<\/td>\n | | \n\n \n(49,326)<\/p>\n<\/td>\n | | \n\n \n(48,377)<\/p>\n<\/td>\n | | \n\n \n2.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted net profit<\/p>\n<\/td>\n | | \n\n \n(28,686)<\/p>\n<\/td>\n | | \n\n \n(36,668)<\/p>\n<\/td>\n | | \n\n \n(21.8%)<\/p>\n<\/td>\n | | \n\n \n111,229<\/p>\n<\/td>\n | | \n\n \n109,647<\/p>\n<\/td>\n | | \n\n \n1.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted net margin<\/p>\n<\/td>\n | | \n\n \n(8.0%)<\/p>\n<\/td>\n | | \n\n \n(12.5%)<\/p>\n<\/td>\n | | \n\n \n4.5p.p.<\/p>\n<\/td>\n | | \n\n \n7.5%<\/p>\n<\/td>\n | | \n\n \n8.4%<\/p>\n<\/td>\n | | \n\n \n(0.9p.p.)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNote: n.m.: not meaningful; (1) From business combinations. (2) Tax shield (34%) generated by the expenses that are being deducted as net (loss) profit adjustments.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nIn the second quarter of 2025, adjusted net losses totaled R$29 million, a 21.8% reduction compared to losses of R$37 million in 2Q24. In the 2025 sales cycle to date, adjusted net profit reached R$111 million, a 1.4% increase from R$110 million in the same period of the 2024 sales cycle.<\/p>\n Accounts receivable and PDA<\/span><\/b><\/p>\n\n\n| \n Values in R$ \u2018000<\/i><\/p>\n<\/td>\n | | \n\n \n2Q25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1Q25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Q\/Q<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross accounts receivable<\/p>\n<\/td>\n | | \n\n \n812,286<\/p>\n<\/td>\n | | \n\n \n755,133<\/p>\n<\/td>\n | | \n\n \n7.6%<\/p>\n<\/td>\n | | \n\n \n946,669<\/p>\n<\/td>\n | | \n\n \n(14.2%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProvision for doubtful accounts (PDA)<\/p>\n<\/td>\n | | \n\n \n(87,028)<\/p>\n<\/td>\n | | \n\n \n(93,543)<\/p>\n<\/td>\n | | \n\n \n(7.0%)<\/p>\n<\/td>\n | | \n\n \n(87,590)<\/p>\n<\/td>\n | | \n\n \n(0.6%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCoverage index<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.7 p.p.)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.5 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet accounts receivable<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n725,258<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n661,590<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9.6%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n859,079<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(15.6%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAverage days of accounts receivable (1)<\/sup><\/p>\n<\/td>\n | \n\n \n153<\/p>\n<\/td>\n | | \n\n \n152<\/p>\n<\/td>\n | | \n\n \n1<\/p>\n<\/td>\n | | \n\n \n188<\/p>\n<\/td>\n | | \n\n \n(35)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(1) Balance of net accounts receivable divided by the last-twelve-month net revenue, multiplied by 360.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe average payment term of Vasta\u2019s accounts receivable portfolio was 153 days in 2Q25, remaining stable in the same quarter of the previous year, and 35 days lower compared to 1Q25.<\/p>\n Free cash flow<\/span><\/b><\/p>\n\n\n| \n Values in R$ \u2018000<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2025 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2024 cycle<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n% Y\/Y<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash from operating activities(1)<\/sup><\/p>\n<\/td>\n | \n\n \n116,003<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n68,866<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n68.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n344,458<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n228,582<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n50.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(-) Income tax and social contribution paid<\/p>\n<\/td>\n | | \n\n \n(477)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(856)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(672)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(-) Payment of provision for tax, civil and labor losses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(427)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(64)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n567.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,373)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(440)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n439.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(-) Interest lease liabilities paid<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,886)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,579)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,878)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(6,109)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n45.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(-) Acquisition of property, plant, and equipment<\/p>\n<\/td>\n | | \n\n \n(476)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,910)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(75.1%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(20,974)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,183)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n47.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(-) Additions of intangible assets<\/p>\n<\/td>\n | | \n\n \n(26,000)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(22,080)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17.8%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(70,809)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100,723)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(29.7%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(-) Lease liabilities paid<\/p>\n<\/td>\n | | \n\n \n(5,750)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,787)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n51.8%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(17,065)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16,017)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFree cash flow (FCF)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n79,986<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n38,446<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n108.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n223,502<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n90,438<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n147.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFCF\/Adjusted EBITDA<\/p>\n<\/td>\n | | \n\n \n190.0%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n148.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n41.6p.p.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n48.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27.2p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLTM FCF\/Adjusted EBITDA<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n57.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31.9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25.8p.p.<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n57.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31.9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25.8p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(1) Net (loss) profit less non-cash items less and changes in working capital. Note: n.m.: not meaningful<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFree cash flow (FCF) totaled R$80 million in 2Q25, a 108% increase from R$38 million in 2Q24. In the 2025 sales cycle to date, FCF totaled R$224 million, a R$134 million increase from R$90 million in the same period of the 2024 sales cycle. The last twelve-month (LTM) FCF\/Adjusted EBITDA conversion rate improved from 31.9% to 57.7% as a result of Vasta\u2019s growth and implementation of sustained efficiency measures.<\/p>\n \nThese measures include certain improvements in our collection processes, including automation, reminders and past-due notifications, customer segmentation, and faster renegotiation of overdue receivables. On the payments side, we implemented several initiatives to enhance discipline in payments, such as rigorous financial planning, centralized payments scheduling, and negotiating longer payment terms with suppliers. Additionally, the first semester of 2025 benefited from early collections relative to the 2025 sales cycle, which are expected to normalize throughout the next quarters of the year.<\/p>\n Financial leverage<\/span><\/b><\/p>\n\n\n| \n Values in R$ \u2018000<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1Q25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4Q24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3Q24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2Q24<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinancial debt<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n770,489<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n771,727<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n762,005<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n764,693<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n768,459<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts payable from business combinations<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n462,034<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n449,467<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n436,600<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n630,267<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n618,830<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal debt<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,232,523<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,221,194<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,198,605<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,394,960<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,387,289<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,257<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12,345<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n84,532<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n96,162<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n50,868<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMarketable securities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n300,942<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n245,941<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n111,313<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n258,945<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n272,991<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet debt<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n917,324<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n962,908<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,002,760<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,039,853<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,063,430<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet debt\/LTM adjusted EBITDA<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.90<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.06<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.97<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.32<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.28<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAs of the end of 2Q25, Vasta had a net debt position of R$917 million, a R$46 million decrease compared to 4Q24, mainly due to positive FCF generation, compensated by financial interest costs. Compared to 2Q24, the net debt decreased R$ 146 million. The net debt\/LTM adjusted EBITDA as of 1.90x shows a downward trend, being 0.38x less than as of 2Q24.<\/p>\n ESG<\/b><\/p>\n Sustainability Report<\/b><\/p>\n \nIn July 2025, we disclosed Vasta\u00b4s fourth sustainability report regarding the year of 2024 and it was prepared in accordance with international standards and the implementation of our corporate strategy, challenges, and achievements, while also reaffirming our commitment to transparency and sustainability. These include the publication of Greenhouse Gas Inventory (carried out since 2020), the maintenance of the FSC certifications (since 2008), the SOMOS Institute, devoted to building a more equitable society by creating opportunities for all who believe in the power of education, and 43% of our Board members belonging to underrepresented groups (women and LGBTQIAPN+).<\/p>\n \nThe report complies with the Global Reporting Initiative (GRI) 2021 version and considers other standards recognized in Brazil and abroad, such as the Sustainability Accounting Standards Board (SASB) guidelines for the education sector, the guidelines of the IBC Stakeholder Capitalism Metrics from the World Economic Forum, and the principles of the International Integrated Reporting Council (IIRC).<\/p>\n \nThe document is available at: https:\/\/ir.vastaplatform.com\/esg\/<\/a>. Information contained in, or accessible through, our website is not incorporated by reference in, and does not constitute a part of, this press release.<\/p>\n\nIn line with the topics identified in the materiality process, every quarter we present Vasta’s most material indicators:<\/p>\n Key Indicators<\/span><\/b><\/p>\nENVIRONMENT<\/b><\/p>\n\n\n| \n Water withdrawal<\/b>1<\/b><\/sup><\/p>\n<\/td>\n<\/tr>\n\n| \n SDGs<\/b><\/p>\n<\/td>\n | \n GRI<\/b><\/p>\n<\/td>\n | \n Disclosure<\/b><\/p>\n<\/td>\n | \n Unit<\/b><\/p>\n<\/td>\n | \n 2Q2025<\/b><\/p>\n<\/td>\n | \n 2Q2024<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n | \n 1Q2025<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n3, 11, 12<\/p>\n<\/td>\n | \n \n303-3<\/p>\n<\/td>\n | \n \nTotal water<\/p>\n \nwithdrawal<\/p>\n<\/td>\n | \n \nm3<\/sup><\/p>\n<\/td>\n| \n \n6,362<\/p>\n<\/td>\n | \n \n3,039<\/p>\n<\/td>\n | \n \n109%<\/p>\n<\/td>\n | \n \n7,343<\/p>\n<\/td>\n | \n \n(13%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMunicipal water<\/p>\n \nsupply1<\/sup><\/p>\n<\/td>\n| \n \n%<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGroundwater<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n Energy consumption within the organization2<\/sup><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n SDGs<\/b><\/p>\n<\/td>\n | \n GRI<\/b><\/p>\n<\/td>\n | \n Disclosure<\/b><\/p>\n<\/td>\n | \n Unit<\/b><\/p>\n<\/td>\n | \n 2Q2025<\/b><\/p>\n<\/td>\n | \n 2Q2024<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n | \n 1Q2025<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n12, 13<\/p>\n<\/td>\n | \n \n302-1<\/p>\n<\/td>\n | \n \nTotal energy<\/p>\n \nconsumption<\/p>\n<\/td>\n | \n \nGJ<\/p>\n<\/td>\n | \n \n2,809<\/p>\n<\/td>\n | \n \n3,856<\/p>\n<\/td>\n | \n \n(27%)<\/p>\n<\/td>\n | \n \n3,384<\/p>\n<\/td>\n | \n \n(17%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEnergy from<\/p>\n \nrenewable sources2<\/sup><\/p>\n<\/td>\n| \n \n%<\/p>\n<\/td>\n | \n \n63%<\/p>\n<\/td>\n | \n \n52%<\/p>\n<\/td>\n | \n \n11 p.p.<\/p>\n<\/td>\n | \n \n66%<\/p>\n<\/td>\n | \n \n(3 p.p.)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe increase in energy consumption this quarter was expected, as the variation reflects the production schedule of our distribution centers. At educational facilities, the increase aligns with the end of the school break period, with higher occupancy levels at the units.<\/p>\n SOCIAL<\/b><\/p>\n\n\n| \n Diversity in workforce by employee category<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n SDGs<\/b><\/p>\n<\/td>\n | \n GRI<\/b><\/p>\n<\/td>\n | \n Disclosure<\/b><\/p>\n<\/td>\n | \n Unit<\/b><\/p>\n<\/td>\n | \n 2Q2025<\/b><\/p>\n<\/td>\n | \n 2Q2024<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n | \n 1Q2025<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n5<\/p>\n<\/td>\n | \n \n405-1<\/p>\n<\/td>\n | \n \nC-level \u2013 Women<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n22%<\/p>\n<\/td>\n | \n \n29%<\/p>\n<\/td>\n | \n \n(7 p.p.)<\/p>\n<\/td>\n | \n \n22%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nC-level \u2013 Men<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n78%<\/p>\n<\/td>\n | \n \n71%<\/p>\n<\/td>\n | \n \n7 p.p.<\/p>\n<\/td>\n | \n \n78%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nC-level- total4<\/sup><\/p>\n<\/td>\n| \n \nno.<\/p>\n<\/td>\n | \n \n9<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n | \n \n29%<\/p>\n<\/td>\n | \n \n9<\/p>\n<\/td>\n | \n \n0.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLeadership (\u2265 managers)<\/p>\n \n\u2013 Women<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n41%<\/p>\n<\/td>\n | \n \n43%<\/p>\n<\/td>\n | \n \n(2 p.p.)<\/p>\n<\/td>\n | \n \n44%<\/p>\n<\/td>\n | \n \n(3 p.p.)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal – Leadership (\u2265 managers)<\/p>\n \n\u2013 Men<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n59%<\/p>\n<\/td>\n | \n \n57%<\/p>\n<\/td>\n | \n \n2 p.p.<\/p>\n<\/td>\n | \n \n56%<\/p>\n<\/td>\n | \n \n3 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLeadership (\u2265 managers) 5<\/sup><\/p>\n\n\u2013 total<\/p>\n<\/td>\n \n \nno.<\/p>\n<\/td>\n | \n \n123<\/p>\n<\/td>\n | \n \n124<\/p>\n<\/td>\n | \n \n(1%)<\/p>\n<\/td>\n | \n \n124<\/p>\n<\/td>\n | \n \n(1%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcademic staff \u2013 Women<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n27%<\/p>\n<\/td>\n | \n \n15%<\/p>\n<\/td>\n | \n \n12 p.p.<\/p>\n<\/td>\n | \n \n28%<\/p>\n<\/td>\n | \n \n(1 p.p.)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcademic staff \u2013 Men<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n73%<\/p>\n<\/td>\n | \n \n85%<\/p>\n<\/td>\n | \n \n(12 p.p.)<\/p>\n<\/td>\n | \n \n72%<\/p>\n<\/td>\n | \n \n1 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcademic staff 6<\/sup><\/p>\n\n\u2013 total<\/p>\n<\/td>\n \n \nno.<\/p>\n<\/td>\n | \n \n93<\/p>\n<\/td>\n | \n \n75<\/p>\n<\/td>\n | \n \n24%<\/p>\n<\/td>\n | \n \n96<\/p>\n<\/td>\n | \n \n(3%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdministrative\/Operational<\/p>\n \n\u2013 Women<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n55%<\/p>\n<\/td>\n | \n \n54%<\/p>\n<\/td>\n | \n \n1 p.p.<\/p>\n<\/td>\n | \n \n54%<\/p>\n<\/td>\n | \n \n1 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdministrative\/Operational<\/p>\n \n\u2013 Male<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n45%<\/p>\n<\/td>\n | \n \n46%<\/p>\n<\/td>\n | \n \n(1 p.p.)<\/p>\n<\/td>\n | \n \n46%<\/p>\n<\/td>\n | \n \n(1 p.p.)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdministrative\/Operational 7<\/sup><\/p>\n\n\u2013 total<\/p>\n<\/td>\n \n \nno.<\/p>\n<\/td>\n | \n \n1,253<\/p>\n<\/td>\n | \n \n1,229<\/p>\n<\/td>\n | \n \n2%<\/p>\n<\/td>\n | \n \n1,229<\/p>\n<\/td>\n | \n \n2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEmployees \u2013 Women<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n52%<\/p>\n<\/td>\n | \n \n51%<\/p>\n<\/td>\n | \n \n1 p.p.<\/p>\n<\/td>\n | \n \n51%<\/p>\n<\/td>\n | \n \n1 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEmployees \u2013 Men<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n48%<\/p>\n<\/td>\n | \n \n49%<\/p>\n<\/td>\n | \n \n(1 p.p.)<\/p>\n<\/td>\n | \n \n49%<\/p>\n<\/td>\n | \n \n(1 p.p.)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEmployees \u2013 total<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n1,478<\/p>\n<\/td>\n | \n \n1,435<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n | \n \n1,458<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nWe are proud to receive recognition as one of the Best Companies to Work For\u00ae 2024\/2025 by Great Place to Work. This achievement represents much more than a certification: it validates our commitment and continuous efforts in building an organizational environment of excellence. Through initiatives focused on human development and employee wellbeing, we demonstrate that caring for people is a fundamental pillar of our corporate strategy, reinforcing our dedication to foster professional growth and personal fulfillment for all our team members.<\/p>\n \n\n| \n Social impact* 8<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n SDGs<\/b><\/p>\n<\/td>\n | \n GRI<\/b><\/p>\n<\/td>\n | \n Disclosure<\/b><\/p>\n<\/td>\n | \n Unit<\/b><\/p>\n<\/td>\n | \n 1S2025<\/b><\/p>\n<\/td>\n | \n 1S2024<\/b><\/p>\n<\/td>\n | \n 2S2024<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n 4, 10<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \nScholars of the Somos Futuro Program<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n227<\/p>\n<\/td>\n | \n \n195<\/p>\n<\/td>\n | \n \n219<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n* Indicators presented progressively, referring to the total accumulated since the beginning of the year, which is why we are not presenting the variations compared to previous semesters.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nWe continue to maintain the Somos Futuro Program via Instituto SOMOS. The initiative enables public school students to attend high school at one of Vasta’s partner schools. In this quarter, 227 young people were studying through the program, receiving didactic and paradidactic material, online school tutoring, mentoring, and access to the entire support network of the program, which includes psychological monitoring, in addition to the scholarship offered by the school.<\/p>\n \n\n| \n Health and Safety<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n SDGs<\/b><\/p>\n<\/td>\n | \n GRI<\/b><\/p>\n<\/td>\n | \n Disclosure<\/b><\/p>\n<\/td>\n | \n Unit<\/b><\/p>\n<\/td>\n | \n 1Q2025<\/b><\/p>\n<\/td>\n | \n 1Q2024<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n | \n 4Q2024<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n 3<\/b><\/p>\n<\/td>\n | \n 403-5,<\/b><\/p>\n 403-9<\/b><\/p>\n<\/td>\n | \n \nUnits covered by the<\/p>\n \nRisk Management<\/p>\n \nProgram (PGR)<\/p>\n<\/td>\n | \n \n\u00a0%<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n0.0 p.p.<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n0.0 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTrained employees<\/p>\n<\/td>\n | \n \n\u00a0no.<\/p>\n<\/td>\n | \n \n\u00a062<\/p>\n<\/td>\n | \n \n\u00a0361<\/p>\n<\/td>\n | \n \n-83%<\/p>\n<\/td>\n | \n \n84<\/p>\n<\/td>\n | \n \n-26.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAverage hours of<\/p>\n \ntraining per employee 9<\/sup><\/p>\n<\/td>\n| \n \nno.<\/p>\n<\/td>\n | \n \n\u00a00.62<\/p>\n<\/td>\n | \n \n\u00a01.33<\/p>\n<\/td>\n | \n \n-53%<\/p>\n<\/td>\n | \n \n3.00<\/p>\n<\/td>\n | \n \n-79%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInjury frequency 10<\/sup><\/p>\n<\/td>\n| \n \nrate<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n\u00a00.90<\/p>\n<\/td>\n | \n \n-100%<\/p>\n<\/td>\n | \n \n\u00a02.31<\/p>\n<\/td>\n | \n \n-100%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHigh-consequence<\/p>\n \ninjuries<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRecordable<\/p>\n \nwork-related injuries 11<\/sup><\/p>\n<\/td>\n| \n \nrate<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n\u00a01.16<\/p>\n<\/td>\n | \n \n-100%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFatalities resulted from<\/p>\n \nwork-related injuries<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFatalities 12<\/sup><\/p>\n<\/td>\n| \n \nrate<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n\u00a0–\u00a0\u00a0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nDuring the quarter, we conducted the April Green Workshop, which engaged employees in topics related to contractor hiring procedures and third-party management, as well as safety protocols for high-risk activities and workplace safety best practices. Other significant initiatives during this period included the production of the “Lifestyle” podcast and the World Health Day campaign titled “Preventing Disease and Taking Care of You\u201d. Additionally, the increase in the number of trained employees is attributed to the mandatory training renewal schedule, which is conducted according to the recycling periods established by regulatory standards.<\/p>\n GOVERNANCE<\/b><\/p>\n\n\n| \n Diversity in the Board of Directors (gender)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n SDGs<\/b><\/p>\n<\/td>\n | \n GRI<\/b><\/p>\n<\/td>\n | \n Disclosure<\/b><\/p>\n<\/td>\n | \n Unit<\/b><\/p>\n<\/td>\n | \n 2Q2025<\/b><\/p>\n<\/td>\n | \n 2Q2024<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n | \n 1Q2025<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n 5<\/b><\/p>\n<\/td>\n | \n 405-1<\/b><\/p>\n<\/td>\n | \n \nMembers<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWomen<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n29%<\/p>\n<\/td>\n | \n \n29%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n | \n \n29%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Ethical conduct<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n SDGs<\/b><\/p>\n<\/td>\n | \n GRI<\/b><\/p>\n<\/td>\n | \n Disclosure<\/b><\/p>\n<\/td>\n | \n Unit<\/b><\/p>\n<\/td>\n | \n 2Q2025<\/b><\/p>\n<\/td>\n | \n 2Q2024<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n | \n 1Q2025<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n 16<\/b><\/p>\n<\/td>\n | \n 2-25<\/b><\/p>\n<\/td>\n | \n \nCases recorded in our<\/p>\n \nConfidential Ethics<\/p>\n \nHotline 13<\/sup><\/p>\n<\/td>\n| \n \nno.<\/p>\n<\/td>\n | \n \n32<\/p>\n<\/td>\n | \n \n21<\/p>\n<\/td>\n | \n \n52%<\/p>\n<\/td>\n | \n \n17<\/p>\n<\/td>\n | \n \n88%<\/p>\n<\/td>\n<\/tr>\n | \n| \n 10<\/b><\/p>\n<\/td>\n | \n 406-1<\/b><\/p>\n<\/td>\n | \n \nGrievances regarding<\/p>\n \ndiscrimination received<\/p>\n \nthrough our Confidential<\/p>\n \nEthics Hotline 13<\/sup><\/p>\n<\/td>\n| \n \nno.<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n(50%)<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConfirmed incidents of<\/p>\n \ndiscrimination 13<\/sup><\/p>\n<\/td>\n| \n \nno.<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n 5<\/b><\/p>\n<\/td>\n | \n 405-1<\/b><\/p>\n<\/td>\n | \n \nEmployees who have<\/p>\n \nreceived training on<\/p>\n \nanti-corruption policies<\/p>\n \nand procedures<\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperations assessed for<\/p>\n \nrisks related to<\/p>\n \ncorruption<\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n | \n \n100%<\/p>\n<\/td>\n | \n \n0 p.p.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConfirmed incidents of<\/p>\n \ncorruption<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nDuring the quarter, we recorded a significant increase in the number of reports due to intensified communication and awareness around the Cogna Confidential Channel (CCC), which was integrated into the Ombudsman Portal. This strategy facilitated access to the Channel, allowing requesters to be redirected to the CCC even when initial contact occurs through the ombudsman’s office.<\/p>\n \n\nCompliance*<\/b><\/td>\n<\/tr>\n\n| \n SDGs<\/b><\/p>\n<\/td>\n | \n GRI<\/b><\/p>\n<\/td>\n | \n Disclosure<\/b><\/p>\n<\/td>\n | \n Unit<\/b><\/p>\n<\/td>\n | \n 2Q2025<\/b><\/p>\n<\/td>\n | \n 2Q2024<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n | \n 1Q2025<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n16<\/p>\n<\/td>\n | \n \n307-1, 419-1<\/p>\n<\/td>\n | \n \nFines for social and<\/p>\n \neconomic<\/p>\n \nnoncompliance<\/p>\n<\/td>\n | \n \nR$ thousand<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-financial<\/p>\n \nsanctions for social<\/p>\n \nand economic<\/p>\n \nnon-compliance<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFines for<\/p>\n \nenvironmental<\/p>\n \nnoncompliance<\/p>\n<\/td>\n | \n \nR$ thousand<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-financial<\/p>\n \nsanctions for<\/p>\n \nenvironmental<\/p>\n \nnon-compliance<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n* Only cases deemed material, i.e., cases that harm Vasta’s image, which lead to a halt in operations, or where the amounts involved are over R$1 million.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nWe did not record significant sanctions or fines related to economic and social issues, except for the normal course of business.\n<\/p>\n \n\n| \n Customer data privacy<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n SDGs<\/b><\/p>\n<\/td>\n | \n GRI<\/b><\/p>\n<\/td>\n | \n Disclosure<\/b><\/p>\n<\/td>\n | \n Unit<\/b><\/p>\n<\/td>\n | \n 2Q2025<\/b><\/p>\n<\/td>\n | \n 2Q2024<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n | \n 1Q2025<\/b><\/p>\n<\/td>\n | \n % HA<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n16<\/p>\n<\/td>\n | \n \n418-1<\/p>\n<\/td>\n | \n \nExternal complaints<\/p>\n \nsubstantiated by the<\/p>\n \norganization<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | \n \n367%<\/p>\n<\/td>\n | \n \n27<\/p>\n<\/td>\n | \n \n(48%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nComplaints received<\/p>\n \nfrom regulatory<\/p>\n \nagencies or similar<\/p>\n \nofficial bodies<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCases identified of<\/p>\n \nleakage, theft, or loss<\/p>\n \nof customer data<\/p>\n<\/td>\n | \n \nno.<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n | \n \n0<\/p>\n<\/td>\n | \n \n0%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe Privacy Portal underwent a migration process to the Compliance section of the Cogna website. As a result, there was a slight reduction in the volume of cases received through the Portal, which are now primarily related to data subjects’ rights as provided under Brazil’s General Data Protection Law (LGPD). Due to the enrollment period, which occurs at the beginning of the year, there was a decrease in complaints received compared to last quarter.<\/p>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |