# EDGAR Filing Document

**Accession Number:** 0001792829
**File Stem:** 0000950103-25-010011
**Filing Date:** 2025-8
**Character Count:** 166849
**Document Hash:** 95c74ae177e66d9d224b66190ca8dcf8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-010011.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000950103-25-010011

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20250806

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vasta Platform Ltd
- **CENTRAL INDEX KEY:** 0001792829
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39415
- **FILM NUMBER:** 251189950

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA PAULISTA, 901, 6TH FLOOR
- **STREET 2:** JARDIM PAULISTA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01310-100
- **BUSINESS PHONE:** 55 11 3133-7559

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA PAULISTA, 901, 6TH FLOOR
- **STREET 2:** JARDIM PAULISTA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01310-100

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16<br> OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of August 2025

**Commission File Number: 001-39415**

**Vasta Platform Limited**

**(Exact name of registrant as specified in its charter)**

**Av. Paulista, 901, 5<sup>th</sup> Floor**

**Bela Vista**

**São Paulo – SP, 01310-100**

**Brazil<br> +55 (11) 3047-2655**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F  

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ITEM** |  |
| [99.1.](dp232757_ex9901.htm) | [Press release dated August 6, 2025 – Vasta Platform Limited announces today its financial and operating results for the second quarter of 2025.](dp232757_ex9901.htm) |
| [99.2](dp232757_ex9902.htm) | [Vasta Platform Limited Unaudited Condensed Interim Consolidated Financial Statements as of June 30, 2025, and for the six-month periods ended June 30, 2025 and 2024.](dp232757_ex9902.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **Vasta Platform Limited** | **Vasta Platform Limited** | **Vasta Platform Limited** |
| By: | /s/ Guilherme Alves Mélega | /s/ Guilherme Alves Mélega |
|  | Name: | Guilherme Alves Mélega |
|  | Title: | Chief Executive Officer |

---

Date: August 6, 2025

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](image_001.jpg) | ![](image_002.jpg) |

---

**São Paulo, August 6, 2025 – Vasta Platform Limited (NASDAQ: VSTA)** – "Vasta" or the "Company" announces today its financial and operating results for the second quarter of 2025 (2Q25) ended June 30, 2025. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).

**HIGHLIGHTS** 

---

| | |
|:---|:---|
| ![*](image_003.jpg) | In the 2025 sales cycle to date (which commenced 4Q24 through 2Q25), net revenue increased 14% to R$1,488 million compared to the same period of the 2024 sales cycle, mostly due to the conversion of Annual Contract Value ("ACV") bookings into revenue in the period. In 2Q25, net revenue totaled R$359 million, a 22% increase compared to the same period of the previous year. |

---

---

| | |
|:---|:---|
| ![*](image_003.jpg) | Vasta's accumulated subscription revenue in the 2025 sales cycle to date year totaled R$1,340 million, a 16% increase compared to the previous year's sales cycle. Complementary solutions net revenue in the 2025 sales cycle increased 24% compared to the 2024 sales cycle, to R$228 million. |

---

---

| | |
|:---|:---|
| ![*](image_003.jpg) | In this quarter, the public school sector, or business-to-government ("B2G") segment, achieved R$9 million in revenue coming from several new customers, totaling R$50 million in the 2025 sales cycle to date, compared to R$69 million in the same period of the 2024 sales cycle, when the totality of revenues from our contract with the State of Pará (1<sup>st</sup> and 2<sup>nd</sup> semesters) was booked all at once. In the 2025 sales cycle to date, the 1<sup>st</sup> semester under our contract with Pará contract was booked in 4Q2024, and the 2<sup>nd</sup> semester is expected to be performed in the second half of 2025. |

---

---

| | |
|:---|:---|
| ![*](image_003.jpg) | In the 2025 sales cycle to date, Adjusted EBITDA increased by 8% reaching R$462 million, compared to R$428 million in the same period of the 2024 sales cycle, and Adjusted EBITDA Margin decreased by 1.6 p.p., from 32.7% to 31.1%. In 2Q25, Adjusted EBITDA totaled R$42 million, up from R$26 million in 2Q24, and Adjusted EBITDA Margin increased 2.9 p.p. to 11.7%, compared to 2Q2024, driven by a 0.8p.p. increase in gross margin and 2.0 p.p. reduction in marketing expenses. |

---

---

| | |
|:---|:---|
| ![*](image_003.jpg) | Vasta recorded an Adjusted Net Profit of R$111 million in the 2025 sales cycle to date, a 1% increase compared to R$110 million in the 2024 sales cycle. In 2Q25, Adjusted net loss totaled R$29 million, a 22% increase compared to adjusted net loss of R$37 million in 2Q24. |

---

---

| | |
|:---|:---|
| ![*](image_003.jpg) | Free cash flow (FCF) totaled R$224 million in the 2025 sales cycle to date, a R$134 million increase from R$90 million in the 2024 sales cycle. In 2Q25 FCF totaled R$80 million, a 108% increase from R$38 million in 2Q24. The last twelve-months (LTM) FCF/Adjusted EBITDA conversion rate improved from 31.9% to 57.7%, as a result of Vasta's growth and implementation of sustained efficiency measures. 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. |

---

![](image_006.jpg)

**MESSAGE FROM MANAGEMENT**

As we conclude the third quarter of the current sales cycle, Vasta´s net revenue reached R$1,488 million, a 14% increase compared to the same period of the 2024 sales cycle, mostly due to the conversion of ACV bookings into revenue. Accumulated subscription revenue in the 2025 sales cycle to date totaled R$1,340 million, a 16% increase year-over-year, reflecting our ability to sustain revenue growth. Our complementary solutions also posted strong performance, growing 24% in the 2025 sales cycle compared to the same period of 2024, supported by accelerated expansion in both student base and market penetration. The number of partners-school using our complementary solutions increased to a total of 2,149 schools.

Start-Anglo bilingual school operations continue to gain momentum, having generated R$4 million in subscription revenue during the 2025 sales cycle to date. This performance reinforces Start-Anglo's strategic relevance and its potential to become a significant growth driver. In a short time, Start-Anglo has moved from concept to reality, with seven operating units in 2025. As of this date, Start-Anglo has secured more than 50 contracts, including two flagship schools, a notable increase from 30 contracts signed in the same period of the 2024 sales cycle. We are actively working to convert our robust pipeline — currently over 250 prospects — into new agreements for Start-Anglo.

In the B2G segment, we recorded R$9 million in net revenue this quarter coming from new municipality customers, for a total of R$50 million net revenue in the 2025 sales cycle to date. In the 2024 sales cycle, we had booked R$69 million in net revenue, as the totality of revenues from our contract with the State of Pará (1st and 2nd semesters) was recognized in 1Q24. In the 2025 sales cycle to date, the 1<sup>st</sup> semester under our contract with Pará contract was booked in 4Q2024, and the 2<sup>nd</sup> semester is expected to be performed in the second half of 2025. We remain confident in our strategy to positively impact public education by serving this segment and its students with our extensive portfolio of core content solutions, digital platforms, and additional offerings, including custom learning solutions developed over decades in the private sector.

The continued growth of the company's profitability was another highlight of the 2025 sales cycle to date as the Adjusted EBITDA grew by 8% to R$462 million compared to R$428 million in the previous year, and Adjusted EBITDA Margin decreased from 32.7% in the same period of the 2024 sales cycle to 31.1% in the 2025 sales cycle to date. In proportion to net revenue, gross margin decreased 2.4 p.p. in the sales cycle to date, mainly due to a different mix of products, lower B2G revenues and higher marketing expenses related to business expansion.

Cash flow generation continues to be a key strength and one of the main highlights of the 2025 sales cycle to date. Free cashflow (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% reflecting Vasta's growth and the implementation of sustained efficiency measures. 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.

It is worth saying that these 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.

![](image_006.jpg)

Moreover, we continue to make progress in deleveraging the company. The net debt/LTM adjusted EBITDA as of the end of 2Q25 was 1.90x, down 0.38x from 2Q24 and 0.16x from 1Q25, reinforcing our commitment to long-term value creation to our stakeholders.

![](image_006.jpg)

**OPERATING PERFORMANCE**

**<u>Student base – subscription models</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 2025 | 2024 | % Y/Y | 2023 | % Y/Y |
| Partner schools - Core content | 5025 | 4744 | 5.9% | 5032 | (5.7%) |
| Partner schools – Complementary solutions | 2149 | 1722 | 24.8% | 1383 | 24.5% |
| Students - Core content | 1489698 | 1432289 | 4.0% | 1539024 | (6.9%) |
| Students - Complementary content | 563525 | 483132 | 16.6% | 453552 | 6.5% |

---

Note: Students enrolled in partner schools

In 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's 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.

![](image_006.jpg)

**FINANCIAL PERFORMANCE**

**<u>Net revenue</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Values in R$ '000* | 2Q25 | 2Q24 | % Y/Y | 2025 cycle | 2024 cycle | % Y/Y |
| Subscription | 320711 | 279760 | 14.6% | 1340155 | 1152007 | 16.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional learning systems | 316374 | 275817 | 14.7% | 1111926 | 967821 | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Complementary solutions | 4337 | 3943 | 10.0% | 228229 | 184186 | 23.9% |
| Non-subscription | 28960 | 14593 | 98.5% | 97787 | 88139 | 10.9% |
| B2G | 8829 | - | 0.0% | 49879 | 69031 | (27.7%) |
| Total net revenue | 358500 | 294353 | 21.8% | 1487821 | 1309177 | 13.6% |
| % Subscription | 89.5% | &nbsp;&nbsp;&nbsp;95.0% | &nbsp;&nbsp;&nbsp;(5.6p.p.) | &nbsp;&nbsp;&nbsp;90.1% | &nbsp;&nbsp;&nbsp;88.0% | &nbsp;&nbsp;&nbsp;2.1p.p. |

---

Note: n.m.: not meaningful

In the 2025 sales cycle to date (4Q24 through 2Q25), Vasta's 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.

In 2Q25, Vasta's 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.

**<u>EBITDA</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Values in R$ '000* | 2Q25 | 2Q24 | % Y/Y | 2025 cycle | 2024 cycle | % Y/Y |
| Net revenue | 358500 | 294352 | 21.8% | 1487821 | 1309177 | 13.6% |
| Cost of goods sold and services | (156321) | (130767) | 19.5% | (565546) | (466293) | 21.3% |
| General and administrative expenses | (129518) | (122909) | 5.4% | (369442) | (358462) | 3.1% |
| General and administrative expenses - reversal of tax contingencies | - | - | 0.0% | 92558 | - | 0.0% |
| Commercial expenses | (82383) | (73578) | 12.0% | (252263) | (213966) | 17.9% |
| Other operating income | 341 | (284) | (220.1%) | (8935) | 2068 | n.m. |
| Share of loss of equity-accounted investees | (4648) | (3968) | 17.1% | (9151) | (20151) | (54.6%) |
| Impairment losses on trade receivables | (11037) | (10149) | 8.7% | (45387) | (52348) | (13.3%) |
| Profit before financial income and taxes | (25066) | (47303) | (47.0%) | 329655 | 200025 | 64.8% |
| (+) Depreciation and amortization | 64953 | 67827 | (4.2%) | 207687 | 204390 | 1.6% |
| EBITDA | 39887 | 20524 | 94.3% | 537342 | 404415 | 32.9% |
| EBITDA Margin | 11.1% | 7.0% | 4.2p.p. | 36.1% | 30.9% | 5.2p.p. |
| (+) Layoff related to internal restructuring | 588 | 2630 | (77.6%) | 927 | 3610 | (74.3%) |
| (+) Share-based compensation plan | 1631 | 2768 | (41.1%) | 8361 | 5997 | 39.4% |
| (+) M&A adjusting expenses | - | - | 0.0% | 8271 | 13776 | (40.0%) |
| (-) Reversal of tax contingencies | - | - | 0.0% | (92558) | - | 0.0% |

---

![](image_006.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Adjusted EBITDA | 42106 | 25922 | 62.4% | 462343 | 427798 | 8.1% |
| Adjusted EBITDA Margin | 11.7% | 8.8% | 2.9p.p. | 31.1% | 32.7% | (1.6p.p.) |

---

Note: n.m.: not meaningful

In 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.

In the 4<sup>th</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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(%) Net Revenue* | 2Q25 | 2Q24 | Y/Y (p.p.) | 2025 cycle | 2024 cycle | Y/Y (p.p.) |
| Gross margin | 56.4% | 55.6% | 0.8p.p. | 62.0% | 64.4% | (2.4p.p.) |
| Adjusted cash G&A expenses <sup>(1)</sup> | (18.6%) | (18.3%) | (0.3p.p.) | (10.9%) | (11.4%) | 0.5p.p. |
| Commercial expenses | (23.0%) | (25.0%) | 2.0p.p. | (17.0%) | (16.3%) | (0.6p.p.) |
| Impairment on trade receivables | (3.1%) | (3.4%) | 0.4p.p. | (3.1%) | (4.0%) | 0.9p.p. |
| Adjusted EBITDA margin | 11.7% | 8.8% | 2.9p.p. | 31.1% | 32.7% | (1.6p.p.) |

---

(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.

Gross 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.

**<u>Finance Results</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Values in R$ '000* | 2Q25 | 2Q24 | % Y/Y | 2025 cycle | 2024 cycle | % Y/Y |
| Finance income | 18452 | 16187 | 14.0% | 45064 | 46405 | (2.9%) |
| Finance from contingencies | - | - | 0.0% | 206961 | - | n.m. |
| Finance costs | (68131) | (63974) | 6.5% | (182044) | (205176) | (11.3%) |
| Total | (49679) | (47787) | 4.0% | 69981 | (158771) | (13.7%) |

---

In 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

![](image_006.jpg)

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.

Finance 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.

**<u>Net profit (loss)</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Values in R$ '000* | 2Q25 | 2Q24 | % Y/Y | 2025 cycle | 2024 cycle | % Y/Y |
| Net (loss) profit | (56151) | (66171) | (15.1%) | 548195 | 15739 | n.m. |
| (+) Layoffs related to internal restructuring | 588 | 2630 | (77.6%) | 927 | 3610 | (74.3%) |
| (+) Share-based compensation plan | 1631 | 2768 | (41.1%) | 8361 | 5997 | 39.4% |
| (+) Amortization of intangible assets <sup>(1)</sup> | 39395 | 39304 | 0.2% | 118185 | 118902 | (0.6%) |
| (+) Success fee (tax contingencies reversal) | - | - | 0.0% | 9333 | - | 0.0% |
| (-) Income tax contingencies reversal | - | - | 0.0% | (532717) | - | 0.0% |
| (+) M&A adjusting expenses | - | - | 0.0% | 8271 | 13776 | (40.0%) |
| (-) Tax shield <sup>(2)</sup> | (14149) | (15199) | (6.9%) | (49326) | (48377) | 2.0% |
| Adjusted net profit | (28686) | (36668) | (21.8%) | 111229 | 109647 | 1.4% |
| Adjusted net margin | (8.0%) | (12.5%) | 4.5p.p. | 7.5% | 8.4% | (0.9p.p.) |

---

Note: 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.

In 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.

**<u>Accounts receivable and PDA</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Values in R$ '000* | 2Q25 | 2Q24 | % Y/Y | 1Q25 | % Q/Q |
| Gross accounts receivable | 812286 | 755133 | 7.6% | 946669 | (14.2%) |
| Provision for doubtful accounts (PDA) | (87028) | (93543) | (7.0%) | (87590) | (0.6%) |
| Coverage index | 10.7% | 12.4% | (1.7 p.p.) | 9.3% | 1.5 p.p. |
| Net accounts receivable | 725258 | 661590 | 9.6% | 859079 | (15.6%) |
| Average days of accounts receivable <sup>(1)</sup> | 153 | 152 | 1 | 188 | (35) |

---

(1) Balance of net accounts receivable divided by the last-twelve-month net revenue, multiplied by 360.

The average payment term of Vasta's 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.

![](image_006.jpg)

**<u>Free cash flow</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Values in R$ '000* | 2Q25 | 2Q24 | % Y/Y | 2025 cycle | 2024 cycle | % Y/Y |
| Cash from operating activities<sup>(1)</sup> | 116003 | 68866 | 68.4% | 344458 | 228582 | 50.7% |
| (-) Income tax and social contribution paid | (477) | - | 0.0% | (856) | (672) | 27.4% |
| (-) Payment of provision for tax, civil and labor losses | (427) | (64) | 567.2% | (2373) | (440) | 439.3% |
| (-) Interest lease liabilities paid | (2886) | (2579) | 11.9% | (8878) | (6109) | 45.3% |
| (-) Acquisition of property, plant, and equipment | (476) | (1910) | (75.1%) | (20974) | (14183) | 47.9% |
| (-) Additions of intangible assets | (26000) | (22080) | 17.8% | (70809) | (100723) | (29.7%) |
| (-) Lease liabilities paid | (5750) | (3787) | 51.8% | (17065) | (16017) | 6.5% |
| Free cash flow (FCF) | 79986 | 38446 | 108.0% | 223502 | 90438 | 147.1% |
| FCF/Adjusted EBITDA | 190.0% | 148.3% | 41.6p.p. | 48.3% | 21.1% | 27.2p.p. |
| LTM FCF/Adjusted EBITDA | 57.7% | 31.9% | 25.8p.p. | 57.7% | 31.9% | 25.8p.p. |

---

(1) Net (loss) profit less non-cash items less and changes in working capital. Note: n.m.: not meaningful

Free 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's growth and implementation of sustained efficiency measures.

These 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.

**<u>Financial leverage</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Values in R$ '000* | 2Q25 | 1Q25 | 4Q24 | 3Q24 | 2Q24 |
| Financial debt | 770489 | 771727 | 762005 | 764693 | 768459 |
| Accounts payable from business combinations | 462034 | 449467 | 436600 | 630267 | 618830 |
| Total debt | 1232523 | 1221194 | 1198605 | 1394960 | 1387289 |
| Cash and cash equivalents | 14257 | 12345 | 84532 | 96162 | 50868 |
| Marketable securities | 300942 | 245941 | 111313 | 258945 | 272991 |
| Net debt | 917324 | 962908 | 1002760 | 1039853 | 1063430 |
| Net debt/LTM adjusted EBITDA | 1.90 | 2.06 | 1.97 | 2.32 | 2.28 |

---

As 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.

![](image_006.jpg)

**ESG**

**Sustainability Report** 

In July 2025, we disclosed Vasta´s 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+).

The 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).

The document is available at: <u>https://ir.vastaplatform.com/esg/</u><u>.</u> Information contained in, or accessible through, our website is not incorporated by reference in, and does not constitute a part of, this press release.

In line with the topics identified in the materiality process, every quarter we present Vasta's most material indicators:

**<u>Key Indicators</u>**

**ENVIRONMENT**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Water withdrawal<sup>¹</sup>** | **Water withdrawal<sup>¹</sup>** | **Water withdrawal<sup>¹</sup>** | **Water withdrawal<sup>¹</sup>** | **Water withdrawal<sup>¹</sup>** | **Water withdrawal<sup>¹</sup>** | **Water withdrawal<sup>¹</sup>** | **Water withdrawal<sup>¹</sup>** | **Water withdrawal<sup>¹</sup>** |
| **SDGs** | **GRI** | **Disclosure** | **Unit** | **2Q2025** | **2Q2024** | **% HA** | **1Q2025** | **% HA** |
| 3, 11, 12 | 303-3 | Total water withdrawal | m³ | 6362 | 3039 | 109% | 7343 | (13%) |
| 3, 11, 12 | 303-3 | Municipal water supply<sup>1</sup> | % | 100% | 100% | 0 p.p. | 100% | 0 p.p. |
| 3, 11, 12 | 303-3 | Groundwater | % | 0% | 0% | 0 p.p. | 0% | 0 p.p. |
| **Energy consumption within the organization<sup>2</sup>** | **Energy consumption within the organization<sup>2</sup>** | **Energy consumption within the organization<sup>2</sup>** | **Energy consumption within the organization<sup>2</sup>** | **Energy consumption within the organization<sup>2</sup>** | **Energy consumption within the organization<sup>2</sup>** | **Energy consumption within the organization<sup>2</sup>** | **Energy consumption within the organization<sup>2</sup>** | **Energy consumption within the organization<sup>2</sup>** |
| **SDGs** | **GRI** | **Disclosure** | **Unit** | **2Q2025** | **2Q2024** | **% HA** | **1Q2025** | **% HA** |
| 12, 13 | 302-1 | Total energy consumption | GJ | 2809 | 3856 | (27%) | 3384 | (17%) |
| 12, 13 | 302-1 | Energy from renewable sources<sup>2</sup> | % | 63% | 52% | 11 p.p. | 66% | (3 p.p.) |

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The 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.

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**SOCIAL**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Diversity in workforce by employee category** | **Diversity in workforce by employee category** | **Diversity in workforce by employee category** | **Diversity in workforce by employee category** | **Diversity in workforce by employee category** | **Diversity in workforce by employee category** | **Diversity in workforce by employee category** | **Diversity in workforce by employee category** | **Diversity in workforce by employee category** |
| **SDGs** | **GRI** | **Disclosure** | **Unit** | **2Q2025** | **2Q2024** | **% HA** | **1Q2025** | **% HA** |
| 5 | 405-1 | C-level – Women | % | 22% | 29% | (7 p.p.) | 22% | 0 p.p. |
| 5 | 405-1 | C-level – Men | % | 78% | 71% | 7 p.p. | 78% | 0 p.p. |
| 5 | 405-1 | C-level- total<sup>4</sup> | no. | 9 | 7 | 29% | 9 | 0.0% |
| 5 | 405-1 | Leadership (≥ managers) – Women | % | 41% | 43% | (2 p.p.) | 44% | (3 p.p.) |
| 5 | 405-1 | Total - Leadership (≥ managers) – Men | % | 59% | 57% | 2 p.p. | 56% | 3 p.p. |
| 5 | 405-1 | Leadership (≥ managers) <sup>5</sup> – total | no. | 123 | 124 | (1%) | 124 | (1%) |
| 5 | 405-1 | Academic staff – Women | % | 27% | 15% | 12 p.p. | 28% | (1 p.p.) |
| 5 | 405-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Academic staff – Men | % | 73% | 85% | (12 p.p.) | 72% | 1 p.p. |
| 5 | 405-1 | Academic staff <sup>6</sup> - total | no. | 93 | 75 | 24% | 96 | (3%) |
| 5 | 405-1 | Administrative/Operational – Women | % | 55% | 54% | 1 p.p. | 54% | 1 p.p. |
| 5 | 405-1 | Administrative/Operational – Male | % | 45% | 46% | (1 p.p.) | 46% | (1 p.p.) |
| 5 | 405-1 | Administrative/Operational <sup>7</sup> - total | no. | 1253 | 1229 | 2% | 1229 | 2% |
| 5 | 405-1 | Employees – Women | % | 52% | 51% | 1 p.p. | 51% | 1 p.p. |
| 5 | 405-1 | Employees – Men | % | 48% | 49% | (1 p.p.) | 49% | (1 p.p.) |
| 5 | 405-1 | Employees - total | no. | 1478 | 1435 | 3% | 1458 | 1% |

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We are proud to receive recognition as one of the Best Companies to Work For<sup>®</sup> 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Social impact\*** <sup>8</sup> | **Social impact\*** <sup>8</sup> | **Social impact\*** <sup>8</sup> | **Social impact\*** <sup>8</sup> | **Social impact\*** <sup>8</sup> | **Social impact\*** <sup>8</sup> | **Social impact\*** <sup>8</sup> |
| **SDGs** | **GRI** | **Disclosure** | **Unit** | **1S2025** | **1S2024** | **2S2024** |
| **4, 10** | **-** | Scholars of the Somos Futuro Program | no. | 227 | 195 | 219 |

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\* 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.

We 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..

![](image_006.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Health and Safety** | **Health and Safety** | **Health and Safety** | **Health and Safety** | **Health and Safety** | **Health and Safety** | **Health and Safety** | **Health and Safety** | **Health and Safety** |
| **SDGs** | **GRI** | **Disclosure** | **Unit** | **2Q2025** | **2Q2024** | **% HA** | **1Q2025** | **% HA** |
| **3** | **403-5, <br> 403-9** | Units covered by the Risk Management Program (PGR) | % | 100% | 100% | 0p.p. | 100% | 0p.p. |
| **3** | **403-5, <br> 403-9** | Trained employees | no. | 711 | 221 | 221.7% | 62 | n.m. |
| **3** | **403-5, <br> 403-9** | Average hours of training per employee <sup>9</sup> | no. | 3.4 | 3.0 | 14.7% | 0.6 | 454.8% |
| **3** | **403-5, <br> 403-9** | Injury frequency <sup>10</sup> | rate | 0.0 | 1.1 | (100.0%) | 0.0 | 0.0% |
| **3** | **403-5, <br> 403-9** | High-consequence injuries | no. | 0 | 0 | 0% | 0 | 0% |
| **3** | **403-5, <br> 403-9** | Recordable work-related injuries <sup>11</sup> | rate | 0.0 | 0.0 | 0% | 0.0 | 0.0% |
| **3** | **403-5, <br> 403-9** | Fatalities resulted from work-related injuries | no. | 0 | 0 | 0% | 0 | 0% |
| **3** | **403-5, <br> 403-9** | Fatalities <sup>12</sup> | rate | 0.0 | 0.0 | 0% | 0.0 | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<br> During 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". 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.

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**GOVERNANCE**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Diversity in the Board of Directors (gender)** | **Diversity in the Board of Directors (gender)** | **Diversity in the Board of Directors (gender)** | **Diversity in the Board of Directors (gender)** | **Diversity in the Board of Directors (gender)** | **Diversity in the Board of Directors (gender)** | **Diversity in the Board of Directors (gender)** | **Diversity in the Board of Directors (gender)** | **Diversity in the Board of Directors (gender)** |
| **SDGs** | **GRI** | **Disclosure** | **Unit** | **2Q2025** | **2Q2024** | **% HA** | **1Q2025** | **% HA** |
| **5** | **405-1** | Members | no. | 7 | 7 | 0% | 7 | 0% |
| **5** | **405-1** | Women | % | 29% | 29% | 0 p.p. | 29% | 0 p.p. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ethical conduct** | **Ethical conduct** | **Ethical conduct** | **Ethical conduct** | **Ethical conduct** | **Ethical conduct** | **Ethical conduct** | **Ethical conduct** | **Ethical conduct** |
| **SDGs** | **GRI** | **Disclosure** | **Unit** | **2Q2025** | **2Q2024** | **% HA** | **1Q2025** | **% HA** |
| **16** | **2-25** | Cases recorded in our Confidential Ethics Hotline <sup>13</sup> | no. | 32 | 21 | 52% | 17 | 88% |
| **10** | **406-1** | Grievances regarding discrimination received through our Confidential Ethics Hotline <sup>13</sup> | no. | 1 | 2 | (50%) | 1 | 0% |
| **10** | **406-1** | Confirmed incidents of discrimination <sup>13</sup> | no. | 0 | 0 | 0% | 0 | 0% |
| **5** | **405-1** | Employees who have received training on anti-corruption policies and procedures | **%** | 100% | 100% | 0 p.p. | 100% | 0 p.p. |
| **5** | **405-1** | Operations assessed for risks related to corruption | **%** | 100% | 100% | 0 p.p. | 100% | 0 p.p. |
| **5** | **405-1** | Confirmed incidents of corruption | no. | 0 | 0 | 0% | 0 | 0% |

---

During 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.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Compliance\*** | <br> **Compliance\*** | <br> **Compliance\*** | <br> **Compliance\*** | <br> **Compliance\*** | <br> **Compliance\*** | <br> **Compliance\*** | <br> **Compliance\*** | <br> **Compliance\*** |
| **SDGs** | **GRI** | **Disclosure** | **Unit** | **2Q2025** | **2Q2024** | **% HA** | **1Q2025** | **% HA** |
| 16 | 307-1, 419-1 | Fines for social and economic noncompliance | R$ thousand | 0 | 0 | 0% | 0 | 0% |
| 16 | 307-1, 419-1 | Non-financial sanctions for social and economic non-compliance | no. | 0 | 0 | 0% | 0 | 0% |
| 16 | 307-1, 419-1 | Fines for environmental noncompliance | R$ thousand | 0 | 0 | 0% | 0 | 0% |
| 16 | 307-1, 419-1 | Non-financial sanctions for environmental non-compliance | no. | 0 | 0 | 0% | 0 | 0% |

---

\* 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.

We did not record significant sanctions or fines related to economic and social issues, except for the normal

![](image_006.jpg)

course of business.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Customer data privacy** | **Customer data privacy** | **Customer data privacy** | **Customer data privacy** | **Customer data privacy** | **Customer data privacy** | **Customer data privacy** | **Customer data privacy** | **Customer data privacy** |
| **SDGs** | **GRI** | **Disclosure** | **Unit** | **2Q2025** | **2Q2024** | **% HA** | **1Q2025** | **% HA** |
| 16 | 418-1 | External complaints substantiated by the organization | no. | 14 | 3 | 367% | 27 | (48%) |
| 16 | 418-1 | Complaints received from regulatory agencies or similar official bodies | no. | 0 | 0 | 0% | 0 | 0% |
| 16 | 418-1 | Cases identified of leakage, theft, or loss of customer data | no. | 0 | 0 | 0% | 0 | 0% |

---

The 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.

---

| | |
|:---|:---|
| FOOTNOTES: | FOOTNOTES: |
| SDG | Sustainable Development Goal. Indicates goal to which the actions monitored contribute. |
| GRI | Global Reporting Initiative. Lists the GRI standard indicators related to the data monitored. |
| ND | Indicator discontinued or not measured in the quarter. |
| NM | Not meaningful |
| 1 | Based on invoices from sanitation concessionaires. |
| 2 | Acquired from the free energy market. |
| 3 | n.a. |
| 4 | Takes into the account the positions of CEO, vice presidents and director reporting directly to the CEO |
| 5 | Management, senior management and leadership positions not reporting directly to the CEO |
| 6 | Course coordinators, teachers, and tutors. |
| 7 | Corporate coordination, specialists, adjuncts, assistants and analysts. |
| 8 | Indicators reported on semi-annual basis (2Q and 4Q). |
| 9 | Total hours of training/employees trained. |
| 10 | Total accidents (with and without leave)/ Total man/hours worked (MHW) x 1,000,000 |
| 11 | Work-related injury (excluding fatalities) from which the worker cannot recover fully to pre-injury health status within 6 months. Formula: Number of injuries/MHW x 1.000.000. |
| 12 | Fatalities/ MHW x 1,000,000. |
| 13 | Indicators measured from the first quarter of 2023. It used to be reported annually in Sustainability Reports |

---

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**CONFERENCE CALL INFORMATION**

Vasta will discuss its second quarter of 2025 results on August 6, 2025, via a conference call at 5:00 p.m. Eastern Time. To access the call (ID: 3871721), please dial: +1 (888) 660-6819 or +1 (929) 203-1989. A live and archived webcast of the call will be available on the Investor Relations section of the Company's website at <u>https://ir.vastaplatform.com</u>. Information contained in, or accessible through, our website is not incorporated by reference in, and does not constitute a part of, this press release.

**ABOUT VASTA** 

**CONTACT**

Investor Relations

<u>ir@vastaplatform.com</u>

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**FORWARD-LOOKING STATEMENTS** 

This press release contains forward-looking statements that can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. Forward-looking statements appear in a number of places in this press release 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. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to of various factors, including (i) general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business; (ii) fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future; (iii) our ability to implement our business strategy and expand our portfolio of products and services; (iv) our ability to adapt to technological changes in the educational sector; (v) the availability of government authorizations on terms and conditions and within periods acceptable to us; (vi) our ability to continue attracting and retaining new partner schools and students; (vii) our ability to maintain the academic quality of our programs; (viii) the availability of qualified personnel and the ability to retain such personnel; (ix) changes in the financial condition of the students enrolling in our programs in general and in the competitive conditions in the education industry; (x) our capitalization and level of indebtedness; (xi) the interests of our controlling shareholder; (xii) changes in government regulations applicable to the education industry in Brazil; (xiii) government interventions in education industry programs, that affect the economic or tax regime, the collection of tuition fees or the regulatory framework applicable to educational institutions; (xiv) cancellations of contracts within the solutions we characterize as subscription arrangements or limitations on our ability to increase the rates we charge for the services we characterize as subscription arrangements; (xv) our ability to compete and conduct our business in the future; (xvi) our ability to anticipate changes in the business, changes in regulation or the materialization of existing and potential new risks; (xvii) the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors; (xviii) changes in consumer demands and preferences and technological advances, and our ability to innovate to respond to such changes; (xix) changes in labor, distribution and other operating costs; our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us; (xx) the effectiveness of our risk management policies and procedures, including our internal control over financial reporting; (xxi) health crises, including due to pandemics such as the COVID-19 pandemic and government measures taken in response thereto; (xxii) other factors that may affect our financial condition, liquidity and results of operations; and (xxiii) other risk factors discussed under "Risk Factors". Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of 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.

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**NON-GAAP FINANCIAL MEASURES**

This press release presents our EBITDA, Adjusted EBITDA and Adjusted net (loss) profit and Free cash flow (FCF), which is information provided for the convenience of investors. EBITDA and Adjusted EBITDA are among the key performance indicators used by us to measure financial operating performance. Our management believes that these Non-GAAP financial measures provide useful information to investors and shareholders. We also use these measures internally to establish budgets and operational goals to manage and monitor our business, evaluate our underlying historical performance and business strategies and to report our results to the board of directors.

We calculate EBITDA as net (loss) profit for the period/year plus income taxes and social contribution plus/minus net finance result plus depreciation and amortization. The EBITDA measure provides useful information to assess our operational performance.

We calculate Adjusted EBITDA as EBITDA plus/minus: (a) income tax and social contribution; (b) net finance result; (c) depreciation and amortization; (d) share-based compensation expenses, mainly due to the grant of additional shares to Somos' employees in connection with the change of control of Somos to Cogna (for further information refer to note 23 to the audited consolidated financial statements); (e) provision for risks of tax, civil and labor losses regarding penalties, related to income tax positions taken by the Predecessor Somos – Anglo and Vasta in connection with a corporate reorganization carried out by the Predecessor Somos – Anglo; (f) Bonus IPO, which refers to bonus paid to certain executives and employees based on restricted share units; and (g) expenses with contractual termination of employees due to organizational restructuring. We understand that such adjustments are relevant and should be considered when calculating our Adjusted EBITDA, which is a practical measure to assess our operational performance that allows us to compare it with other companies that operates in the same segment.

We calculate Adjusted net (loss) profit as the (loss) profit for the period/year as presented in Statement of Profit or Loss and Other Comprehensive Income adjusted by the same Adjusted EBITDA items, however, added by (a) Amortization of intangible assets from Business Combination and (b) Tax shield of 34% generated by the aforementioned adjustments.

We calculate Free cash flow (FCF) as the cash from operating activities as presented in the Statement of Cash Flows less (a) income tax and social contribution paid; (b) tax, civil and labor proceedings paid; (c) interest lease liabilities paid; (d) acquisition of property, plant and equipment; (e) additions to intangible assets; and (f) lease liabilities paid.

We understand that, although Adjusted net (loss) profit, EBITDA, Adjusted EBITDA, and Free cash flow (FCF) 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 net (loss) profit, Adjusted EBITDA, and Free cash flow (FCF) 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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**REVENUE RECOGNITION AND SEASONALITY**

Our main deliveries of printed and digital materials to our customers occur in the last quarter of each year (typically in November and December), and in the first quarter of each subsequent year (typically in February and March), and revenue is recognized when the customers obtain control over the materials. In addition, the printed and digital materials we provide in the fourth quarter are used by our customers in the following school year and, therefore, our fourth quarter results reflect the growth in the number of our students from one school year to the next, leading to higher revenue in general in our fourth quarter compared with the preceding quarters in each year. Consequently, in aggregate, the seasonality of our revenues generally produces higher revenues in the first and fourth quarters of our fiscal year. Thus, the numbers for the second quarter and third quarter are usually less relevant. In addition, we generally bill our customers during the first half of each school year (which starts in January), which generally results in a higher cash position in the first half of each year compared to the second half.

A significant part of our expenses is also seasonal. Due to the nature of our business cycle, we need significant working capital, typically in September or October of each year, to cover costs related to production and inventory accumulation, selling and marketing expenses, and delivery of our teaching materials at the end of each year in preparation for the beginning of each school year. As a result, these operating expenses are generally incurred between September and December of each year.

Purchases through our Livro Fácil e-commerce platform are also very intense during the back-to-school period, between November, when school enrollment takes place and families plan to anticipate the purchase of products and services, and February of the following year, when classes are about to start. Thus, e-commerce revenue is mainly concentrated in the first and fourth quarters of the year.

**KEY BUSINESS METRICS** 

Annual Contract Value, or ACV, is a non-accounting managerial metric and represents our partner schools' commitment to pay for our solutions offerings. We believe it is a meaningful indicator of demand for our solutions. We consider ACV is a helpful metric because it is designed to show amounts that we expect to be recognized as revenue from subscription services for the 12-month period between October 1 of one fiscal year through September 30 of the following fiscal year. We define ACV as the revenue we would expect to recognize from a partner school in each school year, based on the number of students who have contracted our services, or "enrolled students," that will access our content at such partner school in such school year. We calculate ACV by multiplying the number of enrolled students at each school with the average ticket per student per year; the related number of enrolled students and average ticket per student per year are each calculated in accordance with the terms of each contract with the related school. Although our contracts with our schools are typically for 4-year terms, we record one year of revenue under such contracts as ACV. ACV is calculated based on the sum of actual contracts signed during the sales period and assumes the historical rates of returned goods from customers for the preceding 24-month period. Since the actual rates of returned goods from sales during the period may be different from the historical average rates and the actual volume of merchandise ordered by our customers may be different from the contracted amount, the actual revenue recognized during each period of a sales cycle may be different from the ACV for the respective sales cycle. Our reported ACV is subject to risks associated with, among other things, economic conditions and the markets in which we operate, including risks that our contracts may be canceled or adjusted.

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**FINANCIAL STATEMENTS** 

**Consolidated Statements of Financial Position**

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| | | |
|:---|:---|:---|
| **Assets** | **June 30, 2025** | **December 31, 2024** |
| **Current assets** |  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14257 | 84532 |
| Marketable securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300942 | 111313 |
| Trade receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725258 | 863244 |
| Inventories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246533 | 276781 |
| Prepayments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71010 | 80993 |
| Taxes recoverable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22114 | 20813 |
| Income tax and social contribution recoverable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | 13631 |
| Other receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939 | 1304 |
| Related parties – other receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26647 | 13714 |
| **Total current assets** | **1418250** | **1466325** |
| **Non-current assets** |  |  |
| Judicial deposits | 164220 | 154452 |
| Deferred income tax and social contribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230046 | 208849 |
| Equity accounted investees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45614 | 52184 |
| Other investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | 1608 |
| Property, plant and equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147984 | 160952 |
| Intangible assets and goodwill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088974 | 5160785 |
| **Total non-current assets** | **5678446** | **5738830** |
| **Total Assets** | **7096696** | **7205155** |

---

![](image_006.jpg)

**Consolidated Statements of Financial Position (continued)**

---

| | | |
|:---|:---|:---|
| **Liabilities** | **June 30, 2025** | **December 31, 2024** |
| **Current liabilities** |  |  |
| Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272369 | 264484 |
| Suppliers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172580 | 240192 |
| Reverse factoring | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301863 | 302608 |
| Lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23686 | 22133 |
| Income tax and social contribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605 | 2146 |
| Taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7068 | 4583 |
| Salaries and social contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105148 | 101958 |
| Contractual obligations and deferred income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48051 | 40565 |
| Accounts payable for business combination | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232340 | 215237 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | 19944 |
| Other liabilities - related parties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980 | 30322 |
| **Total current liabilities** | **1187218** | **1244172** |
| **Non-current liabilities** |  |  |
| Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498120 | 497521 |
| Lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84092 | 89240 |
| Accounts payable for business combination | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229694 | 221363 |
| Provision for tax, civil and labor losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160625 | 157123 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | 2425 |
| **Total non-current liabilities** | **973335** | **967672** |
| **Total current and non-current liabilities** | **2160553** | **2211844** |
| **Shareholder's Equity** |  |  |
| Share capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4820815 | 4820815 |
| Capital reserve | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90914 | 90909 |
| Treasury shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72287) | (74641) |
| Accumulated losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95495 | 154928 |
| **Total Shareholder's Equity** | **4934937** | **4992011** |
| Interest of non-controlling shareholders | 1206 | 1300 |
| **Total Shareholder's Equity** | **4936143** | **4993311** |
| **Total Liabilities and Shareholder's Equity** | **7096696** | **7205155** |

---

![](image_006.jpg)

**Consolidated Income Statement**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April to June 30,**<br> **2025** <br>| **April to June 30,**<br> **2024**<br>| **June 30,**<br> **2025** <br>| **June 30,**<br> **2024** <br>|
| **Net revenue from sales and services** | **358500** | **294352** | **788892** | **755068** |
| Sales | 333694 | 272433 | 738295 | 714978 |
| Services | 24806 | 21919 | 50597 | 40090 |
| **Cost of goods sold and services** | **(156321)** | **(130767)** | **(297534)** | **(270850)** |
| **Gross profit** | **202179** | **163585** | **491358** | **484218** |
| **Operating income (expenses)** | **(222597)** | **(206920)** | **(465468)** | **(431502)** |
| General and administrative expenses | (129518) | (122909) | (262208) | (262811) |
| Commercial expenses | (82383) | (73578) | (180082) | (146838) |
| Impairment losses on trade receivables | (11037) | (10149) | (23583) | (23354) |
| Other operating income | 341 | 22 | 405 | 2002 |
| Other operating expenses |  | (306) |  | (501) |
| Share of loss equity-accounted investees | (4648) | (3968) | (6570) | (7028) |
| **(Loss) profit before finance result and taxes** | **(25066)** | **(47303)** | **19320** | **45688** |
| **Finance result** |  |  |  |  |
| Finance income | 18452 | 16187 | 31083 | 29730 |
| Finance costs | (68131) | (63974) | (126475) | (133784) |
| **Loss before income tax and social contribution** | **(74745)** | **(95090)** | **(76072)** | **(58366)** |
| **Income tax and social contribution** |  |  |  |  |
| Current | (3939) | 5183 | (4652) | (1790) |
| Deferred | 22533 | 23736 | 21197 | 15927 |
|  | **18594** | **28919** | **16545** | **14137** |
| **Loss for the period** | **(56151)** | **(66171)** | **(59527)** | **(44229)** |
| **Allocated to:** |  |  |  |  |
| Controlling shareholders | (56.166) | (66022) | (59.433) | (43850) |
| Non-controlling shareholders | 15 | (149) | (94) | (379) |

---

![](image_006.jpg)

**Consolidated Statement of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Loss before income tax and social contribution | (76072) | (58366) |
| **Adjustments for:** |  |  |
| Depreciation and amortization | 145264 | 141252 |
| Share of loss profit of equity-accounted investees | 6570 | 7028 |
| Impairment losses on trade receivables | 23583 | 23354 |
| (Reversal) provision for tax, civil and labor losses net | (715) | 458 |
| Interest on provision for tax, civil and labor losses | 5278 | 22859 |
| Interest and transaction costs on bonds | 55166 | 48409 |
| Contractual obligations and right to returned goods | (3909) | (1551) |
| Interest on accounts payable for business combination | 27471 | 30472 |
| Interest on suppliers | 24265 | 22684 |
| Share-based payment expense | 2359 | 4729 |
| Interest on lease liabilities | 5943 | 4702 |
| Interest on marketable securities | (13911) | (12144) |
| Cancellations of right-of-use contracts | (18) | (1951) |
| Residual value of disposals of property and equipment and intangible assets | - | 1187 |
|  | **201274** | **233122** |
| **Changes in** |  |  |
| Trade receivables | 114403 | 12568 |
| Inventories | 32449 | 11088 |
| Prepayments | 10025 | (10358) |
| Taxes recoverable | 1128 | 2605 |
| Judicial deposits | (9680) | (11491) |
| Other receivables | (3635) | 569 |
| Related parties – other receivables | (12933) | (3832) |
| Suppliers | (92622) | (43494) |
| Salaries and social charges | 3190 | (4668) |
| Tax payable | 5421 | (546) |
| Contractual obligations and deferred income | 9152 | (700) |
| Other liabilities | (21037) | (11933) |
| Other liabilities - related parties | (11342) | (1717) |
| **Cash generated from operating activities** | **225793** | **171213** |
| Payment of interest on leases | (5824) | (4608) |
| Payment of interest on bonds | (46682) | (77996) |
| Payment of interest on business combinations | (344) | (5815) |
| Income tax and social contribution paid | (477) |  |
| Payment of provision for tax, civil and labor losses | (1149) | (198) |
| **Net cash from operating activities** | **171317** | **82596** |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| Acquisition of property and equipment | (1940) | (10893) |
| Additions of intangible assets | (50956) | (56856) |
| Proceeds from investment in marketable securities | 422130 | 498674 |
| Purchase of investment in marketable securities | (597848) | (513579) |
| **Net cash used in investing activities** | **(228614)** | **(82654)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| Purchase of treasury shares |  | (22531) |
| Lease liabilities paid | (11285) | (8087) |
| Payments of bonds |  | (490000) |
| Issuance of securities with related parties |  | 495627 |
| Payments of accounts payable for business combination | (1693) | (19947) |
| **Net cash used in financing activities** | **(12978)** | **(44938)** |
| **NET DECREASE IN CASH AND CASH EQUIVALENTS** | **(70275)** | **(44996)** |
| Cash and cash equivalents at beginning of period | 84532 | 95864 |
| Cash and cash equivalents at end of period | 14257 | 50868 |
| **NET DECREASE IN CASH AND CASH EQUIVALENTS** | **(70275)** | **(44996)** |

---

## Exhibit 99.2

**Exhibit 99.2**

**VASTA Platform Limited**

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**CONTENT** 

---

| | |
|:---|:---|
| Unaudited Condensed Interim Consolidated Financial Statements <br> Six-month period ended June 30, 2025<br>| Page |
| [Unaudited Condensed Interim Consolidated Statements of Financial Position as of June 30, 2025 and December 31, 2024](#a_001) | F-3 |
| [Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss for the six-month period ended June 30, 2025 and 2024](#a_002) | F-5 |
| [Unaudited Condensed Interim Consolidated Statements of Changes in Equity for the six-month period ended June 30, 2025 and 2024](#a_003) | F-6 |
| [Unaudited Condensed Interim Consolidated Statements of Cash Flows for the six-month period ended June 30, 2025 and 2024](#a_004) | F-7 |
| [Notes to the Unaudited Condensed Interim Consolidated Statements](#a_005) | F-8 |

---

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**Unaudited Condensed Interim Consolidated Statements of Financial Position as of June 30, 2025 and December 31, 2024**

**In thousands of R$, unless otherwise stated** 

---

| | | | |
|:---|:---|:---|:---|
| **Assets** | **Note** | **June 30,** <br> **2025**  | **December 31, <br> 2024** |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14257 | 84532 |
| Marketable securities | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300942 | 111313 |
| Trade receivables | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725258 | 863244 |
| Inventories | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246533 | 276781 |
| Prepayments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71010 | 80993 |
| Taxes recoverable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22114 | 20813 |
| Income tax and social contribution recoverable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | 13631 |
| Other receivables |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939 | 1304 |
| Other receivables - related parties | 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26647 | 13714 |
| **Total current assets** |  | **1418250** | **1466325** |
| **Non-current assets** |  |  |  |
| Judicial deposits | 21.c | 164220 | 154452 |
| Deferred income tax and social contribution | 22.b | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230046 | 208849 |
| Equity accounted investees | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45614 | 52184 |
| Other investments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | 1608 |
| Property, plant and equipment | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147984 | 160952 |
| Intangible assets and goodwill | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088974 | 5160785 |
| **Total non-current assets** |  | **5678446** | **5738830** |
| **Total Assets** |  | **7096696** | **7205155** |

---

*The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.*

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**Unaudited Condensed Interim Consolidated Statements of Financial Position as of June 30, 2025 and December 31, 2024**

**In thousands of R$, unless otherwise stated**

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities** | **Note** | **June 30,** <br> **2025**  | **December 31, <br> 2024** |
| **Current liabilities** |  |  |  |
| Bonds | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272369 | 264484 |
| Suppliers | 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172580 | 240192 |
| Reverse factoring | 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301863 | 302608 |
| Lease liabilities | 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23686 | 22133 |
| Income tax and social contribution payable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605 | 2146 |
| Taxes payable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7068 | 4583 |
| Salaries and social contributions | 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105148 | 101958 |
| Contractual obligations and deferred income | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48051 | 40565 |
| Accounts payable for business combination | 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232340 | 215237 |
| Other liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | 19944 |
| Other liabilities - related parties | 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980 | 30322 |
| **Total current liabilities** |  | **1187218** | **1244172** |
| **Non-current liabilities** |  |  |  |
| Bonds | 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498120 | 497521 |
| Lease liabilities | 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84092 | 89240 |
| Accounts payable for business combination | 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229694 | 221363 |
| Provision for tax, civil and labor losses | 21.a | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160625 | 157123 |
| Other liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | 2425 |
| **Total non-current liabilities** |  | **973335** | **967672** |
| **Total current and non-current liabilities** |  | **2160553** | **2211844** |
| **Shareholder's Equity** |  |  |  |
| Share capital | 23.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4820815 | 4820815 |
| Capital reserve | 23.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90914 | 90909 |
| Treasury shares | 23.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72287) | (74641) |
| Accumulated profit |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95495 | 154928 |
|  |  | **4934937** | **4992011** |
| Interest of non-controlling shareholders |  | 1206 | 1300 |
| **Total Shareholder's Equity** |  | **4936143** | **4993311** |
| **Total Liabilities and Shareholder's Equity** |  | **7096696** | **7205155** |

---

*The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.*

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Profit or Loss for the six-month period ended June 30, 2025 and 2024**

**In thousands of R$, except for loss per share**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Note** | **April to June 30,** <br> **2025**  | **April to June 30,** <br> **2024**  | **June 30,** <br> **2025**  | **June 30,**<br> **2024**  |
| **Net revenue from sales and services** | 24 | **358500** | **294352** | **788892** | **755068** |
| Sales |  | 333694 | 272433 | 738295 | 714978 |
| Services |  | 24806 | 21919 | 50597 | 40090 |
| **Cost of goods sold and services** | 25 | **(156321)** | **(130767)** | **(297534)** | **(270850)** |
| **Gross profit** |  | **202179** | **163585** | **491358** | **484218** |
| **Operating income (expenses)** |  | **(222597)** | **(206920)** | **(465468)** | **(431502)** |
| General and administrative expenses | 25 | (129518) | (122909) | (262208) | (262811) |
| Commercial expenses | 25 | (82383) | (73578) | (180082) | (146838) |
| Impairment losses on trade receivables | 25 | (11037) | (10149) | (23583) | (23354) |
| Other operating income | 25 | 341 | 22 | 405 | 2002 |
| Other operating expenses | 25 |  | (306) |  | (501) |
| Share of loss equity-accounted investees | 11.b | (4648) | (3968) | (6570) | (7028) |
| **(Loss) profit before finance result and taxes** |  | **(25066)** | **(47303)** | **19320** | **45688** |
| **Finance result** |  |  |  |  |  |
| Finance income | 26 | 18452 | 16187 | 31083 | 29730 |
| Finance costs | 26 | (68131) | (63974) | (126475) | (133784) |
| **Loss before income tax and social contribution** |  | **(74745)** | **(95090)** | **(76072)** | **(58366)** |
| **Income tax and social contribution** |  |  |  |  |  |
| Current | 22.a | (3939) | 5183 | (4652) | (1790) |
| Deferred | 22.a | 22533 | 23736 | 21197 | 15927 |
|  |  | **18594** | **28919** | **16545** | **14137** |
| **Loss for the period** |  | **(56151)** | **(66171)** | **(59527)** | **(44229)** |
| **Allocated to:** |  |  |  |  |  |
| Controlling shareholders |  | (56.166) | (66022) | (59.433) | (43850) |
| Non-controlling shareholders |  | 15 | (149) | (94) | (379) |
| **Loss per share** |  |  |  |  |  |
| Basic |  |  |  | (074) | (0.52) |
| Diluted |  |  |  | (074) | (0.52) |

---

*The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.*

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**Unaudited Condensed Interim Consolidated Statements of Changes in Equity for the six-month period ended June 30, 2025 and 2024**

**In thousands of R$, unless otherwise stated**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Capital Reserve** | **Capital Reserve** | | | | | |
|  | **Share Capital** | **Share issuance costs** | **Share-based compensation reserve (granted)** | **Share-based<br> compensation<br> reserve (vested)** | <br>**Treasury shares** | <br>**Accumulated profit (losses)** | <br>**Total Shareholders'<br> Equity** | <br>**Non-controlling shareholders** | <br>**Total Shareholders'<br> Equity** |
| **Balance as of December 31, 2023** | **4961988** | **(141173)** | **55341** | **34286** | **(59525)** | **(331559)** | **4519358** | **1433** | **4520791** |
| Loss for the period |  |  |  |  |  | (43850) | (43850) | (379) | (44229) |
| Share based compensation granted and issued |  |  | 4729 |  |  |  | 4729 |  | 4729 |
| Share based compensation vested |  |  | (4145) |  | 4145 |  |  |  |  |
| Purchase of treasury shares |  |  |  |  | (22531) |  | (22531) |  | (22531) |
| Non-controlling shareholders | - | - | - | - | - | - | - | (129) | (129) |
| **Balance as of June 30, 2024** | **4961988** | **(141173)** | **55925** | **34286** | **(77911)** | **(375409)** | **4457706** | **925** | **4458631** |
| **Balance as of December 31, 2024** | **4961988** | **(141173)** | **56623** | **34286** | **(74641)** | **154928** | **4992011** | **1300** | **4993311** |
| Loss for the period |  |  |  |  |  | (59433) | (59433) | (94) | (59527) |
| Share based compensation granted and issued |  |  | 2359 |  |  |  | 2359 |  | 2359 |
| Share based compensation vested | - | - | (2354) | - | 2354 | - | **-** | - | **-** |
| **Balance as of June 30, 2025** | **4961988** | **(141173)** | **56628** | **34286** | **(72287)** | **95495** | **4934937** | **1206** | **4936143** |

---

*The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.*

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**Unaudited Condensed Interim Consolidated Statements for the six-month period ended June 30, 2025 and 2024**

**In thousands of R$ unless otherwise stated**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30, 2025** | **June 30, 2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  | |
| Loss before income tax and social contribution |  | (76072) | (58366) |
| **Adjustments for:** |  |  |  |
| Depreciation and amortization | **12 and 13** | 145264 | 141252 |
| Share of loss profit of equity-accounted investees | **11** | 6570 | 7028 |
| Impairment losses on trade receivables | **9** | 23583 | 23354 |
| (Reversal) provision for tax, civil and labor losses net | **21.a** | (715) | 458 |
| Interest on provision for tax, civil and labor losses | **21.a** | 5278 | 22859 |
| Interest and transaction costs on bonds | **14** | 55166 | 48409 |
| Contractual obligations and right to returned goods |  | (3909) | (1551) |
| Interest on accounts payable for business combination | **18** | 27471 | 30472 |
| Interest on suppliers | **26** | 24265 | 22684 |
| Share-based payment expense |  | 2359 | 4729 |
| Interest on lease liabilities | **16** | 5943 | 4702 |
| Interest on marketable securities | **26** | (13911) | (12144) |
| Cancellations of right-of-use contracts |  | (18) | (1951) |
| Residual value of disposals of property and equipment and intangible assets |  | - | 1187 |
|  |  | **201274** | **233122** |
| **Changes in** |  |  |  |
| Trade receivables |  | 114403 | 12568 |
| Inventories |  | 32449 | 11088 |
| Prepayments |  | 10025 | (10358) |
| Taxes recoverable |  | 1128 | 2605 |
| Judicial deposits |  | (9680) | (11491) |
| Other receivables |  | (3635) | 569 |
| Related parties – other receivables |  | (12933) | (3832) |
| Suppliers |  | (92622) | (43494) |
| Salaries and social charges |  | 3190 | (4668) |
| Tax payable |  | 5421 | (546) |
| Contractual obligations and deferred income |  | 9152 | (700) |
| Other liabilities |  | (21037) | (11933) |
| Other liabilities - related parties |  | (11342) | (1717) |
| **Cash generated from operating activities** |  | **225793** | **171213** |
| Payment of interest on leases | **16** | (5824) | (4608) |
| Payment of interest on bonds | **14** | (46682) | (77996) |
| Payment of interest on business combinations | **18** | (344) | (5815) |
| Income tax and social contribution paid |  | (477) | - |
| Payment of provision for tax, civil and labor losses | **21.a** | (1149) | (198) |
| **Net cash from operating activities** |  | **171317** | **82596** |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |
| Acquisition of property and equipment | **12** | (1940) | (10893) |
| Additions of intangible assets | **13** | (50956) | (56856) |
| Proceeds from investment in marketable securities |  | 422130 | 498674 |
| Purchase of investment in marketable securities |  | (597848) | (513579) |
| **Net cash used in investing activities** |  | **(228614)** | **(82654)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
| Purchase of treasury shares |  |  | (22531) |
| Lease liabilities paid | **16** | (11285) | (8087) |
| Payments of bonds | **14** |  | (490000) |
| Issuance of securities with related parties | **14** |  | 495627 |
| Payments of accounts payable for business combination | **18** | (1693) | (19947) |
| **Net cash used in financing activities** |  | **(12978)** | **(44938)** |
| **NET DECREASE IN CASH AND CASH EQUIVALENTS** |  | **(70275)** | **(44996)** |
| Cash and cash equivalents at beginning of period | **7** | 84532 | 95864 |
| Cash and cash equivalents at end of period | **7** | 14257 | 50868 |
| **NET DECREASE IN CASH AND CASH EQUIVALENTS** |  | **(70275)** | **(44996)** |

---

*The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.*

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**Notes to the Unaudited Condensed Interim Consolidated Financial Statements**

**(Amounts in thousands of R$, unless otherwise stated)**

**1. The Company and Basis of Presentation**

**1.1. The Company**

Vasta Platform Limited, together with its subsidiaries (the Company or Group) is a publicly held company incorporated in the Cayman Islands on October 16, 2019, with headquarters in the city of São Paulo, Brazil. The Company is a technology-powered education content providing end-to-end educational and digital solutions that cater to all needs of private schools operating in the K-12 educational segment. Vasta's fiscal year begins on January 1 of each year and ends on December 31 of the same year.

The Company is a subsidiary of Cogna Educação S.A. (Cogna Educação S.A. and its subsidiaries defined as "Cogna Group"), and since July 31, 2020, VASTA Platform Limited. has been a publicly-held company registered with SEC ("The US Securities and Exchange Commission) and its shares are traded on Nasdaq Global Select Market under ticker symbol "VSTA".

**2. Basis of accounting** 

These Interim Financial Statements for the six-month period ended June 30, 2025, have been prepared in accordance with the IAS 34 – Interim Financial reporting – and should be read in conjunction with the Group's last annual Consolidated Financial Statements as at and for the year ended December 31, 2024 ('last annual financial statements'). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"). However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and performance since the last annual financial statements.

The Unaudited Condensed Interim Consolidated Financial Statements as of June 30, 2025 are presented in thousands of Brazilian Reais ("R$"), which is the Company functional currency. All financial information presented in R$ has been rounded to the nearest thousands, except as otherwise indicated.

**(a) Consolidation**

---

| | | |
|:---|:---|:---|
|  | **Interest** | **Interest** |
| **Company** | **June 30, 2025** | **December 31, 2024** |
| Somos Sistemas de Ensino S.A. ("Somos Sistemas") | 100% | 100% |
| Colégio Anglo São Paulo Ltda. ("Anglo São Paulo") | 100% | 100% |
| MVP Consultoria e Sistemas Ltda. ("MVP") | 100% | 100% |
| Sociedade Educacional da Lagoa Ltda ("SEL") | 100% | 100% |
| EMME – Produções de Materiais em Multimídia Ltda ("EMME") | 100% | 100% |
| Escola Start Ltda. ("Start") | 51% | 51% |

---

These Unaudited Condensed Interim Consolidated Financial Statements were authorized for issue by the Executive Board on August 06, 2025.

**(b) Associates**

Associates are those entities in which the Group has significant influence, but does not control or jointly control, the financial and operating policies.

Investments in associates are accounted for using the equity method. Such investments are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated financial statements include the

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

Group's share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases.

**3. Use of estimates and judgements**

In preparing the Interim Financial Statements, Management has made judgements and estimates that affect the application of Company´s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

Those estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable and relevant under the circumstances. Revisions to estimates are recognized prospectively.

In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

**Measurement of fair values**

&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.

Where Level 1 inputs are not available, if needed, the Company engages third party qualified appraisers to perform the valuation using Level 2 and / or Level 3 inputs. The Company's management establishes the appropriate valuation techniques and inputs to the model, working closely with the qualified external advisors when they are engaged in such activities.

The valuations of identifiable assets and contingent liabilities in business combinations could be particularly sensitive to changes in one or more unobservable inputs considered in the valuation process. Further information on the assumptions used in the valuation process of such items is provided in note 6.

**4. Material accounting policies and new and not yet effective accounting standards**

The accounting policies applied in these interim financial statements are the same as those applied in the Company's consolidated financial statements as at and for the year ended December 31, 2024. The accounting policies have been consistently applied to all consolidated companies. There are no new accounting policies that could be applicable from January 1, 2025, or early adopted in the Unaudited Condensed Interim Consolidated Financial Statements.

**5. Financial risk management**

The Company has a risk management policy for monitoring and managing the nature and overall position of financial risks and to assess its financial results and impacts on its cash flows. Counterparty credit limits are also reviewed periodically or whenever the Company identifies significant changes in financial risk.

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

The economic and financial risks reflect the behavior of macroeconomic variables such as interest rates as well as other characteristics of the financial instruments maintained by the Company. These risks are managed through control and monitoring policies, specific strategies, and limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Financial risk factors** 

The Company's activities expose it to certain financial risks mainly related to market risk, credit risk and liquidity risk. Management and the Group's Board of Directors monitor such risks in line with their capital management policy objectives.

This Note presents information on the Company's exposure to each of the risks above, the objectives of the Company, measurement policies, and the Company's risk and capital management process. The Company has no derivative transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Market risk – cash flow interest rate risk</u> 

This risk arises from the possibility that the Company incurs losses because of interest rate fluctuations that increase finance costs related to bonds raised in the market and obligations for acquisitions from third parties payable in installments. The Company continuously monitors market interest rates in order to assess the need to contract financial instruments to hedge against volatility of these rates. Additionally, financial assets also indexed to CDI and IPCA (broad consumer price index) partially mitigate any interest rate exposures. Interest rates contracted are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** | **Interest rate** |
| Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Private bonds – 9<sup>th</sup> issuance – series 2 | 264151 | 261634 | CDI + 2.40% p.a. |
| &nbsp;&nbsp;&nbsp;&nbsp;Private bonds – 10<sup>th</sup> Issuance – series 2 | 506338 | 500371 | CDI + 1.35% p.a. and CDI + 1.60% p.a. |
| Lease liabilities | 107778 | 111373 | IPCA |
| Accounts payable for business combination | 462034 | 436600 | 100% CDI |
|  | **1340301** | **1309978** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Credit risk</u> 

Credit risk arises from the potential default of a counterparty on an agreement or financial instrument, resulting in financial loss. The Company is exposed to credit risk in its operating activities (mainly in connection with trade receivables), financial activities that include reverse factoring deposits with banks and other financial institutions, and other contracted financial instruments.

The Company mitigates its exposure to credit risks associated with financial instruments, deposits in banks and short-term investments by investing in prime financial institutions and in accordance with limits previously set in the Company's policy. See notes 7 and 8.

To mitigate risks associated with trade receivables, the Company adopts a sales policy and an analysis of the financial and equity condition of its counterparties. The sales policy is directly associated with the level of credit risk the Company is willing to accept in the normal course of its business.

The diversification of its receivable's portfolio, the selectivity of its customers, as well as the monitoring of sales financing terms and individual position limits are procedures adopted to minimize defaults or losses in the realization of trade receivables. Thus, the Company does not have significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics.

Furthermore, the Company reviews the recoverable amount of its trade receivables at the end of each reporting period to ensure that expected credit losses have been recorded. See note 9.

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Liquidity risk</u> 

To cover possible liquidity deficiencies or mismatches between cash and cash equivalents and short-term debt and financial obligations, the Company continues to operate with reverse factoring if this credit line is offered by banks and accepted by Company suppliers. This is the risk of the Company not having enough funds and or bank credit limits to meet its short-term financial commitments, due to mismatching terms in expected receipts and payments.

The Company continuously monitors its cash balance and indebtedness level and implemented measures to allow access to the capital markets, when necessary. It also endeavors to assure they remain within existing credit limits. Management also monitors projected and actual cash flows and the combination of the maturity profiles of the financial assets, liabilities and takes into consideration its debt financing plans, covenant compliance, internal liquidity targets and, if applicable, regulatory requirements.

The table below presents the maturity of the Company's financial liabilities.

**Financial liabilities by maturity ranges**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Less than on<br> year** | **Between one <br> and two years** | **Over two <br> years** | **Total** |
| Bonds (note 14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272369 | 274871 | 223249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770489 |
| Lease liabilities (note 16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23686 | 15825 | 68267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107778 |
| Accounts payable for business combination (note 18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232340 | 224070 | 5624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462034 |
| Suppliers (note 15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172580 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172580 |
| Reverse factoring (note 15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301863 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301863 |
| Other liabilities - related parties (note 20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980 | - | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980 |
|  | **1021818** | **514766** | **297140** | **1833724** |

---

The table below reflects the estimated interest rate based on CDI and IPCA for 12 months (12.14% p.a. and 5.35% p.a., respectively), in according to contractual rates on June 30, 2025. Amounts payable refer to principal and interest based on undiscounted contractual amounts and, therefore, do not reflect the financial position presented as of June 30, 2025**:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Less than one <br> year** | **Between one <br> and two years** | **Over two <br> years** | **Total** |
| Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305444 | 308250 | 250359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864053 |
| Lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24953 | 16672 | 71920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113545 |
| Accounts payable for business combination | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260554 | 251280 | 6307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518141 |
| Suppliers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193537 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193537 |
| Reverse factoring | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338520 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338520 |
| Other liabilities - related parties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21285 | - | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21285 |
|  | **1144293** | **576202** | **328586** | **2049081** |

---

**Capital management**

The Company's objectives when managing capital are to safeguard its ability to continue as a going concern to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure of the Company, management can make or may propose to the shareholders when their approval is required, adjustments to the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce, for example, debt.

The Company monitors capital based on the gearing ratio. This ratio corresponds to the net debt expressed as a

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

percentage of total capitalization. Net debt comprises financial liabilities less cash and cash equivalents. Total capitalization is calculated as shareholders' equity as shown in the consolidated balance sheet plus net debt.

The Company's main capital management objectives are to safeguard its ability to continue as a going concern, optimize returns, allow consistency of operations to other stakeholders, and maintain an optimal capital structure reducing financial costs and maximizing the returns. In addition, the Company monitors financial leverage adequacy, and mitigates risks that may affect the availability of capital for Company development.

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Net debt (i) | 1819467 | 1798568 |
| **Total shareholder'' equity** | **4936143** | **4993311** |
| **Total capitalization (ii)** | **3116676** | **3194743** |
| Gearing ratio - % - (iii) | 58% | 56% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Net debt comprises financial liabilities (note 6) net of cash and cash equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Refers to the difference between Shareholders' Equity and Net debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Gearing Ratio is calculated based on Net Debt/Total Capitalization.

**Sensitivity analysis**

The following table presents the sensitivity analysis of potential losses from financial instruments, according to Management's assessment of relevant market risks presented above.

A probable scenario (base scenario) over a 12-month horizon was used, with a projected rate of 12.14% p.a. as per DI Interest Deposit rate ("CDI"), and 5.35% p.a. as per IPCA reference rates disclosed by B3 S.A. (Brazilian stock exchange). Two further scenarios are presented, respectively, a 20% interest rate growth in scenario I and 40% interest rate growth in scenario II, of the projected rates.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Index - % per year** | **Balance as of <br> June 30, 2025** | **Base scenario** | **Scenario I** | **Scenario II** |
| Financial investments | 99% of CDI | 11758 | 1428 | 1713 | 1999 |
| Marketable securities | 101% of CDI | 300942 | 36545 | 43854 | 51163 |
|  |  | **312700** | **37973** | **45567** | **53162** |
| Bonds | 100% of CDI + 2.40%p.a. <br> 1.35% p.a. and 1.60% p.a. | (770489) | (93564) | (112277) | (130990) |
| Lease liabilities | 100% of IPCA | (107778) | (5767) | (6921) | (8074) |
| Accounts payable for business combination | 100% of CDI | (462034) | (56107) | (67329) | (78550) |
|  |  | **(1340301)** | **(155438)** | **(186527)** | **(217614)** |
| **Net exposure** |  | **(1027601)** | **(117465)** | **(140960)** | **(164452)** |
| Interest rate -% p.a. (CDI) |  |  | 12.14% | 14.57% | 17.00% |
| Interest rate -% p.a. (IPCA) |  |  | 5.35% | 6.42% | 7.49% |
| Stressing scenarios |  |  |  | 20% | 40% |

---

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**6. Financial instruments by category**

The Company holds the following financial instruments. The Company has not disclosed the fair values of the financial instruments, because their carrying amounts approximates fair value.

---

| | | | |
|:---|:---|:---|:---|
|  | **Level** | **June 30, 2025** | **December 31, 2024** |
| **Assets - Amortized cost** |  |  |  |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14257 | 84532 |
| Trade receivables |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725258 | 863244 |
| Other receivables |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939 | 1304 |
| Other receivables - related parties |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26647 | 13714 |
|  |  | **771101** | **962794** |
| **Assets - Fair value through profit or loss** |  |  |  |
| Marketable securities | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300942 | 111313 |
| Other investments | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | 1608 |
|  |  | **302550** | **112921** |
| **Liabilities - Amortized cost** |  |  |  |
| Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770489 | 762005 |
| Lease liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107778 | 111373 |
| Reverse factoring |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301863 | 302608 |
| Suppliers |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172580 | 240192 |
| Accounts payable for business combination |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456410 | 429546 |
| Other liabilities - related parties |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980 | 30322 |
|  |  | **1828100** | **1876046** |
| **Liabilities - Fair value through profit or loss**<br>Accounts payable for business combination (i)<br>| 3 | 5624 | 7054<br>|
|  |  | **5624** | **7054** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Refers to earnout measured on acquisition of Phidelis, based on the economic activity of the acquired
entity (post-closing price adjustments). Valuation techniques and significant unobservable inputs related to measurement are described
below.

**<u>Fair Value Measurements – Level 3</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Valuation techniques and significant unobservable inputs</u> 

The following table shows the valuation techniques used in measuring level 3 fair values, as well as the significant unobservable inputs used:

---

| | | | |
|:---|:---|:---|:---|
| **Entities** | **Valuation technique** | **Significant unobservable inputs** | **Inter-relationship between <br> key unobservable inputs and <br> fair value measurement** |
| Phidelis | Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue). | 1. The achievement of financial targets are linked to net revenue until 2027.<br> 2.Revenue: we consider for the revenue projection the continuity of old contracts and new contracts with average annual revenue growth of 21.1%. | The estimated fair value would increase (decrease) if:<br>- Any product is no longer monetized (lower)<br>- The risk-adjusted discount rates were lower (higher) |

---

**7. Cash and cash equivalents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Composition** 

The balance of this account comprises the following amounts:

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Cash | 4 | 2 |
| Bank account | 2495 | 2113 |
| Financial investments (i) | 11,758 | 82,417 |
|  | **14,257** | **84,532** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company invests in short-term fixed income investment funds with daily liquidity and no material risk
of change in value. Financial investments presented an average gross yield of 99% of the annual CDI rate on June 30, 2025 (104% on December
31, 2024). All investments are highly liquid investments that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value and correspond to the cash obligations for the period.

**8. Marketable securities**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Composition** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Credit Risk** | **June 30, 2025** | **December 31, 2024** |
| Private investment fund | AAA | 300942 | 111313 |
|  |  | **300,942** | **111,313** |

---

The average gross yield of securities is based on 101% CDI on June 30, 2025 (103% CDI on December 31, 2024).

**9. Trade receivables** 

The balance of this account comprises the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Composition** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Trade receivables | 800938 | 915216 |
| Related parties (note 20) | 11348 | 37779 |
| (-) Impairment losses on trade receivables | (87028) | (89751) |
|  | **725258** | **863244** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Maturities of trade receivables** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **Not yet due** | 530922 | 693581 |
| **Past due** |  |  |
| Up to 30 days | 91771 | 35611 |
| From 31 to 60 days | 40653 | 24857 |
| From 61 to 90 days | 25126 | 30672 |
| From 91 to 180 days | 32283 | 47927 |
| From 181 to 360 days | 43749 | 44149 |
| Over 360 days | 36434 | 38419 |
| **Total past due** | **270016** | **221635** |
| Related parties (note 20) | 11348 | 37779 |
| Impairment losses on trade receivables | (87028) | (89751) |
|  | **725258** | **863244** |

---

The gross carrying amount of trade receivables is written off when the Company has no reasonable expectations of recovering the financial asset in its entirety or a portion thereof. Collection efforts continue to be made, even for the receivables that have been written off, and recoverable amounts are recognized directly in Consolidated Statement of Profit or Loss and Other Comprehensive Income upon collection.

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Changes on provision** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Opening balance** | **89751** | **92017** |
| Additions | 31449 | 26989 |
| Reversals | (7866) | (3635) |
| Write offs (i) | (26306) | (21828) |
| **Closing balance** | **87028** | **93543** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company assessed its customers' credit lines on a regular basis. Due to historical losses and
lack of prospects of credit recovery alongside these customers, the Company recognized R$26,306 as write-off as of June 30, 2025 (R$
21,828 as of June 30, 2024).

**10. Inventories**

The balance of this account comprises the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Composition** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Finished products | 149262 | 186683 |
| Work in process | 62014 | 58355 |
| Raw materials | 24980 | 23668 |
| Right to returned goods (i) | 10277 | 8075 |
|  | **246,533** | **276,781** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents the Company's right to recover products from customers when customers exercise their
right of return under the Company's returns policies, where the Company estimates the volume of goods returned based on experience
and foreseen expectations.

**11. Equity accounted investees**

**a.** **Composition of investments** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment type** | **Interest %** | **Equity** | **Fair value** | **Goodwill** | **June 30,** <br> **2025** |
| Educbank | Associate | 43.1% | 6948 | 4880 | 33786 | 45614 |
|  |  |  | **6948** | **4880** | **33786** | **45614** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment type** | **Interest %** | **Equity** | **Fair value** | **Goodwill** | **December 31, 2024** |
| Educbank | Associate | 43.1% | 12921 | 5477 | 33786 | 52184 |
|  |  |  | **12921** | **5477** | **33786** | **52184** |

---

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**b.** **Investments in associates** 

---

| | |
|:---|:---|
|  | **Educbank** |
| **December 31, 2023** | **64484** |
| Share of loss equity-accounted investees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7028) |
| **June 30, 2024** | **57456** |
| **December 31, 2024**<br>| **52184** |
| Share of loss equity-accounted investees | (6570) |
| **June 30, 2025** | **45614** |

---

**12. Property, plant and equipment**

The cost, weighted average depreciation rates and accumulated depreciation are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Weighted average depreciation rate** | **Cost** | **Accumulated depreciation** | **Residual** | **Cost** | **Accumulated depreciation** | **Residual** |
| IT equipment | 10%-33% | 90163 | (88436) | 1727 | 89944 | (84293) | 5651 |
| Furniture, equipment and fittings | 10%-33% | 70130 | (43991) | 26139 | 70157  | (40651)<br>| 29506<br>|
| Property, buildings and improvements | 5%-20% | 72844 | (43541) | 29303 | 70204 | (40460)<br>| 29744<br>|
| In progress |  |  |  |  | 837 |  | 837 |
| Right of use assets | 7%-20% | 246997 | (156225) | 90772 | 239408 | (144237) | 95171 |
| Land |  | 43 | - | 43 | 43 | - | 43 |
| **Total** |  | **480177** | **(332193)** | **147984** | **470593** | **(309641)** | **160952** |

---

Changes in property, plant and equipment are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **IT<br> equipment** | **Furniture, <br> equipment and <br> fittings** | **Property, <br> buildings and <br> improvements** | **In progress** | **Right of use assets** | **Land** | **Total** |
| **As of December 31, 2023** | **21612** | **22247** | **10817** | **16765** | **80008** | **43** | **151492** |
| Additions | 7114 | 1049 | 1541 | 1189 | 17288 | - | 28181 |
| Disposals | (791) | (301) | (84) | (2) | (11023) | - | (12201) |
| Depreciation | (10508) | (3542) | (1295) | - | (8081) | - | (23426) |
| **As of June 30, 2024** | **17427** | **19453** | **10979** | **17952** | **78192** | **43** | **144046** |
| **As of December 31, 2024** | **5651** | **29506** | **29744** | **837** | **95171** | **43** | **160952** |
| Additions | 221 | 35 | 1007 | 677 | 7801 | - | 9741 |
| Disposals | - |  | - | - | (212) | - | (212) |
| Depreciation | (4141) | (3344) | (3024) | - | (11988) | - | (22497) |
| Transfers | (4) | (58) | 1576 | (1514) | - | - | - |
| **As of June 30, 2025** | **1727** | **26139** | **29303** | **-** | **90772** | **43** | **147984** |

---

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**13. Intangible assets and Goodwill**

The cost, weighted average amortization rates and accumulated amortization of intangible assets and goodwill comprise the following amounts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Weighted average depreciation rate** | **Cost** | **Accumulated amortization** | **Residual** | **Cost** | **Accumulated amortization** | **Residual** |
| Software | 20% | 411089 | (280155) | 130934 | 380073 | (253683) | 126390 |
| Customer portfolio | 8% | 1199563 | (632732) | 566831 | 1199563 | (581074) | 618489 |
| Trademarks | 5% | 633154 | (180988) | 452166 | 633154 | (167334) | 465820 |
| Trade agreement | 8% | 243114 | (86192) | 156922 | 243114 | (73811) | 169303 |
| Platform content production | 33% | 235346 | (186559) | 48787 | 217331 | (168015) | 49316 |
| Other intangible assets | 33% | 11148 | (4950) | 6198 | 11148 | (4950) | 6198 |
| In progress | 0% | 13273 |  | 13273 | 11406 |  | 11406 |
| Goodwill | 0% | 3713863 | - | 3713863 | 3713863 | - | 3713863 |
|  |  | **6460550** | **(1371576)** | **5088974** | **6409652** | **(1248867)** | **5160785** |

---

Changes in intangible assets and goodwill were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Software** | **Customer portfolio** | **Trademarks** | **Trade agreement** | **Platform content production** | **Other intangible assets** | **In progress** | **Goodwill** | **Total** |
| **As of December 31, 2023** | **114701** | **722652** | **493129** | **194065** | **56101** | **6207** | **6845** | **3713863** | **5307563** |
| Additions | 12177 |  |  |  | 25429 |  | 19250 |  | 56856 |
| Disposals |  |  |  |  |  | (9) |  |  | (9) |
| Amortization | (18022) | (51195) | (13706) | (12381) | (22522) |  |  |  | (117826) |
| Transfers | 5188 | - | - | - | - | - | (5188) | - | - |
| **As of June 30, 2024** | **114044** | **671457** | **479423** | **181684** | **59008** | **6198** | **20907** | **3713863** | **5246584** |
| **As of December 31, 2024** | **126390** | **618489** | **465820** | **169303** | **49316** | **6198** | **11406** | **3713863** | **5160785** |
| Additions | 15993 |  |  |  | 18073 |  | 16890 |  | 50956 |
| Amortization | (26472) | (51658) | (13654) | (12381) | (18602) |  |  |  | (122767) |
| Transfers | 15023 | - | - | - | - | - | (15023) | - | - |
| **As of June 30, 2025** | **130934** | **566831** | **452166** | **156922** | **48787** | **6198** | **13273** | **3713863** | **5088974** |

---

**<u>Goodwill impairment test</u>**

The Company performs its annual impairment test in December and whenever circumstances indicate that the carrying value may be impaired. The Company's impairment test for goodwill is assessed by comparing it carrying amount with its recoverable amount. The key assumptions used to determine the recoverable amount for the different cash generating units were disclosed in the annual consolidated financial statements for the year ended December 31, 2024.

There were no indications of impairment for six-month periods ended June 30, 2025 and 2024.

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**14. Bonds**

The balance of bonds comprises the following amounts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **Payment of interest (i)** | **Interest accrued** | **Transaction cost of bonds** | **Transfers** | **June 30, 2025** |
| Bonds with related parties | 264484 | (46682) | 54567 | 599 | (599) | 272369 |
| **Current liabilities** | **264484** | **(46682)** | **54567** | **599** | **(599)** | **272369** |
| Bonds with related parties | 497521 | - | - | - | 599 | 498120 |
| **Non-current liabilities** | **497521** | **-** | **-** | **-** | **599** | **498120** |
| **Total** | **762005** | **(46682)** | **54567** | **599** | **-** | **770489** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) We present below the composition of interest and principal payments considering the issues made:

---

| | | | |
|:---|:---|:---|:---|
| **Issuance** | **Payments** | **Interest** | **Principal** |
| Private bonds – 9<sup>th</sup> issuance – series 2 | 02/14/2025 | (16531) |  |
| Private bonds – 10th Issuance – series 2 | 05/15/2025 | (30151) | - |
|  | **Total** | **(46682)** | **-** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **Additions** | **Payment of interest** | **Payment** | **Interest accrued** | **Transaction cost of bonds** | **Transfers** | **June 30, 2024** |
| Bonds with related parties (note 20) | 13904 |  | (17922) |  | 16611 |  | (1378) | 11215 |
| Bonds | 527859 | - | (60074) | (490000) | 31798 | 557 | 181 | 10321 |
| **Current liabilities** | **541763** | - | **(77996)** | **(490000)** | **48409** | **557** | **(1197)** | **21536** |
| Bonds with related parties (note 20) | 250000 | 495627 | - | - | - | 99 | 1197 | 746923 |
| **Non-current liabilities** | **250000** | **495627** | **-** | - | **-** | **99** | **1197** | **746923** |
| **Total** | **791763** | **495627** | **(77996)** | **(490000)** | **48409** | **656** | **-** | **768459** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Bonds' description** 

See below the bonds outstanding on June 30, 2025:

---

| | | |
|:---|:---|:---|
| Subscriber | Related parties | Related parties |
| Issuance | 9th | 10th |
| Series | 2<sup>nd</sup> Series | 2<sup>nd</sup> Series |
| Date of issuance | 09/28/2022 | 06/26/2024 |
| Maturity date | 09/28/2025 | 05/15/2029 |
| First payment after | 36 months | 59 months |
| Remuneration payment | Semi-annual interest | Semi-annual interest |
| Financials charges | CDI + 2.40% p.a. | CDI + 1.35% p.a. and CDI + <br> 1.60% p.a. |
| **Principal amount (in millions of R$)** | **250** | **500** |

---

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Bond's maturities** 

The maturities range of these accounts, considering related and third parties are as follow:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Maturity of installments** | **June 30, 2025** | **%** | **December 31, 2024** | **%** |
| One year or less | **272369** | **35.4** | **264484** | **34.7** |
| One to two years | 274871 | **35.6** |  |  |
| Two to three years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 274076 | 36.0 |
| Three years on | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223249 | 29.0 | 223445 | 29.3 |
| **Total non-current liabilities** | **498120** | **64.6** | **497521** | **65.3** |
|  | **770489** | **100.0** | **762005** | **100.0** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Debit commitments** 

The bond issued by Somos Sistemas requires the maintenance of certain financial indicators "covenants" which are quarterly calculated based on Somos Sistemas Consolidated financial statements. The period of covenants compliance comprises 12 months immediately prior to the end of each year being the first quarterly of analysis after the bonds were issued and based on ratio between adjusted net debt by adjusted consolidated EBITDA. The net debt adjusted EBITDA ratio should be less or equal to 3.50. This ratio cannot be breached for two consecutive periods or three alternate periods.

<u>Consolidated net debt</u>: Company's total debt (short- and long-term loans and financing, including capital markets operations, less cash equivalents cash which could be withdrawn until five business days added by accounts payable for business combinations)

<u>Adjusted consolidated EBITDA</u>: Earnings before income taxes, depreciation and amortization, financial results (excluding financial expenses), and non-recurring expenses.

On June 30, 2025, the financial ratio net debt by adjusted EBITDA reached the result of 1.98, within the conditions established in the financial contractual clauses.

**15. Suppliers**

The balance of this account comprises the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Composition** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Local suppliers | 143809 | 207702 |
| Related parties (note 20) | 5555 | 7868 |
| Copyright | 23,216 | 24,622 |
| **Suppliers** | **172,580** | **240,192** |
| **Reverse factoring (i)** | **301,863** | **302,608** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As of June 30, 2025, the balance of reverse factoring was R$301,863 (R$302,608 as of December 31, 2024),
and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.25%
per month (as of December 31, 2024, the weighted average was 1.15% per month) and a maximum payment term of 360 days. The balance is initially
recognized net of the present value adjustment, which is subsequently recognized as a financial expense.

The Company uses the reverse factoring with the main suppliers (paper and printing) to extend the payment terms in order to cover possible mismatches with the receipts from sales.

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

Additional information about the Company suppliers subject to finance arrangement is provided in the table below:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **Carrying amount of financial liabilities** |  |  |
| Presented within suppliers | 301863 | 302608 |
| - of which suppliers have received payment from the bank | 281352 | 284494 |
| **Average range of payments due dates** |  |  |
| Suppliers subject to finance arrangement (days after invoice date) | 355 | 355 |
| Comparable suppliers (days after invoice) | 45-90 | 45-90 |
| **Non-cash changes** |  |  |
| There were no significant non-cash changes in the carrying amount of financial liabilities subject to supplier finance arrangements | There were no significant non-cash changes in the carrying amount of financial liabilities subject to supplier finance arrangements | There were no significant non-cash changes in the carrying amount of financial liabilities subject to supplier finance arrangements |

---

The payments to the bank are included within operating cash flows because they continue to be part of the normal operating cycle of the Company and their principal nature remains operating – i.e. payments for the purchase of goods and services. The payments to a supplier by the bank of R$281,352 on June 30, 2025 (R$284,494 on December 31, 2024) are considered non-cash transactions.

**16. Lease liabilities**

The lease agreements have an average term of 12 years and weighted average rate of 20% p.a.

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Opening balance** | **111373** | **96657** |
| Additions for new lease agreements | 3503 | 10434 |
| Renegotiation | 4298 | 6854 |
| Cancelled contracts (i) | (230) | (12974) |
| Interest (note 26) | 5943 | 4702 |
| Payment of interest | (5824) | (4608) |
| Payment of principal | (11285) | (8087) |
|  | **107778** | **92978** |
| Current liabilities | 23686 | 14544 |
| Non-current liabilities | 84092 | 78434 |
|  | **107778** | **92978** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In 2024, refers to cancellated contract of the previous property used to offer Anglo course.

Short-term leases (lease period of 12 months or less) and leases of low-value assets (such as personal computers and office furniture) are recognized on a straight-line basis in rent expenses for the period and are not included in lease liabilities. Fixed and variable lease payments, including those related to short-term contracts and to low-value assets, were the following for the period ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Fixed payments | 17108 | 12695 |
| Payments related to short-term contracts and low value assets, variable price contracts (note 25) | 2914 | 15526 |
|  | **20,022** | **28,221** |

---

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**17. Contractual obligations and deferred income**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Refund liability (i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,244 | 40556 |
| Contract of exclusivity for processing payroll |  | 9 |
| Other contractual obligations | 2807 | - |
| **Current liabilities** | **48,051** | **40,565** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Refers to the customer's right to return goods. The Company business cycle is from October to September
for each year.

**18. Accounts payable for business combination**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Meritt | 300 | 300 |
| Redação Nota 1000 | 2431 | 2718 |
| EMME | 6138 | 5943 |
| Editora De Gouges | 447541 | 420585 |
| Phidelis | 5624 | 7054 |
|  | **462034** | **436600** |
| **Current** | 232340 | 215237 |
| **Non-current** | 229694 | 221363 |
|  | **462034** | **436600** |

---

The changes in the balance are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Opening balance** | **436600** | **614120** |
| Payments in installments | (1693) | (19947) |
| Interest payment | (344) | (5815) |
| Interest adjustment | 27471 | 30472 |
| **Closing balance** | **462034** | **618830** |

---

The maturity years of such balances as of June 30, 2025 are shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **June 30, 2025** | | **December 31, 2024** |
| **Maturity of installments** | **Total** | **%** | **Total** | **%** |
| In up to one year | **232340** | **50.3** | **215237** | **49.3** |
| One to two years | 224070 | 48.5 | 219493 | 50.3 |
| Two to three years | 5624 | 1.2 | 1870 | 0.4 |
|  | **229694** | **49.7** | **221363** | **50.7** |
|  | **462034** | **100.0** | **436600** | **100.0** |

---

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**19. Salaries and social contributions**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Salaries payable | 31823 | 28292 |
| Social contribution payable (i) | 22070 | 21542 |
| Provision for vacation pay | 35675 | 22763 |
| Provision for profit sharing (ii) | 15580 | 29361 |
|  | **105,148** | **101,958** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Refers to the effect of social contribution over restricted share units' compensation plans issued. The
Company records the taxes over the shares on a monthly basis according to the Company's share price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The provision for profit sharing is based on qualitative and quantitative metrics determined by the Board
of Directors.

**20. Related parties**

As presented in note 1, the Company is a subsidiary of Cogna Educação S.A. and some of the Company's transactions and arrangements involve entities that are subsidiaries of Cogna Group. The effect of these transactions is reflected in these Interim Statements, with these related parties segregated by nature of transaction determined by intercompany agreements and approved by the Company's Management. The balances and transactions between the Company and its associates have been eliminated in the Company's Consolidated Financial Statements. The balances and transactions between related parties are shown below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Other receivables (i)** | **Trade receivables (note 9)** | **Indemni-<br> fication asset <br> (note 21c)** | **Other liabilities (ii)** | **Suppliers <br> (note 15)** | **Bonds <br> (note 14)** |
| Cogna Educação S.A. |  |  | 160047 | 2503 |  | 770489 |
| Editora Ática S.A. | 24674 | 2131 |  | 13703 | 3639 |  |
| Editora E Distribuidora Educacional S.A. | 1554 | 518 |  | 2462 |  |  |
| Editora Scipione S.A. | 12 | 1151 |  |  | 131 |  |
| Maxiprint Editora Ltda. |  | 2611 |  |  |  |  |
| Saber Serviços Educacionais S.A. |  | 175 |  |  |  |  |
| Saraiva Educação S.A. | 104 | 2012 |  | 284 | 1115 |  |
| SGE Comercio De Material Didático Ltda. |  |  |  |  | 658 |  |
| Somos Idiomas S.A. | 303 | 2308 |  |  | 12 |  |
| Anhanguera Educacional Participações S.A. | - | 442 | - | 28 | - | - |
|  | **26647** | **11348** | **160047** | **18980** | **5555** | **770489** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the
Company to Cogna Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Refers substantially to accounts payable by sharing expenses e.g property leasing, personnel and IT licenses
shared with Cogna Group

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Other receivables** | **Trade receivables (note 9)** | **Indemnification asset <br> (note 21c)** | **Other liabilities** | **Suppliers <br> (note 15)** | **Bonds <br> (note 14)** |
| Cogna Educação S.A. |  |  | 150326 | 420 |  | 762005 |
| Editora Ática S.A. | 12378 | 11441 |  | 25489 | 5609 |  |
| Editora E Distribuidora Educacional S.A. | 29 | 455 |  | 1337 |  |  |
| Editora Scipione S.A. | 13 | 1650 |  |  | 165 |  |
| Maxiprint Editora Ltda. |  | 15756 |  |  |  |  |
| Saber Serviços Educacionais S.A. |  | 175 |  |  |  |  |
| Saraiva Educação S.A. | 1030 | 5944 |  | 440 | 432 |  |
| SGE Material Didático Ltda. |  |  |  |  | 658 |  |
| Somos Idiomas S.A. | 79 | 1917 |  | 2 | 1004 |  |
| Anhanguera Educacional Participações S.A. | 17 | 441 |  | 2633 |  |  |
| Others | 168 | - | - | 2 | - | - |
|  | **13714** | **37779** | **150326** | **30322** | **7868** | **762005** |

---

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| <br>Transactions held: | **Revenues** | **Finance <br> costs** <br> **(note 14)**  | **Cost sharing** | **Sublease** | **Revenues** | **Finance costs <br> (note 14)** | **Cost sharing** | **Sublease** |
| Cogna Educação S.A. |  | (54567) |  |  |  | (16611) |  |  |
| Editora Ática S.A. | 2880 |  | (26837) | 3784 | 11029 |  | (30087) | 4103 |
| Editora E Distribuidora Educacional S.A. | 364 |  |  |  | 336 |  |  |  |
| Editora Scipione S.A. | 2204 |  |  |  | 1351 |  |  |  |
| Maxiprint Editora Ltda. | 10916 |  |  |  | 10552 |  |  |  |
| Saraiva Educação S.A. | 1927 |  |  |  | 4436 |  |  | 1605 |
| SSE Serviços Educacionais Ltda. | - | - | - | - | - | - | - | - |
|  | **18291** | **(54567)** | **(26837)** | **3784** | **27704** | **(16611)** | **(30087)** | **5708** |

---

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Compensation of key management personnel** 

Key management personnel include the members of the Board of Directors, Audit Committee, the CEO and the vice-presidents, for which the nature of the tasks performed were related to the activities of the Company.

For the three-months period from April 01 to June 30, 2025, key management compensation, including charges and variable compensation amounted to R$2,436 (R$2,736 on June 30, 2024). The Audit Committee and Board of Directors were established in July 2020.

The following benefits are granted to the Company's management members: healthcare plan, share-based compensation plan, besides discounts over the Company' own products.

See below the compensation of key management personnel by nature:

a) Short term benefits - Short-term benefits include fixed compensation (salaries and fees, vacation, mandatory
bonus, and "13th salary" bonus), payroll charges (Company share of contributions to social security – INSS) and variable
compensation such as profit sharing, the short-term benefits, that included Bonus IPO.

b) Long-term benefits - The Company also offered certain key management personnel payment based on its restricted
shares units and performance shares units – ILP.

The Key management personnel compensation expenses comprised the following:

---

| | | |
|:---|:---|:---|
|  | **April 01, to June 30, 2025** | **April 01, to June 30, 2024** |
| Short-term employee benefits | 1735 | 2272 |
| Share-based compensation plan | 702 | 464 |
|  | **2,437** | **2,736** |

---

**21. Provision for tax, civil and labor losses and Judicial deposits**

The Company classifies the likelihood of loss in judicial/administrative proceedings in which it is a defendant. Provisions are recorded for contingencies classified as probable loss in an amount that Management, in conjunction with its legal advisors, believes is enough to cover probable losses or when related to contingencies resulting from business combinations.

The contingent liabilities are composed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Composition** 

The changes in provision for the years ended June 30, 2025 and June 30, 2024 were as follows:

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December<br> 31, 2024** | **Additions** | **Reversals** | **Interest** | **Payments** | **June 30,<br> 2025** |
| Tax proceedings (i) | 110849 |  | (311) | 2946 | 134 | 113618 |
| Labor proceedings (ii) | 22298 | 505 | (1048) | 509 | (1202) | 21062 |
| Civil proceedings | 23976 | 278 | (119) | 1891 | (81) | 25945 |
| **Total** | **157123** | **783** | **(1478)** | **5346** | **(1149)** | **160625** |
| Finance costs (note 26) |  |  |  | (5278) |  |  |
| General and administrative expenses (note 25) | General and administrative expenses (note 25) | (763) | 1478 | - |  |  |
| **Total** |  | **(763)** | **1478** | **(5278)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guarantee - Equity effect |  | (20) |  | (68) |  |  |
| **Total** |  | **(783)** | **1478** | **(5346)** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Primarily refers tax assessment notices issued by the tax authority to the "Predecessor," derived from disallowances of
operational and financial expenses, as well as isolated fines related to the acquisition of the Anglo Group in 2010 and subsequent restructuring.<br>
In December, 31 2024, considering the analysis and opinion of legal advisors, the Company decided to partially reverse the amounts initially
provisioned.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company is a party to labor demands, which mostly refer to proportional vacation, salary difference,
night shift premium, overtime and social charges, among others. There are no individual labor demands with material amounts that require
specific disclosure.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **Additions** | **Reversals** | **Interest** | **Payments** | **June 30, 2024** |
| Tax proceedings | 676255 |  | (175) | 22153 |  | 698233 |
| Labor proceedings | 21615 | 1130 | (589) | 755 | (131) | 22780 |
| Civil proceedings | 120 | 289 | (197) | 8 | (67) | 153 |
| **Total** | **697990** | **1419** | **(961)** | **22916** | **(198)** | **721166** |
| Finance costs (note 26) |  |  |  | (22859) |  |  |
| General and administrative expenses (note 25) | General and administrative expenses (note 25) | (1417) | 959 | - |  |  |
| **Total** |  | **(1417)** | **959** | **(22859)** |  |  |
| Indemnification asset - Former owner | Indemnification asset - Former owner | (2) | 2 | (57) |  |  |
| **Total** |  | **(1419)** | **961** | **(22916)** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Contingencies with possible losses** 

As of June 30, 2025, the Company was party to lawsuits classified as possible losses totaling R$47,093 (R$52,117 as of December 31, 2024), as shown below:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Taxes (i) | 7563 | 7043 |
| Labor (ii) | 27394 | 31498 |
| Civil (iii) | 12136 | 13576 |
| **Total** | **47093** | **52117** |

---

The Company and its subsidiaries had 74 legal and administrative lawsuits as of June 30, 2025 (68 on December 31, 2024), according to the Management, with a possible risk of loss based on the opinion of the Company and of its legal assessors. The main ones are highlighted below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Taxes: Notice of Violation issued by the Municipal Finance Department of São Paulo, with the purpose
of collecting municipal taxes ("ISSQN" or "Imposto Sobre Serviços de Qualquer Natureza") for the period
from 2018 to 2021, in the amount of R$4,871. The Company is also party to 9 lower monetary value tax lawsuits, involving taxes of various
natures, totaling R$2,692.

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Labor: The most significant lawsuit involves a labor claim related to the payment of termination benefits
and other labor charges amounting to R$21,386. The Company is a party to 29 lawsuits totaling R$6,008, the claims mainly involve severance
pay, overtime and salary differences, among other labor-related payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Civil: Lawsuit filed against the Cogna Group, in which the plaintiff alleges fundamental changes in its
pedagogical and methodological approach due to contract termination, in the amount of R$3,730. The Company is a party to 33
lawsuits totaling R$8,406. The claims are related to contract terminations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Judicial deposits** 

Judicial deposits recorded as non-current assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Tax proceedings | 2628 | 2670 |
| Indemnification asset - Former owner | 1545 | 1456 |
| Indemnification asset - Related parties – note 20 (i) | 160,047 | 150,326 |
|  | **164,220** | **154,452** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Refers to an indemnification asset of the seller (Cogna) and recognized at the date of the business combination,
of the acquisition of Somos, in order to indemnify the Company for all losses that may be incurred in connection with all contingencies
or lawsuits, substantially tax proceedings related to business combinations in the amount of R$160,047 (R$150,326 on December 31, 2024).
This asset is indexed to CDI (Certificates of Interbank Deposits).

**22. Current and deferred income tax and social contribution**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Reconciliation of income tax and social contribution** 

The reconciliation of income tax and social contribution expense is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April to June, 2025** | **April to June, 2024** | **June 30, 2025** | **June 30, 2024**  |
| Loss before income tax and social contribution for the period | (74745) | (95090) | (76072) | (58366) |
| Nominal statutory rate of income tax and social contribution | **34%** | **34%** | **34%** | **34%** |
| **IRPJ and CSLL calculated at the nominal rates** | **25413** | **32331** | **25864** | **19844** |
| Share of loss equity-accounted investees | (1489) | (1350) | (2232) | (2390) |
| Permanent additions | (3283) | 856 | (2765) | 940 |
| Net (exclusions) additions without contribution of deferred assets | 144 | 18 | 113 | 48 |
| Difference in presumed results rate of subsidiary | 20 | (774) | 100 | (985) |
| Tax Contingencies IRPJ and CSLL |  |  |  |  |
| Impairment write-off on tax loss carryforward | (2211) | (2162) | (4535) | (3320) |
| **Total IRPJ and CSLL** | **18594** | **28919** | **16545** | **14137** |
| Current IRPJ and CSLL in the result | (3939) | 5183 | (4652) | (1790) |
| Deferred IRPJ and CSLL in the result | 22533 | 23736 | 21197 | 15927 |
|  | **18594** | **28919** | **16545** | **14137** |
| **Effective tax rate** | **(25%)** | **(30%)** | **(22%)** | **(24%)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Deferred taxes** 

Changes in deferred income tax and social contribution assets and liabilities are as follows:

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **June 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **Effect on profit and loss** | **As of June 30, 2025** |
| Income tax/social contribution: |  |  |  |
| Income tax and social contribution losses carryforwards (ii) | 668475 | 78131 | 746606 |
| Temporary differences: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment losses on trade receivables | 27495 | (1051) | 26444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for obsolete inventories | 19526 | 2940 | 22466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imputed interest on suppliers | 837 | (350) | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for risks of tax, civil and labor losses | 1815 | (2144) | (329) |
| &nbsp;&nbsp;&nbsp;&nbsp;Refund liabilities and right to returned goods | 10654 | (1329) | 9325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use assets | 35900 | (1464) | 34436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | (30504) | 1700 | (28804) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments on business combination and goodwill amortization (i) | (586978) | (56544) | (643522) |
| Other temporary difference | 61629 | 1308 | 62937 |
| **Deferred assets, net** | **208849** | **21197** | **230046** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Goodwill and fair value adjustments on business combination comprise three components, being (i) goodwill
and fair value adjustment of prior business combination by Somos; (ii) amortization of fair value adjustment related to acquisition of
the company; and (iii) deductibility of the acquisition goodwill for tax purposes as allowed by tax law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company's income tax and social contribution loss carryforwards are primarily the result of
tax amortization of goodwill and the amortization of certain intangibles recognized related to the business combination in 2018. In
accordance with Brazilian tax regulation, tax loss carryforwards have a limitation for use of 30% of taxable profit generated in
each year and do not expire. The tax benefit is expected to be realized over an estimated 6-year period beginning in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **June 30, 2024** 

Changes in deferred income tax and social contribution assets and liabilities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **Effect on shareholder's equity** | **Effect on profit and loss** | **As of June 30, 2024** |
| Income tax/social contribution: |  |  |  |  |
| Income tax and social contribution losses carryforwards | 594361 | (282) | 83628 | 677707 |
| Temporary differences: |  |  |  |  |
| Impairment losses on trade receivables | 28012 |  | 355 | 28367 |
| Provision for obsolete inventories | 3099 |  | (3099) |  |
| Imputed interest on suppliers | (1206) |  | 1206 |  |
| Provision for risks of tax, civil and labor losses | (10937) |  | 7355 | (3582) |
| Refund liabilities and right to returned goods | 8421 |  | (8421) |  |
| Right of use assets | 31301 |  | (29822) | 1479 |
| Lease liabilities | (25684) |  | 25684 |  |
| Fair value adjustments on business combination and goodwill amortization (i) | (470342) |  | (65129) | (535471) |
| Other temporary difference | 48428 | - | 4170 | 52598 |
| **Deferred Assets, net** | **205453** | **(282)** | **15927** | **221098** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Goodwill and fair value adjustments on business combination comprise three components, being (i) goodwill
and fair value adjustment of prior business combination by predecessor Somos Anglo; (ii) amortization of fair value adjustment related
to acquisition of the predecessor Somos Anglo by the successor Vasta; and (iii) deductibility of the acquisition goodwill for tax purpose
allowed by tax law.

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**23. Shareholder's equity**

**23.1. Share capital** 

The Company holds Class A shares in addition to Class B shares (owned by Cogna).

On September 14, 2023, the Company announced a share repurchase program, approved by our board of directors considering that it was in the commercial interests of the Company to enter the Repurchase Plan. Under the repurchase program, we were entitled to repurchase up to R$62,500 (or US$12,500) in Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period that began on September 18, 2023, continuing until the earlier of the completion of the repurchase. On March 31, 2024, the program was concluded with the repurchase of all shares.

As a result, the Company's share capital outstanding on June 30, 2025, which excludes a total of 3,339,118 treasury shares, totals 80,310,769 shares, in amount of R$4,820,815, of which 64,436,093 Class B shares are owned by the Cogna Group and 15,874,676 are owned by third parties.

The Company's Shareholders Agreement authorizes the board of directors to grant restricted share units to certain executives and employees and other service providers with respect to up to 3% (three per cent) of the issued and outstanding shares of the Company. Thus, on June 30, 2025 the Company has the following position in Class A and B shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A Shares (units)** | **Class A Shares (units)** | **Class B Shares (units)** | **Total** |
|  | **Free float** | **Treasury shares (note 23.4)** |  |  |
| **December 31, 2024** | **15765930** | **3447864** | **64436093** | **83649887** |
| ILP exercised | 108746 |  |  | 108746 |
| Treasury shares | - | (108746) | - | (108746) |
| **June 30, 2025** | **15874676** | **3339118** | **64436093** | **83649887** |

---

The Company's shareholders on June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In units** | **In units** | **In units** |
| **Company Shareholders** | **Class A** | **Class B** | **Total** |
| Cogna Group |  | 64436093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64436093 |
| Free Float | 15874676 |  | 15874676 |
| Treasury shares (Note 23.4) | 3339118 | - | 3339118 |
| **Total (%)** | **23%** | **77%** | **83649887** |

---

**23.2. Loss per share**

The basic loss per share is measured by dividing the profit attributable to the Company's shareholders by the weighted average common shares outstanding during the year. The Company considers as diluted earnings per share the number of common shares calculated added by the weighted average number of common shares that should be issued upon conversion of all potentially dilutive shares into common shares; potentially dilutive shares were deemed to have been converted into common shares at the beginning of the period.

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Loss attributable to shareholder´s** | **(59433)** | **(43850)** |
| Weighted average number of ordinary shares outstanding (thousands) | 80202 | 83649 |
| Performance Shares Units (PSU) |  |  |
| Long Term Investment – ("ILP") | - | - |
| **Total dilution effect** | **-** | **-** |
| Basic loss per share - R$ | (074) | (052) |
| Diluted loss per share - R$ | (074) | (052) |

---

**23.3. Capital reserve - Share-based compensation (granted)**

The Company as of June 30, 2025 had two share-based compensation plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Long Term Investment – ("ILP") – Refers to several tranches granted, being the
first issued on July 23, 2020 and the last on October, 2th, 2023. The Company compensates part of its employees and management. This plan
will grant up to 3% of the Company's class A share units. The Company will grant the limit of five tranches approved by the Company's
Board of Directors. The fair value of share units is measured at fair value quoted on the grant date. The plan has a vesting period corresponding
to 5 years added by expected volatility of 30% and will be settled with Company's shares. All taxes and contributions are paid by
the Company without additional costs to employees and management. This program should be wholly settled with the delivery of the shares.
The effect of events on share-based compensation in the Consolidated Statement of Profit or Loss for the period ended June 30, 2025 was
R$2,996, being R$1,720 in Shareholder's the Equity and R$1,276 as labor charges in liabilities, due to share price fluctuation
(R$3,066 being R$3,619 in Shareholder's the Equity and a debit of R$553 as labor charges in liabilities for the period
ended June 30, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Long Term Investment – ("ILP") – Performance Shares Units (PSU) – On August,
2023, the Board of Directors has approved a new long-term incentive plan (ILP), based on meeting certain targets, with granting in 2023
and 2025, and vesting in 2026, 2027 and 2028, that generated dilution of 1.75% in Vasta shares. The effect of events on share-based compensation
in the Consolidated Statement of Profit or Loss for the period ended June 30, 2025 was R$3,548, being R$1,568 in Shareholder's
the Equity and R$1,980 as labor charges in liabilities, due to share price fluctuation (R$2,905 being R$2,184 in Shareholder's
Equity and R$721 as labor charges in liabilities, for the period ended June 30, 2024).

Considering the shared based compensation vested and granted throughout 2024, the amount of capital reserve on June 30, 2025 total R$90,914 (R$90,909 on December 31, 2024).

**23.4. Treasury shares** 

In 2023 the Board of Directors had approved a share repurchase program, or the Repurchase Program. Under the Repurchase Program, Vasta could repurchase up to R$62,500 (or US$12,500) in Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period starting on September 18, 2023, continuing until the earlier of the completion of the repurchase. On March 31, 2024, the program concluded with the repurchase of 1,077,415 shares, corresponding to R$22,531. Considering the above information, the amount of treasury shares on June 30, 2025 total R$72,287 (R$74,641 on December 31, 2024), corresponding to 3,339,118 treasury shares (3,447,864 on December 31, 2024).

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**24. Net revenue from sales and services**

The breakdown of net sales of the Company is shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April to June 30, 2025** | **April to June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Net revenue** |  |  |  |  |
| Learning Systems | 311264 | 266568 | 629611 | 524130 |
| Textbooks | 5110 | 9248 | 39376 | 59978 |
| Complementary Education Services | 4337 | 3943 | 51856 | 53038 |
| Other products and services (i) | 37789 | 14593 | 68049 | 117922 |
| **Total** | **358500** | **294352** | **788892** | **755068** |
| **Sales** | 333694 | 272433 | 738295 | 714978 |
| **Services** | 24806 | 21919 | 50597 | 40090 |
|  | **358500** | **294352** | **788892** | **755068** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Includes sales to public government customers, amounting to R$14,044 on June 30, 2025 (R$69,031 on June
30, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Seasonality** 

The Company's revenue is subject to seasonality since the main deliveries of printed materials and digital materials to customers occur in the last quarter of each year (typically in November and December), and in the first quarter of each subsequent year (typically in February and March), and revenue is recognized when the customers obtain control over the materials. In addition, the printed and digital materials delivered in the fourth quarter are used by customers in the following school year and, therefore, fourth quarter results reflect the growth in the number of students from one school year to the next, leading to higher revenue in general in the fourth quarter compared with the preceding quarters in each year. Consequently, on aggregate, the seasonality of revenue generally produces higher revenue in the first and fourth quarters of our fiscal year. In addition, the Company generally bills its customers during the first half of each school year (which starts in January), which generally results in a higher cash position in the first half of each year compared to the second half. A significant part of the Company's expenses is also seasonal. Due to the nature of the business cycle, the Company needs significant working capital, typically in September or October of each year, in order to cover costs related to production and inventory accumulation, selling and marketing expenses, and delivery of the teaching materials at the end of each year in preparation for the beginning of each school year. As a result, these operating expenses are generally incurred between September and December of each year.

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**25. Costs and Expenses by nature**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 01, to June 30, 2025** | **April 01, to June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Raw materials and productions costs | (85095) | (82476) | (169749) | (167492) |
| Salaries and payroll charges | (80705) | (77441) | (166972) | (160996) |
| Depreciation and amortization | (68840) | (71720) | (145264) | (141252) |
| Advertising and publicity | (36554) | (26031) | (86006) | (50785) |
| Copyright | (22638) | (18431) | (46811) | (41970) |
| General and administrative expenses - others | (16732) | (14225) | (28434) | (29002) |
| Impairment losses on trade receivables | (11037) | (10149) | (23583) | (23354) |
| Editorial costs | (11184) | (8539) | (23678) | (18726) |
| Rent and condominium fees | (1773) | (3450) | (2914) | (15526) |
| Travel | (14039) | (8197) | (21118) | (15099) |
| Consulting and advisory services | (1813) | (6845) | (12935) | (14946) |
| Third-party services | (13578) | (6052) | (22249) | (14743) |
| Utilities, cleaning and security | (3951) | (3055) | (7006) | (6705) |
| Provision for obsolete inventories | (11554) | (1702) | (7906) | (4579) |
| Taxes and contributions | (713) | (1231) | (1449) | (2130) |
| Material | (1046) | (936) | (1832) | (1792) |
| Other operating expenses |  | (313) |  | (507) |
| Other operating income | 341 | 22 | 405 | 2002 |
| Income from lease and sublease agreements with related parties | 1877 | 3253 | 3784 | 5708 |
| (Reversal) provision for tax, civil and labor losses | 116 | (169) | 715 | (458) |
|  | **(378918)** | **(337687)** | **(763002)** | **(702352)** |
| Cost of sales and services | (156321) | (130767) | (297534) | (270850) |
| Commercial expenses | (82383) | (73578) | (180082) | (146838) |
| General and administrative expenses | (129518) | (122909) | (262208) | (262811) |
| Impairment losses on trade receivable | (11037) | (10149) | (23583) | (23354) |
| Other operating income | 341 | 22 | 405 | 2002 |
| Other operating expenses | - | (306) | - | (501) |
|  | **(378918)** | **(337687)** | **(763002)** | **(702352)** |

---

**26. Finance result**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 01, to June 30, 2025** | **April 01, to June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **Finance income** |  |  |  |  |
| Income from financial investments and marketable securities | 9114 | 6359 | 13911 | 12144 |
| Finance income from indemnification assets and contingencies | 5316 | 6132 | 9843 | 11516 |
| Other finance income | 4022 | 3696 | 7329 | 6070 |
|  | **18452** | **16187** | **31083** | **29730** |
| **Finance costs** |  |  |  |  |
| Interest on bonds | (28913) | (23955) | (55166) | (48409) |
| Interest on accounts payables for business combinations (note 18) | (14604) | (14808) | (27471) | (30472) |
| Interest on suppliers | (14156) | (10184) | (24265) | (22684) |
| Bank and collection fees | (905) | (316) | (993) | (1158) |
| Interest on provision for tax, civil and labor losses (note 21) | (3027) | (10580) | (5278) | (22859) |
| Interest on lease liabilities (note 16) | (2945) | (2589) | (5943) | (4702) |
| Other finance costs | (3581) | (1542) | (7359) | (3500) |
|  | **(68131)** | **(63974)** | **(126475)** | **(133784)** |
| **Finance result (net)** | **(49679)** | **(47787)** | **(95392)** | **(104054)** |

---

Vasta Platform Limited

**Unaudited Condensed Interim Consolidated Financial Statements** 

**Six-month period ended June 30, 2025** 

**27. Non-cash transactions**

Non-cash transactions for the periods ended June 30, 2025 and June 30, 2024 are respectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Additions and renegotiations of right of use assets and lease liabilities in the amount of R$7,801 and
R$17,288 (note 12).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Disposals of contracts of right of use assets and lease liabilities in the amount of R$230 and R$12,974
(note 16).

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

Guilherme Melega

**Chief Executive Officer**

Cesar Augusto Silva

**Chief Financial Officer**

Marcelo Vieira Werneck

**Accountant -** CRC: RJ – 091570/0-1