Cogna Educacao S.a. · BMFBOVESPA:COGN3
Cogna Educacao — Q2 2025 Earnings Presentation
28 slides from Cogna Educacao's earnings presentation, Aug 7, 2025
Slide 1: Results 2Q25
cogna EDUCACAO Results 2Q25 August 07, 2025
Slide 2: Disclaimer
Disclaimer The following material is a presentation of general information about Cogna Educação S.A (“Cogna”). This information is summarized and does not purport to be complete and should not be considered by potential investors as a recommendation. This presentation is strictly confidential and ma
Slide 3: Message from Management
Message from Management Net Revenue Recurring EBITDA Recurring EBITDA Net Income R$ 1,664.6MM R$ 551.7MM Margin R$ 118.8MM +15.5% vs 2Q24 +14.5% vs 2Q24 + 33.1% +R$127.1MM vs loss 2Q24 Linearity vs 2Q24 YTD YTD YTD YTD R$ 3,292.2MM R$ 1,107.7MM 0.8 p.p vs 1H24 R$ 213.9MM +10.5% vs 1H24 +13.4% vs 1H2
Slide 4: Kroton
Slide 5: Operational Performance
Operational Performance Students Intake (thousand) Semiannual Dropout Rate Final Student Base (thousand) 5.4% EX- Prouni 1,200.2 + Prouni 1,138.2 +9.1% 41.9 38.4 158.6 +0.9% 17.7% 18.2 154.1 +2.9% -3.7% 17.1% 502.8 507.4 Kroton Total 16.7% +5.5% 12.7 46.7 +10.7% 51.7 13.4 -0.8% Kroton Med - 12.5% 99
Slide 6: Net Revenue
Net Revenue Quarter (R$ million) Semester (R$ million) +15.8% 2,310.5 +13.3% 1,994.8 424.8 1,232.6 380.0 +11.8% 1,087.6 226.8 637.7 + 11.4% 203.5 569.9 +11.9% 326.7 316.9 + 3.1% 1,248.0 679.1 1,044.9 +19.4% 567.2 + 19.7% 2Q24 2Q25 1H24 1H25 Kroton Med On-site DL • Double-digit growth in Kroton’s Net
Slide 7: Gross Profit and Gross Margin
Gross Profit and Gross Margin Quarter (R$ million) Semester (R$ million) Gross Margin YTD 81.2% 82.0% 80.4% +17.0% 80.2% 1,894.3 1,619.1 311.4 - 0.1p.p vs 1H24 Kroton Med 279.1 +13.6% 402.7 990.8 356.4 + 0,6p.p vs 1H24 On-Site 872.5 161.2 145.8 192.0 195.0 1,180.2 + 0.4p.p vs 1H24 DL 983.6 531.7 637
Slide 8: Costs and Expenses – Quarter (R$ million)
Costs and Expenses¹ – Quarter (R$ million) +15.8% 733.0 45.0 632.9 30.6 155.5 112.8 198.6 192.9 92.1 81.4 215.2 241.8 2Q24 2Q25 Costs and Expenses in 2Q25 totaled R$733.0 million, representing an increase of 15.8% compared to 2Q24: • A 0.8 p.p. increase in Corporate Expenses, due to the update of so
Slide 9: Costs and Expenses – Semester (R$ million)
Costs and Expenses¹ – Semester (R$ million) +13.3% 1,442.2 1,272.5 73.8 63.5 303.9 210.7 385.9 410.8 236.7 237.6 375.7 416.1 1H24 1H25 Costs and Expenses in 1H25 totaled R$1,442.2 million, an increase of 13.3% compared to 1H24, with a productivity gain of 1.3 p.p. as a percentage of revenue: • Incre
Slide 10: Recurring EBITDA and EBITDA Margin
Recurring EBITDA and EBITDA Margin Quarter (R$ million) Semester (R$ million) 43.2% 41.1% 38.8% 38.0% +18.3% 896.0 757.4 +7.8% 469.5 506.2 2Q24 2Q25 1H24 1H25 • In the quarter, Kroton reported a 7.8% growth in Recurring EBITDA, but a 2.1 p.p. contraction in EBITDA Margin, reflecting a more challengi
Slide 11: Vasta
VASTA EDUCACAO
Slide 12: Operational Performance
Operational Performance Student body (in millions of students) Partner schools (in number of schools) 1,432 1,490 5,025 4,744 564 +4.1% +5.9% 483 Core 2,149 Core 1,722 +16.8% +24.8% Complementary Complementary Cycle 2024 Cycle 2025 Cycle 2024 Cycle 2025 Core Content Complementary Content • The growt
Slide 13: Net Revenue
Net Revenue Quarter (R$ million) Cycle (R$ million) +13.6% 1,487.8 -27.7% 49.9 1,309.1 97.8 69.0 +11.0% +21.8% 88.1 n.a 358.4 294.3 28.9 8.8 14.6 +97.9% 1,340.1 1,152.0 + 16.3% 279.7 +14.7% 320.7 2Q24 2Q25 Cycle 2024 Cycle 2025 B2G Non-subscription Subscription • Net Revenue growth in 2Q25 reached 2
Slide 14: Costs and Expenses - Quarter (R$ million)
Costs and Expenses¹ - Quarter (R$ million) +16.9% 313.7 18.0 268.3 11.0 13.3 10.1 35.1 31.8 82.4 73.6 167.2 139.5 2Q24 2Q25 Costs and Expenses in 2Q25 totaled R$ 313.7 million, a 16.9% increase, with a 3.6 p.p. dilution in the percentage over revenue: (i) A 0.5 p.p. increase in Corporate Expenses, d
Slide 15: Costs and Expenses - Cycle (R$ million)
Costs and Expenses¹ - Cycle (R$ million) +15.3% 1,021.7 47.3 886.4 45.4 45.3 97.6 52.3 105.6 252.3 214.0 579.1 469.2 Cycle 2024 Cycle 2025 Costs and Expenses in the 2025 Cycle totaled R$ 1,021.7 million, a 15.3% increase, with a 1.0 p.p. increase over revenue. Key impacts include: (i) A 1.5 p.p. imp
Slide 16: Recurring EBITDA and EBITDA Margin
Recurring EBITDA e EBITDA Margin Quarter (R$ million) Cycle (R$ million) 31.8% 30.8% +9.9% 7.6% 11.3% 457.9 416.6 +81.6% 40.5 22.3 2Q24 2Q25 Cycle 2024 Cycle 2025 Recurring EBITDA Recurring EBITDA Margin • In 2Q25, Recurring EBITDA increased by 81.6%, reaching R$ 40.5 million, with an EBITDA margin
Slide 17: Saber
SABER —
Slide 18: Net Revenue
Net Revenue Quarter (R$ million) Semester (R$ million) -18.5% 266.3 +14.6% -70.2% 217.1 96.2 83.9 28.7 73.2 -7.1% n.a 22.2 31.6 53.6 23.9 +1.5% n.a 13.6 52.8 10.2 12.6 +7.9% 134.7 48.1 85.7 +57.2% +81.5% 26.5 2Q24 2Q25 1H24 1H25 NBTP SETS Languages Others • Net Revenue for 2Q25 grew by 14.6%, totali
Slide 19: Recurring EBITDA and EBITDA Margin
Recurring EBITDA and EBITDA Margin Quarter (R$ million) Semester (R$ million) 2.9% 23.5% 14.1% -13.8% 124.0% +36.1% 2.4 51.0 37.5 -10.1 2Q24 2Q25 1H24 1H25 Recurring EBITDA Recurring EBITDA Margin • Recurring EBITDA increased by 124.0% in 2Q25, with margin expansion resulting from cost reductions, d
Slide 20: Cogna Consolidated
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Slide 21: Net Revenue
Net Revenue Quarter (R$ million) Semester (R$ million) +10.5% +15.5% 3,292.2 2,980.3 1,664.6 1,441.8 2Q24 2Q25 1H24 1H25 • Consolidated net revenue grew 15.5% to R$1,664.6 million, reflecting growth in the three business units. • For the first half of the year, net revenue reached R$3,292.2 million,
Slide 22: Recurring EBITDA and EBITDA Margin
Recurring EBITDA e EBITDA Margin Quarter (R$ million) Semester (R$ million) 32.8% 33.6% 33.4% 33.1% +13.4% 1,107.7 977.1 +14.5% 551.7 481.6 2Q24 2Q25 1H24 1H25 Recurring EBITDA Margin • Recurring EBITDA grew by 14.5% in the quarter, reaching R$ 551.7 million, with an EBITDA margin of 33.1% compared
Slide 23: Net Profit and Net Margin
Net Profit and Net Margin Quarter (R$ million) Semester (R$ million) 7.1% 6.5% -0.6% -0.6% -1,370.6% -1,527.4% 213.9 118.8 -8.3 -16.8 2Q24 2Q25 Net Margin 1H24 1H25 • Net Income reached R$ 118.8 million compared to a loss in 2Q24, reflecting a 17.0% improvement in Operating Income and a 30.0% reduct
Slide 24: Cash Generation
Cash Generation Quarter (R$ million) Semester (R$ million) +228.2% +398.1% +206.1% +78.1% 296.6 546.9 134.1 307.1 283.8 96.9 -104.6 -95.2 2Q24 2Q25 1H24 1H25 GCO after Capex Net Cash Generation • Operating Cash Generation after Capex (OCG) was R$296.6 million in the quarter, an increase of R$199.7 m
Slide 25: Cash Position and Indebtedness
Cash Position and Indebtedness Breakdown of Net Debt (R$ million) • At the end of 2Q25, Cash and Cash Equivalents totaled R$ 102 3,741 944 million, driven by Liability Management initiatives 3,551 88 involving debt prepayments; 944 2,797 • The next principal maturity is scheduled for January 2026, a
Slide 26: Leverage and Indebtedness
Leverage and Indebtedness 3.50x • At the end of 2Q25, the leverage ratio reached 1.22x. The company maintained its deleveraging trend, driven by Cash Generation and Liability Management initiatives. 1.79x 1.58x • Net debt decreased by R$ 526 million, or 15.8%, in 2Q25 1.35x compared to 2Q24, despite
Slide 27: We continue the year focused on our Strategic Pillars
We continue the year focused on our Strategic Pillars... Growth Revenue posted double-digit growth across all three business units in 2Q25. The new Regulatory Framework for Higher Education establishes clearer parameters for the different teaching modalities. Kroton’s growth was driven by an effecti
Slide 28: Q&A
Q&A