Cogna Educacao S.a. · BMFBOVESPA:COGN3
Cogna Educacao — Q1 2025 Earnings Presentation
21 slides from Cogna Educacao's earnings presentation, May 9, 2025
Slide 1: Results 1Q25
Results 1Q25 May 09, 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 reached R$1,627.6 million, grow of 5,8% when compared with 1Q24; ✓ Double-digit growth in Cogna's Recurring EBITDA with Margin expansion +2.0p.p., reflecting the efficiency gains of Kroton and Saber. 1Q25 was the 16th consecutive quarter of EBITDA growth; ✓ Net
Slide 4: Kroton
\A kroton*
Slide 5: Operational Performance
Operational Performance Student Intake (thousand) Final Student Base (thousand) Average Ticket 8.3% 1.5% 1,197.5 425.9 1,105.7 419.6 11.0 11.8 36.9 158.4 41.0 -10.0p.p vs 1Q24 Kroton Med 45.1 46.3 152.9 +7.8% +10.9% Kroton Med Kroton Med +6.2p.p vs 1Q24 On-Site 367.8 +2.6% 998.1 +3.6% 363.5 915.9 On
Slide 6: Financial Performance
Financial Performance Net Revenue (R$ million) Gross Profit (R$ million) Gross Margin 18.8% 21.0% 1,077.9 903.6 +0.3p.p vs 1Q24 Kroton Med 907.1 197.9 746.7 150.2 176.5 +12.1% 133.4 210.8 +12.6% 252.9 311.1 Kroton Med 161.4 Kroton Med +4.0p.p vs 1Q24 On-Site +23.0% +30.6% On-Site On-Site 542.6 477.7
Slide 7: Financial Performance
Financial Performance Costs and Expenses1 (R$ million) Recurring EBITDA (R$ million) 36.2% 10.9% % NOR 1Q24 1Q25 31.7% 709.2 Corporate Expanses 3.6% 2.7% -0.9p.p. 639.5 28.8 32.9 35.4% 148.4 PDA 10.8% 13.8% +3.0p.p 97.8 389.8 Operating Expanses 21.3% 19.7% -1.6p.p. 287.9 193.0 212.2 Marketing and
Slide 8: Vasta Educação
Slide 9: Net Revenue
Net Revenue Quater (R$ million) Cycle (R$ million) 11.3% 1,129.3 1,014.8 41.1 -40.5% 68.8 -6.6% 69.0 460.7 73.5 -6.4% 430.4 69.0 -92.4% 25.1 5.2 34.3 -27.0% +16.9% 1,019.4 872.2 357.4 +12.0% 400.1 1Q24 1Q25 2024 2025 B2G No-Subscription Subscription ✓ Reduction in Net Revenue of -6.6% as a result of
Slide 10: Costs and Expenses
Costs and Expenses¹ (R$ million) 4.6% 311.6 % NOR 1Q24 1Q25 298.0 11.8 14.3 12.5 Corporate Expanses 3,1% 2,7% -0,4p.p 13.2 37.2 46.1 PDA 2,9% 2,9% n/a 97.7 73.3 Operating Expanses 10,0% 8,7% -1,3p.p Marketing and Sales Expanses 15,9% 22,7% +6,8p.p 151.1 152.4 Direct Costs 32,8% 35,4% +2,6p.p. Tota
Slide 11: Recurring EBITDA e EBITDA Margin
Recurring EBITDA e EBITDA Margin Quater (R$ million) Cycle (R$ million) 38.9% 37.0% 34.7% 27.1% 5.8% 417.4 -26.8% 394.4 160.0 117.1 1Q24 1Q25 2024 2025 Recurring EBITDA Margin ✓ Gross margin decreased by 2.6p.p. in the quarter due to a different sales mix in the quarter; ✓ Recurring EBITDA had a con
Slide 12: Saber
SABER’:
Slide 13: Financial Performance
Financial Performance Net Revenue (R$ million) Recurring EBITDA e EBITDA Margin (R$ million) -31.0% 193.1 36.5% 24.7% 72.3 -91.0% 133.2 6.5 2.1% 21.5 n/a 40.1 48.6 47.6 40.2 -0.4% 86.6 59.1 +46.5% 1Q24 1Q25 1Q24 1Q25 NBTP SETS Languages Others Recurring EBITDA Margin ✓ Reduction in Net Revenue in th
Slide 14: Cogna Educação
EDUCACAO
Slide 15: Financial Performance
Financial Performance Net Revenue (R$ million) Recurring EBITDA e EBITDA Margin (R$ million) 5.8% 34.2% 1,627.6 32.2% 1,538.5 12.2% 556.0 495.5 1Q24 1Q25 1Q24 1Q25 Recurring EBITDA Margin ✓ In 1Q25, Cogna's Consolidated Net Revenue grew 5.8%, reaching R$1,627.6 million, as a result of growth in Krot
Slide 16: Operating Cash Generation (OCG)
Operating Cash Generation (OCG) After Capex (R$ million) Free Cash Flow¹ (R$ million) 42.4% 45.0% 19.1% 250.3 210.2 1,486.0% 149.6 9.4 1Q24 1Q25 1Q24 1Q25 Conversion of Recurring EBITDA into OCG ✓ 19.1% growth in GCO after Capex vs. 1Q24, due to the growth in EBITDA of Kroton and Saber and the impro
Slide 17: Net Profit (Loss) Adjusted
Net Profit (Loss) Adjusted Adjusted Net Profit and Margin (R$ million) Net Profit (Loss) and Margin (R$ million) 9.5% 3.3% 5.8% 205.7% -0.6% 154.4 -1,217.4% 95.1 50.5 -8.5 1Q24 1Q25 1Q24 1Q25 Adjusted Net Margin Net Margin ✓ Net Income reached R$95.1 million in 1Q25, reflecting the operational impro
Slide 18: Leverage and Indebtedness
Leverage and Indebtedness ✓ At the end of 1Q25, the leverage indicator reached 3.50x 1.28x. The company maintained its accelerated deleveraging trend, which is the lowest leverage since 4Q18; 1.79x 1.79x ✓ The Company did not raise new funds or make 1.58x prepayments during the quarter; 1.35x 1.28x
Slide 19: Cash Position and Indebtedness
Cash Position and Indebtedness Breakdown of Net Debt (R$ million) ✓ Net debt reduced by R$463 million or 14.1% in 1Q25 compared to 1Q24, going from R$3,276 million to R$2,814 4,032 101 103 4,236 million. 1,422 2,814 ✓ At the end of 1Q25, total Cash and Cash Equivalents amounted to R$1,422 million, d
Slide 20: We begin 2025 focused on our Strategic Pillars...
We begin 2025 focused on our Strategic Pillars... Great summer cycle at Kroton brings confidence in another year of revenue growth. Seasonality of Vasta and Saber Growth revenues should stabilize throughout the year. Constant evolutions in Kroton's virtual learning environment (AVA) will continue to
Slide 21: Results 1Q25
Results 1Q25 May 09, 2025