Cogna Educacao S.a. · BMFBOVESPA:COGN3
Cogna Educacao — Q3 2025 Earnings Presentation
29 slides from Cogna Educacao's earnings presentation, Nov 7, 2025
Slide 1: Results 3Q25
RESULTS 3Q25 November, 07, 2025
Slide 2: Disclaimer
Disclaimer The material that follows is a presentation of general information about Cogna Educação S.A. (“Cogna”). The information herein is not intended to be extensive, and it should not be considered by potential investors as a recommendation. This presentation is strictly confidential and may no
Slide 3: Message from Management
Message from Management Net Revenue Recurring EBITDA Recurring EBITDA Net Income Margin R$ 1,523.4 MM R$ 422.7 MM 27.7% R$ 191.6 MM +18.9% vs. 3Q24 +9.8% vs. 3Q24 -2.3 p.p. vs. 3Q24 vs. Loss R$ 29.1 MM in 3Q24 Year-to-date Year-to-date Year-to-date Year-to-date R$ 4,815.6 MM R$ 1,530.4 MM 31.8% R$ 4
Slide 4: Kroton
Slide 5: Operational Performance
Operational Performance Students Intake (Thousand) Final Student Base (Thousand) Average Ticket +2.7% Excluding PROUNI +9.6% +11.7 p.p. vs 3Q24 Kroton Total 1,092.7 1,121.8 +7.3% 7.1% 37.3 145.9 +6.4% 155.2 40.9 250.6 Kroton Total 5.9 233.6 6.1 23.6 0.9% +5.9 p.p. vs 3Q24 Kroton Med 20.0 On-Site +4.
Slide 6: Net Revenue
Net Revenue Quarter (R$ million) Accumulated (R$ million) +17.4% +20.9% 3,446.4 2,934.6 638.6 1,136.0 +10.9% 939.8 +9.3% 213.9 575.7 957.3 195.7 808.8 319.6 +18.4% 238.9 +33.8% 1,550.1 1,850.5 505.2 +19.3% 602.5 +19.4% 3Q24 3Q25 9M24 9M25 Kroton Med On-Site DL Kroton Med On-Site DL • Net Revenue gre
Slide 7: Gross Profit and Gross Margin
Gross Profit and Gross Margin Quarter (R$ million) Accumulated (R$ million) Gross Margin 80.6% 81.3% 79.4% 79.9% +18.4% 2,801.6 +0.7 p.p. vs 9M24 Kroton Total +21.5% 2,365.7 +9.0% 457.3 907.3 419.5 746.6 +4.0% 145.9 600.9 -1.3 p.p. vs 9M24 Kroton Med 140.3 198.2 491.9 +22.2% 135.6 +46.2% 1,743.4 470
Slide 8: Costs and Expenses - Quarter (R$ million)
Costs and Expenses¹ - Quarter (R$ million) +26.0% 774.4 38.7 614.4 156.5 33.0 % NOR 3Q24 3Q25 D 58.5 Corporate Expenses 3.5% 3.4% -0.1 p.p 228.5 219.3 PDA 6.2% 13.8% +7.6 p.p 122.0 Operational Expenses 23.3% 20.1% -3.2 p.p 110.4 Selling and Marketing Expenses 11.7% 10.7% -1.0 p.p 193.2 228.7 Total C
Slide 9: Costs and Expenses - Accumulated (R$ million)
Costs and Expenses¹- Accumulated (R$ million) +17.5% 2,216.7 112.5 1,886.8 96.5 460.5 269.2 639.3 605.2 347.0 359.6 568.9 644.8 9M24 9M25 • Costs and expenses in 9M25 totaled R$ 2,216.7 million, an increase of 17.5% compared to 9M24; • Increase in the ratio of PDA/NOR, due to higher provisions drive
Slide 10: PDA Adjustment (Kroton Proforma) and ACP
PDA Adjustment (Kroton Proforma) and ACP Ajuste PCLD Average Collection Period (Payers) 47 48 45 47 44 44 36 37 34 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 • We changed the allocation of discounts for inactive students, which until 3Q24 reduced Net Revenue, to be recorded as PDA starting in 4Q24
Slide 11: Recurring EBITDA and Margin EBITDA
Recurring EBITDA and Margin EBITDA Quarter (R$ million)) Accumulated (R$ million) 37.3% 35.8% 36.7% 32.6% +15.8% 1,266.4 1,094.0 +10.1% 336.6 370.5 3Q24 3Q25 9M24 9M25 Recurring EBITDA Margin Recurring EBITDA Margin • A 10.1% increase in Recurring EBITDA, with a 3.2 p.p. contraction in • Year to dat
Slide 12: Vasta Educação
Slide 13: Net Revenue
Net Revenue Quarter (R$ million) Cycle (R$ million) +13.6% 1,737.4 1,529.4 66.8 118.6 69.0 102.5 -3.2% +13.4% +15.7% 1,552.0 220.2 n.a. 249.7 1,357.9 14.3 20.8 17.0 +14.3% +45.0% 205.9 +2.9% 211.9 3Q24 3Q25 Cycle 2024 Cycle 2025 B2G Non-Subscription Subscription B2G Non-Subscription Subscription • N
Slide 14: ACV 2025 grows 14.3% vs. 2024
ACV 2025 grows 14.3% vs. 2024 Trimestre (R$ milhões) Annual Contract Value (R$ million) ACV Breakdown (R$ million) 1,552 CAGR 1,358 239 1552 +17.5% 1358 1,550 1207 191 1,350 1.024 1,230 692 741 1,000 853 1,313 716 1,167 Cycle Cycle Cycle Cycle Cycle Cycle 2024 Sales Cycle 2025 Sales Cycle 2020 2021
Slide 15: Recurring EBITDA and Margin EBITDA
Recurring EBITDA and Margin EBITDA Quarter (R$ million) Cycle (R$ million) 28.4% 27.7% +10.6% 9.2% 480.9 8.4% 435.0 +25.4% 23.1 18.4 3Q24 3Q25 Cycle 2024 Cycle 2025 Recurring EBITDA Margin Recurring EBITDA Margin • Recurring EBITDA increased by 25.4%, driven by growth across all • Recurring EBITDA r
Slide 16: Costs and Expenses - Quarter (R$ million)
Costs and Expenses¹ - Quarter (R$ million) +12.7% 224.8 199.4 15.8 7.6 14.3 33.1 7.8 24.9 77.4 63.7 88.7 90.9 3Q24 3Q25 • Costs and Expenses in 3Q25 totaled R$ 224,8 million, an increase of 12.7%, with a dilution of -0.5 p.p. as a percentage of revenue; • Operational Expenses increased by 2.0 p.p.,
Slide 17: Costs and Expenses - Cycle (R$ million)
Costs and Expenses¹ - Cycle (R$ million) +14.8% 1,246.6 63.1 1,085.8 53.0 59.6 130.8 60.2 130.5 329.7 277.6 670.0 557.9 Cycle 2024 Cycle 2025 • Costs and Expenses in the 2025 cycle totaled R$ 1,246.6 million, an increase of 14.8%, with a 0.8 p.p. increase as a percentage of revenue; • PDA improved b
Slide 18: SABER
SABER ©
Slide 19: Net Revenue
Net Revenue Quarter (R$ million) Accumulated (R$ million) -9.2% 399.6 362.8 +9.4% -36.6% 145.7 186.5 118.3 133.2 -0.8% 89.5 31.6 n.a 69.5 90.3 66.4 +4.7% +17.0% 15.9 175.0 13.6 115.0 29.3 +37.6% 40.3 +52.2% 3Q24 3Q25 9M24 9M25 NTBP Langueges Others NTBP SETS Langueges Others • Net Revenue grew 9.4%
Slide 20: Recurring EBITDA and Margin EBITDA
Recurring EBITDA and Margin EBITDA Quarter (R$ million) Accumulated (R$ million) 21.6% 22.5% 16.9% 18.9% +16.4% 78.5 67.5 -8,2% 30.0 27.5 3Q24 3Q25 9M24 9M25 Recurring EBITDA Margin Recurring EBITDA Margin • Recurring EBITDA fell by 8.2% with a decline of 3.6 p.p. in the margin, • Year-to-date, recu
Slide 21: Consolidated
Slide 22: Net Revenue
Net Revenue Quarter (R$ million) Accumulated (R$ million) +13.0% 4,815.6 4,261.9 +18.9% 1,523.4 1,281.6 3Q24 3Q25 9M24 9M25 • Consolidated Net Revenue grew +18.9%, reaching R$ 1,523.4 million, • Year-to-date, Net Revenue reached R$ 4,815.6 million, an driven by growth across all three business units
Slide 23: Recurring EBITDA and Margin EBITDA
Recurring EBITDA and Margin EBITDA Quarter (R$ million) Accumulated (R$ million) 32.0% 31.8% +12.4% 30.0% 1,530.4 27.7% 1,362.1 +9.8% 385.0 422.7 3Q24 3Q25 9M24 9M25 Recurring EBITDA Margin Recurring EBITDA Margin • Consolidated Recurring EBITDA grew 9.8%, reaching R$ 422.7 million, • Year-to-date,
Slide 24: Net Profit and Net Margin
Net Profit and Net Margin Quarter (R$ million) Accumulated (R$ million) 12.6% 8.4% -2.3% -1.1% +982.4% +757.9% 405.5 191.6 -29.1 -46.0 3Q24 3Q25 9M24 9M25 Net Margin Net Margin • In 3Q25, Net Income reached R$ 191.6 million vs. a loss in 3Q24, reflecting • Year-to-date, Net Income reached R$ 405.5 m
Slide 25: Cash Generation
Cash Generation Quarter (R$ million) Accumulated (R$ million) +197.9% +3.1% +32.8% 939.5 -1.9% 707.2 400.1 392.5 583.9 291.2 300.1 395.4 196.0 3Q24 3Q25 9M24 2024 9M25 OCG after Capex Free Cash Flow¹ OCG after Capex Free Cash Flow¹ FCF 2024¹ • OCG was R$ 392.5 million, R$ 7.6 million lower vs. 3Q24;
Slide 26: Cash Position and Indebtedness
Cash Position and Indebtedness • At the end of 3Q25, total Cash and Cash Equivalents Breakdown of Net Debt (R$ million) amounted to R$ 1,277.0 million, 13.4% higher vs. 3Q24; • The next maturit of debenture principal will be in May 2027 in 106 116 3,853 the amount of R$ 607.0 million related to COGN
Slide 27: Leverage and Indebtedness
Leverage and Indebtedness 3.50x • At the end of 3Q25, the leverage ratio reached 1.11x, the lowest level since 4Q18; 1.58x • The company maintained its deleveraging trend, driven by cash generation used for debt prepayment, as well as cost 1.35x and expense reduction; 1.28x 1.22x 1.11x • Net debt de
Slide 28: We continue the year focused on our Strategic Pillars
We continue the year focused on our Strategic Pillars... Revenue showed double-digit growth in Kroton and Vasta, even in a more competitive market due to the New Regulatory Growth Framework. Performance was driven by a growing student base and average ticket in higher education and growth in ACV in
Slide 29: ri.cogna.com.br dri@cogna.com.br
ri.cogna.com.br dri@cogna.com.br