Cogna Educacao S.a. · BMFBOVESPA:COGN3
Cogna Educacao — Q4 2024 Earnings Presentation
28 slides from Cogna Educacao's earnings presentation, Mar 13, 2025
Slide 1: Results 4Q24
Results 4Q24 March 13, 2025
Slide 2: Disclaimer
Disclaimer O material que segue é uma apresentação de informações gerais da Cogna Educação S.A (“Cogna”). Tratam-se de informações resumidas sem intenção de serem completas, que não devem ser consideradas por investidores potenciais como recomendação. Esta apresentação é estritamente confidencial e
Slide 3: Achievement of the Recurring EBITDA and OCG after Capex guidance for 2024
Achievement of the Recurring EBITDA and OCG after Capex guidance for 2024 R$ 2.17 Billion R$ 1.05 Billion Reaching the guidance range Exceeding the guidance Recurring EBITDA (R$ million) OCG after Capex (R$ million) CAGR +33.2% 2,174 2,100 CAGR 1,736 1,045 1,000 1,460 +44.5% 1,260 653 494 540 690 24
Slide 4: Message from Management
Message from Management ✓ Net Revenue of Cogna growing double digits in 4Q24 +13.2% and +8.9% in 2024; ✓ Growth in Recurring EBITDA of +47.2% with strong margin expansion +8.7p.p., the fifteenth consecutive quarter of value generation increase; ✓ Saber exceeded the Recurring EBITDA guidance, reachin
Slide 5: Kroton
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Slide 6: Operational Performance
Operational Performance Student Intake (thousand) Semester Dropout Rate Final Student Base (thousand) 10.5% -14.1% 21.9% 21.4% 1,054.7 303.3 20.6% 954.1 37.2 7.4 20.2% 33.5 141.7 22.9 260.4 140.0 6.9 +11.0% 21.7 -5.8% Kroton Med Kroton Med +1.2% 273.0 -5.6% 15.2% 14.2% 875.8 On-Site 231.8 On-Site 78
Slide 7: Net Revenue
Net Revenue Quarter (R$ million) Accumulated (R$ million) 15.9% 11.4% 1,121.8 4,056.4 3,640.6 968.3 214.3 790.0 694.0 194.1 +10.4% +13.8% 314.8 1,123.6 Kroton Med Kroton Med 1,120.0 275.4 +14.3% +0.3% On-Site On-Site 592.7 1,826.6 2,142.8 498.8 +18.8% +17.3% DL DL 4Q23 4Q24 2023 2024 Kroton Med On-S
Slide 8: Financial Performance
Financial Performance Gross Profit - Quarter (R$ million) Gross Profit – Accumulated (R$ million) Gross Margin - Quarter 13.2% +2.8p.p. vs 4Q23 Kroton Total 20.1% 3,276.2 910.5 2,895.0 573.8 758.4 154.4 +9.9% 489.6 -0.3p.p. vs 4Q23 Kroton Med 692.9 +17.2% 140.5 201.0 Kroton Med 692.6 Kroton Med 155.
Slide 9: Costs and Expenses (R$ million)
Costs and Expenses (R$ million) 3.0% 778.8 802.3 40.0 % NOR 4Q23 4Q24 46.7 93.0 Corporate Expenses 4.8% 3.6% -1.2p.p. 245.9 PDA 9.6% 21.9% +12.3p.p. 286.6 216.3 Operating Expenses 29.6% 19.3% -10.3p.p. 142.6 88.8 Selling and Marketing Expenses 14.7% 7.9% -6.8p.p. 209.9 211.3 Direct Costs 21.7% 18.
Slide 10: Costs and Expenses – Year (R$ million)
Costs and Expenses – Year (R$ million) 3.5% 2,598.7 2,689.0 136.5 % NOR 2023 2024 141.2 378.7 515.1 Corporate Expenses 3.9% 3.4% -0.5p.p. PDA 10.4% 12.7% +2.3p.p. 935.5 821.5 Operating Expenses 25.7% 20.3% -5.4p.p. 397.8 435.7 Selling and Marketing Expenses 10.9% 10.7% -0.2p.p. 745.5 780.2 Direct
Slide 11: Recurring EBITDA and Margin EBITDA
Recurring EBITDA and Margin EBITDA Quarter (R$ million) Accumulated (R$ million) 35.0% 29.1% 31.4% 21.7% 24.2% 1,421.0 55.4% 327.0 1,144.2 210.4 4Q23 4Q24 2023 2024 Recurring EBITDA Margin ✓ Significant increase of 55.4% in Recurring EBITDA in 4Q24 with an expansion of 7.4p.p. in EBITDA margin, reac
Slide 12: Slide 12
Slide 13: Net Revenue
Net Revenue Quarter (R$ million) Accumulated (R$ million) 12.6% 1,674.2 26.1% +29.1% 104.9 1,486.3 107.0 698.9 81.2 n.a. 35.8 127.0 -15.7% 554.1 43.8 39.2 +11.6% +20.3% +14.4% 1,462.3 619.3 1,278.1 514.9 4Q23 4Q24 2023 2024 B2G No-Subscription Subscription ✓ Subscription grows 20.3% in the quarter a
Slide 14: Costs and Expenses (R$ million)
Costs and Expenses¹ (R$ million) 23.9% 396.4 % NOR 4Q23 4Q24 17.5 21.8 25.3 Corporate Expenses 3.2% 3.9% -0.7p.p. 320.0 17.6 29.0 72.2 PDA 5.2% 3.1% -2.1p.p. 27.7 67.1 Operating Expenses 5.0% 3.6% -1.4p.p. 259.6 Selling and Marketing Expenses 12.1% 10.3% -1.8p.p. 178.6 Direct Costs 32.2% 37.1% +4.
Slide 15: Costs and Expenses - Year (R$ million)
Costs and Expenses¹ - Year (R$ million) 9.2% 1,162.1 % NOR 4Q23 4Q24 1,064.3 59.5 53.0 53.3 Corporate Expenses 3.6% 3.6% - 55.8 128.1 141.0 282.7 PDA 3.8% 3.2% -0.6p.p. 246.1 Operating Expenses 9.5% 7.7% -1.8p.p. 568.1 638.8 Selling and Marketing Expenses 16.6% 16.9% +0.3p.p Direct Costs 38.2% 38.
Slide 16: Recurring EBITDA e Margem EBITDA
Recurring EBITDA e Margem EBITDA Quarter (R$ million) Accumulated (R$ million) 43.0% 42.3% 29.9% 28.0% 28.1% 20.2% 300.3 501.0 416.8 234.4 4Q23 4Q24 2023 2024 Recurring EBITDA Margin ✓ 28.1% growth in Recurring EBITDA driven by operational efficiency gains and sales mix due to the growth of Subscrip
Slide 17: Saber
SABER’:
Slide 18: Net Revenue
Net Revenue Quarter (R$ million) Accumulated (R$ million) -5.5% -3.5% 402.1 807.9 779.3 379.8 4Q23 4Q24 2023 2024 ✓ Reduction in Net Revenue for the quarter and year-to-date due to: i. reduction in NBTP Net Revenue, as the commercial calendar includes only Repurchases; ii. sale of higher education b
Slide 19: Recurring EBITDA and EBITDA Margin
Recurring EBITDA and EBITDA Margin Quarter (R$ million) Accumulated (R$ million) 50.1% 33.1% 26.7% 21.7% 47.2% 77.6% 257.8 190.3 Guidance 175.2 R$230.0 107.2 4Q23 4Q24 2023 2024 Recurring EBITDA Margin ✓ Saber exceeding Recurring EBITDA guidance, reaching R$257.8 ✓ 47.2% growth in Recurring EBITDA y
Slide 20: Cogna Educação
EDUCACAO
Slide 21: Net Revenue
Net Revenue Quarter (R$ million) Accumulated (R$ million) 13.2% 8.9% 2,160.6 6,422.4 5,895.5 1,908.9 4Q23 4Q24 2023 2024 ✓ In 4Q24, Cogna's Consolidated Net Revenue grew by 13.2%, reaching R$2,160.6 million, as a result of revenue growth in all business units; ✓ Year-to-date, Net Revenue reached R$6
Slide 22: Recurring EBITDA and EBITDA Margin
Recurring EBITDA and EBITDA Margin Quarter (R$ million) Accumulated (R$ million) 37.6% 33.9% 28.9% 29.4% 25.2% 2,174.4 Guidance 1,736.1 R$2,100.0 47.2% 812.3 551.9 4Q23 4Q24 2023 2024 Recurring EBITDA Margin ✓ Double-digit growth both in the quarter and year-to-date, demonstrating the Company's comm
Slide 23: Net Profit
Net Profit Quarter (R$ million) Accumulated (R$ million) 42.9% 13.7% -20.8% -8.4% 278.5% 333.0% 879.9 925.8 -397.4 -492.9 4Q23 4Q24 2023 2024 Net Margin ✓ Year-to-date, Net Income reached R$879.9 million, due to: i. net Revenue optimization; ii. strong Cash Generation; iii. recurring EBITDA growth;
Slide 24: Operating Cash Generation (OCG) after Capex
Operating Cash Generation (OCG) after Capex Quarter (R$ million) Accumulated (R$ million) 51.5% 48.0% 43.6% 41.5% 16.9% 1,044.6 40.1% 893.5 Guidance R$1,000.0 337.3 240.8 4Q23 4Q24 2023 2024 Conversion of Recurring EBITDA into OCG ✓ In the 4th quarter, Operating Cash Generation (OCG) was R$337.3 mil
Slide 25: Leverage and Indebtedness
Leverage and Indebtedness ✓ At the end of 4Q24, the leverage indicator reached a 3.50x level of 1.35x, the lowest leverage level since 4Q18. ✓ In 4Q24, the company advanced with Liability Management operations, finalizing the 14th debenture 1.83x 1.79x 1.79x issuance in the amount of R$500 million,
Slide 26: Cash Position and Indebtedness
Cash Position and Indebtedness Breakdown of Net Debt (R$ million) ✓ Net debt reduced by R$397 million or 12.1% in 4Q24 4,000 111 101 4,212 compared to 4Q23, going from R$3,278 million to R$2,880 million, mainly due to the company's cash generation in the 1,332 2,880 fiscal year. ✓ At the end of 4Q24
Slide 27: We finished 2024 focused on our strategic pillars
We finished 2024 focused on our strategic pillars.... Continuous growth in enrollment revenue and improvement in re-enrollment at Kroton, increased sales to B2G, and Growth growth in subscription revenue. At Saber, increased sales of Acerta Brasil Solutions. Kroton won 10 major market experience awa
Slide 28: Results 4Q24
Results 4Q24 March 13, 2025