Group 1 - The article emphasizes a long-only investment strategy that evaluates companies from an operational and buy-and-hold perspective, focusing on long-term earnings power and competitive dynamics rather than market-driven price actions [1] - Quipus Capital's approach is to hold most companies, indicating that only a small fraction should be considered a buy at any given time, which is a deliberate strategy to provide valuable information for future investors [1] - The hold articles serve to introduce a healthy skepticism in a generally bullish market, highlighting the importance of operational aspects in investment decisions [1] Group 2 - The article does not disclose any stock, option, or derivative positions in the companies mentioned, nor does it plan to initiate any such positions in the near future [2] - The opinions expressed in the article are solely those of the author and are not influenced by any business relationships with the companies discussed [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not reflect the opinions of the platform as a whole [3]

Financial Data and Key Metrics Changes - Subscription revenue reached $1,340 million, a 16% increase compared to the same period in 2024 [6][14] - Net revenue for the 2025 cycle to date reached $1.488 billion, a 14% increase compared to the same period in 2024 [7][14] - Adjusted EBITDA reached $462 million with a margin of 31.1%, reflecting an 8.1% increase compared to the previous cycle [15][18] - Free cash flow totaled $223 million, an increase of 147% from 2024 [18][19] - Adjusted net losses totaled $29 million, an improvement from the adjusted net loss of $37 million in the same quarter of 2024 [18] Business Line Data and Key Metrics Changes - The complementary solutions business grew by 24%, supported by an expanded student base and market penetration [7] - In the B2G segment, revenue from new customers totaled $9 million, contributing to $14 million from new customers over the last two quarters [7][13] - Non-subscription revenues increased by 98% to $29 million due to seasonal effects [13] Market Data and Key Metrics Changes - The average payment terms for accounts receivable was 153 days, one day higher than the comparable quarter [22] - The net debt position decreased to $917 million, down $46 million from the previous quarter [22][23] Company Strategy and Development Direction - The company is committed to innovation and inclusion, with plans to introduce new tools focusing on equity and personalized learning in 2026 [11] - The strategy includes diversifying the B2G portfolio into states and municipalities, with a positive outlook for new contracts [30] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for the commercial cycle and expects continued growth in complementary products [28][30] - The company anticipates a strong performance in the second half of the year, particularly in B2G contracts [36][38] Other Important Information - The company has implemented operational discipline measures, including automation in collection processes and centralized payment scheduling [19] - The net debt to last twelve months adjusted EBITDA ratio decreased to 1.9 times, down from 2.28 times in Q2 2024 [10][23] Q&A Session Summary Question: Comments on the commercial cycle and competitive environment - Management noted a positive outlook for complementary products and a strong portfolio supporting growth despite market competition [28][30] Question: Outlook for B2G contracts in an election year - Management indicated that while there is uncertainty, new governors and mayors may be open to new contracts, maintaining a positive outlook [32] Question: Impact of premium schools on EBITDA margin - Management confirmed that premium products and growth have positively influenced margins, with expectations for Q4 to exceed 30% [36] Question: Expectations for B2G in the second half of the year - Management expects growth in B2G contracts, particularly with the recognition of the Para contract and new customer acquisitions [36][38] Question: Start Anglo operations and non-subscription revenue - Management expects new contracts for Start Anglo to begin operations in 2026, with non-subscription revenue driven by tuition from flagship schools [43][44]

competitors in the education services industry, and therefore, our measures may not be comparable to those of other companies. 2 Highlights Cycle 2025 2Q25 Earnings Presentation August 6, 2025 INDEX DISCLAIMER This presentation contains forward-looking statements that can be identified using forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. Forward-looking statements appear in several places in this presentation an ...

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 | | | --- | --- | | Six-month period ended June 30, 2025 | Page | | Unaudited Condensed Interim Consolidated Statements of Financial Position as of June 30, 2025 and December 31, 2024 ...

Core Viewpoint - Vasta Platform Limited (VSTA) is currently viewed as a more attractive option for value investors compared to Universal Technical Institute (UTI) based on various valuation metrics and earnings outlook [1][3][7] Valuation Metrics - VSTA has a forward P/E ratio of 13.74, significantly lower than UTI's forward P/E of 30.19, indicating that VSTA may be undervalued [5] - The PEG ratio for VSTA is 0.28, while UTI's PEG ratio is 2.01, suggesting that VSTA offers better value relative to its expected earnings growth [5] - VSTA's P/B ratio stands at 0.39, compared to UTI's P/B of 5.91, further highlighting VSTA's relative undervaluation [6] Earnings Outlook - VSTA is experiencing an improving earnings outlook, which is a positive indicator in the Zacks Rank model, suggesting that its earnings estimates are likely to rise [3][7] - UTI, on the other hand, holds a Zacks Rank of 3 (Hold), indicating a less favorable earnings outlook compared to VSTA's 2 (Buy) rank [3]

Core Insights - Vasta Platform Limited (VSTA) reported quarterly earnings of $0.05 per share, missing the Zacks Consensus Estimate of $0.06 per share, and down from $0.13 per share a year ago, representing an earnings surprise of -16.67% [1] - The company posted revenues of $73.4 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 4.84%, and down from $93.06 million year-over-year [2] - Vasta Platform shares have increased approximately 115.5% since the beginning of the year, contrasting with a -4.3% decline in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.04 on revenues of $63.11 million, while for the current fiscal year, the estimate is $0.27 on revenues of $324.34 million [7] - The estimate revisions trend for Vasta Platform is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Technology Services industry, to which Vasta Platform belongs, is currently ranked in the top 27% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Data and Key Metrics Changes - In the first quarter of 2025, net revenue increased by 11% to reach BRL1.19 billion, driven by the successful conversion of annual contract value into revenue, which is a 17% increase compared to the same period in 2024 [8] - Adjusted EBITDA for the 2025 cycle to date was BRL420 million with a margin of 37.2%, an increase of 5% from BRL402 million in the last cycle [9][10] - Free cash flow totaled BRL144 million in the 2025 sales cycle, representing a 176% increase compared to the same period in 2024 [10][18] Business Line Data and Key Metrics Changes - Complementary solutions showed the highest growth rate among business segments with a 24% expansion compared to the same period last year [8] - Subscription revenue increased by 17% to BRL1.019 billion, representing 90% of total revenue, while non-subscription revenue dropped by 6% [14] - Adjusted net profit for the first quarter of 2025 totaled BRL26 million, a 49% increase compared to the same quarter in 2024 [17] Market Data and Key Metrics Changes - In the government segment, revenues generated from five new contracts amounted to BRL5 million, compared to BRL69 million in the first quarter of 2024 [14] - The net revenue of B2G reached BRL41 million, a decrease of 40% compared to the 2024 sales cycle [14] Company Strategy and Development Direction - The company is focused on operational efficiency and cost-saving measures, which have positively impacted profitability [9] - Continuous development of the technological platform, Lural, aims to enhance service delivery and educational inclusivity [11] - The company expects stable margins for 2025, with a focus on maintaining a strong product mix [26] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging credit landscape for non-premium brands but remains committed to generating free cash flow and reducing net debt [20][22] - The company is optimistic about the pipeline for new contracts in B2G and expects to see sound growth in this segment [32] Other Important Information - The average payment terms for accounts receivables were 180 days, which is eight days higher than the comparable quarter [20] - The net debt position decreased by BRL40 million from the previous quarter, attributed to positive cash flow generation [21] Q&A Session Summary Question: How do you see margins for 2025 comparing to 2024? - Management expects stable margins for 2025, likely above 30%, with Q1 and Q2 having lower margins due to marketing spending concentration [26] Question: What is the strategy in terms of mix and expectations for the B2G business? - The strategy includes a focus on enhancing the mix in B2G, with expectations for new contracts to improve performance in Q2 and Q3 [27][28] Question: Do you expect a lower B2G revenue this year or should there be seasonality? - Management indicated that the seasonality for B2G should be similar to previous years, with a normal distribution expected [31]

Financial Data and Key Metrics Changes - In Q1 2025, net revenue increased by 11% to reach BRL1.19 billion, driven by the successful conversion of annual contract value into revenue [8][12] - Adjusted EBITDA for the 2025 cycle to date was BRL420 million with a margin of 37.2%, a 5% increase from BRL402 million in the last cycle [9][13] - Free cash flow totaled BRL144 million in the 2025 sales cycle, representing a 176% increase compared to the same period in 2024 [9][16] Business Line Data and Key Metrics Changes - Complementary solutions showed the highest growth rate among business segments with a 24% expansion compared to the same period last year [8] - Subscription revenue increased by 17% to BRL1.019 billion, representing 90% of total revenue, while non-subscription revenue dropped by 6% [12] - Adjusted net profit for Q1 2025 totaled BRL26 million, a 49% increase compared to the same quarter of 2024 [15] Market Data and Key Metrics Changes - In the government segment, revenues generated were BRL5 million from five new contracts, a decrease from BRL69 million in Q1 2024 [12] - The net revenue of B2G reached BRL41 million, a decrease of 40% compared to the 2024 sales cycle [12] Company Strategy and Development Direction - The company is focusing on operational efficiency and cost-saving measures, which have positively impacted profitability [9] - Continuous development of the technological platform, Lural, aims to enhance service delivery and educational inclusivity [10] Management's Comments on Operating Environment and Future Outlook - Management expects stable margins for 2025, with a forecast of similar margins to 2024 despite lower margins in Q1 and Q2 due to marketing spending [24] - There is a positive outlook for B2G contracts, with expectations for growth and a healthy pipeline of new contracts [30] Other Important Information - The last twelve months free cash flow to adjusted EBITDA conversion rate improved from 42.5% to 50.8% [17] - The net debt position decreased by BRL77 million since last year, driven by free cash flow generation [20] Q&A Session Summary Question: How do you see margins for 2025 comparing to 2024? - Management expects stable margins for 2025, likely above 30%, with Q1 and Q2 having lower margins due to marketing spending [24] Question: What is the strategy in terms of mix and expectations for the B2G business? - The strategy includes a concentration in B2G with new contracts expected in Q2, and complementary products are anticipated to grow above 20% [26] Question: Do you expect a lower B2G revenue this year or should there be seasonality? - Management indicated a more normal seasonality for B2G, with expectations for growth in 2025 and a heated pipeline of new contracts [30]

Financial Performance - Subscription Revenue increased by 17% to R$420 million[8] - Net Revenue increased by 11% compared to 2024[12] - Free Cash Flow increased significantly, reaching R$144 million, which is 176% higher than the R$52 million in 2024[10] - Adjusted EBITDA increased by 5% to R$18 million, reaching R$420 million compared to R$402 million in 2024[8] - Adjusted Net Profit decreased by 48.6% to R$26 million in 1Q25 compared to R$50 million in 1Q24[27] Margins - Adjusted EBITDA Margin decreased to 37.2% compared to 39.6% in 2024[8] - LTM FCF / LTM Adjusted EBITDA conversion improved to 50.8%, an 8.3 percentage point increase from 42.5% in 2024[11] - Gross Margin decreased, impacted by lower revenue in the period[21] Revenue Breakdown - Subscription revenue increased by 16.9% cycle to date[13] - Non-subscription revenue decreased by 27% in 1Q25 and 6.4% cycle to date[13] - B2G revenue decreased by 6.6% in 1Q25 and 40.5% cycle to date[13] Debt and Receivables - Net Debt decreased by R$77 million cycle to date[44] - Provision for Doubtful Accounts (PDA) as a percentage of net revenue decreased to 3.0% cycle to date, compared to 4.2% in 2024[35] - Average Days of Accounts Receivable increased by 8 days year-over-year[38]

[Unaudited Condensed Interim Consolidated Financial Statements](index=1&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section presents the company's unaudited condensed interim consolidated financial statements, including the balance sheet, profit or loss, changes in equity, cash flows, and detailed notes [Consolidated Statements of Financial Position (Balance Sheet)](index=3&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of March 31, 2025, total assets slightly increased to R$7,214.2 thousand, with a shift from cash to marketable securities, while liabilities marginally rose and equity slightly decreased Statement of Financial Position Summary (in thousands of R$) | Account | March 31, 2025 (R$ thousand) | December 31, 2024 (R$ thousand) | | :--- | :--- | :--- | | **Total Current Assets** | 1,519,625 | 1,466,325 | | Cash and cash equivalents | 12,345 | 84,532 | | Marketable securities | 245,941 | 111,313 | | Trade receivables | 859,079 | 863,244 | | **Total Non-current Assets** | 5,694,531 | 5,738,830 | | Intangible assets and goodwill | 5,122,213 | 5,160,785 | | **Total Assets** | **7,214,156** | **7,205,155** | | **Total Current Liabilities** | 1,252,046 | 1,244,172 | | **Total Non-current Liabilities** | 970,400 | 967,672 | | **Total Liabilities** | **2,222,446** | **2,211,844** | | **Total Shareholder's Equity** | **4,991,710** | **4,993,311** | | **Total Liabilities and Equity** | **7,214,156** | **7,205,155** | [Consolidated Statements of Profit or Loss](index=5&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Profit%20or%20Loss) For Q1 2025, the company reported a net loss of R$3.4 thousand, a significant decline from a profit in Q1 2024, due to decreased net revenue and increased operating expenses Profit or Loss Summary (in thousands of R$) | Account | March 31, 2025 (R$ thousand) | March 31, 2024 (R$ thousand) | | :--- | :--- | :--- | | Net revenue from sales and services | 430,392 | 460,716 | | Gross profit | 289,179 | 320,633 | | Operating income (expenses) | (242,871) | (224,582) | | Profit before finance result and taxes | 44,386 | 92,991 | | (Loss) profit for the period | (3,376) | 21,942 | | Basic (loss) profit per share | (0.04) | 0.27 | | Diluted (loss) profit per share | (0.04) | 0.30 | - The decline in profitability was influenced by lower net revenue, which fell from **R$460.7 thousand** to **R$430.4 thousand**, and higher commercial expenses, which rose from **R$73.3 thousand** to **R$97.7 thousand** year-over-year[7](index=7&type=chunk) [Consolidated Statements of Changes in Equity](index=6&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total shareholder's equity slightly decreased to R$4,991.7 thousand as of March 31, 2025, primarily due to the net loss for the period, partially offset by share-based compensation - The key movements in equity for the three months ended March 31, 2025 include: - Net loss for the period: **(R$3,267 thousand)** attributable to controlling shareholders[8](index=8&type=chunk) - Share-based compensation granted and issued: **R$1,775 thousand**[8](index=8&type=chunk) - Vested share-based compensation leading to a transfer to treasury shares: **R$179 thousand**[8](index=8&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2025, the company reported a net decrease in cash and cash equivalents of R$72.2 thousand, driven by significant cash used in investing activities despite positive operating cash flow Cash Flow Summary (in thousands of R$) | Activity | March 31, 2025 (R$ thousand) | March 31, 2024 (R$ thousand) | | :--- | :--- | :--- | | Net cash from operating activities | 89,597 | 44,170 | | Net cash used in investing activities | (156,249) | (34,830) | | Net cash used in financing activities | (5,535) | (37,990) | | **Net decrease in cash and cash equivalents** | **(72,187)** | **(28,650)** | | Cash and cash equivalents at end of period | 12,345 | 67,214 | - The significant cash outflow in investing activities was driven by a net purchase of marketable securities amounting to **R$129.8 thousand** (**R$319.0 thousand** purchased vs. **R$189.2 thousand** in proceeds)[10](index=10&type=chunk) [Notes to the Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Consolidated%20Statements) The notes provide detailed explanations of accounting policies and breakdowns of significant financial statement items, covering financial risk, instruments, assets, liabilities, related parties, and revenue recognition [Note 1 & 2: Company Overview and Basis of Presentation](index=9&type=section&id=1.%20The%20Company%20and%20Basis%20of%20Presentation) Vasta Platform Limited, a Cogna Educação S.A. subsidiary, provides K-12 educational solutions in Brazil, with interim financial statements prepared under IAS 34 in thousands of Brazilian Reais - The company is a technology-powered education content provider for the K-12 segment and is a subsidiary of Cogna Educação S.A[12](index=12&type=chunk)[13](index=13&type=chunk) - The financial statements have been prepared in accordance with **IAS 34 – Interim Financial Reporting** and are presented in thousands of Brazilian Reais (R$)[14](index=14&type=chunk)[15](index=15&type=chunk) [Note 5: Financial Risk Management](index=10&type=section&id=5.%20Financial%20Risk%20Management) The company manages market, credit, and liquidity risks, with its gearing ratio increasing to 59% as of March 31, 2025, reflecting changes in its capital structure - The company's main financial risks are market risk (interest rate fluctuations on CDI and IPCA indexed debt), credit risk (trade receivables), and liquidity risk[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) Capital Management - Gearing Ratio | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net debt (i) (R$ thousand) | 1,845,262 | 1,798,568 | | Total shareholder's equity (R$ thousand) | 4,991,710 | 4,993,311 | | Gearing ratio (%) | 59% | 56% | Financial Liabilities by Maturity (as of March 31, 2025, in thousands of R$) | Liability | Less than one year (R$ thousand) | Between one and two years (R$ thousand) | Over two years (R$ thousand) | Total (R$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Bonds | 273,907 | - | 497,820 | 771,727 | | Lease liabilities | 23,253 | 9,251 | 77,876 | 110,380 | | Accounts payable for business combination | 224,643 | 222,916 | 1,908 | 449,467 | [Note 9: Trade Receivables](index=16&type=section&id=9.%20Trade%20receivables) Net trade receivables slightly decreased to R$859.1 thousand as of March 31, 2025, with a significant portion not yet due and a provision for impairment losses Maturities of Trade Receivables (in thousands of R$) | Status | March 31, 2025 (R$ thousand) | December 31, 2024 (R$ thousand) | | :--- | :--- | :--- | | Not yet due | 728,441 | 693,581 | | Past due (Total) | 207,493 | 221,635 | | Impairment losses | (87,590) | (89,751) | | **Net Trade Receivables** | **859,079** | **863,244** | [Note 14: Bonds](index=20&type=section&id=14.%20Bonds) Total bonds outstanding were R$771.7 thousand as of March 31, 2025, with the company in compliance with its Net Debt / Adjusted EBITDA covenant of 2.17 against a 3.50% limit - The company was in compliance with its bond covenants, with a **Net Debt / Adjusted EBITDA ratio of 2.17**, below the required maximum of **3.50%**[71](index=71&type=chunk)[73](index=73&type=chunk) Bond Maturities (in thousands of R$) | Maturity | March 31, 2025 (R$ thousand) | % | | :--- | :--- | :--- | | One year or less (Current) | 273,907 | 35.5% | | Over one year (Non-current) | 497,820 | 64.5% | | **Total** | **771,727** | **100.0%** | [Note 20: Related Parties](index=24&type=section&id=20.%20Related%20parties) The company conducts significant transactions with related parties, including R$771.7 thousand in bonds payable to Cogna Educação S.A., and incurred R$3.6 thousand in key management compensation Key Related Party Balances (March 31, 2025, in thousands of R$) | Counterparty | Nature | Amount (R$ thousand) | | :--- | :--- | :--- | | Cogna Educação S.A. | Bonds Payable | 771,727 | | Cogna Educação S.A. | Indemnification Asset | 154,812 | | Editora Ática S.A. | Other Liabilities | 11,072 | | Editora Ática S.A. | Suppliers | 3,602 | - Compensation for key management personnel amounted to **R$3,615 thousand** for the three months ended March 31, 2025, up from **R$2,504 thousand** in the same period of 2024[88](index=88&type=chunk)[90](index=90&type=chunk) [Note 23: Shareholder's Equity](index=31&type=section&id=23.%20Shareholder%27s%20Equity) As of March 31, 2025, total shares outstanding were 83.6 million, with a share capital of R$4,820.8 thousand, resulting in a basic and diluted loss per share of R$0.04 - A share repurchase program for up to **R$62.5 thousand** was concluded on March 31, 2024[105](index=105&type=chunk) Share Ownership Structure (as of March 31, 2025, in units) | Shareholder | Class A (units) | Class B (units) | Total (units) | | :--- | :--- | :--- | :--- | | Cogna Group | - | 64,436,093 | 64,436,093 | | Free Float | 15,774,195 | - | 15,774,195 | | Treasury shares | 3,439,599 | - | 3,439,599 | | **Total** | **19,213,794** | **64,436,093** | **83,649,887** | [Note 24: Net Revenue and Seasonality](index=33&type=section&id=24.%20Net%20Revenue%20from%20sales%20and%20Services) Net revenue for Q1 2025 decreased to R$430.4 thousand, primarily due to declines in Textbooks and Other products and services, reflecting the company's seasonal revenue pattern Net Revenue Breakdown (in thousands of R$) | Category | March 31, 2025 (R$ thousand) | March 31, 2024 (R$ thousand) | | :--- | :--- | :--- | | Learning systems | 318,347 | 257,552 | | Textbooks | 34,266 | 50,730 | | Complementary education services | 47,519 | 49,095 | | Other products and services | 30,260 | 103,339 | | **Total** | **430,392** | **460,716** | - Revenue is subject to seasonality, with the main deliveries and revenue recognition occurring in **Q4** and **Q1**, aligned with the school year[114](index=114&type=chunk) This also impacts working capital needs, which are highest in **Q3** and **Q4**[114](index=114&type=chunk)