PART I [Key Information](index=13&type=section&id=ITEM%203.%20KEY%20INFORMATION) The company faces significant risks from competition, technology dependence, seasonality, Brazilian macroeconomic instability, and a controlling shareholder structure [Risk Factors](index=13&type=section&id=D.%20Risk%20Factors) - The company faces substantial competition and the risk of new entrants, which could lead to **loss of market share and reduced profitability**[63](index=63&type=chunk) - Operations are highly dependent on IT systems and subject to risks from technological change, where failure or security breaches could **negatively impact revenue and reputation**[65](index=65&type=chunk)[66](index=66&type=chunk) - The business is subject to seasonal fluctuations, with revenues concentrated in the first and fourth quarters, impacting **liquidity and cash flow**[81](index=81&type=chunk)[82](index=82&type=chunk) - As of December 31, 2024, the company had **R$762.0 million in total outstanding bonds**, and this significant debt could limit resources for operations and growth[120](index=120&type=chunk) - The Brazilian government's influence over the economy, along with political instability, inflation, and fluctuating interest rates, could **adversely affect the company's business**[197](index=197&type=chunk)[205](index=205&type=chunk) - Parent company Cogna controls **97.6% of the voting power** through its ownership of all Class B shares, limiting the influence of Class A shareholders[227](index=227&type=chunk) - **Material weaknesses in internal controls** over financial reporting were identified as of December 31, 2024, particularly related to general information technology controls (GITCs)[155](index=155&type=chunk)[157](index=157&type=chunk) [Information on the Company](index=47&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) Vasta operates as a leading K-12 education platform in Brazil, formed through acquisitions by its parent Cogna, with a Platform-as-a-Service (PaaS) business model [History and Development of the Company](index=47&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) - The company was formed by consolidating K-12 businesses from Somos Educação and Pitágoras under Vasta after **Cogna acquired Somos in 2018**[261](index=261&type=chunk) - Vasta expanded its portfolio through strategic acquisitions, including Mind Makers, Editora Eleva, Phidelis, and a **51% stake in Escola Start**[266](index=266&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk)[276](index=276&type=chunk) - A share repurchase program concluded on March 31, 2024, with **2,965,791 Class A shares repurchased for R$62.5 million** (US$12.5 million)[277](index=277&type=chunk) - The company began offering products to the public sector (B2G) in 2023, which grew to serve over 290,000 students and represented **6.2% of total revenue in FY 2024**[278](index=278&type=chunk) [Business Overview](index=51&type=section&id=B.%20Business%20Overview) - Vasta operates a Platform-as-a-Service (PaaS) for K-12 schools, comprising a Content & EdTech Platform and a Digital Platform[284](index=284&type=chunk)[372](index=372&type=chunk) Key Operational Metrics (as of Dec 31) | Metric | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Partner Schools | 4,744 | 5,032 | 5,274 | | Enrolled Students (thousands) | 1,432 | 1,539 | 1,589 | - The company's revenue is primarily subscription-based, accounting for **87.3% of total net revenue** from sales and services in FY 2024[289](index=289&type=chunk)[325](index=325&type=chunk) - Growth strategies include converting customers to subscription models, increasing service penetration, expanding into the public school market, and acquiring new technologies[334](index=334&type=chunk)[336](index=336&type=chunk)[340](index=340&type=chunk)[342](index=342&type=chunk) - The Plurall digital platform is a key offering with over **2.2 million registered student users** by the end of 2024[392](index=392&type=chunk)[435](index=435&type=chunk) [Organizational Structure](index=84&type=section&id=C.%20Organizational%20Structure) - Vasta Platform Limited is a Cayman Islands holding company with its main operational subsidiary, Somos Sistemas, based in Brazil[505](index=505&type=chunk)[506](index=506&type=chunk)[507](index=507&type=chunk) [Property, Plants and Equipment](index=85&type=section&id=D.%20Property%2C%20Plants%20and%20Equipment) - The company protects its intellectual property through trademarks and copyrights, owning approximately **581 trademark registrations** for key brands[510](index=510&type=chunk)[511](index=511&type=chunk) - Vasta occupies 14 properties, mostly leased, with property rental and condominium expenses amounting to **R$15.7 million** in FY 2024[513](index=513&type=chunk)[514](index=514&type=chunk) [Operating and Financial Review and Prospects](index=86&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) The company achieved a net profit of R$486.4 million in FY 2024, a significant turnaround driven by a tax contingency reversal, despite a decrease in enrolled students [Operating Results](index=86&type=section&id=A.%20Operating%20Results) FY 2024 vs. FY 2023 Financial Performance | Metric (R$ millions) | 2024 | 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Net Revenue | 1,674.2 | 1,486.2 | 13% | | Gross Profit | 1,020.7 | 915.3 | 12% | | Profit/(Loss) for the Year | 486.4 | (83.0) | N/A | - The significant increase in profit for 2024 was primarily due to a **reversal of tax contingencies**, which positively impacted expenses, finance income, and income tax[580](index=580&type=chunk)[583](index=583&type=chunk)[586](index=586&type=chunk) Key Business Metrics Evolution | Metric | 2024 School Year | 2023 School Year | 2022 School Year | | :--- | :--- | :--- | :--- | | Enrolled Students (thousands) | 1,432 | 1,539 | 1,589 | | ACV Bookings (R$ millions) | 1,350 | 1,230 | 1,000 | | Revenue Retention Rate | 92.8% | 91.4% | 90.7% | Non-GAAP Financial Measures (R$ millions) | Metric | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | 508.4 | 450.6 | 375.3 | | Adjusted Net Profit | 80.3 | 59.6 | 38.6 | [Liquidity and Capital Resources](index=97&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) Statement of Cash Flows Summary (R$ millions) | Cash Flow | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | From Operating Activities | 175.4 | 218.9 | 174.8 | | From Investing Activities | 30.9 | 44.6 | (394.9) | | From Financing Activities | (217.7) | (213.4) | (44.0) | - Net cash from operating activities **decreased by R$43.4 million** in 2024, mainly due to higher interest payments and an increase in trade receivables[590](index=590&type=chunk) - As of December 31, 2024, total outstanding indebtedness was **R$762.0 million**, and the company issued R$500 million in new debentures to refinance existing debt[600](index=600&type=chunk)[603](index=603&type=chunk) - Capital expenditures in 2024 totaled **R$128.3 million**, mainly invested in software, IT equipment, and digital education solutions[610](index=610&type=chunk) [Trend Information](index=101&type=section&id=D.%20Trend%20Information) - The company's performance is materially affected by **Brazilian macroeconomic conditions**, including economic growth, interest rates, inflation, and political instability[614](index=614&type=chunk)[615](index=615&type=chunk) [Directors, Senior Management and Employees](index=102&type=section&id=ITEM%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) The company is led by a seven-member board and an executive team, with aggregate leadership compensation of R$12.5 million in 2024 and a total of 1,808 employees [Directors and Senior Management](index=102&type=section&id=A.%20Directors%20and%20Senior%20Management) - The Board of Directors consists of seven members, including Chairman Rodrigo Calvo Galindo and **three independent directors** who serve on the Audit Committee[619](index=619&type=chunk)[621](index=621&type=chunk) - The executive leadership team includes Guilherme Alves Mélega as Chief Executive Officer and Cesar Augusto Silva as Chief Financial Officer[631](index=631&type=chunk)[632](index=632&type=chunk)[633](index=633&type=chunk) [Compensation](index=105&type=section&id=B.%20Compensation) Aggregate Compensation of Directors and Executive Officers | Year | Aggregate Compensation (R$ millions) | | :--- | :--- | | 2024 | 12.5 | | 2023 | 19.3 | | 2022 | 20.4 | - The company utilizes a Restricted Share Unit (RSU) plan and a Performance-based Restricted Share (PSU) plan as **long-term incentives**[641](index=641&type=chunk)[642](index=642&type=chunk) [Board Practices](index=106&type=section&id=C.%20Board%20Practices) - The Board of Directors has one standing committee, the Audit Committee, which consists of **three independent directors**[648](index=648&type=chunk)[649](index=649&type=chunk) [Employees](index=108&type=section&id=D.%20Employees) Employee Distribution by Function (as of Dec 31, 2024) | Function | Number of Staff | % of Total | | :--- | :--- | :--- | | Customer Relations | 225 | 12.4% | | Content Production | 242 | 13.4% | | Educational Technology | 204 | 11.3% | | Operations | 187 | 10.3% | | Pedagogical | 454 | 25.1% | | Administrative Support | 496 | 27.4% | | **Total** | **1,808** | **100%** | [Major Shareholders and Related Party Transactions](index=110&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) Parent company Cogna holds 97.6% of voting power, and Vasta engages in numerous financial and operational transactions with Cogna and its subsidiaries [Major Shareholders](index=110&type=section&id=A.%20Major%20Shareholders) Beneficial Ownership (as of Dec 31, 2024) | Shareholder | Class B Shares | % of Class B | % of Total Voting Power | | :--- | :--- | :--- | :--- | | Cogna | 64,436,093 | 100.0% | 97.6% | - The dual-class structure, with Class B shares carrying **10 votes each**, ensures Cogna's control over the company[668](index=668&type=chunk)[669](index=669&type=chunk) [Related Party Transactions](index=111&type=section&id=B.%20Related%20Party%20Transactions) - In June 2024, subsidiary Somos Sistema issued **R$500 million in debentures** which were fully subscribed by parent company Cogna to refinance existing debt[673](index=673&type=chunk) - An indemnification agreement with Cogna covers Vasta for up to **R$153.7 million** in cash outflows related to historical contingencies[675](index=675&type=chunk) - The company has a cost-sharing agreement with Cogna for back-office, IT, administrative, and logistic expenses[676](index=676&type=chunk) - Vasta has multiple trademark assignment and license agreements with Cogna subsidiaries for key brands such as "Pitágoras" and "Somos Educação"[680](index=680&type=chunk)[681](index=681&type=chunk) [Financial Information](index=114&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) The company has no formal dividend policy and maintains a provision of R$157.1 million for various legal and administrative proceedings [Consolidated Statements and Other Financial Information](index=114&type=section&id=A.%20Consolidated%20Statements%20and%20Other%20Financial%20Information) - The company has not adopted a formal dividend policy and its ability to pay dividends is dependent on receiving cash from its operating subsidiaries in Brazil[697](index=697&type=chunk)[698](index=698&type=chunk) Provision for Losses (as of Dec 31, 2024) | Category | Provision (R$ millions) | | :--- | :--- | | Tax and Social Security | 110.9 | | Civil Matters | 24.0 | | Labor Related Matters | 22.3 | | **Total** | **157.1** | - A significant legal dispute involves an administrative proceeding concerning indemnities, for which an indemnification asset of **R$150.3 million** was recorded[704](index=704&type=chunk) [Additional Information](index=116&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) The company operates as a Cayman Islands entity with a dual-class share structure that concentrates control with Cogna and contains anti-takeover provisions [Memorandum and Articles of Association](index=116&type=section&id=B.%20Memorandum%20and%20Articles%20of%20Association) - The company has a dual-class share structure: Class A shares with one vote and Class B shares with **ten votes per share**, all held by Cogna[721](index=721&type=chunk)[728](index=728&type=chunk) - Class B shares automatically convert into Class A shares upon transfer or if their total number falls below **10% of total outstanding shares**[734](index=734&type=chunk) - Holders of Class B shares have the right to maintain their proportional ownership interest by purchasing additional Class B shares if new Class A shares are issued[733](index=733&type=chunk) - The Articles of Association contain **anti-takeover provisions**, including the board's authority to issue preferred shares without shareholder approval[777](index=777&type=chunk)[781](index=781&type=chunk) [Taxation](index=126&type=section&id=E.%20Taxation) - The Cayman Islands currently **does not levy taxes** on profits, income, gains, or appreciation, and there are no withholding taxes[792](index=792&type=chunk) - For U.S. Holders, distributions on Class A common shares are generally treated as dividends and may be taxed as **"qualified dividend income"**[803](index=803&type=chunk) - The company believes it was **not a Passive Foreign Investment Company (PFIC)** for the 2023 taxable year, but its status is subject to annual review[807](index=807&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=130&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is exposure to Brazil's CDI interest rate, with a hypothetical 15% rate increase projected to cause a negative impact of R$137.6 million - The company's main market risk is interest rate risk, as its financial instruments are primarily exposed to fluctuations in **Brazil's CDI interest rate**[822](index=822&type=chunk) Interest Rate Sensitivity Analysis (as of Dec 31, 2024) | Scenario | Impact on Net Exposure (R$ thousands) | | :--- | :--- | | Base Scenario | (114,670) | | Scenario I (+15% rate increase) | (137,604) | | Scenario II (+30% rate increase) | (160,538) | [Controls and Procedures](index=133&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were ineffective as of year-end 2024 due to material weaknesses in internal IT controls - Management concluded that the company's disclosure controls and procedures were **ineffective** as of December 31, 2024[837](index=837&type=chunk) - The ineffectiveness is due to **material weaknesses in internal control** over financial reporting, specifically related to general information technology controls (GITCs)[157](index=157&type=chunk)[839](index=839&type=chunk) [Corporate Governance and Other Disclosures](index=134&type=section&id=ITEM%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) As a foreign private issuer, the company follows home country governance practices, completed a share repurchase program, and maintains an integrated cybersecurity strategy [Principal Accountant Fees and Services](index=134&type=section&id=ITEM%2016C.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Audit and Non-Audit Fees (KPMG) | Fee Type | 2024 (R$ million) | 2023 (R$ million) | | :--- | :--- | :--- | | Audit | 5.7 | 2.3 | | **Total** | **5.7** | **2.3** | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](index=135&type=section&id=ITEM%2016E.%20PURCHASES%20OF%20EQUITY%20SECURITIES%20BY%20THE%20ISSUER%20AND%20AFFILIATED%20PURCHASERS) - A share repurchase program was completed on March 31, 2024, with **2,965,791 Class A shares repurchased for R$62.5 million** (US$12.5 million)[849](index=849&type=chunk) - As of December 31, 2024, the company held **3,447,864 Class A common shares in treasury**, valued at R$74.6 million[850](index=850&type=chunk) [Corporate Governance](index=136&type=section&id=ITEM%2016G.%20CORPORATE%20GOVERNANCE) - As a foreign private issuer, Vasta follows its home country (Cayman Islands) practices in lieu of certain Nasdaq governance requirements, such as **not having a majority-independent board**[853](index=853&type=chunk)[856](index=856&type=chunk) [Cybersecurity](index=142&type=section&id=ITEM%2016K.%20CYBERSECURITY) - Cybersecurity risk management is integrated into the enterprise risk program and overseen by the audit committee, in conjunction with the parent company, Cogna[893](index=893&type=chunk)[894](index=894&type=chunk)[898](index=898&type=chunk) - As of December 31, 2024, the company had **not identified any cybersecurity threats** that have materially affected or are reasonably likely to materially affect its business[897](index=897&type=chunk) PART III [Financial Statements](index=144&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) The company's audited financial statements show total assets of R$7.21 billion and a net profit of R$486.4 million for 2024, a significant improvement from a loss in 2023 Consolidated Statement of Financial Position (R$ thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **7,205,155** | **7,402,880** | | Total Current Assets | 1,466,325 | 1,456,821 | | Total Non-current Assets | 5,738,830 | 5,946,059 | | **Total Liabilities** | **2,211,844** | **2,882,089** | | Total Current Liabilities | 1,244,172 | 1,447,292 | | Total Non-current Liabilities | 967,672 | 1,434,797 | | **Total Shareholder's Equity** | **4,993,311** | **4,520,791** | Consolidated Statement of Profit or Loss (R$ thousands) | Account | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net revenue from sales and services | 1,674,191 | 1,486,273 | 1,264,280 | | Gross profit | 1,020,742 | 915,366 | 791,145 | | **Profit (loss) for the year** | **486,354** | **(82,978)** | **(54,573)** | - A significant event in 2024 was the **reversal of tax contingencies** related to the deductibility of goodwill, resulting in a substantial positive impact on the income statement[929](index=929&type=chunk)[930](index=930&type=chunk)[931](index=931&type=chunk) - The company recorded an **impairment loss of R$8.3 million** in 2024 on its non-controlling interest in Flex Flix Limited[932](index=932&type=chunk)

Financial Data and Key Metrics Changes - In the fiscal year 2024, the company's net revenue increased by 13% to BRL 1.674 billion, driven by the successful conversion of annual contract value into revenue [6][7] - Adjusted EBITDA for the fiscal year grew by 13% to BRL 580 million, with a margin of 30.4% [7][14] - Free cash flow generation reached BRL 215 million, a 14% increase from 2023 [7][16] - The adjusted net profit totaled BRL 114 million in Q4 2024, an 18.9% increase compared to Q4 2023 [15] Business Line Data and Key Metrics Changes - The B2G business unit generated BRL 105 million in revenue for the year, a 29% increase compared to 2023 [8][12] - Subscription revenue increased by 14% to BRL 1.462 billion, representing 87% of total revenue [12][14] - Non-subscription revenue dropped by 16% to BRL 107 million [12] Market Data and Key Metrics Changes - The average payment terms of the accounts receivable portfolio was 186 days in Q4 2024, which is seven days higher than the comparable quarter [19] - The net debt position decreased to BRL 1.3 billion, a BRL 37 million decrease from the previous quarter [19][20] Company Strategy and Development Direction - The company is focusing on operational efficiency and cost savings, which have yielded positive results [7] - The technology platform, Purell, is set to feature an intelligent assistant named Blue starting in 2025, aimed at enhancing the educational experience [9] - The Startango Bilingual School franchise launched in 2023 has shown impressive progress, with 40 signed contracts and a strong pipeline of over 350 prospects [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy to positively impact public education, as evidenced by improved PIAIDI scores [8] - The company anticipates challenges in the credit scenario for the upcoming months but remains committed to generating free cash flow [18][21] - The outlook for 2025 includes expectations for similar growth levels in ACV and slight improvements in margins due to better sales mix [33][34] Other Important Information - The company achieved a free cash flow to adjusted EBITDA conversion rate improvement from 41.8% to 42.4% [17] - Provisions for doubtful accounts improved to 3.2% of net revenue, reflecting a decrease from the previous year [18] Q&A Session Summary Question: Comment on the decrease in PDA expenses as a percentage of net revenue - Management confirmed a reduction in PDA to 3.2% but expects a higher figure in the future due to anticipated challenges [26][27] Question: Insights on ACV growth and margin outlook for 2025 - ACV growth was 20% in Q4 and 14% for the fiscal year, with expectations for similar levels in 2025; margins are expected to improve slightly [30][33] Question: Clarification on G&A expenses and future expectations - G&A expenses remained flat as a percentage of sales, with a slight increase in commercial expenses due to revenue growth [41][42] Question: Expectations for B2G contracts and Start Anglo revenue - The B2G contract with Para is renewed at around BRL 80 million, with a strong pipeline expected; Start Anglo has around BRL 25 million in revenue with significant growth potential [45][46][48]

São Paulo, March 12, 2025 – Vasta Platform Limited (NASDAQ: VSTA) – "Vasta" or the "Company" announces today its financial and operating results for the fourth quarter of 2024 (4Q24) ended December 31, 2024. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS). HIGHLIGHTS Exhibit 99.1 In the 2024 fiscal year, net revenue increased 13% to R$1,674 million, mostly due to the conversion of Annual Contract Value ("ACV") booking ...

Vasta Platform Limited (VSTA) came out with a quarterly loss of $0.11 per share versus the Zacks Consensus Estimate of a loss of $0.14. This compares to loss of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 21.43%. A quarter ago, it was expected that this company would post a loss of $0.10 per share when it actually produced a loss of $0.03, delivering a surprise of 70%.Over the last four quarters, the company has surp ...

Exhibit 99.2 VASTA Platform Limited Unaudited Condensed Interim Consolidated Financial Statements Nine-months period ended September 30, 2024 Vasta Platform Limited Unaudited Condensed Interim Consolidated Financial Statements Nine-months period ended September 30, 2024 CONTENT | Unaudited Condensed Interim Consolidated Financial | Statements | Page | | --- | --- | --- | | Nine-months period ended September 30, 2024 | | | | Unaudited Condensed Interim Consolidated Statements of Financial Position as of Sept ...

Vasta Platform Limited (VSTA) has been on a downward spiral lately with significant selling pressure. After declining 24.4% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier. Here is How to Spot Oversold Stocks We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whet ...

Core Viewpoint - Vasta Platform Limited (VSTA) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [4][6]. - Vasta Platform is expected to earn $0.66 per share for the fiscal year ending December 2024, reflecting a year-over-year change of 340% [8]. - Over the past three months, the Zacks Consensus Estimate for Vasta Platform has increased by 99%, indicating a positive trend in earnings expectations [8]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Vasta Platform to a Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for higher stock prices in the near term [10].

Financial Data and Key Metrics Changes - Subscription net revenue for the 2024 cycle-to-date grew by 14% to reach €1.152 billion [4] - Adjusted EBITDA for the 2024 cycle-to-date increased by 15%, reaching BRL 428 million, with an adjusted EBITDA margin of 32.7% [5][9] - Free cash flow for the 2024 cycle-to-date totaled BRL 90 million, an increase of BRL 3 million from BRL 87 million in 2023 [6][12] Business Line Data and Key Metrics Changes - Subscription revenue in Q2 2024 was R$280 million, a 32% increase compared to Q2 2023 [4] - Non-subscription revenue dropped 26% to BRL 15 million, representing only 7% of total revenue [7] - B2G revenue achieved a 71% growth in the sales cycle-to-date, amounting to BRL 69 million, which represents 5% of overall revenue [8] Market Data and Key Metrics Changes - The company reported an organic net revenue growth of 11% in the sales cycle-to-date, amounting to BRL 1.309 billion [8] - The average payment terms of accounts receivable increased to 152 days, which is 3 days higher than the comparable quarter [14] Company Strategy and Development Direction - The company is focusing on regional opportunities to regain market share and enhance its product offerings, particularly in complementary products [27] - The launch of the Start Anglo franchise is a significant avenue for growth, with 30 contracts signed and over 300 prospects in negotiation [18] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for the B2G business, expecting new contracts in Q3 and Q4 [21] - The company is investing in commercial expenses to support growth in the 2025 sales cycle, indicating a strategy to capture market share [23] Other Important Information - The net debt position as of Q2 2024 was R$1.063 billion, with a net debt to last 12 months adjusted EBITDA ratio of 2.28 times, showing stability [15][16] - A new debenture of R$500 million was issued to strengthen the company's capital structure and reduce the average interest rate of net debt by 50 basis points [17] Q&A Session Summary Question: Insights on B2G business unit's lack of revenue contribution - Management acknowledged no new contracts in B2G but maintained a positive outlook, expecting growth and new contracts in the latter half of the year [21] Question: Increase in commercial expenses and ACV for next year - Management explained the increase in commercial expenses is due to investments in key accounts and regional expenses to grow market share [23] Question: Factors driving ACV growth and competitive landscape - Management highlighted a focus on regional markets and complementary products as key drivers for ACV growth, emphasizing confidence in their competitive advantages [27][29]

Exhibit 99.2 VASTA Platform Limited Unaudited Condensed Interim Consolidated Financial Statements Six-months period ended June 30, 2024 Vasta Platform Limited Unaudited Condensed Interim Consolidated Financial Statements Six-months period ended June 30, 2024 CONTENT | Unaudited Condensed Interim Consolidated Financial Statements Six-months period ended June 30, 2024 | Page | | --- | --- | | Unaudited Condensed Interim Consolidated Statements of Financial Position as of June 30, 2024 and December 31, 2023 F- ...

| --- | |-------| | | | | | | | | DISCLAIMER 2 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 and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's belief ...