| --- | --- | |-------|-------| | | | | | | 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 managemen ...

Financial Data and Key Metrics Changes - Vasta Platform reported a 39% growth in subscription revenue, totaling R$1.12 billion for the fiscal year 2022, with a net revenue increase of 33% to R$1.264 billion [9][10] - Adjusted EBITDA more than doubled to R$375 million, with a margin increase of 10.5 percentage points to 29.7% [11][19] - Free cash flow improved significantly to R$112 million in 2022, compared to a consumption of R$94 million in the previous year [13][24] Business Line Data and Key Metrics Changes - Subscription revenue grew 39% organically, while non-subscription revenue remained flat at 11% of total revenue [10][17] - Complementary solutions saw a 58% growth compared to the previous year, indicating a successful migration of customers to subscription products [10][30] - Adjusted net profit for the fourth quarter of 2022 was R$73 million, a 35% increase from the same quarter in 2021 [23] Market Data and Key Metrics Changes - The average payment terms for accounts receivable improved to 187 days, a reduction of 5 days year-on-year [27] - The net debt position increased to R$1.042 billion, with a net debt to adjusted EBITDA ratio of 2.78x, showing a downward trend for four consecutive quarters [28][29] Company Strategy and Development Direction - The company aims to enhance its premium brands and complementary solutions, which are expected to drive future growth [30][32] - Vasta has initiated a partnership with Start-Anglo to promote bilingual education, indicating a strategic move towards innovative educational solutions [37] - The company is committed to ESG initiatives, including signing the UN Global Compact and launching programs for diversity and sustainability [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2023, expecting stable margins around 30% despite cost pressures [44] - The churn rate is primarily associated with low-end schools, while premium brands maintain a low churn rate of 1% to 2% [46] - The competitive landscape remains fierce, but pricing strategies have not significantly weakened [49][50] Other Important Information - The transition of CEO from Mário Ghio to Guilherme Melega was announced, with Ghio remaining on the Board [40][41] - The company reported a significant improvement in operational results and working capital dynamics, contributing to the positive cash flow [13][24] Q&A Session Summary Question: Margin outlook for 2023 and components of churn - Management sees room for margin improvement, expecting to maintain around a 30% margin despite cost pressures [44] - Churn is primarily related to low-end schools, with no significant increase in churn for complementary products [46] Question: Breakdown of ACV growth and competitive landscape - The competitive environment remains stable, with a low double-digit price increase contributing to ACV growth [49] - Premium brands continue to drive ACV growth, with schools seeking quality over pricing [50]

Exhibit 99.2 VASTA PLATFORM LIMITED Unaudited Condensed Interim Consolidated Financial Statements Nine-month period ended September 30, 2022 1 VASTA Platform Limited Unaudited Condensed Interim Consolidated Financial Statements Content | Consolidated statement of financial position | 3 | | --- | --- | | Consolidated interim statement of profit or loss and other comprehensive income | 5 | | Consolidated interim statement of changes in equity | 6 | | Consolidated interim statement of cash flows | 7 | | Notes ...

Financial Data and Key Metrics Changes - Subscription revenue grew by 38% year-on-year, totaling BRL 1.024 billion, exceeding the ACV guidance by 2.4% [8][9] - Net revenue increased by 30% in the 2022 commercial cycle, with EBITDA reaching BRL 336 million and a margin expansion of 10 percentage points to 29% [10][18] - Free cash flow improved significantly to BRL 55 million, compared to a consumption of BRL 190 million in the previous cycle [11][22] Business Line Data and Key Metrics Changes - Subscription revenue now represents 88% of total revenues, with a quarter-on-quarter growth of 76% [13][16] - Non-subscription revenue declined by 12%, now accounting for only 12% of total revenue [17] - Complementary solutions saw a 77% growth compared to the last cycle, indicating strong performance in this segment [9][39] Market Data and Key Metrics Changes - The 2023 preliminary ACV guidance is set at BRL 1.230 billion, reflecting an organic growth of 20% compared to the 2021 cycle [31] - The first half of 2022 accounted for 68% of total ACV, showing a more balanced revenue recognition throughout the quarters [14] Company Strategy and Development Direction - The company is focusing on reducing exposure to paper-based textbooks and enhancing its portfolio of administrative services through acquisitions like Educbank [29][31] - The strategy emphasizes the growth of premium brands and complementary solutions, which are expected to drive future revenue growth [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the performance of the next commercial cycle, citing strong growth in premium brands and complementary solutions [45] - The company aims to maintain cost efficiency while improving margins, which have increased by 10 percentage points in the current cycle [45] Other Important Information - The company reported a net debt position of BRL 980 million, with a declining net debt to EBITDA ratio of 2.92x [25] - The Afro Internship Program was launched to enhance diversity within the organization, with 13 hires made so far [34][35] Q&A Session Summary Question: Performance of Complementary Solutions - Management indicated that Complementary Solutions are the main driver for growth, with over 70% growth in the last commercial cycle and strong expectations for the next cycle [39][40] Question: Adoption of Complementary Solutions - Only 3% of partner schools are currently adopting two or more complementary solutions, indicating significant growth potential in this area [40]

| --- | --- | |------------------------------------------|-------| | | | | | | | 3Q22 Earnings Presentation November 2022 | | | | | | | | 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 ...

Vasta Platform Ltd (NASDAQ:VSTA) Q2 2022 Earnings Conference Call August 11, 2022 5:00 PM ET Company Participants Bruno Giardino - CFO & IR Officer Mario Ghio - CEO & Director Guilherme Melega - COO Conference Call Participants Lucca Marquezini - Itaú Vitor Tomita - Goldman Sachs Group Marcelo Santos - JPMorgan Chase & Co. Operator Good afternoon and welcome. My name is Emma and I will be your conference operator today. At this time, I would like to welcome everyone to the Vasta Second Quarter 2022 Earnings ...

Exhibit 99.2 VASTA Platform Limited Unaudited Condensed Interim Consolidated Financial Statements Six-months period ended June 30, 2022 VASTA Platform Limited Unaudited Condensed Interim Consolidated Financial Statements Content | Consolidated statement of financial position | 3 | | --- | --- | | Consolidated interim statement of profit or loss and other comprehensive income | 5 | | Consolidated interim statement of changes in equity | 6 | | Consolidated interim statement of cash flows | 7 | | Notes to the ...

Financial Performance - ACV (Annual Contract Value) 2022 increased by 35% [8] - ACV ex-PAR (excluding PAR) increased by 48% [9] - Net revenue increased by 36% year-over-year [10, 23] - Adjusted EBITDA increased by 109% [12] - Adjusted EBITDA margin reached 37.1%, the highest in recent periods [13] - Net revenue for 1Q22 beat the guidance [23] Revenue Breakdown - Subscription revenue accounted for 88% of net revenue in 1Q22 [26] - Textbooks accounted for less than 20% of total sales [11] - Subscription revenue ex-PAR increased by 37% year-over-year in 1Q22 [26] - Non-subscription revenue increased by 25% year-over-year in 1Q22 [23, 26] ACV Recognition - 68% of 2022 ACV has been recognized to date [14] - An estimated 16-18% of 2022 ACV is expected to be recognized in 2Q22 [15] Debt and Receivables - Net debt as of 1Q22 was R$939 million [63]

Vasta Platform Limited (NASDAQ:VSTA) Q1 2022 Earnings Conference Call May 12, 2022 5:00 PM ET Company Participants Bruno Giardino - CFO Mário Ghio - CEO Conference Call Participants Marcelo Santos - JPMorgan Emiliano Flores - Scotiabank Lucas Nagano - Morgan Stanley Operator Ladies and gentlemen, thank you for standing by, and welcome to the Vasta Platform's First Quarter 2022 Conference Call. [Operator Instructions] I would now like to turn the conference over to your host, Mr. Bruno Giardino, CFO. Sir, pl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number: 001-39415 Vasta Platform Limited (Exact name of Registrant as specified in its charter) Not applicable (Translation of ...