Cogna Educacao S A S/Adr

Bom dia a todos e obrigado por aguardarem. Sejam muito bem-vindos à teleconferência de divulgação dos resultados do quarto trimestre de 2025 da Cogna Educação. Destaco àqueles que precisarem de tradução simultânea que temos essa ferramenta disponível na plataforma. Para acessar, basta clicar no botão Interpretation através do ícone do globo na sala inferior da tela e escreva o seu idioma para entrar na fila. Portuguese. Write your preferred language, Portuguese or English. For those listening to the teleconference in English, there is the option to change the original audio to Portuguese by clicking on Mute Original Audio. We inform you that this teleconference is being recorded and will be available on the company's R&D website, www.ri.cogna.com.br, where it is available o material completo da nossa divulgação de resultados. É possível fazer download da apresentação também no ícone de chat, inclusive em inglês. Durante a apresentação da companhia, todos os participantes estarão com o microfone desabilitado. Em seguida, daremos início à sessão de perguntas e respostas. fazer perguntas, clique no ícone Q&A na parte inferior de sua tela e escreva sua pergunta para entrar na fila. Ao ser anunciado, uma solicitação para ativar seu microfone aparecerá na tela, então você deve ativar o seu microfone para fazer perguntas. Orientamos que as perguntas sejam feitas todas de uma única vez. Before proceeding, we would like to clarify that any statements that may be made during this teleconference relating to Cogna's business prospects, projections, operational and financial goals, constitute beliefs and premises of the company's administration, as well as information currently available to Cogna. Future considerations are not guarantees of performance, they involve risks, uncertainties and premises, as they refer to future events and therefore depend on circumstances that may or may not occur. Investors and analysts must understand that general conditions, sector conditions and other operational factors can affect the future results of Cogna and can lead to results that differ materially from those expressed in such future considerations. I would now like to give the floor to Mr. Roberto Valério, CEO of Cogna, who will begin the presentation. Please, Mr. Roberto, you may proceed.

Thank you very much, good morning everyone, thank you for participating in the teleconference to discuss the results of Cogna in this fourth quarter of 2025 and the full year of 2025. Participating in this call is Frederico Villa, our Vice President of Finance, and Guilherme Mellega, Director-President of Avasta. The call should last about an hour, we always do it with a post of about 40 minutes of presentation, then 20 minutes for questions and answers. Well, I wanted to start by highlighting that 2025 was another excellent year of results for Cogna. We achieved exceptional results, not only financial, which we will comment on throughout this call, but also many excellent results from the point of view of customer base growth, student base growth, customer and student satisfaction through NPS metrics, which are growing. Collaborative engagement, we reached what we call ENPS, which is of our more than 80 collaborators, in addition to entering the ranking of the best companies of GPTW, with the 12th best company to work with. We also evolved a lot in various items related to our reputation, which we follow through an annual survey, in addition to various awards and recognition from the point of view of ESG. So I want to start this conference that closes the year by highlighting that not only the financial results were exceptional, but also the company in its various dimensions had a very good year. Speaking specifically about the financial results, I would like to highlight in our first slide, to start by talking about the generation of Post CapEx operational cash, or GCO, which now reached R$ 1,275,000,000 in 2025. It is a growth of more than R$ 230 million compared year to year, 22% in this comparison between 2025 and 2026. We obviously continue to follow the GCO, but more recently, especially after the year of 2024, also very good. Our main indicator of cash generation is free cash generation, which I highlight next. We reached R$ 716 million in free cash generation, a growth of 81% versus the result of 2024. That year we made R$ 395 million in cash generation and now this year, as I said, R$ 716 million, therefore a growth of 81%. For us, the indicator, obviously we have several indicators, but the most relevant indicator for our operation. The liquid debt, in comparison of the fourth quarter of 25 with the fourth quarter of 24, fell by about R$ 45 million, even though we have made more than R$ 650 million of capital allocation, either returning to the shareholder, R$ 181 million returned to the shareholder through buyback programs or dividend distribution. In addition, a strategic purchase of a medical school of R$ 54 million and the closing of Somos capital, which we allocated more than R$ 420 million. Therefore, we managed to reduce the liquid debt to R$ 45 million, even allocating more than R$ 656 million in these mainly these three, four items that I mentioned here. The leverage reached 1.21 times EBITDA, it is smaller than the same indicator of 2024, which was 1.35. In comparison with the third quarter, it has a small increase, which is very natural given the closure of Vasta Capital. The company is generating a lot of cash. We know that over the next few quarters here in Brazil, of 2026, this leverage will continue to fall, we are sure of that looking at the results of January and February, and obviously the budget when we look at 2026. Well, moving on to the next slide, I would like to highlight here, make some comments. I know that at first glance, both revenue, EBITDA and liquid profit in the fourth quarter can generate some surprise, given that we had been growing in the first, second, third quarter, double digit, both in revenue, EBITDA, liquid profit. So when you look at the fourth quarter, it can be a surprise, but the explanation is quite simple, very, very easy to understand. With three items here, I will explain easily. Of course, those who have had the opportunity to read the release have already understood this analysis. The first point is related to the turnover of the PNLD, we even released a relevant fact to highlight this point, as it was widely disclosed in the press at the end of the year of 2025, the purchase program of the new high school was postponed, was extended from the fourth quarter to the first quarter. So, of course, we didn't have a revenue in the fourth quarter, which already came in the first quarter, we already made in January, February, we are still making some revenue now in March, at the value of R$ 167 million in revenue. and what would give us more or less 52 million reais of EBITDA. So it's not that there was no program, it happened, but there was a temporary shift, it is already real, it will appear in the first quarter of 26, but we need to consider this factor that for years and years recurring this purchase always falls in the fourth quarter of 25. So then I will explain here what we are calling proforma numbers. I will take this into consideration. So that was the first point to know. The second has to do with a reversal of tax contingency in the amount of 35 million that we realized at Crotol in 2024. I think it's important to say that the company has more than 100 CNPJs in here. The tax and finance team is always looking for optimizations so that we can reduce our spending, our payment of taxes. and these reorganizations obviously generate opportunities, such as this one, of reversing the contingency of 35 million in 2024, which obviously is not recurring compared to the fourth quarter of 2025, I am highlighting here as an item of proforma. In the same way, within this context of opportunities for the reversal of tax contingency, In the fourth quarter of 2024, we had R$ 552 million in tax contingency reversion at Cogna, which pushed the liquid profit of 2024, but which has to do with tax reversion and not with the operational results, the liquid profit, let's say, operational. So, it's very simple, basically three items, the PNLD's turnover and two items related to tax contingency reversion, If we create a proforma, like this one on the screen, the results change completely. So, instead of the liquid revenue growing only 1.9% in the quarter, it starts to grow 12.1%. instead of the EBITDA decreasing by 5.3, it grows by 5.7. And in the same way, the liquid profit starts to grow 84%, by the way, it grows 552 million instead of decreasing this 76% that is in the account. So, I reinforce the point here just to close, From an operational point of view, the company, not only knowing how Croton and Somos continue performing very well, in very close rhythms to the first, second and third quarter, taking into account these three factors that I explained here, it is clear that the numbers are very aligned with what happened in the previous quarters. Moving to the next slide, talking a little bit about the allocation of capital, which is a recurring question. Our strategy remains the same, given the high interest rate, our main goal is to reduce the debt, so that we can reduce the financial expense. This is our priority, it will continue to be in 2026. The second, since 2024, because we went back generate liquid profit, return the shareholder not only through buyback programs, if that is the case, but especially payment of dividends. And the third item is, punctually, strategically, in a very intelligent way and with multiples that are positive, do one or another M&A that complements our portfolio. I quote here, I can quote two that I highlighted here in the presentation, but I can even quote one more, very small, but the acquisition of the Faculty of Medicine in Dourados, strategically in a state that we have as a strategy to grow medicine, remembering that our strategy is not to operate medicine nationally, it is to focus in some states, Mato Grosso, Mato Grosso do Sul, Bahia and Maranhão, So here was the case, Dourados, in Mato Grosso do Sul, where we already had two medical schools and where we have a very strong brand, which is Uniderp. In addition, the closing of Somos Capital, which is obviously strategic for us, and a small acquisition of an OPM EdTech, and it is allowing us to grow our part of services to other educational institutions. Currently, we serve Mackenzie, ESPM, Instituto Mauá, in addition to other brands, quite premium, especially in the postgraduate and extension course segments. So, I'm giving an example here just for you to understand what a strategic M&A is for us. It is a punctual M&A that reinforces our portfolio in this strategy of 2 to 100 years, which is our current strategy. Moving now to talk a little bit about Croton, on slide 7, I highlight the first chart, which is the capture, we continued to grow the capture in the second semester, it grew 3.7% when we consider the paying students, which is what I'm highlighting there, despite having information with ProUni too, but then growing 2.7% in EAD, a strong growth in the face-to-face, We had already highlighted this in other calls, I'll talk about it later, I'm sure there's this question regarding the captation process of 2026, but our face-to-face captation has been growing for three captation cycles, and here in the second semester 5 it was no different, it grew 16%, the IAD continued to grow also almost 3% and the average croton also growing 0.4%. The churn, despite these growth rates that are consistent and increasing, our evasion rate is stable, So, no point of attention here, both academic and financial engagement continued in the second semester, quite positive. The final base of students grew 3.7, almost reaching 1 million and 100 thousand students, as is in this third chart. Moving to the next slide, which is the revenue slide, I usually say that when the base grows, and it grew 3.7% and the average ticket grows, in our case it grew 7% this semester, there is no way for the revenue not to grow. So there is the result of the revenue in the Proforma vision, in the quarter growing 7.9% and in the year growing 12.1%. I think the question may be, but in the quarter it is a little smaller than in the year, is it losing speed? No, it's not losing speed, the quarters where the capture is very strong, the first and second quarter, has a stronger growth in revenue, because the volume is greater and more concentrated, specifically this year, of 2026, we have the effect of PagFácil, which we have debated there in a very broad way with you. So, growth in all business segments, with a highlight for EAD, right, of 15.9%, but also with the face-to-face and croton-med growing strongly. Moving on to the next slide, slide number 9, to talk about gross profit, The gross profit reached almost R$ 900 million in the fourth quarter of 2025, a growth of 4.3%. In the year we grew 11.3%. I think it's important to highlight here a trend that you will certainly ask along the call, which is related to a potential pressure on gross margins. It is natural that there is a pressure due to the mix, it is not the case yet in the second semester of 25, but a greater presence, of course, pressures the margin a little, but it is important to say that in the liquid, EBITDA increases, because the face-to-face tickets are much better. So, from the point of view of cash generation, which is our main indicator here, it will be positive, even though we have a small pressure on gross margin that we will seek to mitigate through a series of actions that we can discuss along the call, but among them, process review, implementation of artificial intelligence, a number of things. Speaking specifically of the gross margin of Croton Med, which had a drop of 2.5 percentage points, it is natural for us, from the point of view of what was already expected, by maturation, we have nine medical schools, we have four in maturation and we acquired one that began to operate this year, specifically in the fourth quarter, so it presses the margin a little more, it is natural that this happens. In the face-to-face, as well as a little in EAD, this reduction in margin has to do with precepts, especially in the health courses that are maturing, in addition to an increase in teachers who are concentrated in the fourth quarter, naturally, because as we are forming classes in the third quarter, which are the capture classes, you do not necessarily allocate the schedule already in July, but certainly September, October, November, December, the schedule is there because the classes are being given, so that's why there's this pressure there in the fourth quarter, but in the semester it's important that it stabilizes. Well, moving to costs, in the next slide, slide 10, I would like to highlight, we put it quite clearly, not only the accounting of the fourth quarter, but also the proforma, the analyzes that I am going to do here are related to the proforma. So corporate expenses, there was a small increase of 0.7 percentage points, it is directly related to social charges in function of the increase in the value of the action, so the action increased, we have to make this provision related to the shares that are distributed to the executives of the company, the PCLD improved in this fourth quarter, We see a very positive influence in the fourth quarter, due to a lot of process improvements and systems that we have executed. Operational expenses have been stable. Marketing expenses, as we had mentioned in the third quarter, comes a little more concentrated in the fourth quarter, because we had saved in the third. So, they are natural displacements between quarters, but in the semester it is stable. And the costs are already related to the items of preceptory, teacher's schedule, medicine, which I already mentioned earlier. This is in the quarter view. In the annual view, in slide number 11, I think the explanations are basically the same, corporate spending related to the valuation of the share. The PCLD, which here in the quarter goes up a little bit, has to do with a slightly larger provision that we make, and Fred can later explain more if you have any questions, but it has been widely commented throughout the year that the payment provision is easy. Operational expense improvements, which we gained almost 2 percentage points, these are related to the improvement of processes, development of systems, application of artificial intelligence, and marketing expenses are efficiency. We have managed to reduce the cost of acquiring students, so we are gaining efficiency. Moving on to slide number 12, we clearly demonstrate the adjustments that were made in the fourth quarter of 2024, but that, in comparison with the fourth quarter of 2025, they need to be considered, which are the adjustments, the movement of the discounts for inactive students, that until the third quarter impacted reducing the revenue and that from the fourth quarter we started to allocate as PCLD. So the picture clearly demonstrates this adjustment, that is, this reduction of revenue with reduction of PCLD, it is important to say that this movement is neutral, forbidden, it's just an allocation between lines, also already widely commented. In the second chart, I think the highlights that I wanted to give, the first is the continuous reduction of the average receiving period, we continue to be able to improve this indicator from 44 days in the fourth quarter of 24 to 41 days minus three days is already a very positive period 41 days and in the bottom line, right in the bottom chart, the reduction of the PCRD over Hall of 18.4 percent in the fourth quarter to 15.7, including what I said about the engagement measures and the days of in financial and academic engagement. Well, as a consequence of all this that I commented, I think the last slide from Croton, which is slide 13, we had a reduction in the gross margin in the quarter, from 1 to 2 percentage points, from 27.2 to 26. but EBITDA has grown 3.2%, that is, nominally it continues to grow. When we look at the accumulated vision, the margin is practically stable, 0.2% with a very strong growth of EBITDA of 13%, a growth at the same level of revenue, that is, with revenue and EBITDA growing to more than double digits, to double digits to be precise. Well, with that I close the presentation of Croton, I wanted to pass it to Guilherme Melliga to comment on the results of VASTA.

Thank you, Roberto. I'll go to slide 15 and comment on Vasta's liquid revenue. I'll start here with the graph on the left, about the quarter. We reached a revenue in the fourth quarter of R$ 773 million, a 10.7% increase in EUR. and I highlight here our business segments. In the ACV, in the subscription revenue, we reached 646 million, 4.4% growth, and I want to highlight here that this is the partial growth of our ACV. to have a picture of the total growth of 2020, we will need to add the first quarter. And as we had a significant growth in our B2C channel, which is when schools operate through our e-commerce and we sell directly to schools, we had a shift of revenue from our ICV here for the first quarter, so the results would have been even stronger here in the fourth quarter. In B2G, we recognized 84.7 million in revenue, a consistent growth here over the past year, it is worth noting that we already have more than 20 contracts in B2G, As we imagined, it is a very prosperous segment, we have managed to grow robustly here and the fourth quarter number reached 84.7, a growth of 136%. When we go to the company's annual number, we reached 1.811.000.000 revenue, 8% growth, and here I will highlight the growth of non-subscription. The non-subscription now reaching R$ 116.9 million, growing. This is the result of the improvement in performance per month of our pre-study course at Anglo and of the colleges that we operate as a flagship for Anglo Start. So, both the growth of Liceu Pasteur, São José do Rio Preto and Prevestibular, resulting in a growth in non-subscription revenue. And B2G and Euroveria, growing 10.4% and reaching 115 million reais. Going to slide 16, I'm going to comment on our EBITDA. The EBITDA of the quarter, as traditionally happens, is the quarter with the highest volume. It is where we make the great supply of back to classes of the next cycle. So we are recognizing here 358 million EBITDA. a growth of 19.5%. This quarter also traditionally brings more EBITDA margins than the average year, as a result of the dilution of the fixed cost with this volume and of productivity gains that we have been getting. So, our EBITDA margin, you see, observed a growth of 3.4% in the quarter. When we look at the EBITDA of the year, We reached R$ 539 million, a growth of 7.7%. And here I highlight that we have maintained the level of growth in this number, we have not yet recognized all the growth of the ACV that comes in the first quarter. and we kept stable margins and Eroveria at the level of 29.8%. In other words, we have managed to maintain our level of growth, invest in new businesses and not lose margin. We managed to keep our margins even investing in growth businesses, like StartAngle, for example. Talking about costs on slide 17, here are the quarter costs. We reached a total cost of R$ 408 million, which is a growth of 2.9%. When we compare with the revenue growth, which was 10.7%, the result is an expansion of margin, which I mentioned in the previous slide, of 3.4% margin. I highlight here the productivity and scale gains in our CPV here in the total costs, which reached 6.5 percentage points here of reduction. But let's move on to slide 18, which gives the best picture of company costs and expenses. Here we see the annual view of expenses costs, where we had a growth of 8.3% and I highlight that in percentage terms of revenue, we were absolutely flat in costs, that is, our marketing and sales investment with growth has been offset, absorbed by productivity improvements that we have in our costs and in our expenses. So, looking a little forward, I highlight here that B2B, we still have a first quarter with growth to have the full picture of the growth of ACV. In B2D, a very robust growth, we reached 115 million in this business line, working a little more than two cycles here. of capture in B2G and a very favorable perspective for B2G in this year of 2026, we are already in the first quarter quite heated and we operate from the closing of Vasta Capital, in an integrated way, with knowledge, then optimizing teams with a unique portfolio, so B2G continues to be one of the great growth avenues here for the company, even more now that we can work in a synergistic way and together with the knowledge. I will finish by highlighting that StartAnglo is already with 13 units in operation now in 2026 and we have a pipeline of more than 60 signed contracts. So very soon this new business line will also be representing significant results here for our business. I would like to return the presentation to Fred.