Vasta Platform : Q4 2022 Earnings Presentation

4Q22 & FY22 Earnings Presentation

March 2023

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 and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them considering new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward- looking statements. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time, including in the section titled "Risk Factors" in our most recent Form F-1 and 424(b) prospectus. These documents are available on the SEC Filings section of the investor relations section of our website at: https://ir.vastaplatform.com.

We prepared this presentation solely for informational purposes. The information in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any of our securities or securities of our subsidiaries or affiliates, nor should it or any part of it form the basis of, or be relied on in connection with any contract to purchase or subscribe for any of our securities or any of our subsidiaries or affiliates nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

We have included in this presentation our EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Cash Conversion Ratio, which are non-GAAP financial measures, together with their reconciliations, for the periods indicated. We understand that, although EBITDA, Adjusted EBITDA, Free Cash Flow and Adjusted Cash Conversion Ratio are used by investors and securities analysts in their evaluation of companies, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations as reported under IFRS. Additionally, our calculations of Adjusted EBITDA, Free Cash Flow and Adjusted Cash Conversion Ratio may be different from the calculation used by other companies, including our competitors in the education services industry, and therefore, our measures may not be comparable to those of other companies.

2

Highlights FY 2022

+39%

Subscription revenue

+106%

Adjusted EBITDA

Increased subscription composition (89% of Net Revenue);

Net Revenue +33% vs FY21 (strong top line growth);

Expansion of complementary solution: +58% vs FY21;

Adjusted EBITDA R$ 375 million (vs R$182 FY21);

Adjusted EBITDA Margin 30% (vs 19% FY21); Highest margin in recent years;

Excluding R$15mn in PDA for large retail undergoing judicial recovery, Adjusted EBITDA should be R$ 390 million

+R$206mn

Normalized Free Cash Flow

improvement

2023 ACV

Confirmed +20%

Normalized FCF totaled +R$112 million (vs negative R$94mn) Impacted by high interest expenses accrual & M&A

2023 ACV of R$1.230mn represents +20% organic growth; Top performers: Premium brands and Complementary solutions;

3

Net Revenue | 4Q22

of Net revenue

Values in R$ (million)

+27%

398

505

Subscription

+28% 444

347

281	377
66	67
4Q21	4Q22
PAR	Ex-PAR

Non-Subscription

5161

4Q214Q22

4Q21

4Q22

Note: The Business is comprised of two reportable operating segments: Content & EdTech Platform and Digital Platform. We are presenting in this slide a supplemental information in terms of the sub-segments composing the reportable operating ones

Net Revenue | FY 2022

Values in R$ (million)

+33% 1,264

947

20212022

of Net revenue
Subscription
+39%	1,121
804
681	994
123	127
2021	2022

PAR Ex-PAR

Non-Subscription

144143

2021

2022

Note: The Business is comprised of two reportable operating segments: Content & EdTech Platform and Digital Platform. We are presenting in this slide a supplemental information in terms of the sub-segments composing the reportable operating ones