Exhibit 99.1

São Paulo, May 8, 2025 – Vasta Platform Limited (NASDAQ: VSTA) – “Vasta” or the “Company” announces today its financial and operating results for the first quarter of 2025 (1Q25) ended March 31, 2025. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).

HIGHLIGHTS

In the 2025 sales cycle to date (which commenced 4Q24 through 1Q25), net revenue increased 11% to R$1,129 million compared to the same period of the 2024 sales cycle, mostly due to the conversion of Annual Contract Value (“ACV”) bookings into revenue in the period. In 1Q25, net revenue totaled R$430 million, a 7% decrease compared to the same period in the previous year.

Vasta’s accumulated subscription revenue in the 2025 sales cycle to date year totaled R$1,019 million, a 17% increase compared to the previous year’s sales cycle. Complementary solutions net revenue in the 2025 sales cycle increased 24%, to R$223 million, compared to the 2024 sales cycle.

The business unit of Brazilian public-school sector (B2G) continues to generate new contracts and new revenues for Vasta. In this growth avenue, we achieved R$ 5.0 million in revenue in 1Q25 with revenues coming from  new contracts, compared to R$69 million in 1Q2024, when the totality of Pará contract (1st and 2nd Semester) was booked all at once. In 2025 cycle, 1st Semester of Pará contract was booked in 4Q2024 and 2nd Semester is expected to be performed throughout the year.

In the 2025 sales cycle to date, Adjusted EBITDA grew by 5% to R$420 million, from R$402 million in the same period of the 2024 sales cycle, and Adjusted EBITDA Margin decreased by 2.4 p.p., from 39.6% to 37.2%. In 1Q25, Adjusted EBITDA totaled R$121 million, a decrease compared to R$162 million in 1Q24, and Adjusted EBITDA Margin achieved 28.2%, 7 p.p. lower than 1Q2024, because of different seasonality in 2025 B2G revenues , as explained above, and higher marketing expenses.

Vasta recorded an Adjusted Net Profit of R$140 million in the 2025 sales cycle to date, a 4% decrease compared to R$146 million in the 2024 sales cycle. In 1Q25, Adjusted Net Profit totaled R$26 million, a 49% decrease compared to R$50 million in 1Q24.

Free cash flow (FCF) totaled R$144 million in the 2025 sales cycle to date, a R$92 million increase from R$52 million in the 2024 sales cycle. In 1Q25 FCF totaled R$74 million, a 42% increase from R$52 million in 1Q24. The last twelve-months (LTM) FCF/Adjusted EBITDA conversion rate improved from 42.5% to 50.8%, as a result of Vasta’s growth and implementation of sustained efficiency measures. Additionally, first semester of 2025 will benefit from early collections regarding 2025 sales cycle, which will be normalized throughout the year.

Mr. Mario Ghio, former Vasta´s CEO, resigned from his board member position, to pursue personal projects. Mr. Guilherme Melega was appointed by the Board to replace him as board member.

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MESSAGE FROM MANAGEMENT

The 1Q25 results represent the halfway through of the 2025 sales cycle, where we continue to deliver relevant financial results. In the 2025 sales cycle to date, net revenue increased 11% to R$1,129 million, compared to the same period of the 2024 sales cycle, mostly due to the conversion of ACV into revenue.

Vasta’s accumulated subscription revenue in the 2025 sales cycle to date totaled R$1,019 million, a 17% increase compared to the previous sales cycle. Our complementary solutions have seen important growth of 24% in the 2025 sales cycle when compared to the same period of 2024, with an accelerated increase in both student base and market penetration. The partners-school base that uses our complementary solutions increased to an aggregate of 2,149 schools.

Start-Anglo bilingual school operations, which have already achieved R$4,3 million of the subscription revenue in the 2025 sales cycle, started showing results and despite the small net revenue in relation to total company, these numbers reinforce the importance of Start Anglo in our future business and demonstrate an important source of revenue for the coming years. In a short time, it has evolved from concept to reality, with 7 operating units in 2025. We have already signed more than 40 contracts, and we expect these units will be operational in the coming years and we have been working to convert in contract our strong pipeline, with more than 300 prospects.

Our technology platform, Plurall, has achieved a new stage of development and service delivery. In the last year, we delivered new features to teachers, schools, and students, using artificial intelligence powered by AWS (Amazon Web Services). In 2025, it was already created more than 1.4 million objects (questions, slides, pictures, tests) using our AI features, and our intelligent assistant "Plu" has been supporting students to have a personalized learning experience by responding to questions about specific subjects and assisting them in their daily study time. For teachers, Plu will be a personalized partner and will streamline activities such as creating presentations, slides, videos, questions, lesson plans, and teaching materials. We have been working on improving our platform focused on creating an Individualized Educational Plan (IEP), and Plurall  is expected to be able to generate personalized pedagogical recommendations (to be implemented in 2026) and assist teachers and schools in inclusive practices, providing an innovative solution to help educators transform challenges into opportunities for growth. Focused on the concepts of inclusion, diversity, and equity in continuous education, Plurall AI advances towards creating a welcoming educational environment for all students.

In the B2G segment, this quarter we achieved R$ 5 million in net revenue, coming from 5 new contracts. In 1Q24, we achieved R$ 69 million, when the totality of Pará contract (1st and 2nd Semester) was booked at once. In 2025 cycle, 1st Semester of Pará contract was booked in 4Q24 and 2nd Semester is expected to be performed throughout the year. We remain confident in our strategy to have a positive impact on public education, serving this segment and its students with our extensive portfolio of core content solutions, digital platform, and additional offerings, along with the custom learning solutions developed over decades in the private sector.

The continued growth of the company's profitability was another highlight of the 2025 sales cycle to date as the Adjusted EBITDA grew by 5% to R$420 million compared to R$402 million in the previous year, and Adjusted EBITDA Margin decreased from 39.6% in the same period of the 2024 sales cycle to 37.2% in the 2025 sales cycle to date. In proportion

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to net revenue, gross margin decreased 3.2 p.p. in the sales cycle to date, mainly due to a different seasonality in 2025 B2G revenues, as explained above, and higher marketing expenses related to business expansion.

The company’s cash flow generation was one of the main highlights of the 2025 sales cycle to date. Free cashflow (FCF) totaled R$144 million, a R$92 million increase from R$52 million at the same point of the 2024 sales cycle. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate improved from 42.5% to 50.8% as a result of Vasta’s growth and implementation of sustained efficiency measures. Additionally, first semester of 2025 will benefit from early collections regarding 2025 sales cycle, which will be normalized throughout the year.

It is worth saying that these measures include certain improvements in our collection processes, including process automation, reminders and past-due notifications, customer segmentation, and faster renegotiation of delayed receivables. On the payments side, we implemented several initiatives to achieve better discipline in payments, such as rigorous financial planning, centralization of payments on single monthly dates, and negotiating longer payment terms with suppliers.

Moreover, we continue to make progress on deleveraging the company. The net debt/LTM adjusted EBITDA of 2.06x as of the end of 1Q25 shows a downward trend being 0.16x less than as of 1Q24.

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OPERATING PERFORMANCE

Student base – subscription models

Note: Students enrolled in partner schools

As we conclude the period of return of collections, we update the number of partner schools and enrolled students for the 2025 sales cycle. In this sales cycle, Vasta provides approximately 1.5 million students with core content solutions and more than 560,000 students with complementary solutions. This is aligned with the company’s strategy to focus on improving its client base in 2025 through a better mix of schools and growth in premium education systems (Anglo, PH, Amplia and Fibonacci), brands with higher average ticket, lower defaults, greater adoption of complementary solutions and longer-term relationships.

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FINANCIAL PERFORMANCE

Net revenue

Note: n.m.: not meaningful

In 1Q25, Vasta’s net revenue totaled R$430 million, a 6.6% decrease compared to 1Q24, mainly due to lower revenue from B2G. In the 2025 sales cycle to date (4Q24 and 1Q25), Vasta’s net revenue totaled R$1,129 million, an 11.3% increase compared to the same period of the 2024 sales cycle. Subscription revenue grew 16.9% in the 2025 sales cycle to date, mostly due to the conversion of ACV into revenue.

EBITDA

Note: n.m.: not meaningful

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In the 2025 sales cycle to date, Adjusted EBITDA reached R$420 million, representing an increase of 4.6% in comparison to the same period of the 2024 sales cycle, with a margin of 37.2%, compared to 39.6% in the same period of the 2024 sales cycle. This increase in Adjusted EBITDA was mainly driven by gains in operating efficiency and a sales mix that benefited from the growth of subscription products, compensating for lower net revenue in the B2G segment. In 1Q25, Adjusted EBITDA totaled R$121 million, a 25.2% decrease compared to R$162 million in 1Q24, mainly impacted by lower net revenue in the B2G segment and higher marketing expenses, substantially linked to the seasonal effect of commissions to be paid on e-commerce net revenue.

In the 2025 cycle to date, the Company proceeded with the partial reversal of the tax contingencies, based on the opinion of its legal advisors, related to the discussions of goodwill and other subjects derived from the acquisition of the Anglo Group in 2010 and subsequent restructuring. Company decided to partially reverse certain provisions in the total amount of R$ 532,717, comprising (i) R$ 92,558 reversals of the principal portion, which impacted positively our general and administrative expenses (ii) R$ 233,198 reversals of the income tax and social contribution, (iii) R$ 206.961 reversal of interest and fines, in the Finance result.

(1) Sum of general and administrative expenses, other operating income and profit (loss) of equity-accounted investees, less: depreciation and amortization, layoffs related to internal restructuring, share-based compensation plan and M&A one-off adjusting expenses.

Gross margin decreased 3.2 p.p. in the sales cycle to date mainly due to lower net revenue in the period. Adjusted cash G&A expenses reduced by 0.9 p.p. driven by workforce optimization and budgetary discipline, while Commercial expenses increased by 1.2 p.p. driven by higher expenses related to business expansion and marketing investments. Impairment on trade receivable (PDA), which the Company booked in 4Q23 as additional provision for expected credit losses related to customers in mainstream brands, reduced by 1.1 p.p.

Finance Results

In the first quarter of 2025, finance income totaled R$12.6 million, a 6.7% decrease from R$13.5 million in 1Q24. In the 2025 sales cycle to date, finance income increased to R$233.6 million from R$30.2 million in the same period of the 2024 sales cycle. Finance income was positively impacted by a gain of R$207 million recorded in 4Q24, resulting from the reversal of interest on tax contingencies.

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Finance costs in 1Q25 decreased 16.4% to R$58.3 million, from R$69.8 million in 1Q24. In the 2025 sales cycle to date finance cost decreased 19.3% compared to the same period in the 2024 sales cycle driven by the reduction of the interest on provision for tax, civil and labor risks as a result of the reversal of tax contingencies recorded in 4Q24.

Net profit (loss)

Note: n.m.: not meaningful; (1) From business combinations. (2) Tax shield (34%) generated by the expenses that are being deducted as net (loss) profit adjustments.

In the first quarter of 2025, adjusted net profit totaled R$26 million, a 48.6% decrease compared to R$50 million in 1Q24. In the 2025 sales cycle to date, adjusted net profit reached R$140 million, a 4.4% decrease from an adjusted net profit of R$146 million in the same period of the 2024 sales cycle.

Accounts receivable and PDA

(1) Balance of net accounts receivable divided by the last-twelve-month net revenue, multiplied by 360.

The average payment term of Vasta’s accounts receivable portfolio was 188 days in 1Q25, which represents 8 days higher than the same quarter of the previous year but remaining stable comparing to 4Q24.

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Free cash flow

(1) Net (loss) profit less non-cash items less and changes in working capital. Note: n.m.: not meaningful

Free cash flow (FCF) totaled R$74 million in 1Q25, a 42.3% increase from R$52 million in 1Q24. In the 2025 sales cycle to date, FCF totaled R$144 million, a R$92 million increase from R$52 million in the same period of the 2024 sales cycle. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate improved from 42.5% to 50.8% as a result of Vasta’s growth and implementation of sustained efficiency measures. These measures include certain improvements in our collection processes, including process automation, reminders and past-due notifications, customer segmentation, and faster renegotiation of delayed receivables . On the payments side, we implemented several initiatives to achieve better discipline in payments, such as rigorous financial planning, centralization of payments on single monthly dates, and negotiating longer payment terms with suppliers. Additionally, the first semester of 2025 will benefit from early collections regarding 2025 sales cycle, which will be normalized throughout the year.

Financial leverage

As of the end of 1Q25, Vasta had a net debt position of R$963 million, a R$40 million decrease compared to 4Q24, mainly due to positive FCF generation, compensated by financial interest costs. Compared to 1Q24, the net debt position decreased R$ 106 million. The net debt/LTM adjusted EBITDA as of 2.06x shows a downward trend being 0.16x less than as of 1Q24.

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ESG

Sustainability Report

In August 2024, we disclosed Vasta´s third sustainability report regarding the year of 2023 and it was prepared in accordance with international standards and the implementation of our corporate strategy, challenges, and achievements, while also reaffirming our commitment to transparency and sustainability. These include the publication of its second Greenhouse Gas Inventory, the company's adherence to the UN Global Compact, the dedication of 1,991 thousand hours to the Corporate Volunteer Program, the SOMOS Afro program, an affirmative internship program, and the fact that 29% of the seats on the Board of Directors are occupied by women.

The report complies with the Global Reporting Initiative (GRI) 2021 version and considers other standards recognized in Brazil and abroad, such as the Sustainability Accounting Standards Board (SASB) guidelines for the education sector, the guidelines of the IBC Stakeholder Capitalism Metrics from the World Economic Forum, and the principles of the International Integrated Reporting Council (IIRC).

The document is available at: https://ir.vastaplatform.com/esg/. Information contained in, or accessible through, our website is not incorporated by reference in, and does not constitute a part of, this press release.

In line with the topics identified in the materiality process, every quarter we present Vasta's most material indicators:

Key Indicators

ENVIRONMENT

The 2024 data was adjusted as part of the annual reparameterization process, since some utility bills may not be available at the time of data closing. The increase in water consumption in the first quarter of 2025 is due to the integration of the new unit, Start Anglo Liceu, offset by the deactivate Anglo Tamandaré unit, which is no longer impacting the data.

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SOCIAL

Continuing our Diversity and Inclusion efforts, we are committed to promoting inclusion and recognizing the multiple identities that make up both our society and Cogna. On National Trans and Transvestite Visibility Day, we took the opportunity to reaffirm our commitment to the inclusion of the trans and transvestite community, combating discrimination and promoting equal rights. Throughout this week, we emphasized the importance of this date through posts on our internal social network, with the aim of inspiring and mobilizing everyone toward a fairer and more respectful environment. Additionally, in March 2025 we celebrated International Women's Day, a historic occasion that invites us to reflect on the importance of working not only for a diverse job market but for a plural and equitable society. During this period, we highlighted the #WomenWhoEmpower and recognized the talent, dedication, and achievements of our female colleagues, who are essential to the success and growth of Cogna. These actions are crucial in strengthening our commitment to a more inclusive and respectful workplace.

* Indicators presented progressively, referring to the total accumulated since the beginning of the year, which is why we are not presenting the variations compared to previous semesters.

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We continue to maintain the Somos Futuro Program via Instituto SOMOS. The initiative enables public school students to attend high school at one of Vasta's partner schools. In this quarter, 229 young people were studying through the program, receiving didactic and paradidactic material, online school tutoring, mentoring, and access to the entire support network of the program, which includes psychological monitoring, in addition to the scholarship offered by the school.

  
During the period, the main employee accidents involved cuts and punctures to fingers and hands, occurring in circulation areas. Inspections were conducted in the workplaces to identify risk situations and implement preventive plans.

The decrease in the number of trained employees in the first quarter of 2025 is due to the fact that our training programs follow a two-year recycling cycle. In other words, many employees were already trained in previous periods, which naturally reduces the demand for new training sessions at this time. This approach is part of our strategy to keep the team continuously updated, while respecting the established frequency for each topic.

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GOVERNANCE

NA: Not available: quarterly disclosure began in the second quarter of 2023. It used to be reported annually in Sustainability Reports.  

We expanded the disclosure of the confidential reporting channel with the goal of reaching a broader audience, including locations where this communication was previously unavailable. To achieve this, we installed signs with QR codes in corporate offices, distribution centers, and educational institutions, and also made the access link available directly on the student portal. This increased visibility and ease of access may have contributed to the rise in the number of cases reported this quarter, reflecting greater awareness and trust in using the channel.

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* Only cases deemed material, i.e., cases that harm Vasta's image, which lead to a halt in operations, or where the amounts involved are over R$1 million.

We did not record significant sanctions or fines related to economic and social issues, except for the normal course of business.

The increase in the number of complaints in the first quarter of 2025 can be attributed to the student enrollment period, which led to a higher volume of requests and inquiries regarding the handling of personal data. We have added a sorting and reclassification feature allowing us, after analysis of the case, to reclassify requests based on whether they fact relate to rights of data subjects under the Brazilian data protection regulation.

FOOTNOTES:

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CONFERENCE CALL INFORMATION

Vasta will discuss its first quarter 2025 results on May 8, 2025, via a conference call at 5:00 p.m. Eastern Time. To access the call (ID: 3871721), please dial: +1 (888) 660-6819 or +1 (929) 203-1989. A live and archived webcast of the call will be available on the Investor Relations section of the Company’s website at https://ir.vastaplatform.com. Information contained in, or accessible through, our website is not incorporated by reference in, and does not constitute a part of, this press release.

ABOUT VASTA

Vasta is a leading, high-growth education company in Brazil powered by technology, providing end-to-end educational and digital solutions that cater to all needs of private schools operating in the K-12 educational segment, ultimately benefiting all of Vasta’s stakeholders, including students, parents, educators, administrators, and private school owners. Vasta’s mission is to help private K-12 schools to be better and more profitable, supporting their digital transformation. Vasta believes it is uniquely positioned to help schools in Brazil undergo the process of digital transformation and bring their education skill set to the 21st century. Vasta promotes the unified use of technology in K-12 education with enhanced data and actionable insight for educators, increased collaboration among support staff and improvements in production, efficiency and quality. For more information, please visit ir.vastaplatform.com. Information contained in, or accessible through, our website is not incorporated by reference in, and does not constitute a part of, this press release.

CONTACT

Investor Relations

ir@vastaplatform.com

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FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements appear in a number of places in this press release 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. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to of various factors, including (i) general economic, financial, political, demographic and business conditions in Brazil, as well as any other countries we may serve in the future and their impact on our business; (ii) fluctuations in interest, inflation and exchange rates in Brazil and any other countries we may serve in the future; (iii) our ability to implement our business strategy and expand our portfolio of products and services; (iv) our ability to adapt to technological changes in the educational sector; (v) the availability of government authorizations on terms and conditions and within periods acceptable to us; (vi) our ability to continue attracting and retaining new partner schools and students; (vii) our ability to maintain the academic quality of our programs; (viii) the availability of qualified personnel and the ability to retain such personnel; (ix) changes in the financial condition of the students enrolling in our programs in general and in the competitive conditions in the education industry; (x) our capitalization and level of indebtedness; (xi) the interests of our controlling shareholder; (xii) changes in government regulations applicable to the education industry in Brazil; (xiii) government interventions in education industry programs, that affect the economic or tax regime, the collection of tuition fees or the regulatory framework applicable to educational institutions; (xiv) cancellations of contracts within the solutions we characterize as subscription arrangements or limitations on our ability to increase the rates we charge for the services we characterize as subscription arrangements; (xv) our ability to compete and conduct our business in the future; (xvi) our ability to anticipate changes in the business, changes in regulation or the materialization of existing and potential new risks; (xvii) the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors; (xviii) changes in consumer demands and preferences and technological advances, and our ability to innovate to respond to such changes; (xix) changes in labor, distribution and other operating costs; our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us; (xx) the effectiveness of our risk management policies and procedures, including our internal control over financial reporting; (xxi) health crises, including due to pandemics such as the COVID-19 pandemic and government measures taken in response thereto; (xxii) other factors that may affect our financial condition, liquidity and results of operations; and (xxiii) other risk factors discussed under “Risk Factors”. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of 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.

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NON-GAAP FINANCIAL MEASURES

This press release presents our EBITDA, Adjusted EBITDA and Adjusted net (loss) profit and Free cash flow (FCF), which is information provided for the convenience of investors. EBITDA and Adjusted EBITDA are among the key performance indicators used by us to measure financial operating performance. Our management believes that these Non-GAAP financial measures provide useful information to investors and shareholders. We also use these measures internally to establish budgets and operational goals to manage and monitor our business, evaluate our underlying historical performance and business strategies and to report our results to the board of directors.

We calculate EBITDA as net (loss) profit for the period/year plus income taxes and social contribution plus/minus net finance result plus depreciation and amortization. The EBITDA measure provides useful information to assess our operational performance.

We calculate Adjusted EBITDA as EBITDA plus/minus: (a) income tax and social contribution; (b) net finance result; (c) depreciation and amortization; (d) share-based compensation expenses, mainly due to the grant of additional shares to Somos’ employees in connection with the change of control of Somos to Cogna (for further information refer to note 23 to the audited consolidated financial statements); (e) provision for risks of tax, civil and labor losses regarding penalties, related to income tax positions taken by the Predecessor Somos – Anglo and Vasta in connection with a corporate reorganization carried out by the Predecessor Somos – Anglo; (f) Bonus IPO, which refers to bonus paid to certain executives and employees based on restricted share units; and (g) expenses with contractual termination of employees due to organizational restructuring. We understand that such adjustments are relevant and should be considered when calculating our Adjusted EBITDA, which is a practical measure to assess our operational performance that allows us to compare it with other companies that operates in the same segment.

We calculate Adjusted net (loss) profit as the (loss) profit for the period/year as presented in Statement of Profit or Loss and Other Comprehensive Income adjusted by the same Adjusted EBITDA items, however, added by (a) Amortization of intangible assets from Business Combination and (b) Tax shield of 34% generated by the aforementioned adjustments.

We calculate Free cash flow (FCF) as the cash from operating activities as presented in the Statement of Cash Flows less (a) income tax and social contribution paid; (b) tax, civil and labor proceedings paid; (c) interest lease liabilities paid; (d) acquisition of property, plant and equipment; (e) additions to intangible assets; and (f) lease liabilities paid.

We understand that, although Adjusted net (loss) profit, EBITDA, Adjusted EBITDA, and Free cash flow (FCF) 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 net (loss) profit, Adjusted EBITDA, and Free cash flow (FCF) 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.

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REVENUE RECOGNITION AND SEASONALITY

Our main deliveries of printed and digital materials to our customers occur in the last quarter of each year (typically in November and December), and in the first quarter of each subsequent year (typically in February and March), and revenue is recognized when the customers obtain control over the materials. In addition, the printed and digital materials we provide in the fourth quarter are used by our customers in the following school year and, therefore, our fourth quarter results reflect the growth in the number of our students from one school year to the next, leading to higher revenue in general in our fourth quarter compared with the preceding quarters in each year. Consequently, in aggregate, the seasonality of our revenues generally produces higher revenues in the first and fourth quarters of our fiscal year. Thus, the numbers for the second quarter and third quarter are usually less relevant. In addition, we generally bill our customers during the first half of each school year (which starts in January), which generally results in a higher cash position in the first half of each year compared to the second half.

A significant part of our expenses is also seasonal. Due to the nature of our business cycle, we need significant working capital, typically in September or October of each year, to cover costs related to production and inventory accumulation, selling and marketing expenses, and delivery of our teaching materials at the end of each year in preparation for the beginning of each school year. As a result, these operating expenses are generally incurred between September and December of each year.

Purchases through our Livro Fácil e-commerce platform are also very intense during the back-to-school period, between November, when school enrollment takes place and families plan to anticipate the purchase of products and services, and February of the following year, when classes are about to start. Thus, e-commerce revenue is mainly concentrated in the first and fourth quarters of the year.

KEY BUSINESS METRICS

Annual Contract Value, or ACV, is a non-accounting managerial metric and represents our partner schools’ commitment to pay for our solutions offerings. We believe it is a meaningful indicator of demand for our solutions. We consider ACV is a helpful metric because it is designed to show amounts that we expect to be recognized as revenue from subscription services for the 12-month period between October 1 of one fiscal year through September 30 of the following fiscal year. We define ACV as the revenue we would expect to recognize from a partner school in each school year, based on the number of students who have contracted our services, or “enrolled students,” that will access our content at such partner school in such school year. We calculate ACV by multiplying the number of enrolled students at each school with the average ticket per student per year; the related number of enrolled students and average ticket per student per year are each calculated in accordance with the terms of each contract with the related school. Although our contracts with our schools are typically for 4-year terms, we record one year of revenue under such contracts as ACV. ACV is calculated based on the sum of actual contracts signed during the sales period and assumes the historical rates of returned goods from customers for the preceding 24-month period. Since the actual rates of returned goods from sales during the period may be different from the historical average rates and the actual volume of merchandise ordered by our customers may be different from the contracted amount, the actual revenue recognized during each period of a sales cycle may be different from the ACV for the respective sales cycle. Our reported ACV is subject to risks associated with, among other things, economic conditions and the markets in which we operate, including risks that our contracts may be canceled or adjusted (including as a result of the COVID-19 pandemic).

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FINANCIAL STATEMENTS

Consolidated Statements of Financial Position

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Consolidated Statements of Financial Position (continued)

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Consolidated Income Statement

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Consolidated Statement of Cash Flows

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Exhibit 99.2

VASTA Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025 

CONTENT 

Unaudited Condensed Interim Consolidated Statements of Financial Position as of March 31, 2025 and December 31, 2024

In thousands of R$, unless otherwise stated 

The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.

Unaudited Condensed Interim Consolidated Statements of Financial Position as of March 31, 2025 and December 31, 2024

In thousands of R$, unless otherwise stated

The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.

Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Profit or Loss for the three-months period ended March 31, 2025 and 2024

In thousands of R$, except for (loss) profit per share

The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.

Unaudited Condensed Interim Consolidated Statements of Changes in Equity for the three-months period ended March 31, 2025 and 2024

In thousands of R$, unless otherwise stated

The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.

Unaudited Condensed Interim Consolidated Statements for the three-months period ended March 31, 2025 and 2024

In thousands of R$ unless otherwise stated

The accompanying notes are an integral part of this Unaudited Condensed Interim Consolidated Financial Statements.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(Amounts in thousands of R$, unless otherwise stated)

1. The Company and Basis of Presentation

1.1. The Company

Vasta Platform Limited, together with its subsidiaries (the Company or Group) is a publicly held company incorporated in the Cayman Islands on October 16, 2019, with headquarters in the city of São Paulo, Brazil. The Company is a technology-powered education content providing end-to-end educational and digital solutions that cater to all needs of private schools operating in the K-12 educational segment. Vasta’s fiscal year begins on January 1 of each year and ends on December 31 of the same year. 

The Company is a subsidiary of Cogna Educação S.A. (Cogna Educação S.A. and its subsidiaries defined as “Cogna Group”), and since July 31, 2020, VASTA Platform Limited. has been a publicly-held company registered with SEC (“The US Securities and Exchange Commission) and its shares are traded on Nasdaq Global Select Market under ticker symbol “VSTA”.

2. Basis of accounting

These Interim Financial Statements for the three-month period ended March 31, 2025, have been prepared in accordance with the IAS 34 – Interim Financial reporting – and should be read in conjunction with the Group’s last annual Consolidated Financial Statements as at and for the year ended December 31, 2024 (‘last annual financial statements’). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the last annual financial statements.

The Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2025 are presented in thousands of Brazilian Reais (“R$”), which is the Company functional currency. All financial information presented in R$ has been rounded to the nearest thousands, except as otherwise indicated.

(a)       Consolidation

These Unaudited Condensed Interim Consolidated Financial Statements were authorized for issue by the Executive Board on May 06, 2025

(b)       Associates

Associates are those entities in which the Group has significant influence, but does not control or jointly control, the financial and operating policies.

Investments in associates are accounted for using the equity method. Such investments are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases.

3. Use of estimates and judgements

In preparing the Interim Financial Statements, Management has made judgements and estimates that affect the application of Company´s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. 

The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

Those estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable and relevant under the circumstances. Revisions to estimates are recognized prospectively.

In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: 

Measurement of fair values

Where Level 1 inputs are not available, if needed, the Company engages third party qualified appraisers to perform the valuation using Level 2 and / or Level 3 inputs. The Company’s management establishes the appropriate valuation techniques and inputs to the model, working closely with the qualified external advisors when they are engaged in such activities. 

The valuations of identifiable assets and contingent liabilities in business combinations could be particularly sensitive to changes in one or more unobservable inputs considered in the valuation process. Further information on the assumptions used in the valuation process of such items is provided in note 6.

4. Material accounting policies and new and not yet effective accounting standards

The accounting policies applied in these interim financial statements are the same as those applied in the Company’s consolidated financial statements as at and for the year ended December 31, 2024. The accounting policies have been consistently applied to all consolidated companies. There are no new accounting policies that could be applicable from January 1, 2025, or early adopted in the Unaudited Condensed Interim Consolidated Financial Statements.

5. Financial Risk Management

The Company has a risk management policy for monitoring and managing the nature and overall position of financial risks and to assess its financial results and impacts on its cash flows. Counterparty credit limits are also reviewed periodically or whenever the Company identifies significant changes in financial risk.

The economic and financial risks reflect the behavior of macroeconomic variables such as interest rates as well as other characteristics of the financial instruments maintained by the Company. These risks are managed through control and monitoring policies, specific strategies, and limits.

The Company’s activities expose it to certain financial risks mainly related to market risk, credit risk and liquidity risk. Management and the Group’s Board of Directors monitor such risks in line with their capital management policy objectives.

This Note presents information on the Company’s exposure to each of the risks above, the objectives of the Company, measurement policies, and the Company’s risk and capital management process. The Company has no derivative transactions.

This risk arises from the possibility that the Company incurs losses because of interest rate fluctuations that increase finance costs related to bonds raised in the market and obligations for acquisitions from third parties payable in installments. The Company continuously monitors market interest rates in order to assess the need to contract financial instruments to hedge against volatility of these rates. Additionally, financial assets also indexed to CDI and IPCA (broad consumer price index) partially mitigate any interest rate exposures. Interest rates contracted are as follows:

Credit risk arises from the potential default of a counterparty on an agreement or financial instrument, resulting in financial loss. The Company is exposed to credit risk in its operating activities (mainly in connection with trade receivables), financial activities that include reverse factoring deposits with banks and other financial institutions, and other contracted financial instruments.

The Company mitigates its exposure to credit risks associated with financial instruments, deposits in banks and short-term investments by investing in prime financial institutions and in accordance with limits previously set in the Company’s policy. See notes 7 and 8.

To mitigate risks associated with trade receivables, the Company adopts a sales policy and an analysis of the financial and equity condition of its counterparties. The sales policy is directly associated with the level of credit risk the Company is willing to accept in the normal course of its business.

The diversification of its receivable’s portfolio, the selectivity of its customers, as well as the monitoring of sales financing terms and individual position limits are procedures adopted to minimize defaults or losses in the realization of trade receivables. Thus, the Company does not have significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics.

Furthermore, the Company reviews the recoverable amount of its trade receivables at the end of each reporting period to ensure that expected credit losses have been recorded. See note 9.

To cover possible liquidity deficiencies or mismatches between cash and cash equivalents and short-term debt and financial obligations, the Company continues to operate with reverse factoring if this credit line is offered by banks and accepted by Company suppliers. This is the risk of the Company not having enough funds and or bank credit limits to meet its short-term financial commitments, due to mismatching terms in expected receipts and payments.

The Company continuously monitors its cash balance and indebtedness level and implemented measures to allow access to the capital markets, when necessary. It also endeavors to assure they remain within existing credit limits. Management also monitors projected and actual cash flows and the combination of the maturity profiles of the financial assets, liabilities and takes into consideration its debt financing plans, covenant compliance, internal liquidity targets and, if applicable, regulatory requirements.

The table below presents the maturity of the Company’s financial liabilities.

Financial liabilities by maturity ranges

The table below reflects the estimated interest rate based on CDI and IPCA for 12 months (11.28% p.a. and 5.48% p.a., respectively), in according to contractual rates on March 31, 2025. Amounts payable refer to principal and interest based on undiscounted contractual amounts and, therefore, do not reflect the financial position presented as of March 31, 2025:

Capital management

The Company’s objectives when managing capital are to safeguard its ability to continue as a going concern to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure of the Company, management can make or may propose to the shareholders when their approval is required, adjustments to the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce, for example, debt. 

The Company monitors capital based on the gearing ratio. This ratio corresponds to the net debt expressed as a percentage of total capitalization. Net debt comprises financial liabilities less cash and cash equivalents. Total capitalization is calculated as shareholders’ equity as shown in the consolidated balance sheet plus net debt.

The Company’s main capital management objectives are to safeguard its ability to continue as a going concern, optimize returns, allow consistency of operations to other stakeholders, and maintain an optimal capital structure reducing financial costs and maximizing the returns. In addition, the Company monitors financial leverage adequacy, and mitigates risks that may affect the availability of capital for Company development.

Sensitivity analysis

The following table presents the sensitivity analysis of potential losses from financial instruments, according to Management’s assessment of relevant market risks presented above. 

A probable scenario (base scenario) over a 12-month horizon was used, with a projected rate of 11.28% p.a. as per DI Interest Deposit rate (“CDI”), and 5.48% p.a. as per IPCA reference rates disclosed by B3 S.A. (Brazilian stock exchange). Two further scenarios are presented, respectively, a 20% interest rate growth in scenario I and 40% interest rate growth in scenario II, of the projected rates.

6. Financial instruments by Category

The Company holds the following financial instruments. The Company has not disclosed the fair values of the financial instruments, because their carrying amounts approximates fair value.

Fair Value Measurements – Level 3

The following table shows the valuation techniques used in measuring level 3 fair values, as well as the significant unobservable inputs used:

7. Cash and cash equivalents

The balance of this account comprises the following amounts:   

8. Marketable securities

The average gross yield of securities is based on 103% CDI on March 31, 2025 (103% CDI on December 31, 2024). 

9. Trade receivables

The balance of this account comprises the following amounts:

The gross carrying amount of trade receivables is written off when the Company has no reasonable expectations of recovering the financial asset in its entirety or a portion thereof. Collection efforts continue to be made, even for the receivables that have been written off, and amounts recoverable are recognized directly in Consolidated Statement of Profit or Loss and Other Comprehensive Income upon collection. 

10. Inventories

The balance of this account comprises the following amounts:

11. Equity accounted investees