Exhibit 99.2

VASTA Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

CONTENT 

Unaudited Condensed Interim Consolidated Financial Statements Three-months period ended March 31, 2025	Page
Unaudited Condensed Interim Consolidated Statements of Financial Position as of March 31, 2025 and December 31, 2024	F-3
Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss for the three-months period ended March 31, 2025 and 2024	F-5
Unaudited Condensed Interim Consolidated Statements of Changes in Equity for the three-months period ended March 31, 2025 and 2024	F-6
Unaudited Condensed Interim Consolidated Statements of Cash Flows for the three-months period ended March 31, 2025 and 2024	F-7
Notes to the Unaudited Condensed Interim Consolidated Statements	F-8

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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

In thousands of R$, unless otherwise stated 

Assets	Note	March 31, 2025		December 31, 2024
Current assets
Cash and cash equivalents	7		12,345		84,532
Marketable securities	8		245,941		111,313
Trade receivables	9		859,079		863,244
Inventories	10		266,013		276,781
Prepayments			87,989		80,993
Taxes recoverable			24,422		20,813
Income tax and social contribution recoverable			14,539		13,631
Other receivables			1,341		1,304
Other receivables - related parties	20		7,956		13,714
Total current assets			1,519,625		1,466,325
Non-current assets
Judicial deposits	21.c		158,927		154,452
Deferred income tax and social contribution	22.b		207,513		208,849
Equity accounted investees	11		50,262		52,184
Other investments			1,608		1,608
Property, plant and equipment	12		154,008		160,952
Intangible assets and goodwill	13		5,122,213		5,160,785
Total non-current assets			5,694,531		5,738,830
Total Assets			7,214,156		7,205,155

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

F-3

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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

In thousands of R$, unless otherwise stated

Liabilities	Note	March 31, 2025			December 31, 2024
Current liabilities
Bonds	14		273,907			264,484
Suppliers	15		204,703			240,192
Reverse factoring	15		307,618			302,608
Lease liabilities	16		23,253			22,133
Income tax and social contribution payable			2,670			2,146
Taxes payable			6,707			4,583
Salaries and social contributions	19		121,401			101,958
Contractual obligations and deferred income	17		43,164			40,565
Accounts payable for business combination	18		224,643			215,237
Other liabilities			30,268			19,944
Other liabilities - related parties	20		13,712			30,322
Total current liabilities			1,252,046			1,244,172
Non-current liabilities
Bonds	14		497,820			497,521
Lease liabilities	16		87,127			89,240
Accounts payable for business combination	18		224,824			221,363
Provision for tax, civil and labor losses	21.a		158,089			157,123
Other liabilities			2,540			2,425
Total non-current liabilities			970,400			967,672
Total current and non-current liabilities			2,222,446			2,211,844
Shareholder's Equity
Share capital	23.1		4,820,815			4,820,815
Capital reserve	23.3		92,505			90,909
Treasury shares	23.4		(74,462	)		(74,641	)
Accumulated losses			151,661			154,928
			4,990,519			4,992,011
Interest of non-controlling shareholders			1,191			1,300
Total Shareholder's Equity			4,991,710			4,993,311
Total Liabilities and Shareholder's Equity			7,214,156			7,205,155

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

F-4

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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

	Note	March 31, 2025			March 31, 2024
Net revenue from sales and services	24		430,392			460,716
Sales			404,602			442,545
Services			25,790			18,171
Cost of goods sold and services	25		(141,213	)		(140,083	)
Gross profit			289,179			320,633
Operating income (expenses)			(242,871	)		(224,582	)
General and administrative expenses	25		(132,690	)		(139,902	)
Commercial expenses	25		(97,699	)		(73,260	)
Impairment losses on trade receivables	25		(12,546	)		(13,205	)
Other operating income	25		64			1,980
Other operating expenses	25		-			(195	)
Share of loss equity-accounted investees	11		(1,922	)		(3,060	)
Profit before finance result and taxes			44,386			92,991
Finance result			(45,713	)		(56,267	)
Finance income	26		12,631			13,543
Finance costs	26		(58,344	)		(69,810	)
(Loss) profit before income tax and social contribution			(1,327	)		36,724
Income tax and social contribution
Current	22.a		(713	)		(6,973	)
Deferred	22.a		(1,336	)		(7,809	)
			(2,049	)		(14,782	)
(Loss) profit for the period			(3,376	)		21,942
Allocated to:
Controlling shareholders			(3,267	)		22,172
Non-controlling shareholders			(109	)		(230	)
(Loss) profit per share
Basic	23.2		(0,04	)		0,27
Diluted	23.2		(0,04	)		0,30

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

F-5

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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

	Share Capital					Capital Reserve
	Share Capital		Share issuance costs			Share-based compensation reserve (granted)			Share-based compensation reserve (vested)		Treasury shares			Accumulated profit (losses)			Total Shareholders' Equity			Non-controlling shareholders			Total Shareholders' Equity
Balance as of December 31, 2023		4,961,988		(141,173	)		55,341			34,286		(59,525	)		(331,559	)		4,519,358			1,433			4,520,791
Profit (loss) for the period		-		-			-			-		-			22,172			22,172			(230	)		21,942
Share based compensation granted and issued		-		-			2,939			-		-			-			2,939			-			2,939
Share based compensation vested		-		-			(1,561	)		-		1,561			-			-			-			-
Purchase of treasury shares		-		-			-			-		(22,531	)		-			(22,531	)		-			(22,531	)
Balance as of March 31, 2024		4,961,988		(141,173	)		56,719			34,286		(80,495	)		(309,387	)		4,521,938			1,203			4,523,141
Balance as of December 31, 2024		4,961,988		(141,173	)		56,623			34,286		(74,641	)		154,928			4,992,011			1,300			4,993,311
Loss for the period		-		-			-			-		-			(3,267	)		(3,267	)		(109	)		(3,376	)
Share based compensation granted and issued		-		-			1,775			-		-			-			1,775			-			1,775
Share based compensation vested		-		-			(179	)		-		179			-			-			-			-
Balance as of March 31, 2025		4,961,988		(141,173	)		58,219			34,286		(74,462	)		151,661			4,990,519			1,191			4,991,710

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

F-6

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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

In thousands of R$ unless otherwise stated

	Notes	March 31, 2025			March 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss) profit before income tax and social contribution			(1,327	)		36,724
Adjustments for:
Depreciation and amortization	12 and 13		76,424			69,534
Share of loss profit of equity-accounted investees	11		1,922			3,060
Impairment losses on trade receivables	9		12,546			13,205
(Reversal) provision for tax, civil and labor losses net	21.a		(599	)		289
Interest on provision for tax, civil and labor losses	21.a		2,251			12,273
Interest and transaction costs on bonds	14		26,253			24,366
Contractual obligations and right to returned goods			(129	)		9,293
Interest on accounts payable for business combination	18		12,867			15,664
Interest on suppliers	26		10,109			12,500
Share-based payment expense			1,775			2,939
Interest on lease liabilities	16		2,998			2,113
Interest on marketable securities	26		(4,797	)		(5,786	)
Cancellations of right-of-use contracts			(8	)		(1,951	)
Residual value of disposals of property and equipment and intangible assets			-			943
			140,287			195,166
Changes in
Trade receivables			(8,381	)		(86,715	)
Inventories			13,921			7,201
Prepayments			(6,137	)		(4,469	)
Taxes recoverable			(5,230	)		(11,194	)
Judicial deposits			(4,439	)		(5,379	)
Other receivables			(37	)		(675	)
Related parties – other receivables			5,758			(4,980	)
Suppliers			(40,588	)		(21,320	)
Salaries and social charges			19,443			16,540
Tax payable			2,648			11,751
Contractual obligations and deferred income			(1,284	)		4,199
Other liabilities			10,438			(4,191	)
Other liabilities - related parties			(16,609	)		6,412
Cash generated from operating activities			109,788			102,346
Payment of interest on leases	16		(2,938	)		(2,029	)
Payment of interest on bonds	14		(16,531	)		(53,423	)
Payment of interest on business combinations	18		-			(2,590	)
Payment of provision for tax, civil and labor losses	21.a		(722	)		(134	)
Net cash from operating activities			89,597			44,170
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment	12		(1,462	)		(8,982	)
Additions of intangible assets	13		(24,956	)		(34,776	)
Proceeds from investment in marketable securities			189,206			275,143
Purchase of investment in marketable securities			(319,037	)		(266,215	)
Net cash used in investing activities			(156,249	)		(34,830	)
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury shares	23.4		-			(22,531	)
Lease liabilities paid	16		(5,535	)		(4,300	)
Payments of accounts payable for business combination	18		-			(11,159	)
Net cash used in financing activities			(5,535	)		(37,990	)
NET DECREASE IN CASH AND CASH EQUIVALENTS			(72,187	)		(28,650	)
Cash and cash equivalents at beginning of period	7		84,532			95,864
Cash and cash equivalents at end of period	7		12,345			67,214
NET DECREASE IN CASH AND CASH EQUIVALENTS			(72,187	)		(28,650	)

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

F-7

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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

	Interest
Company	March 31, 2025			December 31, 2024
Somos Sistemas de Ensino S.A. (“Somos Sistemas”)		100	%		100	%
Colégio Anglo São Paulo Ltda. (“Anglo São Paulo”)		100	%		100	%
MVP Consultoria e Sistemas Ltda. (“MVP”)		100	%		100	%
Sociedade Educacional da Lagoa Ltda (“SEL”)		100	%		100	%
EMME – Produções de Materiais em Multimídia Ltda (“EMME”)		100	%		100	%
Escola Start Ltda. (“Start”)		51	%		51	%

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

F-8

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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

· Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

· Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

· Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

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.

F-9

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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.

a. Financial risk factors

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.

a. Market risk – cash flow interest rate risk

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:

	March 31, 2025		December 31, 2024		Interest rate
Bonds
Private Bonds – 9th issuance – series 2		254,186		261,634	CDI + 2.40% p.a.
Private bonds – 10th Issuance – series 2		517,541		500,371	CDI + 1.35% p.a. and CDI + 1.60% p.a.
Lease liabilities		110,380		111,373	IPCA
Accounts payable for business combination		449,467		436,600	100% CDI
		1,331,574		1,309,978

b. Credit risk

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.

c. Liquidity risk

F-10

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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

March 31, 2025	Less than one year		Between one and two years		Over two years		Total
Bonds (note 14)		273,907		-		497,820		771,727
Lease liabilities (note 16)		23,253		9,251		77,876		110,380
Accounts payable for business combination (note 18)		224,643		222,916		1,908		449,467
Suppliers (note 15)		204,703		-		-		204,703
Reverse factoring (note 15)		307,618		-		-		307,618
Other liabilities - related parties (note 20)		13,712		-		-		13,712
		1,047,836		232,167		577,604		1,857,607

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:

March 31, 2025	Less than one year		Between one and two years		Over two years		Total
Bonds		304,794		-		553,957		858,751
Lease liabilities		24,527		9,758		82,141		116,426
Accounts payable for business combination		249,975		248,053		2,123		500,151
Suppliers		227,787		-		-		227,787
Reverse factoring		342,307		-		-		342,307
Other liabilities - related parties		15,258		-		-		15,258
		1,164,648		257,811		638,221		2,060,680

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.

F-11

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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.

	March 31, 2025			December 31, 2024
Net debt (i)		1,845,262			1,798,568
Total shareholder’' equity		4,991,710			4,993,311
Total capitalization (ii)		3,146,448			3,194,743
Gearing ratio - % - (iii)		59	%		56	%

(i) Net debt comprises financial liabilities (note 6) net of cash and cash equivalents.

(ii) Refers to the difference between Shareholders’ Equity and Net debt.

(iii) The Gearing Ratio is calculated based on Net Debt/Total Capitalization

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.

	Index - % per year	Balance as of March 31,2025			Base scenario			Scenario I			Scenario II
Financial investments	100% of CDI		11,311			1,275			1,531			1,786
Marketable securities	103% of CDI		245,941			27,734			33,281			38,827
			257,252			29,009			34,812			40,613
Bonds	100% of CDI + 2.40%p.a.   1.35% p.a. and 1.60% p.a.		(771,727	)		(87,025	)		(104,429	)		(121,834	)
Lease liabilities	100% of IPCA		(110,380	)		(6,046	)		(7,255	)		(8,464	)
Accounts payable for business combination	100% of CDI		(449,467	)		(50,685	)		(60,822	)		(70,958	)
			(1,331,574	)		(143,756	)		(172,506	)		(201,256	)
Net exposure			(1,074,322	)		(114,747	)		(137,694	)		(160,643	)
Interest rate -% p.a. (CDI)	-					11.28	%		13.53	%		15.79	%
Interest rate -% p.a. (IPCA)	-					5.48	%		6.57	%		7.67	%
Stressing scenarios	-					-			20	%		40	%

F-12

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

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.

	Level	March 31, 2025		December 31, 2024
Assets - Amortized cost
Cash and cash equivalents			12,345		84,532
Trade receivables			859,079		863,244
Other receivables			1,341		1,304
Other receivables - related parties			7,956		13,714
			880,721		962,794
Assets - Fair value through profit or loss
Marketable securities	1		245,941		111,313
Other investments	3		1,608		1,608
			247,549		112,921
Liabilities - Amortized cost
Bonds			771,727		762,005
Lease liabilities			110,380		111,373
Reverse factoring			307,618		302,608
Suppliers			204,703		240,192
Accounts payable for business combination			442,272		429,546
Other liabilities - related parties			13,712		30,322
			1,850,412		1,876,046
Liabilities - Fair value through profit or loss
Accounts payable for business combination (i)	3		7,195		7,054
			7,195		7,054

(i) Refers to earnout measured on acquisition of Phidelis, based on the economic activity of the acquired entity (post-closing price adjustments). Valuation techniques and significant unobservable inputs related to measurement are described below.

Fair Value Measurements – Level 3

a. Valuation techniques and significant unobservable inputs

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

Entities	Valuation technique	Significant unobservable inputs	Inter-relationship between key unobservable inputs and fair value measurement
Phidelis	Discounted cash flows: The valuation model considers the present value of the net cash flows expected to be generated by the operation (net revenue).	1. The achievement of financial targets are linked to net revenue of the years 2025 and 2026. 2.Revenue: we consider for the revenue projection the continuity of old contracts and new contracts with average annual revenue growth of 21.1%.	The estimated fair value would increase (decrease) if: - Any product is no longer monetized (lower)   - The risk-adjusted discount rates were lower (higher)

7. Cash and cash equivalents

a. Composition

The balance of this account comprises the following amounts:   

F-13

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

	March 31, 2025		December 31, 2024
Cash		2		2
Bank account		1,032		2,113
Financial investments (i)		11,311		82,417
		12,345		84,532

(i) The Company invests in short-term fixed income investment funds with daily liquidity and no material risk of change in value. Financial investments presented an average gross yield of 100% of the annual CDI rate on March 31, 2025 (104% on December 31, 2024). All investments are highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and correspond to the cash obligations for the period.

8. Marketable securities

a. Composition 

	Credit Risk	March 31, 2025		December 31, 2024
Private investment fund	AAA		245,941		111,313
			245,941		111,313

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:

a. Composition

	March 31, 2025			December 31, 2024
Trade receivables		935,934			915,216
Related parties (note 20)		10,735			37,779
(-) Impairment losses on trade receivables		(87,590	)		(89,751	)
		859,079			863,244

b. Maturities of trade receivables

	March 31, 2025			December 31, 2024
Not yet due		728,441			693,581
Past due
Up to 30 days		67,679			35,611
From 31 to 60 days		25,520			24,857
From 61 to 90 days		5,266			30,672
From 91 to 180 days		29,275			47,927
From 181 to 360 days		45,883			44,149
Over 360 days		33,870			38,419
Total past due		207,493			221,635
Related parties (note 20)		10,735			37,779
Impairment losses on trade receivables		(87,590	)		(89,751	)
		859,079			863,244

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. 

F-14

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

c. Changes on provision

	March 31, 2025			December 31, 2024
Opening balance		89,751			92,017
Additions		17,914			63,488
Reversals		(5,368	)		(10,486	)
Write offs (i)		(14,707	)		(55,268	)
Closing balance		87,590			89,751

(i) The Company assessed its customers’ credit lines on a regular basis. Due to historical losses and lack of prospects of credit recovery alongside these customers, the Company recognized R$ 14,707 as write-off as of March 31, 2025 (R$ 55,268 as of December 31, 2024).

10. Inventories

The balance of this account comprises the following amounts:

a. Composition

	March 31, 2025		December 31, 2024
Finished products		166,846		186,683
Work in process		53,743		58,355
Raw materials		34,196		23,668
Right to returned goods (i)		11,228		8,075
		266,013		276,781

(i) Represents the Company’s right to recover products from customers when customers exercise their right of return under the Company’s returns policies, where the Company estimates the volume of goods returned based on experience and foreseen expectations.

11. Equity accounted investees

a. Composition of investments

	Investment type	Interest %	Equity		Fair value		Goodwill		March 31, 2025
Educbank	Associate	43.1%		11,297		5,179		33,786		50,262
				11,297		5,179		33,786		50,262

	Investment type	Interest %	Equity		Fair value		Goodwill		December 31, 2024
Educbank	Associate	43.1%		12,921		5,477		33,786		52,184
				12,921		5,477		33,786		52,184

b. Investments in associates

	Educbank
December 31, 2023		64,484
Share of loss equity-accounted investees		(3,060	)
March 31, 2024		61,424

F-15

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

December 31, 2024	52,184
Share of loss equity-accounted investees	(1,922	)
March 31, 2025	50,262

12. Property, plant and equipment

The cost, weighted average depreciation rates and accumulated depreciation are as follows:

		March 31, 2025							December 31, 2024
	Weighted average depreciation rate	Cost		Accumulated depreciation			Residual		Cost		Accumulated depreciation			Residual
IT equipment	10%-33%		90,009		(88,012	)		1,997		89,944		(84,293	)		5,651
Furniture, equipment and fittings	10%-33%		70,093		(42,339	)		27,754		70,157		(40,651	)		29,506
Property, buildings and improvements	5%-20%		72,500		(42,043	)		30,457		70,204		(40,460	)		29,744
In progress	-		-		-			-		837		-			837
Right of use assets	7%-20%		243,898		(150,141	)		93,757		239,408		(144,237	)		95,171
Land	-		43		-			43		43		-			43
Total			476,543		(322,535	)		154,008		470,593		(309,641	)		160,952

Changes in property, plant and equipment are as follows:

	IT equipment			Furniture, equipment and fittings			Property, buildings and improvements			In progress			Right of use assets			Land		Total
As of December 31, 2023		21,612			22,247			10,817			16,765			80,008			43	151,492
Additions		10			8,012			509			451			-			-	8,982
Disposals		(840	)		-			(100	)		-			(11,023	)		-	(11,963)
Depreciation		(4,619	)		(1,401	)		(771	)		-			(4,113	)		-	(10,904)
Transfers		44			(527	)		490			(7	)		-			-	-
As of March 31, 2024		16,207			28,331			10,945			17,209			64,872			43	137,607
As of December 31, 2024		5,651			29,506			29,744			837			95,171			43	160,952
Additions		-			3			797			662			4,596			-	6,058
Disposals		-			-			-			-			(106	)		-	(106)
Depreciation		(3,717	)		(1,692	)		(1,583	)		-			(5,904	)		-	(12,896)
Transfers		63			(63	)		1,499			(1,499	)		-			-	-
As of March 31, 2025		1,997			27,754			30,457			-			93,757			43	154,008

13. Intangible Assets and Goodwill

The cost, weighted average amortization rates and accumulated amortization of intangible assets and goodwill comprise the following amounts: 

F-16

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

		March 31, 2025							December 31, 2024
	Weighted average depreciation rate	Cost		Accumulated depreciation			Residual		Cost		Accumulated depreciation			Residual
Software	20%		386,849		(268,671	)		118,178		380,073		(253,683	)		126,390
Customer portfolio	8%		1,199,563		(606,903	)		592,660		1,199,563		(581,074	)		618,489
Trademarks	5%		633,154		(174,161	)		458,993		633,154		(167,334	)		465,820
Trade agreement	8%		243,113		(80,001	)		163,112		243,114		(73,811	)		169,303
Platform content production	33%		228,008		(177,708	)		50,300		217,331		(168,015	)		49,316
Other intangible assets	33%		11,148		(4,950	)		6,198		11,148		(4,950	)		6,198
In progress	0%		18,909		-			18,909		11,406		-			11,406
Goodwill	0%		3,713,863		-			3,713,863		3,713,863		-			3,713,863
			6,434,607		(1,312,394	)		5,122,213		6,409,652		(1,248,867	)		5,160,785

Changes in intangible assets and goodwill were as follows:

	Software			Customer Portfolio			Trademarks			Trade Agreement			Platform content production			Other Intangible assets		In progress			Goodwill		Total
As of December 31, 2023		114,701			722,652			493,129			194,065			56,101			6,207		6,845			3,713,863		5,307,563
Additions		10,338			-			-			-			16,802			-		7,636			-		34,776
Additions through business combinations		-			-			-			-			(2	)		-		(1	)		-		(3	)
Amortization		(8,736	)		(25,623	)		(6,827	)		(6,191	)		(11,253	)		-		-			-		(58,630	)
Transfers		4,997			-			-			-			(2,673	)		2		(2,326	)		-		-
As of March 31, 2024		121,300			697,029			486,302			187,874			58,975			6,209		12,154			3,713,863		5,283,706
As of December 31, 2024		126,390			618,489			465,820			169,303			49,316			6,198		11,406			3,713,863		5,160,785
Additions		6,776			-			-			-			10,677			-		7,503			-		24,956
Amortization		(14,988	)		(25,829	)		(6,827	)		(6,191	)		(9,693	)		-		-			-		(63,528	)
As of March 31, 2025		118,178			592,660			458,993			163,112			50,300			6,198		18,909			3,713,863		5,122,213

Goodwill impairment test

The Company performs its annual impairment test in December and whenever circumstances indicate that the carrying value may be impaired. The Company’s impairment test for goodwill is assessed by comparing it carrying amount with its recoverable amount. The key assumptions used to determine the recoverable amount for the different cash generating units were disclosed in the annual consolidated financial statements for the year ended December 31, 2024.

There were no indications of impairment for three-month periods ended March 31, 2025 and 2024.

F-17

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

14. Bonds

The balance of bonds comprises the following amounts:

	December 31, 2024		Payment of interest (i)			Interest accrued		Transaction cost of bonds		Transfers			March 31, 2025
Bonds with related parties		264,484		(16,531	)		25,954		299		(299	)		273,907
Current liabilities		264,484		(16,531	)		25,954		299		(299	)		273,907
Bonds with related parties		497,521		-			-		-		299			497,820
Non-current liabilities		497,521		-			-		-		299			497,820
Total		762,005		(16,531	)		25,954		299		-			771,727

(i) We present below the composition of interest and principal payments considering the issues made:

Issuance	Payments	Interest			Principal
GAGL11 - Somos Sistemas	02/14/2025		(16,531	)		-
	Total		(16,531	)		-

	December 31, 2023		Payment of interest			Interest accrued		Transaction cost of bonds		Transfers			March 31, 2024
Bonds with related parties		13,904		(17,922	)		8,185		-		(182	)		3,985
Bonds		527,859		(35,501	)		16,181		279		182			509,000
Current liabilities		541,763		(53,423	)		24,366		279		-			512,985
Bonds with related parties		250,000		-			-		-		-			250,000
Non-current liabilities		250,000		-			-		-		-			250,000
Total		791,763		(53,423	)		24,366		279		-			762,985

a. Bonds’ description

See below the bonds outstanding on March 31, 2025:  

Subscriber	Related parties	Related parties
Issuance	9th	10th
Series	2nd Series	2nd Series
Date of issuance	09/28/2022	06/21/2024
Maturity date	09/28/2025	05/15/2029
First payment after	36 months	59 months
Remuneration payment	Semi-annual interest	Semi-annual interest
Financials charges	CDI + 2.40% p.a.	CDI + 1.35% p.a. and CDI + 1.60% p.a.
Principal amount (in millions of R$)	250	500

b. Bond’s maturities

The maturities range of these accounts, considering related and third parties are as follow:

F-18

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

Maturity of installments	March 31, 2025		%		December 31, 2024		%
One year or less		273,907		35.5		264,484		34.7
One to two years		-		-		-		-
Two to three years		274,278		35.5		274,076		36.0
Three years on		223,542		29.0		223,445		29.3
Total non-current liabilities		497,820		64.5		497,521		65.3
		771,727		100.0		762,005		100.0

c. Debit commitments

The bond issued by Somos Sistemas requires the maintenance of certain financial indicators “covenants” which are quarterly calculated based on Somos Sistemas Consolidated financial statements. The period of covenants compliance comprises 12 months immediately prior to the end of each year, being the first quarterly of analysis June 30, 2024 and based on ratio between adjusted net debt by adjusted consolidated EBITDA. The net debt adjusted EBITDA ratio should be less or equal to 3.50%. This ratio cannot be breached for two consecutive periods or three alternate periods.

Consolidated net debt: Company’s total debt (short- and long-term loans and financing, including capital markets operations, less cash equivalents cash which could be withdrawn until five business days added by accounts payable for business combinations)

Adjusted consolidated EBITDA: Earnings before income taxes, depreciation and amortization, financial results (excluding financial expenses), and non-recurring expenses.  

On March 31, 2025, the financial ratio net debt by adjusted EBITDA reached the result of 2.17, within the conditions established in the financial contractual clauses.

15. Suppliers

The balance of this account comprises the following amounts:

a. Composition

	March 31, 2025		December 31, 2024
Local suppliers		174,602		207,702
Related parties (note 20)		5,064		7,868
Copyright		25,037		24,622
Suppliers		204,703		240,192
Reverse factoring (i)		307,618		302,608

(i) As of March 31, 2025, the balance of reverse factoring was R$307,618 (R$ 302,608 as of December 31, 2024), and the discount rates of assignment operations carried out by our suppliers with financial institutions had a weighted average of 1.27% per month (as of December 31, 2024, the weighted average was 1.15% per month) and a maximum payment term of 360 days. The balance is initially recognized net of the present value adjustment, which is subsequently recognized as a financial expense.

The Company uses the reverse factoring with the main suppliers (paper and printing) to extend the payment terms in order to cover possible mismatches with the receipts from sales.

Additional information about the Company suppliers subject to finance arrangement is provided in the table below:

F-19

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

	March 31, 2025		December 31, 2024
Carrying amount of financial liabilities
Presented within suppliers		307,618		302,608
- of which suppliers have received payment from the bank		288,783		284,494
Average range of payments due dates
Suppliers subject to finance arrangement (days after invoice date)		355		355
Comparable suppliers (days after invoice)		45-90		45-90
Non-cash changes
There were no significant non-cash changes in the carrying amount of financial liabilities subject to supplier finance arrangements

The payments to the bank are included within operating cash flows because they continue to be part of the normal operating cycle of the Company and their principal nature remains operating – i.e. payments for the purchase of goods and services. The payments to a supplier by the bank of R$ 288,783 are considered non-cash transactions.

16. Lease liabilities

The lease agreements have an average term of 12 years and weighted average rate of 13% p.a.

	March 31, 2025			March 31, 2024
Opening balance		111,373			96,657
Additions for new lease agreements		322			-
Renegotiation		4,274			-
Cancelled contracts (i)		(114	)		(12,974	)
Interest		2,998			2,113
Payment of interest		(2,938	)		(2,029	)
Payment of principal		(5,535	)		(4,300	)
		110,380			79,467
Current liabilities		23,253			11,485
Non-current liabilities		87,127			67,982
		110,380			79,467

(i) In 2024, refers to cancellated contract of the previous property used to offer Anglo course.

Short-term leases (lease period of 12 months or less) and leases of low-value assets (such as personal computers and office furniture) are recognized on a straight-line basis in rent expenses for the period and are not included in lease liabilities. Fixed and variable lease payments, including those related to short-term contracts and to low-value assets, were the following for the period ended March 31, 2025 and 2024:

	March 31, 2025		March 31, 2024
Fixed payments		8,473		6,329
Payments related to short-term contracts and low value assets, variable price contracts (note 25)		1,141		12,076
		9,614		18,405

F-20

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

17. Contractual obligations and deferred income

	March 31, 2025		December 31, 2024
Refund liability (i)		43,057		40,556
Contract of exclusivity for processing payroll		107		9
Current liabilities		43,164		40,565

(i) Refers to the customer’s right to return goods. The Company business cycle is from October to September for each year.

18. Accounts payable for business combination

	March 31, 2025		December 31, 2024
Meritt		300		300
Redação Nota 1000		2,772		2,718
EMME		6,062		5,943
Editora De Gouges		433,138		420,585
Phidelis		7,195		7,054
		449,467		436,600
Current		224,643		215,237
Non-current		224,824		221,363
		449,467		436,600

The changes in the balance are as follows:

	March 31, 2025		March 31, 2024
Opening balance		436,600		614,120
Payments in installments		-		(11,159	)
Interest payment		-		(2,590	)
Interest adjustment		12,867		15,664
Remeasurement		-		212
Closing balance		449,467		616,247

The maturity years of such balances as of March 31, 2025 are shown in the table below:

	March 31, 2025				December 31, 2024
Maturity of installments	Total		%		Total		%
In up to one year		224,643		50.0		215,237		49.3
One to two years		222,916		49.6		219,493		50.3
Two to three years		1,908		0.4		1,870		0.4
		224,824		50.0		221,363		50.7
		449,467		100.0		436,600		100.0

19. Salaries and Social Contributions

	March 31, 2025		December 31, 2024
Salaries payable		36,751		28,292
Social contribution payable (i)		20,544		21,542
Provision for vacation pay		27,974		22,763
Provision for profit sharing (ii)		36,132		29,361
		121,401		101,958

F-21

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

(i) Refers to the effect of social contribution over restricted share units' compensation plans issued. The Company records the taxes over the shares on a monthly basis according to the Company’s share price.

(ii) The provision for profit sharing is based on qualitative and quantitative metrics determined by the Board of Directors.

20. Related parties

As presented in note 1, the Company is a subsidiary of Cogna Educação S.A.  and some of the Company’s transactions and arrangements involve entities that are subsidiaries of Cogna Group. The effect of these transactions is reflected in these Interim Statements, with these related parties segregated by nature of transaction determined by intercompany agreements and approved by the Company’s Management. The balances and transactions between the Company and its associates have been eliminated in the Company’s Consolidated Financial Statements. The balances and transactions between related parties are shown below:

	March 31, 2025
	Other receivables (i)		Trade receivables (note 9)		Indemni- fication asset (note 21c)		Other liabilities (ii)		Suppliers (note 15)		Bonds (note 14)
Cogna Educação S.A.		-		-		154,812		2,354		-		771,727
Editora Ática S.A.		4,231		2,070		-		11,072		3,602		-
Editora E Distribuidora Educacional S.A.		1,363		546		-		-		-		-
Editora Scipione S.A.		19		196		-		-		38		-
Maxiprint Editora Ltda.		1		3,521		-		-		147		-
Saber Serviços Educacionais S.A.		-		175		-		-		-		-
Saraiva Educação S.A.		1,457		1,742		-		260		616		-
SGE Comercio De Material Didatico Ltda.		-		-		-		-		658		-
Somos Idiomas S.A.		884		2,044		-		1		3		-
Anhanguera Educacional Participações S.A.		1		441		-		25		-		-
		7,956		10,735		154,812		13,712		5,064		771,727

(i) Refers substantially to accounts receivable generated from sharing costs e.g IT services shared by the Company to Cogna Group.

(ii) Refers substantially to accounts payable by sharing expenses e.g property leasing, personnel and IT licenses shared with Cogna Group

	December 31, 2024
	Other receivables		Trade receivables (note 9)		Indemnification asset (note 21c)		Other liabilities		Suppliers (note 15)		Bonds (note 14)
Cogna Educação S.A.		-		-		150,326		420		-		762,005
Editora Ática S.A.		12,378		11,441		-		25,489		5,609		-
Editora E Distribuidora Educacional S.A.		29		455		-		1,337		-		-
Editora Scipione S.A.		13		1,650		-		-		165		-
Maxiprint Editora Ltda.		-		15,756		-		-		-		-
Saber Serviços Educacionais S.A.		-		175		-		-		-		-
Saraiva Educação S.A.		1,030		5,944		-		440		432		-
SGE Material Didático Ltda.		-		-		-		-		658		-
Somos Idiomas S.A.		79		1,917		-		2		1,004		-
Anhanguera Educacional Participações S.A.		17		441		-		2,633		-		-
Others		168		-		-		2		-		-
		13,714		37,779		150,326		30,322		7,868		762,005

F-22

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

	March 31, 2025										March 31, 2024
Transactions held:	Revenues		Finance costs (note 14)			Cost sharing			Sublease		Revenues		Finance costs			Cost Sharing			Sublease
Cogna Educação S.A.		-		(25,954	)		-			-		-		(8,185	)		-			-
Editora Atica S.A.		1,363		-			(11,069	)		1,907		8,117		-			(14,779	)		1,875
Editora E Distribuidora Educacional S.A.		491		-			-			-		209		-			-			-
Editora Scipione S.A.		204		-			-			-		757		-			-			-
Maxiprint Editora Ltda.		6,750		-			-			-		6,088		-			-			-
Saraiva Educacão S.A.		864		-			-			-		1,117		-			-			580
SSE Serviços Educacionais Ltda.		-		-			-			-		443		-			-			-
		9,672		(25,954	)		(11,069	)		1,907		16,731		(8,185	)		(14,779	)		2,455

F-23

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

a) Compensation of key management personnel

Key management personnel include the members of the Board of Directors, Audit Committee, the CEO and the vice-presidents, for which the nature of the tasks performed were related to the activities of the Company.

For the period ended March 31, 2025, key management compensation, including charges and variable compensation amounted to R$ 3,615 (R$ 2,504 for the period ended March 31, 2024).  The Audit Committee and Board of Directors were established in July 2020.   

The following benefits are granted to the Company’s management members: healthcare plan, share-based compensation plan, besides discounts over the Company’ own products.

See below the compensation of key management personnel by nature:

a) Short term benefits - Short-term benefits include fixed compensation (salaries and fees, vacation, mandatory bonus, and “13th salary” bonus), payroll charges (Company share of contributions to social security – INSS) and variable compensation such as profit sharing, the short-term benefits, that included Bonus IPO.

b) Long-term benefits - The Company also offered certain key management personnel payment based on its restricted shares units and performance shares units – ILP.

The Key management personnel compensation expenses comprised the following:

	March 31, 2025		March 31, 2024
Short-term employee benefits		1,824		1,940
Share-based compensation plan		1,791		564
		3,615		2,504

21. Provision for tax, civil and labor losses and Judicial deposits

The Company classifies the likelihood of loss in judicial/administrative proceedings in which it is a defendant. Provisions are recorded for contingencies classified as probable loss in an amount that Management, in conjunction with its legal advisors, believes is enough to cover probable losses or when related to contingencies resulting from business combinations.

The contingent liabilities are composed as follows: 

a. Composition 

The changes in provision for the years ended March 31, 2025 and December 31, 2024 were as follows:

F-24

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

	December 31, 2024		Additions			Reversals			Interest			Payments			March 31, 2025
Tax proceedings (i)		110,849		-			(223	)		1,096			135		111,857
Labor proceedings (ii)		22,298		165			(629	)		167			(830	)	21,170
Civil proceedings		23,976		160			(72	)		1,024			(27	)	25,062
Total		157,123		325			(924	)		2,287			(722	)	158,089
Finance expense (note 26)				-			-			(2,251	)
General and administrative expenses (note 25)				(325	)		924			-
Total				(325	)		924			(2,251	)
Guarantee - Equity effect				-			-			(36	)
Total				(325	)		924			(2,287	)

(i) Primarily refers tax assessment notices issued by the tax authority to the "Predecessor," derived from disallowances of operational and financial expenses, as well as isolated fines related to the acquisition of the Anglo Group in 2010 and subsequent restructuring.

(ii) The Company is a party to labor demands, which mostly refer to proportional vacation, salary difference, night shift premium, overtime and social charges, among others. There are no individual labor demands with material amounts that require specific disclosure.

	December 31, 2023		Additions			Reversals			Interest			Payments			March 31, 2024
Tax proceedings		676,255		-			(88	)		11,913			-			688,080
Labor proceedings		21,615		818			(438	)		386			(116	)		22,265
Civil proceedings		120		40			(43	)		4			(18	)		103
Total		697,990		858			(569	)		12,303			(134	)		710,448
Finance expense				-			-			(12,273	)
General and administrative expenses				(856	)		567			-
Total				(856	)		567			(12,273	)
Indemnification asset - Former owner				(2	)		2			(30	)
Total				(858	)		569			(12,303	)

b. Contingencies with possible losses  

As of March 31, 2025, the Company was party to lawsuits classified as possible losses totaling R$ 50,665 (R$52,117 as of December 31, 2024), as shown below:

	March 31,2025		December 31, 2024
Taxes (i)		7,317		7,043
Labor (ii)		32,722		31,498
Civil (iii)		10,626		13,576
Total		50,665		52,117

The Company and its subsidiaries had 70 legal and administrative lawsuits as of March 31, 2025, according to the Management, with a possible risk of loss based on the opinion of the Company and of its legal assessors. The main ones are highlighted below:

(i) Taxes: Notice of Violation issued by the Municipal Finance Department of São Paulo, with the purpose of collecting municipal taxes (“ISSQN” or “Imposto Sobre Serviços de Qualquer Natureza”) for the period from 2018 to 2021, in the amount of R$4,683. The Company is also party to 9 lower monetary value tax lawsuits, involving taxes of various natures, totaling R$2,634.

F-25

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

(ii) Labor: The most significant lawsuit involves a labor claim related to the payment of termination benefits and other labor charges amounting to R$20,861. The Company is a party to 23 lawsuits totaling R$11,860, the claims mainly involve severance pay, overtime and salary differences, among other labor-related payments.

(iii) Civil: Lawsuit filed against the Cogna Group, in which the plaintiff alleges fundamental changes in its pedagogical and methodological approach due to contract termination, in the amount of R$3,641.  The Company is a party to 33 lawsuits totaling R$6,985. The claims are related to contract terminations.

c. Judicial deposits

Judicial deposits recorded as non-current assets are as follows:

	March 31, 2025		December 31, 2024
Tax proceedings		2,622		2,670
Indemnification asset - Former owner		1,493		1,456
Indemnification asset – Related parties (i)		154,812		150,326
		158,927		154,452

(i) Refers to an indemnification asset of the seller (Cogna) and recognized at the date of the business combination, of the acquisition of Somos, in order to indemnify the Company for all losses that may be incurred in connection with all contingencies or lawsuits, substantially tax proceedings related to business combinations in the amount of R$158,927 (R$154,452 on December 31, 2024). This asset is indexed to CDI (Certificates of Interbank Deposits).

22. Current and Deferred Income Tax and Social Contribution

a. Reconciliation of income tax and social contribution 

The reconciliation of income tax and social contribution expense is as follows:

	As of March 31, 2025			As of March 31, 2024
(Loss) profit before income tax and social contribution for the period		(1,327	)		36,724
Nominal statutory rate of income tax and social contribution		34	%		34	%
IRPJ and CSLL calculated at the nominal rates		451			(12,486	)
Share of loss equity-accounted investees		(742	)		(1,040	)
Permanent additions		518			83
Net (exclusions) additions without contribution of deferred assets		(31	)		30
Difference in presumed results rate of subsidiary		80			(211	)
Impairment write-off on tax loss carryforward		(2,325	)		(1,158	)
Total IRPJ and CSLL		(2,049	)		(14,782	)
Current IRPJ and CSLL in the result		(713	)		(6,973	)
Deferred IRPJ and CSLL in the result		(1,336	)		(7,809	)
		(2,049	)		(14,782	)
Effective tax rate of Income and social contribution tax benefit		155	%		(40	%)

b. Deferred taxes

Changes in deferred income tax and social contribution assets and liabilities are as follows:

F-26

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

i. March 31, 2025 

	As of December 31, 2024			Effect on profit and loss			As of March 31, 2025
Income tax/social contribution:
Income tax and social contribution losses carryforwards (ii)		668,475			36,283			704,758
Temporary differences:
Impairment losses on trade receivables		27,495			(830	)		26,665
Provision for obsolete inventories		19,526			(992	)		18,534
Imputed interest on suppliers		837			(164	)		673
Provision for risks of tax, civil and labor losses		1,815			(1,209	)		606
Refund liabilities and right to returned goods		10,654			(44	)		10,610
Right of use assets		35,900			(301	)		35,599
Lease liabilities		(30,504	)		424			(30,080	)
Fair value adjustments on business combination and goodwill amortization (i)		(586,978	)		(41,654	)		(628,632	)
Other temporary difference		61,629			7,151			68,780
Deferred assets, net		208,849			(1,336	)		207,513

(i) Goodwill and fair value adjustments on business combination comprise three components, being (i) goodwill and fair value adjustment of prior business combination by Somos; (ii) amortization of fair value adjustment related to acquisition of the company; and (iii) deductibility of the acquisition goodwill for tax purposes as allowed by tax law.

(ii) The Company’s income tax and social contribution loss carryforwards are primarily the result of tax amortization of goodwill and the amortization of certain intangibles recognized related to the business combination in 2018. In accordance with Brazilian tax regulation, tax loss carryforwards have a limitation for use of 30% of taxable profit generated in each year and do not expire. The tax benefit is expected to be realized over an estimated 6-year period beginning in 2026.

ii. March 31, 2024

Changes in deferred income tax and social contribution assets and liabilities are as follows:

	As of December 31, 2023			Effect on profit (loss)			As of March 31, 2024
Income tax/social contribution:
Income tax and social contribution losses carryforwards		594,361			(845	)		593,516
Temporary differences:
Impairment losses on trade receivables		28,012			361			28,373
Provision for obsolete inventories		3,099			(416	)		2,683
Imputed interest on suppliers		(1,206	)		842			(364	)
Provision for risks of tax, civil and labor losses		(10,937	)		4,076			(6,861	)
Refund liabilities and right to returned goods		8,421			3,161			11,582
Right of use assets		31,301			(5,820	)		25,481
Lease liabilities		(25,684	)		5,105			(20,579	)
Fair value adjustments on business combination and goodwill amortization (i)		(470,342	)		(27,174	)		(497,516	)
Other temporary difference		48,428			12,901			61,329
Deferred assets, net		205,453			(7,809	)		197,644

(i) Goodwill and fair value adjustments on business combination comprise three components, being (i) goodwill and fair value adjustment of prior business combination by predecessor Somos Anglo; (ii) amortization of fair value adjustment related to acquisition of the predecessor Somos Anglo by the successor Vasta; and (iii) deductibility of the acquisition goodwill for tax purpose allowed by tax law.

F-27

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

23. Shareholder’s Equity

23.1. Share Capital

The Company holds Class A shares in addition to Class B shares (owned by Cogna).

On September 14, 2023, the Company announced a share repurchase program, approved by our board of directors considering that it was in the commercial interests of the Company to enter the Repurchase Plan. Under the repurchase program, we were entitled to repurchase up to R$ 62,500 (or US$12,500) in Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period that began on September 18, 2023, continuing until the earlier of the completion of the repurchase. On March 31, 2024, the program was concluded with the repurchase of all shares.

As a result, the Company's share capital outstanding on March 31, 2025, which excludes a total of 3,439,599 treasury shares, totals 80,210,288 shares, in amount of R$ 4,820,815, of which 64,436,093 Class B shares are owned by the Cogna Group and 15,774,195 are owned by third parties.

The Company’s Shareholders Agreement authorizes the board of directors to grant restricted share units to certain executives and employees and other service providers with respect to up to 3% (three per cent) of the issued and outstanding shares of the Company. Thus, on March 31, 2025 the Company has the following position in Class A and B shares:

	Class A Shares (units)					Class B Shares (units)		Total
	Free float		Treasury shares (note 23.4)
December 31,2024		15,765,930		3,447,864			64,436,093		83,649,887
ILP exercised		8,265		-			-		8,265
Treasury shares		-		(8,265	)		-		(8,265	)
March 31,2025		15,774,195		3,439,599			64,436,093		83,649,887

The Company’s shareholders on March 31, 2025 are as follows:

	In units
Company Shareholders	Class A			Class B			Total
Cogna Group		-			64,436,093			64,436,093
Free Float		15,774,195			-			15,774,195
Treasury shares (Note 23.4)		3,439,599			-			3,439,599
Total (%)		23	%		77	%		83,649,887

23.2. (Loss) earnings per share

The basic (loss) earnings per share is measured by dividing the profit attributable to the Company’s shareholders by the weighted average common shares outstanding during the year. The Company considers as diluted earnings per share the number of common shares calculated added by the weighted average number of common shares that should be issued upon conversion of all potentially dilutive shares into common shares; potentially dilutive shares were deemed to have been converted into common shares at the beginning of the period.

F-28

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

	March 31, 2025			March 31, 2024
(Loss) profit attributable to shareholder´s		(3,267	)		22,172
Weighted average number of ordinary shares outstanding (thousands)		80,187			83,649
Performance Shares Units (PSU)		-			-
Long Term Investment – (“ILP”)		-			3,334
Total dilution effect		-			3,334
Basic (loss) profit per share - R$		(0,04	)		0,27
Diluted (loss) profit per share - R$		(0,04	)		0,30

23.3. Capital reserve - Share-based compensation (granted)

The Company as of March 31, 2025 had two share-based compensation plans:

a) Long Term Investment – (“ILP”) – Refers to several tranches granted, being the first issued on July 23, 2020 and the last on October, 2th, 2023. The Company compensates part of its employees and management. This plan will grant up to 3% of the Company’s class A share units. The Company will grant the limit of five tranches approved by the Company’s Board of Directors. The fair value of share units is measured at fair value quoted on the grant date. The plan has a vesting period corresponding to 5 years added by expected volatility of 30% and will be settled with Company’s shares. All taxes and contributions are paid by the Company without additional costs to employees and management. This program should be wholly settled with the delivery of the shares. The effect of events on share-based compensation in the Consolidated Statement of Profit or Loss for the period ended March 31, 2025 was R$ 2,294, being R$ 925 in Shareholder’s the Equity and R$1,369 as labor charges in liabilities, due to share price fluctuation (R$  988 being R$ 1,941 in Shareholder’s the Equity and a debit of R$ 117  as labor charges in liabilities for the period ended March 31, 2024).

b) Long Term Investment – (“ILP”) – Performance Shares Units (PSU) – On August, 2023, the Board of Directors has approved a new long-term incentive plan (ILP), based on meeting certain targets, with granting in 2023 and vesting in 2026, 2027 and 2028, that generated dilution of 1.75% in Vasta shares. The effect of events on share-based compensation in the Consolidated Statement of Profit or Loss for the period ended March 31, 2025 was R$ 2,618, being R$ 909 in Shareholder’s the Equity and R$ 1,709 as labor charges in liabilities, due to share price fluctuation (R$ 2,336 being R$ 1,890 in Shareholder’s Equity and a credit of R$ 446 as labor charges in liabilities, for the period ended March 31, 2024).

Considering the shared based compensation vested and granted throughout 2024, the amount of capital reserve on March 31, 2025 total R$92,505 (R$90,909 on December 31, 2024).

23.4. Treasury Shares

In 2023 the Board of Directors had approved a share repurchase program, or the Repurchase Program. Under the Repurchase Program, Vasta could repurchase up to R$ 62,500 (or US$12,500) in Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period starting on September 18, 2023, continuing until the earlier of the completion of the repurchase. On March 31, 2024, the program concluded with the repurchase of 1,077,415 shares, corresponding to R$22,531. Considering the above information, the amount of treasury shares on March 31, 2025 total R$74,462 (R$74,641 on December 31, 2024), corresponding to 3,439,599 treasury shares (3,447,864 on December 31,2024).

F-29

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

24. Net Revenue from sales and Services

The breakdown of net sales of the Company is shown below:

	March 31,2025		March 31,2024
Net revenue
Learning systems		318,347		257,552
Textbooks		34,266		50,730
Complementary education services		47,519		49,095
Other products and services (i)		30,260		103,339
Total		430,392		460,716
Sale		404,602		442,545
Service		25,790		18,171
Total		430,392		460,716

(i) Includes sales to public government customers, amounting to R$5,215 on March 2025 (R$ 69,031 on March 31,2024).

a. Seasonality

The Company’s revenue is subject to seasonality since the main deliveries of printed materials and digital materials to 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 delivered in the fourth quarter are used by customers in the following school year and, therefore, fourth quarter results reflect the growth in the number of students from one school year to the next, leading to higher revenue in general in the fourth quarter compared with the preceding quarters in each year. Consequently, on aggregate, the seasonality of revenue generally produces higher revenue in the first and fourth quarters of our fiscal year. In addition, the Company generally bills its 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 the Company’s expenses is also seasonal. Due to the nature of the business cycle, the Company needs significant working capital, typically in September or October of each year, in order to cover costs related to production and inventory accumulation, selling and marketing expenses, and delivery of the 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.

F-30

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

25. Costs and Expenses by nature

	March 31, 2025			March 31, 2024
Salaries and payroll charges		(86,267	)		(83,555	)
Raw materials and productions costs		(84,654	)		(85,016	)
Depreciation and amortization		(76,424	)		(69,534	)
Advertising and publicity		(49,452	)		(24,754	)
Copyright		(24,173	)		(23,539	)
Impairment losses on trade receivables		(12,546	)		(13,205	)
Editorial costs		(12,494	)		(10,187	)
Other general and administrative expenses		(11,702	)		(14,773	)
Consulting and advisory services		(11,122	)		(8,101	)
Third-party services		(8,671	)		(8,691	)
Travel		(7,079	)		(6,902	)
Utilities, cleaning, and security		(3,055	)		(3,650	)
Rent and condominium fees		(1,141	)		(12,076	)
Material		(786	)		(856	)
Taxes and contributions		(736	)		(899	)
Other operating expenses		-			(195	)
Other operating income		64			1,980
Reversal (provision) for tax, civil and labor losses		599			(289	)
Income from lease and sublease agreements with related parties		1,907			2,455
Obsolete inventories		3,648			(2,878	)
		(384,084	)		(364,665	)
Cost of goods sold and services		(141,213	)		(140,083	)
Commercial expenses		(97,699	)		(73,260	)
General and administrative expenses		(132,690	)		(139,902	)
Impairment losses on trade receivables		(12,546	)		(13,205	)
Other operating income		64			1,980
Other operating expenses		-			(195	)
		(384,084	)		(364,665	)

26. Finance result

	March 31, 2025			March 31, 2024
Finance income
Income from financial investments and marketable securities		4,797			5,786
Finance income from indemnification assets and contingencies		4,527			5,384
Other finance income		3,307			2,373
		12,631			13,543
Finance costs
Interest on bonds		(26,253	)		(24,366	)
Interest on accounts payable for business combinations		(12,867	)		(15,664	)
Interest on suppliers		(10,109	)		(12,500	)
Bank and collection fees		(88	)		(841	)
Interest on provision for tax, civil and labor losses		(2,251	)		(12,273	)
Interest on lease liabilities		(2,998	)		(2,113	)
Other finance costs		(3,778	)		(2,053	)
		(58,344	)		(69,810	)
Financial result (net)		(45,713	)		(56,267	)

27. Non-cash transactions

Non-cash transactions for the periods ended March 31, 2025 and March 31, 2024 are respectively:

F-31

Vasta Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements

Three-months period ended March 31, 2025

(i) Additions and renegotiations of right of use assets and lease liabilities in the amount of R$4,596 (note 16).

(ii) Disposals of contracts of right of use assets and lease liabilities in the amount of R$114 and R$12,974 (note 16).

* * * * * * * * * * * * * * * * * * *

Guilherme Melega

Chief Executive Officer

Cesar Augusto Silva

Chief Financial Officer

Marcelo Vieira Werneck

Accountant - CRC: RJ – 091570/0-1

F-32