Exhibit 99.2

VASTA Platform Limited

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

CONTENT 

Unaudited Condensed Interim Consolidated Financial Statements  Six-month period ended June 30, 2025	Page
Unaudited Condensed Interim Consolidated Statements of Financial Position as of June 30, 2025 and December 31, 2024	F-3
Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss for the six-month period ended June 30, 2025 and 2024	F-5
Unaudited Condensed Interim Consolidated Statements of Changes in Equity for the six-month period ended June 30, 2025 and 2024	F-6
Unaudited Condensed Interim Consolidated Statements of Cash Flows for the six-month period ended June 30, 2025 and 2024	F-7
Notes to the Unaudited Condensed Interim Consolidated Statements	F-8

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

Unaudited Condensed Interim Consolidated Statements of Financial Position as of June 30, 2025 and December 31, 2024

In thousands of R$, unless otherwise stated 

Assets	Note	June 30,  2025	December 31, 2024
Current assets
Cash and cash equivalents	7	14,257	84,532
Marketable securities	8	300,942	111,313
Trade receivables	9	725,258	863,244
Inventories	10	246,533	276,781
Prepayments		71,010	80,993
Taxes recoverable		22,114	20,813
Income tax and social contribution recoverable		6,550	13,631
Other receivables		4,939	1,304
Other receivables - related parties	20	26,647	13,714
Total current assets		1,418,250	1,466,325
Non-current assets
Judicial deposits	21.c	164,220	154,452
Deferred income tax and social contribution	22.b	230,046	208,849
Equity accounted investees	11	45,614	52,184
Other investments		1,608	1,608
Property, plant and equipment	12	147,984	160,952
Intangible assets and goodwill	13	5,088,974	5,160,785
Total non-current assets		5,678,446	5,738,830
Total Assets		7,096,696	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 

Six-month period ended June 30, 2025 

Unaudited Condensed Interim Consolidated Statements of Financial Position as of June 30, 2025 and December 31, 2024

In thousands of R$, unless otherwise stated

Liabilities	Note	June 30,  2025	December 31, 2024
Current liabilities
Bonds	14	272,369	264,484
Suppliers	15	172,580	240,192
Reverse factoring	15	301,863	302,608
Lease liabilities	16	23,686	22,133
Income tax and social contribution payable		4,605	2,146
Taxes payable		7,068	4,583
Salaries and social contributions	19	105,148	101,958
Contractual obligations and deferred income	17	48,051	40,565
Accounts payable for business combination	18	232,340	215,237
Other liabilities		528	19,944
Other liabilities - related parties	20	18,980	30,322
Total current liabilities		1,187,218	1,244,172
Non-current liabilities
Bonds	14	498,120	497,521
Lease liabilities	16	84,092	89,240
Accounts payable for business combination	18	229,694	221,363
Provision for tax, civil and labor losses	21.a	160,625	157,123
Other liabilities		804	2,425
Total non-current liabilities		973,335	967,672
Total current and non-current liabilities		2,160,553	2,211,844
Shareholder's Equity
Share capital	23.1	4,820,815	4,820,815
Capital reserve	23.3	90,914	90,909
Treasury shares	23.4	(72,287)	(74,641)
Accumulated profit		95,495	154,928
		4,934,937	4,992,011
Interest of non-controlling shareholders		1,206	1,300
Total Shareholder's Equity		4,936,143	4,993,311
Total Liabilities and Shareholder's Equity		7,096,696	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 

Six-month period ended June 30, 2025 

Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Profit or Loss for the six-month period ended June 30, 2025 and 2024

In thousands of R$, except for loss per share

	Note	April to June 30,  2025	April to June 30,  2024	June 30,  2025	June 30, 2024
Net revenue from sales and services	24	358,500	294,352	788,892	755,068
Sales		333,694	272,433	738,295	714,978
Services		24,806	21,919	50,597	40,090
Cost of goods sold and services	25	(156,321)	(130,767)	(297,534)	(270,850)
Gross profit		202,179	163,585	491,358	484,218
Operating income (expenses)		(222,597)	(206,920)	(465,468)	(431,502)
General and administrative expenses	25	(129,518)	(122,909)	(262,208)	(262,811)
Commercial expenses	25	(82,383)	(73,578)	(180,082)	(146,838)
Impairment losses on trade receivables	25	(11,037)	(10,149)	(23,583)	(23,354)
Other operating income	25	341	22	405	2,002
Other operating expenses	25	-	(306)	-	(501)
Share of loss equity-accounted investees	11.b	(4,648)	(3,968)	(6,570)	(7,028)
(Loss) profit before finance result and taxes		(25,066)	(47,303)	19,320	45,688
Finance result
Finance income	26	18,452	16,187	31,083	29,730
Finance costs	26	(68,131)	(63,974)	(126,475)	(133,784)
Loss before income tax and social contribution		(74,745)	(95,090)	(76,072)	(58,366)
Income tax and social contribution
Current	22.a	(3,939)	5,183	(4,652)	(1,790)
Deferred	22.a	22,533	23,736	21,197	15,927
		18,594	28,919	16,545	14,137
Loss for the period		(56,151)	(66,171)	(59,527)	(44,229)
Allocated to:
Controlling shareholders		(56.166)	(66,022)	(59.433)	(43,850)
Non-controlling shareholders		15	(149)	(94)	(379)
Loss per share
Basic				(0,74)	(0.52)
Diluted				(0,74)	(0.52)

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 

Six-month period ended June 30, 2025 

Unaudited Condensed Interim Consolidated Statements of Changes in Equity for the six-month period ended June 30, 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
Loss for the period	-	-	-	-	-	(43,850)	(43,850)	(379)	(44,229)
Share based compensation granted and issued	-	-	4,729	-	-	-	4,729	-	4,729
Share based compensation vested	-	-	(4,145)	-	4,145	-	-	-	-
Purchase of treasury shares	-	-	-	-	(22,531)	-	(22,531)	-	(22,531)
Non-controlling shareholders	-	-	-	-	-	-	-	(129)	(129)
Balance as of June 30, 2024	4,961,988	(141,173)	55,925	34,286	(77,911)	(375,409)	4,457,706	925	4,458,631
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	-	-	-	-	-	(59,433)	(59,433)	(94)	(59,527)
Share based compensation granted and issued	-	-	2,359	-	-	-	2,359	-	2,359
Share based compensation vested	-	-	(2,354)	-	2,354	-	-	-	-
Balance as of June 30, 2025	4,961,988	(141,173)	56,628	34,286	(72,287)	95,495	4,934,937	1,206	4,936,143

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 

Six-month period ended June 30, 2025 

Unaudited Condensed Interim Consolidated Statements for the six-month period ended June 30, 2025 and 2024

In thousands of R$ unless otherwise stated

	Notes	June 30, 2025	June 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before income tax and social contribution		(76,072)	(58,366)
Adjustments for:
Depreciation and amortization	12 and 13	145,264	141,252
Share of loss profit of equity-accounted investees	11	6,570	7,028
Impairment losses on trade receivables	9	23,583	23,354
(Reversal) provision for tax, civil and labor losses net	21.a	(715)	458
Interest on provision for tax, civil and labor losses	21.a	5,278	22,859
Interest and transaction costs on bonds	14	55,166	48,409
Contractual obligations and right to returned goods		(3,909)	(1,551)
Interest on accounts payable for business combination	18	27,471	30,472
Interest on suppliers	26	24,265	22,684
Share-based payment expense		2,359	4,729
Interest on lease liabilities	16	5,943	4,702
Interest on marketable securities	26	(13,911)	(12,144)
Cancellations of right-of-use contracts		(18)	(1,951)
Residual value of disposals of property and equipment and intangible assets		-	1,187
		201,274	233,122
Changes in
Trade receivables		114,403	12,568
Inventories		32,449	11,088
Prepayments		10,025	(10,358)
Taxes recoverable		1,128	2,605
Judicial deposits		(9,680)	(11,491)
Other receivables		(3,635)	569
Related parties – other receivables		(12,933)	(3,832)
Suppliers		(92,622)	(43,494)
Salaries and social charges		3,190	(4,668)
Tax payable		5,421	(546)
Contractual obligations and deferred income		9,152	(700)
Other liabilities		(21,037)	(11,933)
Other liabilities - related parties		(11,342)	(1,717)
Cash generated from operating activities		225,793	171,213
Payment of interest on leases	16	(5,824)	(4,608)
Payment of interest on bonds	14	(46,682)	(77,996)
Payment of interest on business combinations	18	(344)	(5,815)
Income tax and social contribution paid		(477)	-
Payment of provision for tax, civil and labor losses	21.a	(1,149)	(198)
Net cash from operating activities		171,317	82,596
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment	12	(1,940)	(10,893)
Additions of intangible assets	13	(50,956)	(56,856)
Proceeds from investment in marketable securities		422,130	498,674
Purchase of investment in marketable securities		(597,848)	(513,579)
Net cash used in investing activities		(228,614)	(82,654)
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury shares		-	(22,531)
Lease liabilities paid	16	(11,285)	(8,087)
Payments of bonds	14	-	(490,000)
Issuance of securities with related parties	14	-	495,627
Payments of accounts payable for business combination	18	(1,693)	(19,947)
Net cash used in financing activities		(12,978)	(44,938)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(70,275)	(44,996)
Cash and cash equivalents at beginning of period	7	84,532	95,864
Cash and cash equivalents at end of period	7	14,257	50,868
NET DECREASE IN CASH AND CASH EQUIVALENTS		(70,275)	(44,996)

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 

Six-month period ended June 30, 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 six-month period ended June 30, 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 June 30, 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	June 30, 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 August 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 

Six-month period ended June 30, 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 

Six-month period ended June 30, 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:

	June 30, 2025	December 31, 2024	Interest rate
Bonds
Private bonds – 9th issuance – series 2	264,151	261,634	CDI + 2.40% p.a.
Private bonds – 10th Issuance – series 2	506,338	500,371	CDI + 1.35% p.a. and CDI + 1.60% p.a.
Lease liabilities	107,778	111,373	IPCA
Accounts payable for business combination	462,034	436,600	100% CDI
	1,340,301	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.

F-10

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

c. Liquidity risk

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

June 30, 2025	Less than on year	Between one and two years	Over two years	Total
Bonds (note 14)	272,369	274,871	223,249	770,489
Lease liabilities (note 16)	23,686	15,825	68,267	107,778
Accounts payable for business combination (note 18)	232,340	224,070	5,624	462,034
Suppliers (note 15)	172,580	-	-	172,580
Reverse factoring (note 15)	301,863	-	-	301,863
Other liabilities - related parties (note 20)	18,980	-	-	18,980
	1,021,818	514,766	297,140	1,833,724

The table below reflects the estimated interest rate based on CDI and IPCA for 12 months (12.14% p.a. and 5.35% p.a., respectively), in according to contractual rates on June 30, 2025. Amounts payable refer to principal and interest based on undiscounted contractual amounts and, therefore, do not reflect the financial position presented as of June 30, 2025:

June 30, 2025	Less than one year	Between one and two years	Over two years	Total
Bonds	305,444	308,250	250,359	864,053
Lease liabilities	24,953	16,672	71,920	113,545
Accounts payable for business combination	260,554	251,280	6,307	518,141
Suppliers	193,537	-	-	193,537
Reverse factoring	338,520	-	-	338,520
Other liabilities - related parties	21,285	-	-	21,285
	1,144,293	576,202	328,586	2,049,081

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

F-11

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

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.

	June 30, 2025	December 31, 2024
Net debt (i)	1,819,467	1,798,568
Total shareholder’' equity	4,936,143	4,993,311
Total capitalization (ii)	3,116,676	3,194,743
Gearing ratio - % - (iii)	58%	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 12.14% p.a. as per DI Interest Deposit rate (“CDI”), and 5.35% 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 June 30,2025	Base scenario	Scenario I	Scenario II
Financial investments	99% of CDI	11,758	1,428	1,713	1,999
Marketable securities	101% of CDI	300,942	36,545	43,854	51,163
		312,700	37,973	45,567	53,162
Bonds	100% of CDI + 2.40%p.a.   1.35% p.a. and 1.60% p.a.	(770,489)	(93,564)	(112,277)	(130,990)
Lease liabilities	100% of IPCA	(107,778)	(5,767)	(6,921)	(8,074)
Accounts payable for business combination	100% of CDI	(462,034)	(56,107)	(67,329)	(78,550)
		(1,340,301)	(155,438)	(186,527)	(217,614)
Net exposure		(1,027,601)	(117,465)	(140,960)	(164,452)
Interest rate -% p.a. (CDI)	-		12.14%	14.57%	17.00%
Interest rate -% p.a. (IPCA)	-		5.35%	6.42%	7.49%
Stressing scenarios	-		-	20%	40%

F-12

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 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	June 30, 2025	December 31, 2024
Assets - Amortized cost
Cash and cash equivalents		14,257	84,532
Trade receivables		725,258	863,244
Other receivables		4,939	1,304
Other receivables - related parties		26,647	13,714
		771,101	962,794
Assets - Fair value through profit or loss
Marketable securities	1	300,942	111,313
Other investments	3	1,608	1,608
		302,550	112,921
Liabilities - Amortized cost
Bonds		770,489	762,005
Lease liabilities		107,778	111,373
Reverse factoring		301,863	302,608
Suppliers		172,580	240,192
Accounts payable for business combination		456,410	429,546
Other liabilities - related parties		18,980	30,322
		1,828,100	1,876,046
Liabilities - Fair value through profit or loss Accounts payable for business combination (i)	3	5,624	7,054
		5,624	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 until 2027. 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 

Six-month period ended June 30, 2025 

	June 30, 2025	December 31, 2024
Cash	4	2
Bank account	2,495	2,113
Financial investments (i)	11,758	82,417
	14,257	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 99% of the annual CDI rate on June 30, 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	June 30, 2025	December 31, 2024
Private investment fund	AAA	300,942	111,313
		300,942	111,313

The average gross yield of securities is based on 101% CDI on June 30, 2025 (103% CDI on December 31, 2024). 

9. Trade receivables

The balance of this account comprises the following amounts:

a. Composition

	June 30, 2025	December 31, 2024
Trade receivables	800,938	915,216
Related parties (note 20)	11,348	37,779
(-) Impairment losses on trade receivables	(87,028)	(89,751)
	725,258	863,244

b. Maturities of trade receivables

	June 30, 2025	December 31, 2024
Not yet due	530,922	693,581
Past due
Up to 30 days	91,771	35,611
From 31 to 60 days	40,653	24,857
From 61 to 90 days	25,126	30,672
From 91 to 180 days	32,283	47,927
From 181 to 360 days	43,749	44,149
Over 360 days	36,434	38,419
Total past due	270,016	221,635
Related parties (note 20)	11,348	37,779
Impairment losses on trade receivables	(87,028)	(89,751)
	725,258	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 recoverable amounts 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 

Six-month period ended June 30, 2025 

c. Changes on provision

	June 30, 2025	June 30, 2024
Opening balance	89,751	92,017
Additions	31,449	26,989
Reversals	(7,866)	(3,635)
Write offs (i)	(26,306)	(21,828)
Closing balance	87,028	93,543

(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$ 26,306 as write-off as of June 30, 2025 (R$ 21,828 as of June 30, 2024).

10. Inventories

The balance of this account comprises the following amounts:

a. Composition

	June 30, 2025	December 31, 2024
Finished products	149,262	186,683
Work in process	62,014	58,355
Raw materials	24,980	23,668
Right to returned goods (i)	10,277	8,075
	246,533	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	June 30,  2025
Educbank	Associate	43.1%	6,948	4,880	33,786	45,614
			6,948	4,880	33,786	45,614

	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

F-15

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

b. Investments in associates

	Educbank
December 31, 2023	64,484
Share of loss equity-accounted investees	(7,028)
June 30, 2024	57,456
December 31, 2024	52,184
Share of loss equity-accounted investees	(6,570)
June 30, 2025	45,614

12. Property, plant and equipment

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

		June 30, 2025				December 31, 2024
	Weighted average depreciation rate	Cost	Accumulated depreciation	Residual	Cost		Accumulated depreciation	Residual
IT equipment	10%-33%	90,163	(88,436)	1,727	89,944		(84,293)	5,651
Furniture, equipment and fittings	10%-33%	70,130	(43,991)	26,139	70,157		(40,651)	29,506
Property, buildings and improvements	5%-20%	72,844	(43,541)	29,303	70,204		(40,460)	29,744
In progress	-	-	-	-	837		-	837
Right of use assets	7%-20%	246,997	(156,225)	90,772	239,408		(144,237)	95,171
Land	-	43	-	43	43		-	43
Total		480,177	(332,193)	147,984	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	7,114		1,049	1,541		1,189		17,288	-		28,181
Disposals	(791)		(301)	(84)		(2)		(11,023)	-		(12,201)
Depreciation	(10,508)		(3,542)	(1,295)		-		(8,081)	-		(23,426)
As of June 30, 2024	17,427		19,453	10,979		17,952		78,192	43		144,046
As of December 31, 2024	5,651		29,506	29,744		837		95,171	43		160,952
Additions	221		35	1,007		677		7,801	-		9,741
Disposals	-		-	-		-		(212)	-		(212)
Depreciation	(4,141)		(3,344)	(3,024)		-		(11,988)	-		(22,497)
Transfers	(4)		(58)	1,576		(1,514)		-	-		-
As of June 30, 2025	1,727		26,139	29,303		-		90,772	43		147,984

F-16

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

13. Intangible assets and Goodwill

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

		June 30, 2025			December 31, 2024
	Weighted average depreciation rate	Cost	Accumulated amortization	Residual	Cost	Accumulated amortization	Residual
Software	20%	411,089	(280,155)	130,934	380,073	(253,683)	126,390
Customer portfolio	8%	1,199,563	(632,732)	566,831	1,199,563	(581,074)	618,489
Trademarks	5%	633,154	(180,988)	452,166	633,154	(167,334)	465,820
Trade agreement	8%	243,114	(86,192)	156,922	243,114	(73,811)	169,303
Platform content production	33%	235,346	(186,559)	48,787	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%	13,273	-	13,273	11,406	-	11,406
Goodwill	0%	3,713,863	-	3,713,863	3,713,863	-	3,713,863
		6,460,550	(1,371,576)	5,088,974	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	12,177	-	-	-	25,429	-	19,250	-	56,856
Disposals	-	-	-	-	-	(9)	-	-	(9)
Amortization	(18,022)	(51,195)	(13,706)	(12,381)	(22,522)	-	-	-	(117,826)
Transfers	5,188	-	-	-	-	-	(5,188)	-	-
As of June 30, 2024	114,044	671,457	479,423	181,684	59,008	6,198	20,907	3,713,863	5,246,584
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	15,993	-	-	-	18,073	-	16,890	-	50,956
Amortization	(26,472)	(51,658)	(13,654)	(12,381)	(18,602)	-	-	-	(122,767)
Transfers	15,023	-	-	-	-	-	(15,023)	-	-
As of June 30, 2025	130,934	566,831	452,166	156,922	48,787	6,198	13,273	3,713,863	5,088,974

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 six-month periods ended June 30, 2025 and 2024.

F-17

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 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	June 30, 2025
Bonds with related parties	264,484	(46,682)	54,567	599	(599)	272,369
Current liabilities	264,484	(46,682)	54,567	599	(599)	272,369
Bonds with related parties	497,521	-	-	-	599	498,120
Non-current liabilities	497,521	-	-	-	599	498,120
Total	762,005	(46,682)	54,567	599	-	770,489

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

Issuance	Payments	Interest	Principal
Private bonds – 9th issuance – series 2	02/14/2025	(16,531)	-
Private bonds – 10th Issuance – series 2	05/15/2025	(30,151)	-
	Total	(46,682)	-

	December 31, 2023	Additions	Payment of interest	Payment	Interest accrued	Transaction cost of bonds	Transfers	June 30, 2024
Bonds with related parties (note 20)	13,904	-	(17,922)	-	16,611	-	(1,378)	11,215
Bonds	527,859	-	(60,074)	(490,000)	31,798	557	181	10,321
Current liabilities	541,763	-	(77,996)	(490,000)	48,409	557	(1,197)	21,536
Bonds with related parties (note 20)	250,000	495,627	-	-	-	99	1,197	746,923
Non-current liabilities	250,000	495,627	-	-	-	99	1,197	746,923
Total	791,763	495,627	(77,996)	(490,000)	48,409	656	-	768,459

a. Bonds’ description

See below the bonds outstanding on June 30, 2025:  

Subscriber	Related parties	Related parties
Issuance	9th	10th
Series	2nd Series	2nd Series
Date of issuance	09/28/2022	06/26/2024
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

F-18

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

b. Bond’s maturities

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

Maturity of installments	June 30, 2025	%	December 31, 2024	%
One year or less	272,369	35.4	264,484	34.7
One to two years	274,871	35.6	-	-
Two to three years	-	-	274,076	36.0
Three years on	223,249	29.0	223,445	29.3
Total non-current liabilities	498,120	64.6	497,521	65.3
	770,489	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 after the bonds were issued 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 June 30, 2025, the financial ratio net debt by adjusted EBITDA reached the result of 1.98, within the conditions established in the financial contractual clauses.

15. Suppliers

The balance of this account comprises the following amounts:

a. Composition

	June 30, 2025	December 31, 2024
Local suppliers	143,809	207,702
Related parties (note 20)	5,555	7,868
Copyright	23,216	24,622
Suppliers	172,580	240,192
Reverse factoring (i)	301,863	302,608

(i) As of June 30, 2025, the balance of reverse factoring was R$301,863 (R$ 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 1.25% 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.

F-19

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

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

	June 30, 2025	December 31, 2024
Carrying amount of financial liabilities
Presented within suppliers	301,863	302,608
- of which suppliers have received payment from the bank	281,352	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$ 281,352 on June 30, 2025 (R$ 284,494 on December 31, 2024) are considered non-cash transactions.

16. Lease liabilities

The lease agreements have an average term of 12 years and weighted average rate of 20% p.a.

	June 30, 2025	June 30, 2024
Opening balance	111,373	96,657
Additions for new lease agreements	3,503	10,434
Renegotiation	4,298	6,854
Cancelled contracts (i)	(230)	(12,974)
Interest (note 26)	5,943	4,702
Payment of interest	(5,824)	(4,608)
Payment of principal	(11,285)	(8,087)
	107,778	92,978
Current liabilities	23,686	14,544
Non-current liabilities	84,092	78,434
	107,778	92,978

(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 June 30, 2025 and 2024:

	June 30, 2025	June 30, 2024
Fixed payments	17,108	12,695
Payments related to short-term contracts and low value assets, variable price contracts (note 25)	2,914	15,526
	20,022	28,221

F-20

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

17. Contractual obligations and deferred income

	June 30, 2025	December 31, 2024
Refund liability (i)	45,244	40,556
Contract of exclusivity for processing payroll	-	9
Other contractual obligations	2,807	-
Current liabilities	48,051	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

	June 30, 2025	December 31, 2024
Meritt	300	300
Redação Nota 1000	2,431	2,718
EMME	6,138	5,943
Editora De Gouges	447,541	420,585
Phidelis	5,624	7,054
	462,034	436,600
Current	232,340	215,237
Non-current	229,694	221,363
	462,034	436,600

The changes in the balance are as follows:

	June 30, 2025	June 30, 2024
Opening balance	436,600	614,120
Payments in installments	(1,693)	(19,947)
Interest payment	(344)	(5,815)
Interest adjustment	27,471	30,472
Closing balance	462,034	618,830

The maturity years of such balances as of June 30, 2025 are shown in the table below:

		June 30, 2025		December 31, 2024
Maturity of installments	Total	%	Total	%
In up to one year	232,340	50.3	215,237	49.3
One to two years	224,070	48.5	219,493	50.3
Two to three years	5,624	1.2	1,870	0.4
	229,694	49.7	221,363	50.7
	462,034	100.0	436,600	100.0

F-21

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

19. Salaries and social contributions

	June 30, 2025	December 31, 2024
Salaries payable	31,823	28,292
Social contribution payable (i)	22,070	21,542
Provision for vacation pay	35,675	22,763
Provision for profit sharing (ii)	15,580	29,361
	105,148	101,958

(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:

	June 30, 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.	-	-	160,047	2,503	-	770,489
Editora Ática S.A.	24,674	2,131	-	13,703	3,639	-
Editora E Distribuidora Educacional S.A.	1,554	518	-	2,462	-	-
Editora Scipione S.A.	12	1,151	-	-	131	-
Maxiprint Editora Ltda.	-	2,611	-	-	-	-
Saber Serviços Educacionais S.A.	-	175	-	-	-	-
Saraiva Educação S.A.	104	2,012	-	284	1,115	-
SGE Comercio De Material Didático Ltda.	-	-	-	-	658	-
Somos Idiomas S.A.	303	2,308	-	-	12	-
Anhanguera Educacional Participações S.A.	-	442	-	28	-	-
	26,647	11,348	160,047	18,980	5,555	770,489

(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

F-22

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

	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-23

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

	June 30, 2025				June 30, 2024
Transactions held:	Revenues	Finance costs  (note 14)	Cost sharing	Sublease	Revenues	Finance costs (note 14)	Cost sharing	Sublease
Cogna Educação S.A.	-	(54,567)	-	-	-	(16,611)	-	-
Editora Ática S.A.	2,880	-	(26,837)	3,784	11,029	-	(30,087)	4,103
Editora E Distribuidora Educacional S.A.	364	-	-	-	336	-	-	-
Editora Scipione S.A.	2,204	-	-	-	1,351	-	-	-
Maxiprint Editora Ltda.	10,916	-	-	-	10,552	-	-	-
Saraiva Educação S.A.	1,927	-	-	-	4,436	-	-	1,605
SSE Serviços Educacionais Ltda.	-	-	-	-	-	-	-	-
	18,291	(54,567)	(26,837)	3,784	27,704	(16,611)	(30,087)	5,708

F-24

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 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 three-months period from April 01 to June 30, 2025, key management compensation, including charges and variable compensation amounted to R$ 2,436 (R$ 2,736 on June 30, 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:

	April 01, to June 30, 2025	April 01, to June 30, 2024
Short-term employee benefits	1,735	2,272
Share-based compensation plan	702	464
	2,437	2,736

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 June 30, 2025 and June 30, 2024 were as follows:

F-25

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

	December 31, 2024	Additions	Reversals	Interest	Payments	June 30, 2025
Tax proceedings (i)	110,849	-	(311)	2,946	134	113,618
Labor proceedings (ii)	22,298	505	(1,048)	509	(1,202)	21,062
Civil proceedings	23,976	278	(119)	1,891	(81)	25,945
Total	157,123	783	(1,478)	5,346	(1,149)	160,625
Finance costs (note 26)		-	-	(5,278)
General and administrative expenses (note 25)		(763)	1,478	-
Total		(763)	1,478	(5,278)
Guarantee - Equity effect		(20)	-	(68)
Total		(783)	1,478	(5,346)

(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.
In December, 31 2024, considering the analysis and opinion of legal advisors, the Company decided to partially reverse the amounts initially provisioned.

(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	June 30, 2024
Tax proceedings	676,255	-	(175)	22,153	-	698,233
Labor proceedings	21,615	1,130	(589)	755	(131)	22,780
Civil proceedings	120	289	(197)	8	(67)	153
Total	697,990	1,419	(961)	22,916	(198)	721,166
Finance costs (note 26)		-	-	(22,859)
General and administrative expenses (note 25)		(1,417)	959	-
Total		(1,417)	959	(22,859)
Indemnification asset - Former owner		(2)	2	(57)
Total		(1,419)	961	(22,916)

b. Contingencies with possible losses  

As of June 30, 2025, the Company was party to lawsuits classified as possible losses totaling R$ 47,093 (R$52,117 as of December 31, 2024), as shown below:

	June 30,2025	December 31, 2024
Taxes (i)	7,563	7,043
Labor (ii)	27,394	31,498
Civil (iii)	12,136	13,576
Total	47,093	52,117

The Company and its subsidiaries had 74 legal and administrative lawsuits as of June 30, 2025 (68 on December 31, 2024), 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$4,871. The Company is also party to 9 lower monetary value tax lawsuits, involving taxes of various natures, totaling R$2,692.

F-26

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 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$21,386. The Company is a party to 29 lawsuits totaling R$6,008, 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$3,730.  The Company is a party to 33 lawsuits totaling R$8,406. The claims are related to contract terminations.

c. Judicial deposits

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

	June 30, 2025	December 31, 2024
Tax proceedings	2,628	2,670
Indemnification asset - Former owner	1,545	1,456
Indemnification asset - Related parties – note 20 (i)	160,047	150,326
	164,220	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$160,047 (R$150,326 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:

	April to June, 2025	April to June, 2024	June 30, 2025	June 30, 2024
Loss before income tax and social contribution for the period	(74,745)	(95,090)	(76,072)	(58,366)
Nominal statutory rate of income tax and social contribution	34%	34%	34%	34%
IRPJ and CSLL calculated at the nominal rates	25,413	32,331	25,864	19,844
Share of loss equity-accounted investees	(1,489)	(1,350)	(2,232)	(2,390)
Permanent additions	(3,283)	856	(2,765)	940
Net (exclusions) additions without contribution of deferred assets	144	18	113	48
Difference in presumed results rate of subsidiary	20	(774)	100	(985)
Tax Contingencies IRPJ and CSLL	-	-	-	-
Impairment write-off on tax loss carryforward	(2,211)	(2,162)	(4,535)	(3,320)
Total IRPJ and CSLL	18,594	28,919	16,545	14,137
Current IRPJ and CSLL in the result	(3,939)	5,183	(4,652)	(1,790)
Deferred IRPJ and CSLL in the result	22,533	23,736	21,197	15,927
	18,594	28,919	16,545	14,137
Effective tax rate	(25%)	(30%)	(22%)	(24%)

b. Deferred taxes

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

F-27

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

i. June 30, 2025 

	As of December 31, 2024	Effect on profit and loss	As of June 30, 2025
Income tax/social contribution:
Income tax and social contribution losses carryforwards (ii)	668,475	78,131	746,606
Temporary differences:
Impairment losses on trade receivables	27,495	(1,051)	26,444
Provision for obsolete inventories	19,526	2,940	22,466
Imputed interest on suppliers	837	(350)	487
Provision for risks of tax, civil and labor losses	1,815	(2,144)	(329)
Refund liabilities and right to returned goods	10,654	(1,329)	9,325
Right of use assets	35,900	(1,464)	34,436
Lease liabilities	(30,504)	1,700	(28,804)
Fair value adjustments on business combination and goodwill amortization (i)	(586,978)	(56,544)	(643,522)
Other temporary difference	61,629	1,308	62,937
Deferred assets, net	208,849	21,197	230,046

(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. June 30, 2024

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

	As of December 31, 2023	Effect on shareholder’s equity	Effect on profit and loss	As of June 30, 2024
Income tax/social contribution:
Income tax and social contribution losses carryforwards	594,361	(282)	83,628	677,707
Temporary differences:
Impairment losses on trade receivables	28,012	-	355	28,367
Provision for obsolete inventories	3,099	-	(3,099)	-
Imputed interest on suppliers	(1,206)	-	1,206	-
Provision for risks of tax, civil and labor losses	(10,937)	-	7,355	(3,582)
Refund liabilities and right to returned goods	8,421	-	(8,421)	-
Right of use assets	31,301	-	(29,822)	1,479
Lease liabilities	(25,684)	-	25,684	-
Fair value adjustments on business combination and goodwill amortization (i)	(470,342)	-	(65,129)	(535,471)
Other temporary difference	48,428	-	4,170	52,598
Deferred Assets, net	205,453	(282)	15,927	221,098

(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-28

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 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 June 30, 2025, which excludes a total of 3,339,118 treasury shares, totals 80,310,769 shares, in amount of R$ 4,820,815, of which 64,436,093 Class B shares are owned by the Cogna Group and 15,874,676 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 June 30, 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	108,746	-	-	108,746
Treasury shares	-	(108,746)	-	(108,746)
June 30,2025	15,874,676	3,339,118	64,436,093	83,649,887

The Company’s shareholders on June 30, 2025 are as follows:

	In units
Company Shareholders	Class A	Class B	Total
Cogna Group	-	64,436,093	64,436,093
Free Float	15,874,676	-	15,874,676
Treasury shares (Note 23.4)	3,339,118	-	3,339,118
Total (%)	23%	77%	83,649,887

23.2. Loss per share

The basic loss 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-29

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

	June 30, 2025	June 30, 2024
Loss attributable to shareholder´s	(59,433)	(43,850)
Weighted average number of ordinary shares outstanding (thousands)	80,202	83,649
Performance Shares Units (PSU)	-	-
Long Term Investment – (“ILP”)	-	-
Total dilution effect	-	-
Basic loss per share - R$	(0,74)	(0,52)
Diluted loss per share - R$	(0,74)	(0,52)

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

The Company as of June 30, 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 June 30, 2025 was R$ 2,996, being R$ 1,720 in Shareholder’s the Equity and R$1,276 as labor charges in liabilities, due to share price fluctuation (R$  3,066 being R$ 3,619 in Shareholder’s the Equity and a debit of R$ 553 as labor charges in liabilities for the period ended June 30, 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 2025, 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 June 30, 2025 was R$ 3,548, being R$ 1,568 in Shareholder’s the Equity and R$ 1,980 as labor charges in liabilities, due to share price fluctuation (R$ 2,905 being R$ 2,184 in Shareholder’s Equity and R$ 721 as labor charges in liabilities, for the period ended June 30, 2024).

Considering the shared based compensation vested and granted throughout 2024, the amount of capital reserve on June 30, 2025 total R$90,914 (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 June 30, 2025 total R$72,287 (R$74,641 on December 31, 2024), corresponding to 3,339,118 treasury shares (3,447,864 on December 31,2024).

F-30

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

24. Net revenue from sales and services

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

	April to June 30, 2025	April to June 30, 2024	June 30,2025	June 30,2024
Net revenue
Learning Systems	311,264	266,568	629,611	524,130
Textbooks	5,110	9,248	39,376	59,978
Complementary Education Services	4,337	3,943	51,856	53,038
Other products and services (i)	37,789	14,593	68,049	117,922
Total	358,500	294,352	788,892	755,068
Sales	333,694	272,433	738,295	714,978
Services	24,806	21,919	50,597	40,090
	358,500	294,352	788,892	755,068

(i) Includes sales to public government customers, amounting to R$14,044 on June 30, 2025 (R$ 69,031 on June 30,2024).

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-31

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

25. Costs and Expenses by nature

	April 01, to June 30,2025	April 01, to June 30, 2024	June 30, 2025	June 30, 2024
Raw materials and productions costs	(85,095)	(82,476)	(169,749)	(167,492)
Salaries and payroll charges	(80,705)	(77,441)	(166,972)	(160,996)
Depreciation and amortization	(68,840)	(71,720)	(145,264)	(141,252)
Advertising and publicity	(36,554)	(26,031)	(86,006)	(50,785)
Copyright	(22,638)	(18,431)	(46,811)	(41,970)
General and administrative expenses - others	(16,732)	(14,225)	(28,434)	(29,002)
Impairment losses on trade receivables	(11,037)	(10,149)	(23,583)	(23,354)
Editorial costs	(11,184)	(8,539)	(23,678)	(18,726)
Rent and condominium fees	(1,773)	(3,450)	(2,914)	(15,526)
Travel	(14,039)	(8,197)	(21,118)	(15,099)
Consulting and advisory services	(1,813)	(6,845)	(12,935)	(14,946)
Third-party services	(13,578)	(6,052)	(22,249)	(14,743)
Utilities, cleaning and security	(3,951)	(3,055)	(7,006)	(6,705)
Provision for obsolete inventories	(11,554)	(1,702)	(7,906)	(4,579)
Taxes and contributions	(713)	(1,231)	(1,449)	(2,130)
Material	(1,046)	(936)	(1,832)	(1,792)
Other operating expenses	-	(313)	-	(507)
Other operating income	341	22	405	2,002
Income from lease and sublease agreements with related parties	1,877	3,253	3,784	5,708
(Reversal) provision for tax, civil and labor losses	116	(169)	715	(458)
	(378,918)	(337,687)	(763,002)	(702,352)
Cost of sales and services	(156,321)	(130,767)	(297,534)	(270,850)
Commercial expenses	(82,383)	(73,578)	(180,082)	(146,838)
General and administrative expenses	(129,518)	(122,909)	(262,208)	(262,811)
Impairment losses on trade receivable	(11,037)	(10,149)	(23,583)	(23,354)
Other operating income	341	22	405	2,002
Other operating expenses	-	(306)	-	(501)
	(378,918)	(337,687)	(763,002)	(702,352)

26. Finance result

	April 01, to June 30,2025	April 01, to June 30,2024	June 30, 2025	June 30, 2024
Finance income
Income from financial investments and marketable securities	9,114	6,359	13,911	12,144
Finance income from indemnification assets and contingencies	5,316	6,132	9,843	11,516
Other finance income	4,022	3,696	7,329	6,070
	18,452	16,187	31,083	29,730
Finance costs
Interest on bonds	(28,913)	(23,955)	(55,166)	(48,409)
Interest on accounts payables for business combinations (note 18)	(14,604)	(14,808)	(27,471)	(30,472)
Interest on suppliers	(14,156)	(10,184)	(24,265)	(22,684)
Bank and collection fees	(905)	(316)	(993)	(1,158)
Interest on provision for tax, civil and labor losses (note 21)	(3,027)	(10,580)	(5,278)	(22,859)
Interest on lease liabilities (note 16)	(2,945)	(2,589)	(5,943)	(4,702)
Other finance costs	(3,581)	(1,542)	(7,359)	(3,500)
	(68,131)	(63,974)	(126,475)	(133,784)
Finance result (net)	(49,679)	(47,787)	(95,392)	(104,054)

F-32

Vasta Platform Limited 

Unaudited Condensed Interim Consolidated Financial Statements 

Six-month period ended June 30, 2025 

27. Non-cash transactions

Non-cash transactions for the periods ended June 30, 2025 and June 30, 2024 are respectively:

(i) Additions and renegotiations of right of use assets and lease liabilities in the amount of R$7,801 and R$ 17,288 (note 12).

(ii) Disposals of contracts of right of use assets and lease liabilities in the amount of R$230 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-33