Shopify for private K-12 schools

A digitally-focused Pearson for K-12 education

• Content Solutions: Provides integrated curriculum content, including textbooks and educational programs, for private K-12 schools.
• Digital Platforms: Offers learning management systems (LMS) and other digital tools to support online learning, content delivery, and school administration.
• Complementary Services: Delivers additional solutions such as assessment tools, admission test preparation, and professional development for educators.

null

Guilherme Alves Mélega, Chief Executive Officer

Mr. Guilherme Alves Mélega holds a degree in economics from Fundação Armando Alves Penteado in São Paulo and a master's degree in Business Administration from the Simon Graduate School of Business, University of Rochester, in New York. He previously served as Chief Operating Officer, Investor Relations Officer, and Financial and Administrative Vice President at Somos Educação. He was also Financial Director, Corporate Controller, and Investor Relations Officer at Braskem; Senior Manager of Financial Planning and Budgeting at Whirlpool; Treasury Coordinator at Rhodia; and a financial analyst at Ambev. From 2015 to 2017, he served as the CEO of Red Balloon, one of Vasta Platform's proprietary language schools. Mr. Mélega has also served in executive capacities in other companies in the education and other sectors, such as Abril Educação. Somos Educação, where he previously held executive roles, was acquired by Cogna Educação, Vasta's parent company.

Cesar Silva, Chief Financial Officer

Mr. Cesar Augusto Silva is an economist and accountant with an MBA in business administration and possesses over 25 years of experience in financial management and controllership. He has been working at the Cogna Group as Controllership Director since 2016 and actively participated in Vasta's IPO process with Nasdaq. Prior to joining the Cogna Group, Mr. Silva worked at companies such as JSL Logística, T-Systems Brasil, and T-Systems Spain, and began his career with an auditing firm.

Rodrigo Calvo Galindo, Chairman of the Board

Mr. Rodrigo Calvo Galindo is the Chairman of Vasta Platform's board of directors and is the former Chief Executive Officer of Cogna Educação. He has over 29 years of experience in the management of various educational institutions, including serving as Administrative Associate Dean at the University of Cuiabá and CEO of Grupo Educacional IUNI. He also held the positions of Chief Operating Officer and Chief Postsecondary Education Officer at Cogna Educação, formerly known as Kroton.

Mário Ghio Junior, Director

Mr. Mário Ghio Junior is a member of Vasta Platform's board of directors and head of the strategy & innovation committee. He is also Vasta Platform's former Chief Executive Officer. Mr. Ghio Junior was previously the Chief Executive Officer of Abril Educação (currently Somos Educação) and has served as Director of Educational Support at Estácio, Director of educational platforms of the Santillana Group, General Director of the COC System, and General Director of CPV Vestibulares. He also worked as a Chemistry Teacher of Anglo Vestibulares.

Roberto Valério Neto, Director

Mr. Roberto Valério Neto is a member of Vasta Platform's board of directors and currently serves as the Chief Executive Officer of Cogna Educação. He joined Cogna following its merger with Anhanguera in July 2014, where he worked for three years as Chief Executive Officer and Executive Officer for Operations and Marketing. Before that, he spent 11 years with the DIRECTV Group, working with the SKY and DIRECTV brands.

Vasta Platform operates in the K-12 education sector for private schools in Brazil, offering end-to-end educational and digital solutions.

According to a report by Oliver Wyman, the total addressable market (TAM) for Vasta Platform's Content & EdTech Platform and Digital Platform in Brazil was R$25.3 billion as of 2018. This market was segmented as follows:

• Core content: R$6.0 billion
• Complementary education solutions: R$6.4 billion
• Digital platform: R$12.9 billion

The report projects that this TAM will more than double by 2030, reaching R$54.0 billion in Brazil. The projected breakdown for 2030 is:

• Core content: R$13.4 billion
• Complementary education solutions: R$14.0 billion
• Digital platform: R$26.6 billion

Expected Drivers of Future Revenue Growth for Vasta Platform (VSTA)

• Growth in Subscription Revenue: Vasta Platform has consistently highlighted the strong performance and increasing contribution of its subscription products to total revenue. For instance, the subscription revenue in the 2025 sales cycle increased by 14.3%, remaining the primary contributor to net revenue. The successful conversion of Annual Contract Value (ACV) bookings into revenue also underpins this growth.
• Expansion into the Public-School Sector (B2G): Vasta initiated offerings to the Brazilian public sector (B2G) in 2023, and this segment has shown significant potential, contributing to revenue growth in recent periods. The company plans to continue expanding its offerings in the B2G segment.
• Growth of Complementary Solutions: This segment has demonstrated high growth rates within Vasta's business, with a 25.3% increase in net revenue for complementary solutions in the 2025 sales cycle compared to the previous cycle. This indicates successful cross-selling and increased penetration of additional educational services.
• Expansion of Start-Anglo Bilingual Schools: The company is actively developing and expanding its Start-Anglo bilingual school operations. This initiative includes signing new franchise contracts, indicating a strategic focus on this growing market segment with strong future growth potential.

Share Repurchases

• Vasta Platform announced its first share repurchase program in August 2021, authorizing the buyback of up to 1,000,000 Class A common shares until February 2022.
• In September 2023, a second share repurchase program was approved, allowing for the repurchase of up to US$12.5 million (R$62.5 million) in Class A common shares, active until September 30, 2024.
• In the third quarter of 2025 (3Q25), treasury shares were repurchased for R$22.531 million.

Share Issuance

• In July 2020, Vasta Platform completed its Initial Public Offering (IPO), issuing 18,575,492 Class A common shares at $19.00 per share, resulting in estimated net proceeds of approximately US$333.5 million.

Inbound Investments

• The company's Initial Public Offering in July 2020 raised approximately $405.6 million, which was earmarked for growth, acquisitions, and technological development.

Outbound Investments

• Between 2020 and 2022, Vasta Platform acquired several complementary businesses, including Plurall (digital learning environment), MindMakers (STEM education), and Phidelis (school management software), to enhance its integrated platform capabilities.

Capital Expenditures

• Capital expenditures for the last 12 months (prior to November 2025) were reported as -$4.39 million, suggesting proceeds from the sale of assets rather than capital outlay.
• The company's strategy includes significant investment in content development and technology to maintain market relevance and competitiveness within the K-12 education sector.