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Vasta Platform (VSTA) investor relations material
Vasta Platform Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net revenue for the 2025 sales cycle reached BRL 1.737 billion, up 13.6% year-over-year, driven by strong ACV conversion and growth in both subscription and complementary solutions.
Subscription revenue grew 14.3% year-over-year, with ACV bookings of BRL 1.552 billion.
Adjusted EBITDA was BRL 494 million, up 10% year-over-year, with a margin of 28.4%, though the margin declined by 1.0 percentage point.
Free cash flow totaled BRL 316 million, up 117% year-over-year, with a conversion rate of 64%.
Adjusted net profit for the cycle was BRL 82 million, up 32.2% year-over-year.
Financial highlights
Net revenue for Q3 2025 increased 13.4% to BRL 250 million, mainly from B2G and non-subscription growth.
Subscription revenue in Q3 2025 was BRL 212 million, up 3% year-over-year.
Non-subscription revenue rose 45% to BRL 21 million in Q3, driven by higher enrollment in flagship schools.
Gross margin for the 2025 sales cycle was 62.8%, down 1.4 percentage points from 2024, mainly due to sales mix and higher royalties.
Adjusted EBITDA for Q3 2025 was BRL 31 million (12.6% margin), a 47.6% increase over Q3 2024.
Outlook and guidance
Expecting mid double-digit revenue growth for 2026, with continued market share gains in premium learning systems and over 20% growth in complementary products.
Pricing for the next cycle targeted at EPCA Plus between 1%–2%.
Free cash flow to EBITDA conversion rate expected to normalize to about 50% for the fiscal year.
Management expects continued growth in FCF and improved performance for the full 2025 fiscal year.
Strong pipeline in B2G and Start-Anglo segments, with new contracts and school launches planned.
What product mix changes impacted gross margin?
How will early collection normalization affect FCF?
How will Start Angle scale beyond 8 new units?
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Next Vasta Platform earnings date
Q4 202519 Mar, 2026
Next Vasta Platform earnings date
Q4 202519 Mar, 2026
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Frequently asked questions
Vasta Platform Limited, offers digital solutions to private schools operating in the K-12 educational sector in Brazil. The company offers a content and edtech platform that provides customers with products tailored to their school's profile, such as digital learning platform, administrative software, professional development courses and transfer of credits. It also provides a recruitment management platform that allows schools to verify data provided by students prior to enrollment and to connect families with potential candidates. Through its digital platform, Vasta trains individuals hired by its customers under a 12-distance learning course on teaching methodology and pedagogical skills necessary for the required grade level. The company also serves as an operator for efficient generation of student reports for tracking academic performance of students at schools.
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