Vasta Platform Ltd (VSTA) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Vasta Platform's second-quarter 2025 financial results conference call. (Operator Instructions)

下午好，歡迎參加 Vasta Platform 2025 年第二季財務業績電話會議。（操作員指示）

Before we begin, I would like to read a forward-looking statement. During today's presentation, our executives will make forward-looking statements. Forward-looking statements generally relate to future events or future financial or operating performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements.

在我們開始之前，我想先讀一份前瞻性聲明。在今天的演講中，我們的高階主管將發表前瞻性的陳述。前瞻性陳述通常與未來事件或未來財務或經營績效有關，涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致我們的實際結果與這些前瞻性陳述所預期的結果有重大差異。

Forward-looking statements in this presentation include, but are not limited to, statements related to our business and financial performance, expectations for future periods, our expectations regarding our strategic product initiatives and the related benefits and our expectations regarding the market. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. These risks include those set forth in the press release that we are issuing today as well as those more fully described in our filings with the Securities and Exchange Commission.

本簡報中的前瞻性陳述包括但不限於與我們的業務和財務表現、對未來期間的預期、我們對策略產品計劃和相關利益的預期以及我們對市場的預期有關的陳述。前瞻性陳述是基於我們管理階層的信念和假設以及我們管理階層目前所掌握的資訊。這些風險包括我們今天發布的新聞稿中提出的風險以及我們向美國證券交易委員會提交的文件中更詳細描述的風險。

The forward-looking statements in this presentation are based on the information available to us as of today. You should not rely on them as predictions of future events, and we disclaim any obligation to update any forward-looking statements, except as required by law.

本簡報中的前瞻性陳述是基於我們今天掌握的資訊。您不應依賴它們作為對未來事件的預測，並且我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

In addition, management may reference non-IFRS financial measures on this call. The non-IFRS financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with IFRS.

此外，管理階層可能會在本次電話會議上參考非國際財務報告準則的財務指標。非國際財務報告準則的財務指標不應被單獨考慮或取代根據國際財務報告準則編製的結果。

I would now like to turn the call over to Cesar Silva, Chief Financial Officer. Thank you. Please go ahead.

現在我想將電話轉給財務長 Cesar Silva。謝謝。請繼續。

Hello, everyone. Good evening, and thank you for joining us in this conference call to discuss Vasta Platform's second quarter of 2025 results. I'm Cesar Silva, Vasta's CFO, and today, we have the presence of Guilherme Melega, Vasta's CEO, who will be joining on the call.

大家好。晚上好，感謝您參加本次電話會議，討論 Vasta Platform 2025 年第二季的業績。我是 Vasta 的財務長 Cesar Silva，今天，我們邀請了 Vasta 的執行長 Guilherme Melega 參加電話會議。

Let me now hand over the floor to Guilherme Melega, our CEO, to make his opening statements.

現在，請容許我把發言權交給我們的執行長 Guilherme Melega 來做開場發言。

Thank you, Cesar. Thank you, all, for participating in our earnings call. Let's move to slide number 3 with some highlights of 2025. We are now entering the final portion of 2025 sales cycle, which runs from October 2024 to September 2025. I'm pleased to report that in the second quarter, we continued to deliver solid financial and operational performance with consistent growth across both our core and complementary solutions.

謝謝你，塞薩爾。感謝大家參加我們的財報電話會議。讓我們轉到幻燈片 3，其中介紹了 2025 年的一些亮點。我們現在正進入 2025 年銷售週期的最後階段，從 2024 年 10 月到 2025 年 9 月。我很高興地報告，在第二季度，我們繼續提供穩健的財務和營運業績，核心解決方案和補充解決方案都將持續成長。

A particular highlight this quarter was our free cash flow. Subscription revenue reached BRL1.340 billion in the cycle to date, a 16% increase compared to the same period of 2024. This result demonstrates our ability to sustain double-digit growth in our core business for the fourth consecutive year.

本季的一個特別亮點是我們的自由現金流。本週期迄今的訂閱收入已達到 13.40 億巴西雷亞爾，與 2024 年同期相比成長了 16%。這項結果顯示我們有能力連續第四年維持核心業務兩位數的成長。

Our complementary solutions business grew 24%, supported by accelerated expansion in both student base and market penetration. As a result, net revenue in 2025 cycle to date reached BRL1.488 billion, a 14% increase compared to the same period in 2024. This growth was driven by the successful conversion of ACV bookings into revenue along with the strong performance of complementary business.

我們的補充解決方案業務成長了 24%，這得益於學生基礎和市場滲透率的加速擴張。因此，2025 年周期迄今的淨收入達到 14.88 億巴西雷亞爾，與 2024 年同期相比成長 14%。這一增長得益於 ACV 預訂成功轉化為收入以及互補業務的強勁表現。

In the B2G segment, we recorded BRL9 million in revenue from new customers, totaling BRL50 million in the cycle to date. Over the last two quarters, we generated BRL14 million from new customers, mainly municipalities who began using our product and service, confirming that our strategy is on the right track and diversifying our B2G portfolio into states and municipalities.

在 B2G 領域，我們從新客戶那裡獲得了 900 萬雷亞爾的收入，迄今為止本週期的總收入達到 5,000 萬雷亞爾。在過去兩個季度中，我們從新客戶（主要是開始使用我們的產品和服務的市政當局）那裡獲得了 1400 萬巴西雷亞爾的收入，這證實了我們的策略正走在正確的軌道上，並將我們的 B2G 產品組合多元化到州和市政當局。

In the 2024 sales cycle, we booked BRL69 million in revenue from the Pará contract, which was recognized all at once, covering the first and second semester. And in the current cycle, the first semester of Pará was booked in Q4 2024, and the second semester is expected to be performed in the second half of 2025.

在 2024 年銷售週期中，我們從 Pará 合約中獲得了 6,900 萬雷亞爾的收入，這些收入是一次性確認的，涵蓋了第一學期和第二學期。而在當前週期中，《帕拉》第一學期的演出已預訂於2024年第四季度，第二學期預計於2025年下半年演出。

On the profitability front, adjusted EBITDA reached BRL462 million, an 8% increase compared to the previous cycle. The EBITDA margin was 31.1%, reflecting a different product mix, lower year-to-date B2G revenue, and higher marketing expenses related to business expansion. In Q2 alone, adjusted EBITDA was BRL42 million with a margin of 11.7%, up 2.9 percentage points from Q2 2024.

在獲利能力方面，調整後的 EBITDA 達到 4.62 億巴西雷亞爾，較上一周期成長 8%。EBITDA 利潤率為 31.1%，反映了不同的產品組合、年初至今的 B2G 收入下降以及與業務擴張相關的行銷費用增加。光是第二季度，調整後的 EBITDA 就達到 4,200 萬巴西雷亞爾，利潤率為 11.7%，比 2024 年第二季成長 2.9 個百分點。

Free cash flow remains a key strength. In the cycle today, free cash flow totaled BRL224 million, an increase of BRL133 million year-over-year. In Q2 2025, free cash flow reached BRL80 million, a 108% increase compared to Q2 2024. Our last 12 months free cash flow to EBITDA conversion rate improved to 57.7%, driven by growth and sustained efficiency measures.

自由現金流仍然是關鍵優勢。在今天的周期中，自由現金流總計2.24億雷亞爾，年增1.33億雷亞爾。2025 年第二季度，自由現金流達 8,000 萬巴西雷亞爾，與 2024 年第二季相比成長 108%。在成長和持續效率措施的推動下，我們過去 12 個月的自由現金流與 EBITDA 的轉換率提高至 57.7%。

These results reflect our ongoing efforts in operational discipline from automation and collection process to centralized payment, scheduling, and renegotiation of supplier terms. We also continue to make progress in deleveraging with net debt to EBITDA last 12 months at 1.9 times, down from 2.28 times in Q2 2024.

這些結果反映了我們在營運紀律方面的持續努力，從自動化和收款流程到集中支付、調度和供應商條款的重新談判。我們在去槓桿方面也持續取得進展，過去 12 個月淨負債與 EBITDA 比率為 1.9 倍，低於 2024 年第二季的 2.28 倍。

Turning to Start-Anglo bilingual school, another important growth avenue, we can say that our operations continue to expand. We implemented five new operating units this year, and together with our two flagship schools, we now have seven units in operation. Closing this quarter, we have signed over 50 contracts, and we are actively working to deliver another strong growth cycle in this business line.

談到另一個重要的成長途徑—Start-Anglo雙語學校，我們可以說我們的業務正在不斷擴大。我們今年新增了五個營運單位，加上我們的兩所旗艦學校，我們現在共有七個營運單位。截至本季末，我們已簽署了 50 多份合同，我們正在積極努力實現該業務線的另一個強勁增長週期。

Finally, we remain committed to innovation and inclusion as we prepare for 2026. Through AI, we'll introduce new tools focusing on equity and personalized learning. The individualized education plan, IEP, will empower educators with tailored pedagogical recommendations, supporting inclusive practice and transforming challenges into opportunities for growth. We are confident in our strategy and proud of the progress made so far.

最後，在為 2026 年做準備時，我們將繼續致力於創新和包容。透過人工智慧，我們將推出專注於公平和個人化學習的新工具。個人化教育計畫 IEP 將為教育工作者提供量身定制的教學建議，支持包容性實踐並將挑戰轉化為成長機會。我們對我們的策略充滿信心，並對迄今為止的進展感到自豪。

I'll now turn back to Cesar Silva, who'll walk us through the financial results.

現在我請塞薩爾·席爾瓦 (Cesar Silva) 向我們介紹財務結果。

Thank you, Melega. In slide number 4, we present the composition of Vasta's net revenue. On the left side, you can observe the organic growth for the second quarter in total net revenue, which increased by 21.8%, reaching BRL358 million. Vasta subscription revenue achieved in the second quarter of 2025, BRL320 million, a 15% increase comparing to the same quarter of 2024. Non-subscription revenue increased 98% to BRL29 million due to a seasonal effect between the first and second quarters related to delivery of books.

謝謝你，梅萊加。在投影片 4 中，我們展示了 Vasta 淨收入的組成。在左側，您可以看到第二季總淨收入的有機成長，成長了 21.8%，達到 3.58 億巴西雷亞爾。Vasta 在 2025 年第二季實現了 3.2 億巴西雷亞爾的訂閱收入，與 2024 年同期相比成長了 15%。由於第一季和第二季之間與圖書交付相關的季節性影響，非訂閱收入成長 98%，達到 2,900 萬巴西雷亞爾。

And in the Government segment in this quarter, we generated BRL9 million in revenues, and together with this BRL5 million booked last quarter, we totaled BRL14 million in new customers. So in the sales cycle, we achieved BRL15 million, a decrease of 28% in compared to BRL69 million of 2024 as was explained by Guilherme before.

本季度，我們在政府部門創造了 900 萬雷亞爾的收入，加上上季的 500 萬雷亞爾收入，我們共獲得了 1,400 萬雷亞爾的新客戶。因此，在銷售週期中，我們實現了 1500 萬巴西雷亞爾，與 2024 年的 6,900 萬巴西雷亞爾相比下降了 28%，正如 Guilherme 之前解釋的那樣。

Moving to the right side, you have the numbers of the net revenue for the 2025 sales cycle to date. We achieved an organic growth revenue of 13.6% in the 2025 sales cycle to date, amounting to BRL1.488 billion. The main factors for this performance were: firstly, the subscription revenue had increased 16%, reaching BRL1.340 billion and continues to be the major contributor to our total revenue, representing now 90% of the revenue share.

移到右側，您可以看到迄今為止 2025 年銷售週期的淨收入數字。截至目前，我們在 2025 年銷售週期內實現了 13.6% 的有機成長收入，達到 14.88 億巴西雷亞爾。取得這項業績的主要因素是：首先，訂閱收入成長了 16%，達到 13.4 億巴西雷亞爾，繼續成為我們總收入的主要貢獻者，佔總收入的 90%。

Non-subscription revenue increased 11% to BRL98 million. This growth is mainly driven by two effects: the new revenue for our flagship Start-Anglo Liceu in São Paulo that did not exist in 2024; and the growth in the number of students in the Anglo pre-university course, which enrolled 21% more students than last year.

非訂閱收入成長 11%，達到 9,800 萬巴西雷亞爾。這一增長主要由兩個因素推動：我們位於聖保羅的旗艦學校 Start-Anglo Liceu 的新收入（2024 年還不存在）；以及 Anglo 大學預科課程學生數量的增長，該課程的入學人數比去年增加了 21%。

Moving to slide number 5. We can say that in this quarter, our adjusted EBITDA amounted to BRL42 million with a margin of 11.7%, an increase of 62% from BRL26 million in the second quarter of 2024 mainly due to the growth in core content and B2G net revenue. On the right side, we see that adjusted EBITDA in 2025 sales cycle increased by 8.1% to reach BRL462 million with a margin of 31.1%.

移至投影片 5。我們可以說，本季我們的調整後 EBITDA 達到 4,200 萬巴西雷亞爾，利潤率為 11.7%，較 2024 年第二季的 2,600 萬巴西雷亞爾成長 62%，這主要歸功於核心內容和 B2G 淨收入的成長。在右側，我們看到 2025 年銷售週期的調整後 EBITDA 成長了 8.1%，達到 4.62 億巴西雷亞爾，利潤率為 31.1%。

Let's now move on to the next slide and explain the breakdown of the adjusted EBITDA margin. In slide number 6, we can see that the adjusted EBITDA margin achieved 31.1% in the sales cycle, 1.6 percentage points lower than the same period of 2024. Our gross margin reached 62%, a decrease of 2.4 percentage points from 64.4% in the 2024 sales cycle due to a lower revenue in B2G and a different product mix.

現在讓我們進入下一張投影片，解釋調整後的 EBITDA 利潤率的細目。在第 6 張投影片中，我們可以看到銷售週期內的調整後 EBITDA 利潤率達到了 31.1%，比 2024 年同期低 1.6 個百分點。我們的毛利率達到 62%，比 2024 年銷售週期的 64.4% 下降了 2.4 個百分點，原因是 B2G 收入較低且產品組合不同。

Provisions for doubtful accounts achieved 3.1% in relation to the net revenue and have an improvement of 0.9 percentage points when compared to 2024. This indication has been showing improvement during the year despite the very challenging competitive credit environment for non-premium brands. And we still have foreseen some challenge in the credit scenario for the next month.

壞帳準備金佔淨收入的比例達到 3.1%，與 2024 年相比提高了 0.9 個百分點。儘管非高端品牌面臨非常嚴峻的競爭信貸環境，但這一跡像在今年仍有所改善。我們仍然預見到下個月信貸狀況將面臨一些挑戰。

As a percentage of net revenue, our commercial expense increased by 0.6 percentage points, driven by higher expense related to business expansion of the commercial cycle of 2026 and remain stable near 17%. And finally, adjusted G&A expenses improved by 0.5 percentage points, mainly driven by workforce optimization and budgetary discipline measures.

作為淨收入的百分比，我們的商業費用增加了0.6個百分點，這是由於與2026年商業週期的業務擴展相關的費用增加所致，並保持穩定在17％附近。最後，調整後的一般及行政開支改善了 0.5 個百分點，主要得益於勞動力優化和預算紀律措施。

Moving to slide number 7, we show the adjusted net profit. In the second quarter of 2025, adjusted net losses totaled minus BRL29 million, showing an improvement from the adjusted net loss of minus BRL37 million in the same quarter of 2024. In the sales cycle, adjusted net profit reached BRL111 million, and there has been a slight increase of 1% from the adjusted net profit of BRL110 million in 2024.

轉到第 7 張投影片，我們展示調整後的淨利。2025年第二季度，調整後淨虧損總計負2,900萬雷亞爾，較2024年同期調整後淨虧損負3,700萬雷亞爾有所改善。銷售週期內，調整後淨利達1.11億雷亞爾，較2024年調整後淨利1.1億雷亞爾略有成長1%。

Moving to slide number 8, we show the free cash flow evolution. In the second quarter of 2025, the free cash flow totaled BRL8 million (sic – see slide 8, "BRL80 million") representing a relevant increase compared to BRL38 million in the same period of 2024. And in the 2025 sales cycle, our free cash flow reached BRL224 million, an increase of 147% from 2024.

轉到第 8 張投影片，我們展示了自由現金流的演變。2025 年第二季度，自由現金流總計 800 萬巴西雷亞爾（原文如此 - 參見幻燈片 8，“8000 萬巴西雷亞爾”），與 2024 年同期的 3800 萬巴西雷亞爾相比有所增加。而在2025年銷售週期中，我們的自由現金流達到2.24億雷亞爾，比2024年成長147%。

The cash flow generation in the cycle has an outstanding performance and achieved the highest level of conversion related to the adjusted EBITDA in the last years, achieving 57.7%. This is 26% better than the same indicator as last year. This improvement is explained by certain measures that the company has implemented, and they are showing results. We can mention some of these measures.

週期內現金流生成表現突出，調整後EBITDA轉換率達到近幾年最高水平，達到57.7%。比去年同期指標好26%。這種改善是由於公司實施了一些措施，而這些措施正在取得成效。我們可以提及其中的一些措施。

In our collection process, we implemented automatized process like reminders and pass-through notification to the customers. We created a customer classification measure to make a faster renegotiation of overdue receivables.

在我們的收集過程中，我們實施了自動化流程，例如提醒和向客戶傳遞通知。我們創建了客戶分類措施，以便更快地重新協商逾期應收帳款。

On the payment side, we implemented several initiatives to enhance discipline in payments, such as rigorous financial planning, centralized payment scheduling, and negotiating longer payment terms with suppliers. Additionally, the first semester of 2025 benefited from early collections of the 2025 sales cycle, which are expected to be normalized throughout the next quarters of the year.

在支付方面，我們實施了多項措施來加強支付紀律，例如嚴格的財務規劃、集中付款安排以及與供應商協商更長的付款期限。此外，2025 年第一季受益於 2025 年銷售週期的早期收款，預計該週期將在接下來的幾季中正常化。

It is worth mentioning that for the year, we expect that we will achieve a conversion rate of about 50% in the 2025 fiscal year at the end of the year. This will represent a relevant increase from 41.8% compared to the same indicator in the last year of 2024.

值得一提的是，對於年度而言，我們預計在2025財年年底將實現約50%的轉換率。與 2024 年最後一年的相同指標相比，這將有 41.8% 的相應增長。

Moving to slide number 9, we show the provision for doubtful accounts. Total expansion of PDA in the second quarter of 2025 totaled BRL11 million, representing 3.1% of net revenue, an improvement from the comparable quarter in 2024 when the PDA achieved 3.4% of net revenue.

轉到投影片 9，我們展示了壞帳準備金。PDA 在 2025 年第二季的總擴張總額為 1,100 萬巴西雷亞爾，佔淨收入的 3.1%，高於 2024 年同期 PDA 實現的 3.4% 的淨收入。

In the sales cycle of 2025, the PDA amounted to BRL45 million compared to BRL52 million in 2024. Provision for doubtful accounts represent 3.1% of net revenue in 2024 -- sorry, 2025, an improvement of 0.9 percentage points in comparison to 2024. As explained before, we still foresee some difficulty in the credit scenario, mainly for the school related to mainstream brands.

在 2025 年的銷售週期中，PDA 總額為 4,500 萬巴西雷亞爾，而 2024 年為 5,200 萬巴西雷亞爾。壞帳準備金佔 2024 年（抱歉，是 2025 年）淨收入的 3.1%，比 2024 年提高了 0.9 個百分點。如前所述，我們仍然預見到信貸狀況會面臨一些困難，主要是對於與主流品牌相關的學校而言。

Moving to the next slide, we observed that the average payment terms of Vasta's accounts receivable portfolio was 153 days in the second quarter of 2025, which is one day higher than the comparable quarter and in line with the business model seasonality.

轉到下一張投影片，我們觀察到 Vasta 應收帳款組合的平均付款期限在 2025 年第二季為 153 天，比同期高出一天，符合業務模式的季節性。

Moving to the next slide, let's take a closer look at the net debt movements. In the second quarter of 2025, Vasta had a net debt position of BRL917 million, BRL46 million lower than the previous quarter. This achievement is due to the positive cash flow generated during the period in the amount of BRL80 million, which surpassed the impact of interest accrual of BRL34 million.

轉到下一張投影片，讓我們仔細看看淨債務變動。2025年第二季度，Vasta的淨負債為9.17億雷亞爾，較上一季減少4,600萬雷亞爾。這項成就歸功於期內產生的 8,000 萬巴西雷亞爾正現金流，超過了 3,400 萬巴西雷亞爾利息累積的影響。

Moving to the right side of the slide, the net debt position decreased by BRL123 million in the sales cycle to date. This decrease was driven also by the free cash flow generated in 2025, which was partially offset by the financial interest costs.

移至幻燈片右側，迄今為止，銷售週期內的淨債務狀況減少了 1.23 億巴西雷亞爾。這一下降也是由 2025 年產生的自由現金流推動的，但被財務利息成本部分抵消。

I will conclude my part of this presentation with slide 12, explaining some more detail about our net debt composition, which represents BRL917 million at the end of the quarter. This amount is composed of BRL770 million on debentures issued to the parent company in addition to BRL462 million on accounts payables for business combination, mainly related to Eleva acquisition. These numbers were offset by BRL315 million of cash that the company owns.

我將用第 12 張幻燈片結束本次演示，更詳細地解釋我們的淨債務組成，本季末的淨債務為 9.17 億巴西雷亞爾。該金額包括向母公司發行的 7.7 億巴西雷亞爾債券以及主要與 Eleva 收購相關的企業合併應付帳款 4.62 億巴西雷亞爾。這些數字被該公司擁有的 3.15 億巴西雷亞爾現金所抵銷。

In the lower left part of this slide, we can see that in the second quarter of 2025, the net debt to last 12 months adjusted EBITDA ratio has decreased 0.16 times from the last quarter and now stands at 1.9 times. We would like to reinforce our commitment to continuing to generate free cash flow and deleverage the company.

在這張投影片的左下角，我們可以看到，2025 年第二季度，過去 12 個月的淨債務與調整後的 EBITDA 比率較上一季下降了 0.16 倍，目前為 1.9 倍。我們希望加強我們的承諾，繼續創造自由現金流並降低公司槓桿率。

Having said that, I finish our presentation, invite you all to the Q&A session.

話雖如此，我們的演講結束了，邀請大家參加問答環節。

(Operator Instructions) Marcelo Santos, JPMorgan.

（操作員指示）摩根大通的馬塞洛·桑托斯。

I wonder if you could comment a bit on the commercial cycle and the competitive environment, and focus on core and complementary, how these two are going?

我想知道您是否可以對商業週期和競爭環境發表一些評論，並專注於核心和互補，這兩者進展如何？

And the second question is regarding the outlook for B2G contracts for new states, and if the election year is a good year or is a bad year to close this kind of contract.

第二個問題是關於新州 B2G 合約的前景，以及選舉年對於簽訂此類合約來說是好年還是壞年。

Thank you, Marcelo, for your questions. Let me give you some flavor about the commercial cycle. We are keeping the pace in our commercial cycle for 2026. We are seeing a very positive outlook for complementary products. The penetration in our school base keeps running, keeps improving.

謝謝馬塞洛的提問。讓我來跟你講一下商業週期。我們正在保持 2026 年商業週期的步伐。我們看到互補產品的前景非常樂觀。我們學校基地的滲透率持續成長，不斷提高。

There is definitely demand for bilingual, social, emotional and maker products. We have been growing with more than 20% on complementary and we don't see that changing a lot for the next cycle. In terms of renewed contracts, I would say so far, it has been a very good year. So we keep a very positive outlook for 2026. But that's mainly because we have a very strong portfolio, very complementary to the school needs.

雙語、社交、情緒和創客產品肯定有需求。我們的互補性成長已經超過 20%，我們認為下一輪成長不會有太大變化。就續約而言，我想說到目前為止，這是非常好的一年。因此，我們對 2026 年保持非常樂觀的展望。但這主要是因為我們擁有非常強大的產品組合，可以很好地滿足學校的需求。

And I think we reached a very unique position to keep the growth. The market is very competitive but we are moving ahead on that. In terms of B2G, our strategy to keep growing on B2G is being performed. We have around 10 new customers in the year-to-date, totaling BRL15 million in new contracts year-to-date. So we are working also in retail, in B2G.

我認為我們達到了一個非常獨特的地位來保持成長。市場競爭非常激烈，但我們正在不斷前進。在B2G方面，我們的B2G持續成長策略正在實施中。今年迄今，我們已有約 10 位新客戶，新合約總額達 1,500 萬巴西雷亞爾。因此，我們也在零售業和 B2G 領域開展業務。

Now we are -- we have municipalities on our base, benefiting from the learning recomposition and SAEB preparatory. We still have the second semester of Pará contract to be booked. We start receiving the orders. And we expect at least one new state by year-end. And that's pretty much the outlook. It's very positive for B2G also.

現在，我們以市政當局為基地，受益於學習重組和 SAEB 準備。我們還有第二學期的 Pará 合約要預訂。我們開始接收訂單。我們預計到年底至少會有一個新州成立。這就是大致的前景。這對 B2G 來說也是非常有利的。

Just a follow-up. Conceptually, is an election year a normal year, a good year or a bad year? Like I know, of course, you don't have a crystal ball, but what can you say about the differences between selling during an election year and not selling during an election year?

只是後續行動。從概念上講，選舉年是正常年份、好年份還是壞年份？就像我知道的那樣，當然，你沒有水晶球，但是你能說出選舉年期間出售和不出售之間的區別嗎？

Yes. We don't have much history on that since it's a quite new business. And I pretty much give my guess that if you are doing an important -- if we're helping the state or the client, probably election year wouldn't be such a problem to keep the contract. And definitely, with elections, you have new governors and mayors willing to do new things on their mandate. So let's wait and see. So far, we have a positive outlook.

是的。由於這是一個相當新的業務，因此我們對此沒有太多了解。我猜測，如果你正在做一件重要的事情——如果我們正在幫助國家或客戶，那麼選舉年可能就不會成為維持合約的問題。毫無疑問，透過選舉，新的州長和市長願意在其職權範圍內做新的事情。因此，讓我們拭目以待吧。到目前為止，我們的前景是樂觀的。

Flavio Yoshida, Bank of America.

美國銀行的 Flavio Yoshida。

I have two questions on my side. The first one is on the EBITDA margin, which came in very good shape, helped by lower provisions, right? So I would like to understand if the premium schools, the fact that premium schools are gaining share on the mix helped this trend. And also if we should expect these provisioning levels to continue improving going forward? And then my second question is also on B2G.

我有兩個問題。第一個是 EBITDA 利潤率，由於撥備減少，利潤率表現非常好，對嗎？所以我想了解一下優質學校，優質學校在混合學校中所佔份額不斷增加這一事實是否有助於這一趨勢。我們是否應該預期這些供應水準未來會繼續改善？我的第二個問題也是關於 B2G 的。

So I was wondering if you guys could share with us the B2G expectations for the second half of this year, if we could expect a similar level from last year or could you expect some growth compared to the same period of last year?

所以我想知道你們是否可以與我們分享今年下半年的 B2G 預期，我們是否可以預期與去年的水平相似，或者是否可以預期與去年同期相比有所增長？

Thank you, Flavio. Talking about margins, yes, the margin is a reflect of premium products that we are selling and also the growth. The growth has been a very important driver for margins since it dilutes a very significant fixed cost that we have. And we expect Q4 to be a very important quarter because we recognize all the growth for 2026, and revenues and margins should be slightly above the 30% level. In terms of B2G, yes, we do have a very positive outlook for second semester.

謝謝你，弗拉維奧。談到利潤率，是的，利潤率反映了我們銷售的優質產品以及成長。成長一直是利潤率的一個非常重要的驅動力，因為它稀釋了我們非常大的固定成本。我們預計第四季度將是一個非常重要的季度，因為我們認識到 2026 年的所有成長，收入和利潤率應該略高於 30% 的水平。就 B2G 而言，是的，我們對第二學期的前景非常樂觀。

We expect to record the second half of the biggest contract that we have, which is Pará we booked first semester in Q4 2024, and we are receiving the orders for the second semester of 2025. On top of that, we have 10 new customers with more shipments in Q3 and Q4. And we expect to have new customers in municipalities, which are smaller contracts but is enhancing our base. And we expect to grow in a state for Q4 2025. So that's the outlook. It's a positive trend.

我們預計將記錄我們最大的合約的下半年，即 Pará，我們在 2024 年第四季度預訂了第一季的訂單，並且我們正在接收 2025 年第二季度的訂單。除此之外，我們也新增了 10 位客戶，第三季和第四季的出貨量也有所增加。我們期望在市政當局獲得新客戶，這些新客戶的合約規模較小，但卻能增強我們的基礎。我們預計 2025 年第四季將實現成長。這就是前景。這是一個正面的趨勢。

Okay, that's very clear.

好的，很清楚。

Lucas Nagano, Morgan Stanley.

摩根士丹利的盧卡斯長野。

Can you hear me? Sorry, I was on mute. We have two questions. The first is related to Start-Anglo. From the contracts you already signed, do you expect all of them to begin operations already in 2026?

你聽得到我嗎？抱歉，我靜音了。我們有兩個問題。第一個與 Start-Anglo 有關。從您已經簽署的合約來看，您是否預計所有合約都將在 2026 年開始營運？

And the second question is related to the non-subscription revenue, if you could provide some more color on this line because you mentioned that the performance was kind of seasonal, but even when you look at the cycle-to-date growth, it's growing pretty decently. So what's driving this?

第二個問題與非訂閱收入有關，您是否可以提供更多細節，因為您提到業績表現具有一定的季節性，但即使從週期迄今為止的增長來看，它也增長得相當不錯。那麼，是什麼原因導致這現象的發生呢？

Thank you, Lucas. The new contracts, we have around 50 new contracts for Start-Anglo. We are already operating seven schools, two flagships and five franchisees. We expect to have more eight new units in 2026, and the remaining will be opened in 2027 and 2028 with a huge concentration in 2027. Regarding the non-subscription, yes, we have seasonality in terms of revenue recognition in Q2.

謝謝你，盧卡斯。新合約方面，我們與 Start-Anglo 簽訂了大約 50 份新合約。我們已經經營了七所學校、兩所旗艦店和五所特許經營店。我們預計 2026 年將新增 8 家門市，其餘門市將於 2027 年和 2028 年開業，其中大部分門市將於 2027 年開業。關於非訂閱，是的，我們在第二季的收入確認方面具有季節性。

We have more recognitions, but the growth when you look at the cycle to date is mainly driven by the tuitions that we have on our two flagships of Start, São José do Rio Preto and Liceu Pasteur in São Paulo, together with the prep courses, the Anglo prep courses that also grew. So the cycle to date reflects best the trend of this business, which now accounts for tuitions from our two flagship schools. And that's pretty much the trend for the non-subscription.

我們獲得了更多的認可，但從迄今為止的周期來看，成長主要得益於我們在兩所旗艦學校 Start、聖若澤杜里奧普雷圖學校和聖保羅 Liceu Pasteur 學校的學費，以及預科課程，Anglo 預科課程也在不斷增長。因此，迄今為止的周期最能反映該業務的趨勢，該業務目前占我們兩所旗艦學校的學費。這幾乎就是非訂閱的趨勢。

We have no further questions. I'd like to turn the call back over to our CEO, Guilherme Melega, for closing remarks.

我們沒有其他問題了。我想將電話轉回給我們的執行長 Guilherme Melega，請他做最後發言。

Thank you, all, for participating in our call. The 2025 sales cycle to date continues reflecting Vasta's solid execution and strategic focus. Our consistent revenue growth, strong cash flow generation and expansion in core business and complementary products, together with the two growth avenues of Start-Anglo and B2G reflect the commitment to delivering long-term value for our stakeholders. So thank you, all, to continue supporting us. We look forward to see you on the next call. Thank you, all.

感謝大家參加我們的電話會議。迄今為止的 2025 年銷售週期繼續反映出 Vasta 的穩健執行力和策略重點。我們持續的收入成長、強勁的現金流創造以及核心業務和互補產品的擴張，加上 Start-Anglo 和 B2G 兩條成長途徑，體現了我們致力於為利害關係人提供長期價值的承諾。所以感謝大家繼續支持我們。我們期待下次通話時見到您。謝謝大家。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。