Research analysts who have asked questions during Vasta Platform earnings calls.
LN
Lucas Nagano
Morgan Stanley
3 questions for VSTA
Also covers: AFYA, LAUR
MS
Marcelo Santos
JPMorgan Chase & Co.
3 questions for VSTA
Also covers: AFYA, AMX, MELI +8 more
LM
Lucca Marquezini
Itaú BBA
2 questions for VSTA
Also covers: AFYA
Flavio Yoshida
Bank of America Merrill Lynch
1 question for VSTA
Also covers: AFYA, BDORY
JM
Jessica Mehler
Bank of America
1 question for VSTA
Also covers: AFYA
MR
Mirela Rodrigues de Oliveira
Bank of America
1 question for VSTA
Also covers: AFYA
Recent press releases and 8-K filings for VSTA.
Vasta Platform Limited Announces NASDAQ Delisting
VSTA
Delisting/Listing Issues
M&A
- Vasta Platform Limited announced its decision to voluntarily delist its Class A Common Shares from the Nasdaq Global Select Market.
- This decision follows Cogna Educação S.A.'s acquisition of 97.2% of Vasta's shares.
- The company's Board of Directors approved the withdrawal on January 8, 2026, considering factors such as the costs of being a publicly traded company and an illiquid market for its securities.
- Vasta expects to file a Form 25 around January 19, 2026, with the last trading day on Nasdaq anticipated to be on or about January 29, 2026.
Jan 9, 2026, 9:49 PM
Vasta Platform Announces Nasdaq Delisting
VSTA
Delisting/Listing Issues
M&A
Takeover Bid
- Vasta Platform Limited has announced its decision to voluntarily delist its Class A Common Shares from the Nasdaq Global Select Market.
- This decision follows Cogna Educação S.A.'s acquisition of 97.2% of Vasta's shares through a tender offer.
- Vasta's Board of Directors approved the voluntary withdrawal and delisting on January 8, 2026.
- The company expects to file a Form 25 with the SEC around January 19, 2026, with the last trading day of its shares on Nasdaq anticipated to be around January 29, 2026.
- Vasta also intends to file a Form 15 prior to January 31, 2026, to suspend its reporting obligations under the Exchange Act.
Jan 9, 2026, 9:25 PM
Vasta Platform Reports Strong Q3 2025 Results and Positive 2025 Sales Cycle Performance
VSTA
Earnings
Revenue Acceleration/Inflection
New Projects/Investments
- Vasta Platform reported a 14% increase in net revenue for the 2025 sales cycle, reaching BRL 1.737 billion, driven by 14.3% subscription revenue growth and 25.3% growth in complementary solutions.
- The company achieved an adjusted EBITDA of BRL 494 million for the 2025 sales cycle, a 10% increase year-over-year, with a margin of 28.4%. Adjusted net profit for the sales cycle increased 32% to BRL 82 million.
- Free cash flow for the 2025 sales cycle surged 117% to BRL 316 million, significantly improving the last 12 months' free cash flow to EBITDA conversion rate to 64%.
- Vasta reduced its net debt to last 12 months' adjusted EBITDA ratio to 1.75 times, down from 2.32 times in Q3 2024, with net debt amounting to BRL 863 million.
- Management anticipates continued mid double-digit revenue growth for 2026, with complementary products expected to grow over 20%.
Nov 6, 2025, 10:00 PM
Vasta Platform Announces Third Quarter 2025 Results
VSTA
Earnings
Revenue Acceleration/Inflection
New Projects/Investments
- Vasta Platform's net revenue increased 13.4% to R$250 million in 3Q25, primarily due to the public-school sector (B2G) and 45.0% growth in non-subscription revenue. For the 2025 sales cycle, net revenue grew 13.6% to R$1,737 million.
- Adjusted EBITDA for 3Q25 rose 47.6% to R$31 million, with the Adjusted EBITDA Margin increasing 2.9 p.p. to 12.6%. For the 2025 sales cycle, Adjusted EBITDA increased 9.9% to R$494 million.
- The company reported an Adjusted Net Loss of R$29 million in 3Q25, a 38.8% reduction compared to 3Q24. For the 2025 sales cycle, Adjusted Net Profit increased 32.2% to R$82 million.
- Free cash flow (FCF) in 3Q25 totaled R$93 million, a 66.9% increase from 3Q24, and for the 2025 sales cycle, FCF grew 116.6% to R$316 million. This contributed to a decrease in net debt/LTM Adjusted EBITDA to 1.75x as of 3Q25 from 2.32x in 3Q24.
Nov 6, 2025, 9:45 PM
Vasta Platform Limited Announces Q3 2025 Financial and Operating Results
VSTA
Earnings
Revenue Acceleration/Inflection
New Projects/Investments
- Vasta Platform Limited reported net revenue of R$250 million in Q3 2025, a 13.4% increase year-over-year, and R$1,737 million for the 2025 sales cycle (4Q24 through 3Q25), up 13.6% compared to the 2024 sales cycle.
- Adjusted EBITDA for Q3 2025 totaled R$31 million, increasing from R$21 million in Q3 2024, with the margin improving by 2.9 percentage points to 12.6%. For the 2025 sales cycle, Adjusted EBITDA grew 9.9% to R$494 million, though the margin decreased by 1.0 percentage point to 28.4%.
- The company's Adjusted Net Loss in Q3 2025 decreased by 38.8% to R$29 million compared to Q3 2024. For the 2025 sales cycle, Vasta achieved an Adjusted Net Profit of R$82 million, a 32.2% increase from the previous sales cycle.
- Free Cash Flow (FCF) significantly increased by 66.9% to R$93 million in Q3 2025. For the 2025 sales cycle, FCF grew by 116.6% to R$316 million, and the LTM FCF/Adjusted EBITDA conversion rate improved from 32.5% to 64.0%.
- Vasta's net debt/LTM adjusted EBITDA ratio decreased to 1.75x as of Q3 2025, down from 2.32x in Q3 2024, indicating continued deleveraging.
Nov 6, 2025, 9:22 PM
Quarterly earnings call transcripts for Vasta Platform.
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