Corporate Presentation

November 2023

Produced by MSCI ESG

Research as of October, 2023
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THE USE BY YDUQS Participações S.A. OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR
PROMOTION OF YDUQS Participações S.A. By Msci. Msci Services And Data Are The Property Of Msci Or Its Information Providers, And Are Provided ‘As-is’ And Without Warranty. Msci Names And Logos Are Trademarks Or Service Marks Of Msci.
 Key messages
There are more than 32.2 million Brazilians that could triple their income by using our services.
This number is growing

We have reinvented our business, with intense digital transformation and gained full
independence from government incentives

Yduqs has delivered growth, high margins and dividends amidst 8 years of challenging
macro scenario

On top of that, we are the top choice for ESG sensitive investors

2
 Key messages
There are more than 32.2 million Brazilians that could
‘
triple their income by using our services.
This number is growing

We have reinvented our business, with intense digital transformation and gained full
independence from government incentives

Yduqs has delivered growth, high margins and dividends amidst 8 years of challenging
macro scenario

On top of that, we are the top choice for ESG sensitive investors

3
Several sources demonstrate the impact of higher
education on Brazilians’ income…

Increase in average salary – OECD Average salary – JPM/IBGE Increase in our students’ salary
(%, Higher Education vs. High School) (R$/month, 1Q23) immediately after graduation
(%, 2022)

5,000 +121%
4,500 81.8%
183% 4,000
171%
3,500
3,000
120%
2,500 44.3%
90% 92%
2,000
72% 73%
1,500
43%
26% 1,000
0,500
0,000
OECD No High High School Higher IBMEC ESTÁCIO
avg School Education

Sources: OECD, JP Morgan/IBGE, internal assessment.

4
… and employability
Unemployment rate
(%, 1Q23)

12%
-4 p.p.
10%

8%

6%

4%

2%

0%
No High School High School Higher Education

Sources: JP Morgan/IBGE.
5
There are 32.2 million Brazilians that could benefit from an
investment in higher education
The “inventory” is huge… …it is growing… … and the solution is in the private
sector
Education level of the Brazilian population Graduates in Brazil Freshmen
(In million, 2020) (In thousand, 2022) (%, 2022)

Gap 32.2 million

students Public
11% CAGR(1) 0%
55.5

2,311

1,287
23.2 89%

Private
High School Higher education High school
Ensino Médio Higher
Ensinoeducation
Superior CAGR(1) 8%

There were 9.4 million students enrolled in Higher Education in 2022

Sources: Semesp Institute and INEP.

(1) From 2015 to 2022. 6
 Key messages
There are more than 32.2 million Brazilians that could triple their income by using our services.
This number is growing

We have reinvented our business, with intense digital

‘
transformation and gained full
independence from government incentives

Yduqs has delivered growth, high margins and dividends amidst 8 years of challenging
macro scenario

On top of that, we are the top choice for ESG sensitive investors

7
We divide our services in three Business Units…
History Brief description Public Aprox ticket
range
3-4 days a week on one of our 87 (R$/month)
campi, complemented by lots of
52 years of tradition, digital content Classes B/C, mostly
On-campus from public high-
300-1.200
our original service
1-2 days a week on one of our schools
campi with access to a
complete infrastructure

100% on-line through mobile Classes C/D from 150-300

devices, supported by our 2.500 public high-schools
Since 2009, leader in
Digital DL centers
technology and CX
Life-long education, including Very diverse 20-800
post-graduation, mostly on-line

Spin-off from our on- 17 medical schools and 6 high- Classes A/B from 3.500-15.500
Premium
campus operation in end business schools private high-schools
2020

8
…presenting a unique and highly compelling
investment opportunity

• Highest margins of the sector – most efficient

On-campus • Highly recognized nationwide brand operation
• Best positioned for the on-campus recovery • Relevant operational leverage

• High Growth
• Technology leader
Digital • Maturing learning centers (organic growth)
• 100% Digital: high quality + lowest operating
• Highest margins of the sector cost

• Highest margins of the sector • Premium Brands, nationwide

Premium
• Highest contracted organic growth • Superior price positioning

9
Over the past 6 years we have transformed into a
digital institution, independent from the Government Higher margin
businesses have
grown faster

Net Revenue CAGR EBITDA %

(R$ billion)
5.0
4.4 4.6 in 2022
3.9 0.3 1.2
1.1 49% 47%
3.6 3.6
3.4 0.4 0.7
1.0 0.7 0.5
Fies 1.7
1.3 0.2 0.3 1.3 1.4 26% 39%
fading 1.0
out 0.1 0.5 0.6
0.4
2.0 2.0 2.1 2.1 5% 20%
1.9 1.9
1.6

2017 2018 2019 2020 2021 2022 3Q23 (LTM)

R$ 0.9 Adjusted EBITDA R$ 1.7

(R$ billion)

FIES Premium Digital On-campus (ex-Fies)

(1) (2)

(1) FIES: Government’s student loan.

(2) Premium: Considers net revenue from Medicine and IBMEC. 10
After showing resilience through several crisis, the power of operating
leverage is evident 1.68
LTM Adjusted EBITDA 1.54 1.62
1.600 1.46 775
1.41 1.40 1.41
1.400 1.35 1.32 1.35 1.35 1.34 656 691
675
1.200 598 598
1.000 545 542 541 538 575
515 503 507 517 518 520
800
443 450 454 524 475
600 422 490 506
469 457 454
400 446 448
418 401 401 412 421 375
310 380 383 398
200 364
0 275
(1)
4Q20
4T20 1Q21
1T21 2Q21
2T21 3Q21
3T21 4Q21
4T21 1Q22
1T22 2Q22
2T22 3Q22
3T22 4Q22
4T22 1Q23
1T23 2Q23
2T23 3Q23
3T23

Consolidated
Consolidado (R$bi)
(R$bi) Premium (R$MM) Digital (R$MM) On-campus
Presencial (R$MM)
(R$MM)

LTM Adjusted Net Income and Interest expenses (2) LTM Operating Cash Flow
(R$ million) (R$ million)
Adjusted
Lucro Net Income
Líquido Ajustado Despesas com Juros
Interest expenses
1,107 1,145
589 609 616 600 960
531 864
436 739 711 754
656
356 381
322
266
227 199
350 150 139
260

4Q21
4T21 1Q22
1T22 2Q22
2T22 3Q22
3T22 4Q22
4T22 1Q23
1T23 2Q23
2T23 3Q23
3T23 4Q21
4T21 1Q22
1T22 2Q22
2T22 3Q22
3T22 4Q22
4T22 1Q23
1T23 2Q23
2T23 3Q23
3T23

(1) Excluding mismatch FG-Fies effect on revenue between the Premium and on-campus.
(2) Interest and charges expenses and interest on swap loans. 11
 Medicine: high contracted growth, and well positioned to
capture regulatory seats expansion

Companies’ Share of Mais Médicos* Seats Medical students/seat

(%) (thousand students)

6.7 6.7 6.3

5.1 5.9 5.2
42%
14% 13% 12% 11%
5% 1% 1%
Player G YDUQ3 Player B Player F Player A Player E Player H Others YDUQ3 Player G Player B Player C Player A Player F

MM1* 8% 9% 15% 2% 2% 0% 16% 48% 1.6K 3.1K 1.8K 0.7K 0.5K 0.5K

MM2* 26% 22% 7% 11% 0% 4% 0% 30% Total approved seats/year

Total Market Share of MM1 and MM2 seats (%)

Sources: MEC, Morgan Stanley Report.

*Mais Médicos is the official government program that oversees the expansion of medical seats in Brazil. The first edition of the program (MM1) was launched
in 2014, and the second one (MM2) in 2018.
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2022 Enade Results
Distribution of the participant base by bracket
YDUQS’s progress by Enade concept Players’ ranking by concept in 2022
(%) (%)

+1.4p.p.
YDUQS 48% 52% 0.1%
62.2% 63.6%
5.3% 5.3% Player A
Empresa A 51% 49% 0.5%

56.9% 58.3% Player BB

Empresa 53% 47%

Player C
Empresa C 56% 44% 0.1%
37.8% 36.4%
Player D
Empresa 68% 32%
2018 2022

On-campus Distance Learning (DL)

We had an evolution in the overall results,

growing 1.4 p.p. in the satisfactory Satisfactory concepts: Score 3 | Scores 4 and 5
concepts vs 2018, allowing us to rise from Dissatisfactory concepts: Scores 1 and 2
5th place to 3rd place in the ranking
among the listed companies.

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Our digital platforms have transformed the way students
learn and connect with us
The digital ecosystem permeates the Solutions to accelerate careers: market
Excellence content, focusing on real cases and
entire journey and is available to all preparation trails, intermediate certifications,
the development of market skills
students of all modalities vacancy portal

• Study • Virtual labs

• Exercises and • Community
mock tests • Additional activities
• Assessments • Internship
• Activities • Renewal
• Tutoring

Responsive, integrated, and intuitive Data intelligence that allows you

Top-rated app in the industry, with the
platforms, bringing convenience and to follow the student's journey and
entire student life in the palm of your hand
providing a smooth journey promote their engagement

+4.8
Apple Store
• Learning
• Finance
• Administrative
• Service
• Career

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The incorporation of emerging technologies is part of our DNA,
preserving the difference of our product
We have Artificial Intelligence applied
in the teaching and learning journey...
• Automatic correction of exams through
optical recognition of the answer card
• Assessment of the student's actual proficiency
via the Item Response Theory algorithm
• Optimization of the supply of disciplines and
classes with an academic planning model
Digital
reading of
the answer
card for
correction of
assessments
...and also in the student's other
touchpoints with our institutions
• Segmentation of partner units and
recommendation of the operating
model
• Student administrative support
• Churn and default risk
• Media efficiency via optimal stock mix
composition (Martech)
Predictive
analysis of the
probability of
non-payment
We continue to develop solutions to
incorporate the most advanced
technologies into our business
New AI models boosting
PRODUCTIVITY and CUSTOMIZATION
• Agile, scaled academic engagement and
support for all students
• Individualized content and study plan, guiding
the learning journey
• Enhancement of workability through the
perfect match between students and
vacancies
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 Key messages
There are more than 32.2 million Brazilians that could triple their income by using our services.
This number is growing

We have reinvented our business, with intense digital transformation and gained full
independence from government incentives

Yduqs has delivered growth, high margins and dividends

‘
amidst 8 years of challenging
macro scenario

On top of that, we are the top choice for ESG sensitive investors

16
We have a history of growth, margin, payment of dividends…
Net Revenue Dividends and Share Buyback(1)
(R$ billion) (R$ million)
CAGR
+9%
250
5.0
4.4 4.6
3.6 4.1
Macro Scenario
501
• End of FIES 201
153 153 142 80
38
• Economic Crisis
2019 2020 2021 2022 3T23 (LTM)
3Q23 2018 2019 2020 2021 2022 2023
• Covid 1
Dividendos
Dividends Recompra
Buyback
• Covid 2 Adjusted EBITDA Margin
(%)
• Interest rates
• Inflation Payment of Dividends
every year
38% 33% 30% 32% 34% since the IPO in 2007
Next payment in Dec/2023
2019 2020 2021 2022 3Q23 (LTM)
3T23 (LTM)

(1) Dividends and share buyback cash.

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… and a heathy cash flow stream generation

Recurring Free Cash Flow

(R$ million)

713
Covid +
580
514 505

188

2019 2020 2021 2022 3Q23 (LTM)

18
We have been delivering our promises

What we promised (Adjusted EBITDA) What we delivered

3Q22 – From -1% to -5% vs 3Q21 ↓ +3% vs. 3Q21

4Q22 – From 10% to 20% vs 4Q21 ↑↑ +19% vs. 4Q21

1Q23 – From 10% to 20% vs 1Q22 ↑↑ +21% vs. 1Q22

2Q23 – From 10% to 20% vs 2Q22 ↑↑ +24% vs. 2Q22

3Q23 – From 10% to 20% vs 3Q22 ↑↑ +14% vs. 3Q22

4Q23 – From 5% to 15% vs 4Q22 ↑↑ …

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 Key messages
There are more than 32.2 million Brazilians that could triple their income by using our services.
This number is growing

We have reinvented our business, with intense digital transformation and gained full
independence from government incentives

Yduqs has delivered growth, high margins and dividends amidst 8 years of challenging
macro scenario

On top of that, we are the top choice for ESG sensitive

‘ investors

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 ESG Agenda
Large social capital, extensive experience in high-impact actions and one of the best
ESG management systems in the country Produced by MSCI ESG

E Our digital learning platform allows us
to promote a significant impact on the
Environmental Education front
• More than 800k students impacted by
digital contents
• 5 clean energy research projects in 2023
• We joined the public registry of
greenhouse gas emissions, with the
inventory verified by a third party, and
received the Gold Seal of the Brazilian
GHG Protocol Program.
S Highly recognized for its commitment
to social impact and actions to
promote diversity and inclusion
• 2.5k digital education centers spread
around the country democratizing
access to education
• Over 1.1 million beneficiaries in
2022/2023 with free services provided
at the units
• More than 147k students registered
on Prisma, a free content platform for
the ENEM exam
G A global benchmark for governance
practices, setting high standards in
transparency, accountability, and
ethical behavior
• True Corporation, with diluted equity
capital and 100% independent
directors
• ESG KPI included on our variable
compensation program, covering 100%
of management team
• Structure dedicated to ESG theme,
coordinating cross actions
• Sustainability Report with External
assurance

Multi-annual plan with 24 goals in the three dimensions II YDUQS ESG Forum
Our students’ profile Our employees’ profile
• 53% black
• 72% work • 55% women. 30% in senior management
• 73% family income below 4x Min Wage • 43% black; 14% in senior management
• 73% come from public schools

Source: Diversity data from self-declaration, through a survey with 7,665 employees, carried out in Nov/20 by an external agency.
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 IR Contact
ri@yduqs.com.br
www.yduqs.com.br

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