Vitru : 1Q24 Earnings Presentation

1Q24 Results Presentation

May 13, 2024

Disclaimer

Forward Looking Statements

This presentation includes "forward-looking statements" within the meaning of the U.S. federal securities laws. Statements contained herein that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "continues," "expect," "estimate," "intend," "project" and similar expressions and future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may," or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements speak only as of the date hereof and are based on Vitru's and Vitru Brazil's current plans, estimates of future events, expectations and trends that affect or may affect our business, financial condition, results of operations, cash flow, liquidity, prospects and the trading price of Vitru's common shares, and are subject to several known and unknown uncertainties and risks, many of which are beyond Vitru's and Vitru Brazil's control. As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this presentation. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented. Neither Vitru nor Vitru Brazil undertakes any obligation to update publicly or to revise any forward-looking statements after we distribute this presentation because of new information, future events, or other factors.

In addition to IFRS financials, this presentation includes certain summarized, non-audited or non-GAAP financial information. These summarized, non-audited or non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. The non-GAAP financial measures used by the Company may differ from the non-GAAP financial measures used by other companies. A reconciliation of these measures to the most directly comparable IFRS measure is included in the Appendix to these slides. A description of how we define and calculate these non-GAAP financial measures and a discussion about the limitations of these non-GAAP financial measures is included in filings made with the United States Securities and Exchange Commission ("SEC") from time to time, including the section titled "Presentation of Financial and Other Information" in the most recent Annual Report on Form 20-F of the Company. These documents are available on the SEC Filings section of the investor relations section of our website at: investors.vitru.com.br

References in this presentation to "R$" refer to the Brazilian real, the official currency of Brazil.

No Offer or Solicitation

This presentation is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information

This presentation includes information relating to the proposed corporate restructuring of Vitru Limited ("Vitru") and Vitru Brasil Empreendimentos, Participações e Comércio S.A., a Brazilian corporation (sociedade anônima) ("Vitru Brazil"). In connection with the proposed transaction, Vitru Brazil has filed with the U.S. Securities and Exchange Commission (the "SEC") a registration statement on Form F-4 that includes a prospectus of Vitru Brazil. Vitru Brazil has also filed other documents with the SEC and the Brazilian Securities Commission (Comissão de Valores Mobiliários, or "CVM") regarding the proposed transaction, and a prospectus was mailed to the shareholders of Vitru. This presentation is not a substitute for any registration statement, prospectus or other documents that Vitru and/or Vitru Brazil have filed or may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FORM F-4 AND THE PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY BECAUSE SUCH DOCUMENTS CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The Form F-4, the prospectus, as well as other filings containing information about Vitru and/or Vitru Brazil and the proposed transaction are available without charge at the SEC's Internet site (www.sec.gov). Copies of the prospectus can also be obtained, without charge, from Vitru's website at https://investors.vitru.com.br/.

2

Our mission is to

democratize access to

education in Brazil

through a digital ecosystem and empower every student to create their own successful story

Main highlights of 1Q24

5th placeon the list of the main EdTechs in the

world in 2024 by TIME and

Statista, confirming our excellence in qualityand innovation in digital education

Migration process of Vitrushares to B3 approved at the EGM held on April 19, 2024

More than 939 thousandstudents enrolled in Digital

Education Undergraduate

Further advances in integration processes, now with the harmonization of student activationcriteria between the two brands

4

Main highlights of 1Q24 (cont.)

Average ticket increased 3.4%in 1Q24 vs. 1Q23, reaffirming Vitru's pricing disciplineand product differentiation

Consolidated Adjusted EBITDA increased 1.0%in 1Q24 vs 1Q23, with Adjusted

EBITDA margin reaching

33.9%in 1Q24 vs. 38.1% in

1Q23

Consolidated Net Revenue 13.5%higher

in 1Q24 vs. 1Q23

Adjusted Cash Flow from Operations increased 33.0%in 1Q24, with an Adjusted

Cash Flow Conversion from Operations of 104.6%(vs. 80.5% no 1Q23)

5

Best practices exchange among Vitru's brands

From 2024, Uniasselvi will use the same criteria as Unicesumar to activate students → harmonization within the integration project and implementation of best practices

Lower nominal growth in 2024 vs. 2023 of the student base and Net Revenue, with the following estimated impacts:

~94 thousand fewer students on 03/31/24 (around 11% of DE Undergrad. students)

~R$18MM less in Net Revenue in 1Q24 (around 3.5% of the total)

No cash impact

Other positive effects:

Reduction in PDA over 2024 and 2025 and better retention rates

Tax Savings (ISS)

6

Total intake growing ~10% in 1Q24, even on a high comparison basis, reflecting Vitru's differentials

DE Undergraduate Total Intake(1)

Intake Breakdown

('000)

• 21%

CAGR 1Q21 - 1Q24

• 10%

"Unengaged" students are no longer included in the

student base and in Net Revenue starting from 1Q24

Note: (1) Includes engaged and unengaged students. An engaged student is that one with financial and academic commitment after enrolling. On the other hand, the unengaged student is no longer included in the student base and does not	7
contribute to net revenue

Student base growth led by the DE undergraduate segments

DE Undergraduate		DE Students	Total Students
Students
	916.6k	939,0k
844.4k	97.6%
+5.6% YoY		+6.2% YoY	+6.0% YoY

DE Undergraduate Students	 6%
('000)
	 43%
	CAGR 2016 - 2022

Uniasselvi adopts student activation criteria from Unicesumar starting in 2024

Unengaged students are not considered in the student base and in Net Revenue from 1Q24 onwards

• Vitru

Note: An engaged student is one who demonstrates financial and academic commitment after enrolling. On the other hand, the unengaged student is no longer included in the student base and does not contribute to net revenue.	8

A leading national player

Solid geographic presence throughout Brazil and expansion over years, particularly in the Southeast region

DE Undergraduate Students(1)

Hubs per Region(1)

DE Undergraduate student base

Increase YoY

-3%

85k

145k

80k

226k

265k

1Q23

# hubs

Increase YoY

82k	8%
	156k

6%

85k

255k

13%

266k

1%

1Q24

 10%

11%

14%

6%

6%

2%

Southeast Northeast South North Midwest

(1) Does not include the three UniCesumar international hubs and their respective students.	9

High geographic complementarity of hubs throughout Brazil

Opening of new hubs, taking quality higher education to communities that were previously deprived of it

# of hubs			(1)
(as of 1Q24)
				523
South	269	254
				192
South-RS	121	71
				146
South-SC	83	63
South-PR	65	120		185
Southeast	339	508		847
				371
Southeast-SP	141	230
				174
Southeast-RJ	71	103
Southeast-ES	22	16		38
				264
Southeast-MG	105	159
Midwest	98	99		197
North	149	111		260
Northeast	328	309		637
Total	1,183	1,281		2,464

Different student profiles

Medium-LowMedium

Average

Income

Medium-LowMedium-High

Self-

Study

Faster opening of new hubs

in locations where currently only one brand is offered

# of cities	1Q23	1Q24	Δ%
with only one brand	721	687	-4.7%
with both brands	639	717	+12.2%
Total	1,360	1,404	+3.2%

(1) Does not include three UniCesumar international hubs.	10