Vitru : 3Q21 Earnings Presentation

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This presentation by Vitru Limited (the "Company") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All statements other than statements of historical fact, could be deemed forward looking, including risks and uncertainties related to statements about the impact of the COVID-19 outbreak on general economic and business conditions in Brazil and globally and any restrictive measures imposed by governmental authorities in response to the outbreak; our ability to implement, in a timely and efficient manner, any measure necessary to respond to, or reduce the impacts of the COVID-19 outbreak on our business, operations, cash flow, prospects, liquidity and financial condition; our ability to efficiently predict, and react to, temporary or long-lasting changes in consumer behavior resulting from the COVID-19 outbreak, including after the outbreak has been sufficiently controlled; our competition; our ability to implement our business strategy; our ability to adapt to technological changes in the educational sector; the availability of government authorizations on terms and conditions and within periods acceptable to us; our ability to continue attracting and retaining new students; our ability to maintain the academic quality of our programs; our ability to maintain the relationships with our hub partners; our ability to collect tuition fees; the availability of qualified personnel and the ability to retain such personnel; changes in government regulations applicable to the education industry in Brazil; government interventions in education industry programs, that affect the economic or tax regime, the collection of tuition fees or the regulatory framework applicable to educational institutions; a decline in the number of students enrolled in our programs or the amount of tuition we can charge; our ability to compete and conduct our business in the future; the success of operating initiatives, including advertising and promotional efforts and new product, service and concept development by us and our competitors; changes in consumer demands and preferences and technological advances, and our ability to innovate to respond to such changes; changes in labor, distribution and other operating costs; our compliance with, and changes to, government laws, regulations and tax matters that currently apply to us; general market, political, economic, and business conditions; and our financial targets. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the potential impacts of the COVID-19 pandemic on our business operations, financial results and financial position and on the Brazilian economy.

The forward-looking statements can be identified, in certain cases, through the use of words such as "believe," "may," "might," "can," "could," "is designed to," "will," "aim," "estimate," "continue," "anticipate," "intend," "expect," "forecast", "plan", "predict", "potential", "aspiration," "should," "purpose," "belief," and similar, or variations of, or the negative of such words and expressions. Forward- looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. The achievement or success of the matters covered by such forward- looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. Readers should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent management's beliefs and assumptions only as of the date such statements are made. Further information on these and other factors that could affect the Company's financial results is included in filings made with the United States Securities and Exchange Commission ("SEC") from time to time, including the section titled "Item 3. Key Information-D. Risk Factors" 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.

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.

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This presentation contains Adjusted EBITDA and Adjusted EBITDA Margin for the twelve months ended December 31, 2021 of Unicesumar for the convenience of investors, which are non-GAAP financial measures. A non-GAAP financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. Unicesumar calculates Adjusted EBITDA as net income (loss) for the period plus deferred and current income tax, financial results, depreciation and amortization, interest on tuition fees paid in arrears, restructuring expenses, and other adjustments. Adjusted EBITDA Margin of Unicesumar presented herein was calculated as Adjusted EBITDA divided by Net Revenue as reported by Unicesumar. These non-GAAP financial measures were reported by Unicesumar management, are unaudited and are not a substitute for the IFRS measures of earnings. Finally, the calculations of Adjusted EBITDA and Adjusted EBITDA Margin presented herein may be different from the calculation used by other companies, including our competitors in the education services industry, and, therefore, the measures may not be comparable to those of other companies.

A reconciliation of Adjusted EBITDA is included in the Appendix to these slides. A description of how we define and calculate 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.

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Our mission is to

democratize access to education in Brazil

through a digital ecosystem and empower every student

to create their own

successful story

Announcement of an Agreement for the Business Combination with Unicesumar, a leading

education institution focused on the Digital Education segment with the highest quality indicatorsin Brazil, besides a sizeable presence in health-relatedon-campus courses, particularly Medicine;

New digital undergraduate course in Nursing, which started to be offered in August and already became the #1 coursein the 2021.2 intake cycle;

Nearly 359,000digital education students, with a 26.7%increase in intake in the Digital Education undergraduate segment and a relevant growth in the Southeast region;

Net Revenue in the core Digital Education Undergraduate business increasing 19.5%in 3Q21 vs 3Q20, with Consolidated Net Revenue up 17.4%;

Consolidated Adjusted EBITDA increased 25.9%in 9M21 vs 9M20, with Adjusted EBITDA margin increasing 1.0 p.p. to 29.1%in 9M21;

Cash Flow from Operations reached R$ 129.6 millionin 9M21, with an Adjusted Cash Flow Conversion from Operations to 92.0%.

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