3Q20 Earnings PresentationNovember 2020

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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks anduncertainties. All statements other than statements of historical fact could be deemed forward looking, including risks and uncertainties related to statements about ourcompetition; our ability to attract, upsell and retain customers; our ability to increase the price of our solutions; our ability to expand our sales and marketing capabilities; generalmarket, political, economic, and business conditions, and our financial targets such as revenue, share count and IFRS and non-IFRS financial measures including gross margin,operating margin, net income (loss) per diluted share, and free cash flow.

We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this press release or to reflectnew information or the occurrence of unanticipated events, except as required by law.

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 oruncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statementswe make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptionsonly as of the date such statements are made. Further information on these and other factors that could affect our financial results is included in filings we make with theSecurities and Exchange Commission from time to time, including the section titled “Risk Factors” in our most recent Forms 20-F, 6-K and our Rule 424(b) prospectus. Thesedocuments are available on the SEC Filings section of the Investor Relations section of our website at: https://investor.arcoplatform.com/.

We prepared this presentation solely for informational purposes. The information in this presentation does not constitute or form part of, and should not be construed as, an offeror invitation to subscribe for, underwrite or otherwise acquire, any of our securities or securities of our subsidiaries or affiliates, nor should it or any part of it form the basis of, orbe relied on in connection with any contract to purchase or subscribe for any of our securities or any of our subsidiaries or affiliates nor shall it or any part of it form the basis of orbe relied on in connection with any contract or commitment whatsoever.

We have included in this presentation our Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin, Free Cash Flow and Adjusted Free CashFlow, which are non-GAAP financial measures, together with their reconciliations, for the periods indicated. We understand that, although Adjusted EBITDA, Adjusted EBITDAMargin, Adjusted Net Income, Adjusted Net Income Margin, Free Cash Flow and Adjusted Free Cash Flow are used by investors and securities analysts in their evaluation ofcompanies, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations as reportedunder IFRS. Additionally, our calculations of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin, Free Cash Flow and Adjusted Free CashFlow may be different from the calculation used by other companies, including our competitors in the education services industry, and therefore, our measures may not becomparable to those of other companies.

Disclaimer

Letter from AriArco’s founder and CEO

The year of 2020 has been a testament to the resilience of our business, and we have planted seeds that willhelp us grow our company for years to come. As technology took a leading role in education overnight, wewere able to quickly evolve to better serve existing clients and attract prospects, as well as deliver strongfinancial and operational results. As student, parent and educator habits changed drastically, we are excited atthe opportunity to continue to disrupt our sector and shape the future of education.

While mostly working remotely from the safety of their homes, our team has delivered strong results duringthe first nine months of 2020. Arco has recorded 117% YoY revenue growth for the period, 148% increase inadjusted EBITDA and confirms its adjusted EBITDA guidance of 35.5-37.5% for the 2020 fiscal year. We haveachieved these results while continuing to invest in our team, our solutions and our brand equity, theingredients of our virtuous cycle focused on long-term growth. During this period, there have been no layoffsor pay-cuts; on the contrary, we have continued to grow our team by recruiting talented professionals intechnology, pedagogical, frontline and management roles.

The accelerated evolution of our solutions and go-to-market strategy during the period has been a source ofpride for us. Within days of the COVID-19 outbreak, we offered our partner schools a portfolio of technologytools, digital content and remote pedagogical support that helped them to continue providing high-qualityeducation to students and perceived value to parents. As a result, we are experiencing high levels of userengagement and customer retention and satisfaction. In our business, trust and reputation are determinant tolong term success, and we believe these results will drive growth for years to come.

Additionally, the change in our go-to-market strategy from in-person to digital-first has delivered a recordnumber of leads at a lower cost per lead than past commercial cycles. Since September, when schools startedto reopen and our sales team resumed travel, we have seen a strong rebound in new school intake. We expectto deliver solid annual contract value (ACV) growth of 20 to 25% for the 2021 school year.

The evolution in the way we operate and serve our clients has further reinforced our brand reputation, qualityand distribution. While some companies perished and other benefited only in the short term, Arco emergesstronger with brighter long-term perspectives. With a 4% share in a R$25 billion fragmented market in urgentneed of high-quality education, today continues to be day 1 for us. We thank our partner investors for theirsupport and guidance during this period and Arco’s team for their relentless pursuit of excellence and value toour partner schools.

Ari de Sá Cavalcante Neto

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Key messages

Note: 1. Escola da Inteligência (EI) transaction is subject to customary closing conditions, including antitrust and other regulatory approvals.

RESIL IENT BUSINESS LEADINGTO STRONG FINANCIAL RESULTS

SOLID GROWTH EXPECTEDFOR 2021 CYCLE

BRIGHT LONG -TERM PERSPECTIVES FROM STRONGER WINNING FACTORS

▪ Accelerated product evolution delivered 3x user engagement and leading NPS levels

▪ Outstanding retention rates and healthy price increases

▪ Revamped go-to-market strategy led to record pipeline of leads

▪ As salesforce returned to the field, new school intake sharply rebounded

▪ Delivered 2020 ACV in line with contracted value

▪ Net revenues growth of 196% versus 3Q19 and 117% versus 9M19

▪ Adjusted EBITDA growth of 148% versus 9M19

▪ On track to deliver FY adjusted EBITDA guidance of 35.5-37.5%

EXCITING ORGANIC AND M&A OPPORTUNITIES AHEAD TO

CONTINUE CAPTURING LARGE TAM

▪ Still scratching the surface of a large and fragmented market

▪ Robust M&A pipeline in all target verticals

▪ Positivo acceleration demonstrates our repeatable model of acquiring & improving

▪ Closing of EI¹ unlocks new vertical for Arco, the high-growth social-emotional learning

▪ 2021 ACV growth guidance between 20% and 25%

▪ Broader guidance range due to additional growth potential from delayed sales cycle

▪ Conservative assumptions for dropout recovery

5Note: 3Q20 Revenues include R$ 8.9 mm of 2020 school year revenues subsequently recognized in 4Q20.

2%

69,9

113,6

81,464,9

3Q184Q17 2Q181Q18

Business model consistently confirms high revenue predictability

2018 ACV

Contracted: R$ 322.1 mm

Delivered: R$ 329.8 mm

2019 ACV 2020 ACV

121,0 117,1

137,6

70,6

4Q18 1Q19 2Q19 3Q19

208,7

261.6

4Q19 3Q201Q20

247.6

2Q20

8.9

234.9217.6

1%Contracted: R$ 440.9 mm

Delivered: R$ 446.2 mm-4%

Contracted: R$ 1,005.7 mm

Delivered: R$ 961.7 mm

In R$, mm

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Net Revenues Adjusted EBITDA ¹

Note: 1. EBITDA adjusted for share-based compensation plan, M&A expenses, non-recurring expenses and effects related to COVID-19 pandemic. More detailed explanation on our Financial Statements for the period ended September 30th, 2020. 2. Net income adjusted for share-based compensation plan, amortization of intangible assets from business combinations, changes in fair value of derivative instruments, changes in accounts payable to selling shareholders, share of loss of equity-accounted investees, changes in current and deferred tax recognized in statements of income applied to all adjustments to net income, foreign exchange gains/loss on cash and cash equivalents, interest expenses, M&A expenses, non-recurring expenses and effects related to COVID-19 pandemic. More detailed explanation on our Financial Statements for the period ended September 30th, 2020.

Strong financial results, on track to deliver FY20 margin guidance

In R$, mm

Gross Prof i t Adjusted Net Income²

70,6208,7

3Q19 3Q20

+196% 325,2

705,2

9M19 9M20

+117%

103,1

255,1

36.2%

31.7%

9M19 9M20

+148%

-7,3

57,6

3Q203Q19

27.6%

Adj. EBITDA margin R$ mm

56,4

164,2

3Q19

79.9% 78.7%

3Q20

+191%

263,3

550,3

9M20

78.0%81.0%

9M19

+109%Gross margin R$ mm

0,8

38,8

3Q19

18.6%

3Q20

92,4

152,9

9M19

28.4%21.7%

9M20

+65%R$ mmAdj. net margin

FY20 Guidance:35.5%-37.5%

-10.3%

1.1%

7

330

446

962

2021E20202018 2019

1,150 – 1,200

Note: 2021E includes Escola da Inteligência (EI). EI’s 2020 ACV was R$ 88mm.

2 0 % - 2 5 %

Note: 2021E includes Escola da Inteligência (EI). EI’s transaction is subject to customary closing conditions, including antitrust and other regulatory approvals.

Solid expected 2021 growth despite challenging year

Delivered ACV, in R$ mm

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Delayed & longer commercial cycle leads to broader guidance range

2021 ACV growth range (R$, mm)

Note: 2021E includes Escola da Inteligência (EI). EI’s 2020 ACV was R$ 88mm.

Note: 1. Bottom of the range reflects conservative assumptions and no dropout recovery. 2. Calculated as the difference in the current retention rate and price increase and the potential retention rate and price increase. 3. Potential additional new contracts to be signed until end of the commercial cycle. 4. Refers to students that were previously enrolled in one of Arco’s partners schools and dropped out due to the pandemic; conservative dropout recovery assumptions of none in lower range and partial in upper range, as full return to in-school classes for 2021 still uncertain.

Top of the range2021E ACV

Bottom of the range2021E ACV

Partial studentdrop outrecovery

Additionalretention rate

and price increase

Additional new students intake

20%~1%

~2%

~2% 25%

A d d i t i o n a l g r o w t h l e ve r s t o b e c o n f i r m e da s t h e d e l a ye d c o m m e r c i a l c yc l e u n fo l d s

1

2

3

4

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Stronger winning factors make Arco prepared for the future

Track record

+50 years of brand reputation and leading

impact on students’ performance

Quality

Continuous evolution and innovation of

technology, content and pedagogical

services

Distribution

Proprietary approach to attracting schools & phenomenal channel to

reach 5,400 partner schools

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Drastic increase in marketing and large-scale remote events

further strengthened our brands

Leveraged our scale to extensively evolve our technology and meet

the unprecedented structural change of school digitalization

Digitalization of our go-to-market allowed record generation of

leads with higher efficiency

Arco’s winning factors

Evolution driven by COVID-19

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Fast response further differentiated Arco during the pandemic

MAR APR MAY JUN JUL AUG SEP OCT

Schools close

• Daily asynchronous classes to all grades

• Daily activitiesshared for pre-K

• Remote pedagogical consultancy

• First out of >100 online events for partner schools

• Additional gamifieddigital content

• Communication toolsfor schools and parents

• Solution for partner schools to provide synchronous classes

• Reinforced online assessment tools

• Digital literatureprovided to partner schools, with >135 thousands books read

• Studos integration, adding personalized assessment, student diagnostics and test prep tools

• New digital GTMstrategy designed

• Large scale investment ramp-up in new GTM strategy

• >25 training sessionsfor salesforce on redesigned commercial tactics

• Salesforce resumes travelling: conversionof leads accelerate

• New strategy delivers record number of leads at a lower cost per lead and higher team productivity

• First out of >200 remote commercial eventsfor prospect schools

Schools startto reopen

SOLUTIONS EVOLVED OFTEN & RAPIDLY

NEW GTM STRATEGY CREATED & EXECUTED

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We have delivered a fully digital experience to clients & prospects

WEBINARSONLINE CLASSES

ONLINE ASSESSMENTS REMOTE PEDAGOGICAL SUPPORT

>15,800¹ online classes made availablefor all students throughout the year

>340¹ online events for partnerschools and prospects

Augusto CuryMalala Yousafzai

Daniel Goleman

Note: 1. As of November 13th, 2020.

>250,000¹ additionalquestions made available

>9,100¹ pedagogical consultancy meetings held remotely

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Fast-paced innovation in digital offering drove outstanding operational results

Note: 1. Number of sessions in millions. As of September 30, 2020. Source: Google Analytics. 2. Net Promoter Score for Arco’s core solutions. Calculated as the weighted average of the NPS scores per brand by the ACV. 2019 proforma number includes Positivo and Conquista. 2020E number is an estimate. 3. Retention for Arco’s core solutions. 2019 number includes Positivo and is calculated as % of 2019 ACV renewed for the 2020 cycle. 2020E number is an estimate for the 2021 school year. 4. Price increase for Arco’s core solutions. 2019 number calculated as average price increase for the 2019 ACV renewed for the 2020 cycle. 2020E number is an estimate for the 2021 school year

Engagement 1

achieved leve ls we would only expect fur ther into the future

Healthy pr ice increases 4

Strong retent ion rates 3

improving customer LTV

NPS 2 showing leading

sat isfact ion leve ls

6,4

20,4

Sep2020

Jan2020

7182

2019 2020E

93%

2019 2020E

95% 6%

2020E

2%

2019

4%

3%

3%

6%

Real price increase

IPCA (inflation index)

~3x increase in the number of

sessions in our online platforms

58,0

Jul-Sep 2020

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Revamped go-to-market strategy delivered a record pipeline of leads

Nov 2019 Nov 2020

W e e v o l v e d o u r a b i l i t y t od i s t r i b u t e o u r s o l u t i o n s …

New school leads for allArco solutions (# of students)

+2.5x

… l e a d i n g t o a r e c o r dp i p e l i n e o f l e a d s

DIGITAL MARKETING

TO GENERATE LEADS

HYBRID NEGOTIATION PROCESS TO

IMPROVE SALESFORCE TIME ALLOCATION

FREEMIUM OFFERING TO

ACCELERATE LEAD PROGRESS

• New data-based lead generation• Expansion of inbound capability• Result: lower cost per qualified lead

• Unbundling part of the digitalsolution + pedagogical consultancy

• Result: ~400 schools on freemium with high NPS

• +5,100 online meetings with prospect schools combined with in-personmeetings for advanced leads

• Result: higher sales force productivitywith lower travel expenses

Note: Funnel image by PresentationGo.

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Strong rebound in new student intake after schools started to reopen

New school intake 2020 vs. 2019 (number of students per month)

Schools start tore-open and

commercial team resumes travelling

N e w s c h o o l i n t a k e r e b o u n d e d a s s c h o o l s s t a r t e d t o r e o p e n

S c h o o l s p o s t p o n e d d e c i s i o n t o a d o p t n e w p e d a g o g i c a l s o l u t i o n s

a s t h e y f o c u s e d o n C O V I D - 1 9 i m p l i c a t i o n s

-67%

OctoberSeptember

69%

24%

November

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Make selected bets in new markets within education that offer exciting growth

potential but demand different capabilities

Continue to grow organically with our superior solutions by disrupting textbooks,

gaining share in learning systems and improving

education with supplemental courses

Pursue disciplined and accretive M&A to gain

scale, expand portfolio of brands and enter new

verticals

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Exciting opportunities ahead supported by a consistent strategy

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R$

Tutoring

R$

Core ESL SEL STEAM: Maker

STEAM: Coding, Robotic & Others

Space to Add New Brands Potential to Explore New Verticals

TAM¹

Mkt share²

Total addressable market segmentation

12% 1%

6.5B 18.7B

Note:1. Source: EY-Parthenon2. Market-share calculated by dividing the 2020 ACV for each segment by the corresponding TAM

We are still scratching the surface of a huge market

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Continue to grow organically with our superior solutions by disrupting textbooks, gaining share in learning systems and improving education with supplemental courses

1Winning factors further reinforced by the pandemic: • Brand reputation and track record of academic results• High quality solution with virtuous cycle based on improvement and innovation• Proprietary distribution process based on close & trustworthy relationships

32% potential growth from upselling2 (~360,000 students)

Only 7% of core students adopt one of Arco’s supplemental solution2

Positive outlook for above-inflation price increases:• Updating and improving our solutions increase their value to partner schools• Limited impact in parents’ expenditure due to low share of wallet of our solutions• Critical for school and student success

Strong tailwinds in supplementals:• Desire for 21st century skills that go beyond traditional cognitive development• In-school solutions cheaper & more convenient than out-of-school courses

Note:1. Market-share calculated by dividing the total 2020 ACV by the total addressable market, which was calculated by EY-Parthenon2. As of March 31, 2020 (2020 school year)3. Images designed by PresentationGo

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Highly fragmented market with over 400 companies1

Active talks with over 15 companies in all fronts

Consistent focus on 3 fronts:• Core segment: increase scale and accelerate growth of good brands • Supplemental products: diversify our portfolio and enter new verticals• Technology: provide more services and improve our value proposition to clients

Our winning factors in M&A:• Founders & owners prefer to partner with us given our reputation• Agile decision-making from being a pure play, focused company • Outstanding growth potential for selling founders

Note: 1. Distrito EdTech Report 20192. Images designed by PresentationGo

Pursue disciplined and accretive M&A to gain scale, expand portfolio of brands and enter new verticals

2

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Positivo acceleration: repeatable model of acquiring & improving

Note: 1. YoY comparison considering estimated retention for Positivo’s core solutions. 2019 number refers to 2020 school year and was calculated as % of 2019 ACV. 2020E number is an estimate for the 2021 school year, impacting 2021 ACV. 2. Estimated Net Promoter Score for Positivo’s core solutions. YoY comparison, consolidated NPS calculated as the weighted average of the NPS scores per brand by the ACV.

BACK OFFICE INTEGRATION

SALES FORCE REINFORCEMENT

STRENGTHENING THE TEAM AND CULTURE

PRODUCT AND RELATIONSHIP IMPROVEMENT

• Migration of back office activities to Arco’s SCS almost completed

• Addition of new features to the online platform: communication app, video classes, assessment tools • Integration with Studos technology: further improve the assessment portion of the platform• Partnership with nine different online solutions: broader tools offering• Remote consultancy: farmers serving our partner schools and offering support, such as teacher training

• Several Arco leaders exported to Positivo and accelerated attraction of new talent• Focus on communication and engagement of Positivo’s highly experienced team

• +20% increase in farmers & hunters teams since the acquisition (as of Oct 2020)• Changes in compensation structure, training program, goals and CRM implementation

S t r u c t u r a l c h a n g e s l e d t o s i g n i f i c a n t i m p r o ve m e n ti n c u s t o m e r p e r c e p t i o n

~15%increase in NPS²

>5 p.p.increase in retention rate¹

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Closing of EI unlocks new and exciting vertical for Arco

T r a n s a c t i o n r a t i o n a l eS t a t u s

Final CADE approval expected for December 1st

Closing of transaction expected for December 2nd

P a y m e n t s t r u c t u r e ¹

Acquisition of 100% of EI’s private business, to be paid in cash

in two steps:

▪ R$ 288 million for 60% of the shares, to be paid in 2020

and 2021 (implied EV of 12.5x 2019 EBITDA)

▪ 40% of 6.0x 2023 ACV (equivalent to 2.4x 2023 ACV)

for the remaining 40% of the shares, to be paid in 2023

1 Unique, high-quality asset with same business model as Arco

2 Fast growing company in new and exciting vertical

3 Combined companies unlock additional growth

Note: More disclosure about the payment structure is available on the 6-K SEC filing dated August 28th, 2020

APPENDIX

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Consolidated 2021 ACV R$ 1,150mm to 1,200mm

Consolidated 2021 ACV Recognition on 4Q20 20% to 23%

FY20 Adjusted EBITDA Margin 35.5% to 37.5%

ACV Recognition¹

27%

4Q17 4Q18

20% to 23%

4Q19

26%

4Q20E

21%

Note: 1. Percentages are calculated as revenues in the quarter divided by Delivered ACV for the year. 4Q20E is calculated as estimated revenues for the quarter divided by the 2021 Contracted ACV (consolidated).

Guidance

23

1Q Call 2Q Call 3Q Call 4Q Call

2021 ACV guidance

2021 Contracted ACV confirmation

% of ACV recognition for next quarter

Current fiscal year EBITDA margin

Next fiscal year EBITDA margin

Next events

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1. How does Arco recognize revenue?

We recognize our revenue when the content is made available to our partner schools.

2. When is Arco’s content usually made available to partner schools?

We typically deliver our Core Curriculum content four times a year, in December - prior to the beginning of the schoolyear - then March, June and August. We typically deliver our Supplemental Solutions twice a year, in December andJune. In both cases, we deliver content two to three months prior to the start of each school quarter.

3. What is Annual Contract Value (ACV) Bookings?

We define it as the revenue we would contractually expect to recognize from a partner school in each school yearpursuant to the terms of our contract with such school, assuming no further additions or reductions in enrolled studentsin such school year. We calculate ACV Bookings by multiplying the number of enrolled students at each partner schoolwith the average ticket per student per year, net of discounts or courtesies.

Revenue recognition and annual contract value bookings

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In R$, 000´s

Adjusted EBITDA reconciliation

(In thousands of Brazilian reais) 3Q20 3Q19 9M20 9M19

Adjusted EBITDA Reconciliation (unaudited) (unaudited) (unaudited) (unaudited)

Loss for the period (27,488) (108,486) (7,423) (51,946)

(+/-) Income taxes (11,189) (42,330) 1,805 (29,328)

(+/-) Finance result 31,394 88,781 78,306 86,719

(+) Depreciation and amortization 29,715 8,106 89,763 24,449

(+/-) Share of loss of equity-accounted investees 4,042 794 8,041 1,953

EBITDA 26,474 (53,135) 170,492 31,847

(+) Share-based compensation plan, restricted stock units and

provision for payroll taxes (restricted stock units)19,840 34,878 51,280 55,830

(+) M&A expenses 1,697 8,486 5,688 12,909

(+) Non-recurring expenses 6,694 2,467 16,752 2,467

(+) Effects related to COVID-19 pandemic 2,922 - 10,915 -

Adjusted EBITDA 57,627 (7,304) 255,127 103,053

Net Revenue 208,730 70,572 705,173 325,193

Adjusted EBITDA Margin 27.6% -10.3% 36.2% 31.7%

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In R$, 000´s

Adjusted net income reconciliation

(In thousands of Brazilian reais) 3Q20 3Q19 9M20 9M19

Adjusted Net Income Reconciliation (unaudited) (unaudited) (unaudited) (unaudited)

Loss for the period (27,488) (108,486) (7,423) (51,946)

(+) Share-based compensation plan, restricted stock units and

provision for payroll taxes (restricted stock units)19,840 34,878 51,280 55,830

(+) Amortization of intangible assets from business combinations 18,483 3,623 54,718 9,688

(+/-) Changes in fair value of derivative instruments 421 8,483 (438) 10,349

(+/-) Changes in accounts payable to selling shareholders 12,978 81,781 19,872 81,781

(+/-) Share of loss of equity-accounted investees 4,042 794 8,041 1,953

(+/-) Tax effects (12,768) (40,733) (55,192) (54,457)

(+/-) Foreign exchange on cash and cash equivalents (551) (532) (371) (16)

(+/-) Interest expenses (income), net (from M&A acquisitions) 12,513 10,008 49,009 23,889

(+) M&A expenses 1,697 8,486 5,688 12,909

(+) Non-recurring expenses 6,694 2,467 16,752 2,467

(+) Effects related to COVID-19 pandemic 2,922 - 10,915 -

Adjusted Net Income 38,783 769 152,851 92,447

Net Revenue 208,730 70,572 705,173 325,193

Adjusted Net Income Margin 18.6% 1.1% 21.7% 28.4%

27

Free cash flow reconciliation

In R$, 000´s

(In thousands of Brazilian reais) 3Q20 3Q19 9M20 9M19

Free Cash Flow Reconciliation (unaudited) (unaudited) (unaudited) (unaudited)

Cash generated from operations 68,934 37,662 262,541 166,849

(-) Income tax paid (26,392) (5,430) (90,412) (28,640)

(-) Interest paid on lease liabilities (476) (177) (1,186) (397)

(-) Interest paid on investment acquisition (47) - (47) -

(-) Interest paid on loans and financing (9,867) - (9,867) -

Cash Flow from Operating Activities 32,152 32,055 161,029 137,812

(-) Acquisition of property and equipment (1,621) (1,780) (5,663) (7,609)

(-) Acquisition of intangible assets (23,589) (7,982) (63,069) (26,361)

Free Cash Flow 6,942 22,293 92,297 103,842

(+) Interest change in financial investments 4,200 - 9,856 -

(+) M&A expenses 1,697 - 5,688 -

(+) Others (1,765) - 12,643 -

(+) Labor and social obligations of restricted stock units (13,548) - (13,548) -

Adjusted Free Cash Flow (2,474) 22,293 106,936 103,842

IR Contact:ir@arcoeducacao.com.brhttps://investor.arcoplatform.com

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