Annual Report 2025 by Fundação Estudar

ANNUAL REPORT 2025

OPENING STATEMENT

REPORT DONORS AND PARTNERS GOVERNANCE AND TEAM 04 05 09 15 18 21 24 26 30

FELLOWS ESTUDAR: COMMUNITY OVERVIEW

LÍDERES ESTUDAR SCHOLARSHIP PROGRAM

FELLOWS ESTUDAR: 2025 COHORT PREP PROGRAM: COMMUNITY OVERVIEW

PREP PROGRAM: 2024 COHORT

Opening Statement Lucas Mendes de Freitas Teixeira

Fundação Estudar's CEO and Fellow Estudar 2014

The community has always been the essence of Fundação Estudar. In 2025, we deepened this pillar with initiatives that make the network increasingly connected and relevant. At its different stages, our talents find a welcoming and collaborative space, which remains present as personal and professional challenges evolve.

In this context, the strategic transition of Na Prática marks a new chapter for Fundação Estudar. With it, we began to place greater focus on what drives us: our community. We are finding and selecting the best talents in Brazil while also nurturing and strengthening those who are already part of it. By valuing all that has been built so far, we are directing our efforts to preserve what makes sense and to continue evolving with consistency and efficiency.

Among this year’s milestones, we achieved record numbers of students supported and admissions won through the Prep Program, consolidating consistent growth with the same quality present since its creation.

In the Líderes Estudar Scholarship Program, we raised the level of quality and assertiveness, reaching a record number of applications to top-tier institutions.

And we transformed the Encontro Anual, our community’s Annual Gathering, into a space created by fellows for fellows, strengthening exchanges and connections.

Looking ahead, we will work to ensure that Fundação Estudar community becomes even more relevant and transformative for those who are part of it. And that our ability to reach talents with great potential continues to grow.

I thank the previous Directors for their dedication and impact, the Board, the Fundação Estudar team, and all the professionals who have contributed to our journey so far. Finally, I extend my gratitude to our founding trio, who laid the groundwork for this community and whose legacy remains a cornerstone of everything we do.

Fellows Estudar Community Overview

We bring together Brazilians from different generations, career stages and areas of expertise.

Fellows Estudar

An academic trajectory that reflects a commitment to excellence, in institutions both in Brazil and abroad.

177

250 Fellows Estudar: Impact

Líderes Estudar Scholarship Program

The community has always played a central role in attracting candidates to the Líderes Estudar Scholarship Program. In 2025, we strengthened this presence with Fellows Estudar who became Ambassadors.

In addition to the community’s strong engagement, the Ambassadors’ actions were decisive for the campaign. Among the achievements, we saw a significant increase in applicants to target universities, as shown in the examples below:

We would like to thank both the Alumni Ambassadors, who returned to their alma maters to talk about the Líderes Estudar Scholarship Program, and the Student Ambassadors, who promoted the program at their current universities.

Alumni Ambassadors

Ana Paula Martinez | Ana Paula Pereira | Anderson Caio Santos Silva | Anderson Damasio Pessoa

da Silva | André Gustavo Gontijo Penha | André Sapoznik | Bruno Gonçalves Ferreira Santos

| Camilo Marcantonio Junior | Carlos Henrique Lobão Pegurier | Clara Carvalho e Silva | Cristóvão

Corrêa Borba Soares | Daniel Castilho de Oliveira | Eduardo Fernandes Bahia Baer | Fabricio Neri

Lima | Felipe de Matos Sardinha Pinto | Felipe Mendes dos Santos | Frances Yumi Fukuda Alvim

| Gabriel Felzenszwalb | Gabriel Gelli Checchinato | Gabriel Romero Liguori | Giovanna Lemos Ribeiro

| Greice Ellen Santos Tavares | Hugo Nascimento | Igor Xavier Correia Lima | João Gabriel Gomes

Student Ambassadors

Ana Vitória Pereira França | André Victor Oliveira Avellar | Andriele Joras dos Santos | Antônio

Victor Machado de Oliveira | Bismarck Moreira Ramos de Vasconcelos Filho | Caio Cesar Vieira

Machado | Camily Pereira dos Santos | Carlos Márcio de Oliveira e Silva Filho | Diego Carmona

Scardone | Evaristo Campos de Abreu Ribeiro | Gabriel Fernandes Mello Ferreira | Gabriel Mazili

Pedroza | Gabriel Ronatty Tavares Santos | Giovanna Amorim Pires Rezende | Guilherme Jácome

Cavalcante | Guilherme Ricci Coube | Guilherme Simioni Bonfim | Gustavo Zotin Gomes de Oliveira

| Hana Gabriela Albuquerque Sousa | Helena Vieira Fernandes | Henrique de Oliveira Duarte

| Lúcia Helena Ruskowski Mees | Luiz Arthur Oliveira Martins | Luiz Felipe Lazzaron | Luiz Fernando

Lemos do Valle | Mateus d'Ávila dos Santos Silva | Murilo Calegari de Souza | Nathália da Conceição

Linck | Vitor dos Santos Silva | Vitória Bezerra Nunes | Yasmin Kaline de Carvalho Silva

Campaign Impact

In 2025, the Líderes Estudar Scholarship Program stood out with a record number of applications from top-tier institutions, including:

And more

This year, we unified the selection processes, and the Tech Fellow program became a vertical of the Líderes Estudar Scholarship Program, simplifying operations and strengthening community connections.

In addition to the participation of over 70 Ambassadors, the attraction and selection of the new class is the result of the work of the Fundação Estudar team and the involvement of more than 100 Fellows Estudar, donors, and partners who supported the behavioral and technical interviews.

We also had the support of Fellows in developing a predictive model using AI to assist with candidate screening.

Candidates were approved for the 2025 Líderes Estudar Scholarship Program

This represents 0,4% of the total applicants

29% of the candidates were part of Fundação Estudar's Prep Program

Onboarding of the Fellows Estudar 2025 Cohort

Get to know the Fellows Estudar 2025 cohort

Geographical Distribution by State:

Fellows Estudar: 2025 Cohort Líderes Estudar Scholarship Program

Undergraduate

Prep Program

$5 million USD per year,

The scholarships awarded to our students total over providing support throughout all four years of undergraduate study.

Meet the Class of 2024 Prep Program

Class of 2024 Profile: heading abroad 2024 Cohort

schools or received

Financial Report

In 2024, we carried out the spin-off of Na Prática and began to focus even more effectively on the essence of Fundação Estudar: our community.

This strategic direction also led to a financial reorganization, which started in 2024 and will be consolidated in 2025,

25 % with a reduction in our operational costs.

The information below refers to the financial results for the year 2024. The data was audited by Baker Tilly.

With the transition of Na Prática, carried out in the second half of 2024, our spending decreased compared to 2023:

28,9%

28,4%

On the other hand, the Prep Program was strengthened by increased investment in scholarships, in partnership with the Telles Foundation and the Behring Foundation. This support enabled low-income students to cover costs associated with the application process, as well as visa issuance and travel expenses.

The endowment is the patrimonial fund that ensures Fundação Estudar’s long-term sustainability, as well as the expansion of its operations and initiatives. The fund is overseen by an Investment Committee, composed of members of our community, alongside Pragma, our asset manager.

Donors and Partners

Fellows Estudar who contributed through Giveback (July 2024 – July 2025)

Since day one, giveback has been a non-negotiable value in our story. The Fellows who received the scholarship and chose to give back the equivalent amount are paving the way for other talented young brazilians to access the same opportunities and reach their full potential.

Donors and Sponsors

Our donors and sponsors are the pillars that support the longevity of Fundação Estudar. Beyond providing financial resources, they help strengthen our mission.

Institutional Donation

We are grateful to our founding trio for their continued support throughout another year.

Beto Sicupira | Jorge Paulo Lemann | Marcel Telles

Donors in the last 12 months

We celebrate everyone who makes Fundação Estudar's impact possible — especially our long-term donors who have joined the pledge.

It is a recurring donation commitment that provides predictability and allows for more accurate planning. This financial stability enables us to go further in our mission of creating opportunities for talented people to act big and transform Brazil.

MAJOR Starting at BRL $ 75.000 5 year Pledge

10 year Pledge

Veronica Allende Serra

3 year Pledge

Eugênio Mattar | Gabriel Haddad Silva | Rodrigo Figueiredo de Souza

Alberto Leite | Amauri Hong | Andre Renato da Silva Aguiar | Antonio Augusto Barboza

Pinto | Antonio Brennand | Fábio Kapitanovas | Felipe & Larissa Lourenço | Flavia Buarque

de Almeida | Hans Lin | Lilian Feuer & Luis Stuhlberger | Mariana & Ricardo Fernandez

Silva Jr | Pedro Vieira Lima de Albuquerque | Roberto Dagnoni | Wolff Klabin

Annual Donation

Cláudio Haddad | Grupo Alocc TNA Gestão Patrimonial | Luis Heitor de Queiróz Gonçalves | Paulo Thiago Passoni

| Renato Bromfman & Vânia Rolemberg | Ricardo Kanitz & Fernanda Machado | Sandra Haegler & família

| Tanguy van Goitsenhoven 5 year Pledge

William Cordeiro

Between BRL $ 50.000 and BRL $ 74.999,99

Enio Shinohara| Mauricio Luis Luchetti | Pedro Luis Cunha Farias 10 year Pledge

3 year Pledge

Ana Paula Martinez | André Ferreira Peixoto | André Reginato | Frances Yumi Fukuda Alvim

| Guilherme & Cristiane Bastos | Gustavo Pimenta & Mercedes Vidal | Leonardo Bourbon Cabral

| Leonardo Prado Damião | Lucas Garcia de Carvalho Cunha | Luiz & Cristiana Edmond

| Mateus Scherer Schwening | Maurício Nogueira Soufen | Pedro Marcus Lira Palma

| Thiago Freire Feijão Moreira | Viviane Teixeira Loiola de Alencar

Annual Donation

Denis Minev | Eduardo Brenner | GP Investments - Antônio Bonchristiano e Fersen Lambranho

| Gustavo & Adriana Macedo | Rafael Sales Guimarães| Rodrigo Villardo Vella

5 year Pledge

Cláudia Elisa de Pinho Soares | João Miranda de Oliveira Rebouças Brandão | Lucas Mendes & Bruna Negri | Marcos Toledo | Miguel Teixeira Andorffy

Governance and Team

Founders

Beto Sicupira

Jorge Paulo Lemann

Marcel Telles

Board President

Florian Bartunek

Board Vice-President

Ana Paula

Board

André Penha

Joice Toyota

Lara Lemann

Letícia Piccolotto

Rodrigo Figueiredo Prep Program

Founders

Thiago Picolo

Wolff Klabin

Joaquim Ribeiro (Support)

Chief Executive

Officer

Lucas Mendes de Freitas Teixeira

Fundação Estudar Team

Camila da Cunha Marques

Débora

Deborah Setera Kövesi

Eduardo

Gomes Amorim

Flávio

Isabelly Cristina do Nascimento

Janaina Paixao das Chagas

João Victor do Carmo Terra

Júlia Alves de

Fundraising Committee

Andrade Figueira

Marina Imamura Porreca

People and Finance Committee André

Letícia Piccolotto

Rodrigo Figueiredo

Product and Communities Committee

João Brandão

Larissa Maranhão

Ana

Duda Falcão

Florian Bartunek

Renato Mazzola

Pietro Piumbato Chaparro

Thamiris Souza Tavares Yasmin Makhamid