Ânima (ANIM3) Q1 2026 earnings summary

Executive summary

• Net revenue grew 7.7% year-over-year to R$1,120.4 million, driven by strong performance in Core (+10.6%) and Inspirali (+6.1%) segments.

• Adjusted EBITDA ex-IFRS16 increased 4.3% to R$375.9 million, with margin at 33.6%.

• Net income attributable to controlling shareholders rose 11.0% to R$106.2 million, with an adjusted net margin of 9.5%.

• Operational cash generation reached R$299.0 million, up 14.3% year-over-year, and leverage ratio improved to 2.39x net debt/adjusted EBITDA ex-IFRS16.

• Core undergraduate intake increased 7.7% and Inspirali’s student base rose 4.3%.

Financial highlights

• Adjusted gross profit was R$808.6 million, up 7.5% year-over-year, with a margin of 72.2%.

• Adjusted operating result reached R$514.8 million (+3.0%), margin at 45.9%.

• Adjusted net income was R$124.8 million (+8.2%).

• Operating cash flow increased 8.0% to R$460.4 million.

• CAPEX totaled R$54.5 million, representing 4.9% of net revenue.

Outlook and guidance

• Management expects margin pressure in Inspirali and from higher marketing and operational investments to ease over the year.

• Strategic focus remains on quality growth, pricing discipline, technology, and digital expansion.

• Adjustments underway to address operational challenges, hybrid course adaptation, and student retention.