Ânima (ANIM3) Q2 2026 earnings summary

Executive summary

• Consolidated net revenue rose 6.1% year-over-year in 1H26 to R$2,170.5 million, with Core and Inspirali segments driving growth and higher average ticket prices across all segments.

• Adjusted EBITDA ex-IFRS16 increased 7.6% to R$690.9 million in 1H26, with margin expansion to 31.8% and Inspirali contributing significantly.

• Net income attributable to controlling shareholders grew 28.6% year-over-year to R$135.3 million in 1H26, with a 205% increase in Q2 2026.

• Leverage improved to 2.41x net debt/adjusted EBITDA ex-IFRS16 LTM at 2Q26, down from 2.66x in 2Q25.

• Announced acquisition of FMU, a major higher education institution, to strengthen the ecosystem, pending regulatory approval.

Financial highlights

• 2Q26 net revenue up 4.4% year-over-year to R$1,050.0 million; 1H26 up 6.1% to R$2,170.5 million.

• Adjusted EBITDA ex-IFRS16 reached R$314.9 million in 2Q26 (+11.9% YoY), margin at 30.0% (+2.0pp YoY).

• Net income in 2Q26 was R$29.1 million, up from R$9.5 million in 2Q25 (+205.3% YoY).

• Operating cash flow in 1H26 was R$861.2 million (+10.7% YoY); cash flow to firm R$448.8 million (+7.2% YoY).

• Adjusted net margin in 2Q26 improved to 2.8% from 0.9% in 2Q25.

Outlook and guidance

• Focus remains on operational efficiency, academic quality, and sustainable growth, with continued investment in course quality and ESG initiatives.

• Management expects continued margin expansion in Inspirali and operational efficiency gains in Core and Digital segments.

• Integration of FMU expected to enhance Core and Digital segments upon regulatory approval.