Ânima (ANIM3) Q3 2025 earnings summary

Executive summary

• Net revenue grew 7.2% in 3Q25 year-over-year and 5.0% in 9M25 year-over-year, with all business segments contributing positively.

• Adjusted EBITDA ex-IFRS16 increased 14.4% in 3Q25 and 9.8% in 9M25, with margin expansion in both periods.

• Net income attributable to controlling shareholders rose 87.9% in 3Q25 and 104.6% in 9M25 year-over-year.

• Operating cash flow increased 26.0% in 3Q25 and 12.5% in 9M25, supporting deleveraging.

• Leverage reduced to 2.40x net debt/adjusted EBITDA ex-IFRS16 LTM, down from 2.71x in 3Q24.

Financial highlights

• Consolidated net revenue: R$1,005.9M in 3Q25 (+7.2% YoY), R$3,051.4M in 9M25 (+5.0% YoY).

• Adjusted EBITDA ex-IFRS16: R$303.0M in 3Q25 (+14.4% YoY), R$945.0M in 9M25 (+9.8% YoY).

• Net income attributable to controllers: R$36.5M in 3Q25 (+87.9% YoY), R$141.8M in 9M25 (+104.6% YoY).

• Operating cash flow: R$381.7M in 3Q25 (+26.0% YoY), R$1,159.8M in 9M25 (+12.5% YoY).

• Adjusted net leverage: 2.40x (3Q25), down from 2.71x in 3Q24.

Outlook and guidance

• Management expects continued sustainable revenue growth, margin expansion, and further deleveraging.

• Regulatory changes in distance education are seen as an opportunity for hybrid and in-person modalities.

• Focus remains on expanding the student base, improving revenue quality, and operational efficiency.

• Asset-light expansion through strategic partnerships in hybrid education, targeting growth for the first semester of 2026.

• M&A remains a key avenue for growth, with ongoing assessment of opportunities as leverage decreases.