Ânima (ANIM3) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue rose 7.9% YoY to R$1,085.8 million; adjusted EBITDA ex-IFRS 16 increased 14.6% to R$347.3 million, with margin up 1.9 pp to 32.0%.

• Net income attributable to controlling shareholders rose 142.7% YoY to R$88.7 million; adjusted net debt leverage declined to 2.18x from 2.41x in Q2.

• Strategy emphasized academic quality, student experience, ticket growth, operational efficiency, sustainable profitability and strategic expansion.

Financial highlights

• Net revenue was R$1,085.8 million in 3Q26 (+7.9% YoY) and R$3,256.3 million in 9M26 (+6.7%).

• Adjusted EBITDA ex-IFRS 16 was R$347.3 million in 3Q26 (+14.6%) and R$1,038.2 million in 9M26 (+9.9%); 9M margin was 31.9% versus 31.0%.

• Adjusted gross profit was R$726.7 million in Q3 (+7.4%; 66.9% margin); adjusted operating income was R$501.0 million (+11.3%; 46.1% margin).

• Net income attributable to controlling shareholders rose 142.7% to R$88.7 million in Q3 and 58.0% to R$224.0 million in 9M26.

• Operating cash generation was R$445.1 million in Q3 (+16.6%); cash generation for the business was R$396.3 million.

Outlook and guidance

• Priorities include sustainable growth with profitability, continued deleveraging, investment in academic quality and execution of the third-wave strategy.

• Management described 2027 intake activity as strong in volume and ticket, while balancing pricing with intake and student retention.

• Cash generation and organic deleveraging are expected to continue despite high rates; Inspirali expects margin stability while reinvesting in quality.

• FMU acquisition closing was expected in the coming months, subject to CADE review.

• The Inspirali-Einstein agreement aims to expand medical education; services have a 20-year term, automatically renewable for another 20 years.