Ânima (ANIM3) Q4 2024 earnings summary

Executive summary

• Achieved full integration of systems and teams, including the Ânima Laureate integration, and entered a new sustainable growth cycle with a leaner executive structure and new CEO Paula Harraca.

• Achieved 12 consecutive quarters of margin expansion and 17.5% growth in adjusted EBITDA ex-IFRS16, surpassing R$1 billion in 2024, with consistent net income and accelerated operating cash generation.

• Significant improvements in student and educator experience, academic excellence, and brand strength, with top MEC scores for medical schools and the OAB recommends Seal in Law.

• Inspirali received top scores from the Ministry of Education, expanded its medical education portfolio, and successfully integrated Eu Médico Residente.

• Focused on enhancing student experience, operational efficiency, and technology upgrades, including Ulife app improvements and Atende+ omnichannel support.

Financial highlights

• Net revenue grew 1.8% year-over-year to R$3,801.4 million in 2024; adjusted gross profit rose 4.0% to R$2,557.7 million, with gross margin expanding by 1.4pp to 67.3%.

• Adjusted EBITDA ex-IFRS16 increased 17.5% to R$1,084.9 million, with margin up 3.8pp to 28.5%.

• Adjusted net income reached R$187.0 million, reversing a R$46.4 million loss in 2023.

• Cash flow to firm rose 10.2% to R$783.6 million; cash generation after interest payments totaled R$260 million.

• Leverage reduced to 2.80x from 3.25x; average debt tenor extended to 4.1 years.

Outlook and guidance

• Expectation to resume revenue growth in all segments in 2025, focusing on sustainable top-line growth, organic deleveraging, and student attraction and retention.

• Confident in maintaining margin levels in digital and Inspirali segments, with continued investment in technology and efficiency.

• Inspirali positioned to benefit from Mais Médicos III and new course authorizations; plans to launch a university for the creator economy.