Ânima (ANIM3) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue of R$4.02 billion in 2025, up 5.8% year-over-year, with all business segments contributing positively and margin expansion across core segments.

• Net income attributable to controllers rose 45.3% to R$124 million, with operating cash flow reaching R$1.49 billion, up 15.3% year-over-year.

• Growth driven by increased ticket prices, strong performance in core and medical school segments, and disciplined cost management.

• Maintained robust liquidity with R$1.7 billion in cash at year-end and a leverage ratio of 2.49x.

• Continued focus on academic quality, operational efficiency, digital transformation, and sustainable growth strategy.

Financial highlights

• Adjusted EBITDA ex-IFRS16 increased 11.2% to R$1.21 billion in 2025, with margin expansion to 30.0%.

• Net income attributable to controllers grew 45.3% to R$124 million.

• Operating cash flow reached R$1.49 billion, up 15.3% year-over-year.

• Leverage ratio improved to 2.49x at year-end.

• Margin expansion achieved through disciplined cost management and efficiency gains.

Outlook and guidance

• Expecting continued growth in core and semi on-campus segments for 2026, with intake and ticket increases.

• Distance learning expected to see a drop in volume due to strategic repositioning and regulatory changes, but revenue and ticket quality to improve.

• Optimism for 2026 performance, leveraging strong brand, operational discipline, and regulatory opportunities.

• Launch of hybrid learning offerings and Smart Campuses planned for 2026.

• Expansion of new curriculum to 30 additional courses in 1H26.