Ânima (ANIM3) Q4 2025 earnings summary

Executive summary

• Achieved consolidated net revenue of R$4.02 billion in 2025, up 5.8% year-over-year, with all business segments contributing positively and margin expansion driven by operational efficiency and strategic repositioning in digital and medical education.

• Adjusted EBITDA ex-IFRS16 reached R$1.21 billion, 11.2% higher than 2024, with margin rising to 30.0% (+1.5 p.p.), reflecting improved operational results and cost discipline.

• Net income attributable to controlling shareholders was R$123.8 million, a 45.3% increase year-over-year, despite a rise in financial expenses due to higher interest rates.

• Strong cash generation led to a reduction in adjusted net debt to R$3.0 billion and leverage ratio to 2.49x, down from 2.80x at the end of 2024.

• Maintained leadership in higher education, with 360,400 students enrolled and continued investments in innovation, technology, and ESG initiatives.

Financial highlights

• Consolidated net revenue: R$4.02 billion (+5.8% YoY); adjusted EBITDA ex-IFRS16: R$1.21 billion (+11.2% YoY); net income: R$123.8 million (+45.3% YoY).

• Adjusted net debt: R$3.0 billion; leverage ratio: 2.49x (vs. 2.80x in 2024).

• Operating cash flow: R$1.49 billion (+15.3% YoY); total CAPEX: R$217.3 million (5.4% of net revenue).

• Financial expenses increased 18.2% YoY, mainly due to higher average debt and interest rates.

• Accounts receivable net: R$887.5 million, up R$50.6 million, mainly from private financing portfolio growth.

Outlook and guidance

• Management expects continued margin expansion and operational efficiency in 2026, with easing financial expenses as interest rates decline.

• New hybrid course offerings and Smart Campus launches are planned for 2026, leveraging regulatory changes in distance education.

• Ongoing focus on innovation, digital transformation, and ESG to sustain long-term growth.