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.

• Adjusted EBITDA ex-IFRS16 increased 11.2% to R$1.21 billion, with margin up 1.5 p.p.

• Net income attributable to controlling shareholders rose 45.3% to R$124 million.

• Growth driven by higher intake, ticket prices, and improved performance in core and medical education segments.

• Maintained focus on academic quality, operational efficiency, sustainability, and digital transformation.

Financial highlights

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

• Leverage ratio reduced to 2.49x net debt/adjusted EBITDA ex-IFRS16 at year-end.

• Free cash generation after CapEx and financial expenses was R$198 million.

• Ended the year with R$1.7 billion in cash, sufficient to cover all debts.

• CAPEX was R$217 million in 2025 (5.4% of net revenue), focused on technology and infrastructure.

Outlook and guidance

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

• Management expects monetary tightening to ease in 2026, potentially reducing financial expenses.

• Strategic focus remains on sustainable growth, quality education, leveraging hybrid/on-campus models, and expanding new curriculum to 30 additional courses.

• Ongoing commitment to expanding student base, improving revenue quality, and leveraging regulatory changes.