Ânima (ANIM3) Q1 2026 earnings summary

Executive summary

• Net revenue rose 7.7% year-over-year to R$1,120.4 million, driven by strong performance in Core (+10.6%) and Inspirali (+6.1%) segments.

• Adjusted EBITDA ex-IFRS16 increased 4.3% to R$375.9 million, with a margin of 33.6%.

• Net income attributable to controllers grew 11.0% to R$106.2 million, with an adjusted net margin of 9.5%.

• Cash flow to firm improved 14.3% to R$299.0 million, and leverage decreased to 2.39x net debt/EBITDA ex-IFRS16.

• Operational highlights include a 7.7% increase in Core undergraduate intake and a 4.3% rise in Inspirali’s student base.

Financial highlights

• Adjusted gross profit reached R$808.6 million, up 7.5% year-over-year, with a stable margin of 72.2%.

• Adjusted operating result was R$514.8 million (+3.0%), but operating margin declined by 2.2pp to 45.9%.

• Operating cash flow increased 8.0% to R$460.4 million.

• Capital expenditures totaled R$54.5 million, representing 4.9% of net revenue.

Outlook and guidance

• Management expects margin pressures from higher marketing and operational investments to be mitigated throughout the year.

• Adjustments to hybrid course operations are underway to address dropout rates and improve student experience.

• Continued focus on technology, pricing, and academic quality to drive future growth.