On Monday, October 19, 2026, Ânima Educação (ANIM3) reported that its subsidiary Inspirali Educação S.A. signed a medical education quality consulting agreement with Hospital Albert Einstein, with a 20-year term and automatic renewal for another 20 years. The agreement provides for the provision of technical, scientific, pedagogical and advisory consulting services for Inspirali’s undergraduate Medical courses, with the use of the Einstein brand associated with these courses, while maintaining Inspirali’s higher education institutions as solely responsible for offering the courses, issuing diplomas and fulfilling regulatory obligations.
As consideration for the services, Inspirali will pay Einstein total fixed compensation of R$ 150 million, with R$ 75 million on the signing date and R$ 75 million in one year, adjusted by the IPCA-IBGE. There will also be a commission equivalent to 6.0% of the net revenue from new students enrolling in Medical classes starting after the contract is signed, calculated and paid quarterly, in addition to extra compensation subject to future conditions only between 2027 and 2036, capped at the annual reference amounts set out in the contract and updated by the IPCA.
The contractual schedule sets, for example, maximum additional compensation of R$ 10.4 million and a reference amount of R$ 26.0 million in 2027, reaching R$ 34.1 million in maximum additional compensation and R$ 136.3 million in reference amount in 2036, all in currency as of December 31, 2026. The additional compensation will only be due if the commission comes in below the reference amount for each year, and only up to the limit where the sum of the commission and the maximum additional compensation does not exceed that reference amount.
According to Ânima Educação, closing the transaction generates an impact on the company’s leverage due to the R$ 75 million cash outflow related to the first installment of the fixed compensation. Considering leverage of 2.41x reported in 2Q26, the disclosed pro forma effect is an increase of 0.06x, taking the ratio, for illustration purposes only, to 2.47x.
The company will hold a webinar on October 19, 2026, at 6:30 p.m. (Brasília time), to provide details on the contract between Inspirali and Einstein, broadcast on the Zoom platform with simultaneous audio translation into English.
