Ânima Holding (ANIM3) reported net income attributable to controlling shareholders of R$ 88.7 million in 3Q26, up 142.7% from R$ 36.5 million in 3Q25. According to the company, the result came from growth in EBITDA (earnings before interest, taxes, depreciation and amortization), a decline in amortization of intangibles from acquisitions, and net financial expenses and non-controlling interest growing more slowly than EBITDA. In the first nine months of 2026 (9M26), profit was R$ 224.0 million, 58.0% above 9M25.
Consolidated net revenue totaled R$ 1,085.8 million in 3Q26, up 7.9% from 3Q25. In 9M26, it reached R$ 3,256.3 million, up 6.7%. Ânima Core grew 11.7% in the quarter and Inspirali, 6.9%. Digital Learning, in turn, fell 14.2% to R$ 64.6 million, due to restrictions from the New Regulatory Framework.
Adjusted EBITDA ex-IFRS 16 (which excludes the accounting effect of leases) was R$ 347.3 million in 3Q26, up 14.6%, with a margin of 32.0% versus 30.1% in 3Q25. In 9M26, it reached R$ 1,038.2 million, up 9.9%, with a margin of 31.9%. Adjusted operating income rose 11.3% in the quarter, to R$ 501.0 million.
The company's cash generation was R$ 396.3 million in 3Q26, 4.0% below the R$ 412.8 million in 3Q25, and R$ 845.2 million in 9M26. Adjusted net debt stood at R$ 2,831.8 million, 6.3% lower than in 2Q26. Leverage (net debt to adjusted EBITDA ex-IFRS 16 for the last 12 months) fell to 2.18x, versus 2.41x in 2Q26 and 2.40x in 3Q25.
In the quarter, Ânima announced the acquisition of FMU, with 51,000 students, which is under review by CADE (Administrative Council for Economic Defense), with closing expected in the coming months. Inspirali bought 70% of Caliper Escola de Imagem, with a net impact of R$ 17.7 million on debt, and in October closed a long-term agreement with Hospital Israelita Albert Einstein for academic consulting in medical education.
