Ânima S A : Earnings Release 1Q24

1Q

24

Press release

Disclosure of Results

Third quarter of 2024

São Paulo, May 13, 2024 - Anima Holding S.A. (B3: ANIM3) announces its results for the 1st quarter of 2024 (1Q24). The consolidated financial statements were prepared under accounting practices adopted in Brazil and with international accounting standards (IFRS) issued by the International Accounting Standards Board (IASB).

R$ million	1Q24	1Q23	∆1Q24/
(except in %)	1Q23
Net Revenue	990.7	954.4	3.8%
Gross Profit	726.5	674.5	7.7%
Gross Margin	73.3%	70.7%	2.6pp
Operating Result	464.1	428.1	8.4%
Operating Margin	46.8%	44.8%	2.0pp
Adjusted EBITDA	395.9	352.6	12.3%
Adjusted EBITDA Margin	40.0%	36.9%	3.1pp
Adjusted EBITDA ex-IFRS16	326.9	280.0	16.7%
Adjusted EBITDA Margin ex-IFRS16	33.0%	29.3%	3.7pp
Adjusted Net Income¹	104.7	14.7	n.a.
Adjusted Net Margin	10.6%	1.5%	9.1pp
Operating Cash Flow	409.3	353.8	15.7%
Cash Flow to Firm	270.2	174.9	54.5%

Operating Results	1Q24	1Q23	∆1Q24/
1Q23
Total Student Base²	386,677	402,615	-4.0%
Academic Education Student Base²	338,853	350,380	-3.3%
Ânima Core Average Ticket (R$/month)	859	785	9.4%
Distance Learning Average Ticket (R$/month)	224	197	13.8%
Inspirali Average Ticket (R$/month)	9,456	8,745	8.1%

1Q24 operational highlights

• Average ticket grows significantly in all segments, with emphasis on Academic Education, both from

Ânima Core (+9.4%), Inspirali (+8.1%) and Distance Learning (+13.8%).

1Q24 Financial Highlights

• • Adjusted Net Income of R$104.7 million, the highest in the Company's history for a first quarter;
  • Company Cash Generation growing 1.6x Y.o.Y.; going from R$ 174.9 million to R$270.2 million (+R$ 95.3 million);
  • Organic reduction reduction of net debt of R$102.3 million, decreasing leverage to 2.98x versus 3.88x in 1Q23, being the third successive quarter of decline, already surpassing the maximum covenants of 3.00x with a quarter of advance;
  • Highlight for Ânima Core, which had an operating margin expansion of 6.5 p.p. vs. 1Q23;
  • Net Revenue grows 3.8% and reaches R$990.7 million;
  • Adjusted EBITDA ex-IFRS16 presents growth of 16.7%, being the seventh consecutive quarter of LTM growth, reaching R$326.9 million in 1Q24 and a margin of 33.0% (+3.7 p.p. vs 1Q23);
  • Reduction of 1.0p.p. (-9.6% Y.o.Y.) in corporate expenses and 0.6 p.p. in rental expenses (-5.0% Y.o.Y.) in the percentage of participation in Net Revenue.
• The reconciliation with accounting Net Income is demonstrated in the "NET INCOME AND MARGIN" section of this release, on page 15;

² Average for the period; Academic Education is represented by undergraduate, stricto sensu graduate, K-12 and vocational education;

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May 14, 2024		click here		click here
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Message from Management

This year for harvesting. After successive quarters of working intensely to integrate the operational assets of Laureate in Brazil and other important HEIs that have become part of our ecosystem over the last few years, in this 1Q24 we recorded adjusted net income of R$ 104.7 million, the highest for a first quarter in the Company's history.

This is the result of the work of thousands of educators who, in a focused, committed and resilient way, worked for the purpose of transforming the country through education, and of shareholders who always believed it was possible to fulfill this purpose in a sustainable, with a focus on the long term, and profitable way.

Our belief in the value of our brands and the importance of bringing quality revenue to our business, resulted in significant real growth in the average ticket in all our lines of business, with 9.4% in Anima Core academic teaching, 8.1 % in Inspirali academic teaching and 13.8% in digital academic education.

We also understand that our focus on improving quality of our revenue, whether with a relevant improvement in the average price or with a more assertive use of student financing, resulted in a lower attraction cycle volumes. We face this movement in a scenario where the quality of revenue matters more than the number of students, at the same time that we believe that all initiatives to strengthen our brands, a student base aligned with our strategy, will bring superior benefits, with lower levels of dropout, reduced defaults and ticket growth, creating the solid foundations for sustainable growth in the Company's revenue. After all, Education should not be priced, it has value!

The execution discipline allowed a 16.7% growth in Adjusted EBITDA ex-IFRS16 in 1Q24 compared to 1Q23, with EBITDA ex-IFRS16 in the last twelve months reaching the mark of R$970 million, surpassing the margin of 25%.

On another front, we continue focused on our efforts to manage our liabilities, having taken important step in extend and reduce the cost of debt of our subsidiary Inspirali (Notice to Market disclosed in May, 10, 2024), whose spread is expected to be reduced by 95 basis points over the CDI, significantly reducing the average cost of our debt.

In addition to the financial benefits, not yet captured in the 1Q24 results, such renegotiation symbolize the solidity and credibility of our institutions and trust of our creditors' in our project, also recognized through the change in the perspective of our rating by Fitch Ratings agency, from stable to positive, disclosed on April 15th, 2024.

All these factors, associated with our commitment to the company's cash generation, which grew R$132.3 million in the quarter, from R$174.9 million in 1Q23 to R$270,2 million in 1Q24, resulted in a reduction of approximately R$100 million in our net debt, which went from R$2,998.0 million in 4Q23 to R$2,895.7 million in 1Q24. This reduction, when combined with the growth in our Adjusted EBITDA LTM ex-IFRS16, converted into the third successive reduction in our leverage ratio, which went from 3.25x in 4Q23 to 2.98x in 1Q24, reaching the contractual leverage commitments of 3.00x with one quarter in advance.

Regarding inorganic initiatives to reduce our leverage, we remain committed to an active agenda, always seeking ways to reconcile the creation of value for our shareholders with the contribution to the Company's strategy.

It is with these strong results that we open the year 2024, where our ecosystem begins to reap the results of the work carried out in the recent past and achieves even better conditions to focus on what is most valuable to it: add value to the student, in work performed with consistency, sobriety, discipline and focus on the search for solid and sustainable results that also mean greater value for our employees, teachers, shareholders and society, consolidating our position as the largest ecosystem of quality higher education in Brazil.

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Before concluding, we cannot fail to express our solidarity with all the families affected by the floods in the state of Rio Grande do Sul and our commitment to support them in this critical time. Our IBCMED, UniRitter and Fadergs units which were not affected, are being used as support and shelter points for the affected population. Similarly, regardless of the region, various of our brands, educators, teachers, and students have come together in a great chain of solidarity to help, from collecting donations and managing logistics, to providing in-person assistance and taking care of the health of those affected. Additional measures will continue to be evaluated to provide all possible support to this terrible situation affecting Rio Grande do Sul.

THE MANAGEMENT

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Academic Quality

INEP/MEC provides parameters on Academic Quality in the country through regularly published earnings, which allow us to evaluate our achievements based on the actions we promote every day within our schools in a comparable way to other Brazilian higher education institutions.

In October 2023, INEP released the ENADE data and in March 2024, the CPC, IDD and IGC data, all referring to the year 2022.

IGC

IGC (General Course Index) is the main quality indicator of education institutions, calculated by the weighted average, the number of enrollments, between CPC of undergraduate courses and CAPES score of stricto sensu courses.

CPC

CPC (Program Preliminary Score), the index that assesses students' performance by academic program and which, together with other factors, attributes quality concepts to each of our programs.

IDD

IDD (Indicator of Difference between Observed and Expected Performance) is a measure of students 'progression' based on the difference between the Enade scores (at undergraduate level) and their pre-college grades (Enem)

ENADE

ENADE (National Student Performance Exam) measures the performance of higher education graduates through a standardized test.

2022 Results

Distribution by "range" concept

	IGC				ENADE
	61%	39%		30%	51%	19%
2%	83%	15%		40%	49%	11%
15%	60%	25%		30%	47%	23%
7%	40%	54%	13%	32%		56%

	CPC			IDD
7%	67%	26%		42%	44%	15%
5%	66%	29%		38%	45%	17%
12%	54%	34%	28%	44%		28%
5%	37%	58%	21%	41%		38%

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To analyze the above indicators, it is necessary to consider that they result from the Enade assessments conducted at the end of 2022. These assessments were heavily impacted by the pandemic years, which resulted in a worsening of national learning indicators across the board.

In the specific case of Ânima, it is worth highlighting that the 2022 results, in addition to the impacts of the pandemic, also suffered other significant effects:

1. Relevant expansion of programs and campuses in the years 2018-2020 (Q2A project), which in 2022 saw its first ENADE assessments carried out, naturally, means different results from already consolidated programs. ENADE average of programs that were assessed for the first time is 7% lower than consolidated programs;
2. Several acquisitions were made during 2020 and 2021, and the 2022 ENADE results are greatly impacted by pre-acquisition academic conduct and methodology. The ENADE average of HEIs acquired during this period is 3% lower than the average of other Ânima HEIs;
3. At the beginning of 2020, we started implementing the new E2A curriculum (Anima Learning Ecosystem) at Ânima schools and in 2021 and 2022 for the other schools acquired during this period. The ENADE average for programs that had an E2A curriculum implemented in 2022 is 17% higher than the average for other Ânima programs, indicating that the academic model, when mature, generates better results.

It is also important to consider that 2022, due to the integration of Laureate's Brazilian assets, was a year marked by system changes that impacted the general level of student satisfaction with the services provided.

In the same period, results measured by other external indicators, in particular, the XXXVI and XXXVII exams of the Brazilian Bar Association (OAB), held in the second half of 2022 and the first half of 2023, respectively, the HEI Ânima presented increasing results and above of the Brazilian average.

Despite the factors mentioned above, our academic quality control policies require the continuous evaluation of results and mapping of deficient points and definition of improvement plans, which have already been drawn up and are still being implemented, demonstrating our commitment to continuous improvement in our academic quality.

To conclude, we note that the indicators presented continue to place Ânima in a prominent position in the IGC and ENADE indicators, and in a higher position when compared to the other listed companies, demonstrating our ability to deliver quality combined with on a national scale.

Press Release Ânima Educação 1Q24

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Operating Performance

Student base¹

in thousands	1Q24	1Q23	∆1Q24/
	1Q23
Undegraduate	336.8	348.5	-3.4%
Ânima Core	208.9	229.4	-8.9%
Distance Learning	115.9	107.2	8.1%
Inspirali	12.0	11.9	0.5%
Others²	2.0	1.9	8.6%
Ânima Core	2.0	1.9	8.6%
Academic Education	338.9	350.4	-3.3%
Ânima Core	22.5	28.0	-19.7%
Distance Learning	21.9	21.1	4.0%
Inspirali	3.4	3.1	8.7%
Lifelong Learning	47.8	52.2	-8.4%
Total Student Base	386.7	402.6	-4.0%

1 The final basis of the period is in quarters, and the accumulated average for the semester and year is as follows;

2 Stricto sensu graduate, K-12 and vocational education.

Operating performance by segment

Ânima Core

1Q24

1Q23

∆1Q24/

1Q23

Net Revenue (R$ million)	566.4	572.4	-1.0%
Academic Education	543.5	544.4	-0.2%
Lifelong Learning	18.6	21.4	-13.2%
Lifelong Learning B2B	4.3	6.6	-34.2%
Student Base ('000)¹	233.5	259.3	-10.0%
Academic Education	211.0	231.3	-8.8%
Lifelong Learning	22.5	28.0	-19.7%
Average Ticket (R$/month)²	809	736	9.9%
Academic Education	859	785	9.4%
Lifelong Learning	276	255	8.1%

1End of period in the quarters and average in the semester and accumulated for the year.

²Net ticket = Net Revenue / Student Base / Number of months in the period x 1000.

Academic Education: on-campus undergraduate (except medical programs), stricto sensu graduate, and K-12 and vocational education.

Lifelong Learning: on-campus postgraduate, HSM, SingularityU, HSMu and Ebradi.

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In a scenario in which we have sought to prioritize the quality of revenue more than the number of students, at the same time that we work to strengthen our brands for a value positioning more aligned with our quality proposal, it is natural to expect that there will be pressure on volume of incoming students. Thus, the 1Q24 attraction process for the Core segment recorded a drop of 18.6% compared to 1Q23, while the student base dropped 8.9%. Even with the reduction in volume observed, we believe that we are working with a student base aligned with our strategy, which should bring superior results. Lower levels of dropouts, defaults and ticket growth should create more sustainable bases for a healthy revenue growth.

A highlight was the 9.4% growth in net tickets in the academic education segment. This increase not only partially offsets the reduction in the student base but also reflects students' continued confidence in our high- quality educational offer and places our brands on a level more aligned with their value proposition.

Ânima Core's net revenue fell 1.0% in 1Q24 vs. 1Q23, mainly impacted by the 10.0% drop in the student base in the period, concentrated in academic education (-8.8%). This drop was almost entirely offset by the 9.4% growth in net tickets in this segment.

It is essential to highlight that if we disregard the impacts of financing sources used more assertively in this attraction cycle, the drop in volume would have been around 4.4%, therefore lower than the ticket gain achieved.

Attraction	1T24	1Q23	∆1T24/
Ânima Core	1Q23
Total Attraction	55,637	68,353	-18.6%
Attraction using financing	10,065	20,677	-51.3%
Attraction not using financing	45,572	47,676	-4.4%

*Considers students using FIES, Pravaler, and Facilita

We will remain committed to providing an excellent education, strengthening our brands and delivering exceptional value to our students, educators and stakeholders.

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Distance Learning

1Q24

1Q23

∆1Q24/

1Q23

Net Revenue (R$ million)¹	72.2	59.3	21.6%
Academic Education	77.9	63.3	23.1%
Lifelong Learning	10.1	9.4	7.6%
Student Base ('000)²	137.8	128.3	7.5%
Academic Education	115.9	107.2	8.1%
Lifelong Learning	21.9	21.1	4.0%
Average Ticket (R$/month)³	213	189	12.7%
Academic Education³	224	197	13.8%
Lifelong Learning³	153	148	3.5%

1 Revenue already net from transfer of third-party DL Centers.

2 End of period in the quarters and average in the semester and accumulated for the year.

3 Net ticket = (Net Revenue + Transfer to third-party centers) / Student Base / Number of months in the period. Academic Education: Undergraduate in Distance Learning.

Lifelong Learning: Distance Postgraduate Learning.

Net revenue from Distance Learning grew by 21.6% compared to the same period of the previous year due to the growth in the student base (+8.1%) in 1Q24 vs. 1Q23, in addition to a 12.7% increase in tickets, in line with our strategy of strengthening the value of our brands also in this modality. Ticket growth represents another critical milestone for this segment.

For Lifelong Learning, we also saw growth in the student base and tickets, which generated a net revenue growth of 7.6% compared to 1Q23.

Once again, we recorded an improvement in dropout rates, in the YoY comparison, is the result of the implementation of the new academic curriculum (E2A) combined with the advancement of our operational efficiency.

In the attraction process, we had a drop of 19.0% in the period compared to 1Q23, resulting from our strategy of attraction with higher-quality revenue.

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Inspirali

	1Q24	1Q23	∆1Q24/
	1Q23
Net Revenue (R$ million)	352.1	322.7	9.1%
Academic Education	340.0	312.8	8.7%
Continued Medical Education	12.2	9.9	22.7%
Student Base ('000)¹	15.3	15.0	2.2%
Academic Education	12.0	11.9	0.5%
Continued Medical Education	3.4	3.1	8.7%
Average Ticket (R$/month)²	7,647	7,162	6.8%
Academic Education	9,456	8,745	8.1%
Continued Medical Education	1,204	1,068	12.8%

1 End of period in the quarters and average in the semester and accumulated for the year.

2 Net ticket = Net Revenue / Student Base / Number of months in the period.

Academic Education: Undergraduate from the medical program.

Lifelong Learning: Postgraduate degree in medicine.

Inspirali´s goal, the company that brings together the medical education programs of Ânima´s Ecosystem, is to offer quality education, consistent with the positioning and location of its schools, maintaining high occupancy rates and attracting students inclined to care for people. To fulfill this objective, Inspirali has introduced a series of strategies to identify and engage with candidates seeking quality medical education.

Inspirali started the year with high occupancy rates and ended 1Q24 with 11,983 students enrolled in Academic Education (undergraduate courses), 0.5% above the 1Q23 student base, and 3.9% above the 4Q23 student base. The 1Q24 attraction cycle, which this year extended until mid-May, was impacted by the postponement of the start of FIES enrollment, which in 2024 only occurred in April. With the conclusion of the FIES enrollment process, we will maintain the high level of occupancy of our seats. Regarding the average ticket of Inspirali's Academic Education, we observed an increase of 8.1% 1Q24 vs. 1Q23, 4.2p.p. above inflation during the period, reflecting our positioning and focus on quality. As a result, the net revenue from Academic Education was 8.7% higher in 1Q24 vs. 1Q23.

In Continuing Medical Education, Inspirali registered a base of 3.4 thousand students in 1Q24, 8.7% above 1Q23, and an average ticket of 12.8% above 1Q23. This results from a more significant presence of programs with more excellent added value and higher tickets. Consequently, net revenue from Continuing Medical Education grew by 22.7% vs. 1Q23. Inspirali remains focused on expanding its presence in the learning journey throughout the career of doctors, increasing its portfolio in specialties and subspecialties through new partnerships with the health system and accelerating its expansion platform.

Therefore, Inspirali's consolidated net revenue reached R$ 352.1 million in 1Q24 (+9.1% vs. 1Q23), reaffirms the solid foundations of medical education, which are enhanced by Inspirali's competitive advantages, highlighting its high standard of academic quality, broad scale, recognized brands, and privileged locations.

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Student Loan1

	1Q23	1H23	3Q23	2H23	1Q24
% of Attraction FIES	0.7%	1.5%	0.7%	0.8%	0.2%
% of Attraction Private financing	8.4%	8.0%	5.5%	6.0%	5.9%
% of Attraction Total	9.1%	9.5%	6.2%	6.8%	6.1%
Student Base	241,340	232,325	224,779	216,807	220,922
Fies	10,736	11,234	9,353	9,498	7,614
% of Student Base	4.4%	4.8%	4.2%	4.4%	3.4%
Private financing	17,853	17,333	17,586	16,474	16,934
% of Student Base	7.4%	7.5%	7.8%	7.6%	7.7%
Total	28,589	28,567	26,939	25,972	24,548
% of Student Base	11.8%	12.3%	12.0%	12.0%	11.1%

1 It does not include the 'Facilita' financing modality

In the first quarter of 2024, we recorded 6.1% of new on-campus students using financing, representing a drop of 3.0 p.p. vs. 1Q23, due to the impact of a lower FIES representation each period, as per a lower demand and adherence to the modality by students, and delays in adding contracts for students who opted for this modality. We also observed a 2.5 p.p. reduction in private financing, represented by the partnership with Pravaler used in the attraction. This is in line with the strategy of offering this modality in an assertive way.

Therefore, in the first quarter of the year, the on campus undergraduate student base using some financing was 0.7 p.p. lower than in the previous quarter. 1Q23, mainly due to the drop in the number of students using FIES, which, as highlighted, in addition to lower demand, is experiencing delays in the contract amendment process.

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