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Afya (AFYA) investor relations material
Afya Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Achieved strong operational and financial results for the nine-month period, with double-digit growth in revenue, EBITDA, and net income year-over-year.
Maintained 100% occupancy in all medical programs and expanded medical school capacity, with ecosystem outreach reaching over 304,000 users.
Recognized for ESG leadership, exceeding healthcare consultation targets and reinforcing sustainability commitments.
Strategy continues to position the company for sustainable growth and leadership in medical education across Brazil.
Full-year 2025 guidance reaffirmed, with strong cash generation and margin expansion.
Financial highlights
Revenue for the nine-month period grew 13.4% year over year to R$2,784.3 million.
Adjusted EBITDA rose 19% year over year to R$1,292 million, with a margin of 46.4%, up 200 basis points.
Net income for the nine months reached R$593 million, up 19.9% year over year; basic EPS was R$6.40, up 19.7%.
Cash flow from operating activities hit R$1,291.5 million, 10.6% higher year over year, with a cash conversion of 101.5%.
Third quarter revenue was R$928.5 million, up 10.4% year over year; adjusted EBITDA for the quarter was R$398.9 million, up 14.6%.
Outlook and guidance
2025 revenue guidance: R$3,670–3,770 million; Adjusted EBITDA: R$1,620–1,720 million; CAPEX: R$250–290 million.
Tuition for 2026 is expected to increase by 5%-5.2% over 2025.
Effective tax rate is expected to converge to 15% from 2026 due to Pillar 2 minimum taxation.
Capital allocation will balance M&A, share buybacks, and dividends, with flexibility to pursue the best value-creating options.
Guidance assumes successful student intake for 2H25 and continued operational execution.
Pro forma debt duration and cost post-refinancing
Detail drivers of Adjusted EBITDA margin expansion
Reconcile user decline with revenue growth
Future effective tax rate post-Pillar Two impact
Capital allocation: M&A vs. shareholder returns
Whitebook user decline and strategy
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Q4 202513 Mar, 2026
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Frequently asked questions
Afya Limited is a Brazilian company focused on the medical education sector. It operates through three main segments: Undergraduate Education, Continuing Education, and Digital Services. The company offers a range of educational products and services, including medical school programs, medical residency preparatory courses, and graduate programs for healthcare professionals. Afya also provides health sciences courses in fields such as medicine, dentistry, nursing, and pharmacy, among others. The company is headquartered in Nova Lima, Brazil, and its shares are listed on the NASDAQ.
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