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Afya (AFYA) investor relations material
Afya Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2025 grew 15% year-over-year to R$1,855.8M, with adjusted EBITDA up 20.4% to R$892.8M and margin at 48.1% (+220 bps YoY).
Net income for H1 2025 increased 17% YoY to R$433.6M; basic EPS rose 16.9% to R$4.69.
Cash flow from operating activities reached R$783.0M (+14.6% YoY), with an operational cash conversion ratio of 88.8%.
Medical student base grew 14% YoY to nearly 26,000, with approved medical seats up 14% to 3,653.
Ecosystem users reached 302,000 by end of H1 2025.
Financial highlights
Adjusted EBITDA margin for H1 2025 at 48.1%, up 220 bps YoY.
Adjusted net income for H1 2025 was R$503.3M, up 9.1% YoY.
Basic EPS for H1 2025 was R$4.69, up 16.9% YoY.
Gross margin expanded year-over-year across segments.
Operating cash flow for H1 2025 was R$783.0M, up 14.6% YoY.
Outlook and guidance
Full-year 2025 guidance reaffirmed, with management maintaining a conservative approach due to seasonality in continuing education.
2025 revenue guidance: R$3,670M–R$3,770M; adjusted EBITDA: R$1,620M–R$1,720M; CAPEX: R$250M–R$290M (excluding FUNIC license).
Guidance assumes successful new student intake for 2H25.
Management focused on integrating acquisitions and expanding the graduate journey.
Effective tax rate expected to converge to 15% in the long run due to OECD Pillar Two rules, despite temporary reductions from deferred tax assets.
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