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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 months of 2025, with double-digit growth in revenue, EBITDA, and net income year-over-year.
Maintained 100% occupancy in all medical programs across Brazil, with medical student count growing 6% YoY to over 25,000.
Ecosystem engagement expanded to over 304,000 active users, reflecting strong adoption among physicians and medical students.
Recognized for ESG leadership, exceeding healthcare consultation targets and maintaining high female representation among employees and board members.
Full-year 2025 guidance reaffirmed, with continued focus on expanding medical school capacity and ecosystem outreach.
Financial highlights
Revenue for the nine months grew 13.4% YoY to R$2,784.3 million; adjusted EBITDA up 18.5% to R$1,291.7 million, margin at 46.4%.
Net income for 9M25 reached R$593.0 million, up 19.9% YoY; basic EPS rose 19.7% to R$6.40.
Cash flow from operating activities increased 10.6% YoY to R$1,291.5 million, with a cash conversion ratio of 101.5%.
Net debt at end of 2025 was R$1,342.2 million, reduced by R$472.7 million from 2024; net debt/EBITDA at 0.8x.
Gross debt duration extended to 3.2 years; cost of debt at 106% of CDI.
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 projected to converge to 15% from 2026 onward, barring legislative changes.
Guidance assumes successful student intake for 2H25 and continued operational execution.
Capital allocation will balance M&A, share buybacks, and dividends, with flexibility to pursue the best value-creating options.
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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Next Afya earnings date
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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