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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 across Brazil, expanding medical school capacity and user base.
Recognized for ESG leadership, awarded as top performer in the education sector in Brazil, and exceeded healthcare consultation targets.
Ecosystem outreach reached over 300,000 users, reinforcing integrated medical education and practice.
Full-year 2025 guidance reaffirmed, with strong cash generation and margin expansion.
Financial highlights
Nine-month revenue grew 13.4% YoY to R$2,784.3 million; adjusted EBITDA up 18.5% to R$1,291.7 million, margin 46.4% (+200 bps YoY).
Net income for nine months reached R$593.0 million, up 19.9% YoY; basic EPS at R$6.40, up 19.7%.
Third quarter revenue was R$928.5 million (+10.4% YoY); adjusted EBITDA at R$398.9 million (+14.6% YoY), margin 43% (+160 bps YoY).
Cash flow from operating activities for nine months was R$1,291.5 million (+10.6% YoY), with a cash conversion ratio of 101.5%.
Net debt at end of Q3 2025 was R$1,342.2 million, reduced by R$472.7 million from end of 2024; net debt/EBITDA at 0.8x.
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 expected to increase 5%-5.2% over 2025.
Effective tax rate expected to converge to 15% in 2026 due to Pillar Two minimum taxation and new Brazilian tax law.
Capital allocation will balance M&A, share buybacks, and dividends, with flexibility to pursue value-creating opportunities.
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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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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