Afya (AFYA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 6.1% YoY to R$985.2M; Adjusted EBITDA increased 8.7% to R$433.8M, with margin up 100 bps to 44.0%.

• 9M26 revenue grew 6.7% to R$2,970.0M; net income rose 6.9% to R$634.0M, and Adjusted EBITDA reached R$1,351.8M with a 45.5% margin.

• Medical education had 3,785 operating seats and 26,398 medical students; the broader ecosystem had 300,441 active users.

Financial highlights

• Q3 net income rose 7.2% YoY to R$171.0M; basic EPS increased 10.0% to R$1.88.

• 9M26 operating cash flow was R$1,332.7M, up 3.2%, with 99.5% cash conversion; net income increased 6.9% to R$634.0M.

• 9M26 basic EPS grew 9.1% to R$6.98; Adjusted EBITDA excluding acquisitions increased 4.5% to R$1,349.6M.

Outlook and guidance

• FY26 guidance reaffirmed: revenue R$3,950–4,100M, Adjusted EBITDA R$1,700–1,800M and CapEx R$340–380M; guidance assumes successful 2H26 student intake.

• 2027 profitability guidance is due with FY26 results in March; 2027 medical tuition is set 5.7% above prior-year gross tuition.

• Continuing Education targets high-single-digit growth in 2027; management expects Q4 to follow the 2026 trend.