Slide 1: Experience the best in medicine: Institutional Presentation 1Q26
EXPERIENCE The best in medicine INSTITUTIONAL PRESENTATION 1Q26
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All statements other than statements of historical fact, could be deemed forward- looking, inclu
Slide 3: Our Mission
Our Mission Is to provide an ecosystem that integrates education and medical practice solutions for the entire medical journey, enhancing the development, updating, assertiveness, and productivity of health professionals.
Slide 4: Our Purpose
Our Purpose Is to transform health together with those who have medicine as a vocation.
Slide 5: We Are
WE ARE The largest hub of medical education and solutions for medical practice in Brazil.
Slide 6: Who We Are
WHO WE ARE OPERATIONAL OVERVIEW FINANCIAL OVERVIEW
Slide 7: Who we are: Business Segments
Who we are Business Segments Undergraduate Continuing Medical Practice Programs Education Solutions Medical Schools Residency Journey Physicians Solutions Health Courses Graduate Journey EXCLUDING MEDICINE Physician-Health Other Courses Industry Relationship Other Courses (HARD & SOFT SKILL NON-HEAL
Slide 8: Who we are: Undergraduate Programs
Who we are Undergraduate Programs MARKET LEADER RESILIENT BUSINESS MASTER AFYA’S ECOSYSTEM IN MEDICAL MODEL WITH HIGH CURRICULUM APPLIED TO EDUCATION PREDICTABILITY AND APPLIED TO ALL EDUCATION STRONG MARGINS AFYA’S MEDICAL SCHOOLS
Slide 9: Who we are: Continuing Education
Who we are Continuing Education Graduate Journey Postgraduate medical education and preparatory courses for board certification State-of-the-art infrastructure exams for medical practice Supervised clinical training with real patients Nationwide partnerships with Residency Journey hospitals and medi
Slide 10: Who we are: Medical Practice Solutions
Who we are Medical Practice Solutions PHYSICIANS Truly reference tool for diagnosis, Reference in electronic medical records and SOLUTIONS treatment, and integrated management decision-making for clinics. QUICK ACCESS TO: QUICK ACCESS TO: CLINICAL GUIDELINES INTEGRATED, DRUG INFORMATION SCHEDULING,
Slide 11: Who we are: Medical Practice Solutions (Industry Relationship)
Who we are Medical Practice Solutions Partnership with the pharmaceutical industry, laboratories, pharmacies and healthcare providers MEDICAL CAMPAIGN MARKETING Development and distribution of continuing medical education Media solutions aimed at driving content including on-site traffic and distrib
Slide 12: Solutions for every step in the physician's journey
Solutions for every step in the physician's journey UNDERGRADUATE PROGRAMS RESIDENCY AND GRADUATE JOURNEY: CONTINUING MEDICAL EDUCATION Recognized MEDICAL SCHOOLS RESIDENCY JOURNEY Specialist Qualification (RQE) MEDICAL GENERALIST SPECIALIST SUBSPECIALIST STUDENT 6 YEARS PHYSICIAN 8-10 YEARS PHYSICI
Slide 13: Who we are: Afya's Story
Who we are Afya's Story 1999 2004 2008 2010 2016 2017 2018 FOUNDED FIRST STARTING OF NEW CREATION OF A STARTING OF 7 MAIS MÉDICOS ACQUISITIONS: NEW OPERATION PROJECT HOLDING: NEW OPERATION CAMPUSES AWARDED ARAGUAÍNA NRE EDUCACIONAL AND 3 NEW ACQUISITIONS UNIPTAN PORTO NACIONAL IESVAP IN PARTNERSHIP
Slide 14: Medical Educational Market Leadership
Who we are MEDICAL EDUCATIONAL MARKET LEADERSHIP – APPROVED MEDICAL SEATS 38,450 APPROVED PRIVATE MEDICAL SEATS¹ 9% MARKETSHARE 3,768 2,120 1,867 1,019 941 PLAYER 1 PLAYER 2 PLAYER 3 PLAYER 4 ¹ DEMOGRAFIA MÉDICA, 2025 FIGURES IN THE CHART ARE BASED ON THE CLOSING BALANCE FOR THE QUARTER ENDED MARCH
Slide 15: Who we are: Three-month 2026 key figures
Who we are Three-month 2026 OPERATING MEDICAL SEATS 3,768 26,494 MEDICAL STUDENTS 38 56,531 CONTINUING 32 WITH MEDICAL UNDERGRADUATE EDUCATION SCHOOLS CAMPUSES ENROLLED STUDENTS 327 CLINICS IN OUR UNITS 25 MEDICAL GRADUATE CAMPUSES 220,528 MONTHLY ACTIVE USERS 63 303,553 PRESENT USERS SPREAD IN 21 S
Slide 16: Operational Overview
WHO WE ARE OPERATIONAL OVERVIEW
Slide 17: Solid Performance
UNDERGRADUATE CONTINUING MEDICAL PRACTICE PROGRAMS EDUCATION SOLUTIONS SOLID PERFORMANCE Medical Course net ticket increased by 4.6%, OPERATIONAL AND FINANCIAL above 2025 inflation B2P revenue reached a Over 6 thousand new Clinical HIGHLIGHTS OF THE THREE-MONTH PERIOD record high of R$74 million Man
Slide 18: Operational Metrics: Undergraduate Programs
OPERATIONAL METRICS UNDERGRADUATE PROGRAMS NUMBER OF SEATS MEDICAL SCHOOL NET REVENUE (R$ MM) AND MEDICAL STUDENTS AVERAGE TICKET (Ex- Acquisitions - R$/MONTH) +7.9% +2.4% +4.6% 892.5 827.4 55.8 25,879 26,494 49.8 70.7 62.8 9,634 9,206 714.7 765.9 3,768 3,543 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 MEDICAL SC
Slide 19: Operational Metrics: Continuing Education
OPERATIONAL METRICS CONTINUING EDUCATION TOTAL STUDENTS (END OF PERIOD) OTHER COURSES RESIDENCY JOURNEY GRADUATE JOURNEY REVENUE (R$ MM) & B2B OFFERINGS +11.0% -20.2% +15.4% +41.2% 78.9 71.1 36,932 26,164 +13.2% 12,203 74.1 65.4 9,744 9,855 8,542 -14.1% 5.7 4.9 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q2
Slide 20: Operational Metrics: Medical Practice Solutions
OPERATIONAL METRICS MEDICAL PRACTICE SOLUTIONS TOTAL ACTIVE PAYERS MONTHLY REVENUE (R$ MM) (end of period) ACTIVE USERS +4.2% -9.8% 43.4 -1.3% 41.7 244,518 220,528 203,395 200,808 +2.6% 37.2 38.2 -5.5% 163,071 154,101 +17.0% +15.8% 40,324 46,707 5.2 4.5 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 CLINICAL DECISIO
Slide 21: Afya's Ecosystem
CONTINUING EDUCATION AFYA’S 56,531 ECOSYSTEM INTEGRATED FOR EVERY STAGE OF THE PHYSICIAN’S CAREER MEDICAL PRACTICE SOLUTIONS UNDERGRADUATE 220,528 PROGRAMS 26,494 USERS POSITIVELY IMPACTED BY AFYA’S ECOSYSTEM¹ ¹ECOSYSTEM OUTREACH DOES NOT CONTEMPLATE INTERCOMPANY FIGURES. NOTE THAT THERE MAY BE OVER
Slide 22: Financial Overview
WHO WE ARE OPERATIONAL OVERVIEW FINANCIAL OVERVIEW
Slide 23: Financial Overview: Revenue and Adjusted EBITDA
FINANCIAL OVERVIEW PERFORMANCE EVOLUTION ADJUSTED EBITDA & ADJUSTED EBITDA MARGIN REVENUE – (R$ MM) (R$ MM and %) 4,100 4,025 52.5% 45.4% 44.1% 43.0% 50.5% 3,697.3 3,950 40.5% 3,304.3 1,800 2,875.9 1,680.3 1,750 +8.2% 1,700 1,455.6 +4.0% 1,012.7 936.4 1,165.7 492.0 511.4 2023 2024 2025 2026 Guidance
Slide 24: Financial Overview: Cash Flow and Net Income
FINANCIAL OVERVIEW PERFORMANCE EVOLUTION CASH FLOW FROM OPERATING ACTIVITIES NET INCOME - (R$ MM) & CASH CONVERSION – (R$ MM) & EARNINGS PER SHARE 102.2% 97.1% 93.7% 92.5% 8.32 2.88 7.01 2.79 4.30 1,547.6 1,453.2 1,088.8 768.4 +1.8% 648.9 257.0 261.8 405.4 473.2 2023 2024 2025 2026 2023 2024 2025 1Q
Slide 25: Gross Debt
GROSS DEBT SOLID CAPITAL STRUCTURE WITH A CONSERVATIVE LEVERAGING POSITION AND LOW COST OF DEBT FOR THE THREE MONTHS PERIOD ENDED ON MARCH 31, Cost of Debt Gross Debt (R$MM) Duration (Years) Per year CDI² 2026 2025 2026 2025 2026 2025 2026 2025 Loans and financing: Softbank - 850 - 1.1 - 8.6% - 69%
Slide 26: Net Debt Reconciliation
NET DEBT RECONCILIATION IMPRESSIVE CASH GENERATION R$ MM 2,495 1,333 2,484 R$ 218MM 1,369 -1,125 70 1 1,151 87 45 46 6 -473 2025 NET DEBT/ADJ. 2025 NET DEBT/ADJ. EBITDA: 0.8 EBITDA: 0.7* *NET DEBT / ADJUSTED EBITDA IS CALCULATED BY NET DEBT (EXCLUDING THE EFFECT OF IFRS-16) DIVIDED BY ADJUSTED EBITD
Slide 27: Appendix
APPENDIX
Slide 28: Undergraduate: Regulatory Capacity
Undergraduate Regulatory Capacity ( ) Medical School Medical School Additional Seats Additional Seats # of years of Regulatory Seats Awarded by Associated with Associated with operations Capacity MEC PROUNI1 FIES 2 ILLUSTRATIVE EXAMPLE: A MEDICAL SCHOOL THAT IS AWARDED 100 SEATS FROM THE MEC Seats p
Slide 29: Tax Reform in Brazil: Impacts on Afya
Tax Reform in Brazil Impacts on Afya ICMS Come into Come into Current PIS effect on CBS TRANSITION effect on IBS CBS After Taxation COFINS 2026 2027 2028 2032 2033 Reform System IBS IPI Test rate 1% Extinction of Gradual extinction (CBS/IBS) PIS/COFINS of ICMS/ISS ISS THE NEW SYSTEM WILL ENCOMPASS T
Slide 30: Tax Reform in Brazil: Comparison
Tax Reform in Brazil Comparison CURRENT TAXATION SYSTEM AFTER REFORM INDIRECT TAXES MUNICIPAL TAXES CBS IBS EXEMPT FROM RATE EXEMPT FROM TAXATION REDUCED TAXATION (PROUNI) (PROUNI) BY 60% Segments 3.65% (NO CREDIT) RATE REDUCED BY 60% Undergraduate 2% TO 5% 3.65% (NO CREDIT) Continuing STANDART RATE
Slide 31: Medical Schools acquisitions
AUG 120 SEATS 2019 JAN 112 SEATS 2020 EV/EBITDA: 4.5¹ MAY 182 SEATS 2020 EV/EBITDA: 4.0¹ NOV 120 SEATS 2020 EV/EBITDA: 4.5¹ NOV 157 SEATS 2020 EV/EBITDA: 5.6¹ JOÃO PESSOA • PB JUN 160 SEATS 2021 EV/EBITDA: 5.6¹ AUG 308 SEATS 2021 EV/EBITDA: 4.1¹ Medical NOV 120 SEATS 2021 GARANHUNS • PE JAN 340 SEAT
Slide 32: Health techs acquisitions
JUL 2020 NOV 2020 JAN 2021 MAR 2021 ABR 2021 ABR 2021 MAY 2021 Health OCT 2021 MAR 2022 techs ABR 2022 MAY 2022
Slide 33: Reconciliation Between Adjusted EBITDA and Net Income
RECONCILIATION BETWEEN ADJUSTED EBITDA AND NET INCOME For the three months period ended March 31, (in thousands of R$) 2026 2025 % Chg Net income 261,763 257,036 1.8% Net financial result 94,350 94,994 -0.7% Income taxes expense 42,454 24,782 71.3% Depreciation and amortization 93,077 91,755 1.4% In
Slide 34: For More Information
FOR MORE INFORMATION KEY NUMBERS AND FIGURES QUARTERLY EARNINGS AFYA’S HISTORY SUSTAINABILITY SEC FILINGS CORPORATE STRUCTURE STOCK INFO
Slide 35: Thank You
EXPERIENCE THE BEST IN MEDICINE THANK YOU Rua Paraíba, 330 Funcionários, Belo Horizonte, MG - ZIP CODE: 30130-140 +55 (31) 3515-7550 ir@afya.com.br
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