Slide 1: Experience the Best in Medicine: 3Q25 & 9M25 Financial Results
EXPERIENCE THE BEST IN MEDICINE 3Q25 & 9M25 FINANCIAL RESULTS WEBCAST PRESENTATION
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, includ
Slide 3: Solid Performance: Operational and Financial Highlights of the Nine-Month Period
SOLID PERFORMANCE OPERATIONAL AND FINANCIAL HIGHLIGHTS OF THE NINE-MONTH PERIOD FINANCIALS OPERATIONAL MEDICAL SCHOOL MEDICAL SCHOOL NET REVENUE ADJUSTED ADJUSTED APPROVED MEDICAL STUDENTS AVERAGE TICKET EBITDA EBITDA MARGIN SCHOOL SEATS (end of period) (Ex - Acquisitions R$/month) R$2,784.3MM R$1,2
Slide 4: Solid Performance: Operational and Financial Highlights of the Nine-Month Period
SOLID PERFORMANCE OPERATIONAL AND FINANCIAL HIGHLIGHTS OF THE NINE-MONTH PERIOD UNDERGRADUATE CONTINUING MEDICAL PROGRAMS EDUCATION PRACTICE SOLUTIONS GROSS MARGIN EXPANSION YoY INCREASE IN GRADUATE JOURNEY INCREASE IN START OF FUNIC STUDENTS CLINICAL MANAGEMENT (AFYA CONTAGEM) PAYERS OPERATIONS GRO
Slide 5: ESG Results Drive Long-Term Value Creation
ESG RESULTS DRIVE LONG-TERM VALUE CREATION We delivered a total of 700,000 free healthcare consultations, including more than 500,000 medical consultations. These achievements exceed the targets set for 2025, reflecting our strong partnership with the IFC (Sustainability Linked-Loan) and our public
Slide 6: Operational Overview
OPERATIONAL OVERVIEW
Slide 7: Operational Metrics: Undergraduate Programs
OPERATIONAL METRICS UNDERGRADUATE PROGRAMS NUMBER OF SEATS MEDICAL SCHOOL NET AVERAGE TICKET AND MEDICAL STUDENTS (Ex- Acquisitions - R$/MONTH) REVENUE (R$ MM) +14.1% +6.1% +3.4% 2,459.2 152.9 25,706 2,155.9 9,141 193.7 24,234 135.3 8,841 177.1 86% MEDICINE REVENUE 2,112.6 1,843.5 3,653 3,593 9M24 9
Slide 8: Operational Metrics: Continuing Education
OPERATIONAL METRICS CONTINUING EDUCATION TOTAL STUDENTS (END OF PERIOD) REVENUE (R$ MM) RESIDENCY GRADUATE OTHER COURSES JOURNEY JOURNEY & B2B OFFERINGS +10.6% +4.7% -36.4% 31,168 29,780 207.6 187.7 15,678 +25.9% +6.6% 9,969 9,180 175.0 186.6 7,293 +64.9% 12.7 21.0 9M24 9M25 9M24 9M25 9M24 9M25 9M24
Slide 9: Operational Metrics: Medical Practice Solutions
OPERATIONAL METRICS MEDICAL PRACTICE SOLUTIONS TOTAL ACTIVE PAYERS MONTHLY ACTIVE USERS REVENUE – (R$ MM) (end of period) -8.4% +9.3% -2.4% 248,775 128.2 227,941 117.3 200,283 195,486 +11.0% 114.1 -5.3% 102.8 157,963 166,780 +12.0% -2.5% 33,503 37,523 14.5 14.1 9M24 9M25 9M24 9M25 9M24 9M25 CLINICAL
Slide 10: Afya's Ecosystem
AFYA’S ECOSYSTEM INTEGRATED FOR EVERY STAGE OF THE PHYSICIANS CAREER UNDERGRADUATE PROGRAMS 25,706 CONTINUING EDUCATION 303,964 USERS POSITIVELY 50,317 IMPACTED BY AFYA’S ECOSYSTEM¹ MEDICAL PRACTICE SOLUTIONS 227,941 ¹ECOSYSTEM OUTREACH DOES NOT CONTEMPLATE INTERCOMPANY FIGURES. NOTE THAT THERE MAY
Slide 11: Financial Overview
FINANCIAL OVERVIEW
Slide 12: Financial Metrics: Revenue and Adjusted EBITDA
FINANCIAL METRICS PERFORMANCE EVOLUTION ADJUSTED EBITDA & REVENUE – (R$ MM) ADJUSTED EBITDA MARGIN – (R$ MM and %) 46.4% 44.4% +13.4% 43.0% 41.4% +18.5% +10.4% 2,784.3 1,291.7 2,455.3 +14.6% 1,089.6 928.5 841.2 398.9 347.9 3Q24 3Q25 9M24 9M25 3Q24 3Q25 9M24 9M25 Adjusted EBITDA Adjusted EBITDA Margi
Slide 13: Financial Metrics: Cash Flow, Net Income and EPS
FINANCIAL METRICS PERFORMANCE EVOLUTION CASH FLOW FROM OPERATING ACTIVITIES NET INCOME & ADJUSTED NET INCOME – (R$ MM) & CASH CONVERSION – (R$ MM AND %) & EARNINGS PER SHARE - (R$) 6.40 109.7% 101.5% 5.35 1.71 1.33 +10.6% +11.1% 1,291.5 1,167.5 +16.5% 696.0 626.7 103.0 132.0 192.7 165.4 33.3 +19.9%
Slide 14: Gross Debt
GROSS DEBT SOLID CAPITAL STRUCTURE WITH A CONSERVATIVE LEVERAGING POSITION AND A LOW COST OF DEBT FOR THE NINE MONTHS PERIOD ENDED ON SEPTEMBER 30, Cost of Debt Gross Debt (R$MM) Duration (Years) Per year CDI² 2025 2024 2025 2024 2025 2024 2025 2024 Loans and financing: Softbank 863 828 0.6 1.6 9.1%
Slide 15: Liability Management
LIABILITY MANAGEMENT STRENGTHENING CASH POSITION WITH DISCIPLINED CAPITAL MANAGEMENT NEW ON OCTOBER 15, WE ISSUED COMMERCIAL NOTES, WITH DEBENTURE ISSUANCE THE PROCEEDS INTENDED TO FUND THE REPURCHASE OF R$1.5 PREFERRED SHARES HELD BY SOFTBANK AND TO PREPAY BILLION OUR FIRST DEBENTURE ISSUANCE. PRO-
Slide 16: Net Debt Reconciliation
NET DEBT RECONCILIATION IMPRESSIVE CASH GENERATION (R$ MM) 2,726 997 2,339 R$ 473MM 1,815 -911 100 11 1,342 134 -18 248 127 204 14 -1,291 2024 NET DEBT/ADJ. EBITDA: 1.2 2025 NET DEBT/ADJ. EBITDA: 0.8* 16 *NET DEBT / ADJUSTED EBITDA IS CALCULATED BY NET DEBT (EXCLUDING THE EFFECT OF IFRS-16) DIVIDED
Slide 17: Q&A Session
Q&A SESSION
Slide 18: Appendix
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Slide 19: Brazil Adopts OECD Pillar Two Rules with Domestic Top-Up Tax Mechanism
BRAZIL ADOPTS OECD PILLAR TWO RULES WITH DOMESTIC TOP-UP TAX MECHANISM LAW 15,079/2024 IMPACTS ACTIONS TAKEN • ENACTED ON DECEMBER 27, 2024, • INCREASE EFFECTIVE TAX RATE TO • FILED A WRIT OF MANDAMUS ON MARCH EFFECTIVE JANUARY 1, 2025. THE 15% GLOBAL MINIMUM 28, 2025, WITH THE BRAZILIAN FEDERAL THR
Slide 20: Reconciliation Between Adjusted EBITDA and Net Income
RECONCILIATION BETWEEN ADJUSTED EBITDA AND NET INCOME For the three months period ended September 30, For the nine months period ended September 30, (in thousands of R$) 2025 2024 % Chg 2025 2024 % Chg Net income 159,420 124,142 28.4% 592,999 494,641 19.9% Net financial result 99,583 99,844 -0.3% 28
Slide 21: Reconciliation Between Adjusted Net Income and Net Income
RECONCILIATION BETWEEN ADJUSTED NET INCOME AND NET INCOME For the three months period ended September 30, For the nine months period ended September 30, (in thousands of R$) 2025 2024 % Chg 2025 2024 % Chg Net income 159,420 124,142 28.4% 592,999 494,641 19.9% Amortization of Intangible Assets 21,62
Slide 22: 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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