Slides
Page 2
All statements other than statements of historical fact, could be deemed forward- looking, including risks and uncertainties related to statements about our competition; our ability to attract, upsell and retain students; our ability to increase tuition prices; our ability to anticipate and meet the evolving needs of student and teachers; our ability to source and successfully integrate acquisitions; general market, political, economic, and business conditions; and our financial targets such as revenue, share count and IFRS and non-IFRS financial measures including gross margin, operating margin, net income (loss) per diluted share, and free cash flow. These statements are not guarantees of future performance and undue reliance should not be placed on them. The Company undertakes no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. Readers should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent management’s beliefs and assumptions only as of the date such statements are made. Further information on these and other factors that could affect the Company’s financial results is included in filings made with the United States Securities and Exchange Commission (SEC) from time to time, including the section titled “Risk Factors” in the most recent annual report on Form 20-F. These documents are available on the SEC Filings section of the investor relations section of our website at: 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.
Page 3
6. Instituto Afya 7. Afya Experience 8. Live Today The Medicine Of Tomorrow 9. Building Sustainable Value from Capital Discipline 1. Painel Institucional 2. Medical Trends 3. Transforming Medical Education Across Brazil 4. Continuing Education Expansion 5. Medical Practice Solutions – Data as Strategic Asset AGENDA
Page 5
VIRGÍLIO CEO GIBBON
Page 6
THE LARGEST HUB OF MEDICAL EDUCATION AND SOLUTIONS FOR MEDICAL PRACTICE IN BRAZIL
Page 7
A unique portfolio dedicated to transforming healthcare, together with those who live medicine as their true vocation Afya’s Ecosystem Medical Schools Industry Relationship Graduate JourneyMedical Practice Residency Journey Professional Educational B2B
Page 8
What's the purpose of all this? UPDATING To provide: To physicians and medical students DEVELOPMENT ASSERTIVENESS HEALTH INDUSTRY RELATIONSHIP PRODUCTIVITY
Page 10
EDUARDO MOURA RESEARCH & INNOVATION CENTER DIRECTOR
Page 11
Growth in the Number of Physicians Source: Medical Demographics in Brazil 2025 – Prepared by the authors; CNRM, Sesu/MEC. *Figures projected for 2024 and 2025. IN 2025 635,706 Physicians* 2.98 Professionals per 1,000 Inhabitants* +5 YEARS In 5 years, 116k new physicians were added in the country PROJECTION 2035 Brazil will have 1.15 million physicians 5.25 Per 1.000 inhabitants* The physician-to- population ratio has more than doubled since the year 2000 1.18 1.56 2.3 2.81 2.98 2000 2010 2020 2024* 2025
Page 12
Brazil in Comparison to the OECD Source: Medical Demographics in Brazil 2025 – Prepared by the authors; OECD, IBGE. Note: Data from 2023 or the latest year reported by each country, according to OECD. For Brazil, the information is the most recent available, as reported by DMB. DENSITY Number of physicians per 1,000 inhabitants 3.70 2.98 FEMALE PHYSICIANS Proportion of women in relation to the total number of physicians 50% 49% AGE Proportion of physicians aged 55 or older 33% 27% NUMBER OF MEDICAL CONSULTATIONS per capita per year 6.9 3.1
Page 13
Regional Inequality Source: Medical Demographics in Brazil 2025 – Prepared by the authors; CNRM, Sesu/MEC. *Figures projected for 2024 and 2025. 1.27 6.28 1.79 2.35 2.63 3.06 Color scale Doctors-per-1000 inhabitants ratio By Federal Units (UF), in 2024 Medical Demographics
Page 14
Physician Retention Data by Afya Source: Afya Impact Assessment Report - 2024 Impact Project 12% Average increase in physician density in the municipalities analyzed 3.9k Physicians settled in 2021, mostly in regions far from major urban centers 4.1k Avoided hospitalizations due to vaccine-preventable diseases and sensitive conditions (average reduction of 15.2% in hospitalization rate)* 14% Less deaths from conditions sensitive to Primary Care* 28.6k saved lives* 20.5% Less deaths from vaccine-preventable diseases and sensitive conditions*
Page 15
Brazil in Comparison to the OECD Source: Medical Demographics in Brazil 2025 – Prepared by the authors; OECD, IBGE. Note: Data from 2023 or the latest year reported by each country, according to OECD. For Brazil, the information is the most recent available, as reported by DMB.. Specialist Ratio PSYCHIATRISTS (Ratio per 100,000 inhabitants) 7 Brazil 18 Average of other countries*** ***41 nations surveyed GYNECOLOGISTS AND OBSTETRICIANS (Ratio per 1,000 live births) 14 Brazil 17 Average of other countries*** ***41 nations surveyed PEDIATRICIANS (Ratio per 100,000 inhabitants) 23 Brazil 18 Average of other countries*** ***41 nations surveyed
Page 16
The number of specialists: Source: Medical Demographics in Brazil 2025 – Prepared by the authors; CNRM, AMB, IBGE. Source: Research & Innovation Center – Afya The Challenges of Medical Specialization in Brazil 352,287 Specialists 59% 174,943 Generalists 29% 154% Growth in the number of specialty titles over 13 years 12% 69,198 Specialist in practice, General practitioner in records*
Page 17
The financial data of Brazilian physicians Source: Physician Quality of Life Survey 2025`Research & Innovation Center – Afya *RQE (Registro de Qualificação de Especialista - Specialist Qualification Registration Number – Brazilian Medical License) Regional differences vs where are the opportunities? Capital and metropolitan region R$20,030 In the countryside of the state R$21,514 Wage Variation in the Countryside (%) +7% R$17,889 Average net income in 2024 GENERALIST R$23,500 R$23,915 vs MEDICAL SPECIALIZATION CAN LEAD TO SALARY INCREASES OF UP TO 30% vs POST-GRADUATE SPECIALIST Base: 1587 Base: 282 Base: 833 3 2 1
Page 18
The financial data of Brazilian physicians Source: Physician Quality of Life Survey 2025 Research & Innovation Center – Afya Regional differences vs where the opportunities lie? NORTH Capital and metropolitan region R$21,357 Countryside R$24,459 Wage Variation in the countryside (%) +15% MIDWEST Capital and metropolitan region R$20,961 Countryside R$24,318 Wage Variation in the countryside (%) +16% NORTHWEST Capital and metropolitan region R$18,600 Countryside R$22,253 Wage Variation in the countryside (%) +20% SOUTHEAST Capital and metropolitan region R$20,362 Countryside R$20,460 Wage Variation in the countryside (%) - SOUTH Capital and metropolitan region R$19,640 Countryside R$21,982 Wage Variation in the countryside (%) +12%
Page 19
Physician Career Source: Research & Innovation Center da Afya - (Base: 1.074) 16% of physicians indicate that they have reached the peak of their careers. Who are the physicians who consider themselves to be at the peak of their careers currently? 37% Own Practice/ Clinic 35% Hospital 27% Third-Party Practice/Clinic Workplace Base 171 94% Have completed at least one specialization 86% Are satisfied with the work they perform 31 years Average degree completed
Page 20
Ideal fields of practice to reach the peak of a medical career 70% Own Practice/ Clinic 42% What is required to reach the Peak of a medical career. 35% Capital to Invest in Practice /Business 61% Additional Training (Specialization) Physician Career Fonte: Research & Innovation Center da Afya - (Base: 1.074) 84% of physicians indicate that they have not yet reached the peak of their careers. What are physicians seeking to reach the peak of their careers? Base: 903 Healthcare Entrepreneurship 48% Are satisfied with the work they perform
Page 21
Source: Physician Quality of Life Survey 2025 Research & Innovation Center – Afya Medical Updates & News 50% Decision support apps & services 36% Scientific journals and articles 31% Medical update & News Websites (e.g Portal Afya) Digital Behavior Decision Making 90% Decision support apps & services (e.g Whitebook) 45% Coworkers 31% Scientific journals and articles
Page 22
Digital Behavior Digital tools in the medical office 43% Decision support apps & services (e.g. Whitebook) 52% Eletronic Medical Record (EMR) (e.g. iClinic) 33% E-Prescription (e.g. Afya ReceitaPRO) 29% Eletronic Scheduling System (e.g. iClinic) 22% Telemedicine System (e.g. iClinic) 19% Medical Office Management System (e.g. iClinic)
Page 24
Transforming Medical Education Across Brazil
Page 25
Afya stands as the solid leader in medical school in Brazil #1 in approved medical seats in Brazil States Cities Medical Students Medical School Campuses Course concept average 3,653 14 33 25,733 33 4.4 Seats
Page 26
Training Doctors for Life, Not Just for Exams Focus on the holistic development of students as future physicians. Hands-on practice from the first semester, students feel like doctors from day one. Strong emphasis on primary healthcare, preparing students to address real challenges in Brazilian society. 2 1. Commitment to Quality What enables Afya to sustain its strong execution? 21 A Unique and Differentiated Approach The practice of medicine goes far beyond obtaining a medical degree. Exclusive methodology is standardized, ensuring consistency and excellence. Curriculum reviewed annually, keeps pace with the latest trends
Page 27
Simulation and Practical Excellence Afya operates internationally accredited simulation centers Simulation, patient interaction, and structured clinical reasoning Robust, standardized practical training that ensures transition to real-life practice 1. Commitment to Quality What enables Afya to sustain its strong execution? 4 3 An Ecosystem that Empowers Medical Students and Physicians Undergraduate students are exposed to top-tier solutions for medical practice Afya fosters partnerships and programs that bring students closer to the health industry Afya supports physicians throughout their entire journey, creating membership experience
Page 28
2. Brand power & Attractiveness What enables Afya to sustain its strong execution? The Afya brand is consistently represented across all our units and business segments.
Page 29
What enables Afya to sustain its strong execution? Strengthening awareness, consideration, and brand leadership 2. Brand power & Attractiveness Afya’s Brand Image Perception Brand ConsiderationAwareness Top of mind 2023 2024 2025 2x 3x 4x
Page 30
Despite the increase in competition, Afya continues to prove its execution capabilities 2025/2 2025/1 2024/2 2024/1 2023/2 2023/1 5.9 6.8 5.0 6.1 7.5 6.6 Net Ticket Evolution (R$) 8,460 8,849 9,140 2023 2024 1H25 Gross Margin Evolution (%) 1H23 1H24 1H25 61.95% 63.39% 65.95% Candidates/Seats Evolution
Page 31
Continuing Education Expansion
Page 32
Beyond Graduation: Redefining Medical Education For Life New On-site Hubs 25 On-site Hubs +70 Courses in our portfolio +13points increase NPS 2020-2024 2019 2025 5 NEW UNITS IN 2024 5 NEW UNITS IN 2025 2019 2021 2022 2023 2024 20 141211 5 Total continuing education revenue (R$ MM) 2019 2021 2022 2023 20242020 1H25 COVID-19 EFFECT 100.8 182.8 143.0 183.3 235.8 255.4 137.5 Total continuing education students 2019 2021 2022 2023 20242020 1H25 14,391 18,791 24,820 43,519 47,080 50,521 45,505COVID-19 EFFECT
Page 33
Continuing Education: Capturing Value Beyond Undergraduate Continuing Education: The Natural Pathway for a Physician Our portfolio is designed to keep physicians continuously updated Medical Graduates Growing Faster than Residency Positions A growing mismatch between medical graduates and residency seats reinforces the need for specialization courses 507,147 538,099 572,960 597,428 635,706 2021 2022 2023 2024 2025 Number of physicians* Source: Medical Demographics in Brazil 2025 – Prepared by the authors; CNRM 24,700 28,109 31,751 2020 2021 2022 2023 35,398 22,968 22,979 23,526 22,346
Page 34
Medical Practice Solutions: Data as a strategic asset
Page 35
More solutions for physicians + B2B Solutions Pharma | Providers | Payors Afya’s Ecosystem: Unique Assets Driving Quality and Value Growth More Physicians More Medical Appointments More Data Value Asset 1: Qualified Physician AUDIENCE Value Asset 2: Valuable Medical Practice DATA
Page 36
MEDICAL CAMPAIGN INSIGHTS ADHOC RESEARCH CENTER Physician health industry relationship B2BValue Proposition MARKETING E-DETAILING
Page 38
Afya’s ecosystem in action: proven results CASE 1 Pulmonary Diseases | Prescriptions | Medical Education 29% INCREASE FROM THE TOTAL BASE OF PRODUCT PRESCRIBERS 33% INCREASE FROM PRESCRIBERS IMPACTED BY THE MEDICAL EDUCATION GOALS METHOD * AT THE PHARMACEUTICAL COMPANY STUDIED Evaluate the impact of medical education on prescriber behavior ACHIEVEMENTS Matching physician license records based on verified registration data
Page 39
CASE 2 Rare Diseases | Disease Awareness | Afya Portal GOALS METHOD To assess the level of medical knowledge about a rare disease ACHIEVEMENTS Communication initiatives, research activities, and portal banners 260K 257K 30% PHYSICIANS USERS PHYSICIANS REACHED INCREASE IN GENETIC TEST REQUESTS* Afya’s ecosystem in action: proven results * AT THE PHARMACEUTICAL COMPANY STUDIED
Page 40
CASE 3 Sample Distribution | Hybrid Outreach Project GOALS METHOD ACHIEVEMENTS +28K SAMPLE-BASED IMPACTS 4.7 / 5.0 Expand sales force reach and boost engagement with hybrid promotion Implement strategic hybrid detailing with samples and new prescriber growth 25K NEW PHYSICIANS ONBOARDED Afya’s ecosystem in action: proven results * AT THE PHARMACEUTICAL COMPANY STUDIED
Page 41
Afya’s ecosystem in action: proven results CASE 4 Data Insights | Product for pharmaceutical market GOALS METHOD ACHIEVEMENTS Unique real-prescription dataset, deeper clinical and market insights, and joint positioning as leaders in prescriptive intelligence Deliver a complete, accurate view of real medical prescriptions, beyond pharmacy data. Integrate validated EHR data with a partner, ensuring compliance and anonymization. * AT THE PHARMACEUTICAL COMPANY STUDIED
Page 42
Presence throughout the entire medical journey +33% of physicians and medical students in Brazil use our products through an integrated ecosystem Daily contact with our solutions over 300k monthly users in Afya’s ecosystem 57 partnerships with the pharmaceutical industry Largest network of physicians- in-training and active doctors Proprietary, first-party data from education and digital platforms Ability to predict prescribing behaviors and medical interests Expanding the connection of physicians to the industry We are best positioned to create value to the healthcare industry Revenue (R$ MM) Gross Margin (%) Medical Practice Solutions 76.7 115.4 140.3 161.8 84.0 71.4% 77.0% 77.8% 73.9% 67.7% 2021 2022 2023 2024 1H25 2021 2022 2023 2024 1H25
Page 44
GUSTAVO MEIRELLES CHIEF MEDICAL OFFICER
Page 45
AFYA INSTITUTE LAUNCH
Page 46
Afya’s Ecosystem: Unique Assets driving quality and value Aligned with target 3.4 of the un 2030 agenda , which seeks to reduce premature mortality from non-communicable diseases by 1/3. To promote solutions for non-communicable chronic conditions (NCDS)through research, cross- sector coordination, and societal engagement A non-profit organization operating as a third sector institution: Instituto Afya Format MissionBRAZIL'S HEALTHCARE NEEDS x AFYA’S STRENGTHS AND CAPABILITIES
Page 47
AFYA’S STRENGTHS AND CAPABILITIES HEALTHCARE NEEDS 50% of the Brazilian population has at least one non-communicable chronic condition RESEARCH & INNOVATION ENGAGEMENT & COORDINATION 82% of premature deaths from non-communicable diseases occur in low- and middle-income countries Generate data and scientific evidence to support public policy 43MM of deaths from non- communicable diseases worldwide 18MM deaths worldwide in 2021 occurred prematurely, among individuals aged 30 to 69.SOURCE: WHO, 2025 & BRAZIL’S HEALTH MINISTERY, 2021 Develop technologies and methods applicable to the public healthcare system (SUS) Create scalable solutions to NCDS Engage local and institutional stakeholders in collaborative actions Implement healthcare and health education practices within communities Advocate for structural changes in public policies Afya’s Ecosystem: Unique Assets driving quality and value
Page 49
One-on-One with an Afya Student and Physician
Page 50
Live Today the Medicine of Tomorrow
Page 52
Itamar Gonçalves, MD. UNDERGRADUATE – MEDICAL EXECUTIVE MEDICAL PRACTICE SOLUTIONS - MEDICAL EXECUTIVE GRADUATE – MEDICAL EXECUTIVE Isabela Dupin, MD. Ronaldo Gismondi, MD.
Page 53
Academic Memorial: AI-Driven personalized learning journeys The Memorial Acadêmico is a program that tracks and documents students’ progress throughout their educational journey, fostering self-awareness, personal growth, and the continuous development of essential competencies Objectives Self-awareness:reflection on learning process, strengths, and improvement areas. Continuous monitoring:track progress and enable timely interventions. Strategic planning: action plans to close gaps and ensure competency development Strategic Impact Student attraction & retention: unique learning experience that drives engagement and satisfaction. Market recognition: positions Afya as a pioneer in medical education innovation. Scalability: replicable model across all campuses, ensuring efficiency and consistency. Brand value: reinforces Afya’s reputation for shaping future-ready physicians. Driving Continuous Academic Improvement Pre-Analysis of Student Journey Data-driven insights from prior performance Student Self-Assessment Empowering learners through structured reflection Individual Faculty Feedback Personalized guidance for skill development Consolidated Academic Council Review Institution-wide quality enhancement MEDICAL SCHOOL
Page 54
Center of simulations at Afya: Where accreditation meets innovation Modern Learning: Integrates innovative teaching methodologies into Afya’s medical curriculum. Cutting-Edge Infrastructure: Simulation environments across all complexity levels. Standardized clinics, emergency rooms, surgical units, imaging labs, digital health studio, and specialized makeup for realistic scenarios. International Accreditation: Accredited by the Society for Simulation in Healthcare (SSH) and home to an American Heart Association Training Center (ACLS, PALS, BLS). Educational Impact: Pioneering curriculum design, continuous education for health professionals (including SUS), and strong scientific production at national and international levels. Expert Faculty: Certified instructors (CHSE, CHSOS, etc.), standardized patient programs (actors), and dedicated technical staff. Innovation & Partnerships: Postgraduate programs, digital health solutions, metaverse initiatives, and leadership in SOBRASSIM. MEDICAL SCHOOL
Page 56
Digital Patient Fifth Dimension in Physical Examination Creation of a digital patient with history, symptoms, and specific context Used for consultation simulations and evaluation of clinical performance AI-powered portable ultrasound device for bedside use Enhances physical examination with real- time imaging and data insights AI in action: Transforming medical education MEDICAL SCHOOL
Page 57
AFYA PLAY Free educational platform for medical students across Brazil Offers 5,000+ interactive resources: 3D anatomy, videos, podcasts, flashcards, and smart study planner Covers 800 topics in 51 specialties, aligned with national curriculum guidelines CONTINUING EDUCATION VIDEO
Page 58
CONTINUING EDUCATION VIDEO AFYA ASSIST Afya Assist is a cross-product virtual agent, integrated with platforms such as Medcel and Afya Papers, designed to answer questions directly within these platforms and interact with students about the content being provided. Its main differentiator compared to other services is the curated data set — built from sources such as video lecture transcripts and e-books — ensuring accuracy and reliability for the student.
Page 60
New solutions for medical practice RECEITA PRO An AI-powered clinical assistant integrated into Whitebook, providing fast, secure, and evidence-based support to physicians in real time. The first AI-powered clinical assistant integrated into an already established clinical guidelines app. The trusted Whitebook you know, smarter than ever WB ASSIST ICLINIC ASSIST THE # 1 CLINICAL DECISION-MAKING TOOL IN BRAZIL Evidence-based content. Supporting physicians from medical school to clinical practice! MEDICAL PRACTICE SOLUTIONS
Page 61
New solutions for medical practice RECEITA PRO An AI assistant integrated into iClinic that automates tasks before, during, and after consultations, delivering more efficiency, accuracy, and quality in patient care. Main features: ● Automatic transcription of consultations in real time ● Ready-to-use clinical summaries in different formats ● Suggested diagnostic hypotheses based on reported symptoms ● Identification of patients with a higher risk of no-show ● Full integration with the iClinic electronic health record Empowering clinics with intelligence. Delivering care with empathy WB ASSIST ICLINIC ASSIST THE FUTURE OF MEDICINE IS YOU WITH MORE TIME! Discover the AI tools that will transform your medical practice, right in your clinic management system: • Summarized Patient History • Consultation Transcription MEDICAL PRACTICE SOLUTIONS
Page 62
New solutions for medical practice ICLINIC ASSIST WB ASSIST RECEITA PRO An AI-powered platform that enables physicians to issue digital prescriptions in a practical, compliant, and legally validated way. The first AI-driven prescription solution legally recognized in Brazil, securely connecting doctors, patients, and pharmacies nationwide. Digital prescriptions made simple, secure and legally validated Prescribe whenever and however you want From your phone, smartwatch, or WhatsApp MEDICAL PRACTICE SOLUTIONS
Page 64
LUIS BLANCO CFO
Page 65
Expanding from Clinical to Financial Support for Physicians
Page 66
AFYA PAY Financial Backbone for Clinics Automating payments and strengthening Afya IClinic ecosystem Fully automated & integrated: No manual processes Fewer errors and greater financial predictability for clinics PHYSICIAN AUTOMATIC FINANCIAL ENTRY PAYMENT (LINK OR CARD READER) CLIENTS CAN PAY VIA PIX, CREDIT AND DEBIT CARDS DIRECTLY ON THE PLATFORM Deepens platform stickiness and recurring revenue Strengthens Afya’s embedded finance strategy Creates upsell potential through financial services 1 2 3 Strategic partnership: Stone
Page 67
Receba Antecipado Instant Receivables for Physicians Accelerating cash flow and embedding financial services within iClinic ACTIVATE Get paid faster: Receive card payments within 1 business day Embedded finance: Strengthens iClinic platform stickiness & ARPU Boost liquidity: Reduce dependence on loans, improve cash flow Digital & automatic: Easy activation, facial recognition & document verification SIMPLIFIED PROCESS PHYSICIAN VERIFY
Page 68
Coming Next: Private Pension and E&O Insurance Simple hiring process, reinforcing our commitment to allow physicians to focus on what truly matters Accessible to all physicians: Available across Afya’s ecosystem Strategic partnership: Mio Vinci – Vinci Compass Group Focused on financial planning Centralized contracting: Managed easily through our marketplace Private Pension Tailored offer: Exclusive for Afya’s ecosystem clients Strategic partnership: Forza Seguros 24h protection: Legal and insurance support specialized in medical liability SaaS billing model: Simplified, transparent, and flexible E&O Insurance
Page 69
Building sustainable value from capital discipline
Page 70
Consistently delivering results in line with our guidance Revenue 2H19 2020 2021 2022 2023 2024 2025 Actual 424 1,158 1,752 2,309 2,874 3,304 Top Guidance 430 1,150 1,760 2,360 2,850 3,325 3,770 Botton Guidance 415 1,075 1,720 2,280 2,750 3,225 3,670 Guidance Fulfilled Adjusted EBITDA 2H19 2020 2021 2022 2023 2024 2025 Actual 168 543 755 961 1,166 1,456 Top Guidance 169 538 766 1,015 1,200 1,475 1,720 Botton Guidance 161 487 731 935 1,100 1,375 1,620 Guidance Fulfilled Revenue (R$ MM) Adjusted Ebitda (R$ MM) 2025 GUIDANCE REAFFIRMED
Page 71
IN R$ MM Strong operating cash generation, disciplined investments and consistent deleveraging Cash flow and net debt evolution 2021 2022 2023 2024 1H25 Cash Flows from Operating Activities 667 877 1,089 1,453 783 CAPEX (Ex. Acquisitions) -194 -255 -218 -235 -125 Aquisitions (+) Earn-Out -1,455 -139 -846 -817 -100 Dividends 0 0 0 0 -130 Share Repurchase Program -214 -152 -12 0 0 Net Debt (End of Period) 1,379 1,381 1,815 1,815 1,621 Net Debt/Adj. EBITDA 1.8 1.4 1.6 1.2 0.97 Cash Convertion Ratio 100.8% 94.4% 97.1% 102.2% 88.8%
Page 72
Track Record M&A Acquisition of 11 Undergraduate Assets Acquisition of 8 Medical Practice Solutions Assets Undergraduate Assets ~R$4 billion invested Other Assets ~R$500 million invested With a total value of over R$4.5B Invested since the IPO Acquisition of 3 Continuing Education Assets
Page 73
Corporate Venture Capital (CVC) Open innovation and strategic investments in healthtechs 2023 2024 FOUNDED IN 2022 AI-POWERED CORPORATE HEALTH PLATFORM OPTIMIZING MEDICAL RESOURCE USE, REDUCING CLAIMS, AND PREVENTING FRAUD FOUNDED IN 2022 PLATFORM COMBINING ACCOUNTING, BANKING, AND AI TO SIMPLIFY DOCTORS’ FINANCIAL ROUTINES. FOUNDED IN 2017 HEALTH INTELLIGENCE AND COST-REDUCTION PLATFORM INTEGRATING DATA FROM MULTIPLE SOURCES TO DELIVER REAL-TIME INSIGHTS FOR POPULATION HEALTH MANAGEMENT APRIL JUNEMAY 2025 CLIENTS HEALTH INSURANCE AND SELF-MANAGED PLANS CLIENTS RECENTLY GRADUATED PHYSICIANS CLIENTS HEALTH BROKERS, CORPORATES, AND INSURERS *SAFE AGREEMENT IN WHICH THE EQUITY STAKE WILL BE DEFINED IN THE NEXT FUNDING ROUND HEALTHTECH USING AI AGENTS TO SUPPORT DOCTORS AND INSTITUTIONS IN PATIENT CARE BY IDENTIFYING RISKS, ORGANIZING DATA, AND EXPANDING ACCESS TO PREVENTIVE MEDICINE CLIENTS HOSPITALS AND INSURERS FOUNDED IN 2023 AUGUST
Page 74
Capital Discipline Consistent deleveraging reinforcing Afya’s solid financial foundation Net Debt Adj. EBITDA1 Net Debt/Adj. EBITDA 2 2021 2022 2023 2024 1,379 1,381 1.8 1,815 1,815 95%89%83%94% Net Debt/Adj. EBITDA 1,166 962 755 Cost of Debt (% CDI)3 1.4 1.6 1.2 1 Adj. EBITDA for 2025 considers the mid Guidance. 2 Net debt / Adjusted Ebitda for 2025 is calculated by net debt (excluding the effect of IFRS-16) divided by Adjusted EBITDA (considering the mid guidance). 3 Based on the annualized interbank certificates of deposit ("CDI") rate for the period as a reference. 1H25 1,621 95% 0.97 1,670 1,456 IN R$ MM
Page 75
Liability Management: A reminder of Softbank convertible Investment R$822 million (≈US$150 million) April 26, 2021 Starting April 26, 2026, Softbank may request redemption at 105% of the original amount Conversion 5,917,888 Class A shares at US$25.35 Cost 6.5% Per annum, cumulative, paid quarterly in BRL
Page 76
Liability Management: New debenture R$ 1.5 billion ISSUANCE OVERVIEW Series I: R$ 500 million Series II: R$ 1,000 million TOTAL ISSUANCE SIZE: NOMINAL VALUE PER NOTE R$ 1,000 STRUCTRURE FEE (SF) AND ALL-IN: ALL-IN: CDI+0.88% or 106.7% of CFI MATURITIES Series I: October 15, 2028 Series II October 15, 2030 (2 installments 2029 & 2030) PAYMENT Semiannual (April/October, 1st payment in April 15, 2026) CDI + 0.70% p.y. CDI + 0.85% p.y. INTEREST
Page 77
Liability Management: Debentures and Softbank payment As a result of this early settlement, we achieved: Increase the duration Issuance of a debenture with a competitive spread over the CDI. Reduction of the cost of debt by 1p.p. over the previous Debenture. Mitigation of potential risks related to dividend taxation. ¹Total amount refers only to the “Gross Debt” columns ²Based on the annualized Interbank Certificates of Deposit (“CDI”) rate for the period as a reference Cost of Debt Gross Debt (R$MM) Duration (Years) Per year CDI² FUTURE STRUCTURE 1H25 FUTURE STRUCTURE 1H25 FUTURE STRUCTURE 1H25 FUTURE STRUCTURE 1H25 Loans and financing: Softbank - 856 - 0.8 - 8.6% - 66% Loans and financing: Debentures 1,500 532 3.1 2.1 14.6% 15.3% 106% 114% Loans and financing: Others - 318 - 0.3 - 15.3% - 114% Loans and financing: IFC 508 508 3.3 3.3 14.6% 14.6% 109% 109% Accounts payable to selling shareholders 506 506 3.3 3.3 13.5% 13.5% 101% 101% Total¹ | Average 2,373 2,720 3.2 1.9 14.4% 12.7% 106% 95%
Page 78
Takeaways A unique ecosystem integrating medical education, technology, and clinical practice Leadership in undergraduate medical education, with excellence and innovation Continuing Education supporting physicians’ lifelong development Digital solutions transforming medical practice Sustainable growth with strong cash generation and disciplined execution Purpose: educating doctors and transforming healthcare in Brazil Now, we invite everyone to join our Q&A session
Page 79
Q&A