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1Q25 INSTITUTIONAL PRESENTATION EXPERIENCE THE BEST IN MEDICINE
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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, 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 press release 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 : https : //ir . afya . com . br/ .
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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. OUR MISSION Is to transform health together with those who have medicine as a vocation. OUR PORPOUSE
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WE ARE THE LARGEST HUB OF MEDICAL EDUCATION AND SOLUTIONS FOR MEDICAL PRACTICE IN BRAZIL
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1 WHO WE ARE
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UNDERDRADUATE PROGRAMS CONTINUING EDUCATION MEDICAL PRACTICE SOLUTIONS MEDICAL SCHOOLS HEALTH COURSES EXCLUDING MEDICINE OTHER COURSES NON - HEALTH RELATED RESIDENCY JOURNEY GRADUATE JOURNEY OTHER COURSES B2P AND B2B OFFERINGS PHYSICIANS SOLUTIONS PHYSICIAN - PATIENT RELATIONSHIP PHYSICIAN - HEALTH INDUSTRY RELATIONSHIP WHO WE ARE BUSINESS SEGMENTS 6
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WHO WE ARE UNDERGRADUATE PROGRAMS MASTER CURRICULUM APPLIED TO ALL AFYA’S MEDICAL SCHOOLS AFYA’S ECOSYSTEM APPLIED TO EDUCATION MARKET LEADER IN MEDICAL EDUCATION RESILIENT BUSINESS MODEL WITH HIGH PREDICTABILITY AND STRONG MARGINS 7
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WHO WE ARE CONTINUING EDUCATION RESIDENCY JOURNEY GRADUATE JOURNEY OTHER B2B AND B2P OFFERINGS INNOVATIVE IMAGING TOOLS AND MENTORSHIP PROGRAMS THAT SUPPORT FINANCIAL HEALTH AND CLINIC PROFITABILITY POSTGRADUATE MEDICAL EDUCATION AND PREPARATORY COURSES FOR BOARD CERTIFICATION EXAMS PREPARATORY COURSES FOR MEDICAL RESIDENCY EXAMS DRIVING LIFELONG LEARNING IN MEDICINE THROUGH EDUCATION, SPECIALIZATION, AND SUPPORTING PHYSICIANS FROM THEIR EARLY CAREER TO MEDICAL PRACTICE 8
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WHO WE ARE MEDICAL PRACTICE SOLUTIONS PHYSICIANS SOLUTIONS PHYSICIAN-PATIENT RELATIONSHIP PHYSICIAN-HEALTH INDUSTRY RELATIONSHIP TRULY REFERENCE TOOL FOR DIAGNOSIS, TREATMENT, AND DECISION-MAKING EMPOWERING PHYSICIANS WITH COMPREHENSIVE TOOLS FOR A MORE EFFICIENT PRACTICE QUICK ACCESS TO: CLINICAL GUIDELINES DRUG INFORMATION PRACTICAL MEDICAL CONTENT INTEGRATED, SCHEDULING, EMR, E-PRESCRIPTION, TELEMEDICINE FINANCIAL SERVICES AND REPORTS, MANAGEMENT TOOLS IN A SINGLE PLATFORM ACCESS AND CUSTOMIZE ALL PATIENT RECORDS IN ONE PLACE 9
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WHO WE ARE MEDICAL PRACTICE SOLUTIONS PHYSICIANS SOLUTIONS PHYSICIAN-PATIENT RELATIONSHIP PHYSICIAN-HEALTH INDUSTRY RELATIONSHIP PARTNERSHIP WITH LABORATORIES, PHARMACIES AND HEALTHCARE PROVIDERS E - DETAILING MARKETINGMEDICAL CAMPAIGN INSIGHTS ADHOC RESEARCH CENTER B2B DEVELOPMENT AND DISTRIBUTION OF CONTINUING MEDICAL EDUCATION CONTENTINCLUDING ON-SITE COVERAGE OF MEDICAL CONFERENCES WITH REAL-TIME DISSEMINATION ACROSS AFYA’S CHANNELS MEDIA SOLUTIONS AIMED AT DRIVING TRAFFIC AND DISTRIBUTING CONTENT THROUGH AFYA’S DIGITAL CHANNELS AFYA GATHERS INSIGHTS FROM ITS MEDICAL AUDIENCE AND PLATFORM DATA TO SUPPORT STRATEGIC DECISION-MAKING IN THE PHARMACEUTICAL INDUSTRY A SOLUTION FOR PRODUCT PROMOTION THAT OFFERS PHYSICIANS A DIGITAL EXPERIENCE OF EDUCATION, OPT-IN ENGAGEMENT, AND REP INTERACTION, COMBINED WITH THE TANGIBLE IMPACT OF FREE SAMPLE DISTRIBUTION 10
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WHO WE ARE MEDICAL PRACTICE SOLUTIONS PHYSICIANS SOLUTIONS PHYSICIAN-PATIENT RELATIONSHIP PHYSICIAN-HEALTH INDUSTRY RELATIONSHIP INCREASING CLINICAL SUPPORT TO DIABETES PATIENTS PATIENT ADHERENCE OF TREATMENT CALCULATORS AND TACKING OF GLUCOSE SCIENTIFIC ARTICLES B2B INSIGHTS AND CONTENT DRUGS SEARCH AND PURCHASE MARKET PLACE PATIENT ADHERENCE TO TREATMENT B2B MEDIA SEARCH ENGINE TO SUPPORT PATIENTS IN FINDING PHYSICIANS TO SCHEDULE CONSULTATIONS PATIENT WEB CHANNEL LISTING THE PRESCRIPTION DELIVERED TO HER/HIM 11
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6 YEARS TO BECOME A GENERALIST PHYSICIAN 8 - 10 YEARS TO BECOME A SPECIALIST PHYSICIAN 10 - 12 YEARS TO BECOME A SUB - SPECIALIST PHYSICIAN GENERALIST PHYSICIAN RESIDENCY JOURNEY 2 - 3 Years GRADUATE JOURNEY 4 - 6 Years SPECIALIZATION RESIDENCY R1 Exam R3 Exam 12 UNDERGRADUATE PROGRAMS CONTINUING MEDICAL EDUCATION MEDICAL SCHOOLS WHO WE ARE CONTINUING MEDICAL EDUCATION SOLUTIONS FOR EVERY STEP IN THE PHYSICIAN'S JOURNEY
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WHO WE ARE AFYA’S HISTORY - BEFORE IPO 1999 FOUNDED 80 MEDICAL SEATS 2004 FIRST ACQUISITIONS: 229 MEDICAL SEATS 2008 STARTING OF NEW OPERATION 349 MEDICAL SEATS 2010 NEW PROJECT 429 MEDICAL SEATS 2016 CREATION OF A HOLDING: NRE EDUCACIONAL IN PARTNERSHIP WITH BOZANO INVESTIMENTOS (CURRENTLY CRESCERA) 2017 STARTING OF NEW OPERATION 549 MEDICAL SEATS 2018 3 NEW ACQUISITIONS AND 7 MAIS MÉDICOS CAMPUSES AWARDED 1,267 MEDICAL SEATS 13
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WHO WE ARE MERGER OF NRE EDUCACIONAL AND MEDCEL: AFYA IS BORN 2019 MARCH APRIL/MAY 2 NEW ACQUISITIONS 1,452 MEDICAL SEATS JULY AFYA’S IPO ON NASDAQ UP TO US$ 250 MILLION AUGUST NEW ACQUISITION 1,572 MEDICAL SEATS 2020 8 NEW ACQUISITIONS AND 2 NEW OPERATIONS UNDER THE MAIS MÉDICOS SCOPE 2,303 MEDICAL SEATS 8 NEW ACQUISITIONS 2,731 MEDICAL SEATS 2022 3 NEW ACQUISITIONS AND MEDICAL SEATS INCREASE IN 2 CAMPUSES BERTSELSMANN BECOMES A STAKEHOLDER 2,823 MEDICAL SEATS 2023 NEW ACQUISITION AFYA REBRANDING LISTED ON B3 3,163 MEDICAL SEATS 2024 NEW ACQUISITION AND MEDICAL SEATS INCREASE IN 2 CAMPUSES 3,593 MEDICAL SEATS 2025 LAST ACQUISITION: FACULDADE ÚNICA DE CONTAGEM 3,653 MEDICAL SEATS, AS OF MAY 2025 AFYA’S HISTORY - POST IPO 2021 14
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3,653 2,060 1,892 1,019 941 MEDICAL EDUCATIONAL MARKET LEADERSHIP – APPROVED MEDICAL SEATS PRIVATE MEDICAL SEATS¹ 38,450 APPROVED MEDICAL SEATS IN BRAZIL 9% MARKETSHARE PLAYER 1 PLAYER 2 PLAYER 3 PLAYER 4 ¹ DEMOGRAFIA MÉDICA, 2025 WHO WE ARE 17
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57 37 UNDERGRAD CAMPUSES 20 MEDICAL GRADUATE CAMPUSES 32 WITH MEDICAL SCHOOLS 327 CLINICS IN OUR UNITS STATES DRIVING HEALTHCARE INNOVATION R$936 NET REVENUE R$492 ADJUSTED EBITDA IN MILLIONS, EXCEPT % R$294 ADJUSTED NET INCOME 52.5% ADJUSTED EBITDA MARGIN 3,593 APPROVED MEDICAL SEATS R$9,240 MEDICAL SCHOOL NET AVG.TICKET, EXC. ACQUISITIONS MEDICAL STUDENTS CONTINUING EDUCATION ENROLLED STUDENTS 244,518 MONTHLY ACTIVE USERS R$715 MEDICAL SCHOOLS NET REVENUE IN MILLIONS, EXCEPT TICKET R$71 CONTINUING EDUCATION NET REVENUE R$42 MEDICAL PRACTICE SOLUTIONS NET REVENUE 25,879 46,909 20 SPREAD CAMPUSES FIRST QUARTER 2025 WHO WE ARE 317,306 USERS IN ECOSYSTEM 18
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INCREASE IN GRADUATE JOURNEY STUDENTS GROSS MARGIN EXPANSION HIGHER TICKETS IN MEDICINE COURSES BY 3.9% GROSS MARGIN EXPANSION CLOSING OF FUNIC INCREASE IN ACTIVE PAYERS STRONG B2P AND B2B GROWTH CONTINUING EDUCATION MEDICAL PRACTICE SOLUTIONS MOODY’S LOCAL BRAZIL RATE UPGRADED TO AAA.br IFC SUSTAINABILITY LINKED-LOAN GOALS ACHIEVED FIRST ESG RATING FROM MSCI BBB CORPORATEUNDERGRADUATE PROGRAMS 19 OPERATIONAL AND FINANCIAL HIGHLIGHTS WHO WE ARE
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2 OPERATIONAL OVERVIEW
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603.0 714.7 58.7 62.8 42.8 49.8 704.5 827.4 1Q24 1Q25 22,609 25,879 1Q24 1Q25 UNDERGRADUATE PROGRAMS 86% MEDICINE REVENUE NET REVENUE (R$ MM)NUMBER OF SEATS AND MEDICAL STUDENTS 3,203 3,593 MEDICAL SCHOOL NET AVERAGE TICKET (Ex- Acquisitions* R$/MONTH) OPERATION METRICS +17.4% +14.5% OTHER UNDERGRADUATE HEALTH SCIENCE MEDICAL SCHOOL APPROVED SEATSTOTAL STUDENTS (End of period) 8,891 9,240 1Q24 1Q25 +3.9% 21
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60.5 65.4 4.9 5.7 65.4 71.1 1Q24 1Q25 26,983 26,164 1Q24 1Q25 14,693 12,203 1Q24 1Q25 RESIDENCY JOURNEY NET REVENUE (R$ MM) GRADUATE JOURNEY* CONTINUING EDUCATION -16.9% +8.7% +8.1% +16.0% TOTAL STUDENTS (END OF PERIOD) -3.0% OTHER COURSES & B2B OFFERINGS BUSINESS TO PHYSICIAN BUSINESS TO BUSINESS 7,366 8,542 1Q24 1Q25 +16.0% 22 OPERATION OVERVIEW
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262,717 244,518 1Q24 1Q25 MONTHLY ACTIVE USERS NET REVENUE – (R$ MM)TOTAL ACTIVE PAYERS (end of period) OPERATION OVERVIEW BUSINESS TO PHYSICIAN BUSINESS TO BUSINESS CLINICAL DECISION CLINICAL MANAGEMENT -6.9% MEDICAL PRACTICE SOLUTIONS MONTHLY ACTIVE USERS REPRESENTS THE NUMBER OF UNIQUE INDIVIDUALS THAT CONSUMED MEDICAL PRACTICE SOLUTIONS CONTENT IN EACH ONE OF OUR PRODUCTS IN THE LAST 30 DAYS OF A SPECIFIC PERIOD. 32.7 37.2 3.8 4.5 36.6 41.7 1Q24 1Q25 +14.0% +15.9% +13.7% 159,183 163,071 31,806 34,934 190,989 198,005 1Q24 1Q25 +3.7% +2.4% +9.8% 23
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3 FINANCIAL OVERVIEW
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2,329.1 2,875.9 3,304.3 936.4 2022 2023 2024 1Q25 961.9 1,165.7 1,455.7 492.0 2022 2023 2024 1Q25 41.5% 40.5% 44.4% 52.5% NET REVENUE – (R$ MM)¹ ADJUSTED EBITDA & ADJUSTED EBITDA MARGIN – (R$ MM and %) ADJUSTED EBITDA % ADJUSTED EBITDA MARGIN PERFORMANCE EVOLUTION FINANCIAL OVERVIEW 3,670.0 3,770.0 2025 Bottom Guidance 2025 Top Guidance 1,620.0 1,720.0 2025 Bottom Guidance 2025 Top Guidance 28
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392.8 405.4 648.9 257.0 198.1 185.7 171.4 36.9 535.1 591.1 820.3 293.9 2022 2023 2024 1Q25 FINANCIAL OVERVIEW PERFORMANCE EVOLUTION 877.0 1088.8 1453.2 470.2 2022 2023 2024 1Q25 94.4% 97.1% 102.2% 96.8% CASH FLOW FROM OPERATING ACTIVITIES & CASH CONVERSION – (R$ MM AND %) Cash Flow from Operating Activities Cash Conversion 4.14 4.30 7.01 2.79 NET INCOME & ADJUSTED NET INCOME – (R$ MM) & EARNINGS PER SHARE Adjustments Earnings Per Share Net Income Adjusted Net Income 29
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²BASED ON THE ANNUALIZED INTERBANK CERTIFICATES OF DEPOSIT ("CDI") RATE FOR THE PERIOD AS A REFERENCE: 1Q25: ~14.15% P.Y. AND FOR 1Q24: ~10.65% P.Y. Cost of Debt Gross Debt (R$MM) Duration (Years) Per year CDI² 2025 2024 2025 2024 2025 2024 2025 2024 Loans and financing: Softbank 850 826 1.1 2.1 8.6% 6.5% 69% 57% Loans and financing: Debentures 513 510 2.3 3.3 14.6% 12.7% 115% 117% Loans and financing: Others 328 446 0.5 1.3 14.7% 12.7% 115% 116% Loans and financing: IFC 522 - 3.6 - 14.0% - 110% - Accounts payable to selling shareholders 466 405 3.6 0.9 12.7% 10.8% 100% 100% Total¹ | Average ¹TOTAL AMOUNT REFERS ONLY TO THE "GROSS DEBT" COLUMNS GROSS DEBT - SOLID CAPITAL STRUCTURE WITH A CONSERVATIVE LEVERAGING POSITION AND A LOW COST OF DEBT 2.2 2.12,679 2,189 For the three months period ended in March 31, 12.2% 9.8% 97% 91% The holders of the convertible (SoftBank) shall have the right to redeem all or any of the outstanding convertible for cash, the Company’s common shares or a combination thereof (at the Company’s election, subject to certain conditions) with a 5% premium on or after the five-year anniversary of the original issuance date (April ,2026). The 5% premium is deemed as part of the effective interest rate and recognized on a pro-rata basis until the fifth anniversary of the original issuance date 30 FINANCIAL OVERVIEW
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2,726 -911 1,815 -470 6 56 41 77 -1 1,524 1,155 2,679 (R$ MM) *NET DEBT / ADJUSTED EBITDA IS CALCULATED BY NET DEBT (EXCLUDING THE EFFECT OF IFRS16) DIVIDED BY ADJUSTED EBITDA (CONSIDERING THE MID GUIDANCE) 2024 NET DEBT/ADJ. EBITDA: 1.2 2025 NET DEBT/ADJ. EBITDA: 0.9* NET DEBT RECONCILIATION - IMPRESSIVE CASH GENERATION R$290.8MM 31 FINANCIAL OVERVIEW
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4 OUR IMPACTS
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+500 HOSPITAL, CLINICS AND CITY HALLS PARTNERSHIPS OUR IMPACTS +25,000 MEDICAL STUDENTS +210,000 FREE CLINICAL CONSULTATIONS OFFERED BY AFYA +23,000 PHYSICIANS GRADUATED IN AFYA’S CAMPUSES SINCE 1999 FIRST QUARTER 2025 33 INSTITUTIONAL INVESTOR ESG PROGRAM 2nd PLACE IN THE BUY-SIDE AND COMBINED CATEGORIES IFC 1st SUSTAINABILITY-LINKED LOAN TIED TO SOCIAL IMPACT INDICATORS, FOCUSING ON EDUCATION AND HEALTH. GPTW LISTED IN GREAT PLACE TO WORK RANKING SINCE 2022 TIME MAGAZINE RANKED AS THE 3rd BEST EDTECH WORLDWIDE SSH CERTIFICATION THE EDUCATIONAL GROUP WITH THE HIGHEST NUMBER OF SSH-ACCREDITED UNITS IN THE WORLD
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OUR IMPACTS ENVIRONMENTAL 1,447MWh RENEWABLE ENERGY GENERATED BY OWN PHOTOVOLTAIC PLANTS 24,261MWh TOTAL ENERGY CONSUMED 38% OF ENERGY CONSUMED FROM THE POWER GRID SOCIAL 9,810 EMPLOYEES IN ALL AFYA’S FACILITIES 59% OF FEMALE EMPLOYEE GOVERNANCE 40% OF INDEPENDENT MEMBER IN THE BOARD OF DIRECTORS 30% OF FEMALE EMPLOYEES IN THE BOARD OF DIRECTORS FIRST QUARTER 2025 34 AAA.br MOODY’S LOCAL BRAZIL RATE UPGRADED IFC SUSTENTABILITY LINKED-LOAN GOALS ACHIEVED BBB FIRST ESG RATING FROM MSCI
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ACADEMIC EXCELLENCE RECOGNIZED EDUCATION THESE ACHIEVMENTS REINFORCE AFYA’S COMMITMENT TO ACADEMIC QUALITY, EDUCATIONAL INNOVATION, AND SHAPING THE NEXT GENERATION OF EXCEPTIONAL MEDICAL PROFESSIONALS THROUGH AFYA’S MASTER CURRICULUM. HIGHEST CPC² IN THE STATE OF PIAUÍ AND RANKED AMONG TOP THREE PRIVATE MEDICAL SCHOLS CPC RANKED 1ST, 2ND AND 3RD AMONG MEDICAL SCHOOLS IN STATE OF TOCANTINS. CPC RANKED 2ND MEDICAL SCHOOL IN STATE OF RONDÔNIA HIGHEST CPC AMONG PRIVATE MEDICAL SCHOOL IN THE CITY OF RIO DE JANEIRO HIGHEST CPC IN NORTHERN MINAS GERAIS AND RANKED 4TH AMONG PUBLIC AND PRIVATE MEDICAL SCHOOLS IN THE STATE. AFYA’S EDUCATIONAL INSTITUTIONS ACHIEVED OUTSTANDING RESULTS IN THE ENADE¹ WITH THOSE FOLLOWING AFYA’S MASTER CURRICULUM OUTPERFORMING ¹EXAME NACIONAL DE DESEMPENHO DOS ESTUDANTES – NATIONAL STUDENT PERFORMANCE EXAM - ENADE ²CONCEITO PRELIMINAR DE CURSO – PRELIMINARY COURSE SCORE - CPC RANKED 2ND CPC AMONG PRIVATE MEDICAL SCHOOLS IN STATE OF PIAUÍ 35
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APPENDIX
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Medical School Regulatory Capacity Medical School Seats Awarded by MEC Additional Seats Associated with PROUNI 1 Additional Seats Associated with FIES 2 ) # of years of operations( Source: Company, Ministry of Education (MEC) (1) Tax incentive program to post -secondary institutions that grant scholarships to low -income students; (2) MEC program to fina nce students that cannot bear the total costs of their education. 120 240 360 480 600 810 120 120 120 120 120 Awarded seats by MEC PROUNI adhesion FIES adhesion Total awarded seats per year At year 2 At year 3 At year 4 At year 5 At year 6 Regulatory capacity per medical school at maturation ILLUSTRATIVE EXAMPLE: A MEDICAL SCHOOL THAT IS AWARDED 100 SEATS FROM THE MEC 10 10 240 360 480 600 720 Seats per year awarded by MEC 10 more seats by adhering to PROUNI (1 seat for each 10.7 seats awarded by MEC) 10 more seats by adhering to FIES (10% of the seats awarded by MEC) Base # seats to account for the evolution of regulatory the capacity Maturation at the 6 th year of operation Capacity = 6 x REGULATORY CAPACITY UNDERGRADUATE 37
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CURRENT TAXATION SYSTEM AFTER REFORM THE NEW SYSTEM WILL ENCOMPASS THE FOLLOWING RATES: PIS 2026 Test rate 1% (CBS/IBS) 2027 2028 2032 2033 Extinction of PIS/COFINS Come into effect on CBS Gradual extinction of ICMS/ISS Come into effect on IBS RATES ZERO TAX BENEFITS* TRANSITION IMPACTS ON AFYA TAX REFORM IN BRAZIL COFINS ICMS ISS IPI CBS IBS A STANDARD ONE (TO BE DEFINED) A RATE REDUCED BY 60% FOR SOME SEGMENTS (WHICH INCLUDE EDUCATION) A ZERO RATE (SPECIFIC SEGMENTS). PROUNI* ZFM** SIMPLES** BASIC FOOD* PEOPLE INVOLVED IN AGRICULTURAL ACTIVITIES* *Exceptions **ZFM: Manaus Free Trade Zone / SIMPLES: Simplified Tax System For Small Businesses 38
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COMPARISON TAX REFORM IN BRAZIL CURRENT TAXATION SYSTEM AFTER REFORM SEGMENTS UNDERGRAD CONTINUING EDUCATION MEDICAL PRACTICE SOLUTIONS MUNICIPAL TAXESINDIRECT TAXES CBS IBS 2% TO 5% EXEMPT FROM TAXATION (PROUNI) 3.65% (NO CREDIT) 9.25% WITH CREDIT OR EXCEMPT FROM TAXATION (BOOKS) 3.65% (NO CREDIT) EXEMPT FROM TAXATION (PROUNI) RATE REDUCED BY 60% RATE REDUCED BY 60% STANDART RATE OR RATE REDUCED BY 60% EXEMPT FROM TAXATION (BOOKS) 39
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• ENACTED ON DECEMBER 27, 2024, EFFECTIVE JANUARY 1, 2025. • ALIGNS BRAZILIAN TAX LEGISLATION WITH OECD’S PILLAR TWO (GloBE RULES) INTRODUCING A MINIMUM TAXATION OF 15% VIA ADDITIONAL CSLL. • APPLIES TO MULTINATIONAL GROUPS WITH ANNUAL CONSOLIDATED REVENUES OF AT LEAST €750 MILLION IN AT LEAST TWO OF THE FOUR PRECEDING FISCAL YEARS. • DESIGNED AS A QUALIFIED DOMESTIC MINIMUM TOP-UP TAX UNDER THE OECD INCLUSIVE FRAMEWORK. LAW 15,079/2024 IMPACTS • INCREASE EFFECTIVE TAX RATE TO THE 15% GLOBAL MINIMUM THRESHOLD STARTING IN 2025. • THE ADDITIONAL INCOME TAX EXPENSE, AS A RESULT OF LAW 15.079/2024 FOR THE THREE-MONTH PERIOD, ENDED 1Q2025 WAS R$23,212. ACTIONS TAKEN • FILED A WRIT OF MANDAMUS ON MARCH 28, 2025, WITH THE BRAZILIAN FEDERAL COURT CHALLENGING THE ENFORCEABILITY OF THE ADDITIONAL CSLL. LEGAL ARGUMENTS BASED ON CONSTITUTIONAL AND STATUTORY ARGUMENTS. • AWAITING DECISION TO PREVENT COLLECTION, SCHEDULED FOR JULY 2026 (RELATED TO FISCAL YEAR 2025). BRAZIL ADOPTS OECD PILLAR TWO RULES WITH DOMESTIC TOP-UP TAX MECHANISM 40
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120 SEATS 112 SEATS EV/EBITDA: 4.5¹ AUG 2019 JAN 2020 182 SEATS EV/EBITDA: 4.0¹ MAY 2020 120 SEATS EV/EBITDA: 4.5¹ NOV 2020 NOV 2020 157 SEATS EV/EBITDA: 5.6¹ JOÃO PESSOA • PB OUT 2020 160 SEATS EV/EBITDA: 5.6¹ AUG 2021 308 SEATS EV/EBITDA: 4.1¹ JAN 2023 340 SEATS EV/EBITDA: 5.8¹ JUL 2024 300 SEATS EV/EBITDA: 4.2¹ ¹At full maturity NOV 2021120 SEATS GARANHUNS • PE 60 SEATS EV/EBITDA: 3.3¹ MAY 2025 JUL 2019 NOV 2020 JAN 2021 MAR 2021 ABR 2021 ABR 2021 MAY 2021 MAR 2022 ABR 2022 OCT 2021 MAY 2022 MEDICAL SCHOOLS HEALTHTECHS CONTAGEM • MG 41
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RECONCILIATION BETWEEN NET INCOME AND ADJUSTED EBITDA (in thousands of R$) For the three months period ended March 31, 2025 2024 % Chg Net income 257,036 208,299 23.4% Net financial result 94,994 74,366 27.7% Income taxes expense 24,782 10,865 128.1% Depreciation and amortization 91,755 79,269 15.8% Interest received 14,532 12,415 17.1% Income share associate (4,285) (4,172) 2.7% Share-based compensation 6,963 8,630 -19.3% Non-recurring expenses: 6,194 8,181 -24.3% - Integration of new companies 5,970 5,870 1.7% - M&A advisory and due diligence 88 248 -64.5% - Expansion projects 124 605 -79.5% - Restructuring expenses 12 1,458 -99.2% Adjusted EBITDA 491,971 397,853 23.7% Adjusted EBITDA Margin 52.5% 49.5% 300 bps 42
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(in thousands of R$) For the three months period ended March 31, 2025 2024 % Chg Net income 257,036 208,299 23.4% Amortization of Intangible Assets 23,704 25,856 -8.3% Share-based compensation 6,963 8,630 -19.3% Non-recurring expenses: 6,194 8,181 -24.3% - Integration of new companies 5,970 5,870 1.7% - M&A advisory and due diligence 88 248 -64.5% - Expansion projects 124 605 -79.5% - Restructuring expenses 12 1,458 -99.2% Adjusted Net Income 293,897 250,966 17.1% Basic earnings per share - in R$ 2.79 2.26 23.3% Adjusted earnings per share - in R$ 3.20 2.73 17.0% RECONCILIATION BETWEEN NET INCOME AND ADJUSTED NET INCOME 43
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SEC FILINGS CORPORATE STRUCTURE STOCK INFO QUARTERLY EARNINGS AFYA’S HISTORY SUSTAINABILITY FOR MORE INFORMATION KEY NUMBERS AND FIGURES 44
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THANK YOU