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WEBCAST PRESENTATION 2Q25 & 1H25 FINANCIAL RESULTS 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/. 2
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SOLID PERFORMANCE OPERATIONAL AND FINANCIAL HIGHLIGHTS OF THE SEMESTER FINANCIALS OPERATIONAL NET INCOME & EARNINGS PER SHARE R$433.6MM + 17.0% YoY R$4.69 + 16.9% YoY CASH FLOW FROM OPERATING ACTIVITIES R$783. 0MM +14.6% YoY OPERATING CASH CONVERSION RATIO 88.8% REVENUE R$1,855.8MM +15.0% YoY ADJUSTED EBITDA R$892.8MM +20.4% YoY ADJUSTED EBITDA MARGIN 48.1% + 220 bps CONTINUING EDUCATION R$137.5MM +7.9% YoY MEDICAL PRACTICE SOLUTIONS R$84.0MM +9.3% YoY USERS IN AFYA’S ECOSYSTEM 302k USERS POSITIVELY IMPACTED APPROVED MEDICAL SCHOOL SEATS 3,653 MEDICAL SCHOOL STUDENTS (end of period) 25,733 MEDICAL SCHOOL NET AVERAGE TICKET (Ex - Acquisitions R$/month) R$9,140 +3.2% YoY 3
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SOLID PERFORMANCE OPERATIONAL AND FINANCIAL HIGHLIGHTS OF THE SEMESTER INCREASE IN GRADUATE JOURNEY STUDENTS GROSS MARGIN EXPANSION YoY CONTINUING EDUCATION INCREASE IN CLINICAL MANAGEMENT PAYERS STRONG B2P GROWTH MEDICAL PRACTICE SOLUTIONS 14% INCREASE IN THE NUMBER OF MEDICAL SCHOOL STUDENTS GROSS MARGIN EXPANSION YoY CLOSING OF FUNIC UNDERGRADUATE PROGRAMS 4
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SHARE REPURCHASE PROGRAMS 5 SHARE REPURCHASE PROGRAM ENHANCING SHAREHOLDER VALUE THROUGH CAPITAL ALLOCATION 12/20 1,015,844 10/21 1,383,108 01/22 1,874,457 03/23 216,339 08/25 UP TO 4,000,000 AFYA’S BOARD APPROVED A NEW SHARE REPURCHASE PROGRAM OF UP TO 4 MILLION CLASS A SHARES, IN THE OPEN MARKET OR THROUGH PRIVATELY NEGOTIATED TRANSACTIONS. AFYA INTENDS TO REPURCHASE THE SHARES FOR USE IN ITS STOCK OPTION PROGRAM, CONSIDERATION IN FUTURES BUSINESS COMBINATIONS TRANSACTIONS AND GENERAL CORPORATE PURPOSES.
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OPERATIONAL OVERVIEW
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1,202.6 1,407.3 120.5 130.6 91.1 103.5 1,414.2 1,641.5 1H24 1H25 22,661 25,733 1H24 1H25 UNDERGRADUATE PROGRAMS 86% MEDICINE REVENUE REVENUE (R$ MM)NUMBER OF SEATS AND MEDICAL STUDENTS 3,203 3,653 MEDICAL SCHOOL NET AVERAGE TICKET (Ex- Acquisitions - R$/MONTH) OPERATION METRICS +16.1% +13.6% OTHER UNDERGRADUATE HEALTH SCIENCE MEDICAL SCHOOL APPROVED SEATSTOTAL STUDENTS (End of period) 8,855 9,140 1H24 1H25 +3.2% 7
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118.9 125.4 8.6 12.1 127.5 137.5 1H24 1H25 22,921 27,226 1H24 1H25 13,058 9,224 1H24 1H25 RESIDENCY JOURNEY REVENUE (R$ MM) GRADUATE JOURNEY CONTINUING EDUCATION OPERATION METRICS -29.4% +7.9% +5.4% +41.7% TOTAL STUDENTS (END OF PERIOD) +18.8% OTHER COURSES & B2B OFFERINGS BUSINESS TO PHYSICIAN BUSINESS TO BUSINESS 8,100 9,055 1H24 1H25 +11.8% 8
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253,497 230,468 1H24 1H25 MONTHLY ACTIVE USERS REVENUE – (R$ MM)TOTAL ACTIVE PAYERS (end of period) OPERATION METRICS BUSINESS TO PHYSICIAN BUSINESS TO BUSINESS CLINICAL DECISION CLINICAL MANAGEMENT -9.1% 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. 67.2 75.1 9.7 8.9 76.9 84.0 1H24 1H25 +9.3% -7.7% +11.7% 162,313 159,373 33,398 36,685 195,711 196,058 1H24 1H25 +0.2% -1.8% +9.8% 9
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AFYA’S ECOSYSTEM INTEGRATED FOR EVERY STAGE OF THE PHYSICIANS CAREER UNDERGRADUATE PROGRAMS 25,733 CONTINUING EDUCATION 45,505 MEDICAL PRACTICE SOLUTIONS 230,468 301,706 USERS POSITIVELY IMPACTED BY AFYA’S ECOSYSTEM¹ ¹ECOSYSTEM OUTREACH DOES NOT CONTEMPLATE INTERCOMPANY FIGURES. NOTE THAT THERE MAY BE OVERLAP IN STUDENT NUMBERS WITHIN THE D ATA . 10
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FINANCIAL OVERVIEW
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809.9 919.4 2Q24 2Q25 42.5% 43.6% REVENUE – (R$ MM) 343.8 400.8 2Q24 2Q25 ADJUSTED EBITDA & ADJUSTED EBITDA MARGIN – (R$ MM and %) FINANCIAL METRICS +16.6% +13.5% PERFORMANCE EVOLUTION Adjusted EBITDA MarginAdjusted EBITDA 12 1,614.1 1,855.8 1H24 1H25 +15.0% 45.9% 48.1% 741.7 892.8 1H24 1H25 +20.4%
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683.4 783.0 1H24 1H25 162.2 176.5 48.1 32.9 210.3 209.4 2Q24 2Q25 CASH FLOW FROM OPERATING ACTIVITIES & CASH CONVERSION – (R$ MM AND %) NET INCOME & ADJUSTED NET INCOME – (R$ MM) & EARNINGS PER SHARE Cash Flow From Operating Activities Cash Conversion 1.76 1.90 94.3% 88.8% FINANCIAL METRICS +14.6% PERFORMANCE EVOLUTION Adjustments Earnings Per Share Net Income +8.8% -0.4% Adjusted Net Income 13 370.5 433.6 90.8 69.7 461.3 503.3 1H24 1H25 4.02 4.69 +17.0% +9.1%
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²BASED ON THE ANNUALIZED INTERBANK CERTIFICATES OF DEPOSIT ("CDI") RATE FOR THE PERIOD AS A REFERENCE: 1H25: ~14.90% P.Y. ANDFOR 1H24: ~10.40% P.Y. Cost of Debt Gross Debt (R$MM) Duration (Years) Per year CDI² 2025 2024 2025 2024 2025 2024 2025 2024 Loans and financing: Softbank 856 827 0.8 1.9 8.6% 6.5% 66% 58% Loans and financing: Debentures 532 526 2.1 3.1 15.3% 12.6% 114% 117% Loans and financing: Others 318 432 0.3 1.0 15.3% 12.6% 114% 117% Loans and financing: IFC 508 - 3.3 - 14.6% - 109% - Accounts payable to selling shareholders 506 398 3.3 0.7 13.5% 10.7% 101% 100% Total¹ | Average ¹TOTAL AMOUNT REFERS ONLY TO THE "GROSS DEBT" COLUMNS SOLID CAPITAL STRUCTURE WITH A CONSERVATIVE LEVERAGING POSITION AND A LOW COST OF DEBT GROSS DEBT 1.9 1.82,720 2,183 FOR THE SIX MONTHS PERIOD ENDED IN JUNE 30, 12.7% 9.7% 95% 91% The holders of the convertible (SoftBank) shall have the right to redeem all or any of the outstanding convertible for cash, the Company’s common shares or a combination thereof (at the Company’s election, subject to certain conditions) with a 5% premium on or after the five-year anniversary of the original issuance date (April ,2026). The 5% premium is deemed as part of the effective interest rate and recognized on a pro-rata basis until the fifth anniversary of the original issuance date. 14
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2,726 -911 1,815 -783 11 125 83 159 130 100 -19 1,621 1,099 2,720 (R$ MM) NET DEBT RECONCILIATION *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: 0.97* IMPRESSIVE CASH GENERATION R$ 194MM 15
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Q&A SESSION
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APPENDIX
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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 SIX-MONTH PERIOD, ENDED IN JUNE 2025 WAS R$56.6 MILLION. ACTIONS TAKEN • FILED A WRIT OF MANDAMUS ON MARCH 28, 2025, WITH THE BRAZILIAN FEDERAL COURT CHALLENGING THE ENFORCEABILITY OF THE ADDITIONAL CSLL. LEGAL ARGUMENTS BASED ON CONSTITUTIONAL AND STATUTORY ARGUMENTS. • AWAITING DECISION TO PREVENT COLLECTION, SCHEDULED FOR JULY 2026 (RELATED TO FISCAL YEAR 2025). • AFYA IS DEMONSTRATING TO THE LOWER HOUSE AND THE EXECUTIVE REPRESENTATIVES THE IMPACTS OF THIS ADDITIONAL TAXATION ON THE PROUNI. BRAZIL ADOPTS OECD PILLAR TWO RULES WITH DOMESTIC TOP-UP TAX MECHANISM 18
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RECONCILIATION BETWEEN ADJUSTED EBITDA AND NET INCOME 19 (in thousands of R$) For the three months period ended June 30, For the six months period ended June 30, 2025 2024 % Chg 2025 2024 % Chg Net income 176,542 162,200 8.8% 433,578 370,499 17.0% Net financial result 94,809 68,551 38.3% 189,803 142,917 32.8% Income taxes expense 17,468 3,091 465.1% 42,250 13,956 202.7% Depreciation and amortization 94,698 84,038 12.7% 186,453 163,307 14.2% Interest received 10,210 8,619 18.5% 24,742 21,034 17.6% Income share associate (3,591) (3,028) 18.6% (7,876) (7,200) 9.4% Share-based compensation 5,557 11,799 -52.9% 12,520 20,428 -38.7% Non-recurring expenses: 5,151 8,557 -39.8% 11,344 16,738 -32.2% - Integration of new companies 4,819 5,408 -10.9% 10,788 11,278 -4.3% - M&A advisory and due diligence 203 1,336 -84.8% 291 1,583 -81.6% - Expansion projects 129 1,765 -92.7% 253 2,370 -89.3% - Restructuring expenses 0 48 n.a. 12 1,507 -99.2% Adjusted EBITDA 400,844 343,827 16.6% 892,814 741,679 20.4% Adjusted EBITDA Margin 43.6% 42.5% 110 bps 48.1% 45.9% 220 bps
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RECONCILIATION BETWEEN ADJUSTED NET INCOME AND NET INCOME 20 (in thousands of R$) For the three months period ended June 30, For the six months period ended June 30, 2025 2024 % Chg 2025 2024 % Chg Net income 176,542 162,200 8.8% 433,578 370,499 17.0% Amortization of Intangible Assets 22,159 27,790 -20.3% 45,864 53,646 -14.5% Share-based compensation 5,557 11,799 -52.9% 12,520 20,428 -38.7% Non-recurring expenses: 5,151 8,557 -39.8% 11,344 16,738 -32.2% - Integration of new companies 4,819 5,408 -10.9% 10,788 11,278 -4.3% - M&A advisory and due diligence 203 1,336 -84.8% 291 1,583 -81.6% - Expansion projects 129 1,765 -92.7% 253 2,370 -89.3% - Restructuring expenses 0 48 n.a. 12 1,507 -99.2% Adjusted Net Income 209,409 210,346 -0.4% 503,306 461,311 9.1% Basic earnings per share - in R$ 1.90 1.76 8.4% 4.69 4.02 16.9% Adjusted earnings per share - in R$ 2.27 2.29 -1.1% 5.47 5.03 8.7%
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THANK YOU! EXPERIENCE THE BEST IN MEDICINE Rua Paraíba, 330 Funcionários, Belo Horizonte, MG - ZIP CODE: 30130-140 +55 (31) 3515-7550 ir@afya.com.br