Another Year of Strong Performance
Guidance Achievement
BELO HORIZONTE, Brazil–(BUSINESS WIRE)–Afya Limited (Nasdaq: AFYA; B3: A2FY34) (“Afya” or the “Company”), the leading medical education group and medical practice solutions provider in Brazil, reported today its financial and operating results for the fourth quarter and full-year period ended December 31, 2025. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).
Fourth Quarter 2025 Highlights
- 4Q25 Revenue increased 7.5% YoY to R$913.0 million. Revenue excluding acquisitions increased 7.3%, reaching R$910.8 million.
- 4Q25 Adjusted EBITDA increased 6.1% YoY, reaching R$388.5 million, with an Adjusted EBITDA Margin of 42.6%. Adjusted EBITDA Margin decreased 50 bps YoY. Adjusted EBITDA excluding acquisitions grew 6.0%, reaching R$388.0 million, with an Adjusted EBITDA Margin of 42.6%.
- 4Q25 Net Income increased 13.7% YoY, reaching R$175.4 million, and Adjusted Net Income increased 6.3% YoY, reaching R$205.7 million. Basic EPS growth was 14.9% in the same period.
Full Year 2025 Highlights
- FY25 Revenue increased 11.9% YoY to R$3,697.3 million. Revenue excluding acquisitions grew 9.2%, reaching R$3,607.5 million.
- FY25 Adjusted EBITDA increased 15.4% YoY reaching R$1,680.3 million, with an Adjusted EBITDA Margin of 45.4%. Adjusted EBITDA Margin increased 130 bps YoY. Adjusted EBITDA excluding acquisitions grew 11.8%, reaching R$1,628.0 million, with an Adjusted EBITDA Margin of 45.1%.
- FY25 Net Income increased 18.4% YoY, reaching R$768.4 million, and Adjusted Net Income increased 9.9 % YoY, reaching R$901.7 million. Basic EPS growth was 18.7% in the same period.
- Operating Cash Conversion ratio of 93.7% and a Free Cash Flow record of R$1,056 million, with a solid cash position of R$ 1,125.4 million.
- ~301 thousand users in Afya’s ecosystem.
| Table 1: Financial Highlights | |||||||||||
| For the three months period ended December 31, | For the twelve months period ended December 31, | ||||||||||
| (in thousand of R$) | 2025³ | 2025³ Ex Acquisitions* |
2024 |
% Chg | % Chg Ex Acquisitions | 2025³ | 2025³ Ex Acquisitions* |
2024 |
% Chg | % Chg Ex Acquisitions | |
| (a) Revenue |
912,990 |
910,828 |
849,015 |
7.5% |
7.3% |
3,697,255 |
3,607,549 |
3,304,329 |
11.9% |
9.2% |
|
| (b) Adjusted EBITDA 2 |
388,519 |
388,049 |
366,014 |
6.1% |
6.0% |
1,680,251 |
1,627,957 |
1,455,642 |
15.4% |
11.8% |
|
| (c) = (b)/(a) Adjusted EBITDA Margin |
42.6% |
42.6% |
43.1% |
-50 bps |
-50 bps |
45.4% |
45.1% |
44.1% |
130 bps |
100 bps | |
| Net income |
175,444 |
– |
154,279 |
13.7% |
– |
768,443 |
– |
648,920 |
18.4% |
– |
|
| Adjusted Net income |
205,738 |
– |
193,607 |
6.3% |
– |
901,740 |
– |
820,290 |
9.9% |
– |
|
| *For the three months period ended December 31, 2025, “2025 Ex Acquisitions” excludes: FUNIC (October to December, 2025; Closing of FUNIC was in May 2025). | |||||||||||
| *For the twelve months period ended December 31, 2025, “2025 Ex Acquisitions” excludes: UNIDOM (January to June, 2025; Closing of UNIDOM was in July 2024), and FUNIC (May to December, 2025; Closing of FUNIC was in May 2025). | |||||||||||
| (2) See more information on “Non-GAAP Financial Measures” (Item 08). | |||||||||||
| (3) Financial information for 2025 is unaudited. | |||||||||||
Message from Management
We are pleased to present another year of strong operational and financial performance. In 2025, we once again met our revenue and Adjusted EBITDA guidance, achieving our seventh consecutive year of meeting or exceeding guidance since 2H19. This track record reinforces the strength of our business model, the quality of our execution, and the commitment of our teams. In addition, we delivered our second-highest Adjusted EBITDA margin, reaching 45.4% and an EPS growth of 18.7% in the same period, further supporting our ability to invest in growth and create long-term value for our shareholders.
This consistent performance gives us a solid foundation as we move into the next phase of our journey and look ahead to our 2026 guidance. We remain focused on combining sustainable growth with financial discipline while staying close to the needs of physicians and the Brazilian healthcare ecosystem.
In our Undergraduate segment, 2025 was marked by strong and sustainable revenue growth across Medical Schools, and other health related programs. This result reflects the maturity of our medical seats and the strength of Afya’s academic offering and brand. As we enter 2026, we start the year with 3,705 operating medical school seats, including 100 additional seats authorized at Afya Bragança. Our unified intake process across all medical schools is a key enabler, helping us attract and retain top candidates nationwide. This integrated approach brings consistency to admissions, reinforces Afya’s position as a leading medical education group, and supports greater operational efficiency across our campuses.
In Continuing Education and Medical Practice Solutions, 2025 was a year of higher efficiency and stronger synergies between the segments, which boosted gross margin expansion. We increased the total number of Continuing Education students by 8.9%, and for Medical Practice Solutions, we highlight the 9.4% growth in B2P revenue, demonstrating the value of our solutions and the segment’s scalability.
Looking ahead to 2026, we are entering a new phase for Afya. Our ambition is to be recognized as the go-to brand for every physician in Brazil, in every stage of their medical career. In this new investment cycle, we will focus on expanding our audience and strengthening our digital products. Our goal is to increase adoption, deepen engagement, and continue growing our physician base. By making our ecosystem stronger and more integrated, we are able to sustain a structurally low customer acquisition cost for Undergraduate students, maintaining our competitive advantage and preserving efficient growth even in a more challenging environment. In this way, we are consolidating Afya as the long-term partner that supports physicians throughout their careers and building a solid platform for future B2B revenue opportunities.
On the solid basis of our guidance achievement for 2025, we are now presenting our guidance for 2026. We expect Revenue to range between R$3,950 million and R$ 4,100 million, and Adjusted EBITDA to be between R$1,700 million and R$1,800 million, excluding any acquisition that may be concluded after the issuance of this guidance.
From a capital allocation perspective, our strong cash generation and solid balance sheet allow us to support our organic and inorganic growth strategy while also returning value to shareholders. In 2025, our Board of Directors approved a new share repurchase program authorizing the buyback of up to 4,000,000 Class A common shares through December 31, 2026. On March 12, 2026, our Board of Directors declared a cash dividend of R$307.4 million, corresponding to 40% of Afya’s 2025 consolidated net income, supported by our 2025 Free Cash Flow of R$1,056 million reinforcing our commitment to shareholder remuneration, the strength of our financial position and our disciplined capital allocation strategy.
Looking ahead, we will keep strengthening our ecosystem, supporting physicians at every stage of their careers and pursuing sustainable growth in the years to come. We are proud of how far we have come and excited about the opportunities ahead as we continue to shape the future of the medical journey in Brazil.
1. Key Events in the Quarter
-
On October 15, 2025, Afya Brazil issued commercial notes for private placement (“Commercial Notes”), sold to Opea Securitizadora S.A. (“Opea”), a Brazilian securitization corporation pursuant to Section 45 of Brazilian Law No. 14,195/2021, as amended. Opea issued a debenture backed by the Commercial Notes on the same terms and conditions.
The aggregate principal amount of the Commercial Notes is R$1,500,000, divided into two series, the first in the aggregate amount of R$500,000 (“First Series”) and the second in the aggregate amount of R$1,000,000 (“Second Series”). The First Series will mature on October 15, 2028 and the Second Series will mature on October 15, 2030. The interest rate applicable to the First Series and Second Series will be equal to the CDI rate plus a spread of 0.70% and 0.85% per year, respectively, based on 252 business days.
Afya Brazil is subject to certain obligations including financial covenants, and the Company shall maintain Net Debt (excluding lease liabilities) to adjusted EBITDA ratio below or equal to 3.0x, at the end of each fiscal year, until the maturity date, applicable from December 31, 2025 and thereafter. Adjusted EBITDA for covenant purposes considers net income plus (i) income taxes expenses, (ii) net financial result (excluding interest expenses on lease liabilities), (iii) depreciation and amortization expenses (excluding right-of-use assets depreciation expenses), (iv) share-based compensation expenses, (v) share of income of associate, (vi) interest received and (vii) non-recurring expenses. As of December 31, 2025, the Company is compliant with all obligations set forth in this Commercial Notes.
The Commercial Notes have sureties provided by the following subsidiaries of the Company: Unigranrio, IESP and DelRey.
- On October 22, 2025, Afya Brazil fully repaid the aggregate outstanding amount related to the first issuance of debentures originally issued on December 16, 2022. The debentures were issued with a final maturity date of January 15, 2028, with the principal to be amortized in two equal installments payable on January 15, 2027, and January 15, 2028.
- On November 3, 2025, the Company repurchased all 150,000 Series A perpetual convertible preferred shares of a nominal or par value of US$0.00005 each in the capital of the Company for an aggregate purchase price of R$831,600, following the Share Repurchase Agreement with SBLA Holdco LLC, an affiliate of Softbank. All repurchased Series A Preferred Shares were cancelled by the Company.
- On November 7, 2025, MEC authorized the increase of 100 medical school seats of ITPAC Porto located in the city of Bragança, State of Pará. With this authorization, Afya reaches 150 medical school seats on this campus, and 3,753 total approved medical school seats.
- On December 18, 2025, MEC authorized the approval of two additional medical school seats at Afya Pato Branco, increasing Afya’s total approved medical school seats to 3,755.
2. Subsequent Events
-
On February 6, 2026, MEC authorized an increase of 63 medical seats for ITPAC – Instituto Tocantinense Presidente Antonio Carlos Porto S.A. (“Afya Abaetetuba”), located in the city of Abaetetuba, in the state of Pará. With this authorization, Afya’s Abaetetuba campus will offer a total of 113 medical seats.
As Afya Cametá—an approved but, non-operating medical school—and Afya Abaetetuba are located within the same health region, Afya Cametá will not become operational, thereby creating the capacity that enabled the approval of 63 additional medical seats at Afya Abaetetuba. With this addition, Afya now has a total of 3,768 approved medical seats across its portfolio.
- On March 12, 2026, the Company’s Board of Directors approved dividend distribution in the amount of R$307.4 million, representing 40% of the Company’s consolidated net income for the year ended December 31, 2025 and a dividend per share of R$3.446838, payable in U.S. dollars on April 6, 2026, to the shareholders on record as of the close of business on March 25, 2025. The payment will be made at the exchange rate (PTAX) to be published by the Brazilian Central Bank on March 13, 2026.
3. Full Year 2025 Guidance Achievement
The Company’s financial results reaffirmed the resiliency and profitability of Afya’s business model:
| Guidance for 2025 |
Actual 20252 |
||
| Revenue | R$ 3,670 mn ≤ ∆ ≤ R$ 3,770 mn |
R$ 3,697 mn |
|
| Adjusted EBITDA | R$ 1,620 mn ≤ ∆ ≤ R$ 1,720 mn |
R$ 1,680 mn |
|
| CAPEX 1 | R$ 250 mn ≤ ∆ ≤ R$ 290 mn |
R$ 304 mn |
|
| (1) Excludes the license CAPEX related to the acquisition of FUNIC. | |||
| (2) Financial information for 2025 is unaudited. | |||
4. 2026 Guidance
The guidance for FY2026 is defined in the following table:
| Guidance for 20261 | ||
| Revenue | R$ 3,950 mn ≤ ∆ ≤ R$ 4,100 mn | |
| Adjusted EBITDA | R$ 1,700 mn ≤ ∆ ≤ R$ 1,800 mn | |
| CAPEX | R$ 340 mn ≤ ∆ ≤ R$ 380 mn | |
| (1) Excludes any acquisition that may be concluded after the issuance of the guidance. | ||
5. 4Q25 and 2025 Overview
Segment Information
The Company has three reportable segments as follows:
Undergraduate, which provides educational services through undergraduate courses related to medical school, undergraduate health science and other ex-health undergraduate programs.
Continuing education, which provides medical education (including residency preparation programs, specialization test preparation and other medical capabilities), specialization and graduate courses in medicine, delivered through digital and in-person content; and
Medical Practice Solutions, which provides clinical decision, clinical management and doctor-patient relationships for physicians and provides access, demand and efficiency for the healthcare players.
Key Revenue Drivers – Undergraduate Programs
| Table 2: Key Revenue Drivers |
Twelve months period ended December 31, |
||
|
2025 |
2024 |
% Chg |
|
| Undergraduate Programs |
|
||
| MEDICAL SCHOOL |
|
||
| Approved Seats |
3,755 |
3,593 |
4.5% |
| Operating Seats 1 |
3,705 |
3,543 |
4.6% |
| Total Students (end of period) |
25,556 |
24,255 |
5.4% |
| Average Total Students |
25,719 |
23,440 |
9.7% |
| Average Total Students (ex-Acquisitions)* |
24,881 |
23,440 |
6.1% |
| Revenue (Total – R$ ‘000) |
2,789,170 |
2,477,906 |
12.6% |
| Revenue (ex- Acquisitions* – R$ ‘000) |
2,705,045 |
2,477,906 |
9.2% |
| Medical School Net Avg. Ticket (ex- Acquisitions* – R$/month) |
9,060 |
8,809 |
2.8% |
| UNDERGRADUATE HEALTH SCIENCE |
|
||
| Total Students (end of period) |
26,545 |
25,570 |
3.8% |
| Average Total Students |
26,344 |
25,154 |
4.7% |
| Average Total Students (ex-Acquisitions)* |
25,954 |
25,154 |
3.2% |
| Revenue (Total – R$ ‘000) |
261,724 |
236,791 |
10.5% |
| Revenue (ex- Acquisitions* – R$ ‘000) |
257,075 |
236,791 |
8.6% |
| OTHER EX- HEALTH UNDERGRADUATE |
|
||
| Total Students (end of period) |
33,924 |
27,163 |
24.9% |
| Average Total Students |
34,271 |
27,542 |
24.4% |
| Average Total Students (ex-Acquisitions)* |
33,538 |
27,542 |
21.8% |
| Revenue (Total – R$ ‘000) |
204,533 |
180,994 |
13.0% |
| Revenue (ex- Acquisitions* – R$ ‘000) |
203,600 |
180,994 |
12.5% |
| Total Revenue2 |
|
||
| Revenue (Total – R$ ‘000) |
3,255,426 |
2,895,692 |
12.4% |
| Revenue (ex- Acquisitions* – R$ ‘000) |
3,165,720 |
2,895,692 |
9.3% |
| *For the twelve months period ended December 31, 2025, “2025 Ex Acquisitions” excludes: UNIDOM (January to June, 2025; Closing of UNIDOM was in July 2024), and FUNIC (October to December, 2025; Closing of FUNIC was in May 2025). | |||
| (1) The difference between approved and operating seats refers to Cametá, a campus that is still pre-operational. | |||
| (2) Financial information for 2025 is unaudited; comparative financial information for 2024 is audited. | |||
Key Revenue Drivers – Continuing Education
| Table 3: Key Revenue Drivers |
Twelve months period ended December 31, |
||
|
2025 |
2024 |
% Chg |
|
| Continuing Education |
|
||
| Total Students (end of period)1 |
|
||
| Residency Journey – Business to Physicians B2P |
12,990 |
16,381 |
-20.7% |
| Graduate Journey – Business to Physicians B2P |
10,234 |
8,527 |
20.0% |
| Other Courses – B2P and B2B Offerings |
31,815 |
25,613 |
24.2% |
| Total Students (end of period) |
55,039 |
50,521 |
8.9% |
| Revenue (R$ ‘000) |
|
||
| Business to Physicians – B2P |
257,706 |
237,379 |
8.6% |
| Business to Business – B2B |
26,765 |
18,060 |
48.2% |
| Total Revenue2 |
284,471 |
255,438 |
11.4% |
| (1) The figure above does not contemplate intercompany transactions. | |||
| (2) Financial information for 2025 is unaudited; comparative financial information for 2024 is audited. | |||
Key Revenue – Medical Practice Solutions
| Table 4: Key Revenue Drivers |
Twelve months period ended December 31, |
||
|
20252 |
2024 |
% Chg |
|
| Medical Practice Solutions |
|
||
| Active Payers (end of period) |
|
||
| Clinical Decision |
156,598 |
161,283 |
-2.9% |
| Clinical Management |
38,906 |
33,735 |
15.3% |
| Total Active Payers (end of period) |
195,504 |
195,018 |
0.2% |
| Monthly Active Users (MaU) |
|
||
| Total Monthly Active Users (MaU) |
220,051 |
238,343 |
-7.7% |
| Revenue (R$ ‘000) |
|
||
| Business to Physicians – B2P |
152,643 |
139,534 |
9.4% |
| Business to Business – B2B |
18,680 |
22,252 |
-16.1% |
| Total Revenue2 |
171,323 |
161,787 |
5.9% |
| (1) Revenue from ‘Shosp’, the clinical management software, was reclassified from B2B to B2P. | |||
| (2) Financial information for 2025 is unaudited; comparative financial information for 2024 is audited. | |||
Key Operational Drivers – Users Positively Impacted by Afya
The Users Positively Impacted by Afya represents the total number of medical students from the Undergraduate segment, students from Continuing Education and users from Medical Practice Solutions. For the fourth quarter of 2025, Afya’s ecosystem reached 300,646 users.
| Table 5: Key Revenue Drivers |
Twelve months period ended December 31, |
||
|
2025 |
2024 |
% Chg |
|
| Users Positively Impacted by Afya 1 |
|
||
| Undergraduate (Total Medical School Students – End of Period) |
25,556 |
24,255 |
5.4% |
| Continuing Education (Total Students – End of Period) |
55,039 |
50,521 |
8.9% |
| Medical Practice Solutions (Monthly Active Users) |
220,051 |
238,343 |
-7.7% |
| Ecosystem Outreach |
300,646 |
313,119 |
-4.0% |
| (1) Ecosystem outreach does not contemplate intercompany figures. Note that there may be overlap in student numbers within the data. | |||
Seasonality of Operations
Undergraduate tuition revenues are related to the intake process, and monthly tuition fees charged to students, and do not significantly fluctuate during each semester.
Continuing education revenues are mostly related to: (i) monthly intakes and tuition fees on medical education, which do not have a considerable concentration in any period; (ii) Residency journey product revenues, derived from e-books transferred at a point of time, which are concentrated in the first and last quarter of the year due to the enrollments.
Medical Practice Solutions are comprised mainly of Afya Whitebook and Afya iClinic revenues, which do not have significant fluctuations regarding seasonality.
Revenue
Revenue for the fourth quarter of 2025 was R$913.0 million, an increase of 7.5% over the same period in the prior year. For the twelve-month period ended December 31, 2025, Revenue was R$3,697.3 million, reflecting an 11.9% increase over the same period of last year. Excluding acquisitions, Revenue in the fourth quarter increased by 7.3% YoY to R$910.8 million. For the twelve-month period ended December 31, 2025, excluding acquisitions, Revenue was R$3,607.5 million, reflecting a 9.2% increase over the same period of last year.
The yearly revenue increase was mainly driven by (a) Undergraduate, higher tickets in medicine courses, the maturation of medical school seats, the increase in non-medical students, the acquisition of FUNIC and the full year results consolidation of UNIDOM (Acquired July of 2024); (b) Continuing Education, expansion in Graduate Journey campuses and students, increasing the average ticket per student across the segment, and (c) Medical Practice Solutions, which delivered growth primarily due to an expansion in Clinical Management active payers and a more favorable product mix compensating the decrease in the B2B.
| Table 6: Revenue & Revenue Mix | |||||||||||
| (in thousands of R$) | For the three months period ended December 31, | For the twelve months period ended December 31, | |||||||||
|
|
20251 |
20251 Ex Acquisitions* |
2024 |
% Chg |
% Chg Ex Acquisitions |
|
20251 |
20251 Ex Acquisitions* |
2024 |
% Chg |
% Chg Ex Acquisitions |
| Revenue Mix | |||||||||||
| Undergraduate |
796,213 |
794,051 |
739,797 |
7.6% |
7.3% |
3,255,426 |
3,165,720 |
2,895,692 |
12.4% |
9.3% |
|
| Continuing Education |
76,853 |
76,853 |
67,707 |
13.5% |
13.5% |
284,471 |
284,471 |
255,438 |
11.4% |
11.4% |
|
| Medical Practice Solutions |
43,130 |
43,130 |
44,497 |
-3.1% |
-3.1% |
171,323 |
171,323 |
161,787 |
5.9% |
5.9% |
|
| Inter-segment transactions |
(3,206) |
(3,206) |
(2,986) |
7.4% |
7.4% |
(13,965) |
(13,965) |
(8,588) |
62.6% |
62.6% |
|
| Total Reported Revenue |
912,990 |
910,828 |
849,015 |
7.5% |
7.3% |
3,697,255 |
3,607,549 |
3,304,329 |
11.9% |
9.2% |
|
| *For the three months period ended December 31, 2025, “2025 Ex Acquisitions” excludes: FUNIC (October to December, 2025; Closing of FUNIC was in May 2025). | |||||||||||
| *For the twelve months period ended December 31, 2025, “2025 Ex Acquisitions” excludes: UNIDOM (January to June, 2025; Closing of UNIDOM was in July 2024), and FUNIC (May to December, 2025; Closing of FUNIC was in May 2025). | |||||||||||
| (1) Financial information for 2025 is unaudited. | |||||||||||
Adjusted EBITDA
Adjusted EBITDA for the fourth quarter of 2025 increased by 6.1% to R$388.5 million, up from R$366.0 million in the same period of the prior year, with the Adjusted EBITDA Margin reducing by 50 basis points to 42.6%, due mainly to lower performance of Medical Practice Solutions and an increase in corporate expenses.
For the twelve-month period ended December 31, 2025, Adjusted EBITDA was R$1,680.3 million, an increase of 15.4% over the same period of the prior year, accompanied by an Adjusted EBITDA Margin increase of 130 basis points in the same period. The increase in Adjusted EBITDA Margin was mainly driven by: (a) higher gross margin in the Undergraduate and Continuing Education segments; (b) restructuring initiatives within Continuing Education and Medical Practice Solutions; and (c) improved efficiency in Selling, General, and Administrative expenses.
| Table 7: Reconciliation between Adjusted EBITDA and Net Income | |||||||
| (in thousands of R$) | For the three months period ended December 31, | For the twelve months period ended December 31, | |||||
|
|
20256 |
2024 |
% Chg |
|
20256 |
2024 |
% Chg |
| Net income |
175,444 |
154,279 |
13.7% |
768,443 |
648,920 |
18.4% |
|
| Net financial result |
76,695 |
104,698 |
-26.7% |
366,081 |
347,459 |
5.4% |
|
| Income taxes expense |
29,032 |
1,083 |
2580.7% |
92,502 |
27,471 |
236.7% |
|
| Depreciation and amortization |
92,234 |
84,206 |
9.5% |
373,344 |
333,341 |
12.0% |
|
| Interest received 1 |
9,606 |
8,438 |
13.8% |
49,527 |
43,417 |
14.1% |
|
| Income share associate |
(3,249) |
(2,011) |
61.6% |
(13,916) |
(11,737) |
18.6% |
|
| Share-based compensation |
(1,365) |
6,125 |
n.a. |
15,318 |
32,424 |
-52.8% |
|
| Non-recurring expenses: |
10,122 |
9,196 |
10.1% |
28,952 |
34,347 |
-15.7% |
|
| – Integration of new companies 2 |
7,661 |
7,970 |
-3.9% |
25,430 |
25,692 |
-1.0% |
|
| – M&A advisory and due diligence 3 |
18 |
772 |
-97.7% |
578 |
3,575 |
-83.8% |
|
| – Expansion projects 4 |
232 |
454 |
-48.9% |
721 |
3,022 |
-76.1% |
|
| – Restructuring expenses 5 |
2,211 |
– |
n.a. |
2,223 |
2,058 |
8.0% |
|
| Adjusted EBITDA |
388,519 |
366,014 |
6.1% |
1,680,251 |
1,455,642 |
15.4% |
|
| Adjusted EBITDA Margin |
42.6% |
43.1% |
-50 bps |
45.4% |
44.1% |
130 bps |
|
| (1) Represents the interest received on late payments of monthly tuition fees. | |||||||
| (2) Consists of expenses related to the integration of newly acquired companies. | |||||||
| (3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&A transactions. | |||||||
| (4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses. | |||||||
| (5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies. | |||||||
| (6) Financial information for 2025 is unaudited. | |||||||
Net Income
Net Income for the fourth quarter of 2025 totaled R$175.4 million, representing a 13.7% YoY increase. Adjusted Net Income reached R$205.7 million, an increase of 6.3% over the same period in the prior year. For the three-month period ended December 31, 2025, Net Income benefited from proactive liability management actions, primarily driven by the repurchase and cancellation of the perpetual convertible preferred shares held by SoftBank, which resulted in a gain of R$18 million.
For the twelve-month period, Afya achieved a Net Income of R$768.4 million, 18.4% higher than the same period of 2024, and an Adjusted Net Income of R$901.7 million, which was 9.9% higher than the previous period. For the year, growth reflects stronger operational performance, combined with the recognition of deferred tax assets, partially offset by the additional CSLL provision related to the OECD’s Pillar Two global minimum tax effects.
Contacts
Investor Relations Contact:
Afya Limited
ir@afya.com.br
