{"id":61725,"date":"2025-08-14T01:05:32","date_gmt":"2025-08-13T23:05:32","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/afya-limited-announces-second-quarter-and-first-half-2025-financial-results\/"},"modified":"2025-08-14T01:05:32","modified_gmt":"2025-08-13T23:05:32","slug":"afya-limited-announces-second-quarter-and-first-half-2025-financial-results","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/afya-limited-announces-second-quarter-and-first-half-2025-financial-results\/","title":{"rendered":"Afya Limited Announces Second-Quarter and First-Half 2025 Financial Results"},"content":{"rendered":"<div>\n<p class=\"bwalignc\">\n<b>Impressive Adjusted EBITDA Margin Expansion and Cash Generation<\/b><\/p>\n<p class=\"bwalignc\">\n<b>Full Year 2025 Guidance Reaffirmed<\/b><\/p>\n<p>BELO HORIZONTE, Brazil&#8211;(BUSINESS WIRE)&#8211;<b>Afya Limited (Nasdaq: AFYA; B3: A2FY34)<\/b> (\u201cAfya\u201d or the \u201cCompany\u201d), the leading medical education group and medical practice solutions provider in Brazil, reported today its financial and operating results for the three and six-month period, which ended June 30, 2025 (second quarter 2025). Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).<\/p>\n<p><a href=\"https:\/\/mms.businesswire.com\/media\/20250813566852\/en\/1927844\/5\/AF-LOGO-AFYA-POSITIVO.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250813566852\/en\/1927844\/22\/AF-LOGO-AFYA-POSITIVO.jpg\"><\/a><br \/><a href=\"https:\/\/mms.businesswire.com\/media\/20250813566852\/en\/1927844\/5\/AF-LOGO-AFYA-POSITIVO.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250813566852\/en\/1927844\/21\/AF-LOGO-AFYA-POSITIVO.jpg\"><\/a><\/p>\n<p>\n<b>Second-Quarter 2025 Highlights<\/b><\/p>\n<ul class=\"bwlistsquare\">\n<li>\n2Q25 Revenue increased 13.5% YoY to R$919.4 million. Revenue excluding acquisitions increased 8.5%, reaching R$879.0 million.<\/li>\n<li>\n2Q25 Adjusted EBITDA increased 16.6% YoY reaching R$400.8 million, with an Adjusted EBITDA Margin of 43.6%. Adjusted EBITDA Margin increased 110 bps YoY. Adjusted EBITDA excluding acquisitions grew 10.1%, reaching R$378.6 million, with an Adjusted EBITDA Margin of 43.1%.<\/li>\n<li>\n2Q25 Net Income increased 8.8% YoY, reaching R$176.5 million, and Adjusted Net Income decreased 0.4% YoY, reaching R$209.4 million. Basic EPS growth was 8.4% in the same period.<\/li>\n<\/ul>\n<p>\n<b>First-Half 2025 Highlights<\/b><\/p>\n<ul class=\"bwlistsquare\">\n<li>\n1H25 Revenue increased 15.0% YoY to R$1,855.8 million. Revenue excluding acquisitions grew 9.7%, reaching R$1,770.5 million.<\/li>\n<li>\n1H25 Adjusted EBITDA increased 20.4% YoY reaching R$892.8 million, with an Adjusted EBITDA Margin of 48.1%. Adjusted EBITDA Margin increased 220 bps YoY. Adjusted EBITDA excluding acquisitions grew 13.1%, reaching R$839.2 million, with an Adjusted EBITDA Margin of 47.4%.<\/li>\n<li>\n1H25 Net Income increased 17.0% YoY, reaching R$433.6 million, and Adjusted Net Income increased 9.1% YoY, reaching R$503.3 million. Basic EPS growth was 16.9% in the same period.<\/li>\n<li>\nOperating Cash Conversion ratio of 88.8%, with a solid cash position of R$ 1,099.1 million.<\/li>\n<li>\n~302 thousand users in Afya\u2019s ecosystem.<\/li>\n<\/ul>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth15\" colspan=\"12\" rowspan=\"1\"><b>Table 1: Financial Highlights<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the three months period ended June 30,<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth15\" colspan=\"1\" rowspan=\"1\"><i>(in thousand of R$)<\/i><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwvertalignm bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>2025 Ex Acquisitions*<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg Ex Acquisitions<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwalignc bwwidth1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwvertalignm bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>2025 Ex Acquisitions*<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg Ex Acquisitions<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">(a) Revenue<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n919,400<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n879,015<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n809,890<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13.5%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8.5%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1 bwvertalignb\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,855,760<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,770,542<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,614,129<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">(b) Adjusted EBITDA <sup>2<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n400,844<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n378,587<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n343,827<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16.6%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10.1%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1 bwvertalignb\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n892,814<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n839,189<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n741,679<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20.4%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">(c) = (b)\/(a) Adjusted EBITDA Margin<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n43.6%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n43.1%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n42.5%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8 bwvertalignb\" colspan=\"1\" rowspan=\"1\">110 bps<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwwidth10 bwvertalignb\" colspan=\"1\" rowspan=\"1\">60 bps<\/td>\n<td class=\"bwpadl0 bwwidth1 bwvertalignb\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n48.1%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n47.4%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n45.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8 bwvertalignb\" colspan=\"1\" rowspan=\"1\">220 bps<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwwidth10 bwvertalignb\" colspan=\"1\" rowspan=\"1\">150 bps<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">Net income<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n176,542<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n162,200<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8.8%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1 bwvertalignb\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n433,578<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n370,499<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17.0%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">Adjusted Net income<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n209,409<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,346<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-0.4%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1 bwvertalignb\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n503,306<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n461,311<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9.1%<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"12\" rowspan=\"1\"><i>*For the three months period ended June 30, 2025, &#8220;2025 Ex Acquisitions&#8221; excludes: UNIDOM (April to June, 2025; Closing of UNIDOM was in July 2024), and FUNIC (May to June, 2025; Closing of FUNIC was in May 2025).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"12\" rowspan=\"1\"><i>*For the six months period ended June 30, 2025, &#8220;2025 Ex Acquisitions&#8221; excludes: UNIDOM (January to June, 2025; Closing of UNIDOM was in July 2024), and FUNIC (May to June, 2025; Closing of FUNIC was in May 2025).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"12\" rowspan=\"1\"><i>(2) See more information on &#8220;Non-GAAP Financial Measures&#8221; (Item 08).<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Message from Management<\/b><\/p>\n<p>\n<i>We are pleased to report that Afya continues to deliver strong operational and financial results. This quarter\u2019s performance highlights the high predictability of our business model and the successful execution of our strategy, which consistently combines robust growth, increased profitability, and solid cash generation, Afya\u2019s three strategic pillars for long-term value creation. This quarter was marked by significant revenue growth and gross margin expansion in both our Undergraduate and Continuing Education segments, reflecting the steady expansion of our business and our ongoing commitment to operational excellence. We are also pleased to reaffirm that Afya remains on track to meet our full-year 2025 guidance, supported by disciplined execution and strong business fundamentals.<\/i><\/p>\n<p>\n<i>Once again, we delivered a strong performance, closing the first half of 2025 with a notable increase in Adjusted EBITDA Margin, reaching 48.1%. This margin expansion was primarily driven by the solid results of our Undergraduate segment, supported by cost initiatives and our shared services center, helping to boost efficiency, and unlock operational synergies across selling, general, and administrative expenses.<\/i><\/p>\n<p>\n<i>Another important development in the higher education landscape is the recent rollout of ENAMED, Brazil\u2019s National Medical Education Performance Exam. This standardized test for final-year medical students, now officially integrated into the regulatory framework, represents a pivotal step in quality assurance and benchmarking across medical schools nationwide. Afya\u2019s educational ecosystem is able to support students more effectively in their preparation for ENAMED, while reinforcing its leadership in delivering outcomes-based, high-impact learning across all stages of the medical journey.<\/i><\/p>\n<p>\n<i>With the closing of the acquisition of Funic, a campus that will begin its operation in the second half of 2025, we are pleased to reinforce our solid market position by expanding our undergraduate footprint into the metropolitan area of Belo Horizonte, capital of Minas Gerais. This acquisition adds 60 new medical seats, bringing Afya\u2019s total number of approved medical seats to 3,653 as of today.<\/i><\/p>\n<p>\n<i>In 2Q25, we continued to recognize the impacts of the global minimum tax related to the additional CSLL established by Law No. 15,079\/2024. Although the cash disbursement is only expected in July 2026, we have started provisioning this obligation throughout 2025. In response, Afya filed a writ of mandamus with the Brazilian Federal Court seeking to suspend the enforceability of this new charge. In parallel, Afya is demonstrating to the Lower House and the Executive representatives the impacts of this additional taxation on the Prouni. We remain committed to defending the Company\u2019s legal and financial interests while maintaining the highest standards of compliance, transparency, and fiscal discipline.<\/i><\/p>\n<p>\n<i>In line with our commitment to delivering long-term value to shareholders and reinforcing our confidence in Afya\u2019s strategic direction, our Board of Directors approved a new share repurchase program. This initiative authorizes the repurchase of up to 4,000,000 Class A shares. The program is intended to support our stock option plan, future business combinations, and general corporate purposes. We believe this initiative reflects the strength of our balance sheet, the resilience of our business model, and our disciplined capital allocation strategy.<\/i><\/p>\n<p>\n<i>As we look to the future, Afya remains steadfast in its purpose: to empower healthcare professionals through an integrated ecosystem that spans education, clinical practice, and continuous development. Our commitment to innovation and excellence drives us to keep enhancing the medical journey at every stage.<\/i> <i>We are very proud of our business and our achievements so far, and we are excited about our future plans.<\/i><\/p>\n<p class=\"bwmarginl1\">\n<b>1. Key Events in the Quarter<\/b><\/p>\n<ul class=\"bwlistsquare\">\n<li>\nOn May 7, 2025, Afya Participa\u00e7\u00f5es announced the closing of its acquisition of 100% of the total share capital of Faculdade Masterclass Ltda. (\u201cFUNIC\u201d), located in Contagem, a city in the metropolitan area of Belo Horizonte, the capital of the State of Minas Gerais.<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\nThe acquisition contributes 60 medical school seats to Afya. FUNIC is pre-operational, with leased real estate prepared for a medical school operation, to be started in the second semester of 2025.<\/p>\n<p class=\"bwmarginl1\">\nThe aggregate purchase price is R$ 100 million, net of the estimated Net Debt deducted from the down payment. The price and payment conditions were: (i) R$ 60 million, net of the estimated Net Debt, paid in cash on May 07, 2025; and (ii) R$ 40 million to be paid in three annual installments adjusted by CDI.<\/p>\n<p class=\"bwmarginl1\">\nAdditionally, the acquisition includes a contingent consideration for up to 60 additional medical school seats. If approved by MEC within 36 months from the closing date, it will result in an additional payment of R$1,000 per approved seat.<\/p>\n<p class=\"bwmarginl1\">\nAfya expects an EV\/EBITDA of 3.3x at full maturity and post synergies in 2030 with expected Revenues of R$ 52.4 million, of which 100% will come from Medicine.<\/p>\n<p class=\"bwmarginl1\">\n<b>2. Subsequent Event<\/b><\/p>\n<ul class=\"bwlistsquare\">\n<li>\nOn August 13, 2025, the Company\u2019s board of directors approved a new share repurchase program. Under the share repurchase program, Afya may repurchase up to 4,000,000 of its outstanding Class A common shares, in the open market, based on prevailing market prices, or in privately negotiated transactions, beginning from August 15, 2025 until the earlier of the completion of the repurchase or December 31, 2026, depending upon market conditions.<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\nThe share purchases may be made from time to time through open market transactions and are subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, regulatory, and other relevant factors. The share repurchase program will take place in accordance with the conditions established by the Board of Directors on August 13, 2025. Afya intends to repurchase the shares for use in its stock option program, consideration in futures business combinations transactions and general corporate purposes.<\/p>\n<p class=\"bwmarginl1\">\n<b>3. 2025 Guidance<\/b><\/p>\n<p>\nThe Company is reaffirming its guidance for 2025, as defined in the following table, which considers the successful acceptance of new students for the second semester of 2025:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth49\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth49\" colspan=\"1\" rowspan=\"1\"><b>Guidance for 2025<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth49\" colspan=\"1\" rowspan=\"1\">Revenue<\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\">R$ 3,670 mn \u2264 \u2206 \u2264 R$ 3,770 mn<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth49\" colspan=\"1\" rowspan=\"1\">Adjusted EBITDA<\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\">R$ 1,620 mn \u2264 \u2206 \u2264 R$ 1,720 mn<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth49\" colspan=\"1\" rowspan=\"1\">CAPEX <sup>1<\/sup><\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\">R$ 250 mn \u2264 \u2206 \u2264 R$ 290 mn<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"3\" rowspan=\"1\"><i>(1) Excludes the license CAPEX related to the acquisition of FUNIC.<\/i><\/td>\n<\/tr>\n<\/table>\n<p class=\"bwmarginl1\">\n<b>4. 2Q25 Overview<\/b><\/p>\n<p>\n<b>Segment Information<\/b><\/p>\n<p>\nThe Company has three reportable segments as follows:<\/p>\n<p>\nUndergraduate, which provides educational services through undergraduate courses related to medical school, undergraduate health science and other ex-health undergraduate programs;<\/p>\n<p>\nContinuing 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<\/p>\n<p>\nMedical Practice Solutions, which provides clinical decision, clinical management and doctor-patient relationships for physicians and provide access, demand and efficiency for the healthcare players.<\/p>\n<p>\n<b>Key Revenue Drivers \u2013 Undergraduate Programs<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Table 2: Key Revenue Drivers<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>Six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><b>% Chg<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Undergraduate Programs<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>MEDICAL SCHOOL<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Approved Seats<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,653<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,203<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>14.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Operating Seats <sup>1<\/sup><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,543<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,153<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>12.4%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,733<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,661<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>13.6%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,806<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,635<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>14.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,212<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,635<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>7.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Revenue (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,407,348<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,202,599<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>17.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\"><b>Revenue (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,327,745<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,202,599<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>10.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\"><b>Medical School Net Avg. Ticket (ex- Acquisitions* &#8211; R$\/month)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>9,140<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>8,855<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>3.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>UNDERGRADUATE HEALTH SCIENCE<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,718<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,252<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>6.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,926<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,567<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>5.5%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,146<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,567<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>2.4%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Revenue (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>130,604<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>120,471<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>8.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\"><b>Revenue (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>128,468<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>120,471<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>6.6%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>OTHER EX- HEALTH UNDERGRADUATE<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n33,090<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26,816<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>23.4%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,043<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,690<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>22.9%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n32,576<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,690<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>17.6%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Revenue (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>103,549<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>91,097<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>13.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\"><b>Revenue (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>100,103<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>91,097<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>9.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Total Revenue<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Revenue (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,641,501<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,414,166<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>16.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\"><b>Revenue (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,556,283<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,414,166<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>10.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>*For the six months period ended June 30, 2025, &#8220;2025 Ex Acquisitions&#8221; excludes: UNIDOM (January to June, 2025; Closing of UNIDOM was in July 2024), and FUNIC (May to June, 2025; Closing of FUNIC was in May 2025).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(1) The difference between approved and operating seats refers to Camet\u00e1, a campus that is still pre-operational. And FUNIC, a campus that started its operations in the second half of 2025.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Key Revenue Drivers \u2013 Continuing Education<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Table 3: Key Revenue Drivers<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>Six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Continuing Education<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwrowaltcolor1 bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\"><b>Total Students (end of period)<sup>1<\/sup><\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Residency Journey &#8211; Business to Physicians B2P<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9,224<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13,058<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>-29.4%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Graduate Journey &#8211; Business to Physicians B2P<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9,055<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,100<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>11.8%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Other Courses &#8211; B2P and B2B Offerings<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,226<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,921<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>18.8%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Total Students (end of period)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>45,505<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>44,079<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>3.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwrowaltcolor1 bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\"><b>Revenue (R$ &#8216;000)<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Business to Physicians &#8211; B2P<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n125,379<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n118,940<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>5.4%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Business to Business &#8211; B2B<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,141<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,566<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>41.7%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Total Revenue<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>137,520<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>127,506<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>7.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(1) Total Students figure excludes intercompany transactions.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Key Revenue \u2013 Medical Practice Solutions<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Table 4: Key Revenue Drivers<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>Six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><b>% Chg<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Medical Practice Solutions<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Active Payers (end of period)<sup>1<\/sup><\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Clinical Decision<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n159,373<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n162,313<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>-1.8%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Clinical Management<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36,685<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n33,398<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>9.8%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Total Active Payers (end of period)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>196,058<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>195,711<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>0.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Monthly Active Users (MaU)<\/b><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Total Monthly Active Users (MaU)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>230,468<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>253,497<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>-9.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Revenue (R$ &#8216;000)<sup>2<\/sup><\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Business to Physicians &#8211; B2P<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n75,051<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n67,163<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>11.7%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Business to Business &#8211; B2B<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,944<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9,691<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>-7.7%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Total Revenue<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>84,004<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>76,854<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>9.3%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(1) Total Active Payers figure excludes intercompany transactions.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(2) Revenue from &#8216;Shosp&#8217;, the clinical management software, was reclassified from B2B to B2P.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Key Operational Drivers \u2013 Users Positively Impacted by Afya<\/b><\/p>\n<p>\nThe Users Positively Impacted by Afya represents the total number of medical students from the Undergraduate segment, students from the Continuing Education and users from Medical Practice Solutions. For the second quarter of 2025, Afya\u2019s ecosystem reached 301,706 users.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Table 5: Key Revenue Drivers<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>Six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><b>% Chg<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Users Positively Impacted by Afya <sup>1<\/sup><\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Undergraduate (Total Medical School Students &#8211; End of Period)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,733<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,661<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>13.6%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Continuing Education (Total Students &#8211; End of Period)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n45,505<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n44,079<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>3.2%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\">Medical Practice Solutions (Monthly Active Users)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n230,468<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n253,497<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>-9.1%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" colspan=\"1\" rowspan=\"1\"><b>Ecosystem Outreach<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>301,706<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>320,237<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>-5.8%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(1) Ecosystem outreach does not contemplate intercompany figures. Note that there may be overlap in student numbers within the data.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Seasonality of Operations<\/b><\/p>\n<p>\nUndergraduate tuition revenues are related to the intake process, and monthly tuition fees charged to students and do not significantly fluctuate during each semester.<\/p>\n<p>\nContinuing 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 at in the first and last quarter of the year due to the enrollments.<\/p>\n<p>\nMedical Practice Solutions are comprised mainly of Afya Whitebook and Afya iClinic revenues, which do not have significant fluctuations regarding seasonality.<\/p>\n<p>\n<b>Revenue<\/b><\/p>\n<p>\nRevenue for the second quarter of 2025 was R$919.4 million, an increase of 13.5% over the same period in the prior year. For the six-month period ended June 30, 2025, Revenue was R$1,855.8 million, reflecting a 15.0% increase over the same period of last year. Excluding acquisitions, Revenue in the second quarter increased by 8.5% YoY to R$879.0 million. For the six-month period ended June 30, 2025, excluding acquisitions, Revenue was R$1,770.5 million, reflecting a 9.7% increase over the same period of last year.<\/p>\n<p>\nThe quarter revenue increase was mainly due to higher tickets in medicine courses, the maturation of medical school seats and the acquisition of Unidom.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"12\" rowspan=\"1\"><b>Table 6: Revenue &amp; Revenue Mix<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the three months period ended June 30,<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth6 bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>2025 Ex Acquisitions*<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth8 bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg Ex Acquisitions<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1 bwalignc bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth6 bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>2025 Ex Acquisitions*<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth8 bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg Ex Acquisitions<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">Revenue Mix<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth15 bwpadl3\" colspan=\"1\" rowspan=\"1\">Undergraduate<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n814,129<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n773,744<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n709,647<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14.7%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9.0%<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,641,501<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,556,283<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,414,166<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16.1%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth15 bwpadl3\" colspan=\"1\" rowspan=\"1\">Continuing Education<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n66,417<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n66,417<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n62,091<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7.0%<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n137,520<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n137,520<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n127,506<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth15 bwpadl3\" colspan=\"1\" rowspan=\"1\">Medical Practice Solutions<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n42,320<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n42,320<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40,281<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5.1%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5.1%<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n84,004<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n84,004<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n76,854<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9.3%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth15 bwpadl3\" colspan=\"1\" rowspan=\"1\">Inter-segment transactions<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,466)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,466)<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,129)<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n62.8%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n62.8%<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,265)<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,265)<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(4,397)<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n65.2%<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n65.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><b>Total Reported Revenue<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>919,400<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>879,015<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>809,890<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>13.5%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>8.5%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,855,760<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,770,542<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,614,129<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>15.0%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>9.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"12\" rowspan=\"1\"><i>*For the three months period ended June 30, 2025, &#8220;2025 Ex Acquisitions&#8221; excludes: UNIDOM (April to June, 2025; Closing of UNIDOM was in July 2024), and FUNIC (May to June, 2025; Closing of FUNIC was in May 2025).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"12\" rowspan=\"1\"><i>*For the six months period ended June 30, 2025, &#8220;2025 Ex Acquisitions&#8221; excludes: UNIDOM (January to June, 2025; Closing of UNIDOM was in July 2024), and FUNIC (May to June, 2025; Closing of FUNIC was in May 2025).<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Adjusted EBITDA<\/b><\/p>\n<p>\nAdjusted EBITDA for the second quarter of 2025 increased by 16.6% to R$400.8 million, up from R$343.8 million in the same period of the prior year, with the Adjusted EBITDA Margin rising by 110 basis points to 43.6%. For the six-month period ended June 30, 2025, Adjusted EBITDA was R$892.8 million, an increase of 20.4% over the same period of the prior year, accompanied by an Adjusted EBITDA Margin increase of 220 basis points in the same period.<\/p>\n<p>\nThe increase in Adjusted EBITDA Margin was mainly driven by: (a) higher gross margin in the Undergraduate and Continuing Education segments; (b) the continued ramp-up of the four Mais M\u00e9dicos campuses launched in 3Q22; (c) restructuring initiatives within Continuing Education and Medical Practice Solutions; and (d) improved cost efficiency in Selling, General, and administrative expenses.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><b>Table 7: Reconciliation between Adjusted EBITDA and Net Income<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>For the three months period ended June 30,<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>For the six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\"><b>Net income<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>176,542<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>162,200<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>8.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>433,578<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>370,499<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>17.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\">Net financial result<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n94,809<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n68,551<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n38.3%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n189,803<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n142,917<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n32.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\">Income taxes expense<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17,468<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,091<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n465.1%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n42,250<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13,956<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n202.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n94,698<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n84,038<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12.7%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n186,453<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n163,307<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\">Interest received <sup>1<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,210<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,619<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18.5%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,742<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n21,034<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\">Income share associate<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,591)<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,028)<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18.6%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,876)<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,200)<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\">Share-based compensation<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,557<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,799<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-52.9%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,520<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20,428<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-38.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\"><b>Non-recurring expenses:<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>5,151<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>8,557<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>-39.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>11,344<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>16,738<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>-32.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl2 bwwidth32\" colspan=\"1\" rowspan=\"1\">&#8211; Integration of new companies<sup> 2<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4,819<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,408<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-10.9%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,788<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,278<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-4.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl2 bwwidth32\" colspan=\"1\" rowspan=\"1\">&#8211; M&amp;A advisory and due diligence <sup>3<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n203<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,336<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-84.8%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n291<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,583<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-81.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl2 bwwidth32\" colspan=\"1\" rowspan=\"1\">&#8211; Expansion projects<sup> 4<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n129<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,765<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-92.7%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n253<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,370<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-89.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl2 bwwidth32\" colspan=\"1\" rowspan=\"1\">&#8211; Restructuring expenses<sup> 5<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n48<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">n.a.<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,507<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-99.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>400,844<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>343,827<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>16.6%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>892,814<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>741,679<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>20.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\"><b>Adjusted EBITDA Margin<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>43.6%<\/i><\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>42.5%<\/i><\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><b><i>110 bps<\/i><\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>48.1%<\/i><\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>45.9%<\/i><\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><b><i>220 bps<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(1) Represents the interest received on late payments of monthly tuition fees.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(2) Consists of expenses related to the integration of newly acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&amp;A transactions.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Net Income<\/b><\/p>\n<p>\nNet Income for the second quarter of 2025, totaled R$176.5 million, reflecting an 8.8% increase YoY. Adjusted Net Income reached R$209.4 million, a decrease of 0.4% over the same period in the prior year. For the six-month period, Afya achieved a Net Income of R$433.6 million, 17.0% higher than the same period of 2024, and an Adjusted Net Income of R$503.3 million, which was 9.1% higher than the previous period. This growth was primarily driven by improved operational performance that was partially offset by a higher tax rate compared to the previous year due to the provision of additional CSLL towards OECD\u2019s Pillar Two global minimum tax effects.<\/p>\n<p>\nBasic EPS for the six-month period ended June 30, 2025, reached R$4.69. An increase of 16.9% YoY, reflecting the higher Net Income.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\"><b>Table 8: Adjusted Net Income<\/b><\/td>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>For the three months period ended June 30,<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>For the six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth32\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\"><b>Net income<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>176,542<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>162,200<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>8.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>433,578<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>370,499<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>17.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\">Amortization of Intangible Assets <sup>1<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,159<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,790<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-20.3%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n45,864<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n53,646<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-14.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\">Share-based compensation<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,557<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,799<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-52.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,520<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20,428<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-38.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\">Non-recurring expenses:<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>5,151<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>8,557<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>-39.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>11,344<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>16,738<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>-32.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl2 bwwidth32\" colspan=\"1\" rowspan=\"1\">&#8211; Integration of new companies<sup> 2<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4,819<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,408<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-10.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,788<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,278<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-4.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl2 bwwidth32\" colspan=\"1\" rowspan=\"1\">&#8211; M&amp;A advisory and due diligence<sup> 3<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n203<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,336<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-84.8%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n291<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,583<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-81.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl2 bwwidth32\" colspan=\"1\" rowspan=\"1\">&#8211; Expansion projects<sup> 4<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n129<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,765<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-92.7%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n253<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,370<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-89.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl2 bwwidth32\" colspan=\"1\" rowspan=\"1\">&#8211; Restructuring expenses<sup> 5<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n48<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">n.a.<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,507<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-99.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth32\" colspan=\"1\" rowspan=\"1\"><b>Adjusted Net Income<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>209,409<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>210,346<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>-0.4%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>503,306<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>461,311<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>9.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth32\" colspan=\"1\" rowspan=\"1\"><b>Basic earnings per share &#8211; in R$<sup> 6<\/sup><\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1.90<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1.76<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>8.4%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>4.69<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>4.02<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>16.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth32\" colspan=\"1\" rowspan=\"1\"><b>Adjusted earnings per share &#8211; in R$<sup> 7<\/sup><\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>2.27<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>2.29<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>-1.1%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>5.47<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>5.03<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>8.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(1) Consists of amortization of intangible assets identified in business combinations.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(2) Consists of expenses related to the integration of newly acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&amp;A transactions.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(6) Basic earnings per share: Net Income\/Weighted average number of outstanding shares.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"8\" rowspan=\"1\"><i>(7) Adjusted earnings per share: Adjusted Net Income attributable to equity holders of the Parent\/Weighted average number of outstanding shares.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Cash and Debt Position<\/b><\/p>\n<p>\nAs of June 30, 2025, Cash and Cash Equivalents totaled R$1,099.1 million, an increase of 20.6% over December 31, 2024. Net Debt, excluding the effect of IFRS 16, reached R$1,621.0 million, compared to December 31, 2024, Afya reduced its Net Debt by R$193.9 million due to solid Cash Flow from Operating Activities, even considering the business combination with FUNIC and the dividends payment.<\/p>\n<p>\nFor the six-month period ended June 30, 2025, Afya generated R$783.0 million in Cash Flow from Operating Activities, up from R$683.4 million in the same period of the previous year, an increase of 14.6% YoY, boosted by operational results. The Operating Cash Conversion Ratio reached 88.8%.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth67\" colspan=\"1\" rowspan=\"1\"><b>Table 9: Operating Cash Conversion Ratio Reconciliation<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>For the six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth67\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>Considering the adoption of IFRS 16<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth67\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth67\" colspan=\"1\" rowspan=\"1\">(a) Net cash flows from operating activities<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n771,596<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n667,169<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth67\" colspan=\"1\" rowspan=\"1\">(b) Income taxes paid<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,385<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16,208<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-29.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth67\" colspan=\"1\" rowspan=\"1\"><b>(c) = (a) + (b) Cash flow from operating activities<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>782,981<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>683,377<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>14.6%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth67\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth67\" colspan=\"1\" rowspan=\"1\">(d) Adjusted EBITDA<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n892,814<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n741,679<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth67\" colspan=\"1\" rowspan=\"1\">(e) Non-recurring expenses:<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,344<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16,738<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-32.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth67 bwpadl2\" colspan=\"1\" rowspan=\"1\">&#8211; Integration of new companies<sup> 1<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,788<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,278<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-4.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth67 bwpadl2\" colspan=\"1\" rowspan=\"1\">&#8211; M&amp;A advisory and due diligence<sup> 2<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n291<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,583<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-81.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth67 bwpadl2\" colspan=\"1\" rowspan=\"1\">&#8211; Expansion projects<sup> 3<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n253<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,370<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-89.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth67 bwpadl2\" colspan=\"1\" rowspan=\"1\">&#8211; Restructuring Expenses<sup> 4<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,507<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-99.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth67\" colspan=\"1\" rowspan=\"1\"><b>(f) = (d) &#8211; (e) Adjusted EBITDA ex- non-recurring expenses<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>881,470<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>724,941<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>21.6%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth67\" colspan=\"1\" rowspan=\"1\"><b>(g) = (c) \/ (f) Operating cash conversion ratio<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>88.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>94.3%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><b>-550 bps<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(1) Consists of expenses related to the integration of newly acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(2) Consists of expenses related to professional and consultant fees in connection with due diligence services for M&amp;A transactions.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(3) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(4) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of acquired companies.<\/i><\/td>\n<\/tr>\n<\/table>\n<p> <b>Contacts<\/b> <\/p>\n<p>\nInvestor Relations Contact:<br \/>\n<br \/>Afya Limited<br \/>\n<br \/><a target=\"_blank\" href=\"&#109;a&#105;l&#116;o&#x3a;i&#x72;&#64;&#x61;f&#x79;a&#x2e;c&#x6f;m&#x2e;b&#x72;\" rel=\"nofollow\" shape=\"rect\">&#x69;&#114;&#x40;&#97;f&#x79;&#97;&#46;&#x63;&#111;&#x6d;&#x2e;b&#x72;<\/a><\/p>\n<p> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20250813566852\/en\/Afya-Limited-Announces-Second-Quarter-and-First-Half-2025-Financial-Results\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP392103_ypKzv-7ah0oHKWbnuHnevRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxZM7XiMhduiSeKMTNDLRqI_doMC3CVAuyHo5cJ7XfDuvA==\"> Read full story here <\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Impressive Adjusted EBITDA Margin Expansion and Cash Generation Full Year 2025 Guidance Reaffirmed BELO HORIZONTE, Brazil&#8211;(BUSINESS WIRE)&#8211;Afya Limited (Nasdaq: AFYA; B3: A2FY34) (\u201cAfya\u201d or the \u201cCompany\u201d), the leading medical education group and medical practice solutions provider in Brazil, reported today its financial and operating results for the three and six-month period, which ended June 30, &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/afya-limited-announces-second-quarter-and-first-half-2025-financial-results\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-61725","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Afya Limited Announces Second-Quarter and First-Half 2025 Financial Results - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/afya-limited-announces-second-quarter-and-first-half-2025-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Afya Limited Announces Second-Quarter and First-Half 2025 Financial Results - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"Impressive Adjusted EBITDA Margin Expansion and Cash Generation Full Year 2025 Guidance Reaffirmed BELO HORIZONTE, Brazil&#8211;(BUSINESS WIRE)&#8211;Afya Limited (Nasdaq: AFYA; B3: A2FY34) (\u201cAfya\u201d or the \u201cCompany\u201d), the leading medical education group and medical practice solutions provider in Brazil, reported today its financial and operating results for the three and six-month period, which ended June 30, ... 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