• Like a Hospital Corporation of America (HCA), but for medical schools – owning and operating a network of health education institutions across Brazil.
• Consider it a Strategic Education (STRA), but focused exclusively on medical and health sciences universities in Brazil.

• Undergraduate Medical Education: Provides full-time, in-person courses for aspiring medical doctors.
• Other Health Undergraduate Education: Offers a range of in-person undergraduate degrees in health sciences such as nursing, dentistry, and psychology.
• Postgraduate and Continuing Medical Education: Delivers specialization courses, residency programs, and continuing education for medical and health professionals.
• Medical Content & Technology: Develops and offers digital platforms, apps, and tools for medical education, test preparation, and clinical decision support.
• Practice Management & Telemedicine Solutions: Provides software and services to healthcare professionals and clinics for practice management, electronic health records, and telemedicine.

Major Customers of Afya (AFYA)

Afya (AFYA) primarily operates in the education sector, serving individuals directly rather than other companies. Its major customers are students enrolling in its various educational programs across Brazil.

The company serves the following primary categories of individual customers:

• Undergraduate Medical Students: This category represents the core of Afya's business, comprising students pursuing their medical degrees (MD programs). These are typically high school graduates or individuals seeking their first higher education degree in medicine.
• Undergraduate Health Sciences Students (Non-Medical): This includes students enrolled in undergraduate programs in other health-related fields, such as Nursing, Dentistry, Physical Therapy, Nutrition, Pharmacy, and Psychology, among others offered by Afya's institutions.
• Graduate and Specialization Students: This category encompasses health professionals (including doctors, nurses, dentists, etc.) who are seeking post-graduate degrees (lato sensu and stricto sensu), specialization courses, residency preparation courses, and other continuing education programs to advance their careers or acquire new skills.

Virgilio Deloy Gibbon, Chief Executive Officer

Virgilio Deloy Gibbon has served as Afya's Chief Executive Officer since 2016, and CEO of Afya Limited since July 2019, leading the company through its Initial Public Offering on Nasdaq in 2019. Prior to joining Afya, Mr. Gibbon held significant leadership roles including Chief Operating Officer at YDUQS (formerly Estácio Participações S.A.) from March 2010 to March 2012, and then Chief Financial Officer at YDUQS from March 2012 to June 2016. He was also an Executive Director of Business Consulting and Education Industry at TOTVS from October 2007 to December 2009, and a Senior Manager of Business Consulting at Accenture from 2000 to 2007. Mr. Gibbon holds a degree in Economics from Pontifícia Universidade Católica do Rio de Janeiro (PUC-RJ) and has completed executive management programs at Fundação Getulio Vargas (FGV), Stanford University, and Harvard University.

Luis Andre Carpintero Blanco, Chief Financial Officer

Luis Andre Carpintero Blanco has been Afya's Chief Financial Officer since April 2020. Before his tenure at Afya, he spent ten years as the CFO for OdontoPrev, where he was responsible for corporate finance functions including treasury, financial planning, M&A, tax, accounting operations, legal, and compliance.

Julio Eduardo Simões de Souza, Chief Operating Officer

Julio Eduardo Simões de Souza is part of Afya Limited's experienced executive team, guiding the company's strategic direction as Chief Operating Officer as of late 2024.

Lélio de Souza Junior, Vice President of Innovation & Digital Services

Lélio de Souza Junior has served as Afya's Vice President of Innovation & Digital Services since January 2022. Previously, he was CEO for Intelie for five years, a company that was later acquired by RigNet (which was subsequently acquired by Viasat). His background also includes roles as a Corporate Officer at TOTVS from 2008 to 2016 and a Senior Manager at Accenture from 2000 to 2008.

The rapid development and adoption of advanced Artificial Intelligence (AI) technologies, particularly in personalized learning, clinical simulation, and diagnostic support tools, poses a clear emerging threat. These AI platforms could offer highly individualized, adaptive, and potentially more cost-effective medical education and professional development solutions, diminishing the unique value proposition of Afya's existing digital content and platforms. Furthermore, AI tools could redefine the landscape of medical knowledge acquisition and application, potentially impacting the demand for traditional educational models or compelling Afya to significantly re-invest in AI integration to remain competitive.

Afya (symbol: AFYA) operates primarily in Brazil, focusing on medical education and digital health services. The addressable markets for its main products and services in Brazil are substantial:

• The overall medical education market in Brazil was valued at approximately USD 1.40 billion in 2024. It is projected to grow to USD 3.22 billion by 2034, demonstrating an 8.70% Compound Annual Growth Rate (CAGR).

• Specifically, the Brazilian online medical education market was valued at $620 million in 2023 and is anticipated to reach $1.1 billion by 2027.

• The Brazilian digital health market, which encompasses Afya's digital health services and medical practice solutions, is projected to reach $4.3 billion by 2026, with a CAGR of 14.2%.

1. Expansion of Medical Education (Undergraduate Segment): Afya's core strategy involves increasing its capacity in undergraduate medical education. This is achieved through both organic growth, such as increasing the utilization of new schools and adding approved medical seats, and strategic acquisitions of other medical institutions. For example, the acquisition of FUNIC added 60 new medical seats and expanded the student base by nearly 14% year-over-year in the first half of 2025. This consistent expansion of medical seats and student numbers directly contributes to higher tuition fee revenue.
2. Price Increases in Medical Courses: Afya has demonstrated its ability to implement price increases for its medical courses. The company's net average ticket for medical courses increased by 3.2% in Q2 2025, and a projected 5.1% increase in tuition fees for new students in 2025 was announced, indicating continued pricing power above inflation expectations. This reflects the strong value proposition of its medical education.
3. Growth in Continuing Education: Afya is strategically focused on expanding its continuing education offerings. This segment has shown consistent revenue growth, with an 8% increase in Q2 2025. The company is expanding its hubs and program offerings to serve a growing number of medical professionals through various "journeys" including residency and graduate programs.
4. Growth in Medical Practice Solutions (Digital Health Services): The Medical Practice Solutions segment, which includes digital tools and services like Afya Whitebook and Afya iClinic, is a significant growth driver. This segment saw over 9% growth in revenues in Q2 2025 and is considered to have immense potential due to the leveraging of digital tools, AI, and data-driven solutions to enhance learning, productivity, and patient care for physicians.
5. Strategic Acquisitions: Afya's growth strategy heavily relies on strategic acquisitions to expand its footprint and offerings. Recent acquisitions, such as Unidompedro and FUNIC, have directly contributed to increases in approved medical seats and overall student enrollment, leading to higher revenues. The company has a history of expanding its portfolio of medical schools through this approach.

Share Repurchases

• Afya announced a new share repurchase program on August 13, 2025, authorizing the repurchase of up to 4,000,000 Class A common shares until December 31, 2026.
• On October 24, 2025, Afya agreed to repurchase all 150,000 Series A Perpetual Convertible Preferred Shares from SBLA Holdco LLC (an affiliate of Softbank) for an aggregate price of R$831.6 million, with the transaction expected to close on November 3, 2025.
• A previous share buyback program was approved on December 16, 2020, allowing for the repurchase of up to 1,015,844 Class A common shares until December 31, 2021.

Share Issuance

• On April 26, 2021, Afya issued and sold 150,000 Series A Preferred Shares, equivalent to US$150.0 million in Reais, to Softbank. These shares are intended to be canceled upon completion of the repurchase in November 2025.
• The total number of shares outstanding has shown a decrease of -3.83% year-over-year and -5.93% quarter-over-quarter as of November 5, 2025.

Inbound Investments

• Bertelsmann, a controlling shareholder, acquired an indirect 25% economic and 46% voting stake in Afya for $609 million (or $26.4 per share) in August 2021, by buying out an investment vehicle.
• In May 2022, Bertelsmann further increased its stake by acquiring additional voting shares from the founding family for US$161 million ($26.90 per share), raising its holdings to 31% economic and 57.5% voting rights.
• Bertelsmann continued to accumulate Afya shares through open market purchases, with its stake reaching 40.5% economic and 59.3% voting rights as of February 22, 2023.

Outbound Investments

• Afya has been actively engaged in strategic acquisitions, completing 16 acquisitions, with peak activity in 2020 (6 acquisitions), 2022 (5 acquisitions), and 2021 (3 acquisitions).
• Recent acquisitions include Unidompedro, a medical education provider acquired in July 2024, and Funic, a medical school in Belo Horizonte acquired in May 2025 for an upfront payment of R$60 million.
• Significant acquisitions over the period also include UniRedentor, FASA, Medcel, PEBMED, iClinic, Medical Harbour, UNIMA, FIP Guanambi, Sociedade Educacional E Cultural Sergipe Del Rey ($158M in October 2022), and Universidade Tiradentes ($156M in October 2022).

Capital Expenditures

• Capital expenditures for the full year 2023 decreased by 31.3% to R$218.4 million, down from R$318.2 million in the prior year.
• The primary focus of capital expenditures includes the expansion and maintenance of campuses and headquarters, leasehold improvements, and the development of new solutions within the digital segment.
• As of December 31, 2023, the Capex to Revenue ratio (excluding licenses acquisition and goodwill remeasurement) was 7.6%, reflecting disciplined capital allocation.