Afya Limited reports financial, regulatory and capital-allocation developments for a Brazil-based medical education group and medical practice solutions provider. The company serves medical students and physicians through an end-to-end ecosystem that includes undergraduate medical education, residency preparation, continuing medical education, graduate programs and practice-management solutions.
Recurring company developments include IFRS financial results in Brazilian reais, medical-seat authorizations from Brazil’s Ministry of Education, campus-level capacity changes, credit-rating actions, dividends, share repurchases and board changes. Afya also reports activity in continuing education, B2B revenue, clinical management tools and the broader physician base that uses its education and medical practice platforms.
Afya (Nasdaq: AFYA) reported third-quarter 2026 revenue of R$985.2 million, up 6.1% year over year, alongside higher earnings. Net income rose 7.2% to R$171.0 million and basic earnings per share increased 10.0% to R$1.88. Adjusted EBITDA rose 8.7% to R$433.8 million, with a 44.0% margin.
Nine-month revenue grew 6.7% to R$2,970.0 million; net income increased 6.9% to R$634.0 million. Operating cash flow reached R$1,332.7 million. Afya reaffirmed 2026 guidance for revenue of R$3,950–4,100 million and adjusted EBITDA of R$1,700–1,800 million.
Afya also signed a binding merger agreement with Yduqs. At signing, the exchange ratio was 6.408347 Yduqs shares per Afya share; Afya holders would own 69.0% of the combined company. Shareholder and antitrust approvals remain pending. Ineligible holders would not receive shares; their allocated shares are expected to be sold for net cash proceeds.
Afya (AFYA) and YDUQS controlling shareholders signed a voting commitment agreement on September 23, 2026, to support their proposed merger. The agreement involves Rose FIP and the Zaher Family on the YDUQS side, and Bertelsmann and the Esteves Family on the Afya side.
Under the merger agreement signed the same day, Afya would merge into YDUQS and cease to exist separately. Afya shareholders would receive newly issued YDUQS common shares at the exchange ratio specified in that agreement. YDUQS would survive and remain listed on B3’s Novo Mercado segment. Completion remains subject to antitrust approval and the merger agreement’s terms and conditions.
The YDUQS signatories committed to vote all their shares for the transaction. Their commitments also restrict share transfers and require votes against specified competing corporate actions before closing, with stated exceptions.
Afya (Nasdaq: AFYA) entered into a merger agreement with YDUQS Participações to combine their education businesses, with YDUQS surviving. The agreement, dated September 23, 2026, provides for Afya to merge into YDUQS, subject to conditions precedent, meaning requirements that must be met before completion. Afya would cease to exist as a separate legal entity, and its shareholders would receive newly issued YDUQS common shares based on the agreement’s exchange ratio.
The combined company would remain listed on B3’s Novo Mercado segment. The transaction would bring together Afya’s medical education business and YDUQS’s higher education business under the applicable Cayman Islands and Brazilian laws, with compliance with U.S. securities laws. The companies expect the combination to expand academic offerings and strengthen operating capabilities.
Afya (AFYA) will host its sixth Afya Day on October 20, 2026, as an in-person event in Rio de Janeiro. Executives will present the company's strategic evolution, business priorities and perspectives on sustainable value creation.
The event will run from 11:00 a.m. to 3:30 p.m. Brazil time at the Grand Hyatt Rio de Janeiro. In-person participation is limited, and a recording will be available afterward on Afya's Investor Relations website.
Afya (AFYA) signed a binding merger agreement with Yduqs on September 23, 2026, under which Yduqs would survive.
The exchange ratio is 6.408347 new Yduqs shares for each Afya share, subject to limited arithmetic adjustments. It allocates 69.0% of the combined company to Afya shareholders and 31.0% to existing Yduqs shareholders on a fully diluted basis; Bertelsmann would hold 47.4%. Afya’s Class A shares would be delisted from Nasdaq, and the combined company’s common shares would remain listed only on B3. Ineligible Afya shareholders would not receive combined-company shares; they are expected instead to receive net proceeds from a post-closing sale.
Completion requires both companies’ shareholder approvals, Brazilian antitrust approval, certain third-party consents and other conditions. The agreement calls for completion no later than March 31, 2028, subject to its extension provisions.
Afya Limited (AFYA) received authorization from Brazil’s Ministry of Education to add 17 medical seats at AFYA Cruzeiro do Sul in Cruzeiro do Sul, Acre. This raises the campus capacity to 67 medical seats. With this increase, Afya now has a total of 3,785 approved medical seats across its network, which the company describes as reinforcing its commitment to expanding quality medical education in Brazil.
Afya (Nasdaq: AFYA) confirmed that it is in early-stage discussions with Yduqs Participações (B3: YDUQ3) about a potential business combination, following Yduqs’ material fact disclosure. No binding agreement or obligation has been entered into by either company, and Afya cautions there is no assurance any transaction will occur.
Afya (Nasdaq: AFYA; B3: A2FY34) reported 2Q26 revenue of R$972.1 million, up 5.7% year over year, and 1H26 revenue of R$1,984.8 million, up 7.0%. Adjusted EBITDA reached R$406.5 million in 2Q26 and R$918.0 million in 1H26, rising 1.4% and 2.8% respectively, while margins declined 180–190 bps versus 2025.
Net income grew 14.0% in 2Q26 to R$201.3 million and 6.8% in 1H26 to R$463.1 million. Operating cash flow totaled R$805.5 million in 1H26, with cash of R$1,006.5 million. Afya returned R$447.9 million to shareholders (R$314.9 million in dividends and R$133.0 million in buybacks, about 3% of shares), equal to 105.8% of 1H26 free cash flow to equity. Moody’s reaffirmed Afya’s AAA.br rating with a stable outlook, and the company maintained 2026 guidance for revenue of R$3.95–4.10 billion and adjusted EBITDA of R$1.70–1.80 billion.
Afya (Nasdaq: AFYA; B3: A2FY34) announced the appointment of Marcelo Ken Suhara as Chair Member of its Audit, Risks and Ethics Committee, effective July 27, 2026. Suhara remains an independent Board member and Audit Committee financial expert, succeeding the late João Paulo Seibel de Faria.
Afya highlighted Faria’s contributions and offered condolences to his family. The Board of Directors includes two co-chairmen representing Bertelsmann SE & Co. KGaA and the Esteves family, additional members from both groups, and three independent directors, reflecting a mix of skills and experience.
Afya (Nasdaq: AFYA) held its Annual General Meeting on June 22, 2026, in Belo Horizonte, Brazil.
Shareholders approved and ratified Afya’s financial statements as of and for the fiscal year ended December 31, 2025, as set out in the Notice of Meeting dated June 2, 2026.