Afya (NASDAQ: AFYA) director Carvalho reports initial direct and indirect stakes

Rhea-AI Filing Summary

Afya Ltd director Esteves Nicolau Carvalho filed an initial ownership report showing existing stakes in the company, with no new buy or sell transactions. The filing lists indirect holdings through NRE Capital Ventures Ltd., including Class B Common Shares that are convertible into Class A Common Shares on a one-for-one basis with no expiration date.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Esteves Nicolau Carvalho

Role Director

Type	Security	Shares	Price	Value
holding	Class B Common Share	--	--	--
holding	Class A Common Share	--	--	--
holding	Class A Common Share	--	--	--

Holdings After Transaction: Class B Common Share — 4,500,000 shares (Indirect, By NRE Capital Ventures Ltd.); Class A Common Share — 13,916 shares (Direct); Class A Common Share — 5,321,379 shares (Indirect, By NRE Capital Ventures Ltd.)

Footnotes (1)

1. NRE Capital Ventures Ltd. is solely owned and controlled by the Reporting Person. The Class B Common Shares have no expiration date and are convertible into Class A Common Shares on a one-for-one basis (i) at any time at the option of the Reporting Person, (ii) upon the request of holders of all then issued and outstanding Class B Common Shares or (iii) upon transfer (subject to certain limited exceptions).

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
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1. Name and Address of Reporting Person^*

Esteves Nicolau Carvalho

(Last) (First) (Middle)

C/O AFYA LIMITED

RUA PARAIBA NO.330 17TH FL, FUNCIONARIOS

(Street)

BELO HORIZONTE 30130-917

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Afya Ltd [ AFYA ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Share	13,916	D
Class A Common Share	5,321,379	I	By NRE Capital Ventures Ltd.(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Share	(2)	(2)	Class A Common Share	4,500,000	(2)	I	By NRE Capital Ventures Ltd.(1)

Explanation of Responses:

1. NRE Capital Ventures Ltd. is solely owned and controlled by the Reporting Person.

2. The Class B Common Shares have no expiration date and are convertible into Class A Common Shares on a one-for-one basis (i) at any time at the option of the Reporting Person, (ii) upon the request of holders of all then issued and outstanding Class B Common Shares or (iii) upon transfer (subject to certain limited exceptions).

	/s/ Nicolau Carvalho Esteves	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Afya (AFYA) director Esteves Nicolau Carvalho report on this Form 3?

The Form 3 reports Esteves Nicolau Carvalho’s existing ownership in Afya, including direct Class A Common Shares and indirect holdings through NRE Capital Ventures Ltd. It is an initial ownership statement, not a record of new share purchases or sales.

How many Afya (AFYA) Class A shares does Esteves Nicolau Carvalho hold directly and indirectly?

The filing shows 13,916 Afya Class A Common Shares held directly. Indirectly, through NRE Capital Ventures Ltd., it reports 5,321,379 Class A Common Shares and Class B Common Shares convertible into 4,500,000 Class A Common Shares on a one-for-one basis.

What is the role of NRE Capital Ventures Ltd. in Esteves Nicolau Carvalho’s Afya (AFYA) holdings?

NRE Capital Ventures Ltd. holds Afya shares indirectly for Esteves Nicolau Carvalho. The footnote states NRE Capital Ventures Ltd. is solely owned and controlled by him, so its Afya share positions are attributed to him as indirect ownership in the Form 3.

How are Afya (AFYA) Class B Common Shares treated in this Form 3?

The Form 3 explains that Afya Class B Common Shares have no expiration date and are convertible into Class A Common Shares on a one-for-one basis. Conversion can occur at the reporting person’s option, upon request of all Class B holders, or upon transfer, subject to limited exceptions.

Does this Afya (AFYA) Form 3 show any insider buying or selling activity?

No, the Form 3 does not show any insider buying or selling. It records holding entries only, meaning it discloses Esteves Nicolau Carvalho’s existing direct and indirect Afya share positions as of the reporting date, rather than new market transactions.