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Afya Limited reported strong fourth-quarter and full-year 2025 results, highlighting solid growth, margin expansion and balance-sheet strengthening. Full-year revenue reached R$3,697.3 million, up 11.9% year over year, while Adjusted EBITDA rose 15.4% to R$1,680.3 million, lifting the Adjusted EBITDA margin to 45.4%, an increase of 130 basis points.
Net income grew 18.4% to R$768.4 million and Adjusted Net Income increased 9.9% to R$901.7 million. Basic EPS climbed 18.7% to R$8.32. Afya reduced Net Debt excluding IFRS 16 to R$1,369.5 million and brought Net Debt/Adjusted EBITDA down to 0.8x, supported by R$1,547.6 million in operating cash flow and a 93.7% operating cash conversion ratio.
The board approved a share repurchase program of up to 4,000,000 Class A shares through December 31, 2026 and declared a 2025 cash dividend of R$307.4 million, equal to 40% of consolidated net income. For 2026, Afya guides for revenue between R$3,950 million and R$4,100 million and Adjusted EBITDA between R$1,700 million and R$1,800 million, excluding future acquisitions.
Afya Limited reported that its board approved a cash dividend of R$307.4 million, equal to 40% of consolidated net income for the year ended December 31, 2025. The dividend equals R$3.446838 per share and will be paid in U.S. dollars on April 6, 2026 to shareholders of record as of March 25, 2025, using the PTAX exchange rate published on March 13, 2026. Management stated that, together with its share repurchase program, Afya expects to distribute 50% of 2025 consolidated net income, highlighting a strong focus on shareholder returns.
Afya Limited reported strong unaudited 2025 results, with revenue rising to R$3,697,255 thousand from R$3,304,329 thousand in 2024, driven mainly by its undergraduate medical education business.
Net income increased to R$768,443 thousand in 2025 from R$648,920 thousand in 2024, and basic earnings per share grew to 8.32 from 7.01. Operating income reached R$1,213,110 thousand, while finance expenses remained significant at R$561,024 thousand.
The company generated strong operating cash flow of R$1,531,587 thousand in 2025, ending the year with cash and cash equivalents of R$1,125,381 thousand. Afya expanded its medical seat base through the FUNIC asset acquisition in 2025 and the Unidom business acquisition in 2024, adding new campuses and licenses. In 2025 it also recognized R$109,458 thousand of additional income tax expense related to Brazil’s new OECD Pillar Two minimum tax.
Afya Limited reported that Brazil’s Ministry of Education, through the Secretary of Regulation and Supervision of Higher Education, authorized an increase of 63 medical seats at its Afya Abaetetuba campus (ITPAC), bringing that campus to 113 seats.
Afya Cametá, an approved but non-operating medical school in the same health region, will remain non-operational, which created the capacity for these additional seats at Afya Abaetetuba. Across all campuses, Afya now has 3,766 approved medical seats, reinforcing its focus on expanding high-quality medical education in Brazil.
Afya Limited filed a Form S-8 to register additional Class A common shares for its equity incentive plans. The filing covers 3,393,220 shares authorized for issuance under the Amended and Restated Stock Option Plan and 987,016 shares authorized for issuance under the Restricted Stock Plan.
The registration incorporates by reference Afya’s Annual Report on Form 20-F for the year ended December 31, 2024 and subsequent Exchange Act reports. The shares have a par value of $0.00005 per share. This administrative filing expands the pool of shares available for future grants under the company’s employee equity plans.
Afya Limited filed a Form 6-K reporting an operational update. The company announced a medical seats increase at AFYA Faculdade de Ciências Médicas Bragança, as noted in Exhibit 99.1.
The report was signed by Chief Executive Officer Virgilio Deloy Capobianco Gibbon on November 7, 2025.
Afya Limited filed a Form 6-K as a foreign private issuer for October 2025. The filing highlights an exhibit describing the repurchase of its Series A perpetual convertible preferred shares and the repayment of debentures issued by Afya Participações S.A., signaling adjustments to its capital and financing structure.