Thank you for joining us for Afya's conference call. I'm here today with Afya's CEO, Virgilio Gibbon, and our CFO, Luis Andre Blanco. During today's presentation, our executives will make forward-looking statements. Looking statements can be related to future events, future financial or operating performance, known and unknown risks, uncertainties, and other factors that may cause Afya Limited's actual results to differ materially from those contemplated by these forward-looking statements. Forward-looking statements in this presentation include, but are not limited to, statements related to the business and financial performance, expectations, and guidance for future periods, or expectations regarding the company's strategic product initiatives and its related benefits. These risks include those more fully described in our filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on the information available to us as of the date hereof. You should not rely on data as predictions of future events, and we disclaim any obligation to update any forward-looking statements except as required by law. In addition, management may reference non-IFRS financial measures on this call. These measures are not intended to be considered in isolation or as a substitute for the results prepared in accordance with IFRS. This presentation has reconciled these non-IFRS financial measures to the most directly comparable IFRS financial measures. Now let me turn the call over to Virgilio Gibbon, Afya Limited's CEO.

Thank you, Renata, and thanks everyone for joining us today for our third quarter and nine months conference call. This quarter reflects more than financial performance. It demonstrates how our strategy continues to position Afya Limited for sustainable growth, transforming medical education across Brazil. We concluded our thirteenth semester after the IPO, delivering strong growth, profitability, and cash generation, and keeping 100% occupancy in all of our medical programs in Brazil. Our results highlight the strength of our ecosystem while advancing initiatives that will shape the future of medical education and medical practice. Today, I will cover key strategic developments and operational highlights that drove these results. Then Luis Andre Blanco will provide a detailed review of our operational and financial performance. Starting with slide number three. Let's begin with our main performance highlights and strategic priorities for the quarter. Our revenue for the nine-month period grew over 13% year-over-year, reaching BRL 2.784 billion, followed by an adjusted EBITDA growth of almost 19% year-over-year, reaching BRL 1.292 billion. Adjusted EBITDA margin for the same period reached 46.4%, an increase of 200 basis points over last year. We also reported a new record cash flow from operating activities, ending the nine-month period with BRL 1.292 billion, 11% higher than last year, with a cash conversion of 101.5%. Net income followed the same positive trend as the last quarter and reached BRL 593 million, a growth of 20% year-over-year, with a basic EPS reaching BRL 6.40, 20% higher than last year, reflecting stronger operational performance. Turning to our operational updates in this quarter, we maintain our leadership position in medical education, supported by 3,653 approved medical seats and 3,753 seats as of today after the approval of 100 medical seats in Afya Bragança. Our number of undergraduate medical students has reached more than 25,000 students, representing 6% growth compared to the same period last year. Furthermore, our medical schools' net average ticket, excluding acquisition, increased over 3% in the nine-month period. In the continued education segment, we continue to see solid results, presenting a revenue growth of 11% year-over-year, reaching BRL 208 million. For medical practice solutions, we ended the quarter with an increase in revenue of over 9% year-over-year, reaching BRL 128 million in the nine-month period.

Finally, our ecosystem reached 300,000 active users, reflecting strong engagement and broad adoption

among physicians and medical students across Brazil. Moving on to slide number four, we will talk about our solid business execution within our three business units, starting with the undergraduate segment. We saw important movements throughout the quarters, such as an impressive gross margin expansion and the successful beginning of operations acquired in May 2025. In addition, we are pleased to share that we received authorization of 100 medical seats in Afya Bragança, bringing our total approved seats to 3,753 seats. The continued education segment was marked by an increase in graduate students, sustained by another round of organic expansion in our medical graduate campuses, with five new operating units in 2025, a strong gross margin expansion. This nine-month period, we saw a significant increase in B2B revenues with 65% over the last period. Lastly, in our medical prep solutions segment, once again, we ended the quarter with a growth in the clinical management

payers.

In addition, we also saw an increase in B2P, business-to-physician revenues, led by an 11% growth compared to the same period of the prior year. These results reinforce the opportunity ahead in Medical Prep Solutions, which continues to deliver increasing solutions for medical practice. In the next slide, I want to share how our ESG initiatives continue to create long-term value and strengthen Afya Limited's commitment to sustainable growth. Over the nine-month period, we delivered 700,000 free healthcare consultations, including more than 500,000 medical consultations. These achievements exceeded the target set for 2025 and reflect our strong partnership with IFC through the sustainability-linked loan, as well as our public commitment to the United Nations' Sustainable Development Goal number three. I also want to reinforce the creation of Instituto Afya, which represents a new chapter in our journey. This initiative strengthens our focus on sustainability and social impact, with a clear commitment to advancing research, science, and technology for the benefit of society, playing a strategic role in addressing noncommunicable chronic conditions. Finally, Afya Limited's leadership in ESG was recognized by Valor Econômico through the Valor 1,000 award, which evaluates companies based on financial performance and ESG practices. Afya Limited was honored as the top-performing education sector in Brazil for the fourth time in a row. And now I'll be turning the call over to Luis Andre Blanco, Afya Limited's CFO, to provide more insight into the financial operational matters. Thank you.

Thank you, Virgilio, and good evening, everyone. Starting with slide number seven for discussions of key operational metrics by business unit. Starting with the undergraduate programs, our number of medical students grew 6% year-over-year, reaching more than 25,000 students, while approved medical seats increased by almost 2% in 2025. Considering that expansions of 100 seats were approved last week, the expansions in approved seats would be over 4% as of today. Our medical school net average ticket, excluding acquisitions, increased by 3.4% for the nine months, reaching BRL 9,141. We have also achieved BRL 2.459 billion in revenue, up from BRL 2.156 billion from the prior year, an increase of over 14%, due to higher tickets in medicine courses, the maturation of medical school seats, and acquisitions of FUNIC. Regarding the revenue mix, 86% was derived from medical school students and 94% from health-related courses. On the next page, we'll present our continuing education metrics. We approach continued education through three main journeys. Starting with the residency journey, we saw a 36% decrease, reaching 9,969 students by the end of the period. In the graduate journey, student numbers grew by 26%, reaching 9,180 students.

Lastly, our other course and B2B offerings increased by 5% over the same nine-month period of the prior year. Overall, due to an increase in the average ticket per student, the continuing education revenue reached BRL 208 million in the nine-month period of 2025, up from BRL 188 million, reflecting a growth of almost 11% over the same period of the prior year. This includes a 7% increase in B2P revenue and a staggering 65% increase in B2B revenue. Moving to slide number nine, I will discuss the medical practice solutions operational metrics. The first graph shows our total active payers, which are the ones that generate revenues in the business-to-physician. The number of paying users reached 195,000, a 2% decrease over the same period of last year. The second graph highlights our monthly active users, which accounts for 228,000, lower than the 249,000 recorded over the same period of the prior year. Lastly, the third graph shows revenue from our medical practice solutions segment, which grew over 9% year-over-year, reaching BRL 128 million. This growth was primarily driven by an expansion in active payers in clinical management and the more favorable product mix. Of this total, BRL 114 million was generated by B2P, representing an 11% increase, while B2B contributed BRL 14 million, a 2.5% decrease in the nine-month period. On the next slide, we also present Afya Limited's ecosystem. We are pleased to highlight that Afya Limited's substantial contributions to the healthcare community in Brazil. By the end of 2025, our ecosystem encompassed 104,000 physicians and medical students using our services and products. Moving forward to slide number 11, I want to discuss our financial overview for 2025. Starting with the next slide. With great satisfaction, I'm pleased to present another strong quarterly performance for Afya Limited. Revenue…

These actions strengthen

our financial flexibility to support long-term value creation for our shareholders. On my last slide, we can look closely at the net debt variation. As of the end of 2025, net debt stood at BRL 1.342 billion, a reduction of BRL 473 million compared to the end of 2024. This reduction was achieved even considering the acquisition of FUNIC and the return to the shareholders reflected by dividends and share repurchase. Afya Limited's net debt, excluding the effect of IFRS 16, divided by the midpoint of the 2025 adjusted guidance, was only at 0.8 times. Afya Limited's capital structure remained solid with a conservative leverage position and a low cost of debt. This concludes our prepared remarks. We are proud of the strong performance we've delivered this quarter. Our focus on improving the medical journey through an integrated education system and medical practice solutions remains strong, helping students become doctors, supporting ongoing medical learning, and making physicians more accurate and efficient. Looking ahead, we are excited about the opportunities in front of us and confident in our ability to keep creating value for the entire ecosystem. I will now open the conference for the Q&A session. Thank you.

For those who wish to ask a question, please use the raise hand feature, and we'll call on participants. The first question comes from Lucca Marquezini from Itaú BBA.

The first question is regarding the effective tax rate. So can you please provide more color on the company's current understanding of the tax rate discussion? And also, what do you believe to be an adequate assumption for this line going forward? And then the second one will be regarding capital allocation. So considering this was another quarter of solid cash generation, what should we expect for the company's capital allocation strategy going forward? Should we expect a higher dividend payment or even greater M&A activity in the upcoming years? That's our questions. Thank you.

Lucca, it's Blanco speaking. I'll take the two questions. First, regarding taxation. We ended the nine-month period with an effective tax rate of 9.7%, which was greater than the 5.1% that we had from last year. The main reason for this increase is the provision that we are making for the Pillar Two taxation that was implemented in Brazil during 2025. And this provision, this taxation, will be disbursed in July 2026. So we are provisioning for this taxation during 2025. The effect of this minimum taxation was a little bit reduced by the provision of deferred tax assets that we recognized during the year. Moving ahead, for 2026 and beyond, we would expect that the effective tax rate should converge to the minimum taxation of 15%. That's the taxation of the Pillar Two. So if we do not gain the Pillar Two taxation, nor by the injunctions that we are discussing or through a change in the current legislation regarding Pillar Two, we would expect that from 2026 onwards, the effective tax rate would converge to 15%. To your second question regarding capital allocation, what we did during this October, we did a big liability event, raising new debt regarding the commercial notes that were issued to the market. And with the use of proceeds from it, we did the prepayment of the debentures, and we repurchased the preferred shares from SoftBank that would be early redeemed in May 2026. So with that, we increased our duration and kept the cash in place to do the capital allocation itself. So we have in our hands the possibility of doing an M&A or even increasing the buyback or even paying dividends. All the alternatives that we have on our hands, we will have the best choice to evaluate the scenario in the next couple of months to take the better decisions to increase value to our shareholders.

One point that I would like to highlight is that when we anticipated the payment of SoftBank's transaction, we had a financial gain. We negotiated with them to have a financial gain that will be proportional to the difference of the interest rate that we would have between this period and the due date of the contract.

That's very clear. Thank you.

Of course. So our next question comes from Eduardo Hezeig from UBS.

Good evening, Virgilio, Blanco, Renata. Thanks for taking my question. I have two on my side. So first, a double click on the allocation. You highlighted your initiatives for shareholder remuneration. But looking at the effects of the new tax reform and impact for foreign players and investors, I just would like to understand if possible other strategies are being evaluated on this front. So this is the first question. And second, if you could provide any color on the 2026 intake cycle with overall trends observed in the latest entrance exam that you applied at the end of this semester. Any color on this front would be very helpful. Thank you.

Hi, Eduardo. Virgilio here. So about capital allocation, as Blanco mentioned on the previous question here, we're analyzing still on the M&A front, good opportunities on medical assets, medical school assets in some regions. So still aiming to have around 200 seats per year as our guidance in terms of capital allocation. So and regarding distributing that to shareholders, we'll keep combining the best option between buyback programs as the one that we just launched, the biggest one that we launched in our recent history here, and also paying dividends even considering the 10% additional cost. So we'll be combining two of them, taking the best consideration of the market price of our shares and all the availability of cash that we have on hand. Regarding intake for 2026, it's still very early. We are collecting all the candidates. The only thing that we can anticipate is that, well, the tuition that we are aiming for 2026 is around 5% to 5.2% over 2025. So that's the only information from that.

Perfect. Thank you.

Next question comes from Lucas Nagano from Morgan Stanley.

Hi. Good evening, Virgilio, Blanco, Renata. Thanks for the space here. We have two questions. And the first is a follow-up on the ticket readjustment you mentioned. Which is if we should see any mix effect next year or if average ticket should converge to the 5% growth you just mentioned? Because this year, I think there was possibly some effects related to FIES. That's the first question. And the second question is a more conceptual one. In the last Afya Day, we discussed a lot about the supply side, about competition, and Afya Limited's strategy to offset those pressures. And the question is from the demand side, are you seeing any change, even if it's marginal, in how the applicants perceive the attractiveness of the medical career? If it should be affected both for the sector as a whole or for the worst players? Thank you.

Hi, Lucas. So the first question about ticket, the 5% to 5.2% across the board is in terms of gross tuition. So it's too early in the process to check how it would be the effect considering the FIES. But what we are aiming here is to keep it stable around 17% to 18% the penetration of FIES on our medical student base. So it's too early to check how the portfolio and combination of them compared to 2025. But for now, we just can say that it will be around 5%. Okay? Regarding competition, the number of candidates that we are seeing in terms of demand is very close to what we had last year. So we are not seeing any difference from city to city. So in terms of average, we are very close to the same figures that we had last year at the same time. Okay? Just in terms of candidates.

Perfect. That's very clear. Thank you.

Thanks, Lucas. Next question comes from Marcelo Santos from JPMorgan.

Hi. Good evening. Thanks for taking my question. I have two as well. The first question is about the gross margins on medical practice solutions. There was a nice sequential increase. So just wanted to get your comments there. And the second question is the clinical decision software. This is the second quarter of sequential loss of subscribers. Just wanted to also get some color on these trends. Thank you very much.

Hi, Marcelo. First one, the increase of 2% in terms of margins in the segment was related to the cost management that we do within the products. Nothing specific to highlight on that. It's an ongoing initiative that we have here to gain efficiency.

Yeah. Just remember, just adding on the first question here, Marcelo. Remember that we launched many new campuses, new sites that we are offering continued education. So we are getting to the second and the third intake process. So it's a kind of dilution of the fixed cost and gaining more synergy with the campuses that we launched over the last eighteen months. Okay? On the second one, I think just to clarify, the question was about the clinical decision solution, the reduction of users that we have in the second semester in a row. Is that right?

Yeah. That's correct, Virgilio.

Yeah. So the clinical decision, the white book solution, we changed our prices at the end of last year. So strongly. So the decision on that was in terms of elasticity study at that moment. And we didn't change the combination about freemium users and also premium users with a much higher price. So the result of that was positive in terms of revenues, we lost freemium users at that moment in the beginning of their career or last year of medical programs. What we are doing right now to resume growth on the audience is reviewing the combination of features that we are offering through the freemium version and also premium version. So this is something that we want to resume the penetration on that, not only benefit in the short term, the revenues on white book. I think the most important in terms of penetration, iClinic on the other side, it's the most important data for all monetization on B2B. It's accelerating and having much more penetration than also we were expecting. Because we have also to compete with other medical records and to substitute clinic by clinic is something that, well, it's not in a short and easy way. So on our two most important digital solutions, one, we need to resume penetration. There is white book. We are launching a lot of features as you may have seen on our Afya Day using adopting AI to change this and also embedding this on our premium version. On the other side, iClinic also embedding AI features. We are ramping up and accelerating penetration over clinics in the country. Okay?

Perfect. Just on the first question, I was asking about the margin increase of medical practice solution, the continued education. And what I'm saying is that it went from 66% in the second quarter to 73%. So it's a sequential increase of seven points which was more on this one. I think you gave me the answer on the continued education, if I'm not mistaken.

Yes.

But, Marcelo, I would say that's a yes. We are increasing these seven almost seven points regarding 2025. But if you compare with February 2024, it's a 2% below the 2% data I mentioned. So I would say that we have the kind of seasonality on that. And these down of this 2% that was in the twelve months comparison, it's nothing to highlight on that. It's regarding the second quarter, it's something about seasonality. Okay?

Alright. Thanks a lot.

Thank you, Marcelo. Next question comes from Mirela Oliveira from Bank of America.

Good evening. Thank you for taking my question. I have two questions here. The first one, it's on the recently acquired unit. If you guys could comment a bit on the expected time frame for the ramp-up of FUNIC and how long do you expect margins to be at the company's run rate? And the second one is on the consolidated EBITDA margins. The company has delivered a significant margin expansion in the past nine months, paving the way for reaching the top of the guidance. So just wondering here if you could comment a bit on if you see room for further margin expansion ahead and what would be the main levers for it. That would be it from my side.

I'll take the two questions. First of all, FUNIC, it's our first year operating over there. So just 60 seats, sixty-zero seats, 60 seats. So it's just in the beginning of the migrations. We just implemented and launched the first class starting in August. So the first year, you have low margins because of all the implementations of the faculty and just the fact that we have just one class over there. So what we see with FUNIC is it's based on Contagem. Contagem, it's in the greater Belo Horizonte area, and then we're gonna, as the maturation comes, we're gonna reflect the increase of margins according to the increase of the maturation, the increases of the number of students. So it's according to our business plan. The tax decisions. It's a question of timing of gaining operational leverage regarding FUNIC. Regarding the Just to add one point here, is that just based on our track record managing all the greenfield, the new medical school campuses, we can reach a very high margin after two to three years with these campuses' maturation. And considering that, well, we didn't start the internship phase that is in the fifth and the sixth year. So in terms of margin, we can scale rapidly the margin close to 50% to 60% the contribution margin. But remembering that on the fifth and the sixth year, that will converge to the overall margin because we start the internship. Yeah. And regarding the EBITDA margin increase, I would say that we're not doing that in this year. But in the last two years, we have been increasing significantly the margins of it. So it was a question of working with the three segments to gain efficiencies in the undergrads. Remember that in the beginning of 2024, we made the changes in the digital and continued education. We moved all the educational digital assets from the formerly digital segment to the continued educational and the continued education started to offer hybrids, offer on that. And on top of that, we've implemented in the end of 2023 our zero-cost budgeting that helps a lot in SG&A expenses. So for the last, I would say, for the last two years, we've been capturing a lot of these margin expansions.

That's super clear. Thank you.

Thank you. Next question comes from Helena Prata from Citi.

Oh, sorry. I was on mute. Thank you for taking my questions. Super brief here. I just wanted to try to get a sense of the continuing education segment, the number of students on the residency journey, I think it dropped over 30%. So I'm just trying to understand if this is a one-time effect or is something that should expect to continue going forward. Thank you.

Hi, Helena. Yes. It's a one-time effect here because we decided to join the offer of Mentoria and also the residency prep program. So last year, we used to count twice. So the student that was applying for Mentoria and also applying for residency prep, they were subscribed for both products, counted twice. Now the offer, we are combining Mentoria into a residency prep. So it's a joint product here, and most of them now are buying this program together. So the effect on the number of users, the number of subscribers is lower, but the effect on revenues is not on the same lens. So it's a one-time effect. And just adding on that, because of this change, we are seeing a much higher growth on the intake cycle that now we are in the top seasonality of the residency because of this new combination that we started last year. Okay?

Super clear. Thank you.

So we don't have any other questions. If you still have a question or want anything cleared, you can contact the investor relations team, and we'll be happy to help you. So thank you for having us this night, and see you next time.