26k
1H26 Medical Students
Investment Highlights
56k
1H26 Continuing Education Students
212k
1H26 Monthly Active Users (MAU)
295k
1H26 Users in Afya's Ecosystem
R$ 805.5 million
1H26 Operating Cash Flow
0.8x
1H26 Net Debt / Adj EBITDA
5.10
1H26 Earnings Per Share
3,785
As of September 2026 - Medical Seats
R$1,984.8 million
1H26 Revenue
46.2%
1H26 Adjusted EBITDA Margin
R$463.1 million
1H26 Net Income
87.8%
1H26 Cash Conversion
Growth Strategy
Afya's growth is driven by an integrated ecosystem that supports healthcare professionals from their first day of medical school through their entire clinical practice.
Undergraduate
Training future physicians
Continuing Education
Advancing medical expertise
Medical Student
Beginning the journey
General Physician
Building clinical experience
Specialist Physician
Deepening expertise
Senior Physician
Advanced practice and leadership
Medical Practice Solutions
Digital tools and solutions supporting physicians throughout their professional journey
B2B Health Solutions
Connecting Healthcare partners with Afya's physicians network through scalable education and digital engagement solutions,
Follow our Journey
Afya is a leading medical education group in Brazil based on number of medical school seats, delivering an end-to-end physician-centric ecosystem that serves and empowers students and physicians to transform their ambitions into rewarding lifelong experiences from the moment they join us as medical students through their medical residency preparation, graduation program, continuing medical education activities and offering digital products to help doctors enhance their healthcare services through their whole career.
1999
ITPAC Araguaína (TO) College is founded, later transferred to Palmas (TO).
Number of seats: 80
Total seats: 80
2004
Acquisition of UNIVAÇO (Ipatinga College), in MG, and IPTAN (Presidente Tancredo Neves Higher Education Institute), in São João del-Rei (MG).
Number of seats Univaço: 100
Number of seats Iptan: 49
Total seats: 229
2008
ITPAC Porto Nacional (TO) starts to operate.
Number of seats: 120
Total seats: 349
2010
Start of the IESVAP project, in Parnaíba (PI).
Number of seats: 80
Total seats: 429
2014
Creation of the holding company NRE Educacional, in partnership with the Bozano Investment Fund.
2017
Activities start at the ITPAC Palmas (TO) unit. ITPAC Araguaína (TO) and IPTAN (currently UNIPTAN, in MG) become University Centers. Opening of NRE Educacional Services Center, in Nova Lima (MG).
Number of seats ITPAC Palmas: 120
Total seats: 549
2018
Acquisition of 60% of the shares of FMIT – School of Medicine of Itajubá (MG), 100% of FADEP – Pato Branco (PR) College, and 80% of UNINOVAFAPI (PI). 7 Mais Medicos Campuses Awared
Number of seats FMIT: 87
Number of seats FADEP: 110
Number of seats UNINOVAFAPI: 171
Number of seats 7 Mais Médicos Campuses: 350
Total seats: 1,267
2019
March
Afya Educacional is born from the merger of two brands whose purpose is the teaching of medicine: NRE, leader in medical undergraduate programs in the country, and Medcel, a brand of preparatory courses for residency programs. Afya emerges with an innovative market positioning: be a physician’s key partner throughout their career.
April
Acquisition of Faculdades Santo Agostinho. FASA has four units, two in Bahia, with a medical program (Vitória da Conquista and Itabuna) and two in Minas Gerais (Montes Claros and Sete Lagoas).
Number of seats: 185
Total seats: 1,452
May
Acquisition of IPEMED, a medical graduate school brand. Founded in 2005, in Belo Horizonte, IPEMED has a portfolio of programs in several specialties, operating in five units: BH, RJ, SP, Salvador and DF.
July
Afya’s IPO on Nasdaq up to US$250 million
August
Acquisition of the School of Medicine of Marabá (PA). FACIMPA marks Afya’s arrival to Pará, with the offer of 120 annual seats in the medical program.
Number of seats: 120
Total seats: 1,572
2020
January
The acquisition of UniRedentor University Center, in Rio de Janeiro, represented Afya’s arrival in this state. With several undergraduate and graduate degrees in the health area, the hallmark of the institution is the medical program at UniRedentor’s campus in the city of Itaperuna.
Number of seats: 112
Total seats: 1,684
May
The acquisition of the University Center São Lucas Porto Velho and São Lucas Ji-Paraná brought Afya to Rondônia. The capital’s unit, Porto Velho, is authorized by MEC (Ministry of Education) to offer a medical degree with 182 annual seats.
Number of seats: 182
Total seats: 1,866
July
The healthtech PEBMED joins the group, an acquisition that marked Afya’s ingress in the area of digital services for physicians. Created in 2012, PEBMED owns Whitebook, a technological platform for clinical decision-making support, and a leader in this segment.
October
Start of operation of ITPAC Santa Inês (MA), a medical school won by Afya under the scope of the 2018 public tender for the Federal Government’s Mais Médicos Program. ITPAC Santa Inês marked Afya’s arrival in the state of Maranhão.
Total seats: 1,866
November
Acquisition of two new HEIs that offer medical degrees: Fesar, in Redenção (PA), and FCMPB, in João Pessoa (PB). In the same month, Afya made its second foray into the segment of digital services for physicians with the acquisition of Medphone.
Number of seats FESAR: 120
Number of seats FCMPB: 157
Total seats: 2,143
December
Start of operation of ITPAC Cruzeiro do Sul (AC), a medical school won by Afya under the scope of the 2018 public tender for the Federal Government’s Mais Médicos Program. ITPAC Cruzeiro do Sul marked Afya’s arrival in the state of Acre.
Total seats: 2,143
2021
January
Acquisition of iClinic, a startup created in 2012 to bring technology to physicians through an electronic medical record, online medical appointment scheduling, marketing and financial management, and billing of health insurance operators.
March
Medicinae, the group’s 4th healthtech is acquired. Created in 2016, this fintech offers physicians solutions to control their practice’s cash flow and working capital.
April
Acquisition of Cliquefarma and Medical Harbour. Clickfarma is a price comparison website for the end consumer. And Medical Harbour develops imaging solutions for health education, especially anatomy. It also works with radiology solutions.
May
Acquisition of SHOSP, a practice management software that includes management and service functionalities, such as scheduling, medical record, financial control, patient relationship hub, in addition to a telemedicine modul
May
SoftBank Latin America Fund becomes a shareholder of Afya (with 8.4% of the shares), after an investment of US$ 150 million.
June
Acquisition of UnifipMoc and Fip Guanambi, in the states of Minas Gerais and Bahia. The purchase of UnifipMoc and Fip Guanambi is the 17th Afya’s acquisition, among the educational and healthtech institutions, since the IPO, in 2019.
Number of seats: 160
Total seats: 2,303
August
Acquisition of UNIGRANRIO, in Rio de Janeiro state, our biggest medical school acquisition in number of medical seats. UNIGRANRIO has the highest quality score among all for-profit Universities and University Centers in the state of Rio de Janeiro with solid IGC continuos of 3.16.The purchase of UNIGRANRIO is the 18th Afya’s acquisition, among the educational and healthtech institutions, since the IPO, in 2019.
Number of seats: 308
Total seats: 2,611
October
Acquisition of RX PRO, solution that connects physicians with the pharmaceutical industry, providing specialized and personalized marketing for those companies, in a more convenient way for physicians. RX PRO does this by delivering free samples to a community of pre-selected physicians and offering medical updates regarding pharmaceutical products and treatments in a fast and efficient way for doctors.
November
Acquisition of ITPAC Garanhuns, in Pernambuco state. This authorization is in connection with a previous requirement made by ITPAC, a subsidiary of Afya Participações (“Afya Brazil”), to expand their operation and open a branch in the city of Garanhuns, before the consolidation of Afya.
Number of seats: 120
Total seats: 2,731
2022
March
Acquisition of Além da Medicina, a medical content online platform for physicians and medical students that provides educational tools besides technical medical content that can assist them throughout their careers. Its robust content includes mentoring for residency, soft skills, finance, accounting, and investment basics for physicians.
March
Increase of 28 seats of Centro Universitário São Lucas, in Ji-Parana, located in the state of Rondônia, authorized by the Secretary of Regulation and Supervision of Higher Education of the Ministry of Education (“MEC”).
Number of seats: 28
Total seats: 2,759
April
Acquisition of Cardiopapers, the main medical content and education platform in the Cardiology field, offering courses and books developed by physicians and for physicians, covering all phases of the medical career, aligned with Afya’s overall business strategy.
May
Acquisition of Glic, a free diabetes care and management app solution for physicians and patients that uses technology to improve diabetes education and daily routine practices, connecting users, devices and health providers.
December
Increase of 64 medical seats of Faculdade Santo Agostinho, in the city of Itabuna, located in the state of Bahia, authorized by the Ministry of Education (“MEC”) authorized the. With the authorization, Afya reached 149 medical seats on this campus.
Number of seats: 64
Total seats: 2,823
2023
January
The acquisition of 100% of the total share capital of Sociedade Educacional e Cultural Sergipe DelRey Ltda. (“DelRey”), that encompasses the operations of Centro Universitário Tiradentes Alagoas (“UNIMA Alagoas”) and Faculdade Tiradentes Jaboatão dos Guararapes (“Faculdade de Ciências Médicas Jaboatão dos Guararapes”), was concluded on January 2nd. The purchase of UNIMA Alagoas and Faculdade de Ciências Médicas Jaboatão dos Guararapes is the 20th Afya’s acquisition, among the educational and healthtech institutions, since the IPO, in 2019.
Number of seats: 340
Total seats: 3,163
2024
January
Increase of 40 medical seats of Faculdades Integradas Padrão (FIP Guanambi), in the city of Guanambi, located in the state of Bahia, authorized by the Higher Education Ministry of Education (“MEC”). With the authorization, Afya reached 100 medical seats on this campus.
Number of seats: 40
Total seats: 3,203
July
The acquisition of 100% of the total share capital of Unidom Participações S.A. (“Unidompedro” and “Faculdade Dom Luiz”), present in Salvador (BA), Luis Eduardo Magalhães (BA), Barreiras (BA) and Ribeira do Pombal (BA), was concluded on July 1st. The purchase of Unidompedro and Faculdade Dom Luiz is the 21th Afya’s acquisition, among the educational and healthtech institutions, since the IPO, in 2019.
Number of seats: 300
Total seats: 3,503
July
Increase of 80 medical seats of Centro Universitário de Maceió (UNIMA Alagoas), in the city of Maceió, located in the state of Alagoas, authorized by the Higher Education Ministry of Education (“MEC”). With the authorization, Afya reached 220 medical seats on this campus.
Number of seats: 80
Total seats: 3,583
September
The Ministry of Education (MEC) approved the reconsideration request from the Universidade do Grande Rio Professor José de Souza Herdy (Unigranrio), reinstating 10 medical school seats in Rio de Janeiro. As a result, Unigranrio now offers 318 medical school seats, totaling 3,593 approved spots across the entire Afya network, consolidating its leadership in medical education in Brazil.
Number of seats: 10
Total seats: 3,593
2025
May
The acquisition of 100% of the total share capital of Faculdade Masterclass Ltda. (“FACULDADE ÚNICA DE CONTAGEM” or “FUNIC”), located in Contagem, a city in the metropolitan area of Belo Horizonte, the capital of the State of Minas Gerais, was concluded on May 7th. The purchase of Funic is the 22th Afya’s acquisition, among the educational and healthtech institutions, since the IPO, in 2019.
Number of seats: 60
Total seats: 3,653
November
Increase of 100 medical seats of ITPAC Porto Nacional – Instituto Tocantinense Presidente Antonio Carlos Porto S.A. (AFYA Faculdade de Ciências Médicas Bragança), in the city of Bragança, located in the state of Pará, authorized by the Higher Education Ministry of Education (“MEC”). With the authorization, Afya reached 150 medical seats on this campus.
Number of seats: 100
Total seats: 3,753
2026
February
Increase of 63 medical seats for ITPAC – Instituto Tocantinense Presidente Antonio Carlos Porto S.A. (“Afya Abaetetuba”), located in the city of Abaetetuba, in the state of Pará. With this authorization, Afya’s Abaetetuba campus will offer a total of 113 medical seats.
As Afya Cametá—an approved but, non-operating medical school —and Afya Abaetetuba are located within the same health region, Afya Cametá will not become operational, thereby creating the capacity that enabled the approval of 63 additional medical seats at Afya Abaetetuba.
Number of seats: 63
Total seats: 3,768
September
Increase of 17 medical seats of ITPAC Cruzeiro do Sul – Instituto Tocantinense Presidente Antonio Carlos Porto S.A. (“AFYA Cruzeiro do Sul), in the city of Cruzeiro do Sul, located in the state of Acre, authorized by the Higher Education Ministry of Education (“MEC”). With the authorization, Afya reached 67 medical seats on this campus. This significant presence underscores our commitment to providing quality medical education and our role as the leading provider of medical education in Brazil.
Number of seats: 17
Total seats: 3,785
FAQ
Afya is a leading medical education group in Brazil based on the number of medical school seats, delivering an end-to end physician-centric ecosystem that serves and empowers students and physicians to transform their ambitions into rewarding lifelong experiences from the moment they join us as medical students through their medical residency preparation, graduation program, continuing medical education activities and offering medical practice solutions to help doctors enhance their healthcare services through their whole career.
Our mission is to provide an ecosystem that integrates education and medical practice solutions for the entire medical journey, enhancing the development, updating, assertiveness, and productivity of health professionals.
Our headquarters is at Rua Paraíba, No 330 15th floor, Funcionários, Belo Horizonte, Minas Gerais.
Afya’s fiscal year ends December 31. Quarterly periods conclude on March 31, June 30, September 30, and December 31.
On March 12, 2025, our board of directors approved the distribution of our first-ever dividends. The payment of any dividends in the future is subject to continued capital availability, market conditions, applicable laws and agreements, and our board of directors continuing to determine that the declaration of dividends are in the best interests of our shareholders. The declaration and payment of any dividend may be discontinued or reduced at any time, and there can be no assurance that we wil declare dividends in the future in any particular amounts, or at all.
KPMG
You may contact our Investors Relations team through the e-mail [email protected].
