We are also pleased to reaffirm that Afya remains on track to meet our full-year 2025 guidance, supported by disciplined execution and strong business fundamentals. Once again, we delivered strong performance closing the first half of 2025 with a notable growth of 15% in revenues, reaching BRL 1.856 billion. Adjusted EBITDA reached BRL 893 million, expanding 20% year-over-year with an impressive margin of 48.1%, an increase of 228 bps over last year. In addition, supported by the increase in adjusted EBITDA, our basic EPS climbed to BRL 4.69 recently, representing a 17% increase over the previous year.
Moving to our operational updates, we have 3,653 approved seats with the closing of the FUNIC acquisition, which contributed an additional 60 seats to our portfolio. Furthermore, our number of undergrad medical students has reached almost 26,000 students, representing nearly 14% growth compared to the first half of 2024. In addition, the medical school net average ticket, excluding the Unidom acquisition, reached BRL 9,140, over a 3% increase year-over-year. Starting with the undergraduate segment, medicine costs continue to show strong performance with a student-based increase of 14%.
This growth, in addition to the integration of Unidom and the ramp-up of four MICE medical campuses launched in the third quarter of 2022, contributed to a gross margin expansion for the segment. Additionally, as already mentioned, we completed the acquisition of FUNIC, which added 60 new medical seats to our portfolio, with operations starting the second semester of 2025, further strengthening our academic capacity and presence. The continuing education segment was marked by an increase in graduate journey students, in addition to a gross margin expansion driven by our ongoing operational restructuring, which continues to contribute to improving costs. In the medical practice solutions segment, growth was driven by clinical management payers, an increase of 10% year-over-year.
| Metric | Period | Current guidance |
|---|---|---|
| Full-year 2025 revenue and adjusted EBITDA | FY2025 | Reaffirmed, unchanged range; H2 kept conservative given continuing-education seasonality (new cohort warm-up after September) |
| Effective tax rate | H2 2025 and long run | Expected to converge toward the 15% OECD Pillar Two minimum in the long run |
| Metric | YoY | Note |
|---|---|---|
| Q2 2025 revenue (BRL 919 million) | +14% | 3.2% increase in medical-course net average ticket, maturation of medical seats, and the Unidom acquisition |
| H1 2025 revenue (BRL 1.856 billion) | +15% | Steady expansion across undergrad and continuing education segments |
| Q2 2025 adjusted EBITDA (BRL 401 million, 43.6% margin) | +17% | Gross margin expansion plus SG&A efficiency; margin up 110 bps |
| H1 2025 adjusted EBITDA (BRL 893 million, 48.1% margin) | +20% | Gross margin gains in undergrad and continuing education, Unidom integration, MICE campus ramp-up, restructuring, and SG&A efficiency; margin up ~228 bps |
| Q2 2025 net income (BRL 177 million) | +9% | Strong operations partly offset by the new OECD Pillar Two tax legislation |
| H1 2025 net income (BRL 434 million) | +17% | Higher adjusted EBITDA flowing through to the bottom line |
| Undergraduate segment revenue (BRL 1.642 billion) | +16% | 14% student-base growth, Unidom integration, and MICE campus maturation; 86% from medicine, 94% from health-related courses |
| Continuing education revenue (BRL 138 million) | +8% | Graduate journey grew 12% to 9,055 students; other courses/B2B up 19% |
| Medical practice solutions revenue (BRL 84 million) | +9% | Clinical management payers up 10% and B2P revenue up ~12%; B2B revenue BRL 75 million (+12%) |
| Operating cash flow (BRL 783 million) | +15% | Robust operational performance; 88.8% cash conversion |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Margin expansion via shared service center and SG&A efficiency | Major team centralizations in continuing education and medical solutions began in 2024 | Additional centralization of undergraduate services into the shared service center; synergies still being captured across all three segments | — |
| Operational leverage from maturing assets (MICE campuses, Unidom) | Four MICE medical campuses launched in Q3 2022; Unidom (Salvador) acquired and integrating | Continued maturation driving gross margin and bottom-line EBITDA margin expansion | — |
| New share repurchase program | — | Board approved buyback of up to 4 million Class A shares (~4% of shares) through December 31, 2026, alongside dividends to lift EPS | — |
| OECD Pillar Two taxation and Prouni risk | — | Working two fronts - a judicial protection filing (no outcome yet) and lobbying executive/legislature that Pillar Two withdraws Prouni benefits, affecting 10,000+ supported students | — |
| M&A environment | — | Sellers pricing softening amid new-entity distress; location and reputation increasingly decisive for pricing; company pursues right profile at the right price | — |
| ENAMED exam opportunity | — | Seen as a marginal-CapEx growth opportunity in continuing education (assets already in place), leveraging residency-prep content across B2C and B2B | — |