Afya

Balance sheet is robust with net debt ex‑IFRS16 at R$1.15b as of March 31, 2026, down nearly R$373m year over year, supported by cash of R$1.33b. FY25 operating cash flow was R$1.53b; company‑reported FY25 free cash flow reached a record R$1.06b; 1Q26 operating cash conversion was 92.5%.

Net debt to adjusted EBITDA runs about 0.7–0.8x, and Moody’s Local Brazil upgraded Afya to AAA.br in April 2025. Debt is largely CDI‑linked; rate cycles matter, but liquidity and coverage are ample. Dividend capacity was demonstrated with a R$307m declaration on FY25.