Afya

Predictability is anchored by multi‑year cohorts, seat maturation, and recurring academic calendars. FY25 revenue grew 11.9% with adjusted EBITDA up 15.4% and operating cash conversion at 93.7%. 1Q26 continued at an 8.2% revenue growth pace with a 50.5% adjusted EBITDA margin.

Growth beyond mid‑single digits depends on incremental seat approvals, campus ramps, and continuous intake execution. Digital MAU softness introduces a small variable layer, but it is a minority of revenue.

Geographic concentration in Brazil adds macro/FX exposure, but domestic demand for physicians and regulatory capacity constraints underpin steady long‑term volumes.