Afya 9M26 slides: market leader shows solid growth, investment phase

Afya (NASDAQ:AFYA), Brazil’s leading medical education and healthcare solutions provider, reported solid growth in its nine-month 2026 institutional results, released on November 12. The company, which now operates 3,785 medical seats across 38 campuses, representing about 10% of Brazil’s 38,450 approved private medical seats, saw revenue grow by 6.7% year-over-year to R$2,970 million.

Despite slower monetization in Continuing Education and Medical Practice Solutions, Afya’s undergraduate medical education business demonstrated strong performance, generating 85% of total company revenue. The company’s investment phase is evident in its strategic focus on expanding its ecosystem, which now serves over 300,000 users across the medical career journey.

While adjusted EBITDA margin contracted slightly by 90 basis points, Afya’s financial evolution remains robust, with revenue and EBITDA growing steadily since 2023. The company’s market position, characterized by high physician demand and low barriers to entry, is further underscored by its 100% occupancy across all medical programs in Brazil.

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