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Afya Limited Announces Third Quarter and Nine Months 2026 Financial Results

AFYA
  • Afya Limited reported third-quarter 2026 revenue of R$985.2 million, up 6.1% year-over-year, with nine-month revenue reaching R$2,970.0 million, a 6.7% increase.
  • Adjusted EBITDA for the third quarter rose 8.7% to R$433.8 million with a margin of 44.0%, while nine-month adjusted EBITDA grew 4.6% to R$1,351.8 million with a margin of 45.5%.
  • Net income for the third quarter increased 7.2% to R$171.0 million, and for the nine-month period rose 6.9% to R$634.0 million.
  • Basic earnings per share (EPS) increased 10.0% to R$1.88 in the third quarter and 9.1% to R$6.98 for the nine-month period.
  • The company reaffirmed its full-year 2026 guidance, projecting revenue between R$3,950 million and R$4,100 million, adjusted EBITDA between R$1,700 million and R$1,800 million, and CAPEX between R$340 million and R$380 million.
  • Afya entered a binding merger agreement on September 23, 2026, with Yduqs, where Afya shareholders would hold 69.0% of the combined entity upon closing.
  • The merger is subject to shareholder approvals, antitrust clearance, and other customary conditions, with a contractual deadline for consummation of March 31, 2028.
  • Undergraduate programs remained the primary growth driver, with total medical school seats reaching 3,785 following the addition of 17 seats at Afya Cruzeiro do Sul.
  • Continuing Education students grew 10.0% year-over-year to over 55,000, while Medical Practice Solutions active payers increased 2.2% to 206,000.
  • Operating cash flow for the nine-month period was R$1,332.7 million, resulting in an operating cash conversion ratio of 99.5%.
  • Cash and cash equivalents totaled R$1,288.9 million as of September 30, 2026, while net debt excluding IFRS 16 decreased by R$169.7 million to R$1,199.8 million.
  • The company returned R$459.3 million to shareholders via dividends and share repurchases during the first nine months of 2026.
  • Over 300,000 users were positively impacted by Afya's ecosystem, with MSCI ESG ratings improving from BBB to AA.
  • Capital expenditures for the nine-month period totaled R$215.7 million, representing a 28.8% decrease year-over-year.