$AFYA

Afya Ltd

CIK:0001771007|SEC Filings

Consolidated statement of income and other comprehensive income - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Revenue	R$ 3,697,255	R$ 3,304,329	R$ 2,875,913
Cost of services	(1,313,895)	(1,215,603)	(1,109,813)
Gross profit	2,383,360	2,088,726	1,766,100
Selling, general and administrative expenses	(1,113,065)	(1,008,427)	(940,132)
Allowance for expected credit losses	(57,090)	(60,894)	(74,552)
Other income	18,762	13,299	53,206
Other expenses	(18,857)	(20,591)	(37,561)
Operating income	1,213,110	1,012,113	767,061
Finance income	194,943	111,283	110,642
Finance expenses	(561,024)	(458,742)	(457,616)
Net finance result	(366,081)	(347,459)	(346,974)
Share of profit of equity-accounted investee, net of tax	13,916	11,737	9,495
Income before income taxes	860,945	676,391	429,582
Income taxes expenses
Current	(133,328)	(24,238)	(27,399)
Deferred	40,826	(3,233)	3,233
Net income	768,443	648,920	405,416
Other comprehensive income
Total comprehensive income	768,443	648,920	405,416
Net income / total comprehensive income attributable to:
Owners of the Company	752,461	631,510	386,324
Non-controlling interests	15,982	17,410	19,092
Total comprehensive income	R$ 768,443	R$ 648,920	R$ 405,416
Basic earnings per common share	R$ 8.32	R$ 7.01	R$ 4.30
Diluted earnings per common share	R$ 8.24	R$ 6.93	R$ 4.27

Consolidated statement of cash flows - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Income before income taxes	R$ 860,945	R$ 676,391	R$ 429,582
Adjustments to reconcile income before income taxes
Depreciation and amortization expenses	373,344	333,341	289,511
Write-off of property and equipment	3,062	2,539	1,910
Write-off of intangible assets	275	244	413
Allowance for expected credit losses	57,090	60,894	74,552
Share-based compensation expense	15,318	32,424	31,535
Net foreign exchange differences	1,816	7,027	681
Accrued interest	316,379	254,386	285,447
Accrued interest on lease liabilities	123,067	111,966	100,849
Share of profit of equity-accounted investee, net of tax	(13,916)	(11,737)	(9,495)
Provision (reversal) for legal proceedings	23,250	9,705	(40,044)
Changes in assets and liabilities
Trade receivables	(177,602)	(97,449)	(131,336)
Recoverable taxes	(10,749)	18,107	(15,353)
Other assets	(10,798)	11,220	88,427
Trade payables	(4,499)	18,126	24,500
Taxes payable	(18,109)	(14,798)	3,278
Advances from customers	(3,013)	6,329	(17,892)
Labor and social obligations	9,450	8,414	31,525
Payments of legal proceedings	(6,873)	(4,637)	(16,781)
Other liabilities	9,196	30,687	(42,542)
Net cash flows from operating activities before income taxes	1,547,633	1,453,179	1,088,767
Income taxes paid	(16,046)	(20,520)	(45,144)
Net cash flows from operating activities	1,531,587	1,432,659	1,043,623
Investing activities
Acquisition of property and equipment	(166,014)	(136,924)	(118,435)
Acquisition of intangibles assets	(197,997)	(255,691)	(126,993)
Dividends received	15,553	7,501	9,900
Acquisition of non-controlling interest			(21,000)
Acquisition of assets and subsidiaries, net of cash acquired	(144,076)	(627,568)	(815,005)
Payments of interest	(14,536)	(78,931)	(71,518)
Net cash flows used in investing activities	(507,070)	(1,091,613)	(1,143,051)
Financing activities
Payments of principal of loans and financing	(1,624,911)	(128,696)	(112,630)
Payments of interest	(309,337)	(177,192)	(175,889)
Proceeds from loans and financing	1,494,881	491,593	5,288
Payments of principal of lease liabilities	(49,411)	(41,221)	(31,473)
Payments of interest of lease liabilities	(121,475)	(111,605)	(103,911)
Treasury shares repurchase	(77,002)		(12,369)
Proceeds from exercise of stock options	25,733	9,376	9,791
Dividends paid	(146,813)	(18,289)	(18,750)
Net cash flows from (used in) financing activities	(808,335)	23,966	(439,943)
Net foreign exchange differences	(1,816)	(7,027)	(681)
Net increase (decrease) in cash and cash equivalents	214,366	357,985	(540,052)
Cash and cash equivalents at the beginning of the year	911,015	553,030	1,093,082
Cash and cash equivalents at the end of the year	R$ 1,125,381	R$ 911,015	R$ 553,030

Consolidated statement of financial position - BRL (R$) R$ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	R$ 1,125,381	R$ 911,015
Trade receivables	717,373	595,898
Recoverable taxes	13,429	7,139
Income taxes recoverable	23,046	18,587
Other assets	62,947	57,145
Total current assets	1,942,176	1,589,784
Non-current assets
Trade receivables	34,985	35,948
Deferred tax assets	12,552
Other assets	125,480	115,875
Investment in associate	46,518	54,442
Property and equipment	711,485	658,482
Right-of-use assets	896,758	842,219
Intangible assets	5,587,980	5,532,789
Total non-current assets	7,415,758	7,239,755
Total assets	9,357,934	8,829,539
Current liabilities
Trade payables	123,581	128,080
Loans and financing	60,668	363,554
Lease liabilities	55,772	45,580
Accounts payable to selling shareholders	110,640	185,318
Advances from customers	158,035	161,048
Dividends payable	192
Labor and social obligations	217,526	208,076
Taxes payable	36,043	33,456
Income taxes payable	112,638	4,247
Other liabilities	8,946	10,836
Total current liabilities	884,041	1,140,195
Non-current liabilities
Loans and financing	1,993,599	1,831,607
Lease liabilities	1,009,974	932,756
Accounts payable to selling shareholders	329,957	345,454
Taxes payable	77,487	84,407
Deferred tax liabilities		28,274
Provision for legal proceedings	128,220	113,521
Other liabilities	43,471	42,742
Total non-current liabilities	3,582,708	3,378,761
Total liabilities	4,466,749	4,518,956
Equity
Share capital	17	17
Additional paid-in capital	2,320,422	2,344,521
Treasury shares	(306,010)	(273,955)
Share-based compensation reserve	202,815	187,497
Retained earnings	2,634,552	2,011,875
Equity attributable to the owners of the Company	4,851,796	4,269,955
Non-controlling interests	39,389	40,628
Total equity	4,891,185	4,310,583
Total liabilities and equity	R$ 9,357,934	R$ 8,829,539