Afya Ltd (AFYA) 2025 Q1 法說會逐字稿

Thank you for joining us for a conference call. I'm here today with Afya's CEO Virgilio Gibbon and our CFO Luis Andre Blanco. During today's presentation, our executives will make further look in the statements.

感謝您參加我們的電話會議。今天我和 Afya 的執行長 Virgilio Gibbon 以及我們的財務長 Luis Andre Blanco 一起來到這裡。在今天的演示中，我們的高階主管將進一步審查這些聲明。

For the look on the statements can be related to future events, future financial or operating performance, known and unknown risks, uncertainties and other factors that may cause Afya's actual results to differ materially from those contemplated by these for the look in his statements.

因為報表中的外觀可能與未來事件、未來財務或經營業績、已知和未知的風險、不確定性和其他因素有關，這些因素可能導致 Afya 的實際結果與其報表中預期的結果存在重大差異。

Or the look on the statements in this presentation include, but are not limited to statements related to the business and financial performance, expectations and guidance for future periods or expectations regarding the company's strategic product initiatives and its related benefits.

或者，本簡報中的陳述包括但不限於與業務和財務績效、未來期間的預期和指導或有關公司策略產品計劃及其相關利益的預期有關的陳述。

These risks include those more fully described in our filings with the Security and Exchange Commission. The further look at the statements in this presentation are based on the information available to us as the date hereof.

這些風險包括我們向美國證券交易委員會提交的文件中更詳細描述的風險。本簡報中陳述的進一步了解是基於我們截至本文日期所掌握的資訊。

We should not rely on them as a prediction of future events and we disclaim any obligation to update any for [lu] statements except as required by law.

我們不應依賴它們來預測未來事件，並且我們不承擔更新任何 for [lu] 聲明的義務，除非法律要求。

In addition, management may references non IFIS financial measures on this call.

此外，管理階層可能在本次電話會議上引用非國際財務報告準則的財務指標。

These measures are not intended to be considered in isolation or a substitute of the results prepared in accordance with IFIS.

這些措施不應被孤立地考慮或取代根據 IFIS 準備的結果。

This presentation has reconciled these non IFRS financial measures to the most directly comparable IFRS financial measures. Now, let me turn the call over to Virgilio Gibbon, Afya's CEO.

本簡報已將這些非國際財務報告準則 (IFRS) 財務指標與最直接可比較的國際財務報告準則 (IFRS) 財務指標進行協調。現在，讓我將電話轉給 Afya 的執行長 Virgilio Gibbon。

Thank you as well, and welcome to our first conference call of 2025.

也感謝您，歡迎參加我們 2025 年的第一次電話會議。

It is much satisfaction that Afya starts another year of great operational and financial performance. These quarterly results show the high predictability of our business and successful execution of our strategy that once again combines strong growth with higher profitability and cash generation. Afya's three pillars business model.

令人欣慰的是，Afya 迎來了出色的營運和財務表現的一年。這些季度業績表明，我們的業務具有高度的可預測性，並且我們的策略成功執行，再次將強勁的成長與更高的獲利能力和現金創造結合在一起。Afya 的三大支柱商業模式。

This quarter was marked by gross margin expansion within our undergrad and continued education segments, combined with solid cash generation and robust EPS growth showing our consistent business expansion.

本季度，我們的本科和繼續教育部門的毛利率有所擴大，同時現金流穩健，每股收益增長強勁，表明我們的業務持續擴張。

In this presentation, I will cover key strategic topics including our performance and highlights, the success of business execution across our three segments, and finally, Louis Blanc will provide an in-depth look at our financial operational performance.

在本次演講中，我將介紹關鍵的策略主題，包括我們的績效和亮點、我們三個部門的業務執行成功，最後，Louis Blanc 將深入介紹我們的財務營運表現。

Now turning to page number 3.

現在翻到第 3 頁。

Let's begin by highlighting our performance achievements. Initially, our net revenue increased by 16%, reaching BRL936 millions, accompanied by a growth in adjusted bida of almost 24% year over year, reached BRL492 million for a record margin of 52.5%. We also reported a strong cash flow from operator activity again of BRL470 million, reflecting almost 10% increase compared to the previous year, boosted by the solid operational results of the company with a cash conversion rate of 96.8% and solid cash position of almost BRL1.2 billion at the end of the first work.

首先讓我們來強調一下我們的績效成就。最初，我們的淨收入成長了 16%，達到 9.36 億巴西雷亞爾，同時調整後的 bida 年成長近 24%，達到 4.92 億巴西雷亞爾，利潤率達到創紀錄的 52.5%。我們還報告稱，營運商活動產生的現金流再次強勁，達到 4.7 億巴西雷亞爾，較上年增長近 10%，這得益於公司穩健的營運業績，現金轉換率為 96.8%，第一項工作結束時現金狀況穩固，接近 12 億巴西雷亞爾。

With consistent momentum, our net income reached BRL257 million, making over 23% growth year over year with an EPS of two highs and $0.79, a remarkable 23% increase compared to the previous year.

憑藉持續的勢頭，我們的淨收入達到 2.57 億巴西雷亞爾，同比增長超過 23%，每股收益達到兩個高點 0.79 美元，與上一年相比增長了 23%。

This underscores our discipline, capital allocation and an efficient capital structure. Moving to our operation updates, we have 3,593 approved seats but with the closing of the unique acquisition, which will contribute to an additional 60 seats, our total number of approved medical seats will increase to 3,653 seats. Additionally, Our number of undergrad medical students has reached almost 26,000 students, representing almost 50% growth compared to the first quarter of 2024.

這強調了我們的紀律、資本配置和高效率的資本結構。談到我們的營運更新，我們有 3,593 個核准席位，但隨著此次獨特收購的完成，我們將增加 60 個席位，我們的核准醫療席位總數將增加到 3,653 個席位。此外，我們的本科醫學生人數已達到近 26,000 名，與 2024 年第一季相比成長了近 50%。

Furthermore, we increased the net averages of medical school by almost 4% every year, reached 9,240 heads. In addition, we continue to observe improving performance in the continuing education and medical practice solution segments.

此外，我們醫學院的淨平均人數每年增加近 4%，達到 9,240 人。此外，我們繼續觀察到繼續教育和醫療實踐解決方案領域的表現不斷改善。

The continued education that increased almost 9% year over year pure organically, reaching BRL71 millions. In medical pret solution, we saw 14% growth in net revenue compared to the first quarter of 2024, reaching almost BRL42 million. Lastly, our ecosystem has 370,000 active users, exemplified substantial penetration among physicians and medical students in Brazil.

持續教育經費較去年有機成長近 9%，達到 7,100 萬巴西雷亞爾。在醫療解決方案方面，我們的淨收入與 2024 年第一季相比成長了 14%，達到近 4,200 萬巴西雷亞爾。最後，我們的生態系統擁有 37 萬名活躍用戶，體現了我們在巴西醫生和醫學生中的廣泛滲透。

Moving to slide number four, we will discuss our performance across our three business segments.

轉到第四張投影片，我們將討論我們三個業務部門的表現。

Starting with the undergrad segment, we observed important movements throughout the quash such as higher tickets and medicine course, with almost 4% increase over a year.

從本科階段開始，我們觀察到整個過程中的重要變化，例如門票價格上漲和醫學課程費用增加，一年內增加了近 4%。

This growth was accompanied by gross march expansion, driven by the consolidation of [undidon] acquired in July 2024, and the continuous ramp up of our four my magical campuses launched in the third quarter of 2022. It's also important to note that we concluded the unique acquisition, which will enhance our operation of 6 additional medical seats for the next semester.

這一成長伴隨著 3 月的總擴張，這得益於 2024 年 7 月收購的 [undidon] 的合併，以及 2022 年第三季推出的四個「我的神奇校園」的持續擴張。值得注意的是，我們完成了這次獨特的收購，這將增強我們下學期 6 個額外醫療席位的運作。

The continued education segment was marked by an increasing graduate journey students, in addition to a gross margin expansion driven by our ongoing operational restructuring, which continues to contribute to improved cost management across selling, general and administrative expenses.

繼續教育部門的特點是研究生人數不斷增加，此外，我們正在進行的營運重組也推動了毛利率的擴大，這繼續有助於改善銷售、一般和行政費用的成本管理。

In Macore solution segment, growth is being driven by the ramp up of B2P contracts and the continuing expansion of active payers as well as B2B engagements and the addition of new contracts with pharmaceuticals and industry partners.

在 Macore 解決方案領域，成長主要得益於 B2P 合約的增加、活躍付款人的持續擴張以及 B2B 合作和與製藥和行業合作夥伴簽訂的新合約。

Before moving to the next slide, I'm proud to share that in April, we received two significant recognitions. Moody's agents in Brazil upgraded our national scale credit rating from [AA plus to AAA.R] with a stable outlook, reflecting our strong growth, cash generation and financial discipline.

在進入下一張投影片之前，我很自豪地告訴大家，四月我們獲得了兩項重要的認可。穆迪駐巴西代理商將我們的國家信用評級從 [AA+ 至 AAA.R] 上調至穩定，展望為穩定，這反映了我們強勁的成長、現金創造和財務紀律。

I'm also pleased to highlight that we successfully achieved all the IFC defined targets for 2024, including the number of free medical consultations provided and the percentage of medical costs rated with the highest quality scores.

我還很高興地強調，我們成功實現了國際金融公司為2024年設定的所有目標，包括提供的免費醫療諮詢次數和獲得最高品質評分的醫療費用百分比。

Meeting these targets will trigger a 50 bit step down in our lower interest rate over the next 12 months, reinforcing both our social impact and financial discipline. Additionally, we received our first ESG rating for MSCI debuting with a solidri BBB score.

達到這些目標將觸發我們在未來 12 個月內將利率降低 50%，從而加強我們的社會影響和財務紀律。此外，我們首次獲得了 MSCI 的 ESG 評級，並獲得了 BBB 評分。

MSCI sector relative methodology underscores that we outperformed significant portion of its peers, particularly in areas like the data privacy and security, where our practices were stronger than many in the industry. This further solidifies our commitment to sustainability.

MSCI 產業相對方法強調，我們的表現優於相當一部分同行，特別是在資料隱私和安全等領域，我們的實踐比業內許多公司都要強。這進一步鞏固了我們對永續發展的承諾。

On the next page, we would like to highlight that the latest NH and CPC results released by IEP showcase outstanding academic performance across Afya's medical schools. These results reinforce our ongoing commitment to academic excellence, innovative teaching and the development of highly qualified professionals.

在下一頁，我們想強調的是，IEP 發布的最新 NH 和 CPC 結果展示了 Afya 醫學院的出色學術表現。這些結果強化了我們對學術卓越、創新教學和培養高素質專業人才的持續承諾。

Among the results, we are proud to celebrate our achievements and congratulate our institutions that perform above expectation, which continues to strengthen A's position as a leader in medical education in Brazil.

在這些成果中，我們很自豪地慶祝我們所取得的成就，並祝賀我們的機構表現超出預期，這繼續加強了 A 作為巴西醫學教育領導者的地位。

And now, I will turn the call over to Luis Blanco, the CFO, to provide further insights into the financial operation metrics. Thank you.

現在，我將把電話轉給財務長 Luis Blanco，讓他進一步介紹財務營運指標。謝謝。

Think of Virgilio and good evening, everyone. Starting with slide number seven for discussions of key operational metrics by business units.

想想維吉里奧，大家晚上好。從第七張投影片開始討論業務部門的關鍵營運指標。

Starting with the undergrad programs. Our number of medical students grew 15% over the first quarter of 2034. Reaching almost 26,000 students and approved medical seats increased 12% yearly to 3,593.

從本科課程開始。2034 年第一季度，我們的醫學生人數增加了 15%。涵蓋學生人數近 26,000 名，核准的醫學席次年增 12%，達到 3,593 個。

Our medical school net average tickets increased by 4%, reaching 9,240 ris in the first quarter of 2025. In addition, net revenues for the undergrad segments saw over 17% increase, achieving 827 million VIs.

我們的醫學院淨平均票價增加了 4%，在 2025 年第一季達到 9,240 印度盧比。此外，本科生部分的淨收入成長超過17％，達到8.27億VI。

86% of which are related to medicine, and 94 from health-related courses.

其中86%與醫學相關，94%來自健康相關課程。

On the next page, I will present our continuing educational metrics.

在下一頁，我將介紹我們的繼續教育指標。

We approach continuing education through three main journeys, starting with the residency journey, which encompassed products focused on resident preparation. We saw a 70% decrease, reaching 12,203 students by the end of the period.

我們透過三個主要過程來進行繼續教育，首先是住院醫師培訓過程，其中包括專注於住院醫師準備的產品。我們發現學生人數減少了 70%，到本期末已達 12,203 名。

In the graduate journeys focused on the specializations test preparations and graduate courses in medicine, the students grew by 16%, reaching 8,542 students.

在以專業化考試輔導和醫學研究生課程為重點的研究生旅程中，學生人數增加了 16%，達到 8,542 人。

Lastly, our other course in B2B offerings decreased by 3% over the same three month periods of the prior year.

最後，我們 B2B 課程的其他課程數量與去年同期相比減少了 3%。

Continuing education nets revenue rose to BRL71 million in the three month period of 2025, up from the BRL65 million in the three month period of 2024, reflecting growth almost 9%. This includes an 8% increase in B2B revenue and 16% increase in B2B.

2025 年第三季度，繼續教育淨收入從 2024 年第三季的 6,500 萬巴西雷亞爾增至 7,100 萬巴西雷亞爾，增幅接近 9%。其中包括B2B營收成長8%，B2B成長16%。

Moving to slide number 9, I'll discuss the medical practice solutions operational metrics. The first graph shows our total active payers, which are the ones that that generate revenues in the business to physicians, B2B.

轉到第 9 張投影片，我將討論醫療實踐解決方案的營運指標。第一張圖表顯示了我們的活躍付款人總數，即在 B2B 業務中為醫生創造收入的人。

Following a stead growth trends, the number of paying users increased to over. 198,000, a 4% increase over the same quarter last year.

遵循穩定的成長趨勢，付費用戶數量增加到超過。 19.8萬，較去年同期成長4%。

The second graph highlights our monthly active users, which accounts for 245,000, slightly lower than the 263,000 record last year. This reduction still reflects the transition from the [Pac-Man portal to the Aa porta]l.

第二張圖表突顯了我們的每月活躍用戶數，為 245,000 人，略低於去年的 263,000 人。這種減少仍然反映了從[Pac-Man 門戶到 Aa 門戶]的轉變。

Lastly, in our final graph represents the net revenue of our medical practice solution segments, which has expanded by 14% compared to the same quarter of the last year, reaching 42 million rials.

最後，我們的最後一張圖表顯示了我們的醫療實踐解決方案部門的淨收入，與去年同期相比增長了 14%，達到 4,200 萬裡亞爾。

Of this total, BRL37 million was generated by B2P. Showing an increase of 14%. While B2B contributed to BRL4 million, a 16% increase over the same quarter last year.

其中，3700萬巴西雷亞爾是由B2P產生的。成長了14%。而B2B業務貢獻了400萬巴西雷亞爾，比去年同期成長了16%。

In the next slide we present our Afya ecosystem.

在下一張投影片中，我們將介紹我們的 Afya 生態系統。

We are pleased to highlight a substantial contributions to the Brazilian healthcare community. By the end of the first quarter of 2025, our ecosystem encompassed over 370,000 physicians and medical students using our services and products.

我們很高興地強調對巴西醫療保健界的重大貢獻。到 2025 年第一季末，我們的生態系統已覆蓋超過 37 萬名使用我們服務和產品的醫生和醫學生。

Moving forward to page 11, I want to discuss our financial overview for the first quarter of 2025, starting with the next slide. With great satisfaction, I present another strong quarterly performance for Afya.

翻到第 11 頁，我想從下一張投影片開始討論我們 2025 年第一季的財務概況。我非常滿意地向大家呈現 Afya 又一次強勁的季度業績。

Net revenue for the first quarter of 2025 reaches 936 million rials, representing a 16% increase compared to the same quarter last year.

2025年第一季淨收入達9.36億裡亞爾，比去年同期成長16%。

The yearly revenue increase was mainly due to higher tickets in medicine courses, the maturation of medical school seats the consolidations of Unido and the advancements of medical practice solutions and continuing educational segments.

年度收入的成長主要歸因於醫學課程門票的上漲、醫學院席位的成熟、Unido 的合併以及醫療實踐解決方案和繼續教育部門的進步。

In the first quarter of 2025, adjusted EBITDA rose by 24%, reaching BRL492 million, with an adjusted margins of 52.5%, a gain of 300 base points compared to the first quarter of 2024.

2025 年第一季度，調整後 EBITDA 成長 24%，達到 4.92 億巴西雷亞爾，調整後利潤率為 52.5%，與 2024 年第一季相比成長 300 個基點。

The expansion in adjusted margin is largely attributed to a strong performance of the undergrad segment.

調整後利潤率的擴大很大程度上歸功於本科生部分的強勁表現。

The gross marginal expansions in the undergrads and continuing educational segments. The hum up of the four [mama] campuses that started operations in the third part of 2022. The op operational restrictions efforts in continued educational and medical practice solutions segments.

本科和繼續教育領域的毛邊際擴張。四個 [mama] 校區將於 2022 年第三季開始營運。營運限制在繼續教育和醫療實踐解決方案領域開展工作。

The centralizations of academic process and the expansions of service provided by our shared service center and also more efficiency in selling general and administrative expenses.

學術流程的集中化和共享服務中心提供的服務的擴展以及銷售一般和行政費用的更高效率。

Moving to the next slide. The first quarter cash flow from operating activities rose by almost 10%, reaching BRL470 million, reflecting a strong operational performance.

移至下一張投影片。第一季經營活動現金流成長近 10%，達到 4.7 億巴西雷亞爾，反映出強勁的營運表現。

Operating cash flow conversion ratio was 96.8%. Net income for the first quarter of 2025 to BRL257 million, representing a 23% increase from the same period in 2024. Adjusted net income was BRL294 million, a 17% increase.

經營現金流量轉換率為96.8%。2025年第一季淨收入為2.57億雷亞爾，較2024年同期成長23%。調整後淨收入為2.94億巴西雷亞爾，成長17%。

This net income can affect not only our strong operational performance, but also the impact of the new tax legislations implementing the OECD Pillar 2 rules, which introduced an additional social contributions to ensure a minimal effective tax rates for multinational groups.

這項淨收入不僅會影響我們強勁的營運業績，還會影響實施經合組織第二支柱規則的新稅法的影響，該稅法引入了額外的社會繳款，以確保跨國集團的最低有效稅率。

This results in an increase of BRL23 million in our income tax expenses for the period ended in March 2025. Despite this effect, net income grew robustly, underscoring the resilience and efficiency of our business model.

這導致我們截至 2025 年 3 月的期間所得稅費用增加了 2,300 萬巴西雷亞爾。儘管有這種影響，淨收入仍強勁成長，凸顯了我們商業模式的彈性和效率。

Regarding EPS, we achieved BRL2 $0.79 per share in the three month period, representing a 23% increase year over year.

就每股收益而言，我們在三個月內實現了每股 0.79 巴西雷亞爾 2 美元，年增 23%。

And now moving to my last two slides, I will discuss our cash and net debt positions, also giving giving more color on our cost of debts.

現在轉到我的最後兩張投影片，我將討論我們的現金和淨債務狀況，並進一步說明我們的債務成本。

This slide presents a table detailing our gross debt compositions and total cost of debts covering our primarily obligations, the soft bank transactions, the mentors, other financial liabilities, the IFC financials and accounts payables through selling shareholders.

這張投影片提供了一個表格，詳細列出了我們的總債務組成和債務總成本，涵蓋了我們的主要義務、軟銀行交易、導師、其他金融負債、國際金融公司財務和透過出售股東的應付帳款。

Afya's capital structure remains solid with a conservative leveraged positions and the low cost of debt. Afya net stats, excluding IFRS 16 divided by the midpoint of the 2025 adjusted up, was 0.9 times.

Afya 的資本結構仍然穩固，擁有保守的槓桿頭寸和較低的債務成本。Afya 淨統計（不包括 IFRS 16 除以 2025 年中點調整後）為 0.9 倍。

On the next page, we can look at it closely at our net debt variation.

在下一頁，我們可以仔細看看我們的淨債務變化。

As of the first quarter of 2025, our net debt had reduced it to BRL1,524 million when compared to the end of 2024, a reduction of BRL291 million, reflecting our strong operational performance and cap locations discipline.

截至 2025 年第一季度，我們的淨債務已降至 15.24 億巴西雷亞爾，與 2024 年底相比減少了 2.91 億巴西雷亞爾，這反映了我們強勁的營運業績和資本配置紀律。

This concludes our prepared remarks. We are proud of our accomplishments and robust performance across all areas.

我們的準備好的演講到此結束。我們為我們在各個領域取得的成就和強勁表現感到自豪。

Our commitment to advancing the magical journey through an integrated educational systems and magical practice solutions remains strong.

我們始終致力於透過綜合教育系統和魔法實踐解決方案來推進魔法之旅。

Supporting students in becoming physicians, promoting continuous medical learnings and enhancing physicians' accuracy and productivity. As we look ahead, we are enthusiastic about the opportunities that lies before us.

支持學生成為醫生，促進持續的醫學學習並提高醫生的準確性和生產力。展望未來，我們對眼前的機會充滿熱情。

I will now open the conference for the Q&A session. Thank you.

我現在將開始會議的問答環節。謝謝。

If you want to ask a question, please raise your hand.

如果您想提問，請舉手。

We're going to start the Q&A session with Flavio Yoshida from Bank of America.

我們將與美國銀行的 Flavio Yoshida 開始問答環節。

So you may go ahead, please.

那麼請您繼續吧。

Hi, good evening, everyone. So I have two questions on my side.

大家好，晚上好。所以我有兩個問題。

The first one is on the EBITDA margin. So we noticed a very strong print on the quarter. So I would like you to share some details on what drove this performance. Was it related to the ramp up of new units, to greater efficiency, or maybe contribution for other businesses and also given the strong print on the quarter, if you see room for an upward revision on the guidance for this year.

第一個是 EBITDA 利潤率。因此，我們注意到本季的業績非常強勁。因此，我希望您能分享一些推動這項表現的細節。這是否與新單位的成長、效率的提高或對其他業務的貢獻有關，並考慮到本季度的強勁表現，您是否認為今年的指導方針有上調的空間？

And then, my second question is on the intake process. So, are you guys seeing, a greater challenge on the intake process given, the seeds offering expansion from medical courses over the past year? Are you guys feeling that it's getting hard to fill all the seats? If you could comment on the intake process, we would like a lot. Thank you.

然後，我的第二個問題是關於攝取過程的。那麼，你們是否看到了，鑑於過去一年醫學課程的種子供應擴大，招生過程面臨更大的挑戰？你們是否覺得越來越難以填滿所有座位了？如果您能對接收過程進行評論，我們將非常感激。謝謝。

Hi, Flavio, thank you for your question. It's Blanco speaking. I'll take the first one and the we'll get the second one, regarding that you take. So regarding the margin expansions that we had, compared to the same period of the prior year the main drivers was the higher gross margins that we got from the margin expansion that we got from the undergrad and the continuing education segments.

你好，Flavio，謝謝你的提問。我是布蘭科。我會選擇第一個，然後我們會得到第二個，至於你選擇哪一個。因此，就我們的利潤率擴張而言，與去年同期相比，主要驅動力是我們從本科和繼續教育部門的利潤率擴張中獲得的更高的毛利率。

The continuing ramp up of the four mice matri campuses, that we've launched in the third quarter of 2022. The continuing, initiatives that we got with higher efficients coming from the continuing education segments and medical practice solutions.

我們已於 2022 年第三季啟動四個 MICE MATRI 園區的建設，並將持續擴大。我們從繼續教育部門和醫療實踐解決方案中獲得了持續、更有效率的措施。

Remember that we've made, a huge transformations in the first quarter of 2034. Moving some, functionalities between the segments and, restructuring these segments internally and we've got a lot of efficiencies on these movements. So, it's like the full year of these changes.

請記住，我們在 2034 年第一季做出了巨大的轉變。在各個部分之間移動一些功能，並在內部重組這些部分，我們在這些移動上獲得了巨大的效率。所以，這就像是這些變化的全年。

And the improved cost and efficient in SGNA still that we got from the applications of the zero budget project that we've started in 2023 and on top of that, we came with Unido Pedro where we got, almost 100% occupancy, with that and with a very smooth acquisitions that we make that on this month of May, we're going to put we needed in our short service.

我們從 2023 年開始的零預算項目的應用仍然提高了 SGNA 的成本和效率，除此之外，我們還與 Unido Pedro 合作，實現了幾乎 100% 的入住率，憑藉這一點以及我們在 5 月份進行的非常順利的收購，我們將把我們所需的東西投入到我們的短期服務中。

So, we are very happy with these results that we achieved in the first quarter regarding the year. We have, a view that we have a very strong, start of the year but we keep our guidance that we provide, provided in March for the year.

因此，我們對今年第一季取得的成績感到非常滿意。我們認為，今年的開局非常強勁，但我們維持 3 月給予的全年預期。

We are ahead in terms of margins but right now we keep the guidance that we provide. Both in terms of revenues and the beach, for the year if we had a second semester intake, we might review it but right now we keep, our review for the year, okay.

我們在利潤率方面處於領先地位，但目前我們仍維持我們提供的指導。無論是收入還是海灘，如果我們今年有第二學期的招生，我們可能會對其進行審查，但現在我們會繼續進行今年的審查，好的。

Thank you, Blanco. So, just adding on that, a very, strong start for 2025 Flavio.

謝謝你，布蘭科。因此，僅補充一點，2025 年 Flavio 的開局就非常強勁。

And just remembering, we just closed yesterday six additional seats in Contagen City close to Belloizon to where we are right now. And any update that we may have or not on our guidance for 2025 that would only happen on the after the second semester in take.

請記住，我們昨天剛在靠近 Belloizon 的 Contagen City 新增了 6 個座位。我們對 2025 年指導的任何更新或不更新都只會在第二學期開學後進行。

So also depending on all the process to be completed. And regarding the intake process that we had on the first semester, it was a very healthy intake process. Around 7 to 8 candidates, for every seat that we have in Brazil. We saw a very strong recognition of our brand, the brand project that was kicked off in 2023.

因此也取決於所有要完成的過程。關於我們第一學期的招生流程，這是一個非常健康的招生流程。巴西的每個席位大約有 7 到 8 名候選人。我們看到我們的品牌獲得了非常強烈的認可，這個品牌計畫於2023年啟動。

I think it's paying out, and I think this is a good news, for all campuses that's using our Afya's brand, around the country. So, not only on the medical, intake was a health process, but if you may see on the table two, we have a very strong in.

我認為這是有回報的，我認為這對全國所有使用我們 Afya 品牌的校園來說都是一個好消息。因此，不僅在醫學上，攝取量也是一個健康過程，而且如果你在表二中看到，我們在這方面非常強大。

They can renew for also health and non-health programs that also happen to grow organically, all the student base in 2025. This is ahead our expectation here we have a very strong intake and a better renewal rate that was a result of a very good renewal process that we started back in November last year. Make a very strong student base for 2025. So that's it.

他們還可以續簽健康和非健康項目，這些項目也將有機成長，到 2025 年，所有學生群體都將實現成長。這超出了我們的預期，我們的招生數量非常強勁，續約率也更高，這是我們去年 11 月啟動的非常好的續約流程的結果。為2025年奠定堅實的學生基礎。就是這樣。

All right, Thank you.

好的，謝謝。

Thank you, Flavio. The next question comes from Lucca Marquezini from Itau.

謝謝你，弗拉維奧。下一個問題來自伊塔烏的 Lucca Marquezini。

Hi, good evening, everyone and thank you for taking our questions. A couple of questions from our side. The first one would be, regarding the undergrad medical school average ticket. It grew 4% year over year, which is pretty much in line with inflation.

大家晚上好，感謝您回答我們的問題。我們有幾個問題。第一個是關於本科醫學院平均票價的問題。較去年同期成長4%，與通貨膨脹率基本一致。

So my question would be whether the company has seen any significant change in the competitive landscape that maybe brought some challenges in. Implementing price hikes, so that's the first question. And then the second question would be regarding the medical practice solution segment.

所以我的問題是，公司是否看到競爭格局發生重大變化，這可能會帶來一些挑戰。實施價格上漲，這是第一個問題。第二個問題是關於醫療實踐解決方案部分。

We saw a decrease in the number of monthly active users, so we were just wondering if there was a change also in the in the competitive landscape and what is the expectation for the rest of the year for this segment. Thank you.

我們發現每月活躍用戶數量有所下降，因此我們想知道競爭格局是否也發生了變化，以及今年剩餘時間該領域的預期如何。謝謝。

Lucca, thank you. So the undergrad tickets, it's around 4%. We expect a little bit higher than that, but they have an impact on the increase of [fis] percentage that keep, that, start impacting our campuses, less. Year. So last year we had around 10 campuses that was impacted by the 27.5% retention on the [fiA] and that is impact a little bit the increase that we had on our tuition, on our average tuition.

盧卡，謝謝你。本科生的票價大約是 4%。我們預計這個數字會略高一些，但它們對百分比的增加有影響，並且對我們的校園的影響會越來越小。年。因此，去年我們有大約 10 個校區受到 [fiA] 27.5% 保留率的影響，這對我們的學費和平均學費的成長產生了一點影響。

So moving ahead, the price that we passed it was a little bit above than that. So as soon as we have same [compa] same stores comparison that with the institutions that had this impact, I think that it can be even a little bit further than that for the next squad but close to 4% to 5%. We are not the we are not expecting any difficulty here to change close to inflation or to our campuses, so it's just more than the same what we are doing every semester, every year when we start the intake process for the following year. Based on the active users will we'll add something here.

因此，我們給出的價格比這個價格略高一些。因此，一旦我們與產生這種影響的機構進行相同的 [compa] 相同的商店比較，我認為對於下一支球隊來說，它甚至可能比這更進一步，但接近 4% 到 5%。我們並不認為通貨膨脹或校園建設會為我們帶來任何困難，因此，我們每個學期、每年在開始下一學年的招生程序時所做的工作都是一樣的。根據活躍用戶，我們會在這裡添加一些內容。

Hi Lucca, thank you for questions regarding the most active users on the medicalre solutions. We still, see a kind of a pushback in the the movements that we change the PEMed portal to the Afya portal and as you remember when we make this exchanges, we put it a lot of this content that related to the content of the portals, regarding with luggage, information.

你好，盧卡，感謝您提出有關醫療解決方案中最活躍用戶的問題。我們仍然看到，在將 PEMed 門戶更改為 Afya 門戶的過程中存在某種阻力，您還記得，當我們進行這些交換時，我們在其中添加了很多與門戶內容相關的內容，包括行李資訊。

So these kind of movements, we had some, pushbacks on the, the monthivity users, using our website, but as these. Going, we see this pushback, being smaller.

因此，對於此類活動，我們對使用我們網站的月度用戶提出了一些阻力，但正如這些。我們看到，這種阻力正在減少。

So, the changes, if I'm not wrong, happening in April last year, so the most part of these changes has already happened. There is no changes on the kind of profile of assets that's, we are seeing right now.

所以，如果我沒記錯的話，這些變化發生在去年四月，所以大部分變化已經發生了。我們目前看到的資產配置類型沒有變動。

And look at just read a point here, just the durational behind it. We changed the portal back in April 2024. And the reason of that we that we decide to be more strict to have the users sign our portal here. So it's more difficult to have the active user. We are getting more information. The reason of that is that well, we have more information, we have more.

看看這裡讀到的一點，以及它背後的持續時間。我們於 2024 年 4 月更改了入口網站。正是由於這個原因，我們決定對使用者在此入口網站進行更嚴格的簽署。因此，擁有活躍用戶更加困難。我們正在獲取更多資訊。原因在於，我們擁有更多信息，我們擁有更多。

And also we can leverage the relationship with the industry with the B2B contracts having more details, more data about these users that is logging into our ecosystem. On the other side, the payers keep improving in a healthy way, that was a decision, that we took to be more restrictive, but it's running as expected, okay.

我們還可以利用與行業的關係，透過 B2B 合約獲得有關登入我們生態系統的用戶的更多詳細資訊和更多數據。另一方面，付款人繼續以健康的方式改善，這是一個決定，我們採取了更嚴格的限制，但它正在按預期運行，好吧。

Thank you, Virgie de Blanco, that was very clear.

謝謝你，Virgie de Blanco，你說得非常清楚。

Thank you, Lucca. The next question comes from Mauricio Cepeda from Morgan Stanley.

謝謝你，盧卡。下一個問題來自摩根士丹利的 Mauricio Cepeda。

Hi, Virgilio Blanco. Thank you.

你好，Virgilio Blanco。謝謝。

Thank you for the opportunity here. I have 22 questions. One, if you could clarify all this kind of minimum tax according to the pillar two of OCD how a little bit on why were you classified as a multinational company?

感謝您給我這個機會。我有 22 個問題。首先，如果您能根據 OCD 的第二支柱解釋所有這類最低稅率，那麼為什麼您被歸類為跨國公司？

What are your perspectives, in terms of let's say this kind of tax behaving and I understand that you were provisioning not necessarily paying if I understood correctly from the text, what are your expectations here. And and the second about the soft bank convertible debt right? Do we have this, we are getting closer to the to the deadline and how are you preparing in terms of cash if if this debt is not converted into equity. Thank you.

就這種稅務行為而言，您的觀點是什麼？如果我從文本中理解正確的話，我知道您正在撥備，而不一定是在支付，那麼您的期望是什麼？第二個問題是關於軟銀可轉換債務的，對嗎？我們有這個嗎，我們越來越接近最後期限，如果這些債務沒有轉換成股權，你在現金方面如何準備。謝謝。

I said that it's block is speaking now, I'll take the two questions here. Regarding the pillar two, that's, it was a law that was enacted in December 27, and being effective in January 2025. This law aligns the Brazilian taxislations with the OCDE Globe rules and introduce a minimal taxation.

我說現在是區塊在發言，我來回答這裡的兩個問題。關於第二支柱，這是一項於 12 月 27 日頒布、並於 2025 年 1 月生效的法律。該法律使巴西的稅收制度與 OCDE Globe 規則保持一致，並引入了最低稅率。

It's a complex, calculations very different from the Brazilian, calculations of [Luro] that we are, our usage to have here. So this was, approved in the last minute of 2024 and effective in for this quarter. This applies to, multinational groups that have entities in the country with that's the multinational group has more than €750 million in the last few years, in the last few fiscal year.

這是一個複雜的計算，與巴西的 [Luro] 計算、我們這裡的使用計算非常不同。因此，這是在 2024 年的最後一刻批准的，並於本季生效。這適用於在該國擁有實體的跨國集團，即跨國集團在過去幾年、在過去幾個財政年度擁有超過 7.5 億歐元。

So, in our understanding, we are on the perimeter of this law. So what we did we make this provisioning the payments of its is due to July 2026. That's the, when we should pay it and right now we started at the end of March, we started to questioning to do our injections, going to justice to question these effects, the constitutionality and some points about this because how it is implemented has some, is reducing the impacts of the problem.

因此，根據我們的理解，我們正處於這條法律的邊緣。因此，我們所做的就是做好這筆準備，其付款截止日期為 2026 年 7 月。這就是我們應該何時支付的問題，從三月底開始，我們就開始質疑我們的注射，去司法部門質疑這些影響、合憲性和一些關於這一點的觀點，因為它的實施方式有一些，正在減少問題的影響。

It's a complex case. We have a conservative approach of provisioning that, until we are discussing that in the justice, okay. So it's a provision, it's not a cash disbursement right now. Regarding the SoftBank, transactions, the, we had this early redemption the right of early redemption from SoftBank in May 2026.

這是一個複雜的案例。我們對此採取了保守的態度，直到我們在司法上討論這個問題，好的。所以這是一項規定，目前還不是現金支出。關於軟銀交易，我們在 2026 年 5 月獲得了從軟銀提前贖回的權利。

Right now we don't have any official positions on that but as we are getting closer, what we did in in in 2034, we started to provision the premium from this loan that is due this premium if they exercise this early redemption.

目前，我們對此還沒有任何官方立場，但隨著時間的流逝，我們在 2034 年所做的就是，如果他們提前贖回，我們就會開始為這筆貸款撥付到期溢價。

That, we started, to talk with SoftBank, regarding their views on that. We don't have any official positions, regarding that the extension or not of these operations.

我們開始與軟銀討論他們對此的看法。對於是否延長這些行動，我們沒有任何官方立場。

But, what we did we started to get in 2004 the provision of this premium of 5%. But we are prepared with our, cash flow generations to pay these instruments, if it's required if SoftBank exercise the early redemption, on May 2026.

但是，我們從 2004 年開始獲得 5% 的保費。但是，如果軟銀在 2026 年 5 月提前贖回，我們已準備好利用我們的現金流量來支付這些工具。

That's clear. Thank you, Blanco.

這很清楚。謝謝你，布蘭科。

Thank you, Sepia. As a reminder, if you want to ask a question, please raise your hand.

謝謝你，Sepia。提醒一下，如果您想提問，請舉手。

Our next question comes from Jessica Mehler from JP Morgan.

下一個問題來自摩根大通的傑西卡·梅勒 (Jessica Mehler)。

Hello, good evening. Thanks for taking the questions. I have to as well. The first, I want to touch on continued education, so we saw, the revenue trends starting to improve but still single digits. What could, what's, could you provide an update on what's going on on the segment and what's the expectation for this year?

你好，晚上好。感謝您回答這些問題。我也必須這麼做。首先，我想談談繼續教育，我們看到收入趨勢開始改善，但仍然是一位數。您能否提供有關該領域的最新進展以及今年的期望？

And the second question is about the to be business within medical practice solutions. I remember last year that there was kind of like the revenue that was supposed to take place in the first quarter happened in the second. Looks like this year something like is this the seasonality, how is the B2B business going on the medical practice solutions?

第二個問題是關於醫療實踐解決方案中的業務。我記得去年原本應該在第一季實現的收入卻在第二季實現了。看起來今年的情況有點像季節性，醫療實踐解決方案的 B2B 業務進展如何？

Thank you very much.

非常感謝。

[Tim Marcelo]. I've got the first one and Blanco helped me with the second one here. So on continuing education, we had a very, good intake process, and also the end of year process coming from graduates, all the specialization that long term and higher tickets.

[提姆·馬塞洛]。我已經拿到了第一個，Blanco 在這裡幫我拿到了第二個。因此，在繼續教育方面，我們有一個非常好的招生流程，並且還有來自畢業生的年底流程，所有專業化都是長期的和更高的票價。

Brazil facing some competition on the residency and the small programs of the lower tickets. So that was the combination we accelerate our growth when you compare to the speed that we were on the third and the fourth quarter last year, a little bit higher expecting to be even a little bit better for the following quarters.

巴西在門票收入和低票價的小項目上面臨一些競爭。因此，與去年第三季和第四季的速度相比，我們的成長速度加快了一點，預計接下來的幾季會更好一些。

But yes, we are growing on graduates the speed that we would like to grow, but facing strong competition on residency, prep programs. So that's the main reason why we are close to 10%, on continuumer education, this first squad and also I think it would be something close to that for the rest of the year. Regarding the B2B contras Blanco like to yeah.

但是，是的，我們的畢業生數量正在以我們希望的速度增長，但在住院醫師培訓和預科課程方面面臨著激烈的競爭。這就是為什麼我們在繼續教育方面，對一線隊的投入接近 10% 的主要原因，而且我認為今年剩餘時間的投入也會接近這個數字。關於 B2B，Blanco 表示同意。

Thank you, Marcelo for the questions. As you remember that we had some postponement of recognition of revenues in 2034. Moving from the first to the second semester that made at that time, if you compare 2024 with 2023, we have even a decrease on that.

謝謝馬塞洛的提問。您還記得，我們​​在 2034 年延後了收入確認。從當時的第一學期到第二學期，如果將 2024 年與 2023 年進行比較，我們甚至會發現這個數字有所減少。

What's happened, and you clearly see, that in the B2B that we had some kind of social anaity on how the pharmaceutical industry make the contracts with. The advertisements products that we have the fourth quarter, it's always more active in terms of contracts, if you compare it to the the first quarter.

發生了什麼，你可以清楚地看到，在 B2B 中，我們對製藥業如何簽訂合約有某種社會共識。如果與第一季相比，我們第四季的廣告產品在合約方面總是更加活躍。

So, you can see, in the B2B sides that, the first quarter always will be a little. Bits below what we had to find in the fourth quarter, just to see if we got the growth of 2024 as a whole of the year, the B2B contracts grew last year almost 30% in terms of revenues.

所以，你可以看到，在 B2B 方面，第一季總是會有一點。略低於我們在第四季度發現的水平，只是為了看看我們是否實現了 2024 年全年的增長，去年 B2B 合約的收入增長了近 30%。

Right now w started with a lower with 16, compared to minus 6.2 in the same period of last year. So it's kind of, a little bit of southerly in the pharmaceutical industry, but we are very confi confident, regarding the B2B business, mostly supported by the pharmaceutical player the pharmaceutical players.

目前，w 的起始值較低，為 16，去年同期為 -6.2。因此，這在製藥業中有點偏南，但我們對 B2B 業務非常有信心，這主要由製藥公司支持。

Perfect.

完美的。

Thank you very much for the answers.

非常感謝您的回答。

Thank you, Marcelo.

謝謝你，馬塞洛。

Since we don't have any further questions, I would like to thank your participation here today. We're from the investor relations teams are available. If you have any follow up questions, see you again in our next conference call.

由於我們沒有其他問題，因此我要感謝您今天的參與。我們的投資者關係團隊隨時為您服務。如果您有任何後續問題，歡迎在下次電話會議中再見。

Thank you.

謝謝。