Afya Ltd (AFYA) 2025 Q3 法說會逐字稿

Thank you for joining us for Afya's 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 forward-looking statements. Forward-looking 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 forward-looking statements. Forward-looking 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, its related benefits.

感謝您參加Afya的電話會議。今天我與 Afya 的執行長 Virgilio Gibbon 和財務長 Luis Andre Blanco 一起來到這裡。在今天的演講中，我們的高階主管將發表一些前瞻性聲明。前瞻性陳述可能與未來事件、未來財務或經營業績、已知和未知風險、不確定性以及其他因素有關，這些因素可能導致 Afya 的實際業績與這些前瞻性陳述所設想的業績存在重大差異。本簡報中的前瞻性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公司策略產品計劃及其相關收益相關的預期有關的陳述。

These risks include those more fully described in our filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on the information available to us as of the date hereof. You should not rely on them as predictions of future events, and we disclaim any obligation to update any forward-looking statements except as required by law. In addition, management may reference non-IFRS financial measures on this call. These measures are not intended to be considered in isolation or as a substitute of the results prepared in accordance with IFRS.

這些風險包括我們在提交給美國證券交易委員會的文件中更詳細描述的風險。本簡報中的前瞻性聲明均基於截至本簡報發布之日我們所掌握的資訊。您不應依賴這些預測來預測未來事件，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。此外，管理階層可能會在本次電話會議上提及非國際財務報告準則的財務指標。這些措施不應單獨考慮，也不應取代根據國際財務報告準則編製的結果。

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.

本次報告已將這些非 IFRS 財務指標與最直接可比較的 IFRS 財務指標進行了核對。現在，讓我把電話交給 Afya 的執行長 Virgilio Gibbon。

Thank you, Renata, and thanks everyone for joining us today for our third quarter and nine months conference call. This quarter reflects more than financial performance, it demonstrates how our strategy continues to position Afya for sustainable growth, transforming medical education across Brazil. We concluded our 13th semester after the IPO delivering strong growth, profitability and cash generation and keeping 100% of occupancy in all our medical programs in Brazil. Our results highlight the strength of our ecosystem, while advancing initiatives that will shape the future of medical education and medical practices. Today, I will cover key strategic developments and operational highlights that drove these results. Then, Luis Blanco will provide a detailed review of our operational and financial performance.

謝謝雷納塔，也謝謝各位今天參加我們的第三季和九個月電話會議。本季度不僅反映了財務業績，還表明了我們的策略如何繼續使 Afya 實現可持續增長，並改變巴西的醫學教育。在 IPO 後的第 13 個季度，我們實現了強勁的成長、獲利能力和現金流，並且在巴西的所有醫療項目中保持了 100% 的入住率。我們的研究成果凸顯了我們生態系統的實力，同時也推動了將塑造醫學教育和醫療實踐未來的各項措施。今天，我將介紹推動這些結果的關鍵策略發展和營運亮點。接下來，路易斯·布蘭科將對我們的營運和財務表現進行詳細回顧。

Starting with slide number 3, let's begin with our main performance highlights and strategic priorities for the quarter. Our Revenue for the nine-month period grew over 13% year-over-year, reaching BRL2.784 billion, followed by an adjusted EBITDA growth of almost 19% year-over-year, reaching BRL1.292 billion. Adjusted EBITDA margin for the same period reached 46.4%, an increase of 200 bps over last year. We also reported a new record cash flow from operating activities, ended the nine-month period with BRL1.292 billion, 11% higher than last year, with a cash conversion of 101.5%.

從第 3 張投影片開始，讓我們先來看看本季的主要業績亮點和策略重點。前九個月，我們的營收年增超過 13%，達到 27.84 億雷亞爾；經調整的 EBITDA 年成長近 19%，達到 12.92 億雷亞爾。同期調整後 EBITDA 利潤率達到 46.4%，比去年同期成長 200 個基點。我們也報告稱，經營活動產生的現金流創下新紀錄，九個月期間達到 12.92 億雷亞爾，比去年同期成長 11%，現金轉換率為 101.5%。

Net Income followed the same positive trend as the last quarter and reached BRL593 million, a growth of 20% year-over-year, with a basic EPS reaching BRL6.40, 20% higher than last year, reflecting stronger operational performance. Turning to our operational updates, in this quarter, we maintained our leadership position in the medical education, supported by 3,653 approved medical seats, and 3,753 seats as of today after the approval of 100 medical seats in Afya Braganca. Our number of undergraduate medical students has reached more than 25,000 students, representing a 6% growth compared to the same period last year. Furthermore, our medical school's net average ticket excluding acquisitions increased over 3% in the nine-month period. In the Continuing Education segment, we continue to see solid results, presenting a revenue growth of 11% year-over-year reaching BRL208 million.

淨利潤延續了上一季的正面趨勢，達到 5.93 億雷亞爾，年增 20%；基本每股收益達到 6.40 雷亞爾，比去年增長 20%，反映出更強勁的營運業績。再來看我們的營運更新，本季度，我們保持了在醫學教育領域的領先地位，獲批醫學學位3653個，截至今日，在Afya Braganca獲批100個醫學學位後，學位總數達到3753個。我校本科醫學生人數已超過 25,000 人，比去年同期增加了 6%。此外，我們醫學院在不計收購的淨平均票務收入中，九個月內成長了 3% 以上。在繼續教育領域，我們繼續看到穩健的業績，營收年增 11%，達到 2.08 億巴西雷亞爾。

For Medical Practice Solution, we ended the quarter with an increase in revenue of over 9% year-over-year, reaching BRL128 million in the nine-month period. Finally, our ecosystem reached 304,000 active users, reflecting strong engagement and broad adoption among physicians and medical students across Brazil.

醫療實踐解決方案業務在本季末實現了同比增長超過 9%，九個月內收入達到 1.28 億巴西雷亞爾。最終，我們的生態系統活躍用戶達到 304,000 人，這反映出巴西各地的醫生和醫學生對該生態系統的強烈參與和廣泛採用。

Moving on to slide number 4. We will talk about our solid business execution within our three business units. Starting with the Undergraduate segment, we saw important movements throughout the quarter such as an impressive gross margin expansion, and the successful beginning of FUNIC operations, acquired in May of 2025.

接下來是第4張投影片。我們將探討我們三大業務部門穩健的業務執行。從本科生業務部門來看，本季出現了一些重要進展，例如毛利率大幅成長，以及 FUNIC 業務（於 2025 年 5 月收購）的成功啟動。

In addition, we are pleased to share that we received the authorization for an expansion of 100 medical school seats in Afya Braganca, bringing our total approved seats to 3,753 seats. The Continuing Education segment was marked by an increase in graduate journey students, sustained by another round of organic expansion in our medical graduate campuses, with five new operating units in 2025, and a strong gross margin expansion. In this nine-month period, we saw a significant increase in B2B revenues, with 65% over the last period. Lastly, in our Medical Practice Solutions segment, once again, we ended the quarter with a growth in the clinical management active payers. In addition, we also saw an increase in B2P Business to Physician revenues, led by an 11% growth compared to the same period of the prior year.

此外，我們很高興地宣布，我們已獲得批准在阿菲亞布拉幹薩增加 100 個醫學院名額，使我們獲批的總名額達到 3,753 個。持續教育部門的顯著特點是研究生學習人數增加，這得益於我們醫學研究生校區新一輪的自然擴張，2025 年新增五個營運部門，以及強勁的毛利率成長。在這九個月期間，我們的 B2B 收入顯著增長，比上一期增長了 65%。最後，在我們的醫療實踐解決方案部門，本季臨床管理活躍支付方數量再次成長。此外，我們也看到 B2P 業務對醫生收入有所成長，與去年同期相比成長了 11%。

This results reinforce the opportunity ahead in Medical Practice Solutions, which continues to deliver increasingly solutions for medical practicing. In the next slide, I want to share how our ESG initiatives continue to create long-term value and strengthen Afya's commitment to sustainable growth. Over the nine-month period, we delivered 700,000 free healthcare consultations, including more than 500,000 of them medical consultations. These achievements exceeded the targets set for 2025 and reflect our strong partnership with IFC through the sustainability-linked loan, as well as our public commitment to the United Nations Sustainable Development Goal number 3. I also want to reinforce the creation of Instituto Afya, which represents a new chapter in our journey.

這項結果進一步凸顯了醫療實踐解決方案領域未來的發展機遇，該領域將繼續為醫療實踐提供日益完善的解決方案。在下一張投影片中，我想分享我們的 ESG 措施如何持續創造長期價值，並加強 Afya 對永續成長的承諾。在九個月的時間裡，我們提供了 70 萬次免費醫療保健諮詢，其中超過 50 萬次是醫療諮詢。這些成就超過了 2025 年設定的目標，體現了我們透過與永續發展掛鉤的貸款與國際金融公司建立的強大夥伴關係，以及我們對聯合國永續發展目標 3 的公開承諾。我還想強調 Instituto Afya 的成立，這標誌著我們發展歷程中的一個新篇章。

This initiative strengthens our focus on sustainability and social impact, with a clear commitment to advancing research, science, and technology for the benefit of society, playing a strategic role in addressing non-communicable chronic conditions. Finally, Afya's leadership in ESG was recognized by Valor Economico through the Valor 1000 Award, which evaluates companies based on financial performance and ESG practices. Afya was honored as the top performer in the education sector in Brazil for the fourth time in a row.

這項措施加強了我們對永續發展和社會影響的關注，明確致力於推動研究、科學和技術，造福社會，並在解決非傳染性慢性疾病方面發揮戰略作用。最後，Afya 在 ESG 方面的領導地位得到了 Valor Economico 的認可，榮獲 Valor 1000 獎，該獎項根據財務業績和 ESG 實踐對公司進行評估。Afya 連續第四度榮獲巴西教育產業最佳表現獎。

And now, I will be turning the call over to Luis Blanco, Afya's CFO, to provide more insight into the financial and operational metrics. Thank you.

現在，我將把電話交給 Afya 的財務長 Luis Blanco，讓他更深入地介紹財務和營運指標。謝謝。

Thank you, Virgilio, and good evening, everyone. Starting with slide number 7 for a discussion of key operational metrics by business unit, starting with the undergraduate programs. Our number of medical students grew 6% year-over-year, reaching more than 25,000 students, while approved medical seats increased by almost 2% in the third quarter of 2025. Considering the expansion of 100 seats in Afya Braganca approved last week, the expansion in approved medical seats would be over 4% as of today. Our medical school net average ticket, excluding acquisitions, increased by 3.4% for the nine months, reaching BRL9,141.

謝謝你，維吉利奧，大家晚上好。從第 7 張投影片開始，討論各業務部門的關鍵營運指標，先從本科課程開始。我們的醫學生人數年增 6%，達到 25,000 多人，而 2025 年第三季批准的醫學招生名額增加了近 2%。考慮到上週批准在 Afya Braganca 增加 100 個席位，截至目前，已批准的醫學席位增幅將超過 4%。前九個月，我們醫學院的平均淨收入（不包括收購收入）成長了 3.4%，達到 9,141 巴西雷亞爾。

We have also achieved BRL2.459 billion in revenue, up from BRL2.156 billion from the prior year, an increase of over 14% due to higher tickets in medicine courses, the maturation of medical school seats and the acquisition of FUNIC. Regarding the revenue mix, 86% was derived from medical school students and 94% from health-related courses. On the next page, I will present our Continuing Education metrics. We approach Continuing Education through three main journeys. Starting with the Residency Journey, we saw a 36% decrease, reaching 9,969 students by the end of the period.

我們實現了 24.59 億雷亞爾的收入，高於上年的 21.56 億雷亞爾，增長超過 14%，這主要得益於醫學課程門票價格上漲、醫學院招生名額趨於穩定以及對 FUNIC 的收購。就收入組成而言，86%來自醫學院學生，94%來自健康相關課程。下一頁，我將介紹我們的繼續教育指標。我們透過三個主要途徑來進行繼續教育。從住院醫師培訓計畫開始，我們看到學生人數下降了 36%，到計畫結束時達到 9,969 名學生。

In the Graduate Journey, student numbers grew by 26%, reaching 9,180 students. Lastly, our other course and B2B offerings increased by 5% over the same nine-month period of the prior year. Overall, due to an increase in the average ticket per student, the Continuing Education revenue reached BRL208 million in the nine-month period of 2025, up from BRL188 million, reflecting a growth of almost 11% over the same period of the prior year. This includes a 7% increase in B2P revenue and a staggering 65% increase in B2B revenue.

在研究生階段，學生人數增加了 26%，達到 9180 名學生。最後，我們的其他課程和 B2B 產品與去年同期相比成長了 5%。整體而言，由於每位學生的平均票價上漲，2025 年前九個月繼續教育收入達到 2.08 億雷亞爾，高於去年同期的 1.88 億雷亞爾，成長近 11%。這其中包括 B2P 收入成長 7%，以及 B2B 收入驚人地成長 65%。

Moving to slide number 9, I will discuss the Medical Practice Solutions operational metrics. The first graph shows our total active payers, which are the ones that generate revenues in business to physician. The number of paying users reached 195,000, a 2% decrease over the same quarter last year. The second graph highlights our monthly active users, which accounts for 228,000, lower than the 249,000 recorded over the same period of the prior year. Lastly, the third graph shows revenue from our Medical Practice Solutions segment, which grew over 9% year-over-year, reaching BRL128 million. This growth was primarily driven by an expansion in active payers in clinical management and a more favorable product mix. Of this total, BRL114 million was generated by B2P, representing an 11% increase, while B2B contributed BRL14 million, a 2.5% decrease in the nine-month period.

接下來，我將在第 9 張投影片中討論醫療實務解決方案的營運指標。第一張圖顯示了我們的活躍付費用戶總數，這些用戶在面向醫生的業務中產生收入。付費用戶數量達 19.5 萬，比去年同期下降了 2%。第二張圖表突顯了我們的月活躍用戶數，為 228,000，低於去年同期記錄的 249,000。最後，第三張圖表顯示了我們醫療實踐解決方案部門的收入，年增超過 9%，達到 1.28 億巴西雷亞爾。這一成長主要得益於臨床管理領域活躍支付方的增加和更有利的產品組合。在這九個月期間，B2P業務貢獻了1.14億雷亞爾，成長了11%；而B2B業務貢獻了1,400萬雷亞爾，下降了2.5%。

On the next slide, we also present Afya Ecosystem. We are pleased to highlight Afya's substantial contributions to the healthcare community in Brazil. By the end of the third quarter of 2025, our ecosystem encompassed 304,000 physicians and medical students using our services and products.

在下一張投影片中，我們也將介紹 Afya 生態系統。我們很高興在此重點介紹 Afya 對巴西醫療保健界的巨大貢獻。到 2025 年第三季末，我們的生態系統涵蓋了 304,000 名使用我們服務和產品的醫生和醫學生。

Moving forward to slide number 11, I want to discuss our financial overview for the third quarter of 2025. Starting with the next slide. With great satisfaction, I am pleased to present another strong quarterly performance for Afya. Revenue for the third quarter of 2025 reached BRL929 million, representing a 10% increase compared to the same period last year. Revenue totaled BRL2.784 billion for the nine-month period, up 13% year-over-year. For the third quarter 2025, adjusted EBITDA rose by 15%, reaching BRL399 million, with an adjusted EBITDA margin of 43%, an expansion of 160 basis points compared to third quarter of 2024.

接下來請看第 11 張投影片，我想討論我們 2025 年第三季的財務概況。從下一張投影片開始。我非常高興地向大家介紹Afya公司又一個強勁的季度業績。2025 年第三季營收達 9.29 億雷亞爾，比去年同期成長 10%。前九個月的收入總計為 27.84 億雷亞爾，年增 13%。2025 年第三季度，調整後 EBITDA 成長 15%，達到 3.99 億雷亞爾，調整後 EBITDA 利潤率為 43%，比 2024 年第三季成長 160 個基點。

For the nine-month period, adjusted EBITDA amounted to BRL1.292 billion, an increase of 19% over the prior year, with an adjusted EBITDA margin of 46.4%, representing a 200-basis-point increase over the same period. The increase in adjusted EBITDA margin was mainly driven by higher gross margins in the Undergraduate and Continuing Education segments, restructuring initiatives within Continuing Education and Medical Practice Solutions, and improved efficiency in selling, general, and administrative expenses.

前九個月，調整後 EBITDA 為 12.92 億雷亞爾，比上年增長 19%；調整後 EBITDA 利潤率為 46.4%，比上年同期增長 200 個基點。調整後 EBITDA 利潤率的成長主要得益於本科生和繼續教育部門毛利率的提高、繼續教育和醫療實踐解決方案部門的重組舉措，以及銷售、一般及行政費用的效率提升。

Moving to slide 13. The year's cash flow from operating activities rose by 11%, reaching BRL1.292 billion, reflecting a strong operational performance. The operating cash conversion ratio was 101.5% in the nine-month period of 2025. Net income for the third quarter of 2025 came in at BRL159 million, marking an increase of 28% over the same period of 2024. For the nine-month period ending in September, net income totaled BRL593 million, up 20% year-over-year. This growth reflects stronger operational performance, combined with the recognition of deferred tax assets, partially offset by the additional taxation provisions related to the OECD's Pillar Two global minimum tax effects. Afya's basic EPS for this quarter reached BRL1.71, a 29% increase compared to the same quarter of 2024, with BRL6.40 per share for the nine-month period of 2025, representing a 20% growth. And now, moving to my last three slides, I will discuss our cash and net debt position, also giving more color on our cost of debts.

切換到第13張投影片。本年度經營活動產生的現金流量成長了 11%，達到 12.92 億雷亞爾，反映出強勁的經營業績。2025 年前九個月的經營現金轉換率為 101.5%。2025 年第三季淨利為 1.59 億雷亞爾，較 2024 年同期成長 28%。截至 9 月的九個月期間，淨收入總計 5.93 億雷亞爾，年增 20%。這一成長反映了更強勁的營運業績，以及遞延所得稅資產的確認，但部分被與經合組織第二支柱全球最低稅收影響相關的額外稅收準備金所抵消。Afya 本季的基本每股收益達到 1.71 雷亞爾，比 2024 年同期增長 29%；2025 年前九個月的每股收益為 6.40 雷亞爾，增長 20%。接下來，我將展示最後三張投影片，討論我們的現金和淨債務狀況，並更詳細地說明我們的債務成本。

On the next slide, we will discuss our gross debt. This slide presents a table detailing our gross debt composition at the end of third quarter 2025 and total cost of debt, covering our primary obligations, the Softbank transaction, debentures, other financial liabilities, the IFC financing and accounts payable to selling shareholders.

下一張投影片，我們將討論我們的總債務。此投影片展示了一張表格，詳細列出了我們截至 2025 年第三季末的總債務組成和債務總成本，涵蓋了我們的主要債務、軟銀交易、債券、其他金融負債、國際金融公司融資以及應付給出售股東的款項。

Moving on to slide 15, I'm pleased to announce that we have strengthened our financial position through liability management. In October, we issued commercial notes, totaling BRL1.5 billion. The use of proceeds was the early redemption of Afya's first issuance of debentures and the repurchase of the 150,000 Series A preferred shares held by SoftBank.

接下來請看第 15 張投影片，我很高興地宣布，我們透過負債管理加強了財務狀況。10 月份，我們發行了總額為 15 億雷亞爾的商業票據。所得款項的用途包括提前贖回 Afya 首次發行的債券以及回購軟銀持有的 150,000 股 A 系列優先股。

We present a comparison between our actual position as of the end of the third quarter of 2025 and the pro forma gross debt after the liability management. We have extended the gross debt duration to 3.2 years while maintaining a low cost of debt at 106% of the CDI even after the repurchase of the preferred shares held by SoftBank. These actions strengthen our financial flexibility to support long-term value creation for shareholders. On my last slide, we can look closely at the net debt variation. As of the end of third quarter of 2025, net debt stood at BRL1.342 billion, a reduction of BRL473 million compared to the end of 2024.

我們將 2025 年第三季末的實際財務狀況與負債管理後的預期總債務進行比較。即使在回購軟銀持有的優先股之後，我們仍將總債務期限延長至 3.2 年，同時保持較低的債務成本，為 CDI 的 106%。這些舉措增強了我們的財務靈活性，從而支持為股東創造長期價值。在最後一張投影片中，我們可以仔細看看淨債務的變化。截至 2025 年第三季末，淨負債為 13.42 億雷亞爾，比 2024 年底減少了 4.73 億雷亞爾。

This reduction was achieved even considering the acquisition of FUNIC, and the return to shareholders reflected by the dividends and shares repurchase. Afya's net debt excluding the effect of IFRS 16 divided by the midpoint of the 2025 adjusted EBITDA guidance was only 0.8 times. Afya's capital structure remains solid, with a conservative leveraging position and a low cost of debt. This concludes our prepared remarks. We're proud of the strong performance we've delivered this quarter.

即使考慮到收購 FUNIC，以及透過股息和股票回購向股東帶來的回報，這項減免仍得以實現。不計 IFRS 16 的影響，Afya 的淨債務除以 2025 年調整後 EBITDA 指引的中點，僅 0.8 倍。Afya 的資本結構依然穩健，槓桿水平保守，債務成本低。我們的發言稿到此結束。我們為本季所取得的優異業績感到自豪。

Our focus on improving the medical journey through an integrated education system and Medical Practice Solutions remains strong. Helping students become doctors, supporting ongoing medical learning, and making physicians more accurate and efficient. Looking ahead, we're excited about the opportunities in front of us and confidence in our ability to keep creating value for the entire ecosystem.

我們致力於透過整合教育體系和醫療實踐解決方案來改善就醫體驗，這一重點依然堅定不移。幫助學生成為醫生，支持持續的醫學學習，並提高醫生的準確性和效率。展望未來，我們對擺在我們面前的機會感到興奮，並對我們能夠繼續為整個生態系統創造價值充滿信心。

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

現在我將開始問答環節，謝謝大家。

(Event Instructions) Lucca Marquezini, Itau.

（活動說明）Lucca Marquezini，Itau。

The first question is regarding the effective tax rate. So can you please provide more color on the company's current understanding on the tax rate discussion, and also what do you believe to be an adequate assumption for this line going forward.

第一個問題是關於實際稅率的。那麼，您能否詳細說明一下公司目前對稅率討論的理解，以及您認為未來對該業務線而言，一個合理的假設是什麼？

And then the second one will be regarding capital allocation. So considering this was another quarter of solid cash generation, what should we expect for the company's capital allocation strategy going forward? Should we expect a higher dividend payment or even a greater M&A activity in upcoming years? That's our questions.

第二點將涉及資本配置。鑑於本季又是現金流穩健成長的季度，我們應該對公司未來的資本配置策略抱持怎樣的預期？我們是否應該預期未來幾年股利支付會更高，甚至併購活動會更活躍？這就是我們的疑問。

Lucca, it's Blanco speaking. I'll take the two questions. First, regarding taxations. We ended the nine-month period with effective tax rate of 9.7% that was greater than the 5.1% that we got from last year. The main reason for this increase is the provision that we are making for the Pillar Two taxations that was implemented in Brazil during 2025.

盧卡，我是布蘭科。我來回答這兩個問題。首先，關於稅收問題。九個月期間，我們的實際稅率為 9.7%，高於去年的 5.1%。此次成長的主要原因是我們正在為巴西於 2025 年實施的第二支柱稅收做準備。

And this provision, these taxations will be disbursed in July of 2026. So we are provisioning with these taxations during 2025. The effect of these minimal taxations was a little bit reduced by the provision of deferred tax asset that we recognized during the year.

這項條款規定的稅金將於 2026 年 7 月發放。因此，我們正在為 2025 年的這些稅收做好準備。由於我們在年內確認了遞延所得稅資產，這些最低限度的稅務影響有所減輕。

Moving ahead for -- 2026 ahead, we would expect that the effective tax rate should be converted to the minimum taxation of 15%, that's the taxation of the Pillar Two. So if we do not gain the Pillar Two taxations nor by the injections that we are discussing or through a change in the current legislation regarding the Pillar Two, we would expect that 2026 -- from 2026 front, I would say that effective tax rates would converge to 15%. To your second question regarding capital allocation, what we did during this October, we did a big liability management raising new debt regarding the commercial notes that were issued to the market. And with the use of proceeds of it, we did the prepayment of the debentures, and we repurchased the preferred shares from SoftBank that would be early redemption on April 2026. So with that we increased our durations and keep the cash in place to do the capital allocation itself.

展望 2026 年，我們預計實際稅率將調整為 15% 的最低稅率，即第二支柱的稅率。因此，如果我們既沒有獲得第二支柱稅收，也沒有通過我們正在討論的注資，或者透過改變有關第二支柱的現行立法，我們預計到 2026 年——從 2026 年開始，我認為實際稅率將趨近於 15%。關於您提出的第二個問題，即資本配置，我們在今年 10 月進行了大規模的負債管理，透過向市場發行商業票據籌集了新的債務。我們利用這筆資金提前償還了債券，並從軟銀回購了將於 2026 年 4 月提前贖回的優先股。因此，我們延長了投資期限，並保留現金來進行資本配置。

So we have in our hands the possibility of doing an M&A or even increasing the buyback or even to pay dividends all the alternatives that we have on our hands, we will have the best choice to evaluate the scenario in the next couple of months to take the better decisions to increase value to our shareholders.

因此，我們手中掌握著進行併購、增加股票回購甚至支付股利等各種選擇，我們將在接下來的幾個月裡對各種方案進行評估，以便做出更好的決策，為股東創造更多價值。

Yes. One point that I would like to highlight is that when we anticipated the payment of SoftBank's transaction, we had a financial gain. We negotiated with them to have a financial gain that will be proportionally to the difference of the rate -- the interest rate that we would have between this period and the due date of the contract.

是的。我想強調的一點是，當我們預期收到軟銀交易款項時，我們獲得了經濟利益。我們與他們協商，希望獲得與利率差額成比例的經濟收益－即本期利率與合約到期日利率之間的差額。

Eduardo Resende, UBS.

瑞銀集團的 Eduardo Resende。

I have two on my side. So first, a double-click on the capital allocation. You highlighted your initiatives for shareholder remuneration. But looking at the effects of the new tax reform and impact for foreign players and investors, I just would like to understand if possible other strategies are being evaluated on this front. So this is the first question.

我這邊有兩個人支持我。首先，雙擊資本分配。您重點介紹了您為股東回報所採取的舉措。但考慮到新稅制改革對外國企業和投資者的影響，我想了解是否有可能在這方面評估其他策略。這是第一個問題。

And second, if you could provide any color on 2026 intake cycle with overall trends observed in the latest entrance exam that you applied in the end of this semester. Any color on this front would be very helpful.

其次，如果您能提供一些關於 2026 年入學週期以及您在本學期末參加的最新入學考試中觀察到的總體趨勢的信息，那就太好了。這方面任何顏色的標註都會非常有幫助。

Eduardo, Virgilio here. So about capital allocation, as Blanco mentioned on the previous question here, so we're analyzing, so sort of on the M&A front, good opportunities on medical assets, medical school assets in some regions. So still aiming to have around 200 seats per year as our guidance in terms of capital allocation. So regarding distributing that to shareholders, so we'll keep combining the best option between buyback programs as the one that we just launched, that is the biggest one that we launched on our recent history here and also paying dividends even considering the 10% additional cost. So we'll be combining two of them, taking the best consideration, the market price of our shares.

我是愛德華多，我是維吉利奧。關於資本配置，正如 Blanco 在前一個問題中提到的，我們正在分析，在併購方面，某些地區的醫療資產和醫學院資產存在良好的機會。因此，我們仍以每年約 200 個席位為目標，作為資本分配的指導方針。所以關於如何將收益分配給股東，我們將繼續在股票回購計劃（這是我們近期歷史上最大的回購計劃）和支付股息之間尋求最佳方案，即使考慮到額外的 10% 成本。因此，我們將把其中兩項結合起來，並充分考慮我們股票的市場價格。

And all the availability of cash that we have on that. Regarding intake for 2026, it's still very early. We are collecting all the candidates. The only thing that we can anticipate is that, well, the tuition that we are aiming to 2026 is around 5% to 5.2% over 2025. So that's the only information from that.

以及我們在這方面擁有的所有可用現金。至於 2026 年的招生情況，現在還為時過早。我們正在收集所有候選人的資訊。我們唯一可以預見的是，到 2026 年，我們的學費目標將比 2025 年上漲 5% 到 5.2%。這就是全部資訊了。

Lucas Nagano, Morgan Stanley.

盧卡斯·納加諾，摩根士丹利。

We have two questions. And the first is a follow-up on the ticket adjustment you mentioned, which is if we should see any mix effect next year or if average ticket should converge to the 5% growth you just mentioned? Because this year, I think there was possibly some effects related to FIES. That's the first question.

我們有兩個問題。第一個問題是對您提到的票價調整的後續跟進，即明年我們是否會看到任何組合效應，或者平均票價是否會收斂到您剛才提到的 5% 的增長？因為今年，我認為可能存在一些與 FIES 相關的因素。這是第一個問題。

And the second question is a more conceptual one. In the last Afya Day, we discussed a lot about the supply side, about competition and Afya's strategy to offset those pressures. And the question is from the demand side, are you seeing any change even if it's marginal in how the applicants perceive the attractiveness of the medical career, if it should be affected both for the sector as a whole or for the worst players?

第二個問題更偏向概念性。在上一次 Afya Day 活動中，我們討論了很多關於供應方面、競爭以及 Afya 為抵消這些壓力而採取的策略。而問題在於需求方面，您是否看到申請人對醫療專業吸引力的看法發生了任何變化，即使這種變化很小，這種變化是否會影響整個行業或最糟糕的從業者？

Lucas, so the first question about ticket. So between 5% and 5.2% across the board is in terms of gross tuition. So it's still early in the process to check how the effect considering the FIES. But what we are aiming here is to keep stable around 17%, 18%, the penetration of FIES on our medical student base. So it's too early to check how the portfolio and the combination of them compared to 2025.

盧卡斯，那麼第一個問題是關於機票的。因此，就毛學費而言，整體漲幅在 5% 到 5.2% 之間。因此，現在還處於早期階段，無法檢驗 FIES 的影響。但我們的目標是將 FIES 在我們醫學生群體中的滲透率穩定在 17% 到 18% 左右。因此，現在檢驗投資組合及其組合與 2025 年相比如何還為時過早。

But now we just can say that we will be around 5%, okay? Regarding competition, so the number of candidates that we are seeing in terms of demand is very close to the -- what we are having to last year. So we are not seeing any substantial difference from city to city. So in terms of average, we are very close to the same figures that we had last year at the same time, okay? Just in terms of candidates.

但現在我們只能說我們會達到 5% 左右，好嗎？就競爭而言，我們看到的候選人數量與去年非常接近。因此，我們沒有看到各個城市之間存在任何實質差異。所以從平均值來看，我們與去年同期的數據非常接近，好嗎？僅就候選人而言。

Marcelo Santos, J.P. Morgan.

馬塞洛桑托斯，摩根大通。

I have two as well. The first question is about the gross margins on Medical Practice Solutions, there was a nice sequential increase. So I just wanted to get your comments there. And the second question is on the clinical decision software, this is the second quarter of sequential loss of subscribers. Just wanted to also get some color on these trend.

我也有兩個。第一個問題是關於醫療實踐解決方案的毛利率，環比成長勢頭良好。所以我只是想把你們的評論發到這裡。第二個問題是關於臨床決策軟體的，這是連續第二個季度使用者流失。也想了解一下這種趨勢的具體情況。

Marcelo, the first is the increase of 2% in terms of margins in the segment. That was related to the cost management that we do within the products. Nothing specific to highlight on that. That's -- it's an ongoing initiative that we have here to gain efficiency.

馬塞洛，首先是該細分市場的利潤率成長了 2%。這與我們產品中的成本管理有關。沒什麼特別需要強調的。這是我們正在推動的一項提高效率的舉措。

Yes. Just remember, just adding on the first question here, Marcelo. Remember that we launched many new campuses and new sites that we are offering Continuing Education. So we are getting to the second and the third intake process, so it's a kind of dilution of the fixed cost and gain more synergy, the campus that we launched over the last 18 months, okay? On the second one -- and I think just to clarify, your question was about the clinical decision solution, the reduction of users that we have in the second semester in a row. Is that right?

是的。馬塞洛，記住，我只是在第一個問題的基礎上補充一點。請記住，我們開設了許多新的校區和新的教學點，提供繼續教育。所以我們即將進入第二和第三輪招生階段，這在某種程度上分散了固定成本，並獲得了更大的協同效應，這是我們在過去 18 個月裡推出的校園，好嗎？關於第二個問題——我想澄清一下，您的問題是關於臨床決策解決方案，以及我們連續第二個學期用戶數量減少的情況。是這樣嗎？

Yes, that's correct, Virgilio.

是的，沒錯，維吉利奧。

Yes. So the clinical decision, the Whitebook solution, we changed our price at the end of last year strongly. So the decision on that was in terms of elasticity study at that moment. And we didn't change the combination about freemium users and also premium users with a much higher price. So the result of that was positive in terms of revenues, but we lost freemium users at that moment in the beginning of their career or last year of medical programs.

是的。因此，根據臨床決策，白皮書解決方案，我們在去年年底大幅調整了價格。所以當時的決定是根據彈性研究來做的。我們沒有改變免費用戶和價格較高的高級用戶的組合方式。因此，就收入而言，結果是積極的，但我們在那個時候失去了免費增值用戶，這些用戶正處於職業生涯的初期或醫學課程的最後一年。

So what we are doing right now to resume growth on the audience is reviewing the combination of features that we are offering through the freemium version and also premium version. So this is something that we want to resume the penetration on that, not only benefit in the short term, the revenues on Whitebook. I think the most important in terms of penetration, iClinic on the other side, it's the most important data for all monetization on B2B. It's accelerating and having much more penetration than also we were expecting because we have also to compete other medical records and to substitute clinic by clinic is something that it's not in a short and an easy way. So on our two most important digital solutions, one, we need to resume penetration, that is Whitebook.

因此，為了恢復用戶成長，我們目前正在審查我們透過免費增值版本和高級版本提供的功能組合。所以我們希望恢復這方面的滲透，不僅是為了短期利益，也是為了Whitebook的收入。我認為就滲透率而言，iClinic 的數據最為重要，而對於 B2B 所有盈利模式而言，iClinic 的數據最為重要。它的發展速度和滲透率都比我們預期的要高得多，因為我們還要與其他醫療記錄競爭，而且要逐個診所地進行替代，這不是一件短時間內就能完成的事情。因此，在我們最重要的兩個數位解決方案中，第一，我們需要恢復滲透率，那就是 Whitebook。

We launched a lot of features, as you may have seen on our Afya Day using, adopting AI to change this and also embedding this on our premium version. On the other side, iClinic also embedding with AI features, we are ramping up and accelerating penetration over clinics in the country, okay?

正如您在我們 Afya Day 活動上可能看到的那樣，我們推出了許多功能，採用了人工智慧來改變現狀，並將此功能嵌入到我們的高級版本中。另一方面，iClinic 也融入了人工智慧功能，我們正在加緊推進並加速其在全國各診所的普及，明白嗎？

Perfect. Just on the first question, I was asking about the margin increase of Medical Practice Solution, not the Continuing Education. And what I'm saying is that you went from 66% in the second quarter to 73%. So it's a sequential increase of 7 points, which was more on this one. I think you gave me the answer on the Continuing Education, if I'm not mistaken.

完美的。關於第一個問題，我問的是醫療實踐解決方案的利潤成長，而不是繼續教育的利潤成長。我的意思是，你們的成長率從第二季的 66% 上升到了 73%。所以這是連續成長7個百分點，而且這一個百分點還更高。如果我沒記錯的話，您已經給了我關於繼續教育的答案。

Yes. But Marcelo, I would say that, yes, we are increasing the -- almost 7 points regarding the second quarter of 2025. But if you compare with the third quarter of 2024, it's 2% below -- the 2% that I mentioned. So I would say that we have the kind of seasonality on that and this down of this 2% that was mentioned in the 12-month comparison, it's nothing to highlight on that. It's regarding the second quarter, it's something about seasonality, okay?

是的。但是馬塞洛，我想說，是的，我們正在增加——到 2025 年第二季將增加近 7 個百分點。但如果與 2024 年第三季相比，則低 2%——就是我提到的 2%。所以我認為，這其中存在季節性因素，而且在 12 個月的比較中提到的 2% 的下降幅度，並沒有什麼值得特別強調的。這是關於第二季的事情，跟季節性因素有關，好嗎？

Mirela Oliveira, Bank of America.

米雷拉·奧利維拉，美國銀行。

I have two questions here. The first one is on the recently acquired units. If you guys could comment a bit on the expected time frame for the ramp-up of FUNIC? And how long do you expect margins to be at company's run rate?

我有兩個問題。第一個例子是關於最近收購的單位。各位能否簡單介紹一下FUNIC的預計產能提升時間表？您預計公司目前的利潤率能維持多久？

And the second one is on the consolidated EBITDA margin. So the company has delivered a significant margin expansion in the past nine months, paving the way for reaching the top of the guidance. So just wondering here if you could comment a bit on if you see room for further margin expansion ahead and what would be the main levers for it? That will be it from my side.

第二個指標是合併 EBITDA 利潤率。因此，該公司在過去九個月中實現了利潤率的大幅成長，為達到預期目標鋪平了道路。所以我想請教一下，您認為未來利潤率還有進一步擴張的空間嗎？如果可以，主要的擴張手段是什麼？我這邊就介紹到這裡了。

Mirela, I'll take the two questions. So first of all, FUNIC it's our first year operating over there. So it's just 60 seats, so it's just in the beginning of the maturation. We just implemented -- launched the first class starting on August. So the first year, you have low margins because of all the implementations of the faculty and just the fact that we have just one class over there. So what we see that FUNIC it's based in Contagem. Contagem it's in the great Belo Horizonte area.

米雷拉，這兩個問題我來回答。首先，FUNIC，這是我們在那裡運營的第一年。所以它只有 60 個座位，還處於發展初期。我們剛剛實施了－第一期課程於8月開課。所以第一年利潤率很低，因為學院要實施各種措施，而且我們那邊只有一個班級。由此可見，FUNIC 的總部位於孔塔任。Contagem 它位於偉大的貝洛奧裡藏特地區。

And then we're going to -- as the maturation comes, we're going to reflect the increase of margins according to the increase of the maturation, the increases of the number of students. So it's according to our business plan, the acquisitions. It's a question of timing of [gearing] operational leverage regarding FUNIC.

然後，隨著成熟度的提高，我們將根據成熟度的提高和學生數量的增加來反映利潤率的成長。所以，根據我們的商業計劃，這些收購是符合規定的。這與 FUNIC 的營運槓桿時機有關。

Just to add one point here, Mirela, is that just so based on our track record managing all the greenfield, the new Mais Medicos II campuses, we can reach a very high margin after two to three years with these campuses maturation. And considering that we didn't start the internship phase in the 5th and the 6th year. So in terms of margin, we can scale rapidly the margin close to 50%, 60% the contribution margin. But remember that on 5th and the 6th year, that will converge to overall margin because we start the internship.

米雷拉，我還要補充一點，根據我們管理所有新建的 Mais Medicos II 校區的記錄，我們可以在這些校區成熟後的兩到三年內獲得非常高的利潤。考慮到我們在第五年和第六年並沒有開始實習階段。因此，就利潤率而言，我們可以迅速將利潤率提高到接近 50%、60% 的貢獻利潤率。但請記住，到了第五年和第六年，由於我們開始實習，利潤率將趨於一致。

And regarding the EBITDA margin increase, I would say that we are not doing that in this year. But in the last two years, we have been increasing significantly the margins of it. So it was a question of working with the three segments to gain efficiencies in the undergrad. Remember that in the beginning of 2024, we made the changes in the digital and the Continuing Education. We moved all the educational digital assets from the formerly digital segments to the Continuing Education and the Continuing Education we started to offer a hybrid offer on that.

至於提高 EBITDA 利潤率，我想說的是，我們今年不會實現這一目標。但在過去兩年裡，我們大幅提高了利潤率。所以問題在於如何與這三個部分合作，以提高本科階段的效率。請記住，在 2024 年初，我們對數位化和繼續教育進行了改革。我們將所有教育數位資產從以前的數位部門轉移到繼續教育部門，並開始為繼續教育部門提供混合課程。

And on top of that, we've implemented in the end of 2023, our zero-cost budgeting that helps a lot in SG&A expenses. So for the last -- I would say, for the last two years, we've been capturing a lot of this margin expansion.

此外，我們在 2023 年底實施了零成本預算，這對銷售、一般及行政費用有很大的幫助。所以在過去的兩年裡，我們一直在享受利潤率擴張帶來的好處。

Next question comes from Renan Prata from --

下一個問題來自 Renan Prata--

Super brief here. I just wanted to try to get a sense on the Continuing Education segment, the numbers of students on the Residency Journey, I think it dropped over 30%. So I'm just trying to understand if this is a [ponto] effect or it's something that we should expect to continue going forward?

非常簡短。我只是想了解繼續教育領域的情況，以及住院醫師培訓課程的學生人數，我認為人數下降了 30% 以上。所以我想弄清楚這究竟是[ponto]效應，還是我們應該預期這種情況會持續下去？

Renan, yes, it's a onetime effect here because we decided to join the offer of Mentoria and also the residence prep product. So last year, we used to count twice. So the student that was applying for Mentoria and also applying for residence prep, they subscribed for both products count twice.

雷南，是的，這是一次性的，因為我們決定接受 Mentoria 的優惠以及他們的住宿準備產品。所以去年，我們通常要數兩次。因此，申請 Mentoria 和申請住宿準備課程的學生，他們訂閱了兩種產品，結果會被計算兩次。

Now the offer, we are combining Mentoria into residence prep, so it's a joint product here. The most of them now are buying this program together. So the effect on -- the number of users, the number of subscribers is lower, but the effect on revenues is not on the same level. So it's a onetime effect. And just adding on that, because of this change, we are seeing a much more higher growth on the intake cycle that now we are in the top seasonality of the residency because of this new combination that we started last year, okay?

現在，我們將 Mentoria 與住宿準備課程結合起來，所以這是一個聯合產品。現在他們中的大多數人都是一起購買這個程式的。因此，對用戶數量和訂閱用戶數量的影響較小，但對收入的影響卻不在同一水平上。所以這只是一次性的影響。補充一點，由於這一變化，我們看到招生週期增長幅度更大，現在我們正處於住院醫師培訓的旺季，因為我們去年開始實施了這種新的組合，好嗎？

So we don't have any other questions. If you still have a question or want anything clear, you can contact the Investor Relations team, and we'll be happy to help you. So thank you for having us this night and see you next time.

所以我們沒有其他問題了。如果您還有疑問或需要澄清任何事項，可以聯絡投資者關係團隊，我們將竭誠為您服務。感謝你們今晚的款待，下次再見。