Afya Limited (AFYA) 2025 Q4 法說會逐字稿

Thank you for joining us for AFIS conference call. I'm here today with FS CEO Vigilli Gibong and our CFO Vi Andreblo.

感謝您參加 AFIS 電話會議。今天與我一同出席的有 FS 執行長 Vigilli Gibong 以及我們的財務長 Vi Andreblo。

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 fa's actual results to differ materially from those contemplated by these forward-looking statements.

在今天的簡報中，我們的高階主管將發表前瞻性陳述。前瞻性陳述可能涉及未來事件、未來財務或營運表現、已知與未知風險、不確定性及其他因素，這些因素可能導致 fa 的實際結果與這些前瞻性陳述所預期者出現重大差異。

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.

本簡報中的前瞻性陳述包括但不限於與業務及財務表現、未來期間的預期與指引，或對公司策略性產品計畫及其相關效益之預期等陳述。

These risks include those who are fully described in our findings of the Securities and Exchange Commission.

這些風險包括我們向美國證券交易委員會提交之文件中已完整描述者。

The forward-looking statements in this presentation are based on the information available to us as 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 no 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.

本簡報中的前瞻性陳述係基於截至本日我們可取得之資訊。您不應將其視為對未來事件的預測；除法律要求外，我們不承擔更新任何前瞻性陳述之義務。此外，管理層可能在本次電話會議中提及非 IFRS 財務衡量指標。這些衡量指標不應被單獨考量，亦不應作為依據 IFRS 編製之結果的替代。

This presentation has reconciled this no IFRS financial measures to the most directly comparable IFRS financial measures.

本簡報已將該等非 IFRS 財務衡量指標與最直接可比較的 IFRS 財務衡量指標進行調節。

Now, let me turn the call over to Vijino Jimbo FSU.

現在，讓我把電話會議交給 Vijino Jimbo FSU。

Thank you, Renata, and thanks everyone for joining us today for our final conference call of 2025.

謝謝你，Renata，也感謝各位今天參加我們 2025 年最後一次電話會議。

The last quarter reflects more than financial performance. It demonstrates how our strategy continues to position Latfia for sustainable growth as it continues to transform medical education across Brazil.

上一季所反映的不僅是財務表現。它也展現了我們的策略如何持續讓 Latfia 具備可持續成長的定位，並在巴西持續推動醫學教育轉型。

Which achieved our seventh consecutive year of meeting or exceeding guidance since the second half of 2019.

這使我們自 2019 年下半年以來，連續第七年達成或超越指引。

This track record reinforced the strength of our business model, the quality of our execution, and the commitment of our teams.

這項紀錄強化了我們商業模式的韌性、執行品質，以及團隊的投入承諾。

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.

今天我將說明推動這些成果的關鍵策略進展與營運亮點。接著，Luis Blanco 將就我們的營運與財務表現進行更詳細的回顧。

Start off with slide number 3.

先從第 3 張投影片開始。

Let's highlight our performance achievements in 2025. Our revenue for the 12 month period grew 12% year over year, reached BRL3,697 million, followed by adjusted EBITDA growth of over 50% year over year, reaching BRL1,680 million heads.

讓我們重點回顧 2025 年的績效成果。我們 12 個月期間的營收年增 12%，達到 36.97 億巴西雷亞爾；調整後 EBITDA 年增超過 50%，達到 16.80 億巴西雷亞爾。

Adjusted BD margin for the same period reached 45.4%, an increase of 130bips over last year.

同期間調整後 BD 利潤率達 45.4%，較去年提升 130 個基點。

We also reported a solid cash flow from operating activities, ended the 12 month period with BRL1,548 million highs, over 6% higher than last year with a cash conversion of 93.7%. Net income followed the same positive trend as the last quarter and reached BRL768.4 million highs, a growth of 18% year over year, with a basic EPS reaching 8 highs and $0.32, 19% higher than last year, reflecting strong operational performance. This achievement underscores our disciplined capital allocation on buyback programs, M&A, and an efficient capital structure.

我們亦呈報穩健的營業活動現金流，12 個月期間結束時達 15.48 億巴西雷亞爾，較去年高出逾 6%，現金轉換率為 93.7%。淨利亦延續上一季的正向趨勢，達 7.684 億巴西雷亞爾，年增 18%；基本每股盈餘達 8 highs 和 $0.32，較去年高 19%，反映強勁的營運表現。此一成果凸顯我們在庫藏股計畫、併購（M&A）以及高效率資本結構上的嚴謹資本配置。

Turning to our operational updates, we maintain our leadership position in medical education supported by 3,755 approved medical seats. Our number of undergrad medical students has reached more than 25,000 students, representing a 5% growth compared to the same period last year. Furthermore, our medical school's net average week excluding acquisition increased by 3% in the twelve-month period.

在營運更新方面，我們在醫學教育領域維持領先地位，並由 3,755 個核准醫學名額所支撐。我們的大學部醫學生人數已超過 25,000 人，較去年同期成長 5%。此外，我們醫學院的淨平均週（不含併購）在 12 個月期間增加 3%。

In the continued education segment, we continue to see solid results, presenting a revenue growth of 11% every year, reaching 284 million heads.

在繼續教育事業部，我們持續看到穩健成果，營收年增 11%，達到 2.84 億巴西雷亞爾。

For medical practice solutions, we ended the year with an increase in revenue of 6% year over year, reaching BRL171 million eyes in the 12 month period.

在醫療實務解決方案方面，我們年末營收年增 6%，12 個月期間達到 1.71 億巴西雷亞爾。

Finally, our ecosystem reached 301,000 active users, reflecting strong engagement and broad adoption among physicians and medical students across Brazil.

最後，我們的生態系統達到 301,000 名活躍用戶，反映在巴西各地醫師與醫學生之間的高度參與與廣泛採用。

In the next slide, starting with the undergrad segment, we delivered a gross margin record of 63.9%, reflecting the strength of our academic model and solid operational discipline. On the expansion front, we continue to advance through in organic and organic initiatives. We concluded the acquisition of 60 medical seats in Afia Contagin is strengthening our footprint in another strategic region close to Belorizonche.

在下一張投影片，先從大學部事業部開始，我們交出 63.9% 的毛利率新高，反映我們學術模式的優勢與穩健的營運紀律。在擴張方面，我們持續透過無機與有機的計畫推進。我們完成收購 Afia Contagin 的 60 個醫學名額，強化我們在另一個靠近 Belorizonche 的策略區域之布局。

In addition, we secured the authorization of 102 additional medical seats with Bragunsa receiving authorization of 100 additional medical seats on November 7, 2025, and Afiapatu Branco receiving two additional medical seats on December 18, 2025. These approvals reinforce our organic growth, runaway, and support our ability to expand with predictability. In continued education, gross margin expended 363 basis points, and we ended the period with over 10,000 graduate journey students. B2B revenue growth was 48% during the period, supporting our performance in the segment.

此外，我們取得 102 個新增醫學名額的核准，其中 Bragunsa 於 2025 年 11 月 7 日獲核准新增 100 個醫學名額，Afiapatu Branco 於 2025 年 12 月 18 日獲核准新增 2 個醫學名額。這些核准強化了我們的有機成長跑道，並支持我們以可預期的方式擴張。在繼續教育方面，毛利率擴大 363 個基點，期末研究生旅程（graduate journey）學生人數超過 10,000 人。期間 B2B 營收成長 48%，支撐該事業部的表現。

In medical practice solutions, we continue to scale our platform and expand engagement. We reached 196,000 players in medical practice solutions reflecting the growth of our active user base and expansion of our solution in daily medical practice. In addition, physicians made over BRL16.9 million prescriptions using office solutions, reinforcing the increasing usage of our ecosystem and clinical routines and decision making.

在醫療實務解決方案方面，我們持續擴大平台規模並提升互動。我們在醫療實務解決方案中達到 196,000 名 players，反映活躍用戶基礎的成長，以及我們解決方案在日常醫療實務中的滲透擴張。此外，醫師透過 office solutions 開立超過 1,690 萬筆處方，進一步印證我們生態系在臨床流程、日常作業與決策制定中的使用度提升。

At the corporate level, we deliver a gross margin record of 64.5% and an EPS record of 8 highs and $0.32. Further demonstrate the structural strength and scalability of our earnings model. Net cash flow from operating activities reaching BRL1.5 billion highs, highlighting the consistency and robustness of our cash generation.

在公司層級，我們創下 64.5% 的毛利率新高，以及 8 highs 和 $0.32 的 EPS 新高。進一步展現我們獲利模式的結構性優勢與可擴展性。營業活動淨現金流達 15 億巴西雷亞爾，凸顯我們現金創造能力的一致性與韌性。

We close the period with leverage of 0.8 times calculated as net debt excluding the effect of IFRIS 16 divided by the adjusted EBITDA. This combination of strong profitability, substantial cash generation, and conservative leverage profile provide us with significant financial flexibility and position us well to fund growth while increasing shareholder returns.

期末槓桿倍數為 0.8 倍，計算方式為：淨負債（不含 IFRIS 16 影響）除以調整後 EBITDA。強勁獲利能力、可觀的現金創造，以及保守的槓桿結構相結合，為我們提供顯著的財務彈性，使我們能在提升股東報酬的同時為成長提供資金。

Moving to the next slide, we will detail our shareholder return decision and how it reflects our discipline and consistent approach to capital allocation.

接著到下一張投影片，我們將詳細說明股東報酬的決策，以及其如何反映我們在資本配置上的紀律與一致作法。

Supported by a strong cash generation and disciplined financial management, we are announcing a cash dividend of BRL307.4 million highs, equivalent to a dividend per share of three highs $0.45, representing 40% of our 2025 net income payable on April 6, 2026 to shareholders off record as March 20, 2026.

在強勁的現金創造能力與嚴謹的財務管理支持下，我們宣布發放現金股利巴西雷亞爾3.074億，折合每股股利0.45美元，約占我們2025年淨利的40%，將於2026年4月6日支付予截至2026年3月20日登記在冊的股東。

This decision reflects our capital allocation framework which prioritizes sustainable cash generation, continuing investment in organic and inorganic growth, disciplined liability management, and consistent capital returns to our shareholders.

此決策反映我們的資本配置框架，優先考量可持續的現金創造、持續投資於有機與無機成長、嚴謹的負債管理，以及對股東一致且穩定的資本回饋。

Since 2021, our net income and cash generator have consistently expanded, and this operational performance has been accompanied. By a clear and disciplined commitment to shareholder returns. Over this period, we had funded our acquisition while also executing share repurchase programs across multiple years. More recently, we added a cash dividends as an additional component of our sharehold remuneration. This balanced capital allocation strategy allows us to simultaneously fund growth, strengthen our financial position, and return value to our shareholders.

自2021年以來，我們的淨利與現金創造能力持續擴張，而這樣的營運表現也伴隨著。對股東回饋清晰且嚴謹的承諾。在此期間，我們在為收購案提供資金的同時，也在多個年度執行庫藏股回購計畫。近期，我們亦新增現金股利作為股東報酬的另一項組成。此一均衡的資本配置策略，使我們得以同時為成長提供資金、強化財務體質，並回饋股東價值。

Moving to the next slide, we will outline our strategic focus to unlock long-term growth.

接著到下一張投影片，我們將概述我們用以釋放長期成長的策略重點。

The next phase of our strategy focuses on strengthening AI's position across the entire physician life cycle, expanding our audience, deepening engagement, and reinforcing the long-term monetization potentials of the ecosystem. As we evolve. Each interaction contributes to a more connected experience and expands the value we can generate across the system.

我們策略的下一階段，聚焦於強化AI在整個醫師生命週期中的定位、擴大受眾、深化互動，並強化生態系的長期變現潛力。隨著我們持續演進。每一次互動都促成更緊密連結的體驗，並擴大我們在系統中可創造的價值。

To achieve this, we are advancing a set of strategic priorities to guide the development of the ecosystem as a whole.

為達成此目標，我們正推進一系列策略優先事項，以引導整體生態系的發展。

We are strengthening and differentiating our core products to ensure they remain aligned with the needs of physicians as they progress across the specialties and career stages. We are investing in technology, data, and growth capabilities to enhance the scale and intelligence of our platform. We are also broadening our physician audience and deepening the integration of our solution across both B2B and B2B channels, ensuring that ecosystem becomes increasingly relevant throughout the medical journey, and we are scaling our B2B healthcare industry offerings which benefit directly from the insights produced by engagement and clinical behavior across the ecosystem.

我們正強化並差異化核心產品，確保其在醫師跨專科與不同職涯階段的進程中，仍能貼合其需求。我們投資於技術、數據與成長能力，以提升平台的規模與智慧化程度。我們也在擴大醫師受眾，並深化我們解決方案在B2B與B2B通路的整合，確保生態系在整個醫療旅程中愈發相關；同時，我們正擴大面向B2B醫療產業的產品供給，這些產品可直接受益於生態系內互動與臨床行為所產生的洞察。

These priorities reinforce one another, supporting a unified platform that increases frequency, relevance, and quality of interactions. Importantly, by making the ecosystem stronger and more integrated, we can sustain a structurally low customer acquisition cost for undergrad students, maintaining our competitive advantage and preserving efficient growth even in a more challenging environment.

這些優先事項彼此相互強化，支持一個統一的平台，以提升互動的頻率、相關性與品質。重要的是，透過讓生態系更強大且更高度整合，我們能為本科學生維持結構性偏低的客戶取得成本，維持競爭優勢，並即使在更具挑戰的環境下仍保有高效率成長。

As the physician audience grows and interacts more actively with our content, services, and professional tools, the platform becomes richer and more dynamic. Higher engagement deepens the data layer, strengthens our ability to refine products, personalize experience, and improve outcomes for users. The combination of scale, engagement, and insights creates network effects that enhance the long-term value of the ecosystem, supporting a more predictable and diversified monetization model.

隨著醫師受眾成長，並更積極與我們的內容、服務與專業工具互動，平台將變得更豐富且更具動態性。更高的互動度將加深數據層，強化我們精進產品、個人化體驗並改善使用者成果的能力。規模、互動與洞察的結合，將產生網路效應，提升生態系的長期價值，並支持更可預測且更多元的變現模式。

Executed this strategy requires incremental investment in continued education and medical practice solutions aligned with initiatives to expand technological capabilities, enhance progress development, and strengthen commercial reach. These investments are fundamental to supporting a seamless physician's experience, improving integration across learning practice environments, and reinforcing the structural foundation necessary to scale monetization over time.

執行此策略需要在持續教育與醫療執業解決方案上進行增量投資，並配合擴大技術能力、強化產品開發進程，以及提升商業觸達能力的各項舉措。這些投資是支持無縫醫師體驗、改善學習與執業環境間整合、並強化隨時間擴大變現所需結構性基礎的關鍵。

In essence, by strengthening the ecosystem across physician life cycle, we expand audience reach, deepen data-driven engagement, and reinforce the structural elements that support long-term monetization. These investments enhance the integration and relevance of our platform, sustaining efficient acquisition economics, and solidifying AA's abilities to capture durable valuable across the ecosystem.

總而言之，透過在醫師生命週期中強化生態系，我們擴大受眾觸及、深化數據驅動的互動，並強化支持長期變現的結構要素。這些投資提升平台的整合度與相關性，維持高效率的獲客經濟性，並鞏固AA在整個生態系中捕捉持久價值的能力。

Turning to the next slide, we translate this strategy into financial outcomes and present the 2025 results alongside our 2026 guidance.

接著到下一張投影片，我們將把此策略轉化為財務成果，並呈現2025年結果以及我們對2026年的指引。

August's 2025 revenue was 5 times higher than in 2019, the year of our IPO, reaching BRL3,697 million eyes in line with our announced 2025 midpoint guidance.

Athens 2025年的營收為2019年（我們IPO之年）的5倍，達到巴西雷亞爾36.97億，符合我們先前公布的2025年指引中位數。

Furthermore, 2025 adjusted EBITDA was BRL1,680 million heads, followed by an adjusted EBITDA margin of 45.4%, surpassing our adjusted bidder with the guidance of BRL1,670 million heads. These outstanding results reflects Alpha consistent growth and operational excellence.

此外，2025年調整後EBITDA為巴西雷亞爾16.80億，調整後EBITDA利潤率為45.4%，高於我們調整後EBITDA指引的巴西雷亞爾16.70億。這些卓越成果反映Alpha一貫的成長與營運卓越。

This consistence combined with another strong intake cycle provides a solid basis for our 2026 guidance.

這樣的一致性，再加上另一個強勁的招生週期，為我們2026年指引提供了堅實基礎。

Revenue is expected to range between 3,950 million eyes and 4,100 million eyes while adjusted EBITDA is anticipated to be between 1,700 million eyes and 1800 million eyes, excluding any acquisition that may be concluded after the issuance of the guidance. Once again, we are guiding for another strong year, demonstrate Athens's resilience and ability to keep delivering solid results with high predictability.

預期營收將介於39.50億至41.00億之間，而調整後EBITDA預計介於17.00億至18.00億之間，不包含在發布指引後可能完成的任何收購案。我們再次指引將迎來另一個強勁年度，展現Athens的韌性與持續以高度可預測性提供穩健成果的能力。

We do not expect any material impact from Em on our 2026 guidance. The recent release results reflect a process that is still evolving, and we expect further adjustment as the methodology continues to mature.

我們預期Em不會對我們的2026年指引造成任何重大影響。近期公布的結果反映一個仍在演進中的流程，且我們預期隨著方法論持續成熟，仍會有進一步調整。

Given that our medical school intake occurs in the first half of the year, we do not anticipate a material effect on the 2026 cycle.

鑑於我們的醫學院招生發生在上半年，我們不預期對2026年招生週期造成重大影響。

A new edition of the exam is expected later in the year, which may support potential improvement in Ahmed scores ahead of 2027 intake cycle.

預計今年稍晚將有新版考試，這可能有助於在2027年招生週期前帶動Ahmed分數的潛在改善。

Furthermore, showing the chart, our CapEx for 2026 expects to be between 340 and 380 million hairs.

此外，如圖表所示，我們2026年的資本支出（CapEx）預計介於3.40億至3.80億之間。

Even considering the investment increasing continued education and medical pack solution, we continue to see health level of capital expenditures between 8.6% and 9.3% in relation to our revenue.

即使考量對持續教育與醫療套件解決方案的投資增加，我們仍預期資本支出占營收比重將維持在8.6%至9.3%的健康水準。

I will now turn the call over to Luis Blanco after CFO to provide more insight into the financial and operational metrics. Thank you.

我現在把電話會議交給CFO Luis Blanco，請他就財務與營運指標提供更多洞見。謝謝。

Thank you Vigilio and good evening everyone. Starting with slide number 9 for discussions of key operational metrics by business unit. Starting with the undergraduate programs.

謝謝你，Vigilio，大家晚安。我們先從第9張投影片開始，按事業單位討論關鍵營運指標。先從本科課程開始。

Our number of medical students grew 5% year over year, reaching more than 25,000 students, while approved medical seats increased by 5% in the fourth quarter of 2025.

我們的醫學生人數年增5%，超過25,000名學生；同時，核准的醫學系名額在2025年第四季增加5%。

Our medical school net average tickets, excluding acquisitions increased by 3% for the 12 months, reaching BRL9,060.

我們醫學院的淨平均學費（不含收購）在過去12個月增加3%，達到巴西雷亞爾9,060。

We have also achieved BRL2,789 million in revenue, up from BRL2,478 million from the prior year. An increase of 13% due to higher tickets in medicine courses, the maturations of medical school seats, the beginning of the operations of UNIC, and the full year results consolidations of UIO that was acquired in July 2034.

我們也達成營收巴西雷亞爾27.89億，高於前一年的巴西雷亞爾24.78億。營收年增13%，主要來自醫學課程學費提高、醫學院名額逐步成熟、UNIC開始營運，以及於2034年7月收購之UIO的全年合併入帳結果。

Regarding the revenue mix, 86 was derived from medical school students and 94 from health related courses.

就營收組合而言，86%來自醫學院學生，94%來自健康相關課程。

On the next page, I will present our continuing educational metrics. We approach continuing education through three main journeys. Starting with the residency journey, we saw contractions in the student base after 2024, but the most recent quarters already show a clear recovery.

在下一頁，我將呈現我們的持續教育指標。我們透過三條主要旅程來推進持續教育。從住院醫師旅程開始，2024 年後學生基數出現收縮，但最近幾個季度已顯示明顯復甦。

In the current quarter, the number of the residency journey students is 21% lower than 2034, but over 30% higher than it was in the third quarter of 2025, indicating that the portfolio is rebuilding.

在本季度，住院醫師旅程的學生人數較 2034 年低 21%，但較 2025 年第三季高逾 30%，顯示產品組合正在重建。

In the graduate journey, we continue to see a consistence and health growth. Since 2024, the student base has expanded every quarter.

在研究所旅程方面，我們持續看到穩健且健康的成長。自 2024 年以來，學生基數每季皆擴大。

And the current quarter is 20% higher than it was in 2024 and over 11% higher than in the third quarter of 2025, confirming the strengths of its growth res.

而本季度較 2024 年高 20%，且較 2025 年第三季高逾 11%，確認其成長動能的強勁。

Overall, due to a higher participation of the graduate training products, the continued education and revenue reached BRL284 million in the twelve-month period of 2025, up from the BRL255 million, reflecting a growth of over 11% over the same period of the prior year.

整體而言，由於研究所培訓產品參與度提高，2025 年十二個月期間的持續教育營收達 2.84 億巴西雷亞爾，高於前一年的 2.55 億巴西雷亞爾，較去年同期成長逾 11%。

This includes a 9% increase in the B2B revenue and the robust 48% increase in B2B revenue.

其中包括 B2B 營收成長 9%，以及 B2B 營收強勁成長 48%。

Moving to slide number 11, I will discuss the medical practice solutions operational metrics.

接著看第 11 頁，我將討論醫療執業解決方案的營運指標。

The first chart shows our total active payers which generate revenue in the business to physicians, the B2P.

第一張圖表顯示我們在面向醫師業務（B2P）中產生營收的總活躍付費用戶。

The number of paying users reaches 196,000 in line with the same period of the prior year.

付費用戶數達 19.6 萬，與去年同期持平。

The second graph highlights our monthly active users, which are 220,000 down from the 238,000 in the same period of the prior year.

第二張圖表凸顯我們的月活躍用戶數為 22.0 萬，低於去年同期的 23.8 萬。

Lastly, the third graph shows revenues from our medical practice solutions which grew 6% year over year, reaching 171 million ris.

最後，第三張圖表顯示我們的醫療執業解決方案營收年增 6%，達 1.71 億雷亞爾。

This growth was primarily driven by a more favored product mix and an increase in the average ticket.

此成長主要由更有利的產品組合以及平均客單價提升所帶動。

On the next slide we also present Afia ecosystem.

在下一張投影片，我們也呈現 Afia 生態系。

We are pleased to highlight that AfiA substantial contributions to the Brazilian healthcare community.

我們很高興強調 AfiA 對巴西醫療社群的重大貢獻。

By the end of the 4th quarter of 2025, our ecosystem encompassed 301,000 physicians and medical students using our service and products. Moving forward to page 13, I want to discuss our financial overview for the fourth quarter of 2025, starting with the next slide.

截至 2025 年第四季末，我們的生態系涵蓋 30.1 萬名使用我們服務與產品的醫師與醫學生。接著到第 13 頁，我想從下一張投影片開始，討論我們 2025 年第四季的財務概覽。

I'm pleased to report another strong quarter from Afia.

我很高興報告 Afia 再次交出強勁的一季表現。

Revenue for the fourth quarter of 2025 reached BRL913 million, representing an 8% increase compared to the same period last year.

2025 年第四季營收達 9.13 億巴西雷亞爾，較去年同期成長 8%。

Revenue totally BRL3,697 million rials for the 12 month period, up to 12% year over year.

十二個月期間營收合計 36.97 億雷亞爾，年增 12%。

For the fourth quarter, adjusted EBITDA rose by 6%, reaching BRL389 million with an adjusted EBITDA margin of 42.6%. A decrease of 50 base points compared to the fourth quarter of 2024.

就第四季而言，調整後 EBITDA 成長 6%，達 3.89 億巴西雷亞爾，調整後 EBITDA 利潤率為 42.6%，較 2024 年第四季下降 50 個基點。

For the 12 month period, adjusted EBITDA amounted to BRL1,680 million. An increase of 15% over the prior year with an adjustable margins of 45.4%. Representing 130 base points increase over the same period.

就十二個月期間而言，調整後 EBITDA 為 16.80 億巴西雷亞爾，較前一年成長 15%，調整後利潤率為 45.4%，較同期提升 130 個基點。

The increase in d adjusted EBITDA margin was mainly driven by Higher gross margins in the undergraduate and continued educational segments.

調整後 EBITDA 利潤率的提升主要由以下因素帶動：大學部與持續教育部門的毛利率提高。

Restructing initiatives within the continuing educational and medical practice solutions.

持續教育與醫療執業解決方案內部的重組措施。

Improved efficiency in selling general and administrative expenses.

銷售、一般及行政費用效率提升。

Moving to slide 15.

接著看第 15 頁。

The year's cash flow from operating activities rose by 6%, reaching BRL1,548 million riiss, reflecting a strong operational performance.

本年度營業活動現金流量成長 6%，達 15.48 億雷亞爾，反映強勁的營運表現。

The operating cash flow conversions ratio was 93.7% in the 12 month period of 2025.

2025 年十二個月期間的營業現金流轉換率為 93.7%。

Net income for the fourth quarter of 2025 came in at BRL175 million rials.

2025 年第四季淨利為 1.75 億雷亞爾。

Marking an increase of 14% over the same period in 2024.

較 2024 年同期成長 14%。

For the 12 month period ending in December 2025, net income to BRL768 million, up 18% year over year.

截至 2025 年 12 月的十二個月期間，淨利達 7.68 億雷亞爾，年增 18%。

These growth reflects stronger operational performance combined with the recognition of deferred tax assets partially offset by the additional taxations related to the OECD pillar 2 global minimum tax effects.

這些成長反映更強的營運表現，並結合遞延所得稅資產的認列；部分被與 OECD 第二支柱全球最低稅負影響相關的額外稅負所抵銷。

Afia basic EPS for the quarter reaches 1 reiss and $0.91.

Afia 本季基本每股盈餘（EPS）達 1 雷亞爾及 0.91 美元。

A 15% increase compared to the same part in 2024.

較 2024 年同期成長 15%。

With 8,032 cents per share for the 12 month period of 2025, representing a 19% growth.

2025 年十二個月期間每股為 8,032 分，代表 19% 的成長。

This earning performance is complemented by a dividend yield equivalent to 4.76%, reinforcing our earnings growth and strong cash generations are driven attractive cash returns to shareholders.

此獲利表現並由相當於 4.76% 的股息殖利率加以支撐，強化我們的獲利成長與強勁現金創造能力，並為股東帶來具吸引力的現金回饋。

And now moving to my last 3 slides I'll discussion our cash and net debt position, also providing additional detail on our cost of debt.

接下來在最後三張投影片中，我將討論我們的現金與淨負債部位，並提供我們債務成本的更多細節。

These slides present a table detailing our gross debt compositions at the end of the 4th quarter of 2025 and the total cost of debts covering our primary obligations.

這些投影片呈現一張表格，詳列截至 2025 年第四季末的總負債組成，以及涵蓋主要義務的總債務成本。

The issuance of BRL1,500 million in the boundaries on October 2025 together with the repurchase and cancellations of the Proto convertible held by SoftBank.

2025 年 10 月發行 15.00 億巴西雷亞爾的債券，以及回購並註銷由 SoftBank 持有的 Proto 可轉債。

And the repayment of the first issuance of the boundaries and other loans and financing.

以及償還第一期債券發行與其他貸款及融資。

Demonstrate afi discipline approach to liability management.

展現 Afia 在負債管理上的紀律作法。

Resulting in an average debt maturity extended to 3.6 years, and the lowest cost of the debt in the educational sector.

使平均債務到期年限延長至 3.6 年，並達成教育產業中最低的債務成本。

Turning to the next slide.

接著看下一張投影片。

As of the end of the fourth quarter 2025, net debts reached BRL1,369 million, a reduction of BRL445 million from the end of 2024.

截至 2025 年第四季末，淨負債為 13.69 億巴西雷亞爾，較 2024 年底減少 4.45 億巴西雷亞爾。

This reductions was achieved even after considering the acquisitions of Punic and the return to the shareholders reflected in dividends and the share repurchase program.

即使在納入 Punic 的收購，以及以股利與庫藏股回購計畫形式回饋股東之後，仍達成此降幅。

Afi net debt excluding the effects of the IFRS 16 divided by the 2025 adjustedbida was only 0.8 times.

Afia 扣除 IFRS 16 影響後的淨負債除以 2025 年調整後 EBITDA 僅為 0.8 倍。

Afi capital structure remains solid with a conservative leveraged positions and the low cost of debt.

Afi 的資本結構仍然穩健，槓桿部位保守，且負債成本偏低。

And now moving to my last slide, we highlight how our earnings growth has consistently translated into cash generations for shareholders over the last few years.

現在進入我最後一張投影片，我們將重點說明，過去幾年我們的獲利成長如何持續轉化為可為股東創造的現金。

First, looking at earnings, our basic earnings per share increased from 2 and $0.39 in 2021 to 8 highs and $0.32 in 2025, representing the keger of 37% over the period.

首先看獲利面，我們的基本每股盈餘從 2021 年的 2 和 0.39 美元提升至 2025 年的 8 高點和 0.32 美元，期間年複合成長率（CAGR）為 37%。

These evolutions reflects sustainable margins and discipline education.

這些演進反映了可持續的利潤率以及紀律性的教育。

Across our business reinforce the quality and the resilience of our earnings profile.

在我們的業務範圍內，進一步強化了我們獲利結構的品質與韌性。

In parallel, free cash flow also expanded. It grew from BRL349 million in 2021 to BRL1,056 million in 2025, an increase of BRL707 million and the CAGR of 32%.

同時，自由現金流也擴大。其從 2021 年的 3.49 億巴西雷亞爾增至 2025 年的 10.56 億巴西雷亞爾，增加 7.07 億巴西雷亞爾，年複合成長率為 32%。

This shows that we are not only growing earnings, but also efficiently converting them into cash.

這顯示我們不僅在提升獲利，也能有效率地將獲利轉換為現金。

For the full year 2025, our results translated into a free cash flow yield of 13.3%. These combinations of earnings growth, strong cash flow generations, and an attractive free cash flow yield support our ability to continuing investing in our inorganic growth while also returning capital to shareholders in line with our discipline capital allocation strategy.

以 2025 全年而言，我們的成果對應的自由現金流殖利率為 13.3%。獲利成長、強勁的現金流創造能力，以及具吸引力的自由現金流殖利率，支持我們在持續投入非有機成長的同時，也能依循我們嚴謹的資本配置策略回饋股東。

We also continue to execute our repurchase program with approximately 60% of the currently authorized buyback program remaining available for executions until December 2026.

我們也持續執行庫藏股回購計畫，目前核准的回購額度約仍有 60% 可供執行，期限至 2026 年 12 月。

Combined with dividends, we expected to distribute 50% of the company's consolidated net income for the year ended 2025, reinforcing our commitment to shareholder returns.

結合股利，我們預期將就截至 2025 年的年度，分配公司合併淨利的 50%，以強化我們對股東報酬的承諾。

We remain confident in our long-term growth and value creation strategy and maintaining our growth guidance.

我們對長期成長與價值創造策略仍具信心，並維持我們的成長指引。

This concludes our prepared remarks. We are proud of the strong performance we've delivered this quarter. Our focus on improving the medical journey through an integrated educational system and medical practice solutions remains strong, helping students to become doctors, supporting ongoing medical learning, and enabling physicians to practice a more accurate and efficiently.

以上為我們事先準備的發言。我們為本季交出的強勁表現感到自豪。我們透過整合式教育體系與醫療執業解決方案來改善醫療旅程的聚焦仍然堅定，協助學生成為醫師、支持持續的醫學學習，並使醫師能更準確且更有效率地執業。

Looking ahead, we are excited about opportunities to continue creating value across the entire ecosystem.

展望未來，我們對於在整個生態系持續創造價值的機會感到振奮。

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

我現在開放會議進入問答環節。

Thank you.

謝謝。

(Operator Instructions) Marcelo Santos, JPMorgan.

(接線員指示) JPMorgan 的 Marcelo Santos。

Hi, good evening. Thanks for taking my questions. I wanted to focus a bit on the transformation that you're planning from continued education and medical practice solutions. First question is, could you please give some tangible examples of improvements you're planning to make, just for, to be more clear what we are talking, where these investments will be done. And the second question is like, the B2B revenues in the medical practice solutions, they were soft over the like last year.

嗨，晚安。謝謝讓我提問。我想聚焦在你們規劃的轉型，也就是持續教育與醫療執業解決方案。第一個問題是，能否請你提供一些具體的改善例子，讓我們更清楚你們在談什麼、這些投資會投入在哪些地方。第二個問題是，醫療執業解決方案的 B2B 營收在過去一年左右表現偏弱。

What is needed? How these investments are going to drive those revenues like? Like what's missing? Is Brazil not ready yet for the kind of solutions you're offering or like is some technology improvement that would unlock those revenues. Just wanted to understand the outlook for that line.

需要什麼條件？這些投資將如何帶動那些營收？到底缺了什麼？是巴西市場對你們提供的這類解決方案還沒準備好，還是需要一些技術改善才能釋放這些營收？我想了解這條業務線的展望。

Thank you very much.

非常感謝。

Thank you, Marcelo.

謝謝你，Marcelo。

Virgilio. So the investment under the, continued education and also the medical practice solutions, much more, how can we integrate all of the products and services that we are offering for the same persona on the medical journey. So imagine that we are serving, most of the time the same physician with different products with different experience under the same AfiA umbrella. So, all the investments here is how can we integrate not only in terms of products and service, creating a platform that can have like a membership concept behind that, but also unifying the experience of that physician at Afia's journey. So it's a lot of product enhancement, a lot of technology creating a platform that can tie the physician not only for a continuing medical education program or an update type of program. But also, to all, system and and applications that they are running into their clinics. So this is, where we will be investing for the next 3 years, integrating this platform, improving. The experience aiming, the name of the game here is audience improving our audience into the physician base for the entire, in the entire country. And the B2B, when you compare the B2B mostly for the last quarter, in 2024 and against 2025, we had a very big, chunk of, revenues recognized on the fourth quarter that we didn't have.

Virgilio。所以在持續教育以及醫療執業解決方案方面的投資，更多是著眼於：我們如何把在醫療旅程中、針對同一個人物（persona）所提供的所有產品與服務整合起來。想像一下，我們多數時候是在服務同一位醫師，但透過不同產品、不同體驗，且都在同一個 AfiA 的品牌傘下。因此，這裡的投資重點在於：我們如何不僅在產品與服務層面整合，打造一個背後可支援「會員制」概念的平台，同時也統一這位醫師在 Afia 旅程中的整體體驗。這包含大量的產品強化，以及大量的技術投入，建立一個平台，能把醫師不僅連結到持續醫學教育課程或更新型課程。也能連結到他們在診所中使用的所有系統與應用程式。因此，未來 3 年我們將在此投入：整合這個平台、改善。體驗；這裡的關鍵是受眾——提升我們在全國醫師族群中的受眾基礎。至於 B2B，當你比較 2024 年第四季與 2025 年第四季時，我們在第四季認列了一大塊營收，而另一年並沒有。

But also B2B is struggling. How can we use all of our part of our solution without a unified platform to serve all the contracts that we have. So also this investment will help us not only to leverage the B2B experience but also having much more channels where we can monetize into our B2B offerings inside our ecosystem.

但同時 B2B 也確實面臨挑戰。在缺乏統一平台的情況下，我們要如何運用解決方案的各個部分來服務我們所有的合約。因此，這項投資也將幫助我們不僅提升 B2B 的體驗，還能在生態系內建立更多可變現的通路，導入到我們的 B2B 產品提供中。

Perfect. Thank you very much.

很好。非常感謝。

Thank you Marcelo.

謝謝你，Marcelo。

Mauricio Cepeda, Morganstown.

Morganstown 的 Mauricio Cepeda。

Good evening, Virgilio Blanco, Renata, thanks for the opportunity here. My first question is about the progression of the discussions on in a me and profi med. If you could update us on how the sector, how are the sector discussions there, the possibilities of litigation in that sense. And if you do foresee potential impacts from the sanctions in your schools, that underperform in Ahmed, and how are you preparing for for the schools that were not tested yet because they are relatively new, how are you preparing there and my second question is about, how now you foresee and as a way to continue growing. Given that the undergrad schools that you have seem to be, getting closer to maturation, thank you.

晚安，Virgilio Blanco、Renata，謝謝提供這個機會。我的第一個問題是關於 in a me 和 profi med 的討論進展。能否請你更新一下該產業的情況、目前的產業討論，以及在這方面發生訴訟的可能性。另外，你是否預期 Ahmed 中表現不佳的學校所受到的制裁會對你們的學校造成潛在影響？以及對於那些因為相對較新而尚未受測的學校，你們如何準備？我的第二個問題是，關於你們接下來如何看待、以及作為持續成長的方式。鑑於你們的本科（undergrad）學校似乎正逐步接近成熟期，謝謝。

And sorry, on 2026, can you.Start again? It was mute.

抱歉，關於 2026 年，你可以再說一次嗎？剛剛是靜音。

I'm sorry. So starting again here, Mauricio, regarding Ahmed, we are not, foreseeing any, impact on 2026 because, our intake, it's. Almost 100% gone, with a great occupancy. We didn't finish it yet just because of he has a pro uni schedule that goes to 10th of April. So as most of our campuses will, offer.

抱歉。那我重新開始，Mauricio，關於 Ahmed，我們不預期 2026 年會有任何影響，因為我們的招生名額已經。幾乎 100% 招滿，且入學率很高。我們尚未完全結束只是因為 ProUni 的時程到 4 月 10 日。因此我們大多數校區將，提供。

Almost 100% of their seats on the first half, so we only have remaining seats for the second half. So the impact, for those campuses that have some kind of penalty under the An amed rule, it will be, close to zero.

他們上半年幾乎 100% 的名額都已滿，所以我們只剩下下半年的名額。因此，對於那些在 An amed 規則下受到某種處罰的校區，其影響將接近於零。

Having said that, what we expect is that the new is expected to happen in September.

話雖如此，我們預期新的（規定/措施）將在 9 月發生。

So now with a completely different preparation for the entire sector. Now we know the rules, at least in AfiA what we are doing here in terms of preparation, not only, for the new campus that we will enter this year, on the NME.

因此，現在整個產業都在進行一套完全不同的準備。現在我們知道規則了，至少在 AfiA，就我們在準備方面所做的事情而言，不僅是針對我們今年將進入的新校區、在 NME 上的準備。

But we are running 12 simulations to our mock test for all of our students. We had the 1st 12 weeks ago and we have the next one next week. So it's a Strong action plan here based on the new procedure, the new, evaluation system, that we are going to be prepared and for sure we have a, we expect a much better result, for the second half of 2026 and that we could revert not only the grades but all of these penalties that we have over our, for some of our campuses for 2027.

但我們正在為所有學生進行 12 次模擬測驗。第一次是在 12 週前，下一次在下週。因此，這裡有一個基於新流程、新評估系統的強力行動計畫；我們將做好準備，並且我們確實預期在 2026 年下半年會有更好的結果，並且我們可以在 2027 年扭轉的不僅是成績，還包括我們在部分校區所承受的所有這些處罰。

Regarding the profume that you asked, Mauricio, it's under discussion under the Senate. There is nothing approved yet, and, we are waiting for the next steps.

關於你問到的 profume（議題），Mauricio，目前正在參議院討論中。目前尚未有任何核准，我們正在等待下一步。

Hi, Sepia Blanco is speaking. I'll take the second question, regarding the M&A.

嗨，我是 Sepia Blanco。我來回答第二個問題，關於併購（M&A）。

We keep, seeing our view of adding, of expanding, ourselves through inorganic movements, through M&A, we keep seeing that, we can add, 200 seats capacity per year, through MNA. Targeting the, targeting, business educational institutions that has more than 60% of the revenue coming from the medicine programs, and delivering, on leveraged IRR of at least 20% nominal. So we keep seeing that as a target and we very straight in terms of capital locations regarding targets and returns that these targets will generate for for fififi so nothing changes in our view regarding inorganic expansion.

我們仍然維持透過非有機動作、透過併購來增加與擴張的看法；我們仍然認為，透過併購每年可以新增 200 個名額產能。我們鎖定的目標是：營收中超過 60% 來自醫學課程的教育機構，並且在槓桿後的 IRR 至少達到名目 20%。因此我們仍將其視為目標；在資本配置方面，對於標的與這些標的將為 fififi 帶來的報酬，我們的立場非常明確，所以我們對非有機擴張的看法沒有改變。

Perfect. No, it's very clear.

完美。不，這非常清楚。

Thank you, Vina.

謝謝你，Vina。

Of course, thank you.

當然，謝謝。

Flavio Shida from Bank of America.

美國銀行的 Flavio Shida。

Hi, good evening, everyone.

嗨，大家晚上好。

Thank you for the opportunity to ask questions. The first one is, if you guys could help us to understand what happened on the operational expenses, we saw that it increased only 1% every year. It was on a much higher running rate in the previous quarters, roughly a 10% increase year over year. So how much that is, can we consider, going forward? And then also, on CapEx, we saw a very significant increase on intangible assets on the CapEx so it would be very good if you could share the reason for that. And then my second question. Is on the guidance. So, when we see the guidance, we see that there is an implied EBITDA margin for this year that is, lower than 2025, right? So the midpoint of the guidance would be around 43.5%, which compares to 45.4% from 2025.

謝謝讓我有機會提問。第一個問題是，能否請你們協助我們理解營運費用發生了什麼事：我們看到它每年只增加 1%。在前幾個季度的年增率要高得多，大約是年增 10%。所以這其中有多少是我們未來可以視為常態的？另外，在資本支出（CapEx）方面，我們看到無形資產的 CapEx 顯著增加；如果你們能分享原因會很有幫助。然後是我的第二個問題。關於財測（guidance）。當我們看財測時，我們看到今年隱含的 EBITDA 利潤率低於 2025，對嗎？因此，財測中位數大約是 43.5%，相較於 2025 年的 45.4%。

So, I would like to understand the main reasons for such, IDA margin, decrease in 2026.

所以，我想了解 2026 年 EBITDA 利潤率下降的主要原因。

Thank you.

謝謝。

I flag, I'll start with the first one. The our CapEx, regarding, 2025, has increased it, mostly in the intangible because all this problem regarding these, investments, that Vigilio mentions under continued education and, SPM. Segments we started it at the the the 4th quarter of 2025 so we started the the this program in the fourth quarter that's why we have an acceleration of the CapEx during the 4th quarter, that's why we have, increase in intangibles, on the fourth quarter. Regarding OpEx, we have achieved, our view for the year. There's some seasonality on that, and we can provide more color, after the call, directly to you. Regarding the reductions in terms of margins, if we can to in 2026 if we got the midpoint of, the beat in the guidance and the midpoint of the revenue in the guidance and compare. With the margins that we delivered in 2025, we're talking about, 190, BIs, reductions, on it, this, is part reflecting the impact of the program, that we are put in place. Regarding the expansions in continuing education and SPM and as well a mix of fact that the segments of continued educational and SPM will grow faster than the undergrad segment.

Flavio，我先回答第一個。我們 2025 年的資本支出增加，主要是在無形資產，因為有關這些投資的整個議題——正如 Vigilio 提到的——是在持續教育與 SPM 之下。我們在 2025 年第四季開始，因此我們在第四季啟動了這個計畫，這就是為什麼第四季的 CapEx 加速、無形資產增加。至於營運費用（OpEx），我們已達成我們對全年設定的目標。其中有一些季節性因素，我們可以在電話會議後直接向你提供更多細節。關於 2026 年利潤率下降，如果我們取財測中 EBITDA 的中位數與營收的中位數來比較，再與我們在 2025 年交出的利潤率相比，我們談的是約 190 個基點的下降；這部分反映了我們正在推行的計畫所帶來的影響。包括持續教育與 SPM 的擴張，以及組合因素：持續教育與 SPM 這些業務板塊的成長速度將快於大學部（undergrad）板塊。

Okay, that's very.

好的，這非常。

Clear.

清楚。

Thank you.

謝謝。

Andres Tali from UBS.

UBS 的 Andres Tali。

Hi, good evening, everyone. Thanks for taking my question and congrats on delivering the guide this year. My question is more, I mean, on capital allocation as you guys are deploying a diversified strategy here in our read. I mean, you have the opportunity on consolidating med schools. You are investing in businesses other than higher education. You have an ongoing buyback program until 2026. You just announced robust dividends now.

嗨，大家晚上好。謝謝讓我提問，也恭喜你們今年給出了指引。我的問題比較偏向資本配置，因為依我們的理解，你們正在部署一個多元化策略。你們有整併醫學院的機會。你們也在投資高等教育以外的業務。你們有一個持續到 2026 年的庫藏股回購計畫。你們剛剛也宣布了相當可觀的股利。

I mean, can you guys comment on how do you rank these, opportunities here in terms of relevance for the next, I don't know, 3 to 5 years in terms of your capital allocation priorities?

我的意思是，你們能否評論一下：在未來（我不知道）3 到 5 年，你們如何在資本配置優先順序上，對這些機會按重要性排序？

As, I mean, they might end up competing with each other. I would like to hear more about it. Thanks.

因為，我的意思是，它們最後可能會彼此競爭資本。我想多聽一些你們的看法。謝謝。

Thank you Andre. It's Blanco speaking. I will take this question. This is a great question.

謝謝你，Andre。我是 Blanco。我來回答這個問題。這是一個很好的問題。

Thank you for us to have the opportunity to do that. First, it's very important, to highlight that this flexibility on capital locations come because our ability on generating free cash flow. As, we presented, we delivered more than a billion, reiss in, free cash flow, during the 2025, and this gives us the opportunity, in allocating in inorganic dividends and share buyback. How we think about that, the inorganic movements, as I mentioned in the Cepeda questions, we focus on. Having at least 200 seats per year in medicine schools that's delivered an IRR of at least 20% nominal on leverage returns regarding the mix between capital locational capital shareholders remunerations between share buyback and dividends. We see that a mix between these tools deliver the highest value to our shareholders, and, we have in mind to start buyback programs when we see opportunity regarding the share price, when we see we see value, undervalue in our share price as we see at at this moment and. And we complement it with, dividends, and control our, net debts to EBITDA, as you can see, doing that in 2025, having the expansion throughhoi paying dividends and performing the share buyback, we did that and reduced our leverage from 1.2 to 2 0.8 times net debt. To rebida. So this is our view. This is the view, that we will keep for the following years, we see that, we can keep our ability on generating a strong free cash flow, in the future, and, with this, free cash flow we continue to do business combinations with this, 20%.

感謝讓我們有機會做到這一點。首先，非常重要的是要強調，資本配置上的這種彈性來自於我們創造自由現金流的能力。如同我們所呈現的，我們在2025年創造了超過10億雷亞爾的自由現金流，這讓我們有機會在資本配置上同時進行外延式投資、股利發放以及股份回購。我們如何看待這件事——關於外延式動作，如我在Cepeda的提問中提到的，我們聚焦於：每年至少新增200個醫學院名額，且在槓桿後報酬的名目IRR至少達到20%；同時在資本配置與股東報酬（股份回購與股利）之間取得平衡。我們認為，這些工具的組合能為股東創造最高價值；當我們看到股價出現機會、認為股價被低估時（就像我們此刻所看到的），我們會啟動回購計畫。我們也會以股利作為補充，並控制淨負債／EBITDA；如你所見，我們在2025年一邊擴張、一邊發放股利並執行股份回購，同時將槓桿從1.2倍降至0.8倍淨負債。相對於EBITDA。這就是我們的看法。這也是我們未來幾年會維持的觀點：我們認為未來仍能持續產生強勁的自由現金流；並且運用這些自由現金流持續進行業務合併，目標是達到20%。

Return on that and dividing, the remaining through dividends and share buyback depending on the share price, of course, and, the net debt at the end of the day.

在此基礎上的報酬，並將剩餘部分透過股利與股份回購來分配——當然會視股價而定——以及最終的淨負債水準。

Just to add some color here and there, so how I, I'd like to see, so the cash flow generation during 2025 and how we use it in terms of allocate this cap in terms through the year, so, to reach this.

我再補充一些背景，談談我希望如何看待：我們在2025年的現金流生成，以及我們在一年當中如何配置這些資本，以達成這個目標。

1 billion, 1 billions of free cash flow, maybe third of that amount, we are applying to buyback program and there's the 4 million shares. It's around another 300 million highs. The dividends, that's a robust dividends, that is around 40% of our net income, it's 30% of our free cash flow again, so the other 40%, also help us to fund, future opportunities and acquisition here. So moving ahead, we still see a very resilient type of business that we can fund organically. Our improvements, our new products and service integration, all of this beautiful platform that for one side, can be a beautiful growth avenue in the future, but also create, enormous advantage, for our core business on undergrad because we have more than 300,000 physicians. And this is an army talking about our brand and also help us to have a very low cost of acquisition, keep the resilience of our business, occupy 100% of our semester over semester. So, that's a very beautiful strategy in terms of capital location, investing. On our digital platform, distributing tons of value to our shareholder through buyback program and also dividends and that will continue, for the following years and also funding future, and, future opportunities in terms of acquisition.

10億、10億的自由現金流，其中可能約三分之一我們用於回購計畫，回購了400萬股。大約是另外3億雷亞爾左右。股利方面，這是一個相當穩健的股利政策，約為我們淨利的40%，也就是我們自由現金流的30%；因此其餘的40%也有助於我們為未來機會與收購提供資金。展望未來，我們仍看到一個非常具韌性的業務型態，能夠以內生成長來支撐。我們的改善措施、新產品與服務整合，這個很棒的平台一方面可成為未來漂亮的成長途徑，另一方面也為我們的本科核心業務帶來巨大優勢，因為我們擁有超過30萬名醫師。這就像一支大軍在談論我們的品牌，也幫助我們把獲客成本維持在很低的水準，維持業務韌性，並讓我們每學期的滿班率都能達到100%。因此，這在資本配置與投資策略上是一個非常好的策略。在我們的數位平台上投資，並透過回購計畫與股利向股東分配大量價值；這在未來幾年會持續，同時也為未來的收購機會提供資金。

Understood. Thank you, Virgilio and Blanco for the explanation.

了解。謝謝Virgilio和Blanco的說明。

Welcome.

不客氣。

So our next question comes from Luca Machezzini from Itahu.

下一個問題來自Itahu的Luca Machezzini。

Good evening everyone.

各位晚上好。

Thank you for taking my question. I just have a follow-up question regarding the guidance. So the guidance, the midpoint implies a 9% growth in net revenue. So can you please provide more detail on the growth breakdown by segment and also whether this should come more from volume growth or higher prices. If you could provide some more detail on the revenue growth implied in the guidance, it would be very helpful.

謝謝讓我提問。我只有一個關於財測（guidance）的追問。以財測中位數來看，意味著淨營收成長9%。能否請你們更詳細說明各事業部門的成長拆解，以及這應該主要來自量的成長還是價格提升。如果能提供更多關於財測所隱含的營收成長細節，將非常有幫助。

Thank you.

謝謝。

Hi Luca, as we don't provide guidance, per segment, we provide the consolidated, guidance, encompassing the three segments, but let me, give you some caller, about that, in general terms, undergrads, will perform in the single-digits, mixing.

嗨Luca，我們不提供分部門的財測；我們提供的是涵蓋三個事業部門的合併財測。不過我可以用較一般性的方式補充一些說明：本科（undergrad）將呈現個位數成長，主要由組合因素帶動。

A ticket effects that will be aligned with inflation and the volume that will have a growth, a small growth that, is related to, our medicine programs. Mostly, mature, so at the top of line undergrad will be single-digits, the SPM segments, will be, double-digits, as well as, continuing education, regarding the digita itself, we don't, provide. Nor in the real terms, the beat the per segment just provides, gross, margins, per segment.

學費（ticket）效應將與通膨一致，而量的部分會有小幅成長，主要與我們的醫學課程相關。由於多數已進入成熟期，因此本科在營收端將是個位數成長；SPM部門將是雙位數成長，持續教育也會是雙位數。至於數位本身，我們不提供。也不會以實質口徑提供分部門的數字；我們只提供各部門的毛利率。

So, don't, I don't have much to say on that. Just saying that part of these reductions in terms of margins is related to the the programs, the investment program that we are doing, reinforcing product teams, reinforcing, sales teams in the continuing educational and SPM segments.

所以，這部分我沒有太多可以補充的。只能說，部分毛利率下滑與我們正在進行的投資計畫有關，包括強化產品團隊，以及在持續教育與SPM部門強化銷售團隊。

Very clearly, thank.

非常清楚，謝謝。

You.

謝謝。

Of course, thank.

當然，謝謝。

You. Since you don't have any other questions, we're going to end the call. I appreciate the participation of you all, and have a nice night.

謝謝。既然沒有其他問題，我們就結束本次電話會議。感謝各位的參與，祝各位晚安。