Afya Limited (AFYA) 2026 Q1 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.

感謝您參加 Afya 的電話會議。今天與我一同出席的有 Afya 執行長 Virgilio Gibbon，以及財務長 Luis Andre Blanco。在今天的簡報中，我們的主管將發表前瞻性陳述。

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 AFI's right to 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. These risks include those more fully described in our filings with the Securities and Exchange Commission.

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 AFI 的實際結果與此等前瞻性陳述所預期者出現重大差異。本簡報中的前瞻性陳述包括但不限於：與業務及財務表現、對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的預期等陳述。這些風險包括我們向美國證券交易委員會（SEC）提交之文件中更完整所述者。

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 and forward-looking statements, except as required by one. 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；除非法律要求，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 these non IFRS financial measures to the most directly comparable IFRS financial measures.

本簡報已將上述非 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 Virginia Gibbon, AFESTU.

現在，讓我把電話會議交給 Virginia Gibbon，AFESTU。

Thank you, Renata, and welcome to our first conference call of 2026. It's with much satisfaction that AFE starts another year with great operational and financial performance. This quarterly results show the high predictability of our business and successful execution of our strategy that once again combines growth with cash generation after three pillars business model.

謝謝你，Renata，也歡迎各位參加我們 2026 年的第一場電話會議。我們非常欣慰地看到，AFE 以優異的營運與財務表現展開新的一年。本季業績展現了我們業務的高度可預測性，以及我們策略的成功執行；該策略再次在三大支柱的商業模式下，將成長與現金創造相結合。

In this presentation, I will cover key strategic topics, including our performance and highlights, successful business execution across our three segments, and finally, Luis Blanco will provide an in-depth look at our financial and operational performance.

在本次簡報中，我將涵蓋關鍵策略議題，包括我們的表現與亮點、三大業務分部的成功執行；最後，Luis Blanco 將就我們的財務與營運表現提供更深入的說明。

Now, turning to page number three, let's begin by highlighting our performance achievements. Initially, our revenues increased by 8%, reaching R$1,013 million, accompanied by a growth in adjusted EBITDA of 4% year over year, reaching R511 million, with a margin of 50.5%. We also reported a free cash flow of 376 million. Refracting 3% increase compared to the previous year, pulsed by the solid operational results of the company, with a cash conversion of 92.5% and a solid cash position of R$1.3 billion at the end of the first quarter. With this consistent momentum, our net income reached R$262 million, marking a 2% growth year-over-year with an EPS of R2.88, a 3% increase compared to the previous year. This growth reflects stronger operational performance, partially offset by a provision related to the OECD Pillar 2 Global Minimum Tax.

現在請看第 3 頁，先來重點說明我們的績效成果。首先，我們營收成長 8%，達到 10.13 億雷亞爾（R$1,013 million）；同時，調整後 EBITDA 年增 4%，達到 5.11 億雷亞爾（R$511 million），利潤率為 50.5%。我們亦錄得自由現金流 3.76 億雷亞爾（R$376 million），較去年增加 3%，主要受公司穩健的營運成果帶動；現金轉換率為 92.5%，且截至第一季末現金部位穩健，達 13 億雷亞爾（R$1.3 billion）。在此一持續動能下，我們淨利達 2.62 億雷亞爾（R$262 million），年增 2%；每股盈餘（EPS）為 2.88 雷亞爾（R$2.88），較去年增加 3%。此成長反映更強勁的營運表現，但部分被與 OECD 第二支柱全球最低稅負相關的提列所抵銷。

Moving to our operational updates. We have now 3,768 operating medical school seats with an increase of over 6% year-over-year. Additionally, our number of undergrad medical students has reached over 26,000 students, representing over 2% growth compared to the first quarter of 2025. Furthermore, we increased the net average ticket of medical school by almost 5% year-over-year, reaching 9,634 reais. In addition, we continue to observe improving performance in continuing education and medical practice solutions segments. In continuing education, revenue increased 11% year-over-year, purely organically, reaching R79 million.

接著說明營運更新。我們目前共有 3,768 個可營運的醫學院名額，年增超過 6%。此外，我們的大學部醫學生人數已超過 26,000 人，較 2025 年第一季成長超過 2%。同時，我們醫學院的淨平均學費（net average ticket）年增近 5%，達到 9,634 雷亞爾。另方面，我們持續觀察到進修教育與醫療執業解決方案兩個分部的表現改善。在進修教育方面，營收年增 11%，完全來自有機成長，達到 7,900 萬雷亞爾（R$79 million）。

In medical practice solutions, we saw a 4% growth in revenue compared to the first quarter of 2025, reaching over R43 million. Lastly, our ecosystem has 304,000 active users. This amplifies substantial penetration among physicians and medical students in the country. Moving to slide number four, we will discuss our performance across our three business segments. We start with the undergrad segment. We observed important movements throughout the quarter, such as higher tickets in the medicine course with almost 5% increase year-over-year above 2025 inflation.

在醫療執業解決方案方面，營收較 2025 年第一季成長 4%，達到超過 4,300 萬雷亞爾（R$43 million）。最後，我們的生態系擁有 304,000 名活躍用戶，顯示我們在國內醫師與醫學生之間具有顯著滲透率。接著看第 4 張投影片，我們將討論三大業務分部的表現。我們先從大學部（Undergrad）分部開始。本季我們觀察到一些重要變化，例如醫學課程學費上調，年增近 5%，高於 2025 年通膨。

This growth was accompanied by a stable gross margin across the segment of 69%. In addition, we expanded our health science student base by 5,000 students compared with the first quarter of 2025. The Continuing Education segment delivered record on B2B revenue. Of 74 million in the first quarter of 2026, supported by a record student base of 57,000 students and reflecting the continued strength of our product offering and engagement across the segment. The Medical Practice Solutions segment delivered solid performance in the first quarter of 2026, supported by an increase of 6,000 clinical management active payers. Compared with the first quarter of 2025. And B2B revenue grew by 17%, reflecting the continued progress of our product offering and commercial initiatives across the segment. I will now turn the call over to Luis Blanco, Afya's CFO, to provide further insight into the financial operational metrics.

此成長同時伴隨該分部毛利率維持穩定在 69%。此外，與 2025 年第一季相比，我們的健康科學學生基礎增加了 5,000 名。進修教育（Continuing Education）分部在 B2B 營收方面創下新高：2026 年第一季達 7,400 萬雷亞爾（R$74 million），並由創紀錄的 57,000 名學生基礎所支撐，反映我們產品供給與分部整體參與度持續強勁。醫療執業解決方案（Medical Practice Solutions）分部於 2026 年第一季亦交出穩健表現，臨床管理（clinical management）活躍付費者增加 6,000 名，較 2025 年第一季提升；且 B2B 營收成長 17%，反映我們在該分部的產品供給與商業推進持續取得進展。接下來我將把電話會議交給 Afya 財務長 Luis Blanco，進一步說明財務與營運指標。

Thank you.

謝謝。

Thank you, Virgilio, and good evening, everyone.

謝謝你，Virgilio，各位晚安。

Starting with slide number six for discussions of key operational metrics by business unit. Starting with the undergraduate programs, our medical student base grew by 2% compared with the first quarter of 2025, reaching 26,000 students, while operating medical school seats increased by over 6% year-over-year to 3,768. Our medical school net average tickets increased by 5%, reaching RMB9,634 in the first quarter of 2026. In addition, revenue for the undergraduate segment saw an 8% increase, achieving RMB892 million, 86% of which is related to medicine and 94% from health-related courses.

從第 6 張投影片開始，我們將按業務單位討論關鍵營運指標。先看大學部課程：我們的醫學生基礎較 2025 年第一季成長 2%，達到 26,000 名學生；同時，可營運的醫學院名額年增超過 6%，至 3,768 個。2026 年第一季醫學院淨平均學費上升 5%，達到 9,634 雷亞爾。此外，大學部分部營收成長 8%，達到 8.92 億雷亞爾（R$892 million），其中 86% 與醫學相關，且 94% 來自健康相關課程。

On the next page, I'll present our continuing educational metrics. We approach continuing education through three main journeys, starting with the residency journey, which encompasses products focused on the residency preparation. We saw a 20% decrease, reaching 9,744 students by the end of the period. In the graduate journey focused on specialization, fast appropriations, and graduate courses in medicine, students grew by 15%, reaching 9,855 students.

下一頁我將介紹進修教育的營運指標。我們透過三條主要學習旅程來推進進修教育。首先是住院醫師（residency）旅程，涵蓋以住院醫師考試準備為核心的產品；期末學生人數下降 20%，至 9,744 人。第二是以專科化、快速進修（fast appropriations）以及醫學研究所課程為重點的研究所旅程；學生人數成長 15%，達到 9,855 人。

Lastly, our other course and B2B offerings increased and impressed in 41% over the same three-month period of the prior year. Continuing educational revenue rose to 79 million reais in the three-month period of 2026, up from 71 million reais in the three-month period of 2025, reflecting a growth of 11%. This includes a 13% increase in B2P revenue and 14% decline in B2P.

最後，我們的其他課程與 B2B 產品在與前一年同期相同的三個月期間內成長 41%，表現亮眼。2026 年三個月期間的進修教育營收升至 7,900 萬雷亞爾，較 2025 年同期的 7,100 萬雷亞爾增加，反映 11% 的成長。其中包括 B2P 營收增加 13%，以及 B2P 下降 14%。

Moving to slide number 8, I'll discuss the Medical Practice Solutions operational metrics. The first graph shows our total active payers, which are the ones that generate revenues in the business to physician. The number of active payers declined to 201,000, a 1% decline over the same quarter last year. The second graph highlights our among active users. Which account for 221,000, a reduction of 10% compared to the same period of the prior year.

接著看第 8 張投影片，我將討論醫療執業解決方案的營運指標。第一張圖顯示我們的活躍付費者總數（total active payers），即在 B2P（企業對醫師）業務中產生營收的用戶。活躍付費者人數降至 201,000 人，較去年同季下降 1%。第二張圖強調我們的活躍用戶（active users），為 221,000 人，較前一年同期減少 10%。

Lastly, in our final graph represents revenue of our medical practice solution segments, which has expanded by over 4% compared to the same quarter of the last year, reaching R$43 million reais. Of this total, R$38 million reais was generated by B2P. Showing an increase of 3%, while P2P contributed to R$5 million rears, 17% increase over the same quarter last year.

最後，最終圖表呈現我們醫療執業解決方案分部的營收，較去年同季成長超過 4%，達到 4,300 萬雷亞爾（R$43 million）。其中，3,800 萬雷亞爾（R$38 million）來自 B2P，成長 3%；而 P2P 貢獻 500 萬雷亞爾（R$5 million），較去年同季成長 17%。

In the next slide, we presented our AFIA ecosystem. We are pleased to highlight AFIA's substantial contributions to the Brazilian healthcare community. By the end of the first quarter of 2026. Our ecosystem encompasses 304,000 physicians and medical students using our services and products.

在下一張投影片中，我們介紹 AFIA 生態系。我們很高興強調 AFIA 對巴西醫療健康社群的重大貢獻。截至 2026 年第一季末，我們的生態系涵蓋 304,000 名使用我們服務與產品的醫師與醫學生。

Moving forward to page 10, I want to discuss our financial overview for the first quarter of 2026, starting with the next slide. With great satisfaction, I present another strong quarterly performance for AFIA. Revenue for the first quarter of 2026 reached R$1,013 million reais, representing an 8% increase compared to the same quarter of last year. The quarter revenue increase has mainly due to higher tickets in medicine courses, the increase in non-medical undergraduate students, the acquisitions of Punik, and advancement of the continuing educational segment.

接著到第 10 頁，我想從下一張投影片開始，討論 2026 年第一季的財務概覽。我非常欣慰地呈現 AFIA 再一次強勁的季度表現。2026 年第一季營收達 10.13 億雷亞爾（R$1,013 million），較去年同季成長 8%。本季營收成長主要來自醫學課程學費提高、非醫學大學部學生增加、Punik 的併購，以及進修教育分部的推進。

In the first quarter of 2026, adjusted EBITDA rose by 4%, reaching R$511 million, with an adjusted EBITDA margin of 50.5%, a reduction of 200 basis points compared to the first quarter of 2025. The reductions in adjusted EBITDA margin were primarily driven by higher costs and expenses in continuing educational and medical practice solution segments, mailing reflects a lower gross margin compared with the first quarter of 2025, and higher payroll, sales, and marketing expenses associated with the ongoing investment cycle in both segments.

2026 年第一季，調整後 EBITDA 成長 4%，達到 5.11 億雷亞爾（R$511 million），調整後 EBITDA 利潤率為 50.5%，較 2025 年第一季下降 200 個基點。調整後 EBITDA 利潤率下滑主要由以下因素所致：持續教育與醫療執業解決方案（medical practice solution）業務分部的成本與費用上升；郵寄（mailing）業務相較 2025 年第一季反映較低的毛利率；以及兩個分部在持續投資週期下，薪資、銷售與行銷費用增加。

Moving to the next slide. The first quarter cash flow from operating activities rose by 0.6%, reaching R$473 million. The operating cash flow conversion ratio was 92.5%. Net income for the first quarter of 2026 totaled R$262 million, representing a 2% increase from the same period of 2025. This growth reflects stronger operation performance. Partially offset by an additional taxation provisions related to OCDE Pillar 2 Global Minimum Taxation.

接著看下一張投影片。第一季營運活動現金流量成長 0.6%，達到 4.73 億雷亞爾（R$473 million）。營運現金流轉換率為 92.5%。2026 年第一季淨利為 2.62 億雷亞爾（R$262 million），較 2025 年同期成長 2%。此成長反映營運表現更強勁，但部分被與 OCDE 第二支柱全球最低稅負（Pillar 2 Global Minimum Taxation）相關的額外稅務提列所抵銷。

Despite the lower adjusted EBITDA margin driven by higher expenses in continuing education and medical practice solutions, net income growth was sustained, supported by the disciplined execution and the consistency of our business model. Regarding EPS, we achieved. 2 reais and $0.88 per share in the three-month period, representing a 3% increase year-over-year.

儘管因持續教育與醫療執業解決方案費用上升而導致調整後 EBITDA 利潤率較低，淨利仍維持成長，主要受惠於我們嚴謹的執行力與商業模式的一致性。就 EPS 而言，我們在三個月期間達到每股 2 雷亞爾與 0.88 美元，年增 3%。

And now, moving to my two last slides, I will discuss our cash and net debt position, also giving more color on our cost of debt. This slide presents a table detailing our gross net compositions at the end of the first quarter of 2026 and the total cost of debt. Hovering our primary obligations. Afya capital structure remained solid, with a conservative leverage position and the low cost of debt. Afya net debt, excluding IFRS 16 divided by the bid points of the 2026 adjusted EBITDA guidance, was 0.7 times. Our financial discipline was also independently recognized. On May 5, Moods reaffirmed AFIA credit rating at AAA, with a stable outlook reflecting our consistent revenue growth above industry average margins, solid cash generation, and robust liquidity, while also recognizing our strong competitive position and disciplined approach to liability management and capital allocation.

現在進入我最後兩張投影片，我將說明我們的現金與淨負債部位，並補充更多關於負債成本的資訊。本頁以表格呈現截至 2026 年第一季末的總負債與淨負債構成，以及總負債成本，並列示我們的主要債務。Afya 的資本結構仍然穩健，槓桿水準保守且負債成本偏低。Afya 淨負債（不含 IFRS 16）除以 2026 年調整後 EBITDA 指引的中位數，為 0.7 倍。我們的財務紀律亦獲得獨立認可。5 月 5 日，Moods 再次確認 AFIA 的信用評等為 AAA，展望穩定，反映我們持續高於產業平均的營收成長與利潤率、穩健的現金創造能力與充足的流動性，同時也肯定我們強勁的競爭地位，以及在負債管理與資本配置上的紀律作法。

On the next page, we can look closely at the net debt variation. As of the end of the first quarter of 2026, our net debt has reduced to R$1,151 million reais when compared to the end of 2025, a reduction of R$218 million reais. Even considering the record change of R$70 million reais in Treasury.

在下一頁，我們可以更仔細地看淨負債的變動。截至 2026 年第一季末，我們的淨負債較 2025 年底下降至 11.51 億雷亞爾（R$1,151 million），減少 2.18 億雷亞爾（R$218 million），即使考量到國庫（Treasury）中 7,000 萬雷亞爾（R$70 million）的創紀錄變動。

In the first quarter, reflecting our strong operation performance and capital allocation discipline. This concludes our prepared remarks. We are pleased with the progress achieved during the quarter and with the consistency of our executions across the business sector. Our commitment to advance it through the medical journey through an integrated ecosystem throughout educational and medical practice solutions remains unchanged. Supporting students through their path to becoming physicians, promoting continuing medical learning, and enhancing physician decision-making and productivity.

第一季的表現反映我們強勁的營運績效與資本配置紀律。以上為我們事先準備的說明。我們對本季取得的進展，以及在各業務領域執行的一致性，感到滿意。我們透過教育與醫療執業解決方案所構成的整合式生態系，推進醫療旅程（medical journey）的承諾不變：支持學生走向成為醫師之路、促進持續醫學學習，並提升醫師決策與生產力。

Looking ahead, we remain focused on our executing our strategy with discipline and capturing the opportunities ahead.

展望未來，我們仍將專注於以紀律執行策略，並把握前方的機會。

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

我現在開放會議進入問答（Q&A）環節。謝謝。

So, if you would like to ask a question, we want you to confirm if your name is in your Zoom account is correct. If not, please exit the call and enter again with the link that I sent on the chat.

如果您想提問，請先確認您 Zoom 帳戶中的姓名是否正確。若不正確，請退出通話，並使用我在聊天室（chat）中發送的連結重新加入。

So, the first question comes from Luca Marchesini from Itau. Luca, you may now go.

第一個問題來自 Itaú 的 Luca Marchesini。Luca，請開始。

Good evening, everyone, and thank you for taking our questions. Two questions from our side. So the first one would be, the release mentions that the intake cycle was successful and that the company implemented a 4.6% price increase. So can you please comment on the competitive.

各位晚安，謝謝讓我們提問。我們這邊有兩個問題。第一個是，新聞稿提到本次招生週期（intake cycle）很成功，且公司實施了 4.6% 的漲價。請問您能否評論一下本次招生週期的競爭……

Environment for this intake cycle and on whether it got any worse when compared to the other intake cycles in previous years. So that is the first question. And the second one, the release also mentions that one of the drivers for net revenue growth was the performance of non-medical undergraduate students. Can you please comment on the strategy on this side and on whether this has changed compared to the last years as well, please?

……環境，以及相較於過去幾年的其他招生週期，是否有變得更激烈？這是第一個問題。第二個問題是，新聞稿也提到淨營收成長的驅動因素之一是非醫學本科生（non-medical undergraduate students）的表現。請問能否說明這方面的策略，以及相較於過去幾年是否也有所改變？謝謝。

Thank you.

謝謝。

Hi, Luca. This is Virgilio.

嗨，Luca。我是 Virgilio。

So, the first half intake was a very strong intake. When we compare to last year, we saw the same level of candidates per seat.

上半年招生非常強勁。與去年相比，我們看到每個名額的報考人數（candidates per seat）維持在相同水準。

On our side here, we are seeing that the recognition of our brand and also the internal process that now we are having an intake and enrollment process fully centralized that we are calling the national intake process. So that is also helping us. To keep us with 100% of equipment. So it was a very healthy intake cycle. And besides that, we also already started our second-half intake. It's very beginning and the number of leads, it's also better than the same period last year.

就我們這邊而言，我們看到品牌認知度提升；同時，我們現在把招生與註冊流程完全集中化，我們稱之為全國招生流程（national intake process）。這也在幫助我們，讓我們維持 100% 的設備（equipment）。因此這是一個非常健康的招生週期。此外，我們也已經開始下半年的招生，目前仍在非常初期階段，但潛在客戶（leads）數量也優於去年同期。

In terms of the share of our undergrad revenues. We are seeing a very good trend on other health programs because of AFIA's brand is very well connected to the health sector.

就我們本科收入（undergrad revenues）的占比而言，我們看到其他健康相關學程（other health programs）呈現非常好的趨勢，因為 AFIA 的品牌與健康產業連結非常緊密。

The last two years, we are also opening some health programs, completing the portfolio for all of our campuses. So, we are seeing a very strong intake when we compare year over year and almost a 20% growth, organically growth coming from other. Undergrad programs on the health sector. So, this is a strategy for AFIA. We are not only offering medicine on our program but also increasing the health undergrad programs as a portfolio and strategic portfolio for our ecosystem here. And why is that?

過去兩年，我們也在開設一些健康相關學程，讓所有校區的產品組合更完整。因此，與去年相比，我們看到非常強勁的招生表現，且來自其他健康領域本科學程（undergrad programs）的有機成長接近 20%。這是 AFIA 的策略：我們不僅提供醫學課程，也將健康領域的本科學程作為我們生態系的一部分，擴充為產品組合與策略性組合。那為什麼要這麼做？

When we have a campus in a small city, just the physician, just the undergrad, just the program. For medicine does not solve the issue on the region. And being also offering other health problems attached to Atheus brand, connected to our medicine infrastructure on that campus makes a lot of sense. It's a very low additional CapEx, strong brand recognition, and very strong intake that we are seeing in good momentum.

當我們在小城市設立校區時，只靠醫師、只靠本科、只靠醫學課程，無法解決該地區的需求。同時提供其他健康相關課程，並掛靠 Atheus 品牌，且與該校區的醫學基礎設施相連結，是非常合理的。這需要的額外資本支出（CapEx）很低，品牌辨識度強，而且我們看到招生動能非常強勁。

Okay.

好的。

Very clear. Thank you.

非常清楚。謝謝。

Of course.

不客氣。

The second question comes from Edward Hussey from UBS.

第二個問題來自 UBS 的 Edward Hussey。

Good evening, everyone.

各位晚安。

So, thanks for taking my question and two on my side as well.

謝謝讓我提問，我這邊也有兩個問題。

So first, could provide an update on the NIMED talk. So, if you could provide an update on the impacts that are expected and the initiatives you are executing to foster student performance in the upcoming exam would be very helpful. And the second question is regarding the M&A environment. Medical school so if you could please provide some color on the on the marketing environment for new deals in medical school I mean what in your view has been the main constraint for new deals is is it still on valuation or maybe some asymmetries involving in a med as well so anything you can share with us in this front would be very helpful thank you.

第一個，能否更新一下 NIMED 的討論？也就是，若您能說明預期的影響，以及您正在執行哪些措施來促進學生在即將到來的考試中的表現，將非常有幫助。第二個問題關於併購（M&A）環境，特別是醫學院方面：能否請您補充一下醫學院新交易的市場環境？就您看來，新交易的主要限制因素是什麼？仍然是估值（valuation）問題，還是也有一些與 a med 相關的不對稱（asymmetries）？任何您能分享的資訊都很有幫助，謝謝。

Edward, I'll take the NIMED here question and Blanco will help on the M&A side. So regarding our action plan toward NIMED, we are doing a very strong initiative here. First of all, it's how to increase the engagement of all students that will be applying for NIMED now in September in the second-half this year. We are also conducting.

Edward，NIMED 的問題我來回答，Blanco 會協助回答併購（M&A）部分。關於我們針對 NIMED 的行動計畫，我們正在推動非常強的措施。首先，是如何提升所有將在今年下半年、9 月報考 NIMED 的學生之參與度。我們也正在進行……

Almost 30 mock-up tests of all students that will be applying for NMED and doing actual plan for every two weeks, we have. Measuring the results based on the new model because the NMAD is completely new model when we compare for the previous one based on the old energy. So having said that, we are seeing that our student is much more engaged, fully committed to have a much better result. And also, we are adapting our curriculum also to fulfill the type of question, the type of evaluation that is being considering. So, our expectation that will be a much better results for our students now in September. So, regard the M&A, I'll pass here to Blanco.

……將近 30 次的模擬測驗（mock-up tests），涵蓋所有將報考 NMED 的學生，並且每兩週制定並執行實際計畫，依據新模式衡量結果，因為 NMAD 相較於先前基於舊 energy 的模式，是完全新的模式。基於上述，我們看到學生的投入度更高，也完全致力於取得更好的成績。同時，我們也在調整課程，以符合所考量的題型與評量方式。因此，我們預期學生在 9 月會有更好的成績。至於併購（M&A），我把時間交給 Blanco。

Just to add a point on the ANAMED question, if I may, a reminder that all the results, the impacting results on the second semester is already considered in the guidance that we provided in the beginning of the year, and it's minimum, it's not material.

如果可以的話，我想就 ANAMED 的問題補充一點：提醒一下，所有對下半年結果的影響都已經納入我們年初提供的指引中，而且影響很小，並不重大（not material）。

Blanco.

Blanco。

Hi, Edward. It's Blanco speaking.

嗨，Edward。我是Blanco。

Regarding the M&A environment, first, it's very important to highlight that we keep our capital allocation of discipline just focus on M&A that are concentrated in medicine, and that generates a good return on capital. Just as a reminder.

關於併購（M&A）環境，首先非常重要的是要強調，我們在資本配置上仍維持嚴謹紀律，只專注於醫學領域的併購，並且要能帶來良好的資本報酬。提醒一下。

We have as a target institution that has more than 60% of the revenue coming for the medicine programs. And we look for targets for deals that generates an IRR above 20% unleveraged nominal. Kind of internal rate of returns. Having said that, we are still keeping our 200 seats per year growth, and we look deals that have this profile that I just mentioned. Sometimes we don't get the right profile, sometimes we didn't. Reach a price that make the return on the capitals that we seek, and then we do not purse a deal just for the growth itself. So we purse deals that have the exact profile and the exact type of return.

我們的目標機構是其超過60%的營收來自醫學相關課程。我們尋找的交易標的是：在不使用槓桿、名目基礎下，能產生超過20% IRR 的案子，也就是內部報酬率。話雖如此，我們仍維持每年增加200個名額的成長目標，並尋找符合我剛提到特徵的交易。有時候我們找不到合適的標的，有時候我們無法達到能符合我們所追求資本報酬的價格，因此我們不會為了成長本身而去追逐交易。我們只會追求具備完全相同輪廓、且能帶來同等報酬型態的交易。

And we keep a very discipline on this.

而我們在這方面維持非常嚴格的紀律。

Edward, is it clear?

Edward，這樣清楚嗎？

I think that you're on mute.

我想你現在是靜音。

Okay, so moving to the next question, Mirela from Bank of America Merrill Lynch.

好的，那我們進到下一個問題，美國銀行美林（Bank of America Merrill Lynch）的Mirela。

Good evening, Blanco, Virgilio, Renata, the ARR team. I have a question on the medical practice solutions in the investments on this front. So you mentioned in the previous quarter that you plan to invest. More heavily on this line. And we see that this quarter, the number of total payers continue to decline, especially on the white book front. I understand here that there's a timing component to see the results of these investments. So I was just wondering if you guys could give us more color on the expected timing to see some recovery on these lines. And also, if you could provide more color on the initiatives that you see as a solution, especially on the white book front.

晚安，Blanco、Virgilio、Renata，以及ARR團隊。我有一個關於醫療診所解決方案（medical practice solutions）以及在這方面投資的問題。你們在上一季提到計畫在這條產品線加大投資。而我們看到本季總付費用戶數仍持續下滑，尤其是在White Book這一塊。我理解投資成效顯現需要時間。因此我想請問，你們預期大概什麼時點會看到這些產品線出現一些回升？另外，也想請你們更詳細說明你們認為可行的解決方案／措施，特別是針對White Book。

Hi, Mirela. Your voice buzzed a bit. Can you please repeat your questions?

嗨，Mirela。你的聲音有點雜訊。可以請你再重複一次問題嗎？

Hi, can you hear me well now?

嗨，你們現在聽得到我嗎？

Now we can.

現在可以了。

Okay.

好的。

So my question is on the medical practice solutions and the investments on this line of business. You mentioned in the previous quarter that you plan to invest more heavily on the medical practice solutions. And we see that in this quarter, the number of payers continue to decline. I understand here that there is a timing component to see some recovery there.

我的問題是關於醫療診所解決方案以及在這條業務線上的投資。你們在上一季提到計畫在醫療診所解決方案上加大投資。而我們看到本季付費用戶數仍持續下滑。我理解這裡需要時間才能看到一些回升。

Especially on the white book. So I just wanted more color on the timing that you expect to see recovery on these lines, especially on the white book. And also, if you could give us more color on the initiatives that are being done on the white book to face the competition from AI and, the more competitive market on the segment?

尤其是在White Book。所以我想更了解你們預期何時會看到這些產品線（特別是White Book）回升的時間點。另外，也想請你們更詳細說明White Book目前正在推動哪些措施，以因應AI帶來的競爭，以及該細分市場更激烈的競爭環境？

Hi, Mirela. Now was very clear your question. So regard the investments, we are already investing more on the MPS here of our products, not only individually product by product, but also integrating them and creating like a network effect. Having our physician not only more engagement, but also generating more insights and information inside within our platform. So we're still seeing a reduction on payers.

嗨，Mirela。你現在的問題非常清楚。關於投資，我們已經在我們的MPS產品上加大投入，不僅是逐一產品的投入，也包括把它們整合起來，創造類似網路效應。讓我們的平台不只是提升醫師的參與度，也能在平台內產生更多洞察與資訊。不過我們仍看到付費用戶數在下降。

On White Book, on the other hand, we are growing and growing faster on iClinic. There is more engaged physician to our base and also generating much more data. On a daily routine on our basis. We are also tracking the physicians that are leaving our base. They are more young physicians that are not using the platform on a daily routine. We are seeing much more using on their daily routine for more mature and senior physicians that are adopting eye clinic, also leveraging.

至於White Book，另一方面，我們在iClinic上持續成長，而且成長更快。有更多醫師更深度地參與我們的用戶基礎，也在日常使用中產生更多資料。我們也在追蹤離開我們平台的醫師；他們多是較年輕、沒有每天使用平台的醫師。相較之下，我們看到較成熟、資深的醫師更常在日常工作中使用並採用iClinic，同時也在槓桿運用。

The number of prescription that is being made in through our platform. We just reached more than 2 million prescription level per month enough. That's also very important. Most of them coming through eye clinic. That's why it's so important to leverage the number of clinics and physician adopting eye clinics.

透過我們平台開立的處方數量。我們剛達到每月超過200萬張處方的水準。這也非常重要，其中大多數來自iClinic。這就是為什麼擴大採用iClinic的診所與醫師數量如此重要。

In terms of investment, what we are doing, first of all, AI. It's one of the issues and also an opportunity here. We are launching a lot of features, new feature AI based. So the solution is becoming AI first in terms of White Book and also considering the social network effect because we are embedding prescription within White Book. We are also integrating White Book with our.

在投資方面，我們正在做的第一件事是AI。這既是一個議題，也是機會。我們正在推出許多以AI為基礎的新功能，因此就White Book而言，解決方案正朝向「AI優先」。同時也考量社群網路效應，因為我們正在把處方功能嵌入White Book。我們也在把White Book與我們的。

Updates and continuing medical education solutions and also within a clinic. So all of this in a very middle term is to have what we are calling here AFIO one platform where a physician doesn't make sense if they are signing for one solution and another, he is like a membership of the entire platform. So this is what we are building here. So in terms of cost and investments.

更新與持續醫學教育解決方案整合，也與iClinic整合。所有這些在中期目標，是打造我們所稱的AFIO單一平台：醫師不需要分別訂閱某一個解決方案或另一個解決方案，而是以整個平台的會員制方式使用。這就是我們正在建構的方向。因此在成本與投資方面。

That we are doing this first semester one is CapEx related to all of this Innovation integration and creating this beautiful platform and second is improving our sales team most for B2B that we are now already seeing an important growth year over year and that's what we believe that's the greatest opportunity in the mid and long-term for the MPS segment.

我們在今年上半年所做的，第一是與所有創新、整合以及打造這個平台相關的資本支出（CapEx）；第二是強化我們的銷售團隊，主要針對B2B。我們已經看到年對年顯著成長，而我們相信這是MPS業務在中長期最大的機會。

Mirella, Blanco speaking, just adding two more things in what Vigil just mentioned. Regarding the investment itself, if you notice our CapEx, it's most concentrated on this quarter in tangible assets rather than property and equipment. You can see this change of mix if you compare year over year. And another point regarding specific about White Book.

Mirela，我是Blanco，補充Virgil剛才提到的兩點。關於投資本身，如果你注意到我們的資本支出（CapEx），本季更多集中在無形資產，而不是不動產、廠房及設備。若你做年對年比較，可以看到這個組合的變化。另一點是關於White Book的具體部分。

What we are pursuing this year regarding all these investments is to increase the audience within White Book. White Book, when you compare with the public's LLMs, most of them are provided for free. So we are focused this year on the White Book on what we call the audience sites. So the impacts on active payers. And then on the revenues, you won't see a big impact on White Book this year, but from 2027 ahead. So this year, these investments were focused on audience on the White Book.

我們今年在這些投資上的目標，是提升White Book的受眾規模。White Book若與公開的LLM相比，多數是免費提供的。因此我們今年在White Book的重點放在我們所稱的「受眾端」。也就是對活躍付費用戶的影響。至於營收方面，今年你不會看到White Book有很大的影響，但從2027年之後會開始顯現。因此今年這些投資主要聚焦在White Book的受眾。

Perfect.

很好。

That's super clear.

非常清楚。

Thank you.

謝謝。

Thank you. So just a reminder, if you want to ask a question, please raise your hand and just confirm that your name is correct in the Zoom tool.

謝謝。提醒一下，如果你想提問，請舉手，並在Zoom工具中確認你的姓名是否正確。

We can see that we have two questions here. One, we can see the correct name and the other one, it doesn't have the correct name. So please, if it's yours, just leave and click in the link that we sent on the chat.

我們看到目前有兩個提問：其中一個顯示正確姓名，另一個沒有顯示正確姓名。所以如果是你的，請先離開，並點擊我們在聊天視窗發送的連結重新進入。

So the next question comes from Victoria from JP Morgan. Victoria, you may now go.

下一個問題來自摩根大通（JP Morgan）的Victoria。Victoria，你現在可以開始。

Good evening. Virgilio Blanco Renata.

晚安。Virgilio、Blanco、Renata。

Thank you for taking my question. I have one on my side just on the sales and marketing expenses in this quarter. So we saw an year-over-year increase. And I just want to touch bases to see why we saw this increase. And if you could please give more color on this line going forward.

謝謝讓我提問。我這邊有一個問題，關於本季的銷售與行銷費用。我們看到年對年有所增加。我想確認一下為什麼會增加，以及請你們提供更多未來這一項費用走勢的說明。

Thank you.

謝謝。

Hi, Victoria. So, it's two main reasons here. First of all, we anticipate the volume of intakes for the first half because of the NMAD. So, we spend a little bit more on the undergrad and also on health programs. You saw that the results. We also have a very strong intake as we also have a bigger offer portfolio in the first half when you compared to last year. And second, also for the SPM, where we are improving our sales process, sales team here, we are also putting more market effort on SPM and also EDUCOM.

嗨，Victoria。主要有兩個原因。第一，我們因為NMAD而預先拉高上半年招生（intakes）的量，因此在大學部以及健康相關課程上多花了一些費用。你也看到了成果。相較去年，我們上半年的招生也非常強勁，因為我們在上半年提供的課程組合更大。第二，針對SPM，我們正在改善銷售流程與銷售團隊，同時也在SPM與EDUCOM上投入更多市場推廣力度。

To strengthen our position on that. This is not a recurring base, but one time based on this first semester, most of them from the undergrad and also for this launching of this new approach of many solution that is being more integrated and how we are offering this new dynamic and products to our physician ecosystem.

以強化我們在該領域的地位。這不是經常性支出，而是本上半年一次性的投入，主要來自大學部，以及我們推出這種更整合的多解決方案新方式，並以新的動態與產品向我們的醫師生態系提供。

And Victoria, it's very important that this increase in sales and marketing expenses are under this program and it's embedded on our guidance for the year. Okay.

Victoria，非常重要的是，這次銷售與行銷費用的增加是在這個計畫之下，並且已包含在我們今年的財測指引中。好的。

Perfect. Thank you so much.

了解。非常感謝。

So since we don't have any more questions, we are going to end the call. If you still have a question and please contact the investor relations team, we'll be happy to help you. Have a good evening.

由於沒有更多問題，我們將結束本次電話會議。如果你仍有問題，請聯繫投資人關係團隊，我們很樂意協助你。祝各位晚安。