Afya Limited (AFYA) 2026 Q2 法說會逐字稿

Thank you for joining us for RFS conference call. I'm here today with Afya CEO, Virgilio Gibbon, and our CFO, Luis Blanco.

感謝您參加 RFS 電話會議。今天與我一同出席的有 Afya 執行長 Virgilio Gibbon，以及我們的財務長 Luis Blanco。

During today's presentation, our executives will make forward-looked statements.

在今天的簡報中，我們的高階主管將發表前瞻性陳述。

Forward-looking statements can be related to future events, future financial or operating performance, no and unknown risks, uncertainties, and other factors that may cause AFS rational 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.

前瞻性陳述可能涉及未來事件、未來財務或營運表現，以及已知與未知的風險、不確定性與其他因素，這些都可能導致 AFS 的實際結果與這些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：與業務與財務表現、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。

These risks include those more fully described in our filings with 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 any forward-looking statements except as reported by law.

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；除法律規定外，我們不承擔更新任何前瞻性陳述之義務。

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.

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.

本簡報已將這些非 IFRS 財務衡量指標與最直接可比的 IFRS 財務衡量指標進行調節。

Now, let me turn the call over to Virgilio Gibbon, CEO.

現在，讓我把電話交給執行長 Virgilio Gibbon。

Thank you, Renata, and welcome to our second quarter and first half conference call for 2026 results.

謝謝你，Renata，也歡迎各位參加我們 2026 年第二季及上半年業績電話會議。

Starting with slide number three. Once again, it delivered a solid performance closing the first half of 2026 with revenue growth of 7% year-over-year, which R$1,985 million.

先從第 3 張投影片開始。我們再次交出穩健表現，2026 年上半年營收年增 7%，達 19.85 億雷亞爾（R$1,985 million）。

Adjusted EBITDA reached R$918 million, growing 2% year-over-year with an adjusted EBITDA margin of 46.2%, a contraction of 190 basis points compared to the same period last year.

調整後 EBITDA 達 9.18 億雷亞爾（R$918 million），年增 2%；調整後 EBITDA 利潤率為 46.2%，較去年同期收縮 190 個基點。

This margin decrease primarily reflects the lower gross profit contribution from continued education, driven by a higher sales and market expenses associated with the investment cycle outlined at the beginning of the year across continued education and medical practice solution.

利潤率下滑主要反映持續教育的毛利貢獻較低，原因在於年初所揭示之投資週期下，持續教育與醫療執業解決方案相關的銷售與行銷費用增加。

Net income reached R$463 million, a 7% increase year-over-year.

淨利達 4.63 億雷亞爾（R$463 million），年增 7%。

Basic EPS climbed to 5 reais and R$0.10, represents a 9% increase over the previous year.

基本每股盈餘（EPS）升至 5.10 雷亞爾（R$0.10），較前一年增加 9%。

Reflecting our capital allocation strategy. Operating cash conversion remained strong at 87.8%, broader in line with the prior year. Turning now to free cash flow to equity, we delivered R$423 million in the first half of 2026. These results reflect the strength of our cash generation, disciplined execution, and our continued commitment to create long-term shareholder value.

呼應我們的資本配置策略。營運現金轉換率維持強勁，為 87.8%，整體與前一年大致一致。再看股東權益自由現金流（free cash flow to equity），我們在 2026 年上半年達成 4.23 億雷亞爾（R$423 million）。這些成果反映我們強勁的現金創造能力、嚴謹的執行力，以及持續致力於創造長期股東價值。

Moving now to operational updates, we have 3,768 operating medical seats with an increase of over 6% year-over-year. Furthermore, our number of undergrad medical students grew to more than 26,000 students, representing 3% growth compared to the first half of last year.

接著是營運更新：我們目前有 3,768 個可營運的醫學系名額，年增超過 6%。此外，我們的大學部醫學生人數成長至超過 26,000 名，較去年上半年成長 3%。

Additionally, we increased the net average shift of medical school by almost 4% year-over-year, which 9,443 highs.

另外，我們將醫學院的淨平均學費（net average ticket）年增近 4%，達 9,443 雷亞爾（R$9,443）。

In continuing education, having increased almost 5% over last year, reaching 144 million reais and in medical practice solution, we saw 2% growth in revenue compared to the first half of 2025, which R$85 million .

在持續教育方面，營收較去年增加近 5%，達 1.44 億雷亞爾；在醫療執業解決方案方面，營收較 2025 年上半年成長 2%，達 8,500 萬雷亞爾（R$85 million）。

Our ecosystem now accounts for 295,000 users reflecting continuing meaningful penetration among physicians and medical students across the country.

我們的生態系目前涵蓋 295,000 名用戶，顯示我們在全國醫師與醫學生族群中的滲透率持續提升且具意義。

Moving to slide number four, we will discuss the highlights across our three business segments. The first half of 2026 was marked by favorable pricing trends in medicine course, where tickets rose by nearly 4% year over year. In addition, we continue to deliver strong student-based growth momentum in health science course.

接著看第 4 張投影片，我們將討論三大業務部門的重點。2026 年上半年，醫學課程的定價趨勢有利，學費（ticket）年增近 4%。此外，我們在健康科學課程的學生數成長動能仍然強勁。

Compared to the previous years.

相較於前幾年。

Health science course delivered 13% growth, reflecting the diversification of our health-related undergrad portfolio.

健康科學課程營收成長 13%，反映我們健康相關大學部產品組合的多元化。

The continued education segment was once again marked by strong growth in our total student base, which expanded 23% in the first half of 2026, driven by higher intake in short-term programs, which carry a lower average ticket per student.

持續教育部門再次呈現學生總數強勁成長，2026 年上半年擴增 23%，主要由短期課程招生增加所帶動；此類課程每位學生的平均學費較低。

B2B revenue for the segment grew 8% compared to the same period of prior year.

該部門的 B2B 營收較去年同期成長 8%。

The medical practice solutions segment delivered a 20% increase in clinical management to active payers in the first half of this year. In addition, B2B revenue for the first half grew 5% year over year.

醫療執業解決方案部門在今年上半年，臨床管理（clinical management）的活躍付費者（active payers）增加 20%。此外，上半年 B2B 營收年增 5%。

Lastly, shareholder returns remain a key priority. Our disciplined capital allocation framework continues to create sustainable value for shareholders. At the corporate level, supported by strong cash generation, we returned R$448 million to our shareholders through dividends and share repurchase in the first half of 2026, representing 106% of our free cash flow to equity.

最後，股東報酬仍是關鍵優先事項。我們嚴謹的資本配置框架持續為股東創造可持續的價值。在公司層面，在強勁現金創造的支持下，我們於 2026 年上半年透過股利與庫藏股回購向股東回饋 4.48 億雷亞爾（R$448 million），相當於股東權益自由現金流的 106%。

This reflects our disciplined approach to capital allocation. When acquisition opportunities do not meet our return criteria, we return capital to shareholders. The strength of our cash generation gives us the flexibility to pursue acquisition when attractive and to consistent return capital to shareholders.

這反映我們在資本配置上的紀律。當併購機會未能符合我們的報酬標準時，我們就將資本回饋給股東。我們強勁的現金創造能力，讓我們在具吸引力時能靈活推動併購，並能持續且一致地回饋資本給股東。

Now I will return the call over Luis Blanco, AFIA CFO, to provide further insight into the financial and operational metrics.

現在我把電話交給 Afya 財務長 Luis Blanco，請他進一步說明財務與營運指標。

Thank you all.

謝謝各位。

Thank you, Virgilio, and good evening, everyone. Starting with slide number six for discussions of key operational metrics by business units, starting with the under graduated programs.

謝謝你，Virgilio，各位晚安。我們從第 6 張投影片開始，按業務單位討論關鍵營運指標，先從大學部課程開始。

Our medical student base grew by 3% compared with the first half of 2025, reaching over 26,000 students, while operating medical school seats increased by over 6% year-over-year to 3,768.

我們的醫學生人數較 2025 年上半年成長 3%，達到超過 26,000 名；同時，可營運的醫學院名額年增超過 6%，至 3,768 個。

Our medical school net average ticket increased by 4%, reaching R$9,443 in the first half of 2026.

醫學院的淨平均學費年增 4%，2026 年上半年達 9,443 雷亞爾（R$9,443）。

As a result, revenue for the undergraduate segments grew over 7%, totaling R$1,762 million.

因此，大學部業務營收成長超過 7%，合計 17.62 億雷亞爾（R$1,762 million）。

It's worth mentioning that 85% of this revenue comes from medical programs and 93% from health-related courses, reinforcing our strategic focus and leadership in the sector.

值得一提的是，其中 85% 的營收來自醫學課程，93% 來自健康相關課程，進一步強化我們在該領域的策略聚焦與領導地位。

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

下一頁，我將介紹我們的持續教育指標。

We approach continuing education through three main journeys.

我們以三條主要學習旅程來推動持續教育。

Starting with the residency journey, which encompasses products focused on the residency preparations, the student base remained stable year over year, reaching 9,244 students at the end of the period.

首先是住院醫師（residency）旅程，涵蓋以住院醫師考試準備為主的產品；學生人數與去年同期持平，期末達 9,244 名。

In the graduate journey, which focused on the specialization test preparations and graduated medical education.

其次是研究所（graduate）旅程，聚焦專科考試準備與畢業後醫學教育。

The total number of students increased by 13%, reaching 10,213 students supported by the continued demand for advanced medical training programs.

學生總數增加 13%，達 10,213 名，主要受惠於對進階醫學訓練課程的持續需求。

Lastly, other B2P and B2B offerings continue to grow strongly, with total students increasing 35% year over year to 36,780 students. Demonstrating the continued expansion of our broader continuing education portfolio.

最後，其他 B2P 與 B2B 產品持續強勁成長，學生總數年增 35% 至 36,780 名。這展現我們更廣泛的持續教育產品組合持續擴張。

Continuing education revenue increased to R$144 million reais in the six-month period of 2026, compared to R$138 million reais in the same period of 2025, representing growth of 5%. This performance was primarily driven by B2P revenue, which increased 8% year over year to R$135 million reais, representing 94% of the continuing education revenue. Meanwhile, the B2B revenue totaled 9 million reais, declining 25% year over year.

2026 年上半年（六個月期間）持續教育營收增至 1.44 億雷亞爾，較 2025 年同期的 1.38 億雷亞爾成長 5%。此表現主要由 B2P 營收帶動，B2P 營收年增 8% 至 1.35 億雷亞爾，占持續教育營收的 94%。同時，B2B 營收合計 900 萬雷亞爾，年減 25%。

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

接著到下一張投影片，我將討論醫療診所解決方案（Medical Practice Solutions）的營運指標。

The total active payers remaining broadly stable year-over-year at approximately 201,000, with clinical management active payers growing 20% to more than 50,000, reflecting the continued penetration on Afya iClinic.

總活躍付費方（active payers）年對年大致維持穩定，約為201,000；其中臨床管理（clinical management）的活躍付費方成長20%至超過50,000，反映Afya iClinic持續滲透。

Monthly active users reached 212,000 during the period, an 8% year-over-year decrease.

期間內月活躍用戶（MAU）達到212,000，年對年下降8%。

Despite the stability in total active payers, Medical Practice Solutions revenue increased 2% year over year to R$85 million reais in the first half of 2026.

儘管總活躍付費方保持穩定，醫療診所解決方案營收在2026年上半年年對年增加2%，達到8,500萬雷亞爾（R$85 million）。

On the next slide, we present AFIA ecosystem.

在下一張投影片，我們將呈現AFIA生態系。

We are proud of the meaningful impact AFIA continues to make across Brazil's healthcare ecosystem. By the end of the second quarter of 2026, 295,000 users were actively engaging with our service and products, reflecting our solid relevance and reach in medical educational and medical solutions.

我們為AFIA持續在巴西醫療保健生態系中帶來的重大影響感到自豪。截至2026年第二季末，295,000名用戶正積極使用我們的服務與產品，反映我們在醫學教育與醫療解決方案方面的穩固相關性與觸及範圍。

Moving forward to page 10, I want to discuss our financial overview for the second quarter and the first half of 2026. I'm pleased to present another solid set of results for AFIA, reflecting the resilience of our business model and our continued focus on sustainability growth and operational efficiency.

接著到第10頁，我想討論我們2026年第二季與上半年的財務概覽。我很高興再次呈現AFIA一組穩健的成果，反映我們商業模式的韌性，以及我們持續聚焦於永續成長與營運效率。

Revenue for the second quarter of 2026 reached R$972 million reais, representing a 6% increase compared to the same period of the prior year.

2026年第二季營收達到9.72億雷亞爾（R$972 million），較去年同期成長6%。

For the first half of 2026, revenue totaled R$1,985 million, 7% year-over-year increase.

2026年上半年營收合計19.85億雷亞爾（R$1,985 million），年對年成長7%。

Adjusted EBITDA reached R$479 million in the second quarter of 2026, an increase of 1% compared to the prior year.

2026年第二季調整後EBITDA達到4.79億雷亞爾（R$479 million），較去年增加1%。

For the first half of the year, adjusted EBITDA totaled R$918 million reais, growing 3% year over year.

上半年調整後EBITDA合計9.18億雷亞爾（R$918 million），年對年成長3%。

Adjusted EBITDA margin reached 41.8% in the quarter and 46.2% in the six-month period.

本季調整後EBITDA利潤率達41.8%，六個月期間為46.2%。

While margins were below those reported in the comparable periods last year, reflecting a combination of continuing investments to support growth initiatives and the investment cycle across continuing educational and medical practice solutions, profitability remained healthy.

雖然利潤率低於去年同期所報告的水準，反映持續投入以支持成長計畫，以及持續教育與醫療診所解決方案的投資週期等因素的綜合影響，但獲利能力仍維持健康。

On the next page.

下一頁。

Cash flow from operating activities reached R$806 million in the first half of 2026, compared to R$783 million in the same period of the prior year, representing a growth of 3%. Cash conversions remained strong at 87.8%, broadly stable compared to the prior year.

2026年上半年營運活動產生的現金流達到8.06億雷亞爾（R$806 million），相較去年同期的7.83億雷亞爾（R$783 million）成長3%。現金轉換率維持強勁，為87.8%，與去年大致持平。

Net income for the second quarter of 2026 totaled R$201 million, an increase of 14% compared to the same period of the prior year. For the first half of 2026, net income reached R$463 million, growing 7% year-over-year.

2026年第二季淨利合計2.01億雷亞爾（R$201 million），較去年同期成長14%。2026年上半年淨利達到4.63億雷亞爾（R$463 million），年對年成長7%。

Earnings per share increased to R$2.22 in the second quarter of 2026, up 17% from R$1.90 in the prior year.

2026年第二季每股盈餘（EPS）提升至2.22雷亞爾（R$2.22），較去年1.90雷亞爾（R$1.90）成長17%。

Higher than the net income increase, reflecting the execution of our buyback program.

增幅高於淨利增幅，反映我們回購計畫的執行。

For the six-month period, earnings per share reached R$5.10, up 9% from the R$4.69 in the first half of 2025.

六個月期間每股盈餘達到5.10雷亞爾（R$5.10），較2025年上半年的4.69雷亞爾（R$4.69）成長9%。

Overall, these results reflect our ability to continue to generate solid cash flow while delivering consistent growth in profitability and shareholder returns.

整體而言，這些結果反映我們在持續創造穩健現金流的同時，也能在獲利能力與股東報酬上提供一致的成長。

And now, moving to my last three slides, I will cover our gross debt compositions and cost of debt, our net debt reconciliation, and close with our shareholder return.

接下來進入我最後三張投影片，我將說明我們的總負債結構與負債成本、淨負債調節表，並以股東報酬作結。

This slide details the compositions of our gross debt positions as of June 2026, covering its maturity profile and average cost of debt.

本頁詳細說明截至2026年6月我們總負債部位的組成，包括到期結構與平均負債成本。

AFIA continues to maintain a solid capital structure and a conservative leverage profile.

AFIA持續維持穩健的資本結構與保守的槓桿水準。

As of 30 of June, gross debts totaled R$2.4 billion compared to the R$2.7 billion.

截至6月30日，總負債合計24億雷亞爾（R$2.4 billion），相較於27億雷亞爾（R$2.7 billion）。

As of 30 of June of 2025.

截至2025年6月30日。

At the same time, the average debt durations increased from 1.9 years to 3.7 years, extending our maturity profile in the period.

同時，平均負債存續期間由1.9年增加至3.7年，於期間內延長了我們的到期結構。

The average cost of debt stood at 15.1% per year, representing approximately 106% of the CDI for the period.

平均負債成本為每年15.1%，約相當於期間CDI的106%。

On the next page, we can look causally at the net debt variation.

下一頁，我們可以更直觀地看淨負債的變動。

As of June 2026, our net debt totaled 1,394 million.

截至2026年6月，我們的淨負債合計13.94億雷亞爾（1,394 million）。

Remaining virtually unchanged from the end of 2025, despite returning R$448 million to shareholders through dividends and Treasury share reputations during the first half of the year, reflecting our strong cash generations and disciplined capital allocation.

相較於2025年底幾乎沒有變化，儘管我們在上半年透過股利與庫藏股回購向股東返還4.48億雷亞爾（R$448 million），反映我們強勁的現金創造能力與嚴謹的資本配置。

Our net debt positions continue to benefit from the solid cash flow from operating activities, which totaled R$806 million during the period, largely offsetting investments, leases, interest expenses, and shareholders' distributions.

我們的淨負債部位持續受惠於營運活動帶來的穩健現金流，期間合計8.06億雷亞爾（R$806 million），大致抵銷了投資、租賃、利息費用與股東分配。

Our AFIA net debts, excluding IFRS 16 divided by the midpoint of 2026 suggested EBITDA guidance, was 0.8 times.

我們的AFIA淨負債（不含IFRS 16）除以2026年建議EBITDA指引中值，為0.8倍。

In my last slide, we paid R$307 million in dividend during the second quarter of 2026, representing 40% of our 2025 net income, while continuing to execute the share purchase program.

在我最後一張投影片中，我們於2026年第二季支付3.07億雷亞爾（R$307 million）股利，相當於2025年淨利的40%，同時持續執行股票回購計畫。

Our consistent growth in net income and cash generations has enabled us to enhance shareholder returns while remaining disciplined in our capital allocation decisions and focus on the long-term value creation.

我們淨利與現金創造的持續成長，使我們得以在維持資本配置紀律、聚焦長期價值創造的同時，提升股東報酬。

In first half of 2026, we returned R$448 million to shareholders, surpassing our free cash flow to equity of R$423 million for the period. Resulting in a 106% ratio.

2026年上半年，我們向股東返還4.48億雷亞爾（R$448 million），超過期間股東權益自由現金流（free cash flow to equity）的4.23億雷亞爾（R$423 million）。因此比率為106%。

Our last 12 months free cash flow to equity yields stood at 11%, calculated on market capitalizations as of 30 of June 2026, and basic EPS growth reached 13% for a total equity return of 24% at constant valuation multiple.

我們過去12個月的股東權益自由現金流殖利率為11%，以截至2026年6月30日的市值計算；基本每股盈餘（basic EPS）成長達13%，在估值倍數不變的情況下，總股東權益報酬為24%。

This concludes our prepared remarks.

以上為我們事先準備的發言內容。

The first half of 2026 reinforces what we have consistently demonstrated over time: a resilient business. Focused team and the strategic that is working. We remain deeply committed to advancing the physician journey through our integrated ecosystem and confidence in our ability to deliver sustainable long-term value for our shareholders, students, and healthcare professionals across Brazil.

2026年上半年再次印證我們長期以來一貫展現的特質：具韌性的業務。專注的團隊，以及正在發揮作用的策略。我們仍堅定致力於透過整合式生態系推進醫師旅程，並對我們為巴西各地股東、學生與醫療專業人士帶來可持續的長期價值充滿信心。

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

接下來我將開放會議進入問答環節。

Thank you.

謝謝。

If you want to ask a question, please raise your hand and we'll call you.

如果您想提問，請舉手，我們會點名。

The first question comes from Marcel Santos from JP Morgan.

第一個問題來自摩根大通（JP Morgan）的Marcel Santos。

Hi, good evening. Thanks for taking my questions. I have two. The first, if you could talk a bit about the competitive intake in the second-half and how you're seeing the pressure for tickets, the capacity to increase prices.

嗨，晚安。謝謝讓我提問。我有兩個問題。第一個是，能否談談下半年招生的競爭情況，以及你們如何看待學費（ticket）方面的壓力與提價能力？

That's the first question. And the second question is regarding Medical Practice Solutions. It was a bit down this quarter. So just wanted to get a bit more detail and when we should see the increased investments start showing results in the revenue side?

這是第一個問題。第二個問題是關於醫療診所解決方案（Medical Practice Solutions）。這一季表現有些下滑。想請你們提供更多細節，以及我們何時能看到增加投資開始在營收端反映成果？

Hi, Marcello here.

嗨，我是Marcello。

Related to our intake on the second-half, we are once again aiming to have 100% of all of our occupancy fulfilled.

關於我們下半年的招生，我們再次以達成100%滿班率為目標。

While still not, all the pro-union fierce cycle is a little bit late. So we are waiting for these enrollments to be completed by September. So once again, we have a.

雖然目前仍未完全達成，整個「pro-union fierce cycle」的週期有點延後。因此我們預期這些註冊將在9月前完成。所以再次，我們有一個。

Solid and healthy intake. So the price, I think we are not changing price for the second-half because we are doing the beginning of the year. So we are not also giving any discount for our medicine programs.

穩健且健康的招生（入學）表現。因此在價格方面，我認為我們在下半年不會調整價格，因為我們已在年初進行了相關安排。所以我們也不會在我們的醫藥方案上提供任何折扣。

Health sector, on the health programs, we are seeing a very strong intake.

在健康領域、健康方案方面，我們看到非常強勁的招生（入學）表現。

At this moment, we're still ending the process in the beginning. We will also end on the beginning of September.

目前我們仍在完成年初啟動的流程。我們也會在九月初完成。

We are more than 20% above from last year at the same period. So we are growing organically more than 18% in volume and health.

我們較去年同期高出超過20%。因此我們在量與健康業務上，內生成長超過18%。

We expect them to be above that for the second-half.

我們預期下半年會高於這個水準。

So that's on MPS. Blanco will help me here.

以上是關於MPS。Blanco 會在這裡協助我。

Hi, Marcelo. It's Blanco speaking.

嗨，Marcelo。我是Blanco。

Thank you for your question. Regarding the MPS, the general environments, what's happening, that we are having been having some pushbacks in terms of clinical decisions on major on White Book.

謝謝你的提問。關於MPS、整體環境以及正在發生的事情，我們在 White Book 的主要臨床決策方面遇到了一些阻力。

These pushbacks in terms of active payers are due to the competitions by the AI tools that are pressuring the number of payers. So what we decided.

這些在活躍付費方（payers）方面的阻力，源於AI工具的競爭，正在對付費方數量造成壓力。因此我們決定——

That we would to reduce a little bit the tickets on that and increase functionalities under embedded on the white book.

我們會稍微降低那邊的票價（客單價），並提升 White Book 內嵌的功能性。

By the other side, on the clinical measurement system, that's our major encompass psych clinic, we have a very positive cycle. We are growing faster, but this growth.

另一方面，在臨床衡量系統（這是我們主要涵蓋精神科診所的產品）方面，我們處於非常正向的循環。我們成長更快，但這個成長——

Is not sufficient to surpass a lot of this decline on WhiteBook.

仍不足以抵消 WhiteBook 的大量下滑。

The both together on the business to physician sides, we are growing semester by semester just 1.1%.

兩者合併來看，在面向醫師端的業務上，我們逐學期成長僅1.1%。

Having said that, just remember that our investment cycle that we've announced in the beginning of the year encompass investment cycle. This investment cycle is both regarding Capex that we are increasing the intangibles in the year if we compare to last year to increase functionalities in both in night clinic and white book and investments in teams.

話雖如此，請記得我們在年初宣布的投資週期涵蓋一個投資計畫。這個投資週期同時包括資本支出（Capex）——相較去年我們今年增加無形資產投入，以提升 night clinic 與 white book 兩者的功能——以及團隊投資。

Under the teams increasing the number of the team members on this both under this segment. So we are under our plan to put more functionalities on the segment, increase audience first and then. In the future have this recover in terms of revenues?

在團隊方面，我們在此區隔的兩個產品上都在增加團隊成員數。因此我們正依計畫在該區隔投入更多功能，先擴大受眾，然後——未來在營收方面實現回升？

Second question comes from Flavio Yoshida from Bank of America.

第二個問題來自美國銀行（Bank of America）的 Flavio Yoshida。

Hi. Good evening.

嗨。晚安。

I have two questions here from our side. The first one is on EBITDA. Okay, so if we get the first half EBITDA and annualize it gets us to roughly R$1.8 billion for the year, which is pretty much the top of your guidance range, right? So since you guys didn't make any changes on the guidance, should we expect the second-half EBITDA to come a bit below the first half? Or you guys just prefer to be a little bit more conservative here on the guidance? So this is my first question.

我這邊有兩個問題。第一個是關於EBITDA。如果我們把上半年EBITDA年化，全年大約是18億雷亞爾（R$1.8 billion），這幾乎就是你們指引區間的上緣，對吧？所以既然你們沒有調整指引，我們是否應該預期下半年EBITDA會比上半年略低？還是你們只是希望在指引上保守一些？這是我的第一個問題。

And my second question is on capital allocation strategy going forward, right? So.

第二個問題是關於未來的資本配置策略。也就是——

If you guys could share with us some details on how do you guys plan to balance an eventual higher dividend distribution or a more active approach on M&A, right? And also if you could share with us how is the recent M&A environment for medical courses.

你們能否分享一些細節，說明你們打算如何在可能提高股利發放與更積極的併購（M&A）策略之間取得平衡？另外也請分享近期醫學課程的併購環境如何。

Thank you.

謝謝。

Thank you, Flavio. It's bloody speaking. I will start with that. Regarding the first one, under the beta, we are focused on delivering the beta that we provided to the market. That's between R$1.7billion and R$1.8billion . So we guided the market and we delivered as we always do regarding the guidance. Regarding the capital allocation itself, what I can assure you that all AFIA will always be very conscious in terms of capital allocations.

謝謝你，Flavio。我是Blanco。我先回答。關於第一點，在EBITDA方面，我們專注於達成我們提供給市場的EBITDA目標。也就是17億到18億雷亞爾（R$1.7 billion 到 R$1.8 billion）。我們給市場指引，也一如既往地交付指引。至於資本配置本身，我可以向你保證，AFYA 在資本配置上一直都非常審慎。

Since the IPO, we've made 22 business accommodations and we take capital allocations very serious. If we don't have opportunities.

自IPO以來，我們已完成22宗業務併購（business combinations），我們非常重視資本配置。如果我們沒有機會——

That attends the thresholds in terms of concentrations in medicine and mostly the IRR that these business combinations do not have a return on the capital employed in these business combinations that is above our threshold that's 20% minimal nominal. And leverage, we simply do not do the business combinations. So we are very careful on that.

能符合門檻（包括醫學領域的集中度，尤其是這些併購案的IRR；若這些業務合併的投入資本報酬率未高於我們的門檻——最低名目20%——以及槓桿水準），我們就不會進行併購。所以我們在這方面非常謹慎。

As we did not have these business combinations with this return of the capital in the hands, we prefer to return this capital to our shareholders, both in terms of share buybacks and dividends.

由於我們手上沒有具備這種資本報酬的併購案，我們更傾向把資本回饋給股東，包括庫藏股回購與股利。

We are very comfortable with this 0.8 net debt to EBITDA that we presented right now and we decided to give it back the shareholders all the free cash flow to equity for the first semester.

我們對目前呈現的0.8倍淨負債／EBITDA非常安心，因此我們決定把上半年所有股東權益自由現金流（free cash flow to equity）回饋給股東。

And it's very important to going forward to have in mind that we have opening buyback in place that we've announced in August of last year, if I'm not wrong.

而且很重要的是，往後請記得我們仍有一項進行中的回購計畫，這是我們在去年八月宣布的（如果我沒記錯）。

And right now from this 4 million shares in buyback that we've announced that we've performed 2.6 million.

目前在我們宣布回購的400萬股中，我們已執行260萬股。

Shares. So we had the firepower of 1.4 million to perform until the end of this year.

股份。因此到今年年底前，我們仍有140萬股的火力可以執行。

Yeah, Flavio, just if I may add here and summarizing what Blanco wants to mention. So we keep aware about M&A opportunities considering this threshold. So we have a good pipeline in our hand here.

是的，Flavio，如果我可以補充並總結一下Blanco想表達的。我們會在符合這些門檻的前提下，持續關注併購（M&A）機會。因此我們手上有不錯的案源（pipeline）。

As we saw in the first semester, we distribute almost 100% of actually more than 100% of the cash that we generated to our shareholder through buyback and dividends and also keeping a very low leveraging on our NetApp.

如同你在上半年看到的，我們透過回購與股利，向股東分配了幾乎100%甚至超過100%的我們所產生的現金，同時也維持非常低的槓桿（在我們的淨負債指標上）。

In parallel, we are also investing a lot in terms of product. You can see the intangible. So we are doing a lot of enhancement on our features, plugging more AI features, improving.

同時，我們也在產品方面投入很多。你可以看到無形資產。因此我們正在大幅強化功能，導入更多AI功能，並改善——

The engagement of our physician into our solution. So we are levering prescription into our clinical decision solution. We are reaching more than 50,000 users on our clinical solution, on our eye clinic. Here it's our main solution. And also embedding clinical decision support features that for one side is reducing.

醫師在我們解決方案中的參與度。因此我們把處方（prescription）能力導入我們的臨床決策解決方案。我們的臨床解決方案（eye clinic）使用者已超過50,000名。這是我們的主要解決方案。同時也內嵌臨床決策支援功能，一方面這正在降低——

The solo users on that, but they are also using this type of feature embedded on our clinical management solution. So that's why we are funding not only our current internal investment, reducing our leverage, buying back shares, distributing through dividends, and keep away with a lot of firepower to do some M&As.

單獨使用者（solo users）的比例，但他們也會在我們的臨床管理解決方案中使用這類內嵌功能。因此這就是為什麼我們同時在投入：不僅是目前的內部投資、降低槓桿、回購股票、透過股利分配，並且保留充足火力來進行一些併購（M&A）。

But we have to reach the at least the threshold that we are aiming. Okay.

但我們必須至少達到我們所設定的門檻。好的。

All right. Super clear.

好的。非常清楚。

Thank you.

謝謝。

Next question comes from Luca Marciazini from Italians.

下一個問題來自 Itau 的 Luca Marciazini。

Good evening, everyone, and thank you for taking our question. Our question is regarding the continuing education segment. It's actually a follow-up from previous questions. So we saw a decline in net revenue. So if you could just comment on the competitive environment and the factors that led to this decline, and also what are your expectations for the second-half of this year if we should continue to see a decline across the year or when you expect resumption and growth, please?

各位晚安，謝謝讓我們提問。我們的問題是關於持續教育（continuing education）部門。其實是延續前面問題的追問。我們看到淨營收下滑。因此想請你們評論一下競爭環境以及導致這一下滑的因素；另外也請分享你們對今年下半年的展望：我們是否會看到全年持續下滑，或你們預期何時會恢復並回到成長，謝謝？

Hi Luca, it's Virgilio here. So for one side we have, you can see a growth on our number of students under the continuing medical education segment.

嗨，Luca，我是Virgilio。就其中一方面而言，你可以看到我們在持續醫學教育（CME）板塊的學生人數有所成長。

But for one side we are seeing a revenue, a lower rhythm on revenue growth from the first quarter.

但另一方面，我們看到營收——相較第一季，營收成長的節奏較慢。

But the reason of that is that we have a different mix of product. Although we have much more students coming, we have a different mix of product with more lower duration, with a lower ticket, and that impact mainly on the second quarter that also face seasonality on continuing medical educations, mainly on prep courses. Having said that, we are seeing keeping at least close to.

但原因在於我們的產品組合不同。雖然有更多學生加入，但產品組合轉向更多短期課程、客單價較低，這主要影響第二季；而第二季在持續醫學教育方面也有季節性因素，主要在備考課程。話雖如此，我們看到仍能至少維持接近。

High one-digit growth for the second-half here. We are not foreseeing any jump or a decrease from what we were in terms of continuing medication for the entire year. Once again, we are aiming to reach our guidance for 2026 based on the results that we embedded in this first half for all the three segments.

下半年維持較高的個位數成長。我們不預期全年持續醫學教育會出現大幅跳升或下滑。再次強調，我們仍以達成2026年的指引為目標，該指引是基於我們在上半年三個業務板塊所納入的成果。

Next question comes from Lucas Nagano from Morgan Stanley.

下一個問題來自Morgan Stanley的Lucas Nagano。

Hi, Virgilio.

嗨，Virgilio。

Thanks for taking our questions. We have two.

謝謝你回答我們的問題。我們有兩個問題。

The first is related to the new injunction from last week that suspended the NMED restrictions.

第一個問題與上週新的禁制令有關，該禁制令暫停了NMED的限制。

With that, are you now allowed to fill out all of your authorized seats?

在此情況下，你們現在是否可以填滿所有核准的名額？

And would that be still valid after this year's edition of and imagine so on for next years as well?

而且這在今年這一屆之後仍然有效嗎？我想也包括未來幾年？

And the second question is related to income tax. The income tax expense this quarter was very low compared to the previous quarters and the minimum.

第二個問題與所得稅有關。本季的所得稅費用相較前幾季以及最低。

Pillar 2 tax rates. So could you just give some color on that and the level going forward?

第二支柱（Pillar 2）稅率。所以能否請你說明一下原因，以及未來的水準？

Thank you.

謝謝。

Hi, Lucas. I'll take the first one here regarding injections.

嗨，Lucas。我先回答第一個關於禁制令的問題。

Yes, the answer is yes. So after the decision last week, all the seats that were prohibited returned. To the institutions.

是的，答案是可以。因此在上週的裁定之後，先前被禁止的所有名額都恢復了。回到各機構。

Well, on the other hand, we are very advanced in on the intake process.

不過另一方面，我們在招生流程上已經進行得非常深入。

So, we did ask also ProUni and also FIES for that seats because they were not allowed at that moment. So for some campuses, for some institutions, yes, we will be able to fulfill these additional seats. But once again, remember that.

因此，我們也向ProUni以及FIES申請了那些名額，因為當時不被允許。所以對於某些校區、某些機構而言，是的，我們將能夠填補這些額外名額。但再次提醒。

Consider the issue in the beginning of the year, we had a very strong intake in terms of percentage of the entire year in the first half to minimize that effect.

考量年初的情況，我們在上半年以全年占比來看進行了非常強勁的招生，以將影響降到最低。

Even with considering these additional seats, we will leave some of them unfulfilled.

即使把這些額外名額納入考量，我們仍會讓其中一部分名額未被填滿。

This will not impact, not even positive, not even negative to our results in the second-half.

這對我們下半年的業績不會造成影響——不會是正面，也不會是負面。

But yes, we will be able to fulfill if we had time to fulfill these seats.

但是的，如果我們有時間去填補這些名額，我們是能夠做到的。

Hi, Luca. Blanco speaking, I will take the second question regarding taxations.

嗨，Luca。我是Blanco，我來回答第二個關於稅務的問題。

In the second, during the first semester of 2026, we have some new clarifications under new.

在2026年上半年期間，我們在新的。

Recommendations that were clarifying the Pillar 2.

建議之下獲得了一些新的釐清，這些建議是在釐清第二支柱（Pillar 2）。

And then we see an opportunity regarding the payments that we should do regarding the 2025 taxations that we paid on July of this year.

接著，我們看到一個機會，關於我們應支付的2025年稅款——我們已在今年7月支付。

Reducing the provisional amounts that we had on our balance sheet.

因此降低了我們資產負債表上的暫估金額。

So in big numbers, we had disbursed regarding these taxations from 2025, an amount of R$8million , R$9 million reais approximately, and we had at the end of 2025 R$109 million as a provision, our best provisions at that time. So, we had this positive effect more or less of R$20 million reais. Having said that, for the year as these recommendations has evolved, we think that in terms of tax.

以大數來看，我們就2025年這些稅款已支付約8百萬至9百萬雷亞爾；而在2025年底，我們的提列準備金為1.09億雷亞爾，這是當時我們最佳的估計。因此，我們大約產生了2,000萬雷亞爾的正面影響。話雖如此，隨著這些建議在今年持續演進，我們認為就稅務而言。

The effective tax rates that we're going to achieve this year will be very similar that we had at last year that will be around 10%, okay, for 2026.

我們今年將達到的有效稅率會與去年非常接近，大約在10%左右，好的，針對2026年。

Thank you. Just a follow-up.

謝謝。我再追問一下。

Assuming after the new results of Enamad, this year's edition of Enamad, which should be out I think in December, would the injunction still be valid, so it would still suspend any restrictions that MAG tries to impose?

假設在新的Enamad結果出爐後——今年這一屆的Enamad，我想應該會在12月公布——該禁制令是否仍然有效，也就是仍會暫停MAG試圖施加的任何限制？

So, Lucas, what we understood from the new normative rule that they released is that, and also the conversation that we are having very close to Minister of Education right now, is that as soon as we have the results from Enamad2026 release, that is expected to be in the beginning of December, we will have all the updates from what was considered as a penalization.

所以，Lucas，我們從他們發布的新規範性規則，以及我們目前與教育部非常密切的溝通中理解到：一旦Enamad2026的結果公布（預期在12月初），我們將會獲得所有更新，關於哪些被視為處罰。

From the current situation and also the new results will be released and considered for the new intake cycle of 2027. So that's what is so this injection that was that changed the results last week is just related to the result that was released last year.

基於目前的情況，同時新的結果也會公布，並納入2027年新一輪招生週期的考量。因此，這項上週改變結果的禁制令，只與去年公布的結果有關。

So the new one doesn't have anything related to the to the new Enamad that is coming now in beginning of September.

所以新的規則與即將在9月初公布的新Enamad沒有任何關聯。

You're welcome.

不客氣。

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

提醒一下，如果您想提問，請舉手。

Next question comes from Hanna Practa from seat.

下一個問題來自seat的Hanna Practa。

Hi everyone. Good morning and thank you.

各位好。早安，謝謝。

Thank you for the opportunity to take questions. So, I have just one question regarding the Capex. We saw the Capex that is running, I mean, at 30% of your guidance, of your full year guidance.

謝謝給我提問的機會。我只有一個關於資本支出（Capex）問題。我們看到Capex的執行情況——我的意思是——目前約為你們全年指引的30%。

So just want to understand, like, how do you see this Capex accelerating during the second half of the year? And also, if you could also provide some breakdown of this Capex, it will be more intensified on.

所以我想了解，你們如何看待下半年Capex加速？另外，如果你們也能提供Capex的拆分，會更集中在。

PPE or intangible or licensed, I don't know.

不動產、廠房及設備（PPE）或無形資產或授權之類的，我不確定。

Okay, Hannah, bluntly speaking, I'll take this one. We are running a complex for this year. As expected, we want to fulfill the guidance that we provided that is between R$340million and R$380 million for the year. Expected accelerations of the Capex in the second half. If we see the breakdown regarding the first semester, we're going to see that the Capex regarding properties and equipments were down year over year, but we have a very high accelerations on the intangibles, mostly concentrated on the investment plan that we have around continuing educational and medical.

好的，Hannah，我直說，我來回答這題。我們今年的Capex執行。如預期，我們希望達成我們提供的指引，即全年介於3.40億至3.80億雷亞爾。預期下半年Capex會加速。如果看上半年拆分，我們會看到不動產與設備相關的Capex年對年下降，但無形資產的加速非常明顯，主要集中在我們圍繞持續教育與醫療。

Practice solutions. Regarding the breakdown of these expectations for ahead, we don't open the guidance of the Capex between property and license, but we're going to see definitely an acceleration in the second half.

實務解決方案的投資計畫上。至於未來的預期拆分，我們不會在不動產與授權之間進一步拆解Capex指引，但下半年肯定會看到加速。

Okay, since we do not have any other questions, we end this call. We appreciate the presence of you all.

好的，由於沒有其他問題，我們結束本次電話會議。感謝各位的參與。

Have a good night.

祝各位晚安。