{"id":849403,"date":"2025-05-08T20:14:09","date_gmt":"2025-05-09T00:14:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/afya-limited-announces-first-quarter-2025-financial-results\/"},"modified":"2025-05-08T20:14:09","modified_gmt":"2025-05-09T00:14:09","slug":"afya-limited-announces-first-quarter-2025-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/afya-limited-announces-first-quarter-2025-financial-results\/","title":{"rendered":"Afya Limited Announces First-Quarter 2025 Financial Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwdoublebottom { border-bottom: double black 2.25pt }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdisc { list-style-type: disc }\n.bwlistsquare { list-style-type: square }\n.bwmarginl1 { margin-left: 30px }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadb4 { padding-bottom: 5px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl1 { padding-left: 5px }\n.bwpadl3 { padding-left: 15px }\n.bwpadl6 { padding-left: 30px }\n.bwpadl9 { padding-left: 45px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor1 { background-color: #d3d3d3 }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth12 { width: 12% }\n.bwwidth16 { width: 16% }\n.bwwidth2 { width: 2% }\n.bwwidth28 { width: 28% }\n.bwwidth39 { width: 39% }\n.bwwidth4 { width: 4% }\n.bwwidth40 { width: 40% }\n.bwwidth49 { width: 49% }\n.bwwidth64 { width: 64% }\n.bwwidth67 { width: 67% }\n.bwwidth68 { width: 68% }\n.bwwidth8 { width: 8% }\n.bwwidth89 { width: 89% }\n.bwwidth9 { width: 9% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Afya Limited Announces First-Quarter 2025 Financial Results<\/b><\/p>\n<p class=\"bwalignc\"><b>Impressive Adjusted EBITDA Margin Expansion and Cash Generation<\/b><\/p>\n<p class=\"bwalignc\"><b>Full Year 2025 Guidance Reaffirmed<\/b><\/p>\n<p>NOVA LIMA, Brazil&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<b>Afya Limited (Nasdaq: AFYA; B3: A2FY34)<\/b> (\u201cAfya\u201d or the \u201cCompany\u201d), the leading medical education group and medical practice solutions provider in Brazil, reported today its financial and operating results for the three-month period ended March 31, 2025 (first quarter 2025). Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).\n<\/p>\n<p><b>First Quarter 2025 Highlights<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\n1Q25 Net Revenue increased 16.4% YoY to R$936.4 million. Net Revenue excluding acquisitions increased 10.9%, reaching R$891.5 million.\n<\/li>\n<li>\n1Q25 Adjusted EBITDA increased 23.7% YoY reaching R$492.0 million, with an Adjusted EBITDA Margin of 52.5%. Adjusted EBITDA Margin increased 300 bps YoY. Adjusted EBITDA excluding acquisitions grew 15.8%, reaching R$460.6 million, with an Adjusted EBITDA Margin of 51.7%.\n<\/li>\n<li>\n1Q25 Net Income increased 23.4% YoY, reaching R$257.0 million, and Adjusted Net Income increased 17.1% YoY, reaching R$293.9 million. Basic EPS growth was 23.3% in the same period.\n<\/li>\n<li>\nOperating Cash Conversion ratio of 96.8%, with a solid cash position of R$1,154.9 million.\n<\/li>\n<li>\nOver 317 thousand users in Afya\u2019s ecosystem.\n<\/li>\n<\/ul>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>Table 1: Financial Highlights<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"5\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth40\" rowspan=\"1\" colspan=\"1\"><i>(in thousand of R$)<\/i><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>2025 Ex<br \/>\n<br \/>Acquisitions*<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg Ex<br \/>\n<br \/>Acquisitions<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">(a) Net Revenue<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n936,360\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n891,527\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n804,239\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16.4%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10.9%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">(b) Adjusted EBITDA <sup>2<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n491,971\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n460,603\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n397,853\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23.7%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">(c) = (b)\/(a) Adjusted EBITDA Margin<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n52.5%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n51.7%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49.5%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">300 bps<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">220 bps<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">Net income<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n257,036\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n208,299\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23.4%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">Adjusted Net income<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n293,897\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n250,966\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17.1%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n&#8211;\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>*For the three months period ended March 31, 2025, &#8220;2025 Ex Acquisitions&#8221; excludes: UNIDOM (January to March, 2025; Closing of UNIDOM was in July 2024).<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(2) See more information on &#8220;Non-GAAP Financial Measures&#8221; (Item 08).<\/i><\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p><b>Message from Management<\/b><\/p>\n<p><i>It is with much satisfaction that Afya starts another year of great operational and financial performance. This quarterly result shows the high predictability of our business and successful execution of our strategy, that once again, combines strong growth, with higher profitability and cash generation \u2013 Afya\u2019s three pillars business model. This quarter was marked by Gross margin expansion within our Undergraduate and Continuing Education segments, combined with solid cash generation, and robust EPS growth, showing our consistent business expansion.<\/i><\/p>\n<p><i>Our Revenue Growth this quarter was supported by a successful intake process in all our medical school campuses, ensuring 100% occupancy in our integrated medical schools. Most notably, an example that highlights the effectiveness of our strategy was the acquisition of Unidom with a medical campus located in Salvador that had an occupancy rate below 60% prior to our acquisition. After only two intake processes the campus reached nearly 100% occupancy. This highlights the ongoing value of our ecosystem and the increasing recognition of our brand across the country.<\/i><\/p>\n<p><i>We proudly present our highest Adjusted EBITDA Margin, ending the first quarter of 2025 with a record of 52.5%. This margin expansion reflects the strong performance of the Undergraduate segment, further enhanced by the continued ramp-up of the four Mais M\u00e9dicos campuses launched in 3Q22, and most recently the Unidom acquisition. Our ongoing operational restructuring in the Continuing Education and Medical Practice Solutions segments contributed to improve cost management across selling, general, and administrative expenses in addition to<\/i><i>enhancements to our shared services center, centralizing operations and increasing efficiency and operational synergies.<\/i><\/p>\n<p><i>With the closing of the acquisition of Funic, we are excited to expand our undergraduate presence into the metropolitan area of Belo Horizonte, capital of Minas Gerais. This acquisition contributes 60 medical seats to Afya in Contagem, bringing our total approved medical seats to 3,653 in Brazil.<\/i><\/p>\n<p><i>Furthermore, we are proud to highlight the excellent performance of our undergraduate medical schools in the most recent ENADE (Exame Nacional de Desempenho dos Estudantes \u2013 National Student Performance Exam), which reaffirms Afya\u2019s commitment to academic excellence and the quality of medical education we provide across Brazil.<\/i><\/p>\n<p><i>In April, we were proud to receive two significant recognitions. Moody\u2019s Local Brazil upgraded our national scale credit rating from AA+.br to AAA.br with a stable outlook, reflecting our strong balance sheet, rewarded by cash generation, and financial discipline. They also highlighted our leadership in medical education and successful acquisition integration. We are also pleased to highlight that we successfully achieved all the IFC-defined targets for 2024, including the number of free medical consultations provided and the percentage of medical courses rated with the highest quality scores. This achievement will trigger a 15 bps step-down in our loan interest rate over the next 12 months, reinforcing and solidifying both our social impact and financial discipline. Additionally, we received our first ESG rating from MSCI, debuting with a solid BBB score. MSCI\u2019s sector relative methodology underscores that Afya outperformed a significant portion of its peers, particularly in areas like data privacy and security, where our practices were stronger than many in the industry.<\/i><\/p>\n<p><i>Looking ahead, Afya remains committed to its mission: to provide an integrated ecosystem of education and medical practice solutions throughout the entire medical journey. We continuously strive to support healthcare professionals&#8217; development, ongoing learning, and productivity. We are proud of our achievements and excited about what lies ahead.<\/i><\/p>\n<p class=\"bwmarginl1\"><b>1. Key Events in the Quarter<\/b><\/p>\n<ul class=\"bwlistsquare\">\n<li>\nOn March 12, 2025, the Company\u2019s Board of Directors approved the first dividend distribution in the amount of R$129,784, representing 20% of the Company\u2019s consolidated net income for the year ended December 31, 2024 and a dividend per share of R$1.348923, paid in U.S. dollars on April 4, 2025, to the shareholders on record as of the close of business on March 26, 2025 at the exchange rate (PTAX) published by the Brazilian Central Bank on March 13, 2025.\n<\/li>\n<li>\nOn December 27, 2024, Law 15,079\/2024 was enacted, establishing the implementation of the OECD\u2019s Pillar Two global minimum tax in Brazil, effective as of January 1, 2025. Law 15,079\/2024 aligns the Brazilian tax legislation to the OECD\u2019s Global Anti-Base Erosion (GloBE) rules by introducing a minimum effective taxation of 15% through an additional Social Contribution on Net Profit (\u201cCSLL\u201d). This regulation applies to multinational groups within the scope of the OECD\u2019s GloBE rules, specifically those whose ultimate parent entity reported annual consolidated revenues of at least \u20ac750 million in at least two of the four fiscal years immediately preceding the year under review. The rules are designed to ensure that the additional CSLL qualifies as a Qualified Domestic Minimum Top-up Tax (QDMTT) under the OECD Inclusive Framework, subjecting Brazilian entities to a minimum tax rate of 15%. On March 28, 2025, the Company filed a writ of mandamus with the Brazilian Federal Court challenging the enforceability of the newly enacted additional CSLL. The legal proceeding is grounded on constitutional and statutory arguments, and is waiting for court decision to prevent the collection of the additional CSLL, which is scheduled to be required in 2026 with respect to the 2025 fiscal year. The additional income tax expense as a result of Law 15,079\/2024 for the three-month period ended March 31, 2025 was R$23,212.\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\"><b>2. Subsequent Event<\/b><\/p>\n<ul class=\"bwlistsquare\">\n<li>\nOn May 7, 2025, Afya Participa\u00e7\u00f5es announced the closing of its acquisition of 100% of the total share capital of Faculdade Masterclass Ltda. (\u201cFUNIC\u201d), located in Contagem, a city in the metropolitan area of Belo Horizonte, the capital of the State of Minas Gerais.\n<\/li>\n<\/ul>\n<p class=\"bwmarginl1\">\nThe acquisition contributes 60 medical school seats to Afya. FUNIC is pre-operational, with leased real estate prepared for a medical school operation, which is expected to start in the second semester of 2025.\n<\/p>\n<p class=\"bwmarginl1\">\nThe aggregate purchase price is R$ 100 million, net of the estimated Net Debt deducted from the down payment. The price and payment conditions were: (i) R$ 60 million, net of the estimated Net Debt, paid in cash on May 07, 2025; and (ii) R$ 40 million will be paid in three annual installments adjusted by CDI.\n<\/p>\n<p class=\"bwmarginl1\">\nAdditionally, the acquisition includes a contingent consideration for up to 60 additional medical school seats. If approved by MEC within 36 months from the closing date, it will result in an additional payment of R$1,000 per approved seat.\n<\/p>\n<p class=\"bwmarginl1\">\nAfya expects an EV\/EBITDA of 3.3x at full maturity and post synergies in 2030 with expected Net Revenues of R$ 52.4 million, of which 100% will come from Medicine.\n<\/p>\n<p class=\"bwmarginl1\"><b>3. 2025 Guidance<\/b><\/p>\n<p>\nThe Company is reaffirming its guidance for 2025, which considers the successful acceptance of new students for the first semester of 2025. The guidance for 2025 is defined in the following table:\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth49\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth49\" rowspan=\"1\" colspan=\"1\"><b>Guidance for 2025<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth49\" rowspan=\"1\" colspan=\"1\">Net Revenue<sup> 1<\/sup><\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth49\" rowspan=\"1\" colspan=\"1\">R$ 3,670 mn \u2264 \u2206 \u2264 R$ 3,770 mn<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth49\" rowspan=\"1\" colspan=\"1\">Adjusted EBITDA<\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth49\" rowspan=\"1\" colspan=\"1\">R$ 1,620 mn \u2264 \u2206 \u2264 R$ 1,720 mn<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth49\" rowspan=\"1\" colspan=\"1\">CAPEX<\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth49\" rowspan=\"1\" colspan=\"1\">R$ 250 mn \u2264 \u2206 \u2264 R$ 290 mn<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(1) Excludes any acquisition that may be concluded after the issuance of the guidance, notably excluding Funic.<\/i><\/td>\n<\/tr>\n<\/table>\n<p class=\"bwmarginl1\"><b>4. 1Q25 Overview<\/b><\/p>\n<p><b>Segment Information<\/b><\/p>\n<p>\nThe Company has three reportable segments as follows:\n<\/p>\n<p>\nUndergraduate, which provides educational services through undergraduate courses related to medical school, undergraduate health science and other ex-health undergraduate programs;\n<\/p>\n<p>\nContinuing education, which provides medical education (including residency preparation programs, specialization test preparation and other medical capabilities), specialization and graduate courses in medicine, delivered through digital and in-person content; and\n<\/p>\n<p>\nMedical Practice Solutions, which provides clinical decision, clinical management and doctor-patient relationships for physicians and provide access, demand and efficiency for the healthcare players.\n<\/p>\n<p><b>Key Revenue Drivers \u2013 Undergraduate Programs<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Table 2: Key Revenue Drivers<\/b><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" rowspan=\"1\"><b>Three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>% Chg<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Undergraduate Programs<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>MEDICAL SCHOOL<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Approved Seats<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,593\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,203\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>12.2%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Operating Seats <sup>1<\/sup><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,543\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,153\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>12.4%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,879\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,609\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>14.5%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Average Total Students<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,879\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,609\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>14.5%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,263\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,609\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>7.3%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net Revenue (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>714,713<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>603,025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>18.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net Revenue (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>672,589<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>603,025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>11.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Medical School Net Avg. Ticket (ex- Acquisitions* &#8211; R$\/month)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9,240<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>8,891<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>UNDERGRADUATE HEALTH SCIENCE<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26,134\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,881\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>5.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Average Total Students<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26,134\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,881\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>5.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,348\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,881\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>1.9%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net Revenue (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>62,811<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>58,736<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>6.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net Revenue (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>61,730<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>58,736<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>5.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>OTHER EX- HEALTH UNDERGRADUATE<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,995\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n28,563\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>22.5%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Average Total Students<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,995\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n28,563\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>22.5%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n33,492\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n28,563\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>17.3%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net Revenue (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>49,848<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>42,758<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>16.6%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net Revenue (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>48,220<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>42,758<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>12.8%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total Net Revenue<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net Revenue (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>827,372<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>704,519<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>17.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net Revenue (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>782,539<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>704,519<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>11.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>*For the three months period ended March 31, 2025, &#8220;2025 Ex Acquisitions&#8221; excludes: UNIDOM (January to March, 2025; Closing of UNIDOM was in July 2024).<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(1) The difference between approved and operating seats refers to Camet\u00e1, a campus that is still pre-operational.<\/i><\/td>\n<\/tr>\n<\/table>\n<p><b>Key Revenue Drivers \u2013 Continuing Education<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Table 3: Key Revenue Drivers<\/b><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" rowspan=\"1\"><b>Three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>% Chg<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Continuing Education <sup>1<\/sup><\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total Students (end of period)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\">Residency Journey &#8211; Business to Physicians B2P<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,203\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,693\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>-16.9%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\">Graduate Journey &#8211; Business to Physicians B2P<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,542\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7,366\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>16.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\">Other Courses &#8211; B2P and Business to Business Offerings<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26,164\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26,983\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>-3.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total Students (end of period)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>46,909<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>49,042<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-4.3%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net Revenue (R$ &#8216;000)<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwalignc bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\">Business to Physicians &#8211; B2P<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n65,444\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n60,538\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>8.1%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\">Business to Business &#8211; B2B<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,660\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4,877\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>16.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total Net Revenue<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>71,103<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>65,415<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>8.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(1) The figure above does not contemplate intercompany transactions<\/i><\/td>\n<\/tr>\n<\/table>\n<p><b>Key Revenue \u2013 Medical Practice Solutions<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Table 4: Key Revenue Drivers<\/b><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" rowspan=\"1\"><b>Three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Medical Practice Solutions <sup>1<\/sup><\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Active Payers (end of period)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" rowspan=\"1\" colspan=\"1\">Clinical Decision<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n163,071\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n159,183\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>2.4%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" rowspan=\"1\" colspan=\"1\">Clinical Management<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,934\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n31,806\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>9.8%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total Active Payers (end of period)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>198,005<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>190,989<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Monthly Active Users (MaU)<\/b><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwalignc bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total Monthly Active Users (MaU) &#8211; Digital Services<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>244,518<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>262,717<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-6.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwrowaltcolor1 bwwidth64 bwpadl3\" rowspan=\"1\" colspan=\"1\"><b>Net Revenue (R$ &#8216;000)<sup>2<\/sup><\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwrowaltcolor1 bwalignc bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" rowspan=\"1\" colspan=\"1\">Business to Physicians &#8211; B2P<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n37,231\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n32,730\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>13.7%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl3\" rowspan=\"1\" colspan=\"1\">Business to Business &#8211; B2B<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4,453\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,843\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>15.9%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total Net Revenue<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>41,684<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>36,573<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>14.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(1) The figure above does not contemplate intercompany transactions<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwvertalignm bwpadl0\" rowspan=\"1\"><i>(2) Net Revenue from &#8216;Shosp&#8217;, the clinical management software, was reclassified from B2B to B2P.<\/i><\/td>\n<\/tr>\n<\/table>\n<p><b>Key Operational Drivers \u2013 Users Positively Impacted by Afya<\/b><\/p>\n<p>\nThe Users Positively Impacted by Afya represents the total number of medical students from the Undergraduate segment, students from the Continuing Education and users from Medical Practice Solutions. For the first quarter of 2025, Afya\u2019s ecosystem reached 317,306 users.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Table 5: Key Revenue Drivers<\/b><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" rowspan=\"1\"><b>Three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Users Positively Impacted by Afya <sup>1<\/sup><\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\">Undergraduate (Total Medical School Students &#8211; End of Period)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,879\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,609\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>14.5%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\">Continuing Education (Total Students &#8211; End of Period)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n46,909\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49,042\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>-4.3%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\">Medical Practice Solutions (Monthly Active Users)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n244,518\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n262,717\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>-6.9%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Ecosystem Outreach<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>317,306<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>334,368<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-5.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(1) Ecosystem outreach does not contemplate intercompany figures. Note that there may be overlap in student numbers within the data.<\/i><\/td>\n<\/tr>\n<\/table>\n<p><b>Seasonality of Operations<\/b><\/p>\n<p>\nUndergraduate tuition revenues are related to the intake process, and monthly tuition fees charged to students and do not significantly fluctuate during each semester.\n<\/p>\n<p>\nContinuing education revenues are mostly related to: (i) monthly intakes and tuition fees on medical education, which do not have a considerable concentration in any period; (ii) Residency journey product revenues, derived from e-books transferred at a point of time, which are concentrated at in the first and last quarter of the year due to the enrollments.\n<\/p>\n<p>\nMedical Practice Solutions are comprised mainly of Afya Whitebook and Afya iClinic revenues, which do not have significant fluctuations regarding seasonality.\n<\/p>\n<p><b>Net Revenue<\/b><\/p>\n<p>\nNet Revenue for the first quarter of 2025 was R$936.4 million, an increase of 16.4% over the same period in the prior year. Excluding acquisitions, Net Revenue in the first quarter increased by 10.9% YoY to R$891.5 million.\n<\/p>\n<p>\nThe quarter revenue increase was mainly due to higher tickets in medicine courses, the maturation of medical school seats, the acquisition and the increase of occupancy in Unidom, and the advancement of Medical Practice Solutions and Continuing Education segments.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"3\" class=\"bwvertalignm bwpadl0\" rowspan=\"1\"><b>Table 6: Revenue &amp; Revenue Mix<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"5\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>2025 Ex Acquisitions*<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg Ex Acquisitions<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">Net Revenue Mix<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth39 bwpadl3\" rowspan=\"1\" colspan=\"1\">Undergraduate<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n827,372\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n782,539\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n704,519\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17.4%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth39 bwpadl3\" rowspan=\"1\" colspan=\"1\">Continuing Education<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n71,103\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n71,103\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n65,415\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8.7%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth39 bwpadl3\" rowspan=\"1\" colspan=\"1\">Medical Practice Solutions<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n41,684\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n41,684\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36,573\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14.0%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth39 bwpadl3\" rowspan=\"1\" colspan=\"1\">Inter-segment transactions<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,799)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,799)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,268)\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n67.5%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n67.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\"><b>Total Reported Net Revenue<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>936,360<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>891,527<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>804,239<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>16.4%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>10.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>*For the three months period ended March 31, 2025, &#8220;2025 Ex Acquisitions&#8221; excludes: UNIDOM (January to March, 2025; Closing of UNIDOM was in July 2024).<\/i><\/td>\n<\/tr>\n<\/table>\n<p><b>Adjusted EBITDA<\/b><\/p>\n<p>\nAdjusted EBITDA for the first quarter of 2025 increased by 23.7% to R$492.0 million, up from R$397.9 million in the same period of the prior year, with the Adjusted EBITDA Margin rising by 300 basis points to 52.5%.\n<\/p>\n<p>\nThe increase in Adjusted EBITDA Margin was mainly driven by: (a) higher gross margin in the Undergraduate and Continuing Education segments; (b) the continued ramp-up of the four Mais M\u00e9dicos campuses launched in 3Q22; (c) restructuring initiatives within Continuing Education and Medical Practice Solutions; and (d) improved cost efficiency in Selling, General, and Administrative expenses.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"2\" class=\"bwvertalignm bwpadl0\" rowspan=\"1\"><b>Table 7: Reconciliation between Adjusted EBITDA and Net Income<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>% Chg<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net income<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>257,036<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>208,299<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>23.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Net financial result<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n94,994\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n74,366\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Income taxes expense<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,782\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,865\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n128.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n91,755\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n79,269\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Interest received <sup>1<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,532\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,415\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Income share associate<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(4,285)\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(4,172)\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Share-based compensation<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6,963\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,629\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-19.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Non-recurring expenses:<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>6,194<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>8,181<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-24.3%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; Integration of new companies<sup> 2<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,970\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,870\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; M&amp;A advisory and due diligence <sup>3<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n88\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n248\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-64.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; Expansion projects<sup> 4<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n124\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n605\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-79.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; Restructuring expenses<sup> 5<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,458\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-99.2%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>491,971<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>397,853<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>23.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA Margin<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>52.5%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>49.5%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>300 bps<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(1) Represents the interest received on late payments of monthly tuition fees.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(2) Consists of expenses related to the integration of newly acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&amp;A transactions.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies.<\/i><\/td>\n<\/tr>\n<\/table>\n<p><b>Adjusted Net Income<\/b><\/p>\n<p>\nNet Income for the first quarter of 2025, totaled R$257.0 million, reflecting a 23.4% increase YoY. Adjusted Net Income reached R$293.9 million, up 17.1% from the same period in the prior year. This growth was primarily driven by improved operational performance that was partially offset by a higher tax rate compared to the previous year due to the provision of additional CSLL towards OECD\u2019s Pillar Two global minimum tax effects.\n<\/p>\n<p>\nAdjusted EPS reached R$3.20 per share for the first quarter ended March 31, 2025, an increase of 17.0% YoY, supported by higher Net Income and a disciplined capital allocation strategy.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Table 8: Adjusted Net Income<\/b><\/td>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net income<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>257,036<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>208,299<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>23.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Amortization of Intangible Assets <sup>1<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23,704\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,856\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-8.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Share-based compensation<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6,963\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,630\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-19.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Non-recurring expenses:<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>6,194<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>8,181<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-24.3%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; Integration of new companies<sup> 2<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,970\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,870\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; M&amp;A advisory and due diligence<sup> 3<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n88\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n248\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-64.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; Expansion projects<sup> 4<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n124\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n605\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-79.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; Restructuring expenses<sup> 5<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,458\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-99.2%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Adjusted Net Income<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>293,897<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>250,966<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>17.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Basic earnings per share &#8211; in R$<sup> 6<\/sup><\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.79<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.26<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>23.3%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Adjusted earnings per share &#8211; in R$<sup> 7<\/sup><\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3.20<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.73<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>17.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(1) Consists of amortization of intangible assets identified in business combinations.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(2) Consists of expenses related to the integration of newly acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&amp;A transactions.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(6) Basic earnings per share: Net Income\/Weighted average number of outstanding shares.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(7) Adjusted earnings per share: Adjusted Net Income attributable to equity holders of the Parent\/Weighted average number of outstanding shares.<\/i><\/td>\n<\/tr>\n<\/table>\n<p><b>Cash and Debt Position<\/b><\/p>\n<p>\nAs of March 31, 2025, Cash and Cash Equivalents totaled R$1,154.9 million, an increase of 26.8% over December 31, 2024. Net Debt, excluding the effect of IFRS 16, reached R$1,524.1 million, compared to December 31, 2024, Afya reduced its Net Debt by R$290.8 million due to solid Cash Flow from Operating Activities.\n<\/p>\n<p>\nFor the three-month period ended March 31, 2025, Afya generated R$470.2 million in Cash Flow from Operating Activities, up from R$429.1 million in the same period of the previous year, an increase of 9.6% YoY, boosted by operational results. The Operating Cash Conversion Ratio reached 96.8%.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Table 9: Operating Cash Conversion Ratio Reconciliation<\/b><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><b>Considering the adoption of IFRS 16<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">(a) Net cash flows from operating activities<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n463,850\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n417,860\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">(b) Income taxes paid<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6,386\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,194\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-43.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>(c) = (a) + (b) Cash flow from operating activities<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>470,236<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>429,054<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.6%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">(d) Adjusted EBITDA<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n491,971\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n397,853\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">(e) Non-recurring expenses:<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6,194\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,181\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-24.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; Integration of new companies<sup> 1<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,970\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,870\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; M&amp;A advisory and due diligence<sup> 2<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n88\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n248\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-64.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; Expansion projects<sup> 3<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n124\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n605\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-79.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">&#8211; Restructuring Expenses<sup> 4<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,458\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-99.2%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>(f) = (d) &#8211; (e) Adjusted EBITDA ex- non-recurring expenses<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>485,777<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>389,672<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>24.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>(g) = (c) \/ (f) Operating cash conversion ratio<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>96.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>110.1%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>-1330 bps<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(1) Consists of expenses related to the integration of newly acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(2) Consists of expenses related to professional and consultant fees in connection with due diligence services for M&amp;A transactions.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(3) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(4) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of acquired companies.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\nThe following table provides additional details on the cost of debt for the first quarter of 2025, considering loans and financing and accounts payable to selling shareholders. Afya\u2019s capital structure remains solid, with a conservative leveraging position and a low cost of debt. Afya\u2019s Net Debt (excluding the effect of IFRS16) divided by Adjusted EBITDA mid guidance for 2025 would be 0.9x.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"7\" class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom\" rowspan=\"1\"><b>Table 10: Gross Debt and Average Cost of Debt<\/b><\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><i>(in millions of R$)<\/i><\/td>\n<td colspan=\"8\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><b>Cost of Debt<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom\" rowspan=\"1\"><b>Gross Debt<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom\" rowspan=\"1\"><b>Duration (Years)<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom\" rowspan=\"1\"><b>Per year<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><b>%CDI\u00b2<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">Loans and financing: Softbank<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n850\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n826\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.1\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.1\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8.6%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6.5%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n69%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n57%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">Loans and financing: Debentures<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n513\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n510\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.3\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.3\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14.6%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n12.7%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n115%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n117%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">Loans and financing: Others<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n328\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n446\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.5\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.3\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14.7%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n12.7%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n115%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n116%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">Loans and financing: IFC<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n522\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.6\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14.0%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n110%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n&#8211;\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth28\" rowspan=\"1\" colspan=\"1\">Accounts payable to selling shareholders<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n466\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n405\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.6\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.9\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n12.7%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10.8%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n100%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n100%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>Total\u00b9| Average<\/b><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2,679<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrightsingle bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2,189<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2.2<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2.1<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>12.2%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>9.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>97%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>91%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(1) Total amount refers only to the &#8220;Gross Debt&#8221; columns<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\"><i>(2) Based on the annualized Interbank Certificates of Deposit (&#8220;CDI&#8221;) rate for the period as a reference: 1Q25: ~14,15% p.y. and for 1Q24: ~10.65% p.y.<\/i><\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>Table 11: Cash and Debt Position<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth40\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>1Q25<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>FY2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>1Q24<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>(+) Cash and Cash Equivalents<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,154,888<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>911,015<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>26.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>611,077<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>89.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth40\" rowspan=\"1\" colspan=\"1\">Cash and Bank Deposits<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,508\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6,078\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-42.3%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,573\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-37.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth40\" rowspan=\"1\" colspan=\"1\">Cash Equivalents<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,151,380\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n904,937\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>27.2%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n605,504\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>90.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>(-) Loans and Financing<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,212,674<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,195,161<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>0.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,783,094<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>24.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth40\" rowspan=\"1\" colspan=\"1\">Current<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n373,275\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n363,554\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2.7%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n161,675\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>130.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth40\" rowspan=\"1\" colspan=\"1\">Non-Current<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,839,399\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,831,607\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>0.4%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,621,419\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>13.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>(-) Accounts Payable to Selling Shareholders<\/b><\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>466,341<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>530,772<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-12.1%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>405,410<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>15.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth40\" rowspan=\"1\" colspan=\"1\">Current<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n191,698\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n185,318\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3.4%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n244,865\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-21.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth40\" rowspan=\"1\" colspan=\"1\">Non-Current<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n274,643\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n345,454\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-20.5%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n160,545\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>71.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>(-) Other Short and Long Term Obligations<\/b><\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>&#8211;<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>&#8211;<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>n.a.<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>&#8211;<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>n.a.<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>(=) Net Debt (Cash) excluding IFRS 16<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,524,127<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,814,918<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-16.0%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,577,427<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-3.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>(-) Lease Liabilities<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>989,184<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>978,336<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>1.1%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>902,542<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>9.6%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth40\" rowspan=\"1\" colspan=\"1\">Current<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n47,762\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n45,580\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>4.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40,030\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>19.3%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth40\" rowspan=\"1\" colspan=\"1\">Non-Current<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n941,422\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n932,756\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>0.9%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n862,512\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>9.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>Net Debt (Cash) with IFRS 16<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,513,311<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,793,254<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>-10.0%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,479,969<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>1.3%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>CAPEX<\/b><\/p>\n<p>\nCapital expenditures consist of the purchase of property and equipment and intangible assets, including expenditures mainly related to the expansion and maintenance of Afya\u2019s campuses and headquarters, leasehold improvements, and the development of new solutions in the Medical Practice Solutions and content in the Continuing Education.\n<\/p>\n<p>\nFor the three-months period ending March 31, 2025, CAPEX was R$56.2 million, representing 6.0% of Afya\u2019s Net Revenue.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><b>Table 12: CAPEX<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwpadl0 bwdoublebottom\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>CAPEX<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>56,212<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>92,901<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-39.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Property and equipment<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n38,477\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,955\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n67.6%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Intangible assets<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17,735\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n69,946\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-74.6%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth64 bwpadl1\" rowspan=\"1\" colspan=\"1\">\u00a0&#8211; Licenses<sup>1<\/sup><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49,600\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">n.a.<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwwidth64 bwpadl1 bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\u00a0&#8211; Others<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17,735\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20,346\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12 bwdoublebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-12.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignl bwvertalignt bwpadl0\" rowspan=\"1\">(1) One-off effect of R$ 49.6 million regarding the Earnout of FIP Guanambi, due to the expansion of 40 seats as disclosed to the market in January 2024.<\/td>\n<\/tr>\n<\/table>\n<p><b>ESG Metrics<\/b><\/p>\n<p>\nESG commitment is an important part of Afya\u2019s strategy and permeates the Company\u2019s core values. Afya has been advancing year after year on its core pillars and, since 2021, ESG metrics have been disclosed in the Company\u2019s quarterly financial results in three key metrics, Governance and Employee Management, Environmental and Social.\n<\/p>\n<p>\nThe 2023 Sustainability Report can be found at: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.afya.com.br%2Fannual-report%2F&amp;esheet=54251956&amp;newsitemid=20250508364394&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.afya.com.br%2Fannual-report%2F&amp;index=1&amp;md5=881c9535b004b0be76aa8311b6acec08\">https:\/\/ir.afya.com.br\/annual-report\/<\/a><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\"><i><b>Table 13: ESG Metrics <sup>1, 2 &amp; 3<\/sup><\/b><\/i><\/td>\n<td class=\"bwalignc bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>1Q25<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>1Q24<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwtopsingle bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth4\" rowspan=\"1\" colspan=\"1\">#<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\"><b>GRI<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>Governance and Employee Management<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>\u00a0<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n405-1\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">Number of employees<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9,810\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9,914\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,717\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,680\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n405-1\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">Percentage of female employees<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n59%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n58%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n59%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n58%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n405-1\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">Percentage of female employees in the board of directors<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n102-24\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">Percentage of independent member in the board of directors<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>Environmental<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">Total renewable energy generated by own photovoltaic plants (MWh)<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,447.552\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,794.215\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,329.796\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,510.637\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n302-1\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">Total energy consumed (MWh)\u00a0<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,330.837\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,831.206\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,260.662\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,036.608\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n302-1\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">% of renewable energy consumed from own generation\u00a0<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19.5%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26.8%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23.2%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n302-1\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">% of energy consumed from the power grid\u00a0<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n37.6%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30.8%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34.8%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n60.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n302-1\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">% of energy consumed from the free market<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n42.9%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n42.3%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n42.0%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>Social<\/b><\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n413-1\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">Number of free clinical consultations offered by Afya<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 212,549\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 147,757\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 846,264\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 586,611\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">Number of physicians graduated in Afya&#8217;s campuses<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23,032\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,220\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,867\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20,197\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n201-4\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">Number of students with financing and scholarship programs (FIES and PROUNI)<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,825\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,815\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,342\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,584\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">% students with scholarships over total undergraduate students<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14.7%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14.2%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16.0%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n413-1\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignm bwwidth40 bwpadl3\" rowspan=\"1\" colspan=\"1\">Hospital, clinics and city halls partnerships<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 524\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 518\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 614\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 649\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\">(1) Some factors can influence in the adequate proportionality analysis of data over the years, such as: climate changes, COVID-19 pandemic effects, seasonalities, number of employees, number of students, number of active units, among others.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\">(2) Starting in 2Q22, previously disclosed social data were updated to consider: (a) the number of graduated physicians considering all units after its closing, and (b) partnerships related only to medical schools.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwalignl bwvertalignm bwpadl0\" rowspan=\"1\">(3) The number of students with financing and scholarship programs (FIES and PROUNI) in 2023 excludes students from the Unima and FCM Jaboat\u00e3o acquisition, and for 3Q24 onwards, also excludes those from the UNIDOM acquisition.<\/td>\n<\/tr>\n<\/table>\n<p><b>5. Conference Call and Webcast Information<\/b><\/p>\n<p>\n\u00a0\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>When:<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth89\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nMay 8, 2025 at 5:00 p.m. EDT.\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth89\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Who:<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0 bwwidth89\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nMr. Virgilio Gibbon, Chief Executive Officer\n<\/p>\n<p class=\"bwcellpmargin\">\nMr. Luis Andr\u00e9 Blanco, Chief Financial Officer\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth89\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Webcast:<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth89\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fafya.zoom.us%2Fj%2F99527431135&amp;esheet=54251956&amp;newsitemid=20250508364394&amp;lan=en-US&amp;anchor=https%3A%2F%2Fafya.zoom.us%2Fj%2F99527431135&amp;index=2&amp;md5=f3caf5f5e63e585eeeddb109efdfac05\">https:\/\/afya.zoom.us\/j\/99527431135<\/a><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nOR\n<\/p>\n<p>\nDial-in:\n<\/p>\n<p>\nBrazil: +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788 or +55 11 4700 9668 or +55 21 3958 7888\n<\/p>\n<p>\nUnited States: +1 346 248 7799 or +1 360 209 5623 or +1 386 347 5053 or +1 507 473 4847 or +1 564 217 2000 or +1 646 931 3860 or +1 669 444 9171 or +1 669 900 6833 or +1 689 278 1000 or +1 719 359 4580 or +1 929 205 6099 or +1 253 205 0468 or +1 253 215 8782 or +1 301 715 8592 or +1 305 224 1968 or +1 309 205 3325 or +1 312 626 6799\n<\/p>\n<p>\nWebinar ID: 995 2743 1135\n<\/p>\n<p>\nOther Numbers: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fafya.zoom.us%2Fu%2FadvMyerzrb&amp;esheet=54251956&amp;newsitemid=20250508364394&amp;lan=en-US&amp;anchor=https%3A%2F%2Fafya.zoom.us%2Fu%2FadvMyerzrb&amp;index=3&amp;md5=e57a35d660c2f9fb4e2505ab5f330662\">https:\/\/afya.zoom.us\/u\/advMyerzrb<\/a><\/p>\n<p><b>6. About Afya Limited (Nasdaq: AFYA; B3: A2FY34)<\/b><\/p>\n<p>\nAfya is a leading medical education group in Brazil based on the number of medical school seats, delivering an end-to-end physician-centric ecosystem that serves and empowers students and physicians to transform their ambitions into rewarding lifelong experiences from the moment they join us as medical students through their medical residency preparation, graduation program, continuing medical education activities and offering medical practice solutions to help doctors enhance their healthcare services through their whole career. For more information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.afya.com.br&amp;esheet=54251956&amp;newsitemid=20250508364394&amp;lan=en-US&amp;anchor=www.afya.com.br&amp;index=4&amp;md5=3f41fd3b0e2d7011f8ffe355e29ee16e\">www.afya.com.br<\/a>.\n<\/p>\n<p><b>7. Forward \u2013 Looking Statements<\/b><\/p>\n<p>\nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All statements other than statements of historical fact could be deemed forward-looking, including risks and uncertainties related to statements about our competition; our ability to attract, upsell and retain students; our capacity to increase tuition prices; our ability to anticipate and meet the evolving needs of students and teachers; our capacity to source and successfully integrate acquisitions; as well as general market, political, economic, and business conditions. Additionally, these statements include financial targets such as revenue, share count and IFRS and non-IFRS financial measures including gross margin, operating margin, net income (loss) per diluted share, and free cash flow. These statements are not guarantees of future performance and undue reliance should not be placed on them.\n<\/p>\n<p>\nThe Company assumes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances occurring after its publication, nor to incorporate new information or the occurrence of unanticipated events, except as required by law. The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from those expressed or implied by the forward-looking statements we make.\n<\/p>\n<p>\nReaders should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent management\u2019s beliefs and assumptions only as of the date they are made. Further information on these and other factors that could affect the Company\u2019s financial results is included in filings made with the United States Securities and Exchange Commission (SEC) from time to time, including the section titled \u201cRisk Factors\u201d in the most recent annual report on Form 20-F. These documents are available in the SEC Filings section of the investor relations section of our website at: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.afya.com.br%2F&amp;esheet=54251956&amp;newsitemid=20250508364394&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.afya.com.br%2F&amp;index=5&amp;md5=e55a8c9eb99f07896c2bc4e8b7b84fc3\">https:\/\/ir.afya.com.br\/<\/a>.\n<\/p>\n<p><b>8. Non-GAAP Financial Measures<\/b><\/p>\n<p>\nTo supplement the Company&#8217;s consolidated financial statements, which are prepared and presented in accordance with IFRS accounting standards as issued by the International Accounting Standards Board\u2014IASB, Afya presents Adjusted EBITDA, Operating Cash Conversion Ratio, Adjusted Net Income and Adjusted EPS, which are non-GAAP financial measures, for the convenience of investors. A non-GAAP financial measure is generally defined as one that intends to measure financial performance but excludes or includes amounts that would not be equally adjusted in the most comparable GAAP measure.\n<\/p>\n<p>\nAfya calculates Adjusted EBITDA as net income plus\/minus net financial result, plus income taxes expense, plus depreciation and amortization, plus interest received on late payments of monthly tuition fees, plus share-based compensation, plus\/minus income share associate, plus\/minus non-recurring expenses\/income. Operating Cash Conversion Ratio is calculated as the Cash flow from Operating Activities plus income taxes paid, minus\/plus non-recurring expenses\/income divided by Adjusted EBITDA. The calculation of Adjusted Net Income is the Net Income plus amortization of customer relationships and trademark, plus share-based compensation, plus\/minus non-recurring expenses\/income. The calculation of Adjusted EPS is the Adjusted Net Income minus the non-controlling interests divided by the Weighted average number of outstanding shares.\n<\/p>\n<p>\nThe non-GAAP supplemental financial measures are provided with the intend to help investors in assessing the overall performance of Afya\u2019s business regarding its core operations, cash generation and profitability. The non-GAAP financial measures described in this release are not substitutes for the IFRS measures. In addition, the calculations of Adjusted EBITDA, Operating Cash Conversion Ratio, Adjusted Net Income and Adjusted EPS are not standardized financial measures and may differ from the calculations used by other companies, including competitors in the education services industry, and therefore, Afya\u2019s measures may not be comparable to those of other companies.\n<\/p>\n<p><b>9. Investor Relations Contact<\/b><\/p>\n<p>\nE-mail: <a rel=\"nofollow\" href=\"mailto:ir@afya.com.br\">ir@afya.com.br<\/a><\/p>\n<p><b>10. Financial Tables<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"4\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b><i>Unaudited interim condensed consolidated statements of financial position<\/i><\/b><\/p>\n<p class=\"bwcellpmargin\"><b><i>As of March 31, 2025 and December 31, 2024<\/i><\/b><\/p>\n<p class=\"bwcellpmargin\"><b><i>(In thousands of Brazilian reais)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>March 31, 2025<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Assets<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(unaudited)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Current assets<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash and cash equivalents\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,154,888\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n911,015\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTrade receivables\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n636,906\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n595,898\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRecoverable taxes\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n32,118\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25,726\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther assets\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n57,304\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n57,145\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total current assets<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1,881,216<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1,589,784<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-current assets<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTrade receivables\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n34,014\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35,948\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred tax assets\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7,146\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther assets\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n116,371\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n115,875\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInvestment in associate\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n53,129\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n54,442\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nProperty and equipment\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n670,162\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n658,482\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRight-of-use assets\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n845,698\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n842,219\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIntangible assets\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,504,138\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,532,789\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total non-current assets<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>7,230,658<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwsinglebottom bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>7,239,755<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total assets<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>9,111,874<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwsinglebottom bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>8,829,539<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Current liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTrade payables\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n129,973\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n128,080\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLoans and financing\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n373,275\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n363,554\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLease liabilities\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47,762\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n45,580\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts payable to selling shareholders\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n191,698\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n185,318\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdvances from customers\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n161,262\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n161,048\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDividends payable\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n130,798\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLabor and social obligations\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n237,850\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n208,076\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTaxes payable\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35,695\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n33,456\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome taxes payable\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9,517\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,247\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther liabilities\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,137\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,836\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total current liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1,322,967<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwsinglebottom bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1,140,195<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-current liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLoans and financing\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,839,399\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,831,607\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLease liabilities\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n941,422\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n932,756\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts payable to selling shareholders\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n274,643\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n345,454\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTaxes payable\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n134,355\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n112,681\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nProvision for legal proceedings\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n115,599\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n113,521\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther liabilities\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n42,074\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n42,742\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total non-current liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>3,347,492<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>3,378,761<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>4,670,459<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>4,518,956<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Equity<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwalignr bwvertalignb bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare capital\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdditional paid-in capital\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,343,939\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,344,521\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTreasury shares\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(271,751)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(273,955)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare-based compensation reserve\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n194,460\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n187,497\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRetained earnings\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,134,090\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,011,875\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Equity attributable to equity holders of the parent<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>4,400,755<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>4,269,955<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-controlling interests\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n40,660\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n40,628\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total equity<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>4,441,415<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>4,310,583<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total liabilities and equity<\/b><\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>9,111,874<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwalignr bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>8,829,539<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b><i>Unaudited interim condensed consolidated statements of income and comprehensive income<\/i><\/b><\/p>\n<p class=\"bwcellpmargin\"><b><i>For the three-month periods ended March 31, 2025 and 2024<\/i><\/b><\/p>\n<p class=\"bwcellpmargin\"><b><i>(In thousands of Brazilian reais, except for earnings per share information)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>March 31, 2025<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>March 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(unaudited)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(unaudited)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRevenue\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n936,360\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n804,239\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCost of services\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(282,639)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(269,504)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gross profit<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>653,721<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>534,735<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSelling, general and administrative expenses\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(281,500)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(241,164)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther income (expenses), net\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n306\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(4,213)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Operating income<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>372,527<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>289,358<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nFinance income\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n43,481\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25,530\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nFinance expenses\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(138,475)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(99,896)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net finance result<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(94,994)<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(74,366)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare of income of associate\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,285\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,172\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Income before income taxes<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>281,818<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>219,164<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome taxes expenses\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(24,782)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(10,865)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net income<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>257,036<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>208,299<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther comprehensive income\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total comprehensive income<\/b><\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>257,036<\/b><\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>208,299<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Income attributable to:<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEquity holders of the parent\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n251,999\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n203,393\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-controlling interests\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,037\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,906\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>257,036<\/b><\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>208,299<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBasic earnings per common share\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.79\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.26\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDiluted earnings per common share\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.76\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.22\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><b><i>Unaudited interim condensed consolidated statements of cash flows<\/i><\/b><\/p>\n<p class=\"bwcellpmargin\"><b><i>For the three-month periods ended March 31, 2025 and 2024<\/i><\/b><\/p>\n<p class=\"bwcellpmargin\"><b><i>(In thousands of Brazilian reais)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>March 31, 2025<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>March 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(unaudited)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(unaudited)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Operating activities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome before income taxes\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n281,818\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n219,164\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjustments to reconcile income before income taxes\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDepreciation and amortization expenses\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n91,755\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n79,269\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nWrite-off of property and equipment\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n305\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAllowance for expected credit losses\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,558\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15,264\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare-based compensation expense\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,963\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8,630\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet foreign exchange differences\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n476\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(190)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccrued interest\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n76,939\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n51,745\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccrued interest on lease liabilities\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n29,563\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n26,744\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare of income of associate\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(4,285)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(4,172)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nProvision (reversal) for legal proceedings\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n408\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1,851)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Changes in assets and liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTrade receivables\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(55,632)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(6,434)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRecoverable taxes\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(6,392)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(6,914)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther assets\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(6,131)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,458\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTrade payables\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,893\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,472\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTaxes payable\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,787\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,439\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdvances from customers\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n214\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,095\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLabor and social obligations\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n29,774\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,528\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther liabilities\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(4,777)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(212)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>470,236<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>429,054<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome taxes paid\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(6,386)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(11,194)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net cash flows from operating activities<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>463,850<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>417,860<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Investing activities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisition of property and equipment\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(38,477)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(22,955)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisition of intangibles assets\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(17,735)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(69,946)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDividends received\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,598\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,900\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisition of subsidiaries, net of cash acquired\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(65,162)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(147,262)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPayments of interest from acquisition of subsidiaries and intangibles\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(14,536)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(24,735)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net cash flows used in investing activities<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(130,312)<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(260,998)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Financing activities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPayments of principal of loans and financing\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(769)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(10,762)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPayments of interest of loans and financing\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(44,980)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(48,806)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPayments of principal of lease liabilities\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(11,904)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(9,648)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPayments of interest of lease liabilities\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(29,167)\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(26,903)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nProceeds from exercise of stock options\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,622\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n826\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDividends paid to non-controlling shareholders\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(3,991)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(3,712)\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net cash flows used in financing activities<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(89,189)<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(99,005)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet foreign exchange differences\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(476)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n190\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net increase in cash and cash equivalents<\/b><\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>243,873<\/b><\/p>\n<\/td>\n<td class=\"bwdoublebottom bwpadl0 bwpadr0 bwvertalignb bwpadb4 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>58,047<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash and cash equivalents at the beginning of the period\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n911,015\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n553,030\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash and cash equivalents at the end of the period\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,154,888\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n611,077\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250508364394r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250508364394\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250508364394\/en\/<\/a><\/span><\/p>\n<p>\nInvestor Relations Contact:<br \/>\n<br \/>Afya Limited<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ir@afya.com.br\">ir@afya.com.br<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Latin America North America United States Brazil South America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> General Health Health University Training Education<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250508364394\/en\/1927844\/3\/AF-LOGO-AFYA-POSITIVO.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Afya Limited Announces First-Quarter 2025 Financial Results Impressive Adjusted EBITDA Margin Expansion and Cash Generation Full Year 2025 Guidance Reaffirmed NOVA LIMA, Brazil&#8211;(BUSINESS WIRE)&#8211;Afya Limited (Nasdaq: AFYA; B3: A2FY34) (\u201cAfya\u201d or the \u201cCompany\u201d), the leading medical education group and medical practice solutions provider in Brazil, reported today its financial and operating results for the three-month period ended March 31, 2025 (first quarter 2025). Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS). First Quarter 2025 Highlights 1Q25 Net Revenue increased 16.4% YoY to R$936.4 million. Net Revenue excluding acquisitions increased 10.9%, reaching R$891.5 million. 1Q25 Adjusted EBITDA increased 23.7% YoY reaching R$492.0 million, with an Adjusted EBITDA Margin of 52.5%. Adjusted &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/afya-limited-announces-first-quarter-2025-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Afya Limited Announces First-Quarter 2025 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-849403","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Afya Limited Announces First-Quarter 2025 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/afya-limited-announces-first-quarter-2025-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Afya Limited Announces First-Quarter 2025 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Afya Limited Announces First-Quarter 2025 Financial Results Impressive Adjusted EBITDA Margin Expansion and Cash Generation Full Year 2025 Guidance Reaffirmed NOVA LIMA, Brazil&#8211;(BUSINESS WIRE)&#8211;Afya Limited (Nasdaq: AFYA; B3: A2FY34) (\u201cAfya\u201d or the \u201cCompany\u201d), the leading medical education group and medical practice solutions provider in Brazil, reported today its financial and operating results for the three-month period ended March 31, 2025 (first quarter 2025). Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS). First Quarter 2025 Highlights 1Q25 Net Revenue increased 16.4% YoY to R$936.4 million. Net Revenue excluding acquisitions increased 10.9%, reaching R$891.5 million. 1Q25 Adjusted EBITDA increased 23.7% YoY reaching R$492.0 million, with an Adjusted EBITDA Margin of 52.5%. 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Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS). First Quarter 2025 Highlights 1Q25 Net Revenue increased 16.4% YoY to R$936.4 million. Net Revenue excluding acquisitions increased 10.9%, reaching R$891.5 million. 1Q25 Adjusted EBITDA increased 23.7% YoY reaching R$492.0 million, with an Adjusted EBITDA Margin of 52.5%. 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