\n| (1) See more information on “Non-GAAP Financial Measures” (Item 08).<\/i><\/td>\n<\/tr>\n<\/table>\n Message from Management<\/b><\/p>\n We begin 2026 with another quarter of solid execution, reflecting the consistency of our operating model and our ability to combine growth and cash generation while continuing to invest in Afya\u2019s long-term strategic priorities. In the first quarter, our performance was once again supported by the strength of our Undergraduate segment, disciplined capital allocation and continued progress in expanding our physician-centric ecosystem.<\/i><\/p>\n During the quarter, we completed another successful intake cycle across our medical schools, maintaining 100% occupancy and achieving a 4.6% YoY increase in Medical School net average ticket, excluding acquisitions. This performance was supported by the strength of our academic offering, the effectiveness of our unified intake process, and the continued recognition of the Afya brand across Brazil. Revenue growth in the period also benefited from the continued maturation of medical seats and the contribution from recent seat authorization, and the acquisition of FUNIC. Our integrated model remains a key differentiator, helping us attract students and sustain efficient growth across our campuses<\/i><\/p>\n In Continuing Education and Medical Practice Solutions, we continued to advance the next phase of our strategy during the quarter. Both segments reflected higher investment levels, mainly in SG&A, product development and engagement initiatives. These investments are part of a broader strategic cycle aimed at strengthening Afya\u2019s ecosystem and unlocking scalable long-term monetization. As our audience and engagement expand, we also reinforce our data advantage, improve users’ experience, and build stronger foundations for future B2P and B2B opportunities. At the same time, this more integrated ecosystem continues to support a structurally low customer acquisition cost in Undergraduate, reinforcing an important competitive advantage of our business model. In Continuing Education, this progress was reflected in the growth of Graduate Journey students and B2P revenue growth. In Medical Practice Solutions, we highlight the increase in Clinical Management active payers, together with B2B revenue growth<\/i><\/p>\n Our capital allocation remained disciplined throughout the quarter. We further reduced leverage, reinforcing the quality of our capital structure while advancing our strategic priorities and returning value to shareholders. Consistent with this approach, we continued to execute our share repurchase program authorized in 2025, which provides for the repurchase of up to 4,000,000 Class A common shares through December 31, 2026.<\/i>Since the launch of the program, we have already repurchased over 50% of the total amount authorized. In addition, in March 2026, our Board of Directors approved a cash dividend of R$307.4 million, equivalent to 40% of Afya\u2019s 2025 consolidated net income, corresponding to a dividend amount of US$0.656489 per share. Taken together, these actions underscore our commitment to prudent capital allocation, shareholder remuneration, and long-term value creation.<\/i><\/p>\n Looking ahead, we remain focused on executing with consistency, strengthening our ecosystem, and reinforcing Afya\u2019s role as the partner of choice for physicians in Brazil. We believe that our disciplined investment cycle, combined with the strength of our balance sheet, positions us well to deepen engagement across the physician journey, support sustainable growth, and create long-term value for our shareholders.<\/i><\/p>\n 1. Key Events in the Quarter<\/b><\/p>\n\n- \nOn February 6, 2026, MEC authorized an increase of 63 medical seats for ITPAC \u2013 Instituto Tocantinense Presidente Antonio Carlos Porto S.A. (\u201cAfya Abaetetuba\u201d), located in the city of Abaetetuba, in the state of Par\u00e1. With this authorization, Afya\u2019s Abaetetuba campus will offer a total of 113 medical seats.<\/p>\n<\/li>\n<\/ul>\n
\nAs Afya Camet\u00e1\u2014an approved but, non-operating medical school\u2014and Afya Abaetetuba are located within the same health region, Afya Camet\u00e1 will not become operational, thereby creating the capacity that enabled the approval of 63 additional medical seats at Afya Abaetetuba. With this addition, Afya now has a total of 3,768 approved medical seats across its portfolio.<\/p>\n \n- \nOn March 12, 2026, the Company\u2019s Board of Directors approved dividend distribution in the amount of R$307.4 million, representing 40% of the Company\u2019s consolidated net income for the year ended December 31, 2025 and a dividend per share of R$3.446838, paid in U.S. dollars on April 6, 2026, to the shareholders on record as of the close of business on March 25, 2026. The payment was made at the exchange rate (PTAX) published by the Brazilian Central Bank on March 13, 2026.<\/p>\n<\/li>\n<\/ul>\n
2. Subsequent Events<\/b><\/p>\n\n- \nOn May 5, 2026, Moody\u2019s reaffirmed Afya\u2019s credit rating at AAA.br and maintained a stable outlook. The reaffirmation of Afya\u2019s AAA.br rating and stable outlook reflects revenue growth, a track record of above-industry-average margins, very strong credit metrics, exceptional cash generation, and robust liquidity. In addition, Afya\u2019s credit profile reflects a strong competitive position and a predictable financial policy, including proactive liability management and prudent capital allocation, despite its appetite for M&As.<\/p>\n<\/li>\n<\/ul>\n
3. 2026 Guidance<\/b><\/p>\n \nThe Company is reaffirming its 2026 guidance, which assumes the successful acceptance of new students for the first semester of 2026. The guidance for 2026 is defined in the following table:<\/p>\n \n\n | \n | \nGuidance for 20261<\/sup><\/b><\/td>\n<\/tr>\n\n| Revenue<\/td>\n | | \nR$ 3,950 mn \u2264 \u2206 \u2264 R$ 4,100 mn<\/td>\n<\/tr>\n | \n| Adjusted EBITDA<\/td>\n | | \nR$ 1,700 mn \u2264 \u2206 \u2264 R$ 1,800 mn<\/td>\n<\/tr>\n | \n| CAPEX<\/td>\n | | \nR$ 340 mn \u2264 \u2206 \u2264 R$ 380 mn<\/td>\n<\/tr>\n | \n| (1) Excludes any acquisition that may be concluded after the issuance of the guidance.<\/i><\/td>\n<\/tr>\n<\/table>\n 4. 1Q26 Overview<\/b><\/p>\n Segment Information<\/b><\/p>\n \nThe Company has three reportable segments as follows:<\/p>\n \nUndergraduate, previously denominated Undergrad, which provides educational services through undergraduate courses related to medical school, undergraduate health science and other ex-health undergraduate programs;<\/p>\n \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<\/p>\n \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.<\/p>\n Key Revenue Drivers \u2013 Undergraduate Programs<\/b><\/p>\n\n\n| Table 2: Key Revenue Drivers<\/b><\/td>\n | Three months period ended March 31,<\/b><\/td>\n<\/tr>\n\n | \n\n 2026<\/b><\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n % Chg<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Undergraduate Programs<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| MEDICAL SCHOOL<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Operating Seats<\/td>\n | \n \n3,768<\/p>\n<\/td>\n | \n \n3,543<\/p>\n<\/td>\n | \n 6.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Total Students (end of period)<\/td>\n | \n \n26,494<\/p>\n<\/td>\n | \n \n25,879<\/p>\n<\/td>\n | \n 2.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students<\/td>\n | \n \n26,494<\/p>\n<\/td>\n | \n \n25,879<\/p>\n<\/td>\n | \n 2.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students (ex-Acquisitions)*<\/td>\n | \n \n26,352<\/p>\n<\/td>\n | \n \n25,879<\/p>\n<\/td>\n | \n 1.8<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (Total – R$ ‘000)<\/b><\/td>\n | \n 765,925<\/b><\/p>\n<\/td>\n | \n 714,713<\/b><\/p>\n<\/td>\n | \n 7.2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (ex-Acquisitions* – R$ ‘000)<\/b><\/td>\n | \n 761,596<\/b><\/p>\n<\/td>\n | \n 714,713<\/b><\/p>\n<\/td>\n | \n 6.6<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Medical School Net Avg. Ticket (ex- Acquisitions* – R$\/month)<\/b><\/td>\n | \n 9,634<\/b><\/p>\n<\/td>\n | \n 9,206<\/b><\/p>\n<\/td>\n | \n 4.6<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| UNDERGRADUATE HEALTH SCIENCE<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Total Students (end of period)<\/td>\n | \n \n31,088<\/p>\n<\/td>\n | \n \n26,134<\/p>\n<\/td>\n | \n 19.0<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students<\/td>\n | \n \n31,088<\/p>\n<\/td>\n | \n \n26,134<\/p>\n<\/td>\n | \n 19.0<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students (ex-Acquisitions)*<\/td>\n | \n \n31,087<\/p>\n<\/td>\n | \n \n26,134<\/p>\n<\/td>\n | \n 19.0<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (Total – R$ ‘000)<\/b><\/td>\n | \n 70,745<\/b><\/p>\n<\/td>\n | \n 62,811<\/b><\/p>\n<\/td>\n | \n 12.6<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (ex-Acquisitions* – R$ ‘000)<\/b><\/td>\n | \n 70,736<\/b><\/p>\n<\/td>\n | \n 62,811<\/b><\/p>\n<\/td>\n | \n 12.6<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| OTHER EX- HEALTH UNDERGRADUATE<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Total Students (end of period)<\/td>\n | \n \n39,358<\/p>\n<\/td>\n | \n \n34,995<\/p>\n<\/td>\n | \n 12.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students<\/td>\n | \n \n39,358<\/p>\n<\/td>\n | \n \n34,995<\/p>\n<\/td>\n | \n 12.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students (ex-Acquisitions)*<\/td>\n | \n \n39,358<\/p>\n<\/td>\n | \n \n34,995<\/p>\n<\/td>\n | \n 12.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (Total – R$ ‘000)<\/b><\/td>\n | \n 55,795<\/b><\/p>\n<\/td>\n | \n 49,848<\/b><\/p>\n<\/td>\n | \n 11.9<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (ex-Acquisitions* – R$ ‘000)<\/b><\/td>\n | \n 55,795<\/b><\/p>\n<\/td>\n | \n 49,848<\/b><\/p>\n<\/td>\n | \n 11.9<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Total Revenue<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Revenue (Total – R$ ‘000)<\/b><\/td>\n | \n 892,465<\/b><\/p>\n<\/td>\n | \n 827,372<\/b><\/p>\n<\/td>\n | \n 7.9<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (ex-Acquisitions* – R$ ‘000)<\/b><\/td>\n | \n 888,127<\/b><\/p>\n<\/td>\n | \n 827,372<\/b><\/p>\n<\/td>\n | \n 7.3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| *For the three months period ended March 31, 2026, “2026 Ex Acquisitions” excludes: FUNIC (January to March, 2026; Closing of FUNIC was in May 2025).<\/i><\/td>\n<\/tr>\n<\/table>\n Key Revenue Drivers \u2013 Continuing Education<\/b><\/p>\n\n\n| Table 3: Key Revenue Drivers<\/b><\/td>\n | Three months period ended March 31,<\/b><\/td>\n<\/tr>\n\n | \n\n 2026<\/b><\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n % Chg<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Continuing Education<\/b><\/td>\n | | \n | \n | <\/tr>\n \nTotal Students (end of period)1<\/sup><\/b><\/td>\n | \n | \n | <\/tr>\n\n| Residency Journey – Business to Physicians B2P<\/td>\n | \n \n9,744<\/p>\n<\/td>\n | \n \n12,203<\/p>\n<\/td>\n | \n -20.2<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Graduate Journey – Business to Physicians B2P<\/td>\n | \n \n9,855<\/p>\n<\/td>\n | \n \n8,542<\/p>\n<\/td>\n | \n 15.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Other Courses – B2P and B2B Offerings<\/td>\n | \n \n36,932<\/p>\n<\/td>\n | \n \n26,164<\/p>\n<\/td>\n | \n 41.2<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Total Students (end of period)<\/b><\/td>\n | \n 56,531<\/b><\/p>\n<\/td>\n | \n 46,909<\/b><\/p>\n<\/td>\n | \n 20.5<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (R$ ‘000)<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Business to Physicians – B2P<\/td>\n | \n \n74,083<\/p>\n<\/td>\n | \n \n65,444<\/p>\n<\/td>\n | \n 13.2<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Business to Business – B2B<\/td>\n | \n \n4,862<\/p>\n<\/td>\n | \n \n5,660<\/p>\n<\/td>\n | \n -14.1<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Total Revenue<\/b><\/td>\n | \n 78,946<\/b><\/p>\n<\/td>\n | \n 71,103<\/b><\/p>\n<\/td>\n | \n 11.0<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| (1) The figure above does not contemplate intercompany transactions.<\/i><\/td>\n<\/tr>\n<\/table>\n Key Revenue \u2013 Medical Practice Solutions<\/b><\/p>\n\n\n| Table 4: Key Revenue Drivers<\/b><\/td>\n | Three months period ended March 31,<\/b><\/td>\n<\/tr>\n\n | \n\n 2026<\/b><\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n % Chg<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Medical Practice Solutions<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Active Payers (end of period)<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Clinical Decision<\/td>\n | \n \n154,101<\/p>\n<\/td>\n | \n \n163,071<\/p>\n<\/td>\n | \n -5.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Clinical Management<\/td>\n | \n \n46,707<\/p>\n<\/td>\n | \n \n40,324<\/p>\n<\/td>\n | \n 15.8<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Total Active Payers (end of period)<\/b><\/td>\n | \n 200,808<\/b><\/p>\n<\/td>\n | \n 203,395<\/b><\/p>\n<\/td>\n | \n -1.3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Monthly Active Users (MaU)<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Total Monthly Active Users (MaU)<\/b><\/td>\n | \n 220,528<\/b><\/p>\n<\/td>\n | \n 244,518<\/b><\/p>\n<\/td>\n | \n -9.8<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (R$ ‘000)<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Business to Physicians – B2P<\/td>\n | \n \n38,216<\/p>\n<\/td>\n | \n \n37,231<\/p>\n<\/td>\n | \n 2.6<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Business to Business – B2B<\/td>\n | \n \n5,210<\/p>\n<\/td>\n | \n \n4,453<\/p>\n<\/td>\n | \n 17.0<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Total Revenue<\/b><\/td>\n | \n 43,425<\/b><\/p>\n<\/td>\n | \n 41,684<\/b><\/p>\n<\/td>\n | \n 4.2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n Key Operational Drivers \u2013 Users Positively Impacted by Afya<\/b><\/p>\n \nThe Users Positively Impacted by Afya represents the total number of medical students from the Undergraduate segment, students from Continuing Education and users from Medical Practice Solutions. For the first quarter of 2026, Afya\u2019s ecosystem reached 303,553 users.<\/p>\n \n\n| Table 5: Key Revenue Drivers<\/b><\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | <\/tr>\n \n | \n\u00a0<\/td>\n | \n 1Q26<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 1Q25<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n % Chg YoY<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 4Q25<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 3Q25<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2Q25<\/b><\/p>\n<\/td>\n<\/tr>\n\nUsers Positively Impacted by Afya 1<\/sup><\/b><\/td>\n| \u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | <\/tr>\n\n| Undergraduate (Total Medical School Students – End of Period)<\/td>\n | \u00a0<\/td>\n | \n \n26,494<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n25,879<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n25,556<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n25,706<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n25,733<\/p>\n<\/td>\n<\/tr>\n | \n| Continuing Education (Total Students – End of Period)<\/td>\n | \u00a0<\/td>\n | \n \n56,531<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n46,909<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 20.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n55,039<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n50,317<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n45,505<\/p>\n<\/td>\n<\/tr>\n | \n| Medical Practice Solutions (Monthly Active Users)<\/td>\n | \u00a0<\/td>\n | \n \n220,528<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n244,518<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n -9.8<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n220,051<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n227,941<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n230,468<\/p>\n<\/td>\n<\/tr>\n | \n| Ecosystem Outreach<\/b><\/td>\n | \u00a0<\/td>\n | \n 303,553<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 317,306<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n -4.3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 300,646<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 303,964<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 301,706<\/b><\/p>\n<\/td>\n<\/tr>\n\n| (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 Revenue<\/b><\/p>\n \nRevenue for the first quarter of 2026 was R$1,012.7 million, an increase of 8.2% over the same period in the prior year. Excluding acquisitions, Revenue for the three-month period increased by 7.7% YoY to R$1,008.4 million.<\/p>\n \nThe quarter revenue increase was mainly due to higher tickets in medicine courses, the increase in non-medical undergraduate students, the acquisition of FUNIC, and the advancement of the Continuing Education Segment.<\/p>\n \n\n| Table 6: Revenue & Revenue Mix<\/b><\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | <\/tr>\n \n| (in thousands of R$)<\/i><\/td>\n | \u00a0<\/td>\n | For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2026 Ex
\n
Acquisitions*<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n % Chg<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n % Chg Ex
\n
Acquisitions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue Mix<\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | <\/tr>\n \n| Undergraduate<\/td>\n | \u00a0<\/td>\n | \n \n892,465<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n888,127<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n827,372<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n7.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n7.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| Continuing Education<\/td>\n | \u00a0<\/td>\n | \n \n78,946<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n78,946<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n71,103<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n11.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n11.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| Medical Practice Solutions<\/td>\n | \u00a0<\/td>\n | \n \n43,425<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n43,425<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n41,684<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n4.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n4.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| Inter-segment transactions<\/td>\n | \u00a0<\/td>\n | \n \n(2,124<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(2,124<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(3,799<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n-44.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n-44.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| Total Reported Revenue<\/b><\/td>\n | \u00a0<\/td>\n | \n 1,012,712<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 1,008,373<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 936,360<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 8.2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 7.7<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| *For the three months period ended March 31, 2026, “2026 Ex Acquisitions” excludes: FUNIC (January to March, 2026; Closing of FUNIC was in May 2025).<\/i><\/td>\n<\/tr>\n<\/table>\n Adjusted EBITDA<\/b><\/p>\n \nAdjusted EBITDA for the first quarter of 2026 increased by 4.0% to R$511.4 million, up from R$492.0 million in the same period of the prior year, with the Adjusted EBITDA Margin reducing by -200 basis points to 50.5%.<\/p>\n \nThe reduction in Adjusted EBITDA Margin was primarily driven by higher costs and expenses in the Continuing Education and Medical Practice Solutions segments, mainly reflecting (a) lower gross margin compared with the first quarter of 2025; and (b) higher payroll, sales, and marketing expenses associated with the ongoing investment cycle in both segments.<\/p>\n \n\n| Table 7: Reconciliation between Adjusted EBITDA and Net Income<\/b><\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | | <\/tr>\n \n | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n| (in thousands of R$)<\/i><\/td>\n | \u00a0<\/td>\n | For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n % Chg<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net income<\/b><\/td>\n | \u00a0<\/td>\n | \n 261,763<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 257,036<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 1.8%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net financial result<\/td>\n | \u00a0<\/td>\n | \n \n94,350<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n94,994<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n-0.7%<\/p>\n<\/td>\n<\/tr>\n | \n| Income taxes expense<\/td>\n | \u00a0<\/td>\n | \n \n42,454<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n24,782<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n71.3%<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | \u00a0<\/td>\n | \n \n93,077<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n91,755<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n1.4%<\/p>\n<\/td>\n<\/tr>\n | \n| Interest received 1<\/sup><\/td>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |