\n| (in thousand of R$)<\/i><\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n 2026 Ex Acquisitions*<\/b><\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n % Chg<\/b><\/p>\n<\/td>\n | \n % Chg Ex Acquisitions<\/b><\/p>\n<\/td>\n | | \n\n 2026<\/b><\/p>\n<\/td>\n | \n 2026 Ex Acquisitions*<\/b><\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n % Chg<\/b><\/p>\n<\/td>\n | \n % Chg Ex Acquisitions<\/b><\/p>\n<\/td>\n<\/tr>\n\n| (a) Revenue<\/td>\n | \n \n972,097<\/p>\n<\/td>\n | \n \n969,267<\/p>\n<\/td>\n | \n \n919,400<\/p>\n<\/td>\n | \n \n5.7%<\/p>\n<\/td>\n | \n \n5.4%<\/p>\n<\/td>\n | | \n\n \n1,984,809<\/p>\n<\/td>\n | \n \n1,977,641<\/p>\n<\/td>\n | \n \n1,855,760<\/p>\n<\/td>\n | \n \n7.0%<\/p>\n<\/td>\n | \n \n6.6%<\/p>\n<\/td>\n<\/tr>\n | \n(b) Adjusted EBITDA 1<\/sup><\/td>\n| \n \n406,539<\/p>\n<\/td>\n | \n \n405,629<\/p>\n<\/td>\n | \n \n400,844<\/p>\n<\/td>\n | \n \n1.4%<\/p>\n<\/td>\n | \n \n1.2%<\/p>\n<\/td>\n | | \n\n \n917,958<\/p>\n<\/td>\n | \n \n915,740<\/p>\n<\/td>\n | \n \n892,814<\/p>\n<\/td>\n | \n \n2.8%<\/p>\n<\/td>\n | \n \n2.6%<\/p>\n<\/td>\n<\/tr>\n | \n| (c) = (b)\/(a) Adjusted EBITDA Margin<\/td>\n | \n \n41.8%<\/p>\n<\/td>\n | \n \n41.8%<\/p>\n<\/td>\n | \n \n43.6%<\/p>\n<\/td>\n | \n \n-180 bps<\/p>\n<\/td>\n | \n \n-180 bps<\/p>\n<\/td>\n | | \n\n \n46.2%<\/p>\n<\/td>\n | \n \n46.3%<\/p>\n<\/td>\n | \n \n48.1%<\/p>\n<\/td>\n | \n \n-190 bps<\/p>\n<\/td>\n | \n \n-180 bps<\/p>\n<\/td>\n<\/tr>\n | \n| Net income<\/td>\n | \n \n201,294<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n176,542<\/p>\n<\/td>\n | \n \n14.0%<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n463,057<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n433,578<\/p>\n<\/td>\n | \n \n6.8%<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n| Basic Earnings per Share – in R$<\/td>\n | \n \n2.22<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n1.90<\/p>\n<\/td>\n | \n \n16.7%<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n5.10<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n4.69<\/p>\n<\/td>\n | \n \n8.6%<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n<\/tr>\n | \n*For the three months period ended June 30, 2026, “2026 Ex Acquisitions” excludes: FUNIC (April to May, 2026; Closing of FUNIC was in May 2025).<\/i><\/td>\n<\/tr>\n\n*For the six months period ended June 30, 2026, “2026 Ex Acquisitions” excludes: FUNIC (January to May, 2026; Closing of FUNIC was in May 2025).<\/i><\/td>\n<\/tr>\n\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 During the first half of 2026, Afya continued to execute its strategy with discipline, delivering revenue growth while advancing the investment cycle outlined for the year. The resilience of our Medical Education business supported another quarter of profitable growth and strong cash generation.<\/i><\/p>\n In Undergraduate, Revenue reached R$1,762.2 million in the first half of 2026, a 7.4% year-on-year increase, driven by our Medical School and Health Sciences undergraduate programs. Revenue from Medical Schools totaled R$1,499.4 million in the first half, a 6.5% increase year-on-year, supported by a 3.9% increase in Medical School net average ticket and the continued expansion of our medical student base, which expanded 2.7% year-over-year from 25,733 to 26,421 students. Revenue was further supported by the continued expansion of our Health Sciences student base, which grew 18.0% year-over-year from 25,718 to 30,350 students, reflecting the diversification of our health-related undergraduate portfolio and the strength of Afya\u2019s brand within the health segment.<\/i><\/p>\n In Continuing Education, Revenue reached R$143.9 million in the first half, a 4.6% increase year-on-year, driven by a higher intake in short-term programs that carry a lower average ticket per student. The total base reached 56,237, a 23.6% year-on-year increase. In Medical Practice Solutions, Revenue reached R$85.3 million in the first half, a 1.5% increase year-on-year. Clinical Management active payers grew 20.4% year-on-year to 50,499, reflecting the continued execution of the product investment cycle in our 2026 strategy.<\/i><\/p>\n Our capital allocation discipline remains grounded in value creation. We continuously evaluate acquisition opportunities and deploy capital only when transactions meet our strategic and financial return thresholds. When opportunities do not satisfy these criteria, we return excess capital to shareholders through dividends and our share repurchase program. Supported by our strong cash generation, this approach resulted in R$447.9 million returned to shareholders in the first half of 2026, of which R$314.9 million was distributed as dividends, equivalent to 40% of Afya’s 2025 consolidated net income, and R$133.0 million was deployed in share repurchases, representing 2.7 million shares or approximately 3% of total shares outstanding under our current buyback program. This amount represents 106% of 1H26 Free Cash Flow to Equity, while Net Debt excluding IFRS16 remained broadly stable compared to December 2025. This discipline, combined with our earnings trajectory, translates into a compelling return profile: our last twelve months free cash flow to equity yield of 11% and EPS growth of 13% combine to imply a 24% potential annual equity return at a constant valuation multiple.<\/i><\/p>\n Looking ahead, we remain confident in the strength of our strategy and the quality of our platform. We will keep investing in our ecosystem, supporting physicians at every stage of their careers, and creating sustainable value for students, physicians and shareholders.<\/i><\/p>\n 1. Key Events in the Quarter<\/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
2. Subsequent Events<\/b><\/p>\n\n- \nOn July 29, 2026, the Company announced that Marcelo Ken Suhara was appointed, on July 27, 2026, as Chair Member of its Audit, Risks and Ethics Committee. Mr. Suhara, who currently serves as an independent member of Afya\u2019s Board of Directors and a member of the Audit, Risks and Ethics Committee and the Audit Committee financial expert, succeeds Jo\u00e3o Paulo Seibel de Faria as the Chair Member of the Audit, Risks and Ethics Committee and will continue to serve as the Audit Committee financial expert and an independent member of the Board of Directors.<\/p>\n
The appointment follows the passing of Jo\u00e3o Paulo Seibel de Faria, who served as the Chair Member of the Audit, Risks and Ethics Committee and as an independent member of the Company\u2019s Board of Directors. The Company expresses its deepest gratitude to Mr. Faria for his dedication, leadership and meaningful contributions to Afya\u2019s governance and long-term success throughout his tenure. The Board of Directors and management team extend their sincere condolences to Mr. Faria\u2019s family and loved ones.<\/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 second 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. 2Q26 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 provides 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<\/i><\/b><\/td>\n | \n Six months period ended June 30,<\/b><\/p>\n<\/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\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| MEDICAL SCHOOL<\/b><\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nOperating Seats 1<\/sup><\/td>\n| \n \n3,768<\/p>\n<\/td>\n | \n \n3,543<\/p>\n<\/td>\n | \n 6.4%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Total Students (end of period)<\/td>\n | \n \n26,421<\/p>\n<\/td>\n | \n \n25,733<\/p>\n<\/td>\n | \n 2.7%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students<\/td>\n | \n \n26,458<\/p>\n<\/td>\n | \n \n25,806<\/p>\n<\/td>\n | \n 2.5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students (ex-Acquisitions)*<\/td>\n | \n \n26,339<\/p>\n<\/td>\n | \n \n25,806<\/p>\n<\/td>\n | \n 2.1%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (Total – R$ ‘000)<\/b><\/td>\n | \n 1,499,444<\/b><\/p>\n<\/td>\n | \n 1,407,348<\/b><\/p>\n<\/td>\n | \n 6.5%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (ex-Acquisitions* – R$ ‘000)<\/b><\/td>\n | \n 1,492,276<\/b><\/p>\n<\/td>\n | \n 1,407,348<\/b><\/p>\n<\/td>\n | \n 6.0%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Medical School Net Avg. Ticket (ex- Acquisitions* – R$\/month)<\/b><\/td>\n | \n 9,443<\/b><\/p>\n<\/td>\n | \n 9,089<\/b><\/p>\n<\/td>\n | \n 3.9%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| UNDERGRADUATE HEALTH SCIENCE<\/b><\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total Students (end of period)<\/td>\n | \n \n30,350<\/p>\n<\/td>\n | \n \n25,718<\/p>\n<\/td>\n | \n 18.0%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students<\/td>\n | \n \n30,719<\/p>\n<\/td>\n | \n \n25,926<\/p>\n<\/td>\n | \n 18.5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students (ex-Acquisitions)*<\/td>\n | \n \n30,719<\/p>\n<\/td>\n | \n \n25,926<\/p>\n<\/td>\n | \n 18.5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (Total – R$ ‘000)<\/b><\/td>\n | \n 147,475<\/b><\/p>\n<\/td>\n | \n 130,604<\/b><\/p>\n<\/td>\n | \n 12.9%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (ex-Acquisitions* – R$ ‘000)<\/b><\/td>\n | \n 147,475<\/b><\/p>\n<\/td>\n | \n 130,604<\/b><\/p>\n<\/td>\n | \n 12.9%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| OTHER EX- HEALTH UNDERGRADUATE<\/b><\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total Students (end of period)<\/td>\n | \n \n37,367<\/p>\n<\/td>\n | \n \n33,090<\/p>\n<\/td>\n | \n 12.9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students<\/td>\n | \n \n38,363<\/p>\n<\/td>\n | \n \n34,043<\/p>\n<\/td>\n | \n 12.7%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Average Total Students (ex-Acquisitions)*<\/td>\n | \n \n38,363<\/p>\n<\/td>\n | \n \n34,043<\/p>\n<\/td>\n | \n 12.7%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (Total – R$ ‘000)<\/b><\/td>\n | \n 115,262<\/b><\/p>\n<\/td>\n | \n 103,549<\/b><\/p>\n<\/td>\n | \n 11.3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (ex-Acquisitions* – R$ ‘000)<\/b><\/td>\n | \n 115,262<\/b><\/p>\n<\/td>\n | \n 103,549<\/b><\/p>\n<\/td>\n | \n 11.3%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Total Revenue<\/b><\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Revenue (Total – R$ ‘000)<\/b><\/td>\n | \n 1,762,181<\/b><\/p>\n<\/td>\n | \n 1,641,501<\/b><\/p>\n<\/td>\n | \n 7.4%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (ex-Acquisitions* – R$ ‘000)<\/b><\/td>\n | \n 1,755,013<\/b><\/p>\n<\/td>\n | \n 1,641,501<\/b><\/p>\n<\/td>\n | \n 6.9%<\/b><\/p>\n<\/td>\n<\/tr>\n\n* For the six-month period ended June 30, 2026, “2026 Ex Acquisitions” excludes: FUNIC (January to May, 2026); Closing of FUNIC was in May 2025).<\/i><\/td>\n<\/tr>\n\n| (1) Reported medical school seats do not reflect any potential reductions resulting from ENAMED.<\/i><\/td>\n<\/tr>\n<\/table>\n Key Revenue Drivers \u2013 Continuing Education<\/b><\/p>\n\n\n| Table 3: Key Revenue Drivers<\/i><\/b><\/td>\n | \n Six months period ended June 30,<\/b><\/p>\n<\/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\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nTotal Students (end of period)1<\/sup><\/b><\/td>\n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Residency Journey – Business to Physicians B2P<\/td>\n | \n \n9,244<\/p>\n<\/td>\n | \n \n9,224<\/p>\n<\/td>\n | \n 0.2%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Graduate Journey – Business to Physicians B2P<\/td>\n | \n \n10,213<\/p>\n<\/td>\n | \n \n9,055<\/p>\n<\/td>\n | \n 12.8%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Other Courses – B2P and B2B Offerings<\/td>\n | \n \n36,780<\/p>\n<\/td>\n | \n \n27,226<\/p>\n<\/td>\n | \n 35.1%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Total Students (end of period)<\/b><\/td>\n | \n 56,237<\/b><\/p>\n<\/td>\n | \n 45,505<\/b><\/p>\n<\/td>\n | \n 23.6%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (R$ ‘000)<\/b><\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Business to Physicians – B2P<\/td>\n | \n \n134,800<\/p>\n<\/td>\n | \n \n125,379<\/p>\n<\/td>\n | \n 7.5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Business to Business – B2B<\/td>\n | \n \n9,054<\/p>\n<\/td>\n | \n \n12,141<\/p>\n<\/td>\n | \n -25.4%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Total Revenue<\/b><\/td>\n | \n 143,854<\/b><\/p>\n<\/td>\n | \n 137,520<\/b><\/p>\n<\/td>\n | \n 4.6%<\/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<\/i><\/b><\/td>\n | \n Six months period ended June 30,<\/b><\/p>\n<\/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\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Active Payers (end of period)<\/b><\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Clinical Decision<\/td>\n | \n \n150,048<\/p>\n<\/td>\n | \n \n159,373<\/p>\n<\/td>\n | \n -5.9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Clinical Management<\/td>\n | \n \n50,499<\/p>\n<\/td>\n | \n \n41,950<\/p>\n<\/td>\n | \n 20.4%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Total Active Payers (end of period)<\/b><\/td>\n | \n 200,547<\/b><\/p>\n<\/td>\n | \n 201,323<\/b><\/p>\n<\/td>\n | \n -0.4%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Monthly Active Users (MaU)<\/b><\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total Monthly Active Users (MaU)<\/b><\/td>\n | \n 212,158<\/b><\/p>\n<\/td>\n | \n 230,468<\/b><\/p>\n<\/td>\n | \n -7.9%<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue (R$ ‘000)<\/b><\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Business to Physicians – B2P<\/td>\n | \n \n75,904<\/p>\n<\/td>\n | \n \n75,051<\/p>\n<\/td>\n | \n 1.1%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Business to Business – B2B<\/td>\n | \n \n9,391<\/p>\n<\/td>\n | \n \n8,953<\/p>\n<\/td>\n | \n 4.9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| Total Revenue<\/b><\/td>\n | \n 85,294<\/b><\/p>\n<\/td>\n | \n 84,004<\/b><\/p>\n<\/td>\n | \n 1.5%<\/b><\/p>\n<\/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 second quarter of 2026, Afya\u2019s ecosystem reached 294,816 users.<\/p>\n \n\n| Table 5: Key Revenue Drivers<\/i><\/b><\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n\n 2Q26<\/b><\/p>\n<\/td>\n | \n 2Q25<\/b><\/p>\n<\/td>\n | \n % Chg YoY<\/b><\/p>\n<\/td>\n | \n 1Q26<\/b><\/p>\n<\/td>\n | \n 4Q25<\/b><\/p>\n<\/td>\n | \n 3Q25<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Users Positively Impacted by Afya<\/b><\/td>\n | | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \nUndergraduate (Total Medical School Students – End of Period)1<\/sup><\/td>\n| \n \n26,421<\/p>\n<\/td>\n | \n \n25,733<\/p>\n<\/td>\n | \n 2.7%<\/i><\/p>\n<\/td>\n | \n \n26,494<\/p>\n<\/td>\n | \n \n25,556<\/p>\n<\/td>\n | \n \n25,706<\/p>\n<\/td>\n<\/tr>\n | \nContinuing Education (Total Students – End of Period)1<\/sup><\/td>\n| \n \n56,237<\/p>\n<\/td>\n | \n \n45,505<\/p>\n<\/td>\n | \n 23.6%<\/i><\/p>\n<\/td>\n | \n \n56,531<\/p>\n<\/td>\n | \n \n55,039<\/p>\n<\/td>\n | \n \n50,317<\/p>\n<\/td>\n<\/tr>\n | \n| Medical Practice Solutions (Monthly Active Users)<\/td>\n | \n \n212,158<\/p>\n<\/td>\n | \n \n230,468<\/p>\n<\/td>\n | \n -7.9%<\/i><\/p>\n<\/td>\n | \n \n220,528<\/p>\n<\/td>\n | \n \n220,051<\/p>\n<\/td>\n | \n \n227,941<\/p>\n<\/td>\n<\/tr>\n | \n| Ecosystem Outreach<\/b><\/td>\n | \n 294,816<\/b><\/p>\n<\/td>\n | \n 301,706<\/b><\/p>\n<\/td>\n | \n -2.3%<\/b><\/p>\n<\/td>\n | \n 303,553<\/b><\/p>\n<\/td>\n | \n 300,646<\/b><\/p>\n<\/td>\n | \n 303,964<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (1) Ecosystem outreach does not contemplate intercompany figures. Note that there may be overlap in student numbers within the data.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Revenue<\/b><\/p>\n \nRevenue totaled R$972.1 million in the second quarter of 2026, increasing 5.7% year over year. Excluding acquisitions, Revenue reached R$969.3 million, representing 5.4% organic growth. For the first half of 2026, Revenue totaled R$1,984.8 million, up 7.0% year over year. Excluding acquisitions, Revenue reached R$1,977.6 million, representing 6.6% organic growth.<\/p>\n \nRevenue growth in the quarter was primarily driven by the continued strength of our Medical Schools, supported by higher net average tickets and the ongoing maturation of operating medical school seats, and the continued expansion of the Health Sciences student base by 18.0%, which together increased organically by 6.6% year over year.<\/p>\n \n\nTable 6: Revenue & Revenue Mix<\/i><\/b><\/td>\n<\/tr>\n\n| (in thousands of R$)<\/i><\/td>\n | For the three months period ended June 30,<\/b><\/td>\n | | \nFor the six months period ended June 30,<\/b><\/td>\n<\/tr>\n\n | \n\n 2026<\/b><\/p>\n<\/td>\n | \n 2026 Ex Acquisitions*<\/b><\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | % Chg<\/b><\/td>\n | \n % Chg Ex Acquisitions<\/b><\/p>\n<\/td>\n | | \n\n 2026<\/b><\/p>\n<\/td>\n | \n 2026 Ex Acquisitions*<\/b><\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n % Chg<\/b><\/p>\n<\/td>\n | % Chg Ex Acquisitions<\/b><\/td>\n<\/tr>\n\n| Revenue Mix<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Undergraduate<\/td>\n | \n \n869,716<\/p>\n<\/td>\n | \n \n866,886<\/p>\n<\/td>\n | \n \n814,129<\/p>\n<\/td>\n | \n \n6.8%<\/p>\n<\/td>\n | \n \n6.5%<\/p>\n<\/td>\n | | \n\n \n1,762,181<\/p>\n<\/td>\n | \n \n1,755,013<\/p>\n<\/td>\n | \n \n1,641,501<\/p>\n<\/td>\n | \n \n7.4%<\/p>\n<\/td>\n | \n \n6.9%<\/p>\n<\/td>\n<\/tr>\n | \n| Continuing Education<\/td>\n | \n \n64,908<\/p>\n<\/td>\n | \n \n64,908<\/p>\n<\/td>\n | \n \n66,417<\/p>\n<\/td>\n | \n \n-2.3%<\/p>\n<\/td>\n | \n \n-2.3%<\/p>\n<\/td>\n | | \n\n \n143,854<\/p>\n<\/td>\n | \n \n143,854<\/p>\n<\/td>\n | \n \n137,520<\/p>\n<\/td>\n | \n \n4.6%<\/p>\n<\/td>\n | \n \n4.6%<\/p>\n<\/td>\n<\/tr>\n | \n| Medical Practice Solutions<\/td>\n | \n \n41,869<\/p>\n<\/td>\n | \n \n41,869<\/p>\n<\/td>\n | \n \n42,320<\/p>\n<\/td>\n | \n \n-1.1%<\/p>\n<\/td>\n | \n \n-1.1%<\/p>\n<\/td>\n | | \n\n \n85,294<\/p>\n<\/td>\n | \n \n85,294<\/p>\n<\/td>\n | \n \n84,004<\/p>\n<\/td>\n | \n \n1.5%<\/p>\n<\/td>\n | \n \n1.5%<\/p>\n<\/td>\n<\/tr>\n | \n| Inter-segment transactions<\/td>\n | \n \n(4,396)<\/p>\n<\/td>\n | \n \n(4,396)<\/p>\n<\/td>\n | \n \n(3,466)<\/p>\n<\/td>\n | \n \n26.8%<\/p>\n<\/td>\n | \n \n26.8%<\/p>\n<\/td>\n | | \n\n \n(6,520)<\/p>\n<\/td>\n | \n \n(6,520)<\/p>\n<\/td>\n | \n \n(7,265)<\/p>\n<\/td>\n | \n \n-10.3%<\/p>\n<\/td>\n | \n \n-10.3%<\/p>\n<\/td>\n<\/tr>\n | \n| Revenue (Total – R$ ‘000)<\/b><\/td>\n | \n 972,097<\/b><\/p>\n<\/td>\n | \n 969,267<\/b><\/p>\n<\/td>\n | \n 919,400<\/b><\/p>\n<\/td>\n | \n 5.7%<\/b><\/p>\n<\/td>\n | \n 5.4%<\/b><\/p>\n<\/td>\n | | \n\n 1,984,809<\/b><\/p>\n<\/td>\n | \n 1,977,641<\/b><\/p>\n<\/td>\n | \n 1,855,760<\/b><\/p>\n<\/td>\n | \n 7.0%<\/b><\/p>\n<\/td>\n | \n 6.6%<\/b><\/p>\n<\/td>\n<\/tr>\n\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |