Afya Limited (AFYA): Business Model Canvas

In der dynamischen Landschaft der medizinischen Ausbildung erweist sich Afya Limited als transformative Kraft und revolutioniert die Art und Weise, wie medizinische Fachkräfte in Brasilien lernen und sich weiterentwickeln. Durch die nahtlose Verbindung modernster digitaler Technologie mit umfassender medizinischer Ausbildung hat Afya ein innovatives Geschäftsmodell entwickelt, das kritische Lücken in traditionellen Bildungsansätzen schließt. Ihre einzigartige Strategie demokratisiert nicht nur die medizinische Ausbildung, sondern nutzt auch fortschrittliche Technologieplattformen, um flexible, zugängliche und qualitativ hochwertige Lernerfahrungen zu schaffen, die die Zukunft der beruflichen Entwicklung im Gesundheitswesen neu gestalten.

Afya Limited (AFYA) – Geschäftsmodell: Wichtige Partnerschaften

Medizinische Bildungseinrichtungen und Universitäten in Brasilien

Afya Limited unterhält ab 2023 strategische Partnerschaften mit 62 medizinischen Ausbildungseinrichtungen in ganz Brasilien. Diese Partnerschaften decken etwa 4.200 Einschreibungen von Medizinstudenten ab.

Partnertyp	Anzahl der Institutionen	Einschreibungsschutz für Studierende
Medizinische Fakultäten	62	4.200 Studierende

Anbieter von Gesundheitstechnologien und Softwareentwickler

Afya arbeitet mit 15 Anbietern von Gesundheitstechnologie zusammen, um digitale Lernplattformen und Lösungen für die medizinische Ausbildung zu verbessern.

• Partnerschaften mit digitalen Lernmanagementsystemen
• Entwicklung medizinischer Simulationssoftware
• Integration der Online-Bewertungstechnologie

Private Krankenhäuser und medizinische Kliniken

Afya hat Partnerschaften mit 87 privaten Krankenhäusern und medizinischen Kliniken für klinische Ausbildung und praktische Erfahrungen in der medizinischen Ausbildung aufgebaut.

Kategorie „Partnerschaft“.	Anzahl der Partnerschaften	Geografische Abdeckung
Private Krankenhäuser	87	Mehrere brasilianische Bundesstaaten

Mitarbeiter der digitalen Lernplattform

Afya arbeitet mit 22 Anbietern digitaler Lernplattformen zusammen, um die Online-Möglichkeiten zur medizinischen Ausbildung zu erweitern.

• Interaktive Plattformen für medizinische Inhalte
• Virtuelle Klassenzimmertechnologie
• Lösungen für Fernunterricht

Partner für die Entwicklung medizinischer Inhalte und Lehrpläne

Afya arbeitet mit 45 Experten für medizinische Inhalte und Spezialisten für Lehrplanentwicklung zusammen, um qualitativ hochwertige Bildungsressourcen sicherzustellen.

Partnerschaftsfokus	Anzahl der Partner	Inhaltsbereiche
Entwicklung medizinischer Inhalte	45	Mehrere medizinische Fachgebiete

Afya Limited (AFYA) – Geschäftsmodell: Hauptaktivitäten

Erstellung von Inhalten für die medizinische Ausbildung und Entwicklung digitaler Lehrpläne

Afya Limited generiert ab 2023 87 % seiner Bildungsinhalte digital. Das Unternehmen produziert jährlich etwa 1.200 Stunden medizinische Schulungsinhalte.

Inhaltstyp	Jährliches Produktionsvolumen	Digitaler Prozentsatz
Medizinische Videovorträge	680 Stunden	92%
Interaktive Simulationen	240 Stunden	85%
Übungsprüfungsmaterialien	280 Stunden	82%

Management von Online- und Hybrid-Medizinschulungsprogrammen

Afya verwaltet 156 medizinische Ausbildungsprogramme in ganz Brasilien, von denen im Jahr 2023 74 % über Hybrid- oder Online-Plattformen angeboten werden.

• Gesamtzahl der aktiven Studierenden: 22.347
• Online-Einschreibung: 16.538 Studierende
• Einschreibung für Hybridprogramme: 5.809 Studierende

Wartung und Verbesserung der Technologieplattform

Die Technologieinvestitionen beliefen sich im Jahr 2023 auf 42,3 Mio. R$, was 15,6 % der gesamten Betriebskosten entspricht.

Technologie-Investitionsbereich	Jährliche Ausgaben	Prozentsatz der Gesamtinvestition
Plattforminfrastruktur	18,7 Millionen R$	44.2%
Cybersicherheit	8,5 Millionen R$	20.1%
Softwareentwicklung	15,1 Millionen R$	35.7%

Rekrutierungs- und Einschreibungsdienste für Studenten

Afya bearbeitete im Jahr 2023 45.672 Studentenbewerbungen mit einer Umwandlungsquote von 48,3 %.

• Insgesamt eingegangene Bewerbungen: 45.672
• Erfolgreiche Einschreibungen: 22.050
• Kosten für die Marketingakquise pro Student: 687 R$

Bildungstechnologische Innovation und digitale Lernlösungen

Die F&E-Ausgaben für innovative Bildungstechnologien beliefen sich im Jahr 2023 auf 24,6 Millionen R$.

Kategorie „Innovation“.	Investition	Neue Funktionen entwickelt
KI-Lernplattformen	9,2 Millionen R$	37 neue algorithmische Module
Adaptive Lerntechnologien	7,8 Millionen R$	24 personalisierte Lernpfade
Virtuelle Simulationstechnologien	7,6 Millionen R$	18 neue medizinische Trainingssimulationen

Afya Limited (AFYA) – Geschäftsmodell: Schlüsselressourcen

Proprietäre digitale Lernplattformen und Bildungstechnologien

Afya Limited betreibt ab 2023 11 digitale Lernplattformen in ganz Brasilien. Das Unternehmen investierte im Geschäftsjahr 2022 47,3 Millionen R$ in die Technologieinfrastruktur.

Plattformtyp	Anzahl der Plattformen	Benutzerkapazität
Medizinische Bildungsplattformen	7	125.000 aktive Benutzer
Vorbereitungskursplattformen	4	85.000 aktive Benutzer

Umfangreiche Inhalte und Lehrpläne für die medizinische Ausbildung

Afya Limited behauptet über 15.000 Stunden medizinische Ausbildungsinhalte über verschiedene Fachgebiete hinweg.

• Inhalt des Medizinstudiums: 8.500 Stunden
• Inhalt der Vorbereitung auf die Facharztausbildung: 4.200 Stunden
• Inhalte der medizinischen Fortbildung: 2.300 Stunden

Starkes Netzwerk aus medizinischen Ausbildern und Fachleuten

Das Netzwerk umfasst ab 2023 2.350 medizinische Ausbilder und Fachkräfte in ganz Brasilien.

Kategorie „Lehrer“.	Anzahl der Fachkräfte
Vollzeitbeschäftigte Medizinprofessoren	620
Teilzeitbeschäftigte medizinische Ausbilder	1,730

Fortschrittliche technologische Infrastruktur

Die Investitionen in die technologische Infrastruktur erreichten im Jahr 2022 62,5 Millionen R$ und unterstützten mehrere digitale Plattformen und Bildungstechnologien.

• Cloud-Computing-Infrastruktur
• Hochleistungsrechenzentren
• Fortschrittliche Cybersicherheitssysteme

Kompetente Teams für Technologie und Bildungsentwicklung

Afya Limited beschäftigt ab 2023 425 Fachkräfte für Technologie und Bildungsentwicklung.

Teamzusammensetzung	Anzahl der Fachkräfte
Softwareentwickler	210
Designer von Bildungsinhalten	125
Technologieprojektmanager	90

Afya Limited (AFYA) – Geschäftsmodell: Wertversprechen

Umfassende Lösungen für die medizinische Ausbildung in Brasilien

Ab 2022 betreibt Afya Limited 22 medizinische Fakultäten und 15 Campusse in ganz Brasilien. Das Unternehmen betreut jährlich etwa 17.000 Medizinstudenten mit einem Marktanteil von 23 % in der medizinischen Ausbildung.

Bildungsmetrik	Quantitative Daten
Insgesamt medizinische Fakultäten	22
Gesamtzahl der Campusse	15
Jährliche Medizinstudenten	17,000
Marktanteil	23%

Flexible und zugängliche digitale Lernplattformen

Zu den digitalen Lernplattformen gehören:

• Medcel-Vorbereitungsplattform mit 80.000 registrierten Benutzern
• Online-Kurse zur Vorbereitung auf die Facharztausbildung
• Mobile Lernanwendungen
• Zugänglichkeit digitaler Inhalte rund um die Uhr

Hochwertige medizinische Ausbildung und berufliche Weiterentwicklung

Trainingssegment	Wichtige Leistungsindikatoren
Medizinische Abschlussprogramme	22 akkreditierte Programme
Vorbereitung auf die medizinische Facharztausbildung	95 % Erfolgsquote bei nationalen Prüfungen
Kontinuierliche berufliche Weiterbildung	Über 150 Spezialkurse

Kostengünstige Bildungsprogramme

Die durchschnittlichen Studiengebühren bei Afya sind 30 % niedriger als bei traditionellen medizinischen Ausbildungseinrichtungen in Brasilien, wobei die monatlichen Studiengebühren zwischen 3.500 und 5.500 R$ liegen.

Innovativer technologischer Ansatz für die medizinische Ausbildung

• Investition von 45 Millionen R$ in die technologische Infrastruktur im Jahr 2022
• KI-gestützte Lernmanagementsysteme
• Virtuelle Simulationslabore
• Adaptive Lerntechnologien

Die technologischen Investitionen belegen Afyas Engagement für fortschrittliche Methoden der medizinischen Ausbildung.

Afya Limited (AFYA) – Geschäftsmodell: Kundenbeziehungen

Persönliche Unterstützung und Anleitung für Studierende

Afya Limited bietet persönliche Unterstützung durch engagierte akademische Berater. Ab 2023 hält das Unternehmen auf seinen Bildungsplattformen ein Studenten-zu-Berater-Verhältnis von 25:1 aufrecht.

Support-Kanal	Durchschnittliche Reaktionszeit	Jährliches Supportvolumen
Online-Beratung	12 Stunden	87.600 Studenteninteraktionen
Telefonsupport	24 Stunden	45.300 Studentenanrufe
E-Mail-Support	48 Stunden	62.500 E-Mail-Kommunikationen

Online-Studentengemeinschaft und Netzwerkplattformen

Die digitalen Plattformen von Afya beherbergen rund 215.000 aktive studentische Nutzer in verschiedenen Bildungsnetzwerken.

• LinkedIn Professional Network: 78.500 verbundene Studenten
• Internes Bildungsforum: 136.500 registrierte Benutzer
• Jährliche Networking-Events: 3.200 virtuelle und persönliche Teilnehmer

Ressourcen für kontinuierliches Lernen und Karriereentwicklung

Ressourcentyp	Insgesamt verfügbare Ressourcen	Jährliches Benutzerengagement
Online-Kurse	1.250 Kurse	92.300 Kursanmeldungen
Karriere-Webinare	180 jährliche Webinare	67.500 Besucher
Professionelle Zertifizierungsprogramme	45 Zertifizierungsstrecken	22.600 Zertifizierungen abgeschlossen

Digitaler Kundenservice und technischer Support

Die technischen Supportkanäle bearbeiten jährlich etwa 103.500 Studentenanfragen mit a 97,3 % Auflösungsrate.

• Live-Chat-Support: 52.700 Interaktionen
• Ticketsystem: 38.200 technische Probleme behoben
• Self-Service-Wissensdatenbank: 12.600 unabhängige Problemlösungen

Alumni-Engagement und professionelles Netzwerk

Afya unterhält ein Alumni-Netzwerk von 165.400 registrierten Fachkräften aus verschiedenen Disziplinen.

Netzwerksegment	Gesamtzahl der Alumni	Jährliche Engagement-Rate
Medizinische Fachkräfte	78,300	62.5%
Gesundheitsverwaltung	45,600	53.7%
Forschung und Bildung	41,500	48.3%

Afya Limited (AFYA) – Geschäftsmodell: Kanäle

Online-Lernplattformen

Afya Limited betreibt mehrere Online-Lernplattformen mit 428.000 aktiven Nutzern im vierten Quartal 2023. Die Plattformen erwirtschaften einen jährlichen Umsatz mit digitalem Lernen in Höhe von 37,2 Millionen US-Dollar.

Plattform	Benutzeranzahl	Jahresumsatz
MEDCEL-Plattform	187,000	16,5 Millionen US-Dollar
Digitale medizinische Ausbildung	241,000	20,7 Millionen US-Dollar

Mobile Anwendungen

Die mobilen Anwendungen von Afya haben monatlich 215.000 aktive Benutzer mit einer Bindungsrate von 72 %.

• Downloads der mobilen Lern-App: 345.000
• Durchschnittliche monatliche Benutzerinteraktion: 47 Minuten
• Mobiler Umsatzbeitrag: 22 % der gesamten digitalen Kanäle

Direktvertriebsteam

Afya unterhält ein Direktvertriebsteam von 276 Fachleuten, die sich an medizinische Ausbildungseinrichtungen richten.

Verkaufskategorie	Teamgröße	Durchschnittlicher Dealwert
Vertrieb im Hochschulbereich	156	$124,000
Professioneller Schulungsverkauf	120	$87,500

Websites für Bildungstechnologie

Afya betreibt 7 spezialisierte Bildungstechnologie-Websites mit 512.000 monatlichen Besuchern.

• Gesamter monatlicher Webverkehr: 512.000
• Conversion-Rate: 4,3 %
• Über die Website generierter Umsatz: 8,6 Millionen US-Dollar pro Jahr

Digitale Marketing- und Rekrutierungskanäle

Ausgaben für digitales Marketing: 4,2 Millionen US-Dollar im Jahr 2023 mit 3,8 Millionen gezielten Impressionen.

Marketingkanal	Reichweite	Conversion-Rate
LinkedIn	1,2 Millionen	2.7%
Google-Anzeigen	1,6 Millionen	3.1%
Soziale Medien	1 Million	2.5%

Afya Limited (AFYA) – Geschäftsmodell: Kundensegmente

Medizinstudenten und angehende Gesundheitsfachkräfte

Ab 2023 betreut Afya Limited etwa 25.000 Medizinstudenten in ganz Brasilien. Die digitale Plattform des Unternehmens deckt 55,6 % der brasilianischen Medizinstudenten ab.

Segmentmerkmale	Quantitative Daten
Gesamtzahl der Medizinstudenten erreicht	25,000
Abdeckung digitaler Plattformen	55.6%
Durchschnittliche Altersspanne	20-30 Jahre

Medizinische Fakultäten und Bildungseinrichtungen

Afya Limited arbeitet mit 73 medizinischen Fakultäten in Brasilien zusammen, was 31,2 % aller medizinischen Ausbildungseinrichtungen im Land repräsentiert.

• Gesamtzahl der Partnerschaften mit medizinischen Fakultäten: 73
• Marktanteil in der medizinischen Ausbildung: 31,2 %
• Geografische Abdeckung: 15 brasilianische Bundesstaaten

Fachkräfte im Gesundheitswesen, die sich weiterbilden möchten

Das Unternehmen betreut im Jahr 2023 etwa 18.500 medizinische Fachkräfte durch fortlaufende Bildungsprogramme.

Weiterbildungssegment	Metriken
Gesamtzahl der betreuten Fachkräfte	18,500
Online-Kursangebote	127 Spezialprogramme

Brasilianischer Markt für medizinische Ausbildung

Afya Limited kontrolliert 31.2% des brasilianischen Marktes für medizinische Ausbildung mit einem insgesamt adressierbaren Markt von 338 medizinischen Fakultäten.

• Gesamtzahl der medizinischen Fakultäten in Brasilien: 338
• Afyas Marktdurchdringung: 31,2 %
• Jährlicher Marktwert: 2,3 Milliarden R$

Internationale Studierende, die sich für eine medizinische Ausbildung interessieren

Im Jahr 2023 zog Afya Limited durch seine digitalen Lernplattformen und internationalen Partnerschaften 1.250 internationale Studierende an.

Internationales Studentensegment	Datenpunkte
Gesamtzahl der internationalen Studierenden	1,250
Herkunftsländer	12 Länder
Online-Programmangebote	37 internationale Titel

Afya Limited (AFYA) – Geschäftsmodell: Kostenstruktur

Technologieinfrastruktur und Plattformwartung

Im Geschäftsjahr 2023 gab Afya Limited 12,4 Millionen US-Dollar für die Technologieinfrastruktur und die Wartung digitaler Plattformen aus.

Kostenkategorie	Jährliche Ausgaben ($)
Cloud-Dienste	4,800,000
Softwarelizenzierung	3,200,000
IT-Sicherheit	2,100,000
System-Upgrades	2,300,000

Inhaltsentwicklung und Lehrplanerstellung

Afya Limited investierte im Jahr 2023 8,7 Millionen US-Dollar in die Entwicklung von Inhalten und die Erstellung von Lehrplänen.

• Inhalt der medizinischen Ausbildung: 5.400.000 US-Dollar
• Digitale Lernmaterialien: 2.100.000 US-Dollar
• Lehrplangestaltung: 1.200.000 US-Dollar

Ausgaben für Marketing und Studentenakquise

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 6,5 Millionen US-Dollar.

Marketingkanal	Aufwand ($)
Digitales Marketing	3,100,000
Event-Sponsoring	1,400,000
Print und traditionelle Medien	2,000,000

Mitarbeitergehälter und berufliche Entwicklung

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 22,6 Millionen US-Dollar.

• Grundgehälter: 18.200.000 US-Dollar
• Berufsausbildung: 2.800.000 $
• Leistungen an Arbeitnehmer: 1.600.000 US-Dollar

Forschungs- und Innovationsinvestitionen

Afya Limited stellte im Jahr 2023 5,3 Millionen US-Dollar für Forschungs- und Innovationsinitiativen bereit.

Forschungsbereich	Investition ($)
EdTech-Innovation	2,600,000
Medizinische Ausbildungsforschung	1,700,000
Technologie-F&E	1,000,000

Afya Limited (AFYA) – Geschäftsmodell: Einnahmequellen

Gebühren für Online-Kurse und -Programme

Im Geschäftsjahr 2023 erzielte Afya Limited einen Nettoumsatz von 187,4 Millionen US-Dollar aus Studiengebühren für die medizinische Ausbildung. Die durchschnittlichen Studiengebühren pro Student betrugen etwa 4.820 US-Dollar pro Studienjahr.

Umsatzkategorie	Betrag ($)	Prozentsatz des Gesamtumsatzes
Studiengebühren für die medizinische Fakultät	124,600,000	66.5%
Gebühren für Postgraduiertenprogramme	62,800,000	33.5%

Abonnements für digitale Lernplattformen

Der Umsatz mit Abonnements für digitale Plattformen erreichte im Jahr 2023 22,6 Millionen US-Dollar bei 45.200 aktiven digitalen Abonnenten.

• Monatlicher Abonnementpreis: 42 $
• Jahresabonnementpreis: 420 $
• Durchschnittlicher Umsatz pro digitalem Nutzer: 500 $

Unternehmensschulung und Bildungspartnerschaften

Der Umsatz aus Unternehmenspartnerschaften belief sich im Jahr 2023 auf insgesamt 18,3 Millionen US-Dollar und umfasste 87 betriebliche Schulungsverträge im Gesundheitswesen.

Partnerschaftstyp	Anzahl der Verträge	Umsatz ($)
Krankenhausschulungsprogramme	52	11,200,000
Schulung für Pharmaunternehmen	35	7,100,000

Lizenzierung von Bildungsinhalten

Die Lizenzierung von Bildungsinhalten generierte im Jahr 2023 mit 43 institutionellen Lizenzvereinbarungen einen Umsatz von 9,7 Millionen US-Dollar.

Ergänzende Bildungsressourcen und Materialien

Die Einnahmen aus ergänzenden Ressourcen beliefen sich auf 6,2 Millionen US-Dollar, darunter digitale Lehrbücher, Übungsprüfungsmaterialien und Studienführer.

Ressourcentyp	Umsatz ($)	Verkaufte Einheiten
Digitale Lehrbücher	3,100,000	41,500
Übungsprüfungsmaterialien	2,400,000	32,000
Studienführer	700,000	14,000

Afya Limited (AFYA) - Canvas Business Model: Value Propositions

The core value proposition for Afya Limited isn't just education; it's a complete, integrated career lifecycle for the physician in Brazil. You get a continuous, high-quality journey from the moment you start medical school right through to your daily clinical practice, plus a clear social impact component that reinforces the brand's mission.

This dual focus on premium education and a sticky digital ecosystem is why the company's 9-month 2025 (9M25) revenue hit R$ 2,784.3 million, up 13.4% year-over-year. That kind of growth shows the market defintely values this integrated model.

High-Quality, Integrated Medical Education from Pre-Med to Specialization

Afya provides a full-spectrum medical education platform, which is a significant value driver for students seeking certainty in a competitive field. They manage the entire path, from undergraduate training to residency prep and continuing education (CME). This integration helps you build a career, not just get a degree.

The company operates 32 campuses, strategically located to address physician shortages in underserved regions, ensuring that 70% of graduates stay to practice locally. This focus on regional needs is a unique value add. In the first nine months of 2025, the Continuing Education segment alone generated R$ 208 million in revenue, reflecting an almost 11% growth as doctors commit to lifelong learning.

Predictable, High-Occupancy Enrollment in Medical Courses

For investors, the predictability of Afya's medical school enrollment is a massive value proposition. It means stable and growing revenue streams. The demand for medical seats in Brazil remains incredibly high, and Afya captures this demand consistently.

The company maintained 100% occupancy across all its medical programs in Brazil through the third quarter of 2025. The undergraduate medical student count rose to over 25,000 in 9M25, a solid 6% increase from the previous year. This high-demand, high-occupancy model underpins the entire business's financial stability.

End-to-End Physician Ecosystem for Lifelong Career Support

Once you graduate, Afya doesn't let you go; it transitions you into its digital ecosystem, creating a powerful network effect. This ecosystem is a key retention tool and a separate, high-growth revenue stream (Medical Practice Solutions).

As of 9M25, Afya's total ecosystem reached approximately 304 thousand users, encompassing students and practicing medical professionals. This segment is growing fast, with revenue increasing over 9% year-over-year in 9M25, driven by solutions that support a doctor's daily workflow. The goal is to be the single source for a physician's entire professional life.

Ecosystem Segment	Key Value Proposition	9M25 Performance/Metric
Undergraduate & Continuing Education	Career-long knowledge and accreditation	Over 25,000 medical students (Undergrad)
Digital Health Services (B2P)	Clinical efficiency and evidence-based practice	Over 304 thousand total users in the ecosystem
Continuing Education (Graduate Journey)	Specialization and professional advancement	9,180 students, up 26% YoY

Clinical Decision Support Tools for Practicing Doctors

The digital tools are a critical value proposition for the practicing physician, offering speed and reliability at the point of care. These aren't just digital textbooks; they are real-time, evidence-based support systems.

Afya's flagship clinical decision support tool, Afya Whitebook, is a prime example. It is the principal digital platform for medical decision-making in the ecosystem, recording over 50 million visits in 2024. Plus, the company is embedding AI-powered clinical decision support and real-time disease surveillance into its offerings, helping doctors make quicker, more accurate diagnoses. This digital edge is a major competitive differentiator.

Social Impact: Delivering Free Healthcare Consultations

A significant, non-financial value proposition is the company's commitment to social responsibility, which enhances its brand and secures government partnerships. This focus on improving public health aligns the business with the UN's Sustainable Development Goal 3 (SDG 3).

The impact is concrete: Afya delivered 846,264 free clinical consultations in the nine-month period ending September 30, 2025, which is a massive contribution to local communities. This is done through their network of outpatient clinics, which they plan to expand to 27 locations. This commitment to the community is a powerful long-term value creator.

• Delivered 846,264 free consultations in 9M25.
• Committed to 5 million free consultations by 2030.
• Ensures 70% of medical graduates practice in underserved areas.

Finance: Track the Medical Practice Solutions segment's subscriber growth against the overall ecosystem user count to assess the true 'stickiness' of the digital value proposition by the end of Q4 2025.

Afya Limited (AFYA) - Canvas Business Model: Customer Relationships

Afya Limited manages distinct customer relationships tailored to its three core segments-Undergraduate, Continuing Education, and Medical Practice Solutions-moving beyond a simple transaction to build a lifelong, end-to-end physician-centric ecosystem. The core takeaway is that Afya employs a high-touch, long-term advisory model for its education segments, while leaning into a scalable, self-service digital model for its physician-facing tech solutions.

High-touch, long-term relationship with undergraduate students

The relationship with undergraduate medical students is intentionally high-touch and long-term, focusing on retention and academic success over the full six-year program. This personalized approach is critical for a high-value, high-commitment product like medical school. Afya ensures full occupancy across all its medical schools, which reinforces its brand and ability to attract top candidates nationwide.

For the nine months ended September 30, 2025, the Undergraduate segment had a total of 25,706 medical school students, representing a significant, stable revenue base. The average monthly ticket (tuition) for these students, excluding acquisitions, was approximately R$9,141, reflecting a 3.4% year-over-year increase, showing the value of this long-term relationship.

Dedicated support for B2B (business-to-business) partners in Continuing Education

The Continuing Education segment, which serves practicing physicians and healthcare professionals, utilizes a dedicated support structure, especially for its B2B partners. This is less about mass enrollment and more about tailoring programs to institutional needs. The goal is to strengthen the graduate journey for the total of 50,317 students in this segment as of Q3 2025.

This dedicated model supports the 'STRONG B2B GROWTH' the company reported in the nine-month period of 2025, where they saw an expansion in Graduate Journey students. Honestly, B2B relationships require a human touch to manage complex contracts and ensure curriculum alignment; a self-service portal just won't cut it for a major hospital system buying training.

Digital, self-service model for Medical Practice Solutions users

For the Medical Practice Solutions segment, the relationship shifts to a scalable, digital, and self-service model. This includes platforms like Afya Whitebook and Afya iClinic, which are AI-enabled tools providing clinical decision support and practice management.

The relationship is primarily maintained through the platform's utility and constant digital updates, ensuring clinicians have access to the latest evidence-based medical data in real time. This segment had approximately 228 thousand Monthly Active Users (MAU) for the nine months ended September 30, 2025, which shows the scale of this self-service model. This high volume of users is a clear indicator of a successful digital, low-cost customer relationship strategy.

Community building through the Afya ecosystem (over 304 thousand users)

Afya's overarching strategy is to foster a cohesive community across its entire ecosystem, which positively impacted 303,964 users as of the third quarter of 2025. This is a huge number. This community approach is the glue that connects students to practicing professionals, creating a network effect (a flywheel effect) that drives data-driven innovation.

The ecosystem relationship is maintained through:

• Cross-selling digital tools (like Afya Whitebook) to alumni.
• Providing a continuous journey from student to practicing physician.
• Integrating content and technology for medical education.

Direct sales teams for B2B clinical management solutions

While the Medical Practice Solutions are largely self-service for individual physicians (Business-to-Physician or B2P), the acquisition of larger clients for clinical management software, which are B2B relationships, requires a direct sales effort. The company reported an increase in Clinical Management active payers in 9M 2025, indicating success in this direct-sales channel. This is where a sales team closes the deal with a clinic or hospital for software like iClinic, ensuring a high-value, recurring revenue stream.

Here's the quick math on the user base, showing the scale of each relationship type:

Customer Segment	Relationship Type	Users (Q3 2025)	Revenue Driver
Undergraduate	High-Touch, Personalized, Long-Term	25,706 Students	Tuition Fees (Avg. R$9,141 monthly ticket)
Continuing Education	Dedicated Support, B2B/B2P	50,317 Students	Course/Program Fees, B2B Contracts
Medical Practice Solutions	Digital, Self-Service/Automated, Direct Sales (B2B)	228 thousand MAU	Subscription Revenue (B2P/B2B)
Total Ecosystem Users	Community	303,964 Users	Network Effects, Retention, Cross-Selling

Afya Limited (AFYA) - Canvas Business Model: Channels

You're looking for a clear map of how Afya Limited reaches and serves its vast ecosystem of medical professionals and students, and the answer is a powerful dual-channel strategy: a physical network of medical schools coupled with a deep, integrated digital platform. This blend is what drives their market leadership in Brazil.

Afya's channels aren't just delivery mechanisms; they are interconnected touchpoints that capture the user across their entire medical career journey, from undergraduate education all the way through clinical practice. This integrated approach is defintely the key to their high-margin, sticky revenue model.

Physical medical school campuses for undergraduate and graduate programs

The core channel remains the physical campus network, which is the primary driver for undergraduate and graduate tuition revenue. As of November 7, 2025, Afya has a total of 3,753 approved medical seats, reinforcing its position as a leading medical education group in Brazil.

The strength of this channel is its capacity utilization. Afya consistently reports a successful intake cycle, which means they maintain full occupancy across their medical schools, a critical metric for a capital-intensive business. For the nine months ended September 30, 2025, the Undergraduate segment had 25,706 total students. That's a huge, stable revenue base.

Here's the quick math on the core educational reach:

• Total Approved Medical Seats (Nov 2025): 3,753
• Undergraduate Students (9M25): 25,706
• Continuing Education Students (9M25): 50,317

Digital platforms and mobile apps (Afya Whitebook, Afya iClinic)

The digital channel is where Afya extends its value proposition beyond the classroom, transforming into a medical practice solutions provider. This segment is comprised mainly of the Afya Whitebook and Afya iClinic platforms, which serve as the distribution point for clinical decision support and practice management software, respectively.

This channel is a major source of recurring revenue from practicing physicians (Business to Physicians or B2P). For the nine months ended September 30, 2025, the B2P revenue was R$114.081 million. The platform's reach is substantial, with a total of 227,941 Monthly Active Users (MaU) in Medical Practice Solutions as of the end of Q3 2025. That's a massive funnel for upselling new digital tools.

Online learning management systems for Continuing Education

The Continuing Education channel uses online learning management systems to deliver specialized courses and residency preparation materials. This is a crucial channel for retaining graduates and capturing an ongoing share of their professional development spend. As of September 30, 2025, this segment served 50,317 students.

This channel is also where Afya sees impressive growth in its B2B revenue, which is a key strategic focus. The digital infrastructure here is designed for scale, allowing for high enrollment numbers without the physical capacity constraints of the undergraduate segment.

Direct sales force to hospitals and clinics for B2B solutions

While B2P revenue flows through the digital apps, a dedicated direct sales force handles the Business to Business (B2B) solutions, targeting hospitals, clinics, and other institutions. This is a high-touch channel for larger, more complex contracts, such as institutional training or enterprise software deployments.

The B2B channel revenue, which is distinct from B2P, reached R$14.111 million for the nine months ended September 30, 2025. This sales channel is critical for strategic partnerships and for embedding Afya's solutions deeper into the Brazilian healthcare system. It's a lower volume, higher value channel, so its revenue contribution is smaller but strategically important.

Here is a summary of the digital channel performance for the nine months ended September 30, 2025:

Metric	Value (9M25)	Channel Type
Medical Practice Solutions Monthly Active Users (MaU)	227,941	Digital Platforms/Mobile Apps
Revenue - Business to Physicians (B2P)	R$114.081 million	Digital Platforms/Mobile Apps
Revenue - Business to Business (B2B)	R$14.111 million	Direct Sales Force
Total Users Positively Impacted by Afya Ecosystem	~304 thousand	All Channels Combined

Institutional marketing for student recruitment

This channel acts as the engine for the physical campuses, managing the intake process for undergraduate and graduate programs. The marketing efforts are highly specialized, focusing on attracting top candidates for medicine and other health-related courses.

The success of this institutional channel is evidenced by the fact that Afya consistently achieves full occupancy in its medical schools, demonstrating effective brand positioning and recruitment strategies. This channel's efficiency directly impacts the top-line Undergraduate tuition revenue, which is the largest segment of the business. You need to watch this metric carefully; if onboarding takes 14+ days, churn risk rises.

Afya Limited (AFYA) - Canvas Business Model: Customer Segments

You're looking for a clear map of who Afya Limited actually serves, and the answer is simple: they target the entire lifecycle of a physician in Brazil, from the moment they start school to their daily practice. This integrated approach creates a highly predictable, multi-layered customer base, which is why their ecosystem reached approximately 304 thousand users as of the third quarter of 2025 (Q3 2025).

Afya's customer segments are intentionally designed to capture value at every stage, minimizing churn risk by offering new services as their users' needs change. Honestly, this end-to-end model is the defintely the core of their business moat.

Undergraduate medical and health sciences students

This is Afya's foundational segment, providing the stable, high-margin revenue stream. As of the first half of 2025 (1H25), the company served 25,733 total medical school students, a substantial 13.6% increase year-over-year. The demand is robust, with Afya maintaining 100% occupancy across all its medical programs.

The company focuses on expanding its approved capacity; for example, in November 2025, they received authorization to add 100 medical school seats at the ITPAC Porto campus, bringing their total approved seats to 3,753. This segment also includes students in other health sciences and ex-health undergraduate programs, but the medical students are the primary revenue driver.

Practicing physicians seeking continuing medical education (CME)

This segment captures the physician after graduation, offering specialized training to advance their careers. The Continuing Education segment, which includes graduate programs and Continuing Medical Education (CME) courses, had 45,505 total students as of June 30, 2025. This number is critical because it represents a recurring revenue stream from professionals who need to stay current.

Afya also targets this group with its digital content. The Continuing Education segment's revenue grew by 11% in the first nine months of 2025 (9M25), reaching R$208 million, which shows strong monetization of this lifelong learning journey.

Medical residency prep students

Residency preparation is a crucial, high-stakes milestone for medical students, and Afya serves this need through its specialized prep courses. These students are often recent graduates or those in their final years of medical school, creating a natural cross-sell opportunity from the Undergraduate segment.

This group falls under the broader Continuing Education umbrella, which is focused on the 'graduate journey' and had a significant increase in students in 9M25. Afya's integrated ecosystem allows them to support students effectively in their preparation for exams like ENAMED, reinforcing their leadership in delivering outcomes-based learning.

Healthcare professionals needing medical practice solutions

This is the core of Afya's digital services segment, where they provide tools for individual doctors (Business-to-Physician or B2P) to improve clinical efficiency. This includes clinical decision support software like Afya Whitebook, a reference tool for doctors at the point of care.

As of June 30, 2025, Afya reported 159,373 active payers for its Clinical Decision solutions. These active payers are typically individual physicians subscribing to the service, showing a vast digital reach among practicing doctors in Brazil. Another report indicates the digital platform is used by 350,000 doctors (as of August 2025), which highlights the massive user base for their digital products.

B2B clients (hospitals, clinics) for clinical management software

The final segment is the institutional client, where Afya provides clinical management software (like iClinic) to optimize the operations of healthcare facilities. This is a B2B (Business-to-Business) model, though some clinical management revenue, specifically from the Shosp platform, has been reclassified to B2P.

The Clinical Management segment had 36,685 active payers as of June 30, 2025, representing a 9.8% growth in this critical area. This growth demonstrates the successful expansion into the operational side of healthcare. Furthermore, the Continuing Education segment saw its B2B revenue increase by a massive 65% in 9M25, indicating strong traction with institutional partners.

Here's the quick math on the key customer segments and their scale as of late 2025:

Customer Segment	Key Metric / Product	2025 Fiscal Data (Latest Available)
Undergraduate medical and health sciences students	Total Medical School Students (1H25 End of Period)	25,733
Practicing physicians seeking CME & Medical residency prep students	Total Continuing Education Students (1H25 End of Period)	45,505
Healthcare professionals needing medical practice solutions	Clinical Decision Active Payers (1H25 End of Period)	159,373
B2B clients (hospitals, clinics) for clinical management software	Clinical Management Active Payers (1H25 End of Period)	36,685 (9.8% YoY growth)
Total Ecosystem Reach	Users Positively Impacted by Afya (Q3 2025)	~304 thousand

What this estimate hides is the overlap; a student preparing for residency is counted in Continuing Education, but might also be using the Clinical Decision software. Still, the total ecosystem number of 304 thousand users gives you a clear sense of the overall scale.

The core of the strategy is to move customers through the following lifecycle:

• Enroll in an Undergraduate medical program.
• Transition to a Residency Prep course.
• Subscribe to Clinical Decision software (e.g., Afya Whitebook) as a practicing doctor.
• Adopt Clinical Management software (e.g., iClinic) for their private practice or clinic.

Finance: draft a revenue-per-user cohort analysis for all 2025 digital segment customers by Friday.

Afya Limited (AFYA) - Canvas Business Model: Cost Structure

High Fixed Costs: Faculty and Infrastructure

Afya Limited's cost structure is fundamentally anchored by significant fixed costs, a reality for any large-scale education provider. You have to pay the best doctors to teach, and they don't come cheap. These costs are primarily tied to faculty salaries-the core asset of a medical education business-and the extensive campus infrastructure required for medical schools. Because the number of medical seats is regulated, this fixed cost base gives Afya enormous operating leverage (the ability to grow revenue faster than costs) as student enrollment increases toward full capacity in each campus.

The cost with faculty, which includes the amount paid to teachers and doctors, is a key assumption in the company's valuation models, reflecting its non-negotiable nature. This fixed base is what allows Afya to achieve high margins once a campus matures.

Acquisition Costs for New Schools: The M&A Engine

A major component of Afya's costs is the strategic acquisition of smaller medical schools, which is their primary growth engine. This is a capital-intensive cost, but it's essential for quickly adding regulatory-approved medical seats. The recent acquisition of Faculdade Única de Contagem (FUNIC) is a perfect, concrete example of this cost in action.

The aggregate purchase price for FUNIC was R$100 million, net of estimated Net Debt. This wasn't a one-time cash outlay, which is important for your cash flow view. Here's the quick math on the payment structure:

• Initial Cash Payment: R$60 million paid in cash at the closing date (May 7, 2025).
• Deferred Payments: R$40 million to be paid in three annual installments, adjusted by the Brazilian interbank interest rate (CDI).
• Contingent Consideration: An additional payment of R$1 million per granted seat for up to 60 additional medical school seats, if approved by the Ministry of Education (MEC) within 36 months of closing.

Capital Expenditures (CAPEX) for Growth

Afya has a very clear investment plan for its physical assets, which is a near-term, actionable cost item. For the full 2025 fiscal year, the company has guided its Capital Expenditures (CAPEX) to be between R$250 million and R$290 million. This spending is focused on expanding and maintaining existing campuses, plus preparing for new ones.

What this estimate hides is the cost of new campus openings tied to government programs like Mais Médicos (More Doctors). To be fair, those costs are not included in the main guidance because they are contingent on winning bids. However, management uses a proxy of approximately R$25 million per new location for the investment required to open a new campus, which gives you a clear sense of the potential cost per new site.

Cost Component	2025 Guidance/Value	Purpose/Action
Full-Year CAPEX	R$250 million to R$290 million	Maintenance, expansion, and preparation of existing campuses.
FUNIC Acquisition Price	R$100 million (Aggregate)	Adding 60 medical school seats and expanding footprint.
FUNIC Cash Payment (May 2025)	R$60 million	Immediate cash outlay for the acquisition.
New Campus Opening Proxy (Mais Médicos)	~R$25 million per location	Estimated investment for a single new medical school site.

Selling, General, and Administrative (SG&A) Efficiency

You're seeing a strong focus on managing Selling, General, and Administrative (SG&A) expenses, which is the key to their margin expansion. The company's strategy here is all about centralizing costs to make the whole operation more efficient. This is defintely where the 'synergies' come from after an acquisition.

This improved cost efficiency in SG&A, driven by restructuring initiatives in the Continuing Education and Medical Practice Solutions segments, helped boost the Adjusted EBITDA Margin by 200 basis points for the nine-month period ended September 30, 2025. That's a powerful result.

Operational Synergies and Shared Services Center

The shared services center is the operational tool Afya uses to minimize redundant costs across its portfolio of acquired schools. It centralizes back-office functions-like finance, HR, and IT-which helps to unlock operational synergies. This centralization directly contributes to the improved cost management seen across SG&A expenses.

The goal is to integrate a newly acquired school, like FUNIC, quickly into this shared service model, thus driving down its standalone operating costs and boosting the overall group's efficiency. This is a clear, repeatable process that converts an acquisition cost into long-term operational savings.

Afya Limited (AFYA) - Canvas Business Model: Revenue Streams

The core of Afya Limited's revenue model is anchored in high-value, predictable tuition fees from its medical education segment, but the real momentum-the growth engine-is coming from its digital, subscription-based services and a massive B2B push in Continuing Education.

You're looking at a company with a clear financial trajectory, with the full-year 2025 Net Revenue guided to be between R$ 3,670 million and R$ 3,770 million. This confidence is grounded in the strong performance seen in the first nine months of the year (9M25), where total revenue hit R$ 2,784.3 million. That's a defintely solid foundation.

Tuition fees from Undergraduate and Continuing Education programs (main driver)

Tuition fees are the undisputed main driver, providing the bulk of the company's revenue and high predictability, thanks to the long duration and high demand for medical courses in Brazil. The Undergraduate segment, which includes medicine and other health-related courses, is the financial backbone.

Here's the quick math: in the first quarter of 2025, the Undergraduate segment accounted for 88.36% of the total net revenue, illustrating its dominance. This revenue growth is fueled by two key factors: higher tickets (tuition prices) for medicine courses and the continued maturation of newly opened medical school seats.

The Continuing Education segment also contributes through tuition for specialization and graduate courses. This is a crucial part of the physician's career journey, and Afya is capturing that value.

Subscription and service fees from Medical Practice Solutions (Afya Whitebook)

This is where the ecosystem play comes in. Afya Limited earns recurring, subscription-based revenue from its Medical Practice Solutions segment, which is primarily composed of Afya Whitebook and Afya iClinic.

These solutions are essentially digital tools-like clinical management software and point-of-care medical content-that physicians use daily, making the revenue sticky. The growth here is directly tied to the expansion of active payers within Clinical Management, meaning more doctors are paying for the services to improve their daily practice.

B2B revenue growth in Continuing Education (up 65% in 9M25)

The most impressive growth signal is the B2B (Business-to-Business) revenue within Continuing Education. This segment is exploding, showing a staggering 65% increase in B2B revenue over the nine-month period ended September 30, 2025 (9M25). This growth indicates successful penetration into corporate and institutional clients for professional development and training.

The Continuing Education segment's total revenue reached R$ 208 million in 9M25, reflecting an overall growth of almost 11% year-over-year, with the B2B component being the clear accelerator. This is a strategic shift to diversify revenue beyond the direct-to-consumer tuition model.

Full-year 2025 Net Revenue guided between R$3,670 million and R$3,770 million

The reaffirmed full-year 2025 guidance for Net Revenue is a strong indicator of management's confidence in the stability of the education base and the growth of the digital platforms. This range, R$ 3,670 million to R$ 3,770 million, suggests predictable, high-quality earnings, primarily from tuition, which is less susceptible to economic volatility.

What this estimate hides is the seasonality of the business; the first half of the year typically sees higher revenue due to tuition intake cycles. Still, the full-year target is a clear benchmark for performance.

Adjusted EBITDA margin expansion, reaching 46.4% in 9M25

The quality of these revenue streams is best reflected in the profitability. For the nine months ended September 30, 2025, the Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin expanded by 200 basis points year-over-year, reaching a robust 46.4%.

This expansion is a direct result of operational efficiency, specifically:

• Higher gross margin in the Undergraduate and Continuing Education segments.
• Restructuring initiatives within Continuing Education and Medical Practice Solutions.
• Improved efficiency in Selling, General, and Administrative expenses.

A 46.4% margin tells you this is a business with significant operating leverage.

Financial Metric (9M25)	Amount (R$ million)	YoY Growth / Margin	Revenue Stream Implication
Net Revenue (9M25)	R$ 2,784.3	13.4% Growth	Overall strength of tuition and digital streams.
Adjusted EBITDA (9M25)	R$ 1,291.7	18.5% Growth	High profitability from core education business.
Adjusted EBITDA Margin (9M25)	-	46.4% Margin	Significant operating leverage and cost control.
Continuing Education B2B Revenue Growth (9M25)	-	65% Growth	Success in diversifying into institutional/corporate clients.
Full-Year 2025 Net Revenue Guidance (Range)	R$ 3,670 to R$ 3,770	-	Predictable, reaffirmed revenue outlook.