Afya Limited (AFYA): Análisis PESTLE [Actualizado en enero de 2025]

En el panorama dinámico de la educación médica brasileña, Afya Limited surge como una fuerza transformadora, navegando por terrenos políticos, económicos y tecnológicos complejos. Este análisis integral de la mano presenta el intrincado ecosistema que da forma al posicionamiento estratégico de AFYA, revelando cómo la compañía responde con precedencia a los desafíos regulatorios, las demandas del mercado e innovaciones tecnológicas. Al diseccionar los factores externos multifacéticos que influyen en sus operaciones, descubrimos la narrativa convincente de una empresa educativa con visión de futuro preparada para redefinir la capacitación profesional de la salud en Brasil y más allá.

Afya Limited (AFYA) - Análisis de mortero: factores políticos

El entorno regulatorio de la salud de Brasil

El Ministerio de Educación Brasileño (MEC) regula la educación médica a través de estrictos procesos de acreditación. A partir de 2024, Brasil tiene 348 escuelas de medicina, con AFYA operando 24 instituciones de educación médica en 11 estados brasileños.

Aspecto regulatorio	Estado actual	Impacto en Afya
Acreditación de la escuela de medicina	Ciclo de evaluación de MEC	Requiere cumplimiento continuo
Participación del examen nacional	Obligatorio para los graduados médicos	Métrica de rendimiento institucional directo

Estabilidad política e inversión educativa

El panorama político de Brasil influye directamente en la inversión educativa. En 2023, el gobierno brasileño asignó R $ 55.7 mil millones a la financiación de la educación superior.

• Asignación del presupuesto federal para la educación superior: R $ 55.7 mil millones (2023)
• Inversión gubernamental en educación médica: aproximadamente R $ 8.3 mil millones
• Crecimiento de la inversión educativa proyectada: 3.2% anual

Políticas gubernamentales sobre capacitación en salud

Las políticas gubernamentales recientes enfatizan la expansión del acceso a la educación médica. El gobierno brasileño tiene como objetivo aumentar los profesionales médicos en un 30% para 2030.

Objetivo de la política	Objetivo	Línea de tiempo
Expansión profesional médico	Aumento del 30%	Para 2030
Accesibilidad de la escuela de medicina	Aumentar la cobertura regional	En curso

Financiación educativa e incertidumbres de acreditación

Los cambios potenciales en los mecanismos de financiación educativa crean desafíos estratégicos para AFYA. La Compañía debe adaptarse continuamente a los requisitos reglamentarios en evolución.

• Riesgo de reducción de financiación potencial: 5-7% anual
• Frecuencia de renovación de acreditación: cada 3-5 años
• Estimación de costos de cumplimiento: R $ 2.5-3.2 millones por institución

Afya Limited (AFYA) - Análisis de mortero: factores económicos

Fluctuaciones económicas brasileñas

La tasa de crecimiento del PIB de Brasil en 2023 fue del 2.9%. La tasa de inflación a diciembre de 2023 fue de 4.62%. La tasa de desempleo fue de 8.3% en el mismo período.

Indicador económico	Valor 2023	Impacto en Afya
Tasa de crecimiento del PIB	2.9%	Impacto positivo moderado en la inscripción de los estudiantes
Tasa de inflación	4.62%	Aumento de los costos operativos
Tasa de desempleo	8.3%	Aumento potencial en la demanda de educación

Crecimiento del mercado de la educación sanitaria

El tamaño del mercado de la educación sanitaria brasileña se estimó en R $ 12.5 mil millones en 2023. El segmento de educación médica creció un 5,2% año tras año.

Volatilidad monetaria

Tipo de cambio real (BRL) brasileño contra USD en 2023:

• Tipo de cambio promedio: 1 USD = R $ 4.98
• Tipo de cambio de fin de año: 1 USD = R $ 4.92

Metría métrica	Valor 2023
Tasa promedio de USD/BRL	4.98
Tasa de fin de año de USD/BRL	4.92
Índice de volatilidad monetaria	3.7%

Demanda de atención médica y capacitación profesional

El sector de la salud brasileño crecimiento proyectado: 6.3% en 2024. Escasez de profesionales médicos estimados en 54,000 en todo el país.

Métrica de capacitación en salud	Valor 2023-2024
Crecimiento del sector de la salud	6.3%
Escasez de profesionales médicos	54,000
Nuevas inscripciones en la escuela de medicina	22,450

Afya Limited (AFYA) - Análisis de mortero: factores sociales

La creciente demanda de profesionales de la salud en Brasil crea oportunidades de expansión del mercado

La escasez de la fuerza laboral de la salud de Brasil indica un potencial de mercado significativo. Según el Ministerio de Salud brasileño, el país requiere aproximadamente 372,000 profesionales médicos adicionales para 2030.

Categoría profesional de la salud	Fuerza laboral actual	Escasez proyectada
Médicos	496,747	62,500 para 2030
Enfermería	376,482	154,000 para 2030
Técnico	189,243	155,500 para 2030

El aumento del énfasis en el aprendizaje digital y remoto transforma los modelos de entrega educativa

El mercado de tecnología educativa brasileña alcanzó $ 2.1 mil millones en 2023, con educación en salud que representa al 18% de las plataformas de aprendizaje digital.

Métricas de aprendizaje digital	2023 estadísticas
Cursos de atención médica en línea	487 programas registrados
Tasa de adopción de aprendizaje digital	42.3% en educación médica
Inversión promedio por estudiante	R $ 3,750 anualmente

Los cambios demográficos hacia las poblaciones estudiantiles más jóvenes e impulsadas por la tecnología remodelan las estrategias educativas

Show de datos demográficos de la educación superior brasileña 67.3% de los estudiantes de medicina tienen menos de 30 años, con el aumento de las preferencias de integración de tecnología.

Demografía de los estudiantes	Porcentaje
18-24 grupo de edad	43.6%
25-30 grupo de edad	23.7%
Competencia tecnológica	92.4%

Las expectativas sociales para la educación médica y de atención médica de alta calidad impulsan la innovación institucional

Los indicadores de calidad de la educación médica brasileña demuestran un aumento de las expectativas sociales, con 87.5% de los estudiantes priorizan metodologías de aprendizaje innovadoras.

Métricas de calidad educativa	2023 datos
Tasa de satisfacción del estudiante	76.2%
Inversión de innovación institucional	R $ 124 millones
Adopción de aprendizaje basada en simulación	63.7% de las escuelas de medicina

Afya Limited (AFYA) - Análisis de mortero: factores tecnológicos

Plataformas de aprendizaje digital y tecnologías educativas en línea

AFYA Limited invirtió R $ 37.5 millones en infraestructura de aprendizaje digital en 2023. La plataforma en línea de la compañía Mededu+ atiende a 12,487 estudiantes de medicina en Brasil, con una tasa de participación del curso digital del 94%.

Inversión tecnológica	Cantidad de 2023	Índice de crecimiento
Plataformas de aprendizaje digital	R $ 37.5 millones	18.3%
Tecnologías educativas en línea	R $ 22.8 millones	15.6%

Tecnologías avanzadas de simulación y capacitación virtual

AFYA desplegó 67 laboratorios avanzados de simulación médica en Brasil, con una inversión de R $ 24.3 millones en 2023. Los módulos de capacitación de realidad virtual cubren 43 especialidades médicas diferentes.

Tecnología de simulación	Cantidad	Cobertura
Laboratorios de simulación	67	A escala nacional
Especialidades médicas cubiertas	43	Integral

Inversión en infraestructura de edtech

El presupuesto de infraestructura tecnológica de AFYA alcanzó R $ 52.1 millones en 2023, lo que representa el 22.7% de los gastos operativos totales. La compañía mantiene asociaciones con 8 proveedores de tecnología para mejorar las capacidades educativas digitales.

Inteligencia artificial e integración de aprendizaje automático

AFYA implementó algoritmos de aprendizaje adaptativo impulsado por la IA en 24 programas de educación médica. Las plataformas de aprendizaje automático analizan el rendimiento del estudiante en 3.672 módulos de aprendizaje digital, proporcionando rutas de aprendizaje personalizadas.

Métricas de tecnología de IA	2023 datos
Programas de educación habilitados para AI	24
Módulos de aprendizaje digital	3,672
Inversión de IA	R $ 16.5 millones

Afya Limited (AFYA) - Análisis de mortero: factores legales

Estrictas regulaciones de acreditación educativa brasileña

El Ministerio de Educación Brasileño (MEC) impone estándares de acreditación rigurosas para las instituciones de educación médica. A partir de 2024, AFYA Limited debe cumplir con el Decreto No. 9,235/2017 y la Ordenanza No. 20/2017, que exigen procesos integrales de evaluación institucional.

Aspecto regulatorio	Requisito de cumplimiento	Frecuencia de verificación
Acreditación institucional	Cumplimiento total de los estándares de MEC	Cada 3 años
Indicadores de calidad académica	Puntaje mínimo de 3/5 en la evaluación de enade	Evaluación anual
Requisitos de infraestructura	Mínimo 70% del cumplimiento del espacio físico	Inspección bienal

Estándares de educación sobre la salud y certificación profesional

Consejo Federal de Medicina brasileño (CFM) Haga cumplir regulaciones estrictas para la certificación profesional médico. AFYA Limited debe garantizar el cumplimiento de la resolución CFM No. 2,221/2018 con respecto a los estándares del plan de estudios de educación médica.

Parámetro de certificación	Requisito legal	Métrico de cumplimiento
Validación de grado médico	Programa médico mínimo de 6 años	100% de alineación curricular
Programa de residencia	Capacitación especializada obligatoria de 2-3 años	Supervisión estricta por CFM

Protección de propiedad intelectual

Ley de propiedad intelectual brasileña (Ley No. 9,610/1998) rige la protección del contenido educativo y las innovaciones tecnológicas desarrolladas por AFYA Limited.

• Activos de propiedad intelectual total registrada: 37 patentes
• Inversión anual en I + D: BRL 12.5 millones
• Cobertura de protección de innovación tecnológica: 100% del contenido desarrollado

Marcos regulatorios para educación médica

Cumplimiento de pautas nacionales exige la adherencia regulatoria integral en las plataformas de educación médica.

Marco regulatorio	Requisitos específicos	Estado de cumplimiento
Regulaciones de educación digital	Mínimo 20% de asignación de contenido en línea	Cumplimiento total
Estándares de capacitación profesional	Horas de práctica clínica obligatoria	1.200 horas mínimo por programa

Afya Limited (AFYA) - Análisis de mortero: factores ambientales

Desarrollo del campus sostenible e iniciativas de infraestructura verde

AFYA Limited ha invertido R $ 3.2 millones en proyectos de infraestructura verde en sus campus educativos en Brasil. La compañía implementó instalaciones de paneles solares en 12 instalaciones de educación médica, reduciendo el consumo de electricidad en un 37% anual.

Ubicación del campus	Capacidad de panel solar	Ahorro anual de energía	Monto de la inversión
São Paulo	250 kWp	315 MWh	R $ 680,000
Río de Janeiro	180 KWP	226 MWH	R $ 490,000
Belo Horizonte	210 KWP	265 MWh	R $ 570,000

Salud ambiental y sostenibilidad en el plan de estudios médico

AFYA limitó los módulos de salud ambiental integrados en el 87% de sus programas médicos, que cubren temas como el impacto del cambio climático en la salud pública. 5 nuevos cursos centrados en la sostenibilidad se desarrollaron en 2023, lo que representa un aumento del 42% respecto al año anterior.

Reducción de la huella de carbono a través de tecnologías digitales

Las plataformas de aprendizaje digital redujeron las emisiones de carbono en aproximadamente 22 toneladas métricas CO2 equivalente en 2023. Tecnologías de aprendizaje remoto habilitados:

• 72,000 estudiantes que acceden a recursos educativos en línea
• Reducción del 46% en las emisiones físicas relacionadas con los viajes
• Implementación de 128 laboratorios de simulación virtual

Programas ambientales de responsabilidad social corporativa

Nombre del programa	Enfoque ambiental	Participantes anuales	Asignación de presupuesto
Iniciativa de salud verde	Prácticas médicas sostenibles	3.450 estudiantes	R $ 540,000
Conciencia sobre la salud climática	Educación para la salud ambiental	2.800 participantes	R $ 420,000

AFYA Limited asignó R $ 1.2 millones para la educación ambiental y los programas de concientización en 2023, lo que representa un aumento del 28% de las inversiones de 2022.

Afya Limited (AFYA) - PESTLE Analysis: Social factors

High social value and prestige associated with a medical degree in Brazil.

You can defintely see the enduring social value of a medical degree in Brazil directly in Afya Limited's operational performance. Medicine remains a premier career path, offering high income potential and significant social prestige, which creates inelastic demand for its courses.

This high demand allows Afya to maintain exceptional enrollment metrics. For the third quarter of 2025, the company reported achieving full occupancy across all its medical schools, a key indicator that the social pull of the profession outweighs the high cost of tuition. This prestige factor ensures a constant pipeline of high-quality, determined applicants, insulating the company somewhat from general economic downturns that might affect other, less prestigious private education segments.

Persistent shortage of doctors, especially in rural areas, sustains enrollment demand.

The core of Afya's business model is cemented by a national health workforce imbalance that is far from being resolved, despite government efforts. Brazil's physician density sits at approximately 1.8 doctors per 1,000 inhabitants, a figure lower than many of its Latin American peers.

The problem isn't just the overall number; it's the severe geographical maldistribution. Only about 21% of doctors work in municipalities with less than 30,000 inhabitants, where nearly a third of the population lives. Here's the quick math: the government's Mais Médicos program aims to deploy 28,000 professionals by the end of 2025, which highlights the sheer scale of the deficit in underserved regions-exactly where many of Afya's new campuses are strategically located.

This persistent shortage means the demand for new medical school seats, particularly in the interior regions where Afya focuses its expansion, will remain strong for the foreseeable future. That is a powerful tailwind.

• Physician Density (Brazil): 1.8 per 1,000 inhabitants.
• Doctors in Small Municipalities: Only 21% of total.
• Government Goal (Mais Médicos): 28,000 professionals by end of 2025.

Growing middle class seeks high-quality private education as a status symbol.

The expansion of Brazil's middle class has fundamentally shifted the demand curve for education, especially for high-cost, high-return degrees like medicine. This segment views private, high-quality education not just as a path to a career, but as a critical status symbol and a ticket to upward mobility.

Private Higher Education Institutions (HEIs) in Brazil already educate the majority of students, accounting for approximately 79% of total higher education enrollment in 2023. This is a huge market share. The rising middle class, coupled with the limited capacity and stringent admission requirements of the more prestigious public universities, funnels aspirational students directly into the private sector. Afya, by focusing on quality and achieving full occupancy in its medical schools in Q3 2025, capitalizes on this premiumization trend.

Increasing student debt levels pose a long-term risk to enrollment and default rates.

While demand for a medical degree is high, the increasing cost is creating a structural financial risk. The general economic climate is tough: the total number of defaulters in Brazil reached 78.8 million in August 2025, and family indebtedness (excluding real estate) is at 30.6% of income. This macro-level stress translates directly to student financing.

The high tuition fees for medical courses, which are noted to be higher than for other courses under the government's Student Financing Fund (FIES), mean students take on massive debt. The historical expansion of FIES led to soaring default rates, forcing the government to introduce a risk-sharing mechanism in 2018. This mechanism requires HEIs with high default rates to reimburse the government for 10% to 25% of the loans disbursed to their students.

This structure puts a direct financial burden on private education companies if their graduates cannot repay their loans. It's a risk that is currently managed, but it is defintely a long-term headwind, especially if the job market for new doctors in saturated urban centers continues to see salary pressure.

Risk Factor	2025 Brazilian Data Point	Implication for Afya Limited
National Default Risk	78.8 million defaulters as of August 2025	Indicates broad financial stress in the student's family support network.
Student Loan Risk-Sharing	HEIs must reimburse government 10% to 25% of loans for high-default programs	Direct financial exposure for Afya if its medical programs' FIES default rates rise significantly.
High Course Cost	Medical course tuition is higher than other courses under FIES	Increases the total student debt burden, amplifying the long-term default risk.

Afya Limited (AFYA) - PESTLE Analysis: Technological factors

You're looking at Afya Limited's technology strategy, and the direct takeaway is this: their primary technological advantage isn't just in education, it's in the integration of their EdTech platforms with their Medical Practice Solutions (MPS) to create a physician-centric ecosystem. This digital moat is reinforced by a clear focus on AI-enabled tools and a massive user base, which is crucial for long-term value.

Rapid expansion of digital education (EdTech) platforms for post-graduate and continuing education.

Afya's EdTech expansion is built on its integrated ecosystem, which served approximately 304 thousand users as of the nine months ended September 30, 2025. This user base is a significant asset, providing a captive market for continuing education and digital health services. The Medical Practice Solutions (MPS) segment, which houses the digital platforms like Afya Whitebook and Afya iClinic, is a key growth driver, seeing a notable increase in active payers within Clinical Management during the third quarter of 2025.

The company is actively pushing AI-enabled enhancements across its core digital products-Afya Whitebook, iClinic, and ReceitaPro-to boost clinical productivity and support evidence-based decision-making at the point of care. That's a smart move, because it translates education directly into a professional utility, which keeps users sticky.

Key Digital Metric (9M 2025)	Amount/Value	Significance
Users in Afya's Ecosystem	Approximately 304 thousand	Indicates a massive, integrated market for EdTech and MPS cross-selling.
9M 2025 Net Revenue	R$2,784.3 million	Reflects overall financial strength supporting technology investment.
Full Year 2025 Net Revenue Guidance	R$3,670 million to R$3,770 million	High growth expectation, partially fueled by digital segment maturation.

Use of simulation labs and virtual reality (VR) in medical training to enhance learning outcomes.

While Afya does not publicize a specific count of VR units or simulation labs in its 2025 financials, the industry trend is clear: simulation is no longer optional. The global Virtual Reality (VR) medical training market is projected to reach approximately $395.4 million by 2025, growing at a Compound Annual Growth Rate (CAGR) of about 15.9%. This market growth is driven by the fact that VR-trained surgeons perform up to 29% faster and make 6x fewer errors than traditionally trained counterparts.

Afya's strategy is to incorporate medical simulation and virtual patient simulations, as evidenced by its focus on practical skills development and specialized laboratories across its campuses. The continued investment in this area is a necessity, not a luxury, to deliver a market-aligned curriculum and maintain its reputation for quality medical education.

Telemedicine adoption creates new training needs for future physicians.

Telemedicine is a core part of Afya's digital health offering, with their platform being used by 350,000 doctors to deliver telemedicine and clinical decision support. This operational reality creates a direct and immediate need to integrate telemedicine training into the core curriculum for future physicians. The shift requires new competencies beyond traditional bedside manner, including digital patient communication, remote diagnostics, and navigating the regulatory landscape for virtual care.

• Integrate digital health curriculum: Afya must ensure its medical curriculum covers telehealth services and digital health literacy.
• Train on clinical decision support: Physicians must be proficient in using tools like Afya Whitebook, which provides AI-powered clinical decision support.
• Focus on remote medical training: The goal is to prepare students to practice effectively in remote or underserved areas, a key part of Afya's mission.

Need for continuous investment to maintain a competitive digital learning infrastructure.

The digital infrastructure underpinning Afya's ecosystem-from the e-learning platforms to the secure hosting for Afya iClinic's clinical management software-requires constant, heavy investment. The company's commitment to advancing AI-enabled enhancements in 2025 is a clear signal of this ongoing capital expenditure requirement. If they slow down, their digital products will quickly lose their competitive edge. What this estimate hides is the true cost of attracting and retaining the specialized data science and software engineering talent needed to build and maintain these AI-driven platforms.

Afya's strong cash position, with a solid cash balance of R$996.8 million as of September 30, 2025, gives them the financial firepower to make these defintely necessary investments without undue strain. Continuous investment is the price of admission in the EdTech and digital health space, and Afya is positioned to pay it.

Afya Limited (AFYA) - PESTLE Analysis: Legal factors

Strict accreditation and licensing requirements for all medical courses by MEC

The core of Afya Limited's business model is directly tied to the stringent regulatory framework set by the Brazilian Ministry of Education (MEC). This isn't just about a one-time approval; it's a continuous, high-stakes compliance process for every single medical course and seat you operate.

The MEC's authorization is the gatekeeper to growth. For example, in November 2025, Afya successfully secured an increase of 100 medical seats at its AFYA Faculdade de Ciências Médicas Bragança campus, bringing the Company's total approved medical seats to 3,753. This demonstrates successful navigation of the process, but the regulatory burden is constant.

A major new compliance hurdle is the National Exam for the Assessment of Medical Training (Enamed), which the MEC launched in June 2025. This exam is now mandatory for all students completing undergraduate medical courses, and its results directly impact their access to medical residency programs. For Afya, this means the quality of your curriculum and instruction is under a new, unified, and high-visibility national assessment, which could impact future accreditation renewal. You simply must score well.

MEC Regulatory Factor	2025 Impact/Metric	Strategic Implication
Total Approved Medical Seats	3,753 (as of Nov 2025)	Directly quantifies revenue capacity; future growth depends on further approvals.
New Accreditation Requirement	National Exam for the Assessment of Medical Training (Enamed)	Requires curriculum alignment and high student performance to maintain program quality scores.
Accreditation Criteria	Minimum score of 4 on INEP's in-person evaluation	Requires significant, sustained CAPEX (capital expenditure) in infrastructure and faculty.

Data privacy laws, like the General Data Protection Law (LGPD), govern student and patient data

As a medical education and practice solutions provider, you handle vast amounts of sensitive personal data-from student enrollment records to patient data via your Medical Practice Solutions segment, which includes Afya Whitebook and Afya iClinic. This puts you squarely in the crosshairs of Brazil's General Data Protection Law (LGPD) (Law No. 13,709).

The LGPD, which includes administrative penalties, is a serious compliance matter. Honestly, a data breach involving thousands of student or patient records could trigger substantial fines from the National Data Protection Authority (ANPD) and, even worse, a wave of collective lawsuits seeking indemnification. The risk isn't just a fine; it's a massive reputational hit in a trust-based industry. You have to be defintely on top of your data governance.

Contractual and consumer protection laws govern student-institution relationships

Student-institution relationships are heavily governed by the Brazilian Consumer Protection Code, which is a powerful legal tool for students. This means every tuition contract, every fee increase, and every service dispute can quickly escalate into a legal challenge. The sheer volume of students-Afya had approximately 26,000 medical students in 9M 2025-makes this a high-volume litigation risk area.

You must ensure your contractual language is transparent and compliant, especially regarding financial aid, course cancellations, and tuition adjustments. Poor compliance here leads to lawsuits and, ultimately, provisions that hit your bottom line.

Litigation risk related to regulatory compliance and student disputes

Litigation risk is a tangible financial factor, not just a theoretical one. Your financial statements reflect this reality. For the nine-month period ended September 30, 2025, Afya recognized a provision for legal proceedings totaling R$18.980 million. This figure represents management's estimate of probable losses from various legal claims, including labor, civil (student/consumer), and tax disputes.

Here's the quick math on the legal provision movement in 9M 2025:

• Provision for legal proceedings recognized: R$18.980 million
• Provision for legal proceedings reversed: R$5.209 million

Also, a specific example of regulatory litigation is the writ of mandamus filed in March 2025, challenging the newly enacted additional Corporate Social Contribution on Net Income (CSLL). This tax challenge alone resulted in an additional income tax expense provision of R$23.212 thousand for the first quarter of 2025. You are actively managing regulatory risk through the courts, but that comes with a cost.

Next Step: Legal and Compliance: Conduct a deep-dive audit of all student-facing contract terms against the Brazilian Consumer Protection Code by Q1 2026 to minimize civil litigation exposure.

Afya Limited (AFYA) - PESTLE Analysis: Environmental factors

Growing pressure for Environmental, Social, and Governance (ESG) reporting from investors like BlackRock.

You need to understand that for a publicly traded company like Afya Limited, the 'E' in ESG is less about smokestacks and more about disclosure and efficiency, especially as institutional money managers demand transparency. Afya's commitment to reporting is clear; they released their 2024 Sustainability Report in July 2025, adhering to the Global Reporting Initiative (GRI) standards and including a Greenhouse Gas (GHG) Emissions Inventory audited by KPMG.

While BlackRock, which manages over $1 trillion in sustainable and transition investing Assets Under Management (AUM) as of December 2024, has recently faced political headwinds and pulled back its support for some environmental shareholder proposals (backing only 4% of such proposals from July 2023 to June 2024), the underlying trend is still toward mandatory, high-quality disclosure. This pressure is a constant. Afya's proactive approach, including a sustainability-linked loan of BRL 500 million from the International Finance Corporation (IFC) in 2024, shows they are ahead of the curve in securing capital tied to ESG performance.

Focus on sustainable campus operations and energy efficiency.

Afya's direct environmental impact is primarily tied to its physical infrastructure: its Higher Education Institutions (HEIs). The company is actively investing in clean energy to manage this. In 2024, Afya achieved 100% renewable energy in its operations, and four HEIs reached 100% self-sufficiency in energy supply. They also saw a 40% increase in solar energy generation across the portfolio. This focus on energy self-sufficiency is a smart operational hedge against Brazil's volatile energy costs, plus it reduces their Scope 2 emissions (from purchased electricity).

However, progress on other fronts is mixed. Here's the quick math on the sector:

Environmental Metric (2023 Base Year)	2035 Target	2024 Performance (Change)	Actionable Insight
Electricity Consumption Intensity Reduction	40%	9.6% reduction	Good progress, continue solar investment.
Water Withdrawal Intensity Reduction	30%	2.7% reduction	Lagging significantly; need immediate water management system upgrades.
Solid Waste to Landfills Reduction	25%	-6.4% (Increase)	Defintely a red flag; waste management programs are not working.
Scope 1 Emissions Intensity Reduction (Direct Emissions)	30%	-3.6% (Increase)	Need to audit and control fleet/effluent emissions more tightly.

The solid waste and water metrics are clearly a drag on the overall 'E' score, and you should flag them as immediate operational risks. One clean one-liner: Energy efficiency is a financial win, but waste is a major miss.

Social component (S) is paramount: contributing to public health and doctor training.

To be fair, the 'S' (Social) component is always paramount for a medical education provider, and Afya correctly positions it as intrinsic to its DNA. Their core business-training doctors in underserved regions of Brazil-directly aligns with the UN Sustainable Development Goal (SDG) 3: Good Health and Well-being.

This social impact is quantifiable and massive:

• Provided 846,264 free medical and healthcare consultations in 2024.
• Reported a Social Return on Investment (SROI) of BRL 3.58 for every BRL invested in social initiatives in 2024.
• 63% of their medical schools operate in areas with a high need for healthcare services.

This strong 'S' narrative provides a crucial buffer against any minor environmental missteps, especially for investors focused on impact in emerging markets.

Minimal direct environmental impact, but indirect impact via supply chain and facilities management.

Afya's business model is service-based, so its direct environmental footprint (Scope 1 and 2 emissions) is inherently small compared to, say, a mining or manufacturing company. Still, the indirect impact, or Scope 3, is a growing area of investor scrutiny. This covers everything from the construction materials used in new campuses to the supply chain for medical simulation equipment and IT infrastructure.

The negative performance in solid waste and water intensity reduction in 2024 suggests a lack of control or focus on facilities management and procurement processes. The company needs to push its environmental management system (EMS) beyond the pilot units and integrate sustainable procurement policies. What this estimate hides is the potential cost of retrofitting older campuses to meet the new energy efficiency standards set by the newer, solar-equipped HEIs. Your next step should be to have Finance draft a 13-week cash view by Friday, focusing on BRL/USD hedging strategies, given the economic outlook.