AFYA Limited (AFYA): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'éducation médicale, Afya Limited apparaît comme une force transformatrice, révolutionnant la façon dont les professionnels de la santé apprennent et se développent au Brésil. En mélangeant de manière transparente la technologie numérique de pointe avec une formation médicale complète, Afya a conçu un modèle commercial innovant qui comble les lacunes critiques dans les approches éducatives traditionnelles. Leur stratégie unique démocratise non seulement l'éducation médicale, mais exploite également des plateformes technologiques avancées pour créer des expériences d'apprentissage flexibles, accessibles et de haute qualité qui remodèlent l'avenir du développement professionnel des soins de santé.

AFYA Limited (AFYA) - Modèle d'entreprise: partenariats clés

Établissements et universités de formation médicale au Brésil

AFYA Limited maintient des partenariats stratégiques avec 62 établissements d'éducation médicale à travers le Brésil à partir de 2023. Ces partenariats couvrent environ 4 200 inscriptions aux étudiants en médecine.

Type de partenaire	Nombre d'institutions	Couverture d'inscription des étudiants
Écoles de médecine	62	4 200 étudiants

Fournisseurs de technologies de santé et développeurs de logiciels

L'AFYA collabore avec 15 fournisseurs de technologies de santé pour améliorer les plateformes d'apprentissage numérique et les solutions d'éducation médicale.

• Partenariats du système de gestion de l'apprentissage numérique
• Développement de logiciels de simulation médicale
• Intégration de la technologie d'évaluation en ligne

Hôpitaux privés et cliniques médicales

AFYA a établi des partenariats avec 87 hôpitaux privés et cliniques médicales pour une formation clinique et des expériences de formation médicale pratiques.

Catégorie de partenariat	Nombre de partenariats	Couverture géographique
Hôpitaux privés	87	Plusieurs États brésiliens

Collaborateurs de plate-forme d'apprentissage numérique

AFYA s'associe à 22 fournisseurs de plateformes d'apprentissage numérique pour étendre les capacités d'éducation médicale en ligne.

• Plates-formes de contenu médical interactif
• Technologie virtuelle en classe
• Solutions d'apprentissage à distance

Contenu médical et partenaires de développement des programmes

L'AFYA collabore avec 45 experts en contenu médical et spécialistes du développement des programmes pour assurer des ressources éducatives de haute qualité.

Focus de partenariat	Nombre de partenaires	Domaines de contenu
Développement de contenu médical	45	Plusieurs spécialités médicales

AFYA Limited (AFYA) - Modèle d'entreprise: Activités clés

Création de contenu en éducation médicale et développement de programmes numériques

AFYA Limited génère 87% de son contenu pédagogique numériquement en 2023. La société produit chaque année environ 1 200 heures de contenu de formation médicale.

Type de contenu	Volume de production annuel	Pourcentage numérique
Conférences vidéo médicales	680 heures	92%
Simulations interactives	240 heures	85%
Matériel d'examen de pratique	280 heures	82%

Gestion du programme de formation médicale en ligne et hybride

AFYA gère 156 programmes de formation médicale à travers le Brésil, avec 74% livrés via des plateformes hybrides ou en ligne en 2023.

• Étudiants actifs totaux: 22 347
• Inscription au programme en ligne: 16 538 étudiants
• Inscription du programme hybride: 5 809 étudiants

Maintenance et amélioration de la plate-forme technologique

L'investissement technologique en 2023 a atteint 42,3 millions de R $, ce qui représente 15,6% du total des dépenses opérationnelles.

Zone d'investissement technologique	Dépenses annuelles	Pourcentage de l'investissement total
Infrastructure de plate-forme	R 18,7 millions de dollars	44.2%
Cybersécurité	8,5 millions de R	20.1%
Développement de logiciels	15,1 millions de R	35.7%

Services de recrutement et d'inscription aux étudiants

L'AFYA a traité 45 672 demandes d'étudiants en 2023, avec un taux de conversion de 48,3%.

• Total des demandes reçues: 45 672
• Inscriptions réussies: 22,050
• Coût d'acquisition de marketing par étudiant: 687 $ R

Innovation en technologie pédagogique et solutions d'apprentissage numérique

Les dépenses de R&D pour l'innovation des technologies éducatives ont été de 24,6 millions de R $ en 2023.

Catégorie d'innovation	Investissement	Nouvelles fonctionnalités développées
Plateformes d'apprentissage de l'IA	9,2 millions de R	37 nouveaux modules algorithmiques
Technologies d'apprentissage adaptatif	7,8 millions de R	24 chemins d'apprentissage personnalisés
Technologies de simulation virtuelle	7,6 millions de R	18 nouvelles simulations de formation médicale

AFYA Limited (AFYA) - Modèle d'entreprise: Ressources clés

Plateformes d'apprentissage numérique propriétaires et technologies éducatives

AFYA Limited exploite 11 plates-formes d'apprentissage numérique à travers le Brésil en 2023. La société a investi 47,3 millions de R de l'infrastructure technologique au cours de l'exercice 2022.

Type de plate-forme	Nombre de plateformes	Capacité utilisateur
Plateformes d'éducation médicale	7	125 000 utilisateurs actifs
Plates-formes de cours préparatoires	4	85 000 utilisateurs actifs

Contenu et programme d'études en éducation médicale étendue

Afya Limited maintient Plus de 15 000 heures de contenu en éducation médicale à travers diverses spécialités.

• Contenu médical de premier cycle: 8 500 heures
• Contenu de préparation en résidence en médecine: 4 200 heures
• Contenu de la formation médicale continue: 2 300 heures

Réseau solide d'éducateurs et de professionnels médicaux

Le réseau comprend 2 350 éducateurs médicaux et professionnels à travers le Brésil en 2023.

Catégorie d'éducateurs	Nombre de professionnels
Professeurs médicaux à temps plein	620
Instructeurs médicaux à temps partiel	1,730

Infrastructure technologique avancée

L'investissement dans les infrastructures technologiques a atteint 62,5 millions de R $ en 2022, soutenant plusieurs plateformes numériques et technologies éducatives.

• Infrastructure de cloud computing
• Centres de données hautes performances
• Systèmes de cybersécurité avancés

Équipes de technologie qualifiée et de développement éducatif

AFYA Limited emploie 425 professionnels de la technologie et du développement de l'éducation à partir de 2023.

Composition de l'équipe	Nombre de professionnels
Développeurs de logiciels	210
Concepteurs de contenu éducatif	125
Chefs de projet technologique	90

AFYA Limited (AFYA) - Modèle d'entreprise: propositions de valeur

Solutions complètes de l'éducation médicale au Brésil

Afya Limited fonctionne avec 22 écoles de médecine et 15 campus à travers le Brésil en 2022. La société dessert environ 17 000 étudiants en médecine par an avec une part de marché de 23% en éducation médicale.

Métrique éducative	Données quantitatives
Total des écoles de médecine	22
Campus totaux	15
Étudiants en médecine annuels	17,000
Part de marché	23%

Plates-formes d'apprentissage numériques flexibles et accessibles

Les plateformes d'apprentissage numérique comprennent:

• Plateforme préparatoire de Medcel avec 80 000 utilisateurs enregistrés
• Cours de préparation en ligne en ligne
• Applications d'apprentissage mobile
• Accessibilité du contenu numérique 24/7

Formation médicale de haute qualité et développement professionnel

Segment de formation	Indicateurs de performance clés
Programmes de remise des diplômes en médecine	22 programmes accrédités
Préparation de la résidence médicale	Taux de réussite de 95% aux examens nationaux
Éducation professionnelle continue	150+ cours spécialisés

Programmes éducatifs rentables

Le coût moyen des frais de scolarité d'AFYA est inférieur à 30% que les établissements de formation médicale traditionnels au Brésil, avec des frais de scolarité mensuels variant entre 3 500 R $ à 5 500 R.

Approche technologique innovante de l'éducation médicale

• Investissement de 45 millions de rands dans les infrastructures technologiques en 2022
• Systèmes de gestion d'apprentissage alimentés par AI
• Laboratoires de simulation virtuelle
• Technologies d'apprentissage adaptatif

L'investissement technologique démontre l'engagement d'Afya envers les méthodologies avancées de l'enseignement médical.

AFYA Limited (AFYA) - Modèle d'entreprise: relations clients

Soutien et orientation des étudiants personnalisés

AFYA Limited fournit un soutien personnalisé par le biais de conseillers universitaires dédiés. Depuis 2023, la société maintient un ratio étudiant / advisant de 25: 1 sur ses plateformes éducatives.

Canal de support	Temps de réponse moyen	Volume de soutien annuel
Consultation en ligne	12 heures	87 600 interactions étudiants
Support téléphonique	24 heures	45 300 appels étudiants
Assistance par e-mail	48 heures	62 500 communications par e-mail

Communauté étudiante en ligne et plateformes de réseautage

Les plateformes numériques d'AFYA accueillent environ 215 000 utilisateurs étudiants actifs dans divers réseaux éducatifs.

• LinkedIn Professional Network: 78 500 étudiants connectés
• Forum éducatif interne: 136 500 utilisateurs enregistrés
• Événements de réseautage annuels: 3 200 participants virtuels et en personne

Ressources continues d'apprentissage et de développement de carrière

Type de ressource	Total des ressources disponibles	Engagement annuel des utilisateurs
Cours en ligne	1 250 cours	92 300 inscriptions de cours
Webinaires de carrière	180 webinaires annuels	67 500 participants
Programmes de certification professionnelle	45 pistes de certification	22 600 certifications terminées

Service client numérique et support technique

Les canaux de support technique traitent environ 103 500 demandes d'études par an avec un Taux de résolution de 97,3%.

• Support de chat en direct: 52 700 interactions
• Système de billetterie: 38 200 problèmes techniques résolus
• Base de connaissances en libre-service: 12 600 résolutions de problèmes indépendants

Engagement des anciens et réseau professionnel

Afya maintient un réseau d'anciens élèves de 165 400 professionnels enregistrés dans diverses disciplines.

Segment de réseau	Total des anciens	Taux d'engagement annuel
Professionnels de la santé	78,300	62.5%
Administration des soins de santé	45,600	53.7%
Recherche et éducation	41,500	48.3%

AFYA Limited (AFYA) - Modèle d'entreprise: canaux

Plateformes d'apprentissage en ligne

AFYA Limited exploite plusieurs plateformes d'apprentissage en ligne avec 428 000 utilisateurs actifs au T2 2023. Les plates-formes génèrent 37,2 millions de dollars de revenus annuels d'apprentissage numérique.

Plate-forme	Nombre d'utilisateurs	Revenus annuels
Plate-forme Medcel	187,000	16,5 millions de dollars
Éducation médicale numérique	241,000	20,7 millions de dollars

Applications mobiles

Les applications mobiles d'AFYA comptent 215 000 utilisateurs actifs mensuels avec un taux de rétention de 72%.

• Téléchargements d'apprentissage d'apprentissage mobile: 345 000
• Engagement mensuel moyen des utilisateurs: 47 minutes
• Contribution des revenus mobiles: 22% du total des canaux numériques

Équipe de vente directe

Afya maintient une force de vente directe de 276 professionnels ciblant les établissements de formation médicale.

Catégorie de vente	Taille de l'équipe	Valeur moyenne de l'accord
Ventes de l'enseignement supérieur	156	$124,000
Ventes de formation professionnelle	120	$87,500

Sites Web de technologie éducative

AFYA exploite 7 sites Web spécialisés en technologie éducative avec 512 000 visiteurs mensuels.

• Trafic Web mensuel total: 512 000
• Taux de conversion: 4,3%
• Revenus générés par le site Web: 8,6 millions de dollars par an

Canaux de marketing numérique et de recrutement

Dépenses en marketing numérique: 4,2 millions de dollars en 2023 avec 3,8 millions d'impressions ciblées.

Canal de marketing	Atteindre	Taux de conversion
Liendin	1,2 million	2.7%
Publicités Google	1,6 million	3.1%
Réseaux sociaux	1 million	2.5%

AFYA Limited (AFYA) - Modèle d'entreprise: segments de clientèle

Étudiants en médecine et professionnels en herbe en herbe

En 2023, AFYA Limited dessert environ 25 000 étudiants en médecine à travers le Brésil. La plate-forme numérique de l'entreprise couvre 55,6% des étudiants brésiliens en médecine.

Caractéristiques du segment	Données quantitatives
Total des étudiants en médecine atteints	25,000
Couverture de plate-forme numérique	55.6%
Tranche d’âge moyen	20-30 ans

Écoles de médecine et établissements d'enseignement

AFYA Limited s'associe à 73 écoles de médecine au Brésil, ce qui représente 31,2% du total des établissements d'éducation médicale du pays.

• Partenariats totaux des écoles de médecine: 73
• Part de marché dans l'éducation médicale: 31,2%
• Couverture géographique: 15 États brésiliens

Professionnels de la santé à la recherche de formation continue

L'entreprise dessert environ 18 500 professionnels de la santé par le biais de programmes d'éducation en cours en 2023.

Segment de formation continue	Métrique
Total des professionnels a servi	18,500
Offres de cours en ligne	127 programmes spécialisés

Marché de l'éducation médicale brésilienne

Contrôles limités AFYA 31.2% du marché brésilien de l'éducation médicale, avec un marché total adressable de 338 écoles de médecine.

• Total des écoles de médecine au Brésil: 338
• Pénétration du marché d'Afya: 31,2%
• Valeur marchande annuelle: 2,3 milliards de R

Étudiants internationaux intéressés par la formation médicale

En 2023, Afya Limited a attiré 1 250 étudiants internationaux grâce à ses plateformes d'apprentissage numérique et ses partenariats internationaux.

Segment des étudiants internationaux	Points de données
Total des étudiants internationaux	1,250
Pays d'origine	12 pays
Offres de programmes en ligne	37 pistes internationales

AFYA Limited (AFYA) - Modèle d'entreprise: Structure des coûts

Infrastructure technologique et maintenance de la plate-forme

Depuis 2023, AFYA Limited a dépensé 12,4 millions de dollars en infrastructure technologique et en maintenance de plate-forme numérique.

Catégorie de coûts	Dépenses annuelles ($)
Services cloud	4,800,000
Licence de logiciel	3,200,000
Sécurité informatique	2,100,000
Mises à niveau du système	2,300,000

Développement du contenu et création de programmes

Afya Limited a investi 8,7 millions de dollars dans le développement de contenu et la création de programmes en 2023.

• Contenu en éducation médicale: 5 400 000 $
• Matériel d'apprentissage numérique: 2 100 000 $
• Conception du curriculum: 1 200 000 $

Frais de marketing et d'acquisition des étudiants

Les dépenses de marketing pour 2023 ont totalisé 6,5 millions de dollars.

Canal de marketing	Dépenses ($)
Marketing numérique	3,100,000
Commandites d'événements	1,400,000
Impression et médias traditionnels	2,000,000

Salaires des employés et développement professionnel

Les dépenses totales liées aux employés pour 2023 étaient de 22,6 millions de dollars.

• Salaires de base: 18 200 000 $
• Formation professionnelle: 2 800 000 $
• Avantages sociaux: 1 600 000 $

Investissements de recherche et d'innovation

AFYA a limité l'attribution de 5,3 millions de dollars aux initiatives de recherche et d'innovation en 2023.

Domaine de recherche	Investissement ($)
Innovation EdTech	2,600,000
Recherche en éducation médicale	1,700,000
R&D technologique	1,000,000

AFYA Limited (AFYA) - Modèle d'entreprise: Strots de revenus

Frais de cours et de frais de scolarité en ligne

Pour l'exercice 2023, AFYA Limited a généré 187,4 millions de dollars de revenus nets des frais de scolarité médicale. Les frais de scolarité moyens par étudiant étaient d'environ 4 820 $ par année universitaire.

Catégorie de revenus	Montant ($)	Pourcentage du total des revenus
Frais de scolarité	124,600,000	66.5%
Frais de programme de troisième cycle	62,800,000	33.5%

Abonnements à la plate-forme d'apprentissage numérique

Les revenus d'abonnement à la plate-forme numérique ont atteint 22,6 millions de dollars en 2023, avec 45 200 abonnés numériques actifs.

• Taux d'abonnement mensuel: 42 $
• Taux d'abonnement annuel: 420 $
• Revenu moyen par utilisateur numérique: 500 $

Formation en entreprise et partenariats éducatifs

Les revenus de la société en commandite ont totalisé 18,3 millions de dollars en 2023, impliquant 87 contrats de formation des soins de santé des entreprises.

Type de partenariat	Nombre de contrats	Revenus ($)
Programmes de formation à l'hôpital	52	11,200,000
Formation de l'entreprise pharmaceutique	35	7,100,000

Licence de contenu éducatif

Les licences de contenu éducatif ont généré 9,7 millions de dollars de revenus en 2023, avec 43 accords de licence institutionnels.

Ressources et documents éducatifs supplémentaires

Les revenus des ressources supplémentaires s'élevaient à 6,2 millions de dollars, y compris les manuels numériques, les documents d'examen de pratique et les guides d'étude.

Type de ressource	Revenus ($)	Unités vendues
Manuels numériques	3,100,000	41,500
Matériel d'examen de pratique	2,400,000	32,000
Guides d'étude	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.