AFYA Limited (AFYA): Analyse Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de l'éducation médicale brésilienne, Afya Limited apparaît comme une force transformatrice, naviguant sur des terrains politiques, économiques et technologiques complexes. Cette analyse complète du pilon dévoile l'écosystème complexe qui façonne le positionnement stratégique d'Afya, révélant comment l'entreprise réagit habilement aux défis réglementaires, aux demandes du marché et aux innovations technologiques. En disséquant les facteurs externes à multiples facettes qui influencent ses opérations, nous découvrons le récit convaincant d'une entreprise éducative avant-gardiste sur le point de redéfinir la formation professionnelle des soins de santé au Brésil et au-delà.

AFYA Limited (AFYA) - Analyse du pilon: facteurs politiques

Environnement réglementaire des soins de santé du Brésil

Le ministère brésilien de l'Éducation (MEC) réglemente l'éducation médicale par des processus stricts d'accréditation. En 2024, le Brésil compte 348 écoles de médecine, AFYA opérant 24 établissements de formation médicale dans 11 États brésiliens.

Aspect réglementaire	État actuel	Impact sur Afya
Accréditation des écoles de médecine	Cycle d'évaluation MEC	Nécessite une conformité continue
Participation à l'examen national	Obligatoire pour les diplômés en médecine	Métrique de performance institutionnelle directe

Stabilité politique et investissement éducatif

Le paysage politique du Brésil influence directement l'investissement éducatif. En 2023, le gouvernement brésilien a alloué 55,7 milliards de R $ au financement de l'enseignement supérieur.

• Attribution du budget fédéral pour l'enseignement supérieur: 55,7 milliards de R $ (2023)
• Investissement gouvernemental dans l'éducation médicale: environ 8,3 milliards de rands
• Croissance des investissements éducatifs projetés: 3,2% par an

Politiques gouvernementales sur la formation des soins de santé

Les politiques gouvernementales récentes mettent l'accent sur l'accès à l'éducation médicale. Le gouvernement brésilien vise à augmenter les professionnels de la santé de 30% d'ici 2030.

Objectif politique	Cible	Chronologie
Expansion professionnelle médicale	Augmentation de 30%	D'ici 2030
Accessibilité des écoles de médecine	Augmenter la couverture régionale	En cours

Financement de l'éducation et incertitudes d'accréditation

Les changements potentiels dans les mécanismes de financement de l'éducation créent des défis stratégiques pour l'AFYA. L'entreprise doit s'adapter continuellement à l'évolution des exigences réglementaires.

• Risque potentiel de réduction du financement: 5 à 7% par an
• Fréquence de renouvellement d'accréditation: tous les 3 à 5 ans
• Estimation des coûts de conformité: 2,5 à 3,2 millions de R $ par institution

AFYA Limited (AFYA) - Analyse du pilon: facteurs économiques

Fluctuations économiques brésiliennes

Le taux de croissance du PIB du Brésil en 2023 était de 2,9%. Le taux d'inflation en décembre 2023 était de 4,62%. Le taux de chômage était de 8,3% au cours de la même période.

Indicateur économique	Valeur 2023	Impact sur Afya
Taux de croissance du PIB	2.9%	Impact positif modéré sur l'inscription des étudiants
Taux d'inflation	4.62%	Augmentation des coûts opérationnels
Taux de chômage	8.3%	Augmentation potentielle de la demande d'éducation

Croissance du marché de l'éducation des soins de santé

La taille du marché de l'éducation des soins de santé brésilienne était estimée à 12,5 milliards de dollars en 2023. Le segment de l'éducation médicale a augmenté de 5,2% d'une année à l'autre.

Volatilité des devises

Taux de change réel brésilien (BRL) contre USD en 2023:

• Taux de change moyen: 1 USD = R 4,98 $
• Taux de change de fin d'année: 1 USD = R 4,92 $

Métrique de la devise	Valeur 2023
Taux moyen USD / BRL	4.98
Taux de fin d'année USD / BRL	4.92
Indice de volatilité des devises	3.7%

Demande de soins de santé et formation professionnelle

Secteur de la santé brésilienne Croissance projetée: 6,3% en 2024. Détroits de professionnels de la santé estimés à 54 000 à l'échelle nationale.

Métrique de formation des soins de santé	Valeur 2023-2024
Croissance du secteur des soins de santé	6.3%
Pénurie de professionnels de la santé	54,000
Nouvelles inscriptions à l'école de médecine	22,450

AFYA Limited (AFYA) - Analyse du pilon: facteurs sociaux

La demande croissante de professionnels de la santé au Brésil crée des opportunités d'expansion du marché

La pénurie de main-d'œuvre des soins de santé du Brésil indique un potentiel de marché important. Selon le ministère brésilien de la Santé, le pays nécessite environ 372 000 professionnels supplémentaires d'ici 2030.

Catégorie professionnelle de la santé	Main-d'œuvre actuelle	Pénurie projetée
Médecins	496,747	62 500 d'ici 2030
Infirmières	376,482	154 000 d'ici 2030
Techniciens	189,243	155 500 d'ici 2030

L'accent mis de plus en plus sur l'apprentissage numérique et à distance transforme les modèles de livraison éducative

Le marché brésilien des technologies pédagogiques a atteint 2,1 milliards de dollars en 2023, avec une éducation des soins de santé représentant 18% des plateformes d'apprentissage numérique.

Métriques d'apprentissage numérique	2023 statistiques
Cours de santé en ligne	487 programmes enregistrés
Taux d'adoption de l'apprentissage numérique	42,3% dans l'enseignement médical
Investissement moyen par étudiant	R 3 750 R $ par an

Les changements démographiques vers les populations d'étudiants plus jeunes et axées sur la technologie remodèlent les stratégies éducatives

Brésilien Higher Education Demographics Show 67,3% des étudiants en médecine ont moins de 30 ans, avec l'augmentation des préférences d'intégration technologique.

Demographie des étudiants	Pourcentage
18-24 groupes d'âge	43.6%
25-30 groupes d'âge	23.7%
Compétence technologique	92.4%

Attentes sociales en matière de scolarité médicale et de santé de haute qualité

Les indicateurs de qualité de l'éducation médicale brésilienne démontrent des attentes sociétales croissantes, avec 87,5% des étudiants privilégiant les méthodologies d'apprentissage innovantes.

Métriques de la qualité de l'éducation	2023 données
Taux de satisfaction des étudiants	76.2%
Investissement en innovation institutionnelle	124 millions de R
Adoption d'apprentissage basé sur la simulation	63,7% des écoles de médecine

AFYA Limited (AFYA) - Analyse du pilon: facteurs technologiques

Plateformes d'apprentissage numérique et technologies éducatives en ligne

AFYA Limited a investi 37,5 millions de dollars dans les infrastructures d'apprentissage numérique en 2023. La plate-forme en ligne de la société Mededu + dessert 12 487 étudiants en médecine à travers le Brésil, avec un taux d'engagement de cours numérique de 94%.

Investissement technologique	2023 Montant	Taux de croissance
Plateformes d'apprentissage numérique	37,5 millions de R	18.3%
Technologies éducatives en ligne	22,8 millions de R	15.6%

Technologies avancées de simulation et de formation virtuelle

AFYA a déployé 67 laboratoires de simulation médicale avancés à travers le Brésil, avec un investissement de 24,3 millions de R $ en 2023. Les modules de formation de la réalité virtuelle couvrent 43 spécialités médicales différentes.

Technologie de simulation	Quantité	Couverture
Laboratoires de simulation	67	À l'échelle nationale
Spécialités médicales couvertes	43	Complet

Edtech Infrastructure Investment

Le budget de l'infrastructure technologique d'AFYA a atteint 52,1 millions de rands en 2023, ce qui représente 22,7% des dépenses opérationnelles totales. La société maintient des partenariats avec 8 fournisseurs de technologies pour améliorer les capacités éducatives numériques.

Intelligence artificielle et intégration d'apprentissage automatique

L'AFYA a mis en œuvre des algorithmes d'apprentissage adaptatif axés sur l'IA dans 24 programmes d'éducation médicale. Les plates-formes d'apprentissage automatique analysent les performances des élèves dans 3 672 modules d'apprentissage numérique, fournissant des chemins d'apprentissage personnalisés.

Métriques technologiques de l'IA	2023 données
Programmes d'éducation compatible AI	24
Modules d'apprentissage numérique	3,672
Investissement d'IA	16,5 millions de R

AFYA Limited (AFYA) - Analyse du pilon: facteurs juridiques

Règlements stricts sur l'accréditation éducative brésilienne

Le ministère brésilien de l'Éducation (MEC) impose des normes d'accréditation rigoureuses pour les établissements de formation médicale. Depuis 2024, AFYA Limited doit se conformer au décret n ° 9 235/2017 et à l'ordonnance n ° 20/2017, qui oblige les processus d'évaluation institutionnels complets.

Aspect réglementaire	Exigence de conformité	Fréquence de vérification
Accréditation institutionnelle	Compliance complète avec les normes MEC	Tous les 3 ans
Indicateurs de qualité académique	Score minimum de 3/5 en évaluation enade	Évaluation annuelle
Exigences d'infrastructure	Minimum 70% de la conformité à l'espace physique	Inspection biennale

Normes d'éducation aux soins de santé et certification professionnelle

Conseil fédéral brésilien de médecine (CFM) applique des réglementations strictes pour la certification professionnelle médicale. AFYA Limited doit garantir la conformité à la résolution CFM n ° 2221/2018 concernant les normes du programme d'éducation médicale.

Paramètre de certification	Exigence légale	Métrique de conformité
Validation de diplôme en médecine	Programme médical minimum de 6 ans	Alignement à 100% du programme
Programme de résidence	Formation spécialisée obligatoire de 2 à 3 ans	Supervision stricte par CFM

Protection de la propriété intellectuelle

Le droit de la propriété intellectuelle brésilienne (loi n ° 9 610/198) régit la protection du contenu éducatif et des innovations technologiques développées par Afya Limited.

• Actifs de propriété intellectuelle enregistrés totaux: 37 brevets
• Investissement annuel dans la R&D: BRL 12,5 millions
• Couverture de protection de l'innovation technologique: 100% du contenu développé

Cadres réglementaires de l'enseignement médical

Conformité des directives nationales Mandats d'adhésion réglementaire complète sur les plateformes d'éducation médicale.

Cadre réglementaire	Exigences spécifiques	Statut de conformité
Règlement sur l'éducation numérique	Allocation de contenu en ligne minimum de 20%	Compliance complète
Normes de formation professionnelle	Heures de pratique clinique obligatoires	1 200 heures minimum par programme

AFYA Limited (AFYA) - Analyse du pilon: facteurs environnementaux

Initiatives de développement durable du campus et d'infrastructures vertes

AFYA Limited a investi 3,2 millions de R $ dans des projets d'infrastructures vertes sur ses campus éducatifs au Brésil. La société a mis en œuvre des installations de panneaux solaires dans 12 établissements de formation médicale, réduisant la consommation d'électricité de 37% par an.

Emplacement du campus	Capacité du panneau solaire	Économies d'énergie annuelles	Montant d'investissement
São Paulo	250 kwp	315 MWH	R 680 000 $
Rio de Janeiro	180 kwp	226 MWH	R 490 000 $ R
Belo Horizonte	210 kwp	265 MWH	570 000 $ R

Santé environnementale et durabilité dans le programme médical

AFYA a limité les modules de santé environnementale intégrés dans 87% de ses programmes médicaux, couvrant des sujets tels que l'impact sur le changement climatique sur la santé publique. 5 nouveaux cours axés sur la durabilité ont été développés en 2023, représentant une augmentation de 42% par rapport à l'année précédente.

Réduction de l'empreinte carbone à travers les technologies numériques

Les plates-formes d'apprentissage numériques ont réduit les émissions de carbone d'environ 22 tonnes métriques CO2 équivalent en 2023. Technologies d'apprentissage à distance activées:

• 72 000 étudiants accédant aux ressources éducatives en ligne
• Réduction de 46% des émissions physiques liées aux voyages
• Mise en œuvre de 128 laboratoires de simulation virtuelle

Programmes environnementaux de responsabilité sociale d'entreprise

Nom du programme	Focus environnemental	Participants annuels	Allocation budgétaire
Green Healthcare Initiative	Pratiques médicales durables	3 450 étudiants	540 000 $ R
Sensibilisation à la santé climatique	Éducation à la santé environnementale	2 800 participants	420 000 R $

AFYA a limité l'attribution de 1,2 million de R $ aux programmes d'éducation environnementale et de sensibilisation en 2023, ce qui représente une augmentation de 28% par rapport aux investissements 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.