AFYA LIMITED (AFYA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da educação médica, a Afya Limited emerge como uma força transformadora, revolucionando como os profissionais de saúde aprendem e crescem no Brasil. Ao misturar perfeitamente a tecnologia digital de ponta com treinamento médico abrangente, a AFYA criou um modelo de negócios inovador que aborda lacunas críticas nas abordagens educacionais tradicionais. Sua estratégia exclusiva não apenas democratiza a educação médica, mas também aproveita plataformas tecnológicas avançadas para criar experiências de aprendizado flexíveis, acessíveis e de alta qualidade que estão reformulando o futuro do desenvolvimento profissional de saúde.

Afya Limited (AFYA) - Modelo de negócios: Parcerias -chave

Instituições de educação médica e universidades no Brasil

A Afya Limited mantém parcerias estratégicas com 62 instituições de educação médica em todo o Brasil a partir de 2023. Essas parcerias cobrem aproximadamente 4.200 matrículas de estudantes de medicina.

Tipo de parceiro	Número de instituições	Cobertura de matrícula de estudantes
Escolas de medicina	62	4.200 alunos

Provedores de tecnologia de saúde e desenvolvedores de software

A AFYA colabora com 15 provedores de tecnologia de saúde para aprimorar plataformas de aprendizado digital e soluções de educação médica.

• Parcerias do Sistema de Gerenciamento de Aprendizagem Digital
• Desenvolvimento de software de simulação médica
• Integração de tecnologia de avaliação on -line

Hospitais privados e clínicas médicas

A AFYA estabeleceu parcerias com 87 hospitais particulares e clínicas médicas para treinamento clínico e experiências práticas de educação médica.

Categoria de parceria	Número de parcerias	Cobertura geográfica
Hospitais particulares	87	Vários estados brasileiros

Colaboradores da plataforma de aprendizado digital

A AFYA faz parceria com 22 provedores de plataformas de aprendizado digital para expandir as capacidades de educação médica on -line.

• Plataformas de conteúdo médico interativo
• Tecnologia virtual em sala de aula
• Soluções de aprendizado remoto

Conteúdo médico e parceiros de desenvolvimento curricular

A AFYA colabora com 45 especialistas em conteúdo médico e especialistas em desenvolvimento de currículos para garantir recursos educacionais de alta qualidade.

Foco em parceria	Número de parceiros	Áreas de conteúdo
Desenvolvimento de Conteúdo Médico	45	Várias especialidades médicas

Afya Limited (AFYA) - Modelo de negócios: Atividades -chave

Criação de conteúdo de educação médica e desenvolvimento de currículo digital

A Afya Limited gera 87% de seu conteúdo educacional digitalmente a partir de 2023. A empresa produz aproximadamente 1.200 horas de conteúdo de treinamento médico anualmente.

Tipo de conteúdo	Volume anual de produção	Porcentagem digital
Palestras de vídeo médico	680 horas	92%
Simulações interativas	240 horas	85%
Materiais de exame de prática	280 horas	82%

Gerenciamento de programas de treinamento médico online e híbrido

Afya gerencia 156 programas de treinamento médico em todo o Brasil, com 74% entregues por meio de plataformas híbridas ou on -line em 2023.

• Alunos ativos totais: 22.347
• Inscrição do programa on -line: 16.538 alunos
• Inscrição do programa híbrido: 5.809 alunos

Manutenção e aprimoramento da plataforma de tecnologia

O investimento em tecnologia em 2023 atingiu R $ 42,3 milhões, representando 15,6% do total de despesas operacionais.

Área de investimento em tecnologia	Despesas anuais	Porcentagem de investimento total
Infraestrutura da plataforma	R $ 18,7 milhões	44.2%
Segurança cibernética	R $ 8,5 milhões	20.1%
Desenvolvimento de software	R $ 15,1 milhões	35.7%

Serviços de recrutamento e matrícula de estudantes

A AFYA processou 45.672 pedidos de aluno em 2023, com uma taxa de conversão de 48,3%.

• Total de pedidos recebidos: 45.672
• Inscrições bem -sucedidas: 22.050
• Custo de aquisição de marketing por aluno: R $ 687

Inovação em tecnologia educacional e soluções de aprendizado digital

A despesa de P&D para inovação em tecnologia educacional foi de R $ 24,6 milhões em 2023.

Categoria de inovação	Investimento	Novos recursos desenvolvidos
Plataformas de aprendizado da IA	R $ 9,2 milhões	37 novos módulos algorítmicos
Tecnologias de aprendizado adaptativo	R $ 7,8 milhões	24 caminhos de aprendizagem personalizados
Tecnologias de simulação virtual	R $ 7,6 milhões	18 novas simulações de treinamento médico

Afya Limited (AFYA) - Modelo de negócios: Recursos -chave

Plataformas proprietárias de aprendizado digital e tecnologias educacionais

A Afya Limited opera 11 plataformas de aprendizado digital em todo o Brasil a partir de 2023. A empresa investiu R $ 47,3 milhões em infraestrutura de tecnologia no ano fiscal de 2022.

Tipo de plataforma	Número de plataformas	Capacidade do usuário
Plataformas de educação médica	7	125.000 usuários ativos
Plataformas de cursos preparatórios	4	85.000 usuários ativos

Extenso conteúdo de educação médica e currículo

Afya Limited mantém Mais de 15.000 horas de conteúdo de educação médica em várias especialidades.

• Conteúdo médico de graduação: 8.500 horas
• Conteúdo da preparação para residência médica: 4.200 horas
• Conteúdo contínuo de educação médica: 2.300 horas

Forte rede de educadores e profissionais médicos

A rede compreende 2.350 educadores médicos e profissionais em todo o Brasil a partir de 2023.

Categoria educadora	Número de profissionais
Professores médicos em tempo integral	620
Instrutores médicos de meio período	1,730

Infraestrutura tecnológica avançada

O investimento em infraestrutura tecnológica atingiu R $ 62,5 milhões em 2022, apoiando várias plataformas digitais e tecnologias educacionais.

• Infraestrutura de computação em nuvem
• Centers de dados de alto desempenho
• Sistemas avançados de segurança cibernética

Equipes de tecnologia qualificadas e de desenvolvimento educacional

A Afya Limited emprega 425 profissionais de desenvolvimento e desenvolvimento educacional a partir de 2023.

Composição da equipe	Número de profissionais
Desenvolvedores de software	210
Designers de conteúdo educacional	125
Gerentes de projeto de tecnologia	90

Afya Limited (AFYA) - Modelo de negócios: proposições de valor

Soluções abrangentes de educação médica no Brasil

A Afya Limited opera com 22 escolas de medicina e 15 campi em todo o Brasil a partir de 2022. A empresa atende aproximadamente 17.000 estudantes de medicina anualmente com uma participação de mercado de 23% em educação médica.

Métrica de Educação	Dados quantitativos
Total de escolas de medicina	22
Total de campi	15
Estudantes de medicina anuais	17,000
Quota de mercado	23%

Plataformas de aprendizado digital flexíveis e acessíveis

As plataformas de aprendizado digital incluem:

• Plataforma preparatória de Medcel com 80.000 usuários registrados
• Cursos de preparação de residência médica online
• Aplicativos de aprendizado móvel
• Acessibilidade de conteúdo digital 24/7

Treinamento médico de alta qualidade e desenvolvimento profissional

Segmento de treinamento	Principais indicadores de desempenho
Programas de graduação médica	22 programas credenciados
Preparação de residência médica	Taxa de aprovação de 95% nos exames nacionais
Educação Profissional Contínua	150+ cursos especializados

Programas educacionais econômicos

O custo médio da mensalidade da AFYA é 30% menor que as instituições de educação médica tradicionais no Brasil, com aulas mensais variando entre R $ 3.500 a R $ 5.500.

Abordagem tecnológica inovadora da educação médica

• Investimento de R $ 45 milhões em infraestrutura tecnológica em 2022
• Sistemas de gerenciamento de aprendizagem movidos a IA
• Laboratórios de simulação virtual
• Tecnologias de aprendizado adaptativo

O investimento tecnológico demonstra o compromisso da AFYA com as metodologias avançadas de educação médica.

Afya Limited (AFYA) - Modelo de Negócios: Relacionamentos do Cliente

Apoio e orientação personalizados do aluno

A Afya Limited fornece suporte personalizado por meio de consultores acadêmicos dedicados. A partir de 2023, a empresa mantém uma relação aluno para consultor de 25: 1 em suas plataformas educacionais.

Canal de suporte	Tempo médio de resposta	Volume de suporte anual
Consulta on -line	12 horas	87.600 interações dos alunos
Suporte telefônico	24 horas	45.300 ligações de estudantes
Suporte por e -mail	48 horas	62.500 Comunicações por e -mail

Comunidade de estudantes on -line e plataformas de rede

As plataformas digitais da AFYA hospedam aproximadamente 215.000 usuários de estudantes ativos em várias redes educacionais.

• Rede Profissional do LinkedIn: 78.500 alunos conectados
• Fórum Educacional Interno: 136.500 Usuários Registrados
• Eventos anuais de networking: 3.200 participantes virtuais e pessoais

Aprendizagem contínua e recursos de desenvolvimento de carreira

Tipo de recurso	Recursos totais disponíveis	Engajamento anual do usuário
Cursos online	1.250 cursos	92.300 matrículas de curso
Webinars de carreira	180 webinars anuais	67.500 participantes
Programas de certificação profissional	45 faixas de certificação	22.600 certificações concluídas

Atendimento ao cliente digital e suporte técnico

Os canais de suporte técnico lidam com aproximadamente 103.500 consultas de estudantes anualmente com um 97,3% da taxa de resolução.

• Suporte ao bate -papo ao vivo: 52.700 interações
• Sistema de emissão de emissão de emissão: 38.200 problemas técnicos resolvidos
• Base de conhecimento de autoatendimento: 12.600 resoluções de problemas independentes

Engajamento de ex -alunos e rede profissional

A AFYA mantém uma rede de ex -alunos de 165.400 profissionais registrados em várias disciplinas.

Segmento de rede	Alunos totais	Taxa de engajamento anual
Profissionais médicos	78,300	62.5%
Administração de Saúde	45,600	53.7%
Pesquisa e educação	41,500	48.3%

Afya Limited (AFYA) - Modelo de Negócios: Canais

Plataformas de aprendizado on -line

A Afya Limited opera várias plataformas de aprendizado on -line com 428.000 usuários ativos a partir do quarto trimestre 2023. As plataformas geram US $ 37,2 milhões em receita anual de aprendizado digital.

Plataforma	Contagem de usuários	Receita anual
Medcel Platform	187,000	US $ 16,5 milhões
Educação Médica Digital	241,000	US $ 20,7 milhões

Aplicativos móveis

Os aplicativos móveis da AFYA têm 215.000 usuários ativos mensais com uma taxa de retenção de 72%.

• Mobile Learning App Downloads: 345.000
• Engajamento médio mensal do usuário: 47 minutos
• Contribuição da receita móvel: 22% do total de canais digitais

Equipe de vendas diretas

A AFYA mantém uma força de vendas direta de 276 profissionais direcionados a instituições de educação médica.

Categoria de vendas	Tamanho da equipe	Valor médio de negócios
Vendas de ensino superior	156	$124,000
Vendas de treinamento profissional	120	$87,500

Sites de tecnologia educacional

A AFYA opera 7 sites especializados de tecnologia educacional com 512.000 visitantes mensais.

• Tráfego mensal total da Web: 512.000
• Taxa de conversão: 4,3%
• Receita gerada pelo site: US $ 8,6 milhões anualmente

Canais de marketing digital e recrutamento

Gastes de marketing digital: US $ 4,2 milhões em 2023, com 3,8 milhões de impressões direcionadas.

Canal de marketing	Alcançar	Taxa de conversão
LinkedIn	1,2 milhão	2.7%
Google anúncios	1,6 milhão	3.1%
Mídia social	1 milhão	2.5%

Afya Limited (AFYA) - Modelo de negócios: segmentos de clientes

Estudantes de medicina e aspirantes a profissionais de saúde

A partir de 2023, a Afya Limited atende a aproximadamente 25.000 estudantes de medicina em todo o Brasil. A plataforma digital da empresa cobre 55,6% dos estudantes de medicina brasileiros.

Características do segmento	Dados quantitativos
Total de estudantes de medicina alcançados	25,000
Cobertura da plataforma digital	55.6%
Faixa etária média	20-30 anos

Escolas de medicina e instituições educacionais

A AFYA Limited faz parceria com 73 escolas de medicina no Brasil, representando 31,2% do total de instituições de educação médica no país.

• Total de parcerias das escolas de medicina: 73
• Participação de mercado na educação médica: 31,2%
• Cobertura geográfica: 15 estados brasileiros

Profissionais de saúde que buscam educação continuada

A empresa atende aproximadamente 18.500 profissionais de saúde por meio de programas de educação em andamento em 2023.

Segmento de educação continuada	Métricas
Total de profissionais atendidos	18,500
Ofertas de curso on -line	127 programas especializados

Mercado de educação médica brasileira

Afya Controles limitados 31.2% do mercado brasileiro de educação médica, com um mercado total endereçável de 338 escolas de medicina.

• Total de Medicina Faculdades no Brasil: 338
• Penetração no mercado de Afya: 31,2%
• Valor de mercado anual: R $ 2,3 bilhões

Estudantes internacionais interessados ​​em treinamento médico

Em 2023, a Afya Limited atraiu 1.250 estudantes internacionais por meio de suas plataformas de aprendizado digital e parcerias internacionais.

Segmento de estudantes internacionais	Pontos de dados
Total de estudantes internacionais	1,250
Países de origem	12 países
Ofertas de programas on -line	37 faixas internacionais

Afya Limited (AFYA) - Modelo de negócios: estrutura de custos

Infraestrutura de tecnologia e manutenção de plataforma

A partir de 2023, o Afya Limited gastou US $ 12,4 milhões em infraestrutura de tecnologia e manutenção da plataforma digital.

Categoria de custo	Despesa anual ($)
Serviços em nuvem	4,800,000
Licenciamento de software	3,200,000
Segurança de TI	2,100,000
Atualizações do sistema	2,300,000

Desenvolvimento de conteúdo e criação de currículo

A Afya Limited investiu US $ 8,7 milhões em desenvolvimento de conteúdo e criação de currículo em 2023.

• Conteúdo da educação médica: US $ 5.400.000
• Materiais de aprendizado digital: US $ 2.100.000
• Projeto de currículo: US $ 1.200.000

Despesas de marketing e aquisição de estudantes

As despesas de marketing para 2023 totalizaram US $ 6,5 milhões.

Canal de marketing	Despesa ($)
Marketing digital	3,100,000
Patrocínio de eventos	1,400,000
Mídia impressa e tradicional	2,000,000

Salários de funcionários e desenvolvimento profissional

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 22,6 milhões.

• Salários base: US $ 18.200.000
• Treinamento profissional: US $ 2.800.000
• Benefícios dos funcionários: US $ 1.600.000

Investimentos de pesquisa e inovação

A AFYA Limited alocou US $ 5,3 milhões para iniciativas de pesquisa e inovação em 2023.

Área de pesquisa	Investimento ($)
Inovação da EDTECH	2,600,000
Pesquisa em educação médica	1,700,000
Tecnologia em P&D	1,000,000

Afya Limited (AFYA) - Modelo de negócios: fluxos de receita

Curso on -line e propinas de propinas

Para o ano fiscal de 2023, a Afya Limited gerou US $ 187,4 milhões em receita líquida das propinas da educação médica. A mensalidade média por aluno foi de aproximadamente US $ 4.820 por ano acadêmico.

Categoria de receita	Valor ($)	Porcentagem da receita total
Medical School Tuition	124,600,000	66.5%
Taxas de programa de pós-graduação	62,800,000	33.5%

Assinaturas de plataforma de aprendizado digital

A receita de assinatura da plataforma digital atingiu US $ 22,6 milhões em 2023, com 45.200 assinantes digitais ativos.

• Taxa mensal de assinatura: $ 42
• Taxa anual de assinatura: US $ 420
• Receita média por usuário digital: $ 500

Treinamento corporativo e parcerias educacionais

A receita de parceria corporativa totalizou US $ 18,3 milhões em 2023, envolvendo 87 contratos de treinamento em saúde corporativos.

Tipo de parceria	Número de contratos	Receita ($)
Programas de treinamento hospitalar	52	11,200,000
Treinamento da empresa farmacêutica	35	7,100,000

Licenciamento de conteúdo educacional

O licenciamento de conteúdo educacional gerou US $ 9,7 milhões em receita durante 2023, com 43 acordos de licenciamento institucional.

Recursos e Materiais Educacionais Suplementares

A receita de recursos suplementares totalizou US $ 6,2 milhões, incluindo livros digitais, materiais de exames práticos e guias de estudo.

Tipo de recurso	Receita ($)	Unidades vendidas
Livros digitais	3,100,000	41,500
Pratique materiais para exames	2,400,000	32,000
Guias de estudo	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.