Afya Continues to Deliver Strong Performance in Q2 2026 with Revenue Growth and Expanding User Base
Afya, a leading healthcare education company, continued its impressive run in the second quarter of 2026, delivering solid revenue growth and expanding its user base across various segments. During a recent conference call, Afya's CEO, Virgilio Gibbon, and CFO, Luis Blanco, outlined the company's Q2 2026 results, which showed a 7% year-over-year increase in revenue to BRL 1,985 million.
The company's Adjusted EBITDA reached BRL 918 million, growing 3% year-over-year, with an adjusted EBITDA margin of 46.2%. However, this margin decrease was primarily driven by lower gross profit contribution from continuing education, due to higher sales and marketing expenses associated with the investment cycle outlined at the beginning of the year across continuing education and medical practice solutions.
Afya's net income reached BRL 463 million, a 7% increase year-over-year, while Basic EPS climbed to BRL 5.10, representing a 9% increase over the previous year. The company's operating cash conversion remained strong at 87.8%, in line with the prior year.
In terms of operational updates, Afya reported 3,768 operating medical seats, an increase of over 6% year-over-year. Additionally, the number of undergraduate medical students grew to more than 26,000 students, representing a 3% growth compared to the first half of last year. The company also increased the net average fees of medical school by almost 4% year-over-year, reaching BRL 9,443.
In continuing education, Afya saw an increase of almost 5% over last year, reaching BRL 144 million. Medical Practice Solution revenue grew 2% compared to the first half of 2025, reaching BRL 85 million. The company's ecosystem now accounts for 295,000 users, reflecting continued meaningful penetration among physicians and medical students across the country.
Afya's business segments also showed favorable trends in medicine course pricing, with tickets rising by nearly 4% year-over-year. In addition, health science courses delivered 13% growth compared to previous years, driven by the diversification of Afya's health-related undergrad portfolio. The company's B2P revenue for continuing education grew 8% compared to the same period last year.
The Medical Practice Solution segment reported a 20% increase in clinical management active payers in the first half of this year and 5% growth in B2B revenue over the same period. As Afya continues to prioritize shareholder returns, its disciplined capital allocation framework created sustainable value for shareholders, with BRL 448 million returned through dividends and share repurchase in the first half of 2026, representing 106% of Free Cash Flow to Equity.
