Thank you, Renata, and welcome to our first conference call of 2026. It's with much satisfaction that Afya starts another year's great operational and financial performance.

These quarterly results show the high predictability of our business and success execution of our strategy that once again combines growth with cash generation, Afya's three-pillar business model. In this presentation, I will cover key strategical topics, including our performance highlights, successful business execution across our three segments, and finally, Luis Blanco will provide an in-depth look at our financial and operational performance.

Now turning to page number 3, let's begin by highlighting our performance achievements. Initially, our revenues increased by 8%, reaching R$1 billion and R$13 million, accompanied by a growth in adjusted EBITDA of 4% year over year, reaching R$511 million, with a margin of 50.5%.

We also reported a free cash flow of R$376 million, reflecting 3% increase compared to the previous year, boosted by the solid operational results of the company, with a cash conversion of 92.5% and a solid cash position of R$1.3 billion at the end of the first quarter. With this consistent momentum, our net income reached R$262 million, marking a 2% growth year over year, with an EPS of R$2.88, a 3% increase compared to the previous year.

This growth reflects strong operational performance partially offset by an aprovision related to the OECD Pillar Two global minimum tax. Moving to our operational updates, we have now 3,768 operating medical school seats, with an increase of over 6% year over year.

Additionally, our number of undergrad medical students has reached over 26,000 students, representing over 2% growth compared to the first quarter of 2025. Furthermore, we increased the net average ticket of medical school by almost 5% year over year, reaching R$9,634.

In addition, we continue to observe improving performance in the continuing education and medical practice solutions segments. In continuing education, revenue increased 11% year over year, purely organically, reaching R$79 million.

In medical practice solutions, we saw a 4% growth in revenue compared to the first quarter of 2025, reaching over R$43 million. Lastly, our ecosystem has 304,000 active users, exemplifying substantial penetration among physicians and medical students in the country.

Moving to slide number 4, we will discuss our performance across our three business segments. Starting with the undergrad segment, we observed important movements throughout the quarter, such as higher tickets in medicine course, with almost 5% increase year over year, above 2025 inflation.

This growth was accompanied by a stable gross margin across the segment of 69%. In addition, we expanded our health science student base by 5,000 students compared to the first quarter of 2025.

The continuing education segment delivered record on B2P revenue of R$74 million in the first quarter of 2026, supported by a record student base of 57,000 students, and reflecting the continuing strength of our product offering and engagement across the segment. The medical practice solutions segment delivered solid performance in the first quarter of 2026, supported by an increase of 6,000 clinical management active payers compared with the first quarter of 2025, and B2B revenue grew by 17%, reflecting the continuing progress of our product offering and commercial initiatives across the segment.

I will now turn the call over to Luis Blanco, Afya's CFO, to provide further insights into the financial operational metrics. Thank you.

Thank you, Virgilio, and good evening, everyone. Starting with slide number 6 for discussions of key operational metrics by business unit, starting with the undergraduate programs.

Our medical student base grew by 2% compared with the first quarter of 2025, reaching 26,000 students, while operating medical school seats increased by over 6% year-over-year to 3,768. Our medical school net average tickets increased by 5%, reaching R$9,634 in the first quarter of 2026.

In addition, revenues for the undergraduate segment saw an 8% increase, achieving R$892 million, 86% of which is related to medicine and 94% from health-related courses. On the next page, I will present our continuing education metrics.

We approach continuing education through three main journeys, starting with the residency journey, which encompass products focused on the residency preparation. We saw a 20% decrease, reaching 9,744 students by the end of the period.

In the graduate journey, focused on specialization's tests and preparations and graduate courses in medicine, students grew by 15%, reaching 9,855 students. Lastly, our other courses B2B offerings increased an impressive 41% over the same three-month period of the prior year.

Continuing education revenue grows to R$79 million in the three-month period of 2026, up from R$71 million in the three-month period of 2025, reflecting a growth of 11%. This includes a 13% increase in B2P revenue and 14% decline in B2B.

Moving to slide number 8, I'll discuss the medical practice solutions operational metrics. The first graph shows our total active payers, which are the ones that generate revenues in the business-to-physician.

The number of active payers declined to 201,000, a 1% decline over the same quarter last year. The second graph highlights our monthly active users, which account for 221,000, a reduction of 10% compared to the same period of the prior year.

Lastly, our final graph represents revenue of our medical practice solutions segments, which has expanded by over 4% compared to the same quarter of the last year, reaching R$43 million. Of this total, R$38 million was generated by B2P, showing an increase of 3%, while B2B contributed to R$5 million, 17% increase over the same quarter last year.

In the next slide, we presented our Afya ecosystem. We're pleased to highlight Afya's substantial contributions to the Brazilian healthcare community.

By the end of the first quarter of 2026, our ecosystem encompass 304,000 physicians and medical students using our service and products. Moving forward to page 10, I want to discuss our financial overview for the first quarter of 2026, starting with the next slide.

With great satisfaction, I present another strong quarterly performance for Afya. Revenue for the first quarter 2026 reached R$1,013 million, representing an 8% increase compared to the same quarter of last year.

The quarterly revenue increase has mainly due to higher tickets in medicine courses, the increase in non-medical undergraduate students, the acquisition of UNIFIP, and advancements of the continuing educational segment. In the first quarter of 2026, adjusted EBITDA rose by 4%, reaching R$511 million, with an adjusted EBITDA margin of 50.5%, a reduction of 200 basis points compared to the first quarter of 2025.

The reduction in adjusted EBITDA margin was primarily driven by higher costs and expenses in continuing educational and medical practice solutions segments, mainly reflecting a lower gross margin compared with the first quarter of 2025, and higher payroll, sales, and marketing expenses associated with the ongoing investment cycle in both segments. Moving to the next slide, the first quarter cash flow from operating activities rose by 0.6%, reaching R$473 million.

The operating cash conversion ratio was 92.5%. Net income for the first quarter of 2026 stood at R$262 million, representing a 2% increase from the same period of 2025.

This growth reflects stronger operational performance, partially offset by an additional taxation provisions related to OECD Pillar Two global minimum taxation. Despite a lower adjusted EBITDA margin driven by higher expenses in continuing education and medical practice solutions, net income growth was sustained, supported by the disciplined execution and the consistency of our business model.

Regarding EPS, we achieved R$2.88 per share in the three-month period, representing a 3% increase year-over-year. Now moving to my two last slides, I will discuss our cash and net debt position, also give you more color on our cost of debt.

These slides present a table detailing our gross debt composition at the end of the first quarter of 2026, and the total cost of debt covering our primarily obligations. Afya capital structure remains solid, with a conservative leverage position and a low cost of debt.

Afya net debt excluding IFRS 16 divided by the mid-point of the 2026 adjusted EBITDA guidance was 0.7 times. Our financial discipline was also independently recognized.

On May 5th, Moody's reaffirmed Afya credit rating at AAA, with a stable outlook, reflecting our consistent revenue growth, above-industry-average margins, solid cash generation, and robust liquidity, while also recognizing our strong competitive position and disciplined approach to liability management and capital allocation. On the next page, we can look closely at the net debt variation.

As of the end of the first quarter of 2026, our net debt has reduced to R$1,151 million when compared to the end of 2025, a reduction of R$218 million, even considering the repurchase of R$70 million in treasury in the first quarter, reflecting our strong operational performance and capital allocation discipline. This concludes our prepared remarks.

We're pleased with the progress achieved during the quarter and with the consistency of our executions across the business segments. Our commitment to advances through the medical journey through an integrated ecosystem of educational and medical practice solutions remains unchanged, supporting students through their path to became physicians, promoting continuing medical learning, and enhancing physician decision-making and productivity.

Looking ahead, we remain focused on executing our strategy with discipline and capturing the opportunities ahead. I will now open the conference for the Q&A section.

Thank you.

If you would like to ask a question, we want you to confirm if your name is in your Zoom account correct. If not, please exit the call and enter again with the link that I sent on the chat.

The first question comes from Lucca Nagano from Itaú. Lucca, you may now go.

Good evening, everyone, and thank you for taking our questions. Two questions from our side.

The first one would be, the release mentions that the intake cycle was successful, and that the company implemented a 4.6% price increase. Can you please comment on the competitive environment for this intake cycle, and on whether it got any worse when compared to the other intake cycles in previous years?

That is the first question. The second one, the release also mentions that one of the drivers for net revenue growth was the performance of non-medical undergraduate students.

Can you please comment on the strategy on this side, and on whether this has changed compared to the last years as well, please? Thank you.

Hi, Lucca. This is Virgilio.

The first half intake was a very strong intake. When we compare to last year, we saw the same level of candidates per seat.

On our side here, we are seeing that the recognition of our brand, and also the internal process that now we are having an intake and enrollment process fully centralized, that's what we are calling the national intake process. That's also helping us to keep us with 100% of occupancy.

Was a very healthy intake cycle. Besides that, we also already started our second half intake.

It's very beginning, and the number of leads, it's also better than the same period last year. In terms of the share of our undergrad revenues, we are seeing a very good trend on other health programs, because of Afya's brand is very well connected to the health sector.

The last two years, we also opening some health programs, completing the portfolio for all of our campuses. We are seeing a very strong intake when we compare year over year, and almost a 20% growth, organically, coming from other undergrad programs on the health sector.

This is a strategy for Afya. We are not only offering medicine on our programs, but also increasing the health undergrad programs as a strategic portfolio for our ecosystem here.

Why is that? When we have a campus in a small city, just the program for medicine does not solve the issue on the region, and being also offering other health program attached to Afya's brand, connected to our medicine infrastructure on that campus, makes a lot of sense.

It's a very low additional capex, strong brand recognition, and very strong intake that we are seeing in a good momentum. Okay?

Perfect. Thank you.

Of course. The second question comes from Eduardo Resende from UBS.

Good evening, everyone. Thanks for taking my question, and two on my side as well.

First, could provide an update on the ENAMED topic? If you could provide an update on the impacts that are expected, and the initiatives you are executing to foster student performance in the upcoming exam would be very helpful.

Second question is regarding the M&A environment in medical school. If you could please provide some color on the market environment for new deals in medical school.

What in your view has been the main constraint for new deals? Is it still on valuation, or maybe some asymmetries involving ENAMED as well?

Anything you can share with us in this front would be very helpful. Thank you.

Hi, Eduardo. I'll take the ENAMED here question, and Blanco will help you with the M&A side.

Regard our action plan toward ENAMED, we are doing a very strong initiative here. It's how to increase the engagement of all students that will be applying for ENAMED now in September in the second half this year.

We are also conducting almost 30 mock-up tests of all students that will be applying for ENAMED, and doing action plans for every 2 weeks we have measuring the results based on the new model, because the ENAMED is completely new model when we compare to the previous one based on the old ENADE. Having said that, we are seeing that our student is much more engaged, fully committed to have a much better result.

Also, we are adapting our curriculum also to fulfill the type of question, the type of evaluation that is being considering in the ENAMED. Our expectation that will be a much better result for our students now in September.

Regard M&A, I'll pass here to Blanco.

Just to add a point on the ENAMED question, if I may, a reminder that all the impacting results on the second semester is already considered in the guidance that we provided in the beginning of the year, and it's minimum, it's not material. Blanco?

Hi, Eduardo, it's Blanco speaking. Regarding the M&A environment, first, it's very important to highlight that we keep our capital allocation discipline, just focus on M&A that are concentrated in medicine, and that generates a good return on capital.

Just as a reminder, we have as a target institutions that has more than 60, 6-0% of the revenue coming for the medicine programs, and we look for targets for deals that generates an IRR above 20% unleveraged, nominal kind of internal rate of returns. Having said that, we still keeping our 200 seats per year growth, and we look deals that have this profile that I just mentioned.

Sometimes we don't get the right profile, sometimes if we didn't reach a price that make the return on the capital that we seek, and then we do not pursue a deal just for the growth itself. We pursue deals that have that exact profile, and the exact type of return, and we keep a very discipline on this.

Eduardo, is it clear? I think that you are on mute.

Moving to the next question, Mirela from Bank of America Merrill Lynch.

Good evening, Blanco, Virgilio, Renata, the IR team. I have a question on the medical practice solutions in the investments on this front.

You mentioned in the previous quarter that you planned to invest more heavily on this line, and we see that this quarter the number of total payers continue to decline, especially on the Whitebook front. I understand here that there's a timing component to see the results of these investments.

I was just wondering if you guys could give us more color on the expected timing to see some recovery on these lines, and also if you could provide more color on the initiatives that you see as the solution, especially on the Whitebook front.

Hi, Mirela. Your voice buzzed a bit.

Can you please repeat your question?

Hi, can you hear me well now?

Now we can.

Okay. My question is on the medical practice solutions and the investments on this line of business.

You mentioned in the previous quarter that you planned to invest more heavily on the medical practice solutions, and we see that in this quarter the number of payers continued to decline. I understand here that there's a timing component to see some recovery there, especially on the Whitebook.

I just wanted more color on the timing that you expect to see recovery on these lines, especially on the Whitebook, and also if you could give us more color on the initiatives that are being done on the Whitebook to face the competition from AI and the more competitive market on the segment.

Hi, Mirela. Now was very clear your question.

Regard the investments, we are already investing more on the MPS here for our products, not only individually product by product, but also integrating them and creating a network effect, having our physician not only more engaged, but also generating more insights and information within our platforms. We still seeing a reduction on payers on Whitebook.

On the other hand, we are growing and growing faster on iClinic that is more engaged physician to our base, and also generating much more data on a daily routine on our basis. We are also tracking the physician that are leaving our base.

They are more young physician that are not using the platform on a daily routine. We are seeing much more using on the daily routine for more mature and senior physician that adopt an iClinic, also leveraging the number of prescription that is being made through our platforms.

We just reached more than 2 million prescription level per month in Afya. That's also very important, most of them coming through iClinic.

That's why so important to leverage the number of clinics and physician adopting iClinics. In terms of investment, what we are doing, first of all, AI, it's one of the issues and also an opportunity here.

We are launching a lot of new feature AI-based. The solution is becoming AI-first in terms of Whitebook, and also considering the social network effect, because we are embedding prescription within Whitebook.

We are also integrating Whitebook with our updates and continue medical education solutions, and also within iClinic. All of this in a very middle term is to have what we are calling here Afya One platform, where physician doesn't make sense if they are signing for one solution and another.

He is like a membership of the entire platform. This is what we are building here.

In terms of costs and investments that we are doing this first semester, one is capex related to all of this innovation, integration, and creating this beautiful platform. Second is improving our sales team, both for B2B that we are now already seeing an important growth year over year, and that's what we believe that's the greatest opportunity in the mid and long term for the MPS segment.

Mirela, Blanco speaking, just adding two more things in what Virgilio just mentioned. Regarding the investment itself, if you notice, our capex, it's most concentrated on this quarter in intangible assets rather than property and equipment.

You can see this change of mix if you compare year over year. Another point regarding specific about Whitebook, what we are pursuing this year regarding all these investments is to increase the audience within Whitebook.

Whitebook, when we compare with the public LLMs, most of them are provided for free. We are focused this year on Whitebook on what we call the audience side.

The impacts on active payers and then on the revenues, you won't see a big impact on Whitebook this year, but from 2027 ahead. This year, these investments were focused on audience on Whitebook.

Perfect. That's super clear.

Thank you.

Thank you. Just a reminder, if you want to ask a question, please raise your hand and just confirm that your name is correct in the Zoom tool.

We can see that we have two questions here. One, we can see the correct name and the other one, it doesn't have the correct name.

Please, if it's yours, just leave and click in the link that we sent on the chat. The next question comes from Vitoria from J.P.

Morgan. Vitoria, you may now go.

Good evening, Virgilio, Blanco, Renata. Thank you for taking my question.

I have one on my side just on the sales and marketing expenses in this quarter. We saw a year-over-year increase, and I just want to touch bases to see why we saw this increase, and if you could please give more color on this line going forward.

Thank you.

Hi, Vitoria. It's two main reasons here.

We anticipate the volume of intakes for the first half because of the ENAMED. We spend a little bit more on the undergrad, and also on health programs, we saw the results.

We also have a very strong intake as we also have a bigger offer portfolio in the first half when we compare to last year. Second, also for the SPM where we are improving our sales team here.

We are also putting more marketing efforts on SPM and also Afya Com to strengthen our position on that. This is not a recurring base, but one time based on this first semester, most of them from the undergrad, and also for this launching of this new approach of many solution that is being more integrated, and how we are offering this new dynamic and products to our physician ecosystem, okay?

Vitoria, it's very important that this increase in sales and marketing expenses are under this program, and it is embedded on our guidance for the year, okay?

Perfect. Thank you so much.

Since we don't have any more questions, we are going to end the call. If you still have a question, please contact the investor relations team, we'll be happy to help you.

Have a good evening.