Afya is a Brazilian medical education company — the largest medical school operator in the country by MEC-approved seats. Afya operates a network of 62 campuses across 21 Brazilian states, with approximately 3,768 MEC-approved medical school seats. Brazil's Ministry of Education tightly controls the number of seats each institution can offer, which creates structural scarcity, near-100% occupancy, and strong annual tuition pricing power. Medical school is a six-year undergraduate program, and Afya's core revenue engine is monthly tuition fees paid by enrolled students. Beyond undergraduate education, Afya serves physicians throughout their careers through two smaller segments: Continuing Education (residency exam prep and graduate/specialization programs, delivered mostly digitally) and Medical Practice Solutions (SaaS subscriptions for clinical decision support, electronic medical records, and telemedicine tools, plus B2B contracts with pharmaceutical companies). The undergraduate segment drives roughly 88% of revenue, with Continuing Education and Medical Practice Solutions contributing around 7% and 5%, respectively. Afya's business model benefits from a six-year enrollment maturation cycle — newly added seats fill progressively over six years, generating contracted revenue growth with limited incremental cost. Since MEC limits organic seat creation, acquisitions are Afya's primary growth lever; Afya targets roughly 200 new seats per year through M&A, integrating acquired campuses into a centralized shared services model. Afya's controlling shareholder is Bertelsmann.