UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Financial Data and Key Metrics Changes - Adjusted net revenue for 2020 increased by 61% year-over-year, reaching R$1.2 billion, driven by the maturation of medical school seats and consolidation of acquired companies [16][23] - Adjusted EBITDA rose by 69%, reaching R$563 million, with a margin expansion of 220 basis points [27][24] - Adjusted net income increased by 72%, totaling R$388 million, with earnings per share rising by 55% to R$3.15 [24][25] - Operating cash flow for 2020 was R$391 million, a 27% increase from the previous year [28] Business Line Data and Key Metrics Changes - Medical seats increased by 55% year-over-year, totaling 1,893 operating seats, while the medical student base grew by 67% to 11,030 students [23][24] - Average monthly medical tuition fees rose by 9% compared to 2019, reaching R$7,975 [25] - The specialization business saw a 163% increase year-over-year, primarily due to the consolidation of UniRedentor [25] Market Data and Key Metrics Changes - The company reported a significant increase in active paying users, with almost 125,000 at the quarter end, including 170,000 from WhiteBook [25] - Monthly active users of WhiteBook reached 163,000, showing a slight decline of 1.5% from the previous quarter [26] Company Strategy and Development Direction - The company aims to be the one-stop shop for physicians in Brazil, focusing on enhancing digital services and integrating acquisitions to strengthen its ecosystem [18][20] - The digital strategy has been accelerated due to the COVID-19 pandemic, with a focus on building a comprehensive healthcare ecosystem [11][12] - The company plans to continue its M&A strategy, with a pipeline of 4,000 seats under analysis and 500 in close conversation [45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving guidance for the first half of 2021, expecting net revenue between R$740 million to R$780 million, representing up to 43% year-over-year growth [21] - The company is adapting to the dynamic environment and remains committed to generating value while managing through volatility [12][19] Other Important Information - The company will start reporting ESG metrics in its earnings release, highlighting its commitment to social and environmental policies [13][31] - The recent acquisition of Medical Harbour enhances the company's medical education and imaging solutions, further integrating its offerings [14][15] Q&A Session Summary Question: Initiatives to accelerate digital services penetration in Business Unit 2 - Management discussed building a single data lake to enhance service performance and creating bundled offers for users [34][35] Question: Plans for the healthcare ecosystem - The focus is on empowering doctors with services, with plans to develop a marketplace for patient engagement in the future [37][38] Question: Opportunities for bundling and cross-selling - Management highlighted ongoing efforts to create service bundles and integrate new acquisitions into existing platforms [43][44] Question: Update on Mais Médicos campuses - Two additional campuses are awaiting final approval, with expectations for authorization by the end of the first half of the year [45] Question: Impact of mandatory discounts on guidance - Management is confident that any potential revenue recognition postponements are accounted for in the guidance provided [49][51] Question: M&A landscape in medical education - Management noted that the pace of acquisitions is steady, with ongoing negotiations and a strong pipeline [52][54] Question: Guidance on EBITDA margins - The expected margin decline is attributed to the mix of newly acquired institutions with lower margins and ongoing integration efforts [66][67]

Financial Data and Key Metrics Changes - Adjusted net revenue for Q3 2020 increased by 52% year over year to BRL 313 million, primarily due to the maturation of medical school seats and consolidation of acquired companies [9][19] - Adjusted EBITDA increased by 63% to BRL 149 million, with a margin expansion of 340 basis points [20] - Net income rose by 47% to BRL 101 million, with earnings per share increasing by 48% from BRL 0.54 to BRL 0.80 [10][21] - Cash and cash equivalents at the end of the quarter were approximately BRL 1.1 billion, reflecting strong cash flow generation [10][27] Business Line Data and Key Metrics Changes - The number of medical seats increased by 294 year over year, totaling 1,516 seats [18] - The total number of students reached 9,567, a 50% increase compared to the same period last year [19] - Average monthly medical tuition fees increased by 17% to BRL 8,053, contributing to a 41% rise in net tuition fees year over year [21][22] Market Data and Key Metrics Changes - 78% of combined tuition fees were derived from medical schools, up from 69% in the same period of the prior year [22] - Active paying users reached 130,000 at the quarter end, including 95,000 from PEBMED, with a 40% increase in active paying students excluding PEBMED [22] Company Strategy and Development Direction - The company aims to maintain long-term relationships with physicians from their entry into medical school through their entire career, focusing on digital health products and medical programs [16] - The company is committed to disciplined acquisitions to further grow its digital assets and enhance its service offerings [17][56] - Recent acquisitions in digital health services, including PEBMED, iClinic, and MedPhone, are expected to strengthen the company's position in the health tech segment [11][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong cash flow and healthy balance sheet to navigate through the challenges posed by COVID-19 [10][17] - The company anticipates maintaining a 100% occupancy rate for medical seats in 2021, with no surprises expected in the intake [34] - Management acknowledged the impact of COVID-19 on traditional on-campus programs but remains focused on sustainable operations [45] Other Important Information - The company won awards in the education sector, recognizing its leadership in financials, corporate governance, and sustainability [12] - The company reaffirmed its second-half 2020 guidance, expecting net revenue between BRL 600 million and BRL 640 million [30] Q&A Session Summary Question: Update on the intake for the medical unit in 2021 - Management indicated a positive trend for 2021 intake, expecting 100% occupancy of all seats [34] Question: PEBMED integration and cross-sell initiatives - Integration activities are ongoing, with commercial activities promoting both PEBMED and Medcel products [35] Question: Plans for MedPhone and WhiteBook - Both applications will be maintained, with a focus on converting MedPhone users to WhiteBook subscribers [39] Question: Discounts recognized in the quarter - All mandatory discounts for Q3 have been recognized, with expectations of 1% to 2% of net revenues in Q4 [44] Question: Non-medical programs and their future - The company is closing non-sustainable programs, focusing on maintaining high margins and operational efficiency [45][46] Question: Receivables and cash flow insights - Receivables increased due to lower student advances and financial support during the pandemic, but are expected to decrease moving forward [49] Question: Dropouts and M&A perspective - Management noted no significant increase in dropouts and remains disciplined in pursuing M&A opportunities [53][56]

Financial Data and Key Metrics Changes - Revenue increased by 54% year-over-year, reaching R$274 million in Q2 2020, with a net revenue increase of 48.8% year-over-year [10][23] - Adjusted EBITDA rose 73% to R$180 million, with a margin expansion of 780 basis points [23][24] - Adjusted net income increased by 163%, with earnings per share rising 183% from R$0.23 to R$0.65 [24] Business Line Data and Key Metrics Changes - Medical school seats increased by 414 year-over-year, totaling 1,516 seats, a 38% increase [22] - The number of students rose by 64% year-over-year, reaching 9,097 [22] - In BU2, active paying students increased by 47%, with significant growth in both prep courses and continuing medical education [25] Market Data and Key Metrics Changes - The company maintained 100% occupancy for medical seats during the quarter, allowing for consistent pricing strategies [10] - Monthly active users for digital platforms increased by 27.6% compared to Q1 2020 [14] Company Strategy and Development Direction - The company aims to enhance its digital capabilities and integrate digital health services, exemplified by the acquisition of PEBMED [12][13] - Strategic M&A remains a key pillar of growth, with six acquisitions completed post-IPO and a strong pipeline for future opportunities [15][18] - The focus is on maintaining a healthy balance sheet while pursuing sustainable and predictable growth [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to exceed financial targets despite the challenges posed by COVID-19 [19][31] - The company anticipates strong demand for medical seats and expects to recognize deferred revenues from practical classes in the second half of 2020 [30] Other Important Information - The company has over R$1 billion in cash, with a cash flow generation rate of 83% EBITDA to cash [11] - The integration of acquired companies is ongoing, with significant synergies still to be captured [11][17] Q&A Session Summary Question: Plans for BU2 and monetization strategy - Management indicated that BU2 will focus on integrating digital platforms and enhancing user experience, with plans to launch an integrated app for students [34] Question: M&A competition and pricing - Management acknowledged increased competition in M&A but emphasized a disciplined approach to acquisitions, targeting mature institutions with favorable EBITDA multiples [36][37] Question: Margin evolution and acquisition integration - Management noted that there is still significant room for margin improvement from recent acquisitions, with expectations of capturing more synergies [44] Question: Partnerships and potential acquisitions - Management clarified that they have around 40 medical institutions using their platform, which could facilitate future acquisitions [50] Question: PEBMED's cross-selling potential - Management confirmed that while PEBMED primarily targets medical students, there are opportunities to expand into other healthcare careers [52]

Afya Limited (NASDAQ:AFYA) Q1 2020 Earnings Conference Call May 29, 2020 11:00 AM ET Company Participants Renata Couto - Head of Investor Relations Virgilio Deloy Capobianco Gibbon - Chief Executive Officer Júlio Eduardo Razente de Angeli - Vice President of Continuing Education and Innovation Luis André Blanco - Chief Financial Officer Conference Call Participants Marcelo Santos - J.P. Morgan Susana Salaru - Itau BBA Vinicius Ribeiro - UBS Irma Sgarz - Goldman Sachs Scott Piper - Itau Securities Operator G ...

As filed with the Securities and Exchange Commission on April 20, 2020. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUAN ...

Afya Limited (NASDAQ:AFYA) Q4 2019 Earnings Conference Call March 27, 2020 11:00 AM ET Company Participants Renata Couto - Head of Investor Relations Virgilio Gibbon - Chief Executive Officer Luciano Campos - Chief Financial Officer Luis André Blanco - Chief Financial Officer-elect Júlio Angeli - Vice President of Continuing Education and Innovation Conference Call Participants Marcelo Santos - JPMorgan Chase & Co. Susana Salaru - Itaú Corretora de Valores S.A. Vinicius Ribeiro - UBS Investment Bank Irma Sg ...