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1 September 2026 Merger of YDUQS and Afya
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2 This presentation has been prepared in the context of the business combination (the "Transaction") involving Yduqs Participações S.A. ("Yduqs") and Afya Limited ("Afya") and may contain statements and information that express expectations, beliefs and forecasts regarding future events or results, including combined business outlooks, operating and financial results, and statements relating to the growth prospects of the companies and of the combined entity resulting from the Transaction. The Combined Company information considers the 2Q26 metrics of both companies, as available in their financial information. Such statements and information do not constitute any guarantee of future performance and are subject to risks, uncertainties and factors relating to the companies' operations and business environment, and depend substantially on external factors such as market conditions, the performance of the Brazilian economy, macroeconomic factors, the industry in which the companies operate and international markets, all of which are subject to change without prior notice. Although Yduqs believes that any information contained herein are reasonable and based on the information currently available, Yduqs caution investors that such statements involve risks, as they refer to future events and, therefore, depend on circumstances that may or may not occur. This presentation has not been subject to review or audit by the independent auditors. The consummation of the Transaction is subject to the satisfaction of conditions precedent, including the obtainment of the applicable corporate and antitrust approvals, and there is no assurance that the Transaction will be consummated or that it will be consummated on the terms presented herein. All the documents necessary to the approval of the Transaction, including the pro forma financial statements, will be made available in due course. This presentation is for informational purposes only and does not constitute an offer to sell, a solicitation of vote, or a solicitation of an offer to buy, any security in the United States or elsewhere. Yduqs common shares may be issued only to Afya shareholders who are qualified institutional buyers, institutional accredited investors, non-U.S. persons, or persons to whom an offer can otherwise be made pursuant to an exemption from the registration requirements of the U.S. Securities Act. This presentation should not be construed as investment advice, and it is not a substitute for the review of the documents relating to the Transaction and of the periodic and current disclosures made by the companies pursuant to applicable regulations. Disclaimer
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3 Merger of YDUQS’ Nationwide Quality Portfolio and Afya’s Leading Medical Education Platform Creates Brazil’s Reference in Education Sizeable Synergies, Proven Delivery Track Record ~R$2.0–2.2bn of synergy NPV net of Pillar Two, with ~80% captured within three years, underpinned by a track record of 28 acquisitions since 2020 Brazil’s Largest Higher Education Platform with Nationwide Reach¹ R$9.4bn of revenue, 176 campuses across all 26 states, ~5.9k medical seats and access to 200k+ physicians Premium Exposure with Clear Growth Avenues Premium revenue mix increasing from 32% to 55%, partnered with ~45% p.y. growth in semi on- campus and further upside from Ibmec, medical specialization and Lifelong Learning Upfront Premium and Cash Dividends Ahead2 45% premium to VWAP and ~R$750MM of dividends through closing, alongside potential ADTV of ~R$100M Committed Anchor Shareholder, Leadership from Both Companies Bertelsmann as a committed long-term anchor shareholder, complemented by leadership from both Afya and YDUQS and Novo Mercado governance 1 Based on the 2Q26 metrics |2 Illustrative dividend yield calculated based on the total permitted dividends for YDUQS between signing and closing (R$ 750MM) and YDUQS’ price and market cap as of 21-Aug-2026, the unaffected date
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Combined Company at a Glance: Premium Education Brands with Nationwide Scale1 Broad nationwide premium education platform, with 176 Campuses across all 26 states Geographic Footprint # of Medical Schools Brands # of Campuses 25 21 113 632 Complementary portfolio of premium brands covering higher education and the entire medical career journey 26 States 176 Campuses 51 Medical Campuses # of States 19 32 + Others 41 Based on the 2Q26 metrics | 2 Considers Afya undergraduate and continuing education campuses as reported for 1H26
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5 Creating a National Reference in Higher Education, Combining Scale and Financial Strengh Students – Total Undergrad. 2Q26 (‘000) 831 94 926 348 524 195 1,155 970 Annual Medical School Seats 2Q26 (#) 2,120 3,768 5,888 1,892 1,275 1,001 653 348 Total Net Revenue 2Q26 LTM (R$ MM) 5,557 3,826 9,384 4,149 2,926 2,293 7,831 2,348 Adjusted EBITDA post-IFRS 16 2Q26 LTM (R$ MM) 1,871 1,705 3,576 1,543 870 743 2,461 930 Free Cash Flow to Equity 2Q26 LTM (R$ MM) 438 760 1,198 161 329 261 662 503 + Company 1 Company 2 Company 3 Company 4 Company 5 Market Leader The Merger Creates National Reference in Higher Education, with Strong Scale and Financial Performance Company 1 Company 2 Company 3 Company 4 Company 5 DE PARA
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6 87% 2Q26 LTM Premium2 Net Revenue as % of Total Revenue (%) Accelerating YDUQS’ Successful Premium Transformation on Merger with Brazil’s To Medical Education Company to Create Brazil’s Premium Education Reference Platform¹ From a Proven Premium Growth… …to a Premium-Led Business 55% 2Q26 LTM Premium2 EBITDA as % of Total Adj. EBITDA Post-IFRS (%) 28% 32% 34% 36% 5% 7% 9% 10%32% 39% 44% 46% 2023 2024 2025 2Q26 LTM Idomed Ibmec Total > 88%³ 2Q26 LTM > 66% 2Q26 LTM Presence in a more profitable and resilient business 20% 22% 23% 24% 5% 6% 7% 8%25% 28% 30% 32% 2023 2024 2025 2Q26 LTM Idomed Ibmec Total ¹ Based on the 2Q26 metrics. | 2 This includes undergraduate and graduate offerings from the Idomed (Medicine) and Ibmec brands. | ³ Afya does not disclose EBITDA by segment; Premium Gross Profit represents ~88% of total Gross Profit and is used as a proxy, supporting an estimated Premium EBITDA contribution above 88%. | 4 It includes undergraduate medical education, continuing medical education, and the Medical Practice Solution. 4 4
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7 NewCo: Clear Growth Avenues Amid a Significant Valuation Gap to Global Peers ¹ Brazilian Medical Demography 2025 by Brazilian Medical Association (AMB) | 2 EV / EBITDA multiples based on Consensus 2026E pre-IFRS 16 EBITDA and unaffected share prices as of August 21, 2026 | 3 Consider an exchange rate of BRL 5.29 per USD | 4 Based on FY2025 operating lease expense of US$ 59MM applied to 2Q26 LTM pre-IFRS 16 EBITDA (US$ 547MM); as operating lease expense is not disclosed for 1H26 or 1H25 Yet trading at a ~50% discount versus global peers: Undeserved considering NewCo’s multiple avenues for growth NewCo’s Clear Growth Avenues NewCo Same Size as Global Benchmarks Net Revenue 2Q26 LTM (US$ MM)3 EBITDA Post-IFRS16 2Q26 LTM and Margin (US$ MM; %) 1,954 1,830 1,774 + + 4.4xEV/EBITDA² 9.1x 9.4x 3 Significant Headroom in ex-Medicine Programs Higher education attainment of 24% in Brazil versus 48% OECD average, with Semi On-Campus intake growing at 45% CAGR YDUQS’s Semi On-Campus Intake (‘000 of students) 31 43 55 101 134 2022 2023 2024 2025 2Q26 LTM 45% CAGR 2 Ibmec as A Scalable Premium Platform 2 2 1 1 1 Number of IBMEC units per Federal Unit Under development Fully mature Maturing Undergraduate Expansion: new campuses, including the first in the Northeast (Fortaleza) in 2027 Ibmec Lifelong Learning: postgraduate and short courses leveraging existing infrastructure High-margin premium segment with attractive growth potential and significant whitespace for geographic expansion 1 Leveraging NewCo Medical Student Base to Scale Lifelong Learning 20 26 34 40 14 15 17 18 1.5 1.7 2.0 2.2 2020 2023 2026 2029 Medical graduates' year-1 Enrolled Residents R1 Medical graduate/ Enrolled R1 Widening gap between medical graduates and R1 residency seats, reaching ~2.2x by 2029 (‘000 of students)¹ YDUQS’ large graduate base creates a natural feeder pool into Afya’s Lifelong Learning platform, unlocking incremental post-graduate monetization opportunities Entering in a New League 29.2% 38.1% ~1.10x Difference 571 607 676 33.1% 4 3
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Main Drivers Rationale Relative Financial Impact A Highly Synergistic Combination with Multiple Levers for Value Creation 8 DEAL SYNERGIES VALIDATED BY TOP-NOTCH INTERNATIONAL CONSULTING FIRM Cost efficiencies through best-practice sharing across both companiesCOGS Optimization of expansion CAPEX by avoiding duplication between planned investments and the combined company’s existing footprintCAPEX (ex-IT) Optimization of overlapping administrative expenses across the combined companySG&A (ex-IT) Consolidation of IT infrastructure and systems, together with the optimization of overlapping technology spendCAPEX & OPEX (IT) Expansion of Afya’s Lifelong Learning platform through IDOMED’s campus and polyclinic footprint, combined with cross-selling opportunities across IDOMED’s growing alumni baseRevenue Expected synergies are driven by levers under the company's direct control, with revenue acting as an additional upside. ~80% of synergies to be captured within the 3 first years Total NPV of Synergies (Net of Dis-synergies)1 R$ 2.0 - R$ 2.2bn Potential tax impact of Pillar 2 rules on YDUQS: In 2026, the effective tax rate is projected to increase by 2 p.p. over the current range of 2%–3%, reaching a terminal rate of 7%–9% by 2033.Pillar 2 Taxation One-off costs associated with the integration process, primarily related to IT, governance and other transition activitiesIntegration-related costs Higher Relative Synergies Lower Relative Synergies Higher Relative Dis-Synergies Lower Relative Dis-Synergies ¹ Independent consulting firm assessment assumes a 4.3% perpetual growth rate and a 14.01% weighted average cost of capital (WACC) Additional Upside
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9 Both Companies Bring Solid and Extensive Integration Experience 2020 7 acquisitions since 2020 21 acquisitions since 2020 2021 2022 2024 2025 2020 2021 2022 2023 2024 2025 Jaboatão +5 Acquisition
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10 Case Study Adtalem Brazil: Proven Integration and Synergy Track Record Realized Synergies (COGS & SG&A) (R$ MM, %, inflation-adjusted to Jul’26 base date) 84 58 11 10 7 Key Account Reduction vs. Baseline (2018/19) Costs Expenses Rent Bad Debt CAPEX 8.5% 17.7% 23.7% 28.1% 19.9% Synergies (Base Date Jul’26) 170 Evolution of Expected and Actual Synergy Capture (COGS & SG&A) (Accumulated Synergies in R$MM) 35 136 170 96 120 dez/20 jan/21 fev/21 mar/21 abr/21 mai/21 jun/21 jul/21 ago/21 set/21 out/21 nov/21 dez/21 jul/26 Actual Budget Inflation-adjusted to base date in Jul’26 Closing: Apr’20 R$40MM +100 K Students Undergraduate, Graduate and preparatory courses ~20 Campuses Major brands: Wyden, Ibmec and Damásio >180 DL Centers With national coverage In the Adtalem transaction, YDUQS captured R$136 MM in synergies (in Dec’21), exceeding the original budget (R$96 MM) and reinforcing its strong integration capabilities The success and synergy capture in Adtalem’s acquisition reinforces YDUQS's proven post-merger integration capabilities across systems, organizational design, procurement, and other key areas YDUQS has a proven track record of outperforming cost and expense synergy targets across multiple operational levers 10
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11 7.72 3.48 11.20 2.94 14.14 2.43 ~ 2.68 16.57 ~ 16.82 18.99 ~ 19.24 32.90 ~ 33.15 30-day VWAP @ Unaffected Date (21-Aug) Implied Valuation in the Transaction Value per Share at at Transaction Committed Dividends Through Closing Value per Share at Transaction + Dividends Post-Transaction Operating Synergies Value per Share Full Potential Value per Share Considering Re-Rating Potential The Transaction Unlocks Significant Value Creation to All Shareholders Value Creation for Shareholders Post-Transaction and Premium to 30-day VWAP1 (R$ per share) Shareholder Value Creation Bridge Source: FactSet as of 21-Aug-2026 1 Considers 30-day VWAP of R$7.72 as of August 21, 2026, the unaffected date, defined as the last business day prior to the news related to the potential transaction between the parties. ² Value per share reflects YDUQS's 31% stake in the NPV of synergies resulting from the transaction (R$2.0 bn - R$2.2 bn). The transaction has the potential to substantially enhance shareholder value creation, with further upside from post-transaction operating synergies 45% Premium vs. VWAP 83% Premium vs. VWAP Additional Committed Dividends in the Documents The Transaction Combines Compelling Upfront Value With Meaningful Upside From Post-transaction Potential Premium Higher than 118% Additional value per share considering R$ 2.0bn ~ R$ 2.2bn expected synergies² Re-rating to Global Peers’ Average Multiple @ 9.3x Re-rating to Afya’s Multiple @ 5.3x
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12 Lower Leverage Enhances Financial Flexibility and Supports Dividend Distribution for the Combined Company ¹ Calculated as pre-IFRS 16 Net Debt divided by post-IFRS 16 Adjusted EBITDA. ² Assumes EBITDA between signing and closing remains at 2Q26 LTM levels, and cash generation (FCFE) over the next 12 months between R$520MM and R$620MM, in line with the guidance disclosed by the Company. Attractive Shareholder Returns The new leverage level and strong FCFE enable YDUQS to distribute R$750MM in dividends (R$ 2.94/share, ~38% dividend yield) between signing and closing. Additionally, NewCo intends to establish a target payout ratio of 50%. Post-Transaction Leverage1 (x EBITDA) Deleveraging Trajectory Shareholder Returns While Preserving Leverage Levels Committed Dividends for YDUQS’ Shareholders (R$ MM) 750 Permitted Dividends for YDUQS 1.3x 1.4x Coluna1 Coluna2 NewCo's Closing Leverage¹ (x EBITDA) Leverage range considering a FCFE from R$520 to R$620MM² 1.6x 1.2x YDUQS NewCo NewCo Pro forma Committed Dividends for YDUQS
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13 7.1 35.5 42.6 69.6 83.5 97.4 Sum Actual ADTVs @ Turnover 2.5% YDUQS @ Turnover 3.0% @ Turnover 3.5% The Transaction Could Unlock Superior Liquidity, Broader Investor Reach and Index Inclusion Potential Education Companies Liquidity Overview | 90D ADTV1 (R$ MM) Source: FactSet as of 21-Aug-2026 (unaffected date). 1 Considers turnover as % of the market cap of the free float traded. Afya’s shares are currently traded on Nasdaq. The Transaction Could Position the Combined Company as the Most Liquid Stock in the Sector Broader Institutional Reach Greater free float and liquidity expand the universe of local and international investors, with potential implications for trading multiples Enhanced Index Eligibility Higher market capitalization and liquidity support MSCI inclusion and increased weighting in the Ibovespa, IBrX and other indices, potentially driving passive inflows. 13 64.1 24.0 9.6 9.6 2.0 Company 4 Company 1 Company 3 Company 5 Company 2 1 2 Industry Average: 21.7 Turnover: 2.2%
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14 Key Transaction Terms Ownership Structure Transaction Structure Key Transaction Terms, Ownership Structure and Resulting Governance Structure Esteves Family 69.0% 11.1% 19.9% Zaher Family Esteves Family 47.3% 7.6% 5.3% 4.8% 35.0% A. + 1. Pre-Transaction Ownership Structure 2. Post-Transaction Ownership Structure Distribution Adjustment • Permitted distributions may be made by both parties between signing and closing, subject to agreed adjustment mechanisms designed to preserve the transaction’s economic terms, including R$750MM for YDUQS. Zaher Family Others 17.1% 15.5% 67.5% A. Others Others <5% • Board of Directors: With Bertelsmann appointing the majority and the Chairman. One seat each for Advent, Zaher and Esteves subject to minimum ownership thresholds, and independent directors per Novo Mercado standards. • Stock-for-stock business combinationthrough the merger of Afya into YDUQS – with an agreed ownership split of 69.0% for Afya shareholders and 31.0% for YDUQS shareholders – with YDUQS remaining as the surviving listed entity on B3’s Novo Mercado. The combinedcompany will have a single class of common shares and 100% tag-along, subject to approval at concurrent shareholders’ meeting of both companies,CADE clearance,and the removal of Yduqs’ poison pill provisions. Resulting Governance Structure Kay Krafft Chairman of the Board Virgilio Gibbon Chief Executive Officer Rossano Marques President, Higher Education (ex-Medicine) Professional Experience Professional Experience Professional Experience
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15 Next Steps and Expected Timeline Approval of the Merger Agreement by the Board of Directors of both Companies Signing of the Merger Agreement by the Executive Directors of both Companies Deal Announcement Shareholder Approvals at the Extraordinary General Meetings (YDUQS & Afya) Antitrust Council (CADE) Approval Closing Protocol and Justification of Merger 15 Sep - 26 Signing and Deal Announcement Oct - 26 Call Notice for Extraordinary General Meeting Nov - 26 Extraordinary General Meeting Expected Closing up to 12 months after signing
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16 Combination with Afya creates Brazil's reference in premium higher education, with strong and diversified value creation for YDUQS shareholders 1 2 Tangible and executable synergy upside: Multiple cost, operational, CAPEX and revenue levers validated by a top-notch consulting firm, and supported by YDUQS’ proven track record of outperforming synergy targets 3 Solid value creation for YDUQS shareholders from day one: 45% premium, while still distributing R$ 750MM in dividends before closing, with limited impact on leverage and full exposure to the combined company's upside 4 16 5 Brazil's largest higher education platform with nationwide reach: R$9.4bn revenue, 176 Campi in all 26 states and nearly 6,000 medical seats, spanning the entire medical journey Attractive liquidity profile under multiple lenses: large trading volumes expected (ADTV potential of ~R$100MM), low leverage at 1.2x, broadening institutional reach and index inclusion potential Premium business profile with numerous growth opportunities: premium revenue share rising from 32% to 55%, supporting a more resilient earnings profile; growth avenues in hybrid, Ibmec, medical specialization and Lifelong Learning
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17 IR Contact ri@yduqs.com.br www.yduqs.com.br