# EDGAR Filing Document

**Accession Number:** 0001771007
**File Stem:** 0000950103-25-014633
**Filing Date:** 2025-11
**Character Count:** 66939
**Document Hash:** 51ca379fed27b7db007322d54fe4a4a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-014633.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0000950103-25-014633

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Afya Ltd
- **CENTRAL INDEX KEY:** 0001771007
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291480
- **FILM NUMBER:** 251474410

**BUSINESS ADDRESS:**
- **STREET 1:** ALAMEDA OSCAR NIEMEYER, NO. 119
- **STREET 2:** 15TH FLOOR, VILA DA SERRA
- **CITY:** NOVA LIMA, MINAS GERAIS
- **STATE:** D5
- **ZIP:** 34006-056
- **BUSINESS PHONE:** 55 (31) 3515 7500

**MAIL ADDRESS:**
- **STREET 1:** ALAMEDA OSCAR NIEMEYER, NO. 119
- **STREET 2:** 15TH FLOOR, VILA DA SERRA
- **CITY:** NOVA LIMA, MINAS GERAIS
- **STATE:** D5
- **ZIP:** 34006-056

**As filed with the Securities and Exchange Commission on November 12, 2025**

**Registration No. 333-** 

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**<br> **WASHINGTON, D.C. 20549**<br>

**FORM S-8**

**REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933**

**AFYA LIMITED**<br> (Exact Name of Registrant as Specified in Its Charter)

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| | |
|:---|:---|
| **The Cayman Islands<br> (State or Other Jurisdiction of<br> Incorporation or Organization)** | **N/A** **<br> (I.R.S. Employer<br> Identification No.)** |

---

**Rua Paraíba, No. 330, 17º Andar, CEP 30130-917<br> Bairro Funcionários, Belo Horizonte, Minas Gerais<br> +55 (31) 3515 7550<br> (Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)**

**Amended and Restated Stock Option Plan of Afya Limited<br> Restricted Stock Plan of Afya Ltd.<br> (Full Title of the Plan)**

**Cogency Global Inc.<br> 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor<br> New York, NY 10168<br> +1 (212) 947-7200** 

<br> (Name, address and telephone number,<br> including area code, of agent for service)

**Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.**

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| | |
|:---|:---|
| **Large accelerated filer** ☒ | **Accelerated filer** ☐ |
| **Non-accelerated filer** ☐ **(Do not check if a smaller reporting company)** | **Smaller reporting company** ☐ |
|  | **Emerging Growth Company** ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

Pursuant to General Instruction E to Form S-8, this Registration Statement on Form S-8 (the "Registration Statement") is being filed for the purpose of registering an additional 3,393,220 Class A common shares, par value $0.00005 per share ("Shares"), of Afya Limited (the "Registrant") authorized for issuance pursuant to the Registrant's Amended and Restated Stock Option Plan (the "Plan") and an additional 987,016 Shares authorized for issuance pursuant to the Registrant's Restricted Stock Plan. This Registration Statement hereby incorporates by reference the contents of the registration statements on Form S-8 (File Nos. 333-268884 and 333-268886) previously filed by the Registrant on December 19, 2022.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference**

The following documents previously filed with the Securities and Exchange Commission ("Commission") are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Annual Report on Form 20-F for the Registrant for the year ended December 31, 2024, filed with the Commission on April 29, 2025 (Registration No. 001-38992) (the "2024 Form 20-F").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The description of the Registrant's Class A common shares contained in the Registrant's 2024 Form 20-F.

In addition, all documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act (with respect to any Form 6-K, only to the extent designated therein), prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, including any Reports of Foreign Private Issuers on Form 6-K submitted during such period (or portion thereof), shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents. The Registrant is not incorporating by reference any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed "filed" with the Commission.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein (or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 8. Exhibits**

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| | |
|:---|:---|
| **Exhibit<br> Number** | |
| 4.1\* | Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit 1.4 of the Registrant's Annual Report on Form 20-F (File No. 001-38992) filed with the Commission on April 28, 2023) |
| [5.1](dp237260_ex0501.htm) | [Opinion of Maples and Calder (Cayman) LLP](dp237260_ex0501.htm) |
| [23.1](dp237260_ex2301.htm) | [Consent of Ernst & Young Auditores Independentes S.S. Ltda,](dp237260_ex2301.htm) |
| [23.2](dp237260_ex0501.htm) | [Consent of Maples and Calder (Cayman) LLP (included in Exhibit 5.1)](dp237260_ex0501.htm) |
| [24.1](#POA) | [Power of Attorney (included on the signature pages of this Registration Statement)](#POA) |
| [99.1](dp237260_ex9901.htm) | [Amended and Restated Stock Option Plan of Afya Limited (filed herewith)](dp237260_ex9901.htm) |
| [99.2](https://www.sec.gov/Archives/edgar/data/1771007/000095010322021172/dp185660_ex9901.htm) | [Restricted Stock Plan of Afya Ltd.](https://www.sec.gov/Archives/edgar/data/1771007/000095010322021172/dp185660_ex9901.htm) |
| [107](dp237260_exfilingfees.htm) | [Calculation of filing fee table](dp237260_exfilingfees.htm) |

---

\*Incorporated herein by reference

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Belo Horizonte, Brazil, on November 12, 2025.

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| | |
|:---|:---|
| **AFYA LIMITED** | **AFYA LIMITED** |
| By: | /s/ Virgilio Deloy Capobianco Gibbon |
| Name: | Virgilio Deloy Capobianco Gibbon |
| Title: | *Chief Executive Officer* |
|  | *(Principal Executive Officer)* |

---

**POWER OF ATTORNEY**

The undersigned directors and officers of Afya Limited hereby constitute and appoint Virgilio Deloy Capobianco Gibbon and Luis André Blanco, and each of them, individually, as attorneys-in-fact and agents for the undersigned, with full power of substitution for, and in the name, place and stead of the undersigned, to sign and file with the Securities and Exchange Commission under the Securities Act of 1933, any and all amendments (including post-effective amendments) and exhibits to this registration statement on Form S-8 (or any other registration statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933) and any and all applications and other documents to be filed with the Securities and Exchange Commission pertaining to the registration of the securities covered hereby, each with full power and authority to do and perform any and all acts and things whatsoever requisite and necessary or desirable, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| */s/* Virgilio Deloy Capobianco Gibbon | Chief Executive Officer<br> (Principal Executive Officer) | November 12, 2025 |
| Virgilio Deloy Capobianco Gibbon |  |  |
| */s/* Luis André Blanco | Chief Financial Officer<br> (Principal Financial Officer and Principal Accounting Officer) | November 12, 2025 |
| Luis André Blanco |  |  |
| */s/* Nicolau Carvalho Esteves | Co-Chairman of the Board | November 12, 2025 |
| Nicolau Carvalho Esteves |  |  |
| */s/* Kay Krafft | Co-Chairman of the Board | November 12, 2025 |
| Kay Krafft |  |  |
| */s/* Benedikt Dalkmann | Director | November 12, 2025 |
| Benedikt Dalkmann |  |  |
| */s/ Christina Krebs* | Director | November 12, 2025 |
| Christina Krebs |  |  |
| */s/ Renato Tavares Esteves* | Director | November 12, 2025 |
| Renato Tavares Esteves |  |  |
| */s/* Maria Tereza Azevedo | Director | November 12, 2025 |
| Maria Tereza Azevedo |  |  |
| */s/ Joao Paulo Seibel de Faria* | Independent Director | November 12, 2025 |
| Joao Paulo Seibel de Faria |  |  |
| */s/* Vanessa Claro Lopes | Independent Director | November 12, 2025 |
| Vanessa Claro Lopes |  |  |
| */s/* Marcelo Ken Suhara | Independent Director | November 12, 2025 |
| Marcelo Ken Suhara |  |  |
| */s/* Miguel Filisbino Pereira de Paula | Independent Director | November 12, 2025 |
| Miguel Filisbino Pereira de Paula |  |  |

---

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of the registrant has signed this registration statement on the 12<sup>th</sup> day of November, 2025.

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| | |
|:---|:---|
| Cogency Global Inc.<br> Authorized U.S. Representative | Cogency Global Inc.<br> Authorized U.S. Representative |
| By: | /s/ Colleen A. De Vries |
| Name: | Colleen A. De Vries |
| Title: | Sr. Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 5.1

**Exhibit 5.1**

![](image_001.jpg)

Our ref: ADN/756600-000001/84489522v5

Afya Limited<br> PO Box 309, Ugland House<br> Grand Cayman KY1-1104<br> Cayman Islands<br>

12 November 2025

Dear Sirs

**Afya Limited**

We have acted as counsel as to Cayman Islands law to Afya Limited (the "**Company**") in connection with the Company's registration statement on Form S-8, including all amendments or supplements thereto (the "**Registration Statement**"), filed with the United States Securities and Exchange Commission (the "**Commission**") under the United States Securities Act of 1933, as amended (the "**Act**") relating to the registration of 3,393,220 Class A common shares of a par value of US$0.00005 each in the capital of the Company ("**Shares**") authorised for issuance pursuant to the Amended and Restated Stock Option Plan of the Company (the "**SOP**") and 987,016 Shares authorised for issuance pursuant the RSU Stock Plan of the Company (the "**RSU Plan**" and together with the SOP Plan, the "**Plans**").

1 Documents Reviewed

We have reviewed originals, copies, drafts or conformed copies of the following documents, and such other documents as we deem necessary:

1.1 The certificate of incorporation dated 22 March 2019 and the amended and restated memorandum and articles
of association of the Company adopted by special resolution passed on 29 April 2022 (the "**Memorandum and Articles** ").

1.2 The minutes (the "**Constituting Minutes**") of the meeting of the board of directors of
the Company held on 30 August 2019 (the "**Constituting Meeting** "), the minutes (the "**Amendment Minutes** ")
of the board of directors of the Company held on 5 May 2022 (the "**Amendment Meeting** "), the minutes (the "**Plan Minutes**") of the meeting of the People, Environmental, Social and Governance Committee of the board of directors of the Company
(the "**ESG Committee**") held on 8 July 2022

![](image_002.jpg)

(the "**Plan Meeting**"), the minutes (the "**Second Plan Minutes**") of the meeting of the ESG Committee held on 31 October 2025 (the "**Second Plan Meeting**"), the minutes (the "**Plan Board Minutes**" and together with the Constituting Minutes, the Amendment Minutes, the Plan Minutes and the Second Plan Minutes, the "**Minutes**") of the meeting of the board of directors of the Company held on 12 November 2025 (the "**Plan Board Meeting**" and together with the Constituting Meeting, the Amendment Meeting, Plan Meeting and the Second Plan Meeting, the "**Meetings**") and the corporate records of the Company maintained at its registered office in the Cayman Islands.

1.3 A certificate of good standing with respect to the Company issued by the Registrar of Companies dated
12 November 2025 (the "**Certificate of Good Standing** ").

1.4 A certificate from a director of the Company a copy of which is attached to this opinion letter (the "**Director's Certificate** ").

1.5 The Registration Statement.

1.6 The SOP.

1.7 The RSU Plan.

1.8 The form of award agreement in connection with each Plan to be executed by the Company and the officer
referenced therein (the "**Officer Award Agreement** ").

1.9 The form of award agreement in connection with each Plan to be executed by the Company and the employee
referenced therein (the "**Employee Award Agreement** ", and together with the Officer Award Agreement, the "**Award Agreements** ").

2 Assumptions

The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving the following opinions, we have relied (without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Director's Certificate and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:

2.1 The Registration Statement, the Plans and the Award Agreements have been or will be authorised and duly
executed and unconditionally delivered by or on behalf of all relevant parties in accordance with all relevant laws (other than, with
respect to the Company, the laws of the Cayman Islands).

2.2 The Registration Statement, the Plans and the Award Agreements are, or will be, legal, valid, binding
and enforceable against all relevant parties in accordance with its terms under the laws of the Cayman Islands and all relevant laws (other
than, with respect to the Company, the laws of the Cayman Islands).

2.3 The Company will at all times have sufficient authorised but unissued share capital to facilitate the
issuance of the Class A common shares under the Plans.

ADN/756600-000001/84489522v5 2

2.4 Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies
of, or in the final forms of, the originals, and translations of documents provided to us are complete and accurate.

2.5 All signatures, initials and seals are genuine.

2.6 The capacity, power, authority and legal right of all parties under all relevant laws and regulations
(other than, with respect to the Company, the laws and regulations of the Cayman Islands) to enter into, execute, unconditionally deliver
and perform their respective obligations under the Registration Statement, the Plans and the Award Agreements.

2.7 No monies paid to or for the account of any party under the Registration Statement, the Plans or any Award
Agreement or any property received or disposed of by any party to the Registration Statement, the Plans or any Award Agreement in each
case in connection with the Registration Statement, the Plans or any Award Agreement or the consummation of the transactions contemplated
thereby represent or will represent proceeds of criminal conduct or criminal property or terrorist property (as defined in the Proceeds
of Crime Law (As Revised) and the Terrorism Law (As Revised), respectively).

2.8 There is nothing under any law (other than the laws of the Cayman Islands) which would or might affect
the opinions set out below. Specifically, we have made no independent investigation of the laws of the State of New York or
the laws of Brazil.

2.9 The Company has received or will receive money or money's worth in consideration for the issue of the
Shares, and none of the Shares were or will be issued for less than their par value.

2.10 The Shares issued or to be issued pursuant to the Registration Statement, the Plans and the Award Agreements
have or will be duly registered, and will continue to be registered, in the Company's register of members (shareholders).

2.11 No invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands
to subscribe for any of the Shares.

Save as aforesaid we have not been instructed to undertake and have not undertaken any further enquiry or due diligence in relation to the transaction the subject of this opinion.

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| | |
|:---|:---|
| 3 | Opinions |

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Based upon, and subject to, the foregoing assumptions and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:

3.1 The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar of Companies under the laws of the Cayman Islands.

3.2 The Shares to be offered and issued by the Company as contemplated by the Registration Statement, the
Plans and the Award Agreements have been duly authorised for issue and when such Shares are issued by the Company in accordance with the
Memorandum and Articles, the Registration Statement, the Plans and the Award Agreements and upon payment in full being made therefor as
contemplated in the Registration Statement, the Plans and the relevant Award Agreement and such Shares being entered as fully-paid on
the register of members of the

ADN/756600-000001/84489522v5 3

Company, such Shares will be validly issued, fully-paid and non-assessable. As a matter of Cayman Islands law, a share is only issued when it has been entered in the register of members (shareholders).

4 Qualifications

The opinions expressed above are subject to the following qualifications:

4.1 The obligations assumed by the Company under the Plans and the Award Agreements will not necessarily be
enforceable in all circumstances in accordance with their terms. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment of debts
or moratorium or other laws of general application relating to protecting or affecting the rights of creditors and/or contributories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcement may be limited by general principles of equity. For example, equitable remedies such as specific
performance may not be available, *inter alia*, where damages are considered to be an adequate remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where obligations are to be performed in a jurisdiction outside the Cayman Islands, they may not be enforceable
in the Cayman Islands to the extent that performance would be illegal under the laws of that jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) some claims may become barred under relevant statutes of limitation or may be or become subject to defences
of set off, counterclaim, estoppel and similar defences.

4.2 To maintain the Company in good standing with the Registrar of Companies under the laws of the Cayman
Islands, annual filing fees must be paid and returns made to the Registrar of Companies within the time frame prescribed by law.

4.3 Under Cayman Islands law, the register of members (shareholders) is *prima facie* evidence of title
to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where
an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal
position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified
where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications
are rarely made in the Cayman Islands and there are no circumstances or matters of fact known to us on the date of this opinion letter
which would properly form the basis for an application for an order for rectification of the register of members of the Company, but if
such an application were made in respect of the Shares, then the validity of such shares may be subject to re-examination by a Cayman
Islands court.

4.4 In this opinion letter the phrase "non-assessable" means, with respect to the issuance of shares,
that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual arrangement, or an obligation pursuant
to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company's assets
(except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose
or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

ADN/756600-000001/84489522v5 4

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the Rules and Regulations of the Commission thereunder.

We express no view as to the commercial terms of the Registration Statement, the Plans and the Award Agreements or whether such terms represent the intentions of the parties and make no comment with regard to warranties or representations that may be made by the Company.

The opinions in this opinion letter are strictly limited to the matters contained in the opinions section above and do not extend to any other matters. We have not been asked to review and we therefore have not reviewed any of the ancillary documents relating to the Shares and express no opinion or observation upon the terms of any such document.

This opinion letter is addressed to you and may be relied upon by you, your counsel and purchasers of the Shares pursuant to the Registration Statement, the Plans and the Award Agreements. This opinion letter is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.

Yours faithfully

/s/ Maples and Calder (Cayman) LLP

Maples and Calder (Cayman) LLP

ADN/756600-000001/84489522v5 5

Afya Limited

PO Box 309, Ugland House

Grand Cayman KY1-1104

Cayman Islands

12 November 2025

To: Maples and Calder (Cayman) LLP

PO Box 309, Ugland House

Grand Cayman

KY1-1104

Cayman Islands

Dear Sirs

**Afya Limited** (the "**Company**")

I, the undersigned, being a director of the Company, am aware that you are being asked to provide an opinion letter (the "**Opinion**") in relation to certain aspects of Cayman Islands law. Unless otherwise defined herein, capitalised terms used in this certificate have the respective meanings given to them in the Opinion. I hereby certify that:

1 The Memorandum and Articles remain in full force and effect and are unamended.

2 The Company has not entered into any mortgages or charges over its property or assets other than those entered in the register of mortgages and charges of the Company.

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|:---|:---|
| 3 | The Minutes are a true and correct record of the proceedings of the Meetings, which were duly convened and held, and at which a quorum was present throughout, in each case, in the manner prescribed in the Memorandum and Articles. The resolutions set out in the Minutes were duly passed in the manner prescribed in the Memorandum and Articles (including, without limitation, with respect to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied or revoked in any respect. |

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|:---|:---|
| 4 | The authorised share capital of the Company is US$50,000 divided into 1,000,000,000 shares of a nominal or par value of US$0.00005 each which, at the date the Memorandum and Articles became effective, comprised (i) 500,000,000 Class A Common Shares; (ii) 250,000,000 Class B Common Shares (which Class B Common Shares may be converted into Class A Common Shares in the manner contemplated in the Articles of Association of the Company); and (iii) 250,000,000 shares of such class or classes (howsoever designated) and having the rights as the board of directors of the Company may determine from time to time in accordance with Article 4 of the Articles of Association of the Company. |

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| | |
|:---|:---|
| 5 | The shareholders of the Company (the "**Shareholders**") have not restricted the powers of the directors of the Company in any way. |

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6 There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Registration Statement.

7 The directors of the Company at the date of the Constituting Meeting were as follows: Nicolau Carvalho Esteves, Felipe Samuel Argalji, Daniel Arthur Borghi, Laura Guaraná Carvalho, Renato

ADN/756600-000001/84489522v5

Tavares Esteves, Sérgio Mendes Botrel Coutinho, Vanessa Claro Lopes, Daulins Reni Emilio and Rafael Munerato de Almeida.

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|:---|:---|
| 8 | The directors of the Company at the date of the Amendments Meeting were as follows: Kay Krafft, Nicolau Carvalho Esteves, Renato Tavares Esteves, Daulins Rêni Emílio, Shobhna Mohn, Benedikt Dalkmann, Maria Tereza Azevedo, Flávio Dias Fonseca da Silva, João Paulo Seibel de Faria, Miguel Filisbino Pereira de Paula and Vanessa Claro Lopes. |

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9 The members of the ESG Committee at the date of the Plan Meeting, the Second Plan Meeting and at the date of this certificate were and are as follows: Miguel Filisbino Pereira de Paula, Rafael Munerato, Renato Tavares Esteves and Kay Krafft.

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|:---|:---|
| 10 | The directors of the Company at the date of the Plan Board Meeting and at the date of this certificate were and are as follows: Nicolau Carvalho Esteves, Renato Tavares Esteves, Vanessa Claro Lopes, João Paulo Seibel de Faria, Miguel Filisbino Pereira de Paula, Kay Krafft, Maria Tereza Azevedo, Benedikt Dalkmann, Christina Krebs and Marcelo Ken Suhara. |

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|:---|:---|
| 11 | The ESG Committee was constituted at the Constituting Meeting as set out in the Constituting Minutes as the "Compensation Committee" of the board of directors of the Company and the name of the ESG Committee was changed from the "Compensation Committee" of the board of directors of the Company to the "People, Environmental, Social and Governance Committee" of the board of directors of the Company by the board of directors of the Company at a meeting of the board of directors of the Company held on 29 January 2020. |

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|:---|:---|
| 12 | The minute book and corporate records of the Company as maintained at its registered office in the Cayman Islands and made available to you are complete and accurate in all material respects, and all minutes and resolutions filed therein represent a complete and accurate record of all meetings of the Shareholders and directors (or any committee thereof) of the Company (duly convened in accordance with the Memorandum and Articles) and all resolutions passed at the meetings or passed by written resolution or consent, as the case may be. |

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|:---|:---|
| 13 | Prior to, at the time of, and immediately following the approval of the transactions contemplated by the Registration Statement, the Plans and the Award Agreements, the Company was, or will be, able to pay its debts as they fell, or fall, due and has entered, or will enter, into the transactions contemplated by the Registration Statement, the Plans and the Award Agreements for proper value and not with an intention to defraud or wilfully defeat an obligation owed to any creditor or with a view to giving a creditor a preference. |

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|:---|:---|
| 14 | Each member of the ESG Committee considers the transactions contemplated by the Registration Statement, the Plans and the Award Agreements to be of commercial benefit to the Company and has acted in good faith in the best interests of the Company, and for a proper purpose of the Company, in relation to the transactions which are the subject of the Opinion. |

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| | |
|:---|:---|
| 15 | To the best of my knowledge and belief, having made due inquiry, the Company is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction and neither the directors nor Shareholders have taken any steps to have the Company struck off or placed in liquidation. Further, no steps have been taken to wind up the Company or to appoint restructuring officers or interim restructuring officers, and no step has been taken to appoint a receiver in relation to any of the Company's property or assets. |

---

ADN/756600-000001/84489522v5 2

16 To the best of my knowledge and belief, having made due inquiry, there are no circumstances or matters of fact existing which may properly form the basis for an application for an order for rectification of the register of members of the Company.

17 The Company is not a central bank, monetary authority or other sovereign entity of any state and is not a subsidiary, direct or indirect, of any sovereign entity or state.

18 There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Registration Statement, the Plans and Award Agreements.

ADN/756600-000001/84489522v5 3

I confirm that you may continue to rely on this certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you personally to the contrary.

---

| | |
|:---|:---|
| Signature: | Nicolau Carvalho Esteves |
| Name: | /s/ Nicolau Carvalho Esteves |
| Title: | Director |

---

ADN/756600-000001/84489522v5 4

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Amended and Restated Stock Option Plan and the Restricted Stock Plan of Afya Limited of our reports dated March 13, 2025, with respect to the consolidated financial statements of Afya Limited and the effectiveness of internal control over financial reporting of Afya Limited included in its Annual Report (Form 20-F) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

/s/ ERNST & YOUNG

Auditores Independentes S/S Ltda

Belo Horizonte, Brazil

November 12, 2025

## Exhibit 99.1

**Exhibit 99.1**

**AMENDED AND RESTATED STOCK OPTION PLAN OF AFYA LIMITED.**

**AFYA LIMITED,** an exempted company incorporated with limited liability under the laws of the Cayman Islands, with its headquarters located at Ugland House, Maples Corporate Services, P.O. Box 309, George Town, Cayman Islands, KY1-1104 (the "<u>Company</u>");

Considering that:

&nbsp;&nbsp;&nbsp;&nbsp;a) On August 30<sup>th,</sup>2019, the stock option plan (the "**Plan**") of the Company
was approved to grant participants the right to exercise options of Class A common shares of the Company and, that, conditional upon the
terms of the Plan and the relevant option agreement and the due exercise of options by participants under the Plan, shares shall be allotted
and issued to eligible participants as fully paid and non-assessable upon such terms, in such numbers and at such times as contained or
set out in the Plan and the relevant option agreement and entries be made in the Register of Members of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;b) the People and ESG Committee of the Company had discussed, on July 16<sup>th</sup>, 2020 the amendment
of the Plan, in order to maintain its attractiveness's to its employees, directors and consultants, due to the exchange variation
from USD to BRL, which was approved by the Board of Directors on July 29, 2020;

&nbsp;&nbsp;&nbsp;&nbsp;c) the People and ESG Committee acquired full authority on May 5<sup>th</sup>, 2022 of the Board of Directors,
by amending its internal bylaws to approve or amend any incentive plans of the Company, including the aforementioned Plan;

&nbsp;&nbsp;&nbsp;&nbsp;d) the People and ESG Committee of the Company had approved, on July 8<sup>th</sup>, 2022 the
amendments to the Plan, in order to insert new provisions related to change of control and delisting, to insert new conditions related
to the authority of the People and ESG Committee to approve, amend and manage the Plan, and also to reflect any other minor changes to
the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;e) On July 31<sup>st</sup>, 2023, the People and ESG Committee of the Company approved new amendments to
the Plan, specifically, (i) to include a new provision that the People and ESG Committee shall have the authority, subject to certain
conditions defined by the People & ESG Committee, to approve the exchange of Options into RSU Rights, under the Restricted Stock Plan,
as approved by the People & ESG Committee on July 8th, 2022 ("RSU Rights Plan"); (ii) to update and change the conditions
related to Termination/Resignation/Death described in Section 6 of the Plan; and (iii) to update Section 5.2 to include that the Strike
Price shall be adjusted considering the index approved by the People & ESG Committee.

&nbsp;&nbsp;&nbsp;&nbsp;f) On October 31<sup>st</sup>, 2025, the People and ESG Committee of the Company approved new amendments
to the Plan, with retroactive effects as of March 13, 2024, specifically to include certain operational definitions regarding the exchange
rate applicable to the Strike Price,

the Exercise Price index rate and the payment date of the Strike Price by the Beneficiaries (together with the amendments described above, the "**Amendments"**).

&nbsp;&nbsp;&nbsp;&nbsp;g) The People and ESG Committee have approved the amendment and restatement of the Plan to incorporate the
Amendments in the form of the attached Amended and Restated Stock Option Plan of Afya Limited with effect from October 31<sup>st</sup>,
2025. Cayman Islands, October 31<sup>st</sup>, 2025.

_____________________

\*\*\*

**AMENDED AND RESTATED STOCK OPTION PLAN OF AFYA LIMITED**

**1. SOP's Goals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** The granting of options for purchasing shares issued by AFYA Limited (the "**Company**") has as an objective to contribute to the achievement of the Company's financial and strategic goals, by aligning the interests of the shareholders, officers, managers and strategic talents of the Company or any other of its controlled companies, thus enabling maximization of the value of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.1.** To achieve said objectives, the Company shall grant to the Beneficiaries (as defined in Section 2.2(b) below) an option to purchase Class A common shares of the Company, under the terms and conditions of both this general plan for the granting of options for purchasing the Company's Class A common shares (the "**SOP**") and the agreement for the granting of an option for purchasing Class A common shares of the Company to be entered into with each one of the Beneficiaries (the "**Option Agreement**" and the "**Option**", respectively).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.2.** The form of the Option Agreement forms as integral part of this SOP as <u>Exhibit 1</u>.

**2. Management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** The management of this SOP shall be incumbent upon the People and ESG Committee of the Company, pursuant to the terms and conditions of the People and ESG Committee Internal Bylaws approved by the Board of Directors on May 5<sup>th</sup>, 2022 (the "**Committee Bylaws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** In accordance with the terms and conditions of this SOP and Article 24.6 and 24.7 of Company's Amended and Restated Articles of Association, as amended, from time to time (the "**Articles of Association**") and the Committee Bylaws, the People and ESG Committee shall have full power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) take all the necessary and appropriate measures for managing this SOP, including in terms of the construal, detailing and application of the general rules set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) select, at its sole discretion, who should be granted the Options, under the terms of Section 3 below (the "**Beneficiaries**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) set forth the appropriate rules for the granting of the Option to each one of the Beneficiaries, approving the respective Option Agreement, which may differ for each one of the Beneficiaries, in particular with respect to the criteria for the setting of the number of Shares (as defined in item 4.2 below) subject to the Option and Strike Price (as defined in item 5.2 below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) amend the terms and conditions of the Options granted with the purpose of adapting them to any new legal requirements, including for the proper classification of this SOP under the law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) authorize the Company's officers to execute Option Agreements with several Beneficiaries, as well as any necessary amendments upon decision of the People and ESG Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) approve the exchange of Options granted in the Options Agreement into RSU Rights, under the Restricted Stock Plan, as approved by the People & ESG Committee on July 8th, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** The People and ESG Committee, exercising its powers, is subject only to the limits set in law, in the Articles of Association, the Committee Bylaws in any shareholders' agreements filed at the Company's head office, and in this SOP in connection with the transactions contemplated by this SOP.

**3. Beneficiaries**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** <u>Eligibility</u>. In accordance with the conditions of this SOP, only employees, managers and/or strategic consultants of the Company and its controlled companies who have been selected by the People and ESG Committee of the Company shall be eligible to participate as Beneficiaries in the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** <u>Execution</u>. The Option shall be granted by the execution of the Option Agreement.

**4. Shares subject to the SOP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** <u>Number of Shares per Beneficiary</u>. Upon granting of the Option, the People and ESG Committee shall define the number of shares to be issued by the Company for the Option of each Beneficiary, under the conditions provided for in this SOP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** <u>Total number of Shares</u>. The total number of outstanding Options subject to this SOP will not exceed, on any date, four percent (4%) of the total shares issued by the Company (the "**Limit**"). Notwithstanding, the Limit may be exceeded in case the People and ESG Committee decides to approve the use of existing treasury shares of the Company for the future transfer of Shares under this SOP (the "**Indicated Treasury Shares**"). Any Indicated Treasury Shares shall not be used by the Company for any other purpose. The Shares issued by the Company to the Beneficiary related to the exercise of an Option into Shares will be deducted from the Limit and therefore cannot be used for future grants. Any treasury shares transferred by the Company to the Beneficiary to allow the exercise of an Option into Shares (the "**Treasury Shares**") will not be deducted from the Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.1.** The Shares subject to the Option shall be class A common shares of a nominal or par value of US$0.00005 (each), which shall confer to its holder all the rights set forth in the Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.2.** In accordance with Article 4.1(a) and Article 23.4(a) of the Articles of Association, the Board of Directors (or it's duly appointed and authorized delegates) shall approve the issue of Shares and/or the transfer of Treasury Shares arising from the exercise of each Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** <u>Shareholder rights</u>. No shareholder rights (including, but not limited to voting and dividend rights) will be granted to the Beneficiary, unless and until the Option is exercised, subject to the provisions set forth in Sections 4.4 and 5.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.** <u>Dividend rights</u>. Notwithstanding the provisions of Section 4.3 above, the Beneficiary shall be entitled to one hundred per cent (100%) of the dividends or of any other earnings attributed to the Shares acquired by it (the "**Earnings**"), related to the fiscal year in which the Option is exercised and so long as the Beneficiary holds the Shares, without prejudice to

all the rights inherent to such Beneficiary's status as shareholder so long as such Beneficiary remains the holder of the Shares.

**5. Vesting Period and Exercise Windows**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** <u>Vesting Period</u>. The Beneficiary will acquire the right to purchase a particular number of Shares issued by the Company, up to the total amount of Shares of its respective Option. Each year, beginning preferably on May 1 of the year following the date of execution of the Option Agreement, up to 5 (five) annual lot of Options granted to each Beneficiary will vest and the Beneficiary will have the right to exercise such vested Options to acquire the corresponding Shares (each one-year period referred to as a "**Vesting Period**"), as defined in the Option Agreement to be executed with the Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1.** The Beneficiary shall have a term of three (3) years counted from the end of each Vesting Period to exercise its Option vested at the end of the relevant Vesting Period, on 5 (five) annual occasions, which are: (i) from the 1<sup>st</sup> to the 15<sup>th</sup> of February of each year; or (ii) from the 1<sup>st</sup> to the 15<sup>th</sup> of the month immediately following each disclosing date of the annual and/or quarterly financial statements (the "**Exercise Windows**"). The exercise notice shall be sent to the Chief Executive Officer, with a copy to the Company's Chief Legal Officer (the "**<u>Exercise Notice</u>**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2.** Any portion of the Option not exercised under the terms and conditions set forth in this SOP and/or the Option Agreement shall expire and lapse, without notice to that effect, and the Beneficiary shall not be entitled to any compensation, indemnity or right to exercise, in the future, any accumulated non-exercised amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3.** For the purpose of exercising the Option, the Beneficiary shall, at the Company's discretion: (i) sign the subscription letter with the Company, in the event of issuance of new Shares by the Company; or (ii) countersign a share transfer form signed by the Company in the event of use by the Company of Treasury Shares, and the Company shall, upon receipt of payment of the Strike Price from the Beneficiary, update its register of members to reflect the Beneficiary as the holder of the Shares the subject of the portion of the Option exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.4.** The obligation set forth under Section 5.1.3 above may, at the sole discretion of the Beneficiary, be fulfilled either by the Beneficiary or by any company, entity, investment fund, Brazilian or not, whose shares, quotas or any other titles representing their ownership are fully held by the Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** <u>Premium and Strike Price</u>. The Premium will be USD 0.002 for each Option granted in the Option Agreement (the "**Premium**") and, except as set forth in Section 5.3, the Beneficiary shall pay the premium in 60 (sixty) days after the signature of the Option Agreement in accordance with clause 5.3 of the Plan. The strike price of the Option (the "**Strike Price**") will be set forth in the Option Agreement, as defined by the People and ESG Committee, upon the granting of the Option to the Beneficiary. The Strike Price shall be adjusted (i) on a *pro rata temporis* basis, according to the last Brazilian IPCA index rate published and available by IBGE on the first business day of the Exercise Window; and (ii) in relation to the payment of dividends or any other Earnings, considering the reference date immediately after the date that the Beneficiary acquired the right to exercise the Option and before its effectively exercise, not being considered for the calculation of the Strike Price any Earnings related to the fiscal year that the Option was exercised and that the Earnings were distributed to the Beneficiary under the Clause 4.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.** <u>Payment</u>. The Strike Price and the Premium shall be paid: (i) immediately by Beneficiaries who are C-Level executives of the Company and/or of its subsidiaries, or (ii) for Beneficiaries who are not appointed as a C-Level executive, within a maximum of 30 (thirty) business days from the date of the Exercise Notice for the Strike Price and within 30 (thirty) business days from the date the Option Agreement was executed for the Premium, in Brazilian reais, by wire transfer of funds to the bank account held by the Company, in accordance with the provisions set forth in the Option Agreement. Alternatively, the Beneficiary may, in case he/she has a foreign bank account, pay the Strike Price and the Premium by wire transfer of funds in US dollars, for the equivalent conversion of the Strike Price or Premium in Brazilian reais, calculated based on the average selling exchange rate of the US dollars (PTAX) published by the Central Bank of Brazil over: (i) the five (5) business days preceding the first business day of the Exercise Window, for the Strike Price, and (ii) the five (5) business days preceding the first business day of date on which the Option Agreement was executed for the Premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.** <u>Lock-up</u>. In certain cases, the People and ESG Committee, or whomever it delegates, may provide lock-up rules by which the Beneficiary, shall not sell, transfer or, in any way, disposes of Shares acquired in virtue of the exercise of the Option vested in specific periods.

**6. Termination/Resignation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** If any of the Beneficiaries is no longer a manager and/or employee and/or strategic consultant, as applicable, of the Company and/or controlled companies, the following procedures and consequences shall be noted with respect to the granted Options and/or Shares purchased by the Beneficiaries and by reason of the event, as provided for in both this SOP and the Option Agreement with respect to the following:

---

| | |
|:---|:---|
| **Event** | **Rights** |
| Voluntary resignation and/or request of resignation | The Beneficiary may exercise the non-exercised vested portion and loses the right to exercise the nonvested portion and will have no rights to receive *Pro Rata Portion Rights*, as established in Section 6.2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Termination without cause and Removal without cause;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Death or permanent disability | The Beneficiary will lose the right to exercise the non-vested portion and will have rights to exercise the *Pro Rata Portion Right as established in* Section 6.2 and 6.2.1; |
| Termination for cause | The Beneficiary loses the right to exercise the vested and the nonvested portions |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** <u>Pro Rata Vesting</u>. In the event of Beneficiary's death or permanent disability, or of termination of the Beneficiary's employment agreement, management agreement or services agreement by the Company and/or controlled companies <u>without cause</u> (including in the event of removal of his/her position as officer or non-renewal of his/her term as officer) (each such event referred to as an "**Event**"), the Beneficiary (or his/her successor) will vest a pro rata portion of the lot of Options that would vest in the then current Vesting Period, proportionately to the number of complete months elapsed between the beginning of such Vesting Period until the Event, subject to Section 6.2.1 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1.** If the Event occurs during the last three (3) months prior to the end of the then current Vesting Period, the Beneficiary will vest all his/her Options that would initially vest at the end of such Vesting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** <u>Exercise Period</u>. In the event of (i) voluntary resignation and/or request of resignation by the Beneficiary, or (ii) termination without cause and removal without cause by the Company ("<u>Termination</u>"), the Beneficiary shall have a maximum period of 5 (five) days after the date of the Termination to send a notice to the Chief Executive Officer with copy to the Legal and Compliance Vice-President to exercise the vested portion of the outstanding Options, subject to the Strike Price payment and conditions established in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1.** In the event of death or permanent disability, the responsible successor individual shall have a maximum period of, whatever occur before: (i) 6 months after the event of death or permanent disability; or (ii) 5 (five) days after the conclusion of the legal proceedings to establish the formal successor, if the legal proceedings are concluded before 6 months, to send a notice to the Chief Executive Officer with copy to the Legal and Compliance Vice-President to exercise the vested portion of the outstanding Options, subject to the Strike Price payment and conditions established in the Plan.

**7. Liquidity Events**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** <u>Change of Control</u>. For the purpose of this SOP, the expression "**Change of Control**" means (a) any direct or indirect change in the Company's capital stock that results in Bertelsmann SE& Co. KGaA or any of its affiliates ("**Bertelsmann**") ceasing to be the controlling shareholder of the Company in a result of a transaction or a series of transactions that results in Bertelsmann selling at least 75% of its ownership at the Company for cash to any other third parties at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1.** For purposes of this SOP, it shall not be a Change of Control (i) any direct or indirect change of control of Bertelsmann or any change to its equity ownership; or (ii) in the event of permitted transfers, as provided for in any shareholders' agreement filed at the Company's headquarters or in the Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2.** <u>Non-Vested Portion</u>. In case of a Change of Control, the Beneficiaries' Options related to any non-completed Vesting Period(s) will be accelerated. The Beneficiary will have the right to exercise the accelerated Options within no more than ten (10) calendar days from the Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.3.** In the event of a Change of Control, each Beneficiary shall have the right, in his/her sole discretion, to dispose his/her Shares exercised under this SOP, to an offering party at the same price and under the same conditions offered to Bertelsmann (the "**Beneficiary Change of Control Rights**" and the "**Bertelsmann Divestment**", respectively). The number of Shares exercised under this SOP subject to the Beneficiary Change of Control Rights shall represent the same proportion of the Company's shares sold by Bertelsmann in the context of the Bertelsmann Divestment. Subject to the same proportion indicated in this clause, the Beneficiaries shall have the right to include Shares exercised under this SOP arising out of the accelerated conversion of non-vested Options in the Beneficiary Change of Control Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.4.** The Company shall notify the Beneficiary informing (i) that a Bertelsmann Divestment event has occurred; and (ii) the price and payment terms and conditions. Within five (5) days from the receipt by the Beneficiary of the notice, the Beneficiary may, but shall not be obliged to, send a counter-notification to the CEO of the

Company, copying the Legal Director informing his/her decision to exercise the Beneficiary Change of Control Rights. The Beneficiary's failure to submit the counter-notification within the period set forth herein shall be deemed as a waiver of his/her Beneficiary Change of Control Rights in relation to the relevant sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** <u>Delisting Event</u>. For the purpose of this SOP, the expression "**Delisting Event**" means a delisting of the Company from NASDAQ, i.e., the shares issued by the Company ceasing to be traded at NASDAQ (a "**Delisting**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.1.** In the event a Delisting Event results in a public tender offer indistinctively directed to the Company's shareholders for the acquisition of the shares issued by the Company, then the acceleration provided for in Section 7.1.2 and all the terms and deadlines established in this Section 7.1.3 shall be adapted, if necessary and to the maximum possible extent, as to allow the Beneficiaries to transfer his/her Shares (including those Shares arising out of the acceleration of non-vested Options and of the exercise of vested Options) under the terms and conditions of such public tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.2.** In case of a Delisting, (i) each of the Beneficiaries will sell to the Company all his/her Shares exercised under the SOP (including those Shares arising out of the acceleration of non-vested Options and of the exercise of vested Options) and, once these Options are fully exercised, the Company will have the obligation to purchase the Shares exercised under the SOP held by the respective Beneficiary, and; (ii) the Company will have the obligation to acquire all of each Beneficiary's Shares (including those Shares arising out of the acceleration of non-vested Options and of the exercise of vested Options) and, once this Options are exercised, the Beneficiaries will have the obligation to sell their Shares in case of Delisting, under the price, terms and conditions of the Delisting public offer, if any, applicable to each share issued by the Company (the "**Delisting Price**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.3.** The Change of Control and Delisting Sections shall apply in the event the Beneficiary has ceased to be a manager and/or employee of the Company and/or controlled companies exclusively as a result of a termination without cause by the Company and/or controlled companies less than ninety (90) days counted before the Change of Control or Delisting events.

**8. Term and Termination of this SOP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** This SOP will be in force indefinitely, as of this date, and may be terminated at any time by decision of the People and ESG Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.1.** The termination of this SOP shall not affect the validity of the outstanding Options issued pursuant to this SOP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** The Option shall be legally terminated without any right to compensation or indemnity to the Beneficiary: (i) due to its full exercise as authorized in this SOP; or (ii) due to the end of the term for its exercise, or (iii) due to resignation of the Company's Beneficiary, under the conditions provided for in Section 6 above; or (iv) in the event of dissolution and liquidation of the Company.

**9. Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** No provisions of this SOP shall neither confer to the Beneficiary any guarantee to remain in the Company as an employee or until the end of its term of office as a manager, nor shall it ensure its re-election for the referred position, nor shall it interfere in any manner with the right reserved by the Company to dismiss the manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** Nothing in this SOP may, in any way, limit or restrict the ability of the Board of Directors, the People and ESG Committee or the Company's shareholders to resolve on: (i) any increase, reduction, adjustment, reorganization or other change in the Company's capital structure or business or in the Company's capital structure or business of any of its controlled companies; (ii) any corporate transaction, including but not limited to the merger, incorporation, incorporation of shares, spin-off (partial or total); (iii) any issuance of securities of the Company and/or its controlled companies; (iv) the dissolution and/or liquidation of the Company and/or of its controlled companies; (v) any sale or total or partial transfer of the assets or business of the Company and/or of its controlled companies; (vi) any other corporate act of the Company and/or of its controlled companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** Should any split-ups or reverse splits of the shares issued by the Company occur, the amount of Options granted in the context of this SOP shall be adjusted, proportionally, aiming to preserve the stake granted to each Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.** Each Beneficiary must expressly adhere, by executing the Option Agreement, to the terms and conditions of this SOP, without exceptions whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.** The People and ESG Committee may, in the interests of the Company and its shareholders, review the terms and conditions of this SOP, provided that any revisions will not affect the Option Agreements already in force without the relevant Beneficiary consent. The People and ESG Committee shall not be obliged to give equal or the same treatment to the employees/managers eligible to the SOP or to the Beneficiaries, even if they are in a similar function, position, time of employment, hierarchy, or seniority, and there is no obligation to apply any principle of equality or analogy. The People and ESG Committee may also establish special treatment for special cases and situations. Such special treatment shall not constitute a precedent invocable by other Beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6.** Cases not referred to herein shall be decided on by the People and ESG Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.** The People and ESG Committee may, at its own discretion, on a case-by-case basis, approve the execution of Option Agreements reflecting different procedures or consequences, as well as waive any of the rights established in this SOP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8.** This SOP is governed by the laws of the Cayman Islands. ANY AND ALL DISPUTE OR CONTROVERSIES RELATING TO, OR ARISING FROM THE SOP PLAN, ANY PROGRAM, ANY OPTION AGREEMENT OR ANY OTHER INSTRUMENT OR DOCUMENTED RELATED THERETO, IN PARTICULAR INVOLVING THEIR APPLICATION, VALIDITY, EFFECTIVENESS, INTERPRETATION, VIOLATION OR EFFECTS SHALL BE SOLVED THROUGH AN **<u>ARBITRATION</u>** CONDUCTED BY THE CENTER FOR ARBITRATION AND MEDIATION OF THE CHAMBER OF COMMERCE BRAZIL-CANADA (CAM-CCBC), IN ACCORDANCE WITH ITS ARBITRATION REGULATION.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Afya Ltd**

**Table 1: Newly Registered Securities**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class A Common Shares, nominal value US $0.00005 per common share | (1) | Other | 3393220 | $14.08 | $47776538.00 | 0.0001381 | $6597.94 |
| Equity | Class A Common Shares, nominal value US $0.00005 per common share | (2) | Other | 987016 | $14.08 | $13897185.00 | 0.0001381 | $1919.20 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $61673723.00 |  | 8517.14 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $8517.14 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amount registered represents 3,393,220 Class A Common Shares, nominal value US $0.00005 per common share ("Common Shares"), of Afya Limited (the "Registrant") that are reserved for issuance under the Amended and Restated Stock Option Plan of Afya Limited (the "Stock Option Plan") and any additional Common Shares that become issuable under the Stock Option Plan by reason of any share dividend, share split, or other similar transaction pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act").

&nbsp;&nbsp;&nbsp;&nbsp;(2) Amount registered represents 987,016 Common Shares that are reserved for issuance under the Restricted Stock Plan of Afya Ltd. (the "Restricted Stock Plan") and any additional Common Shares that become issuable under the Restricted Stock Plan by reason of any share dividend, share split, or other similar transaction pursuant to Rule 416(a) under the Securities Act. The proposed maximum offering price per unit is estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act solely for the purpose of computing the registration fee, based on the average of the high and low prices reported for a Common Share on NASDAQ on November 7, 2025. Amount of Registration Fee is rounded up to the nearest penny. The Registrant does not have any fee offsets.