<SEC-DOCUMENT>0000950103-26-004006.txt : 20260318
<SEC-HEADER>0000950103-26-004006.hdr.sgml : 20260318
<ACCEPTANCE-DATETIME>20260318081441
ACCESSION NUMBER:		0000950103-26-004006
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260318
FILED AS OF DATE:		20260318
DATE AS OF CHANGE:		20260318

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Gibbon Virgilio Deloy Capobianco
		CENTRAL INDEX KEY:			0002067005
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38992
		FILM NUMBER:		26765576

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		AV. ARMANDO LOMBARDI, N. 400
		STREET 2:		BARRA DA TIJUCA, 3RD FLOOR
		CITY:			RIO DE JANEIRO
		PROVINCE COUNTRY:   	D5
		ZIP:			22640-000

ISSUER:		

	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

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-03-18</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001771007</issuerCik>
        <issuerName>Afya Ltd</issuerName>
        <issuerTradingSymbol>AFYA</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002067005</rptOwnerCik>
            <rptOwnerName>Gibbon Virgilio Deloy Capobianco</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O AFYA LIMITED</rptOwnerStreet1>
            <rptOwnerStreet2>RUA PARAIBA NO.330 17TH FL, FUNCIONARIOS</rptOwnerStreet2>
            <rptOwnerCity>BELO HORIZONTE</rptOwnerCity>
            <rptOwnerNonUSStateTerritory>MINAS GERAIS</rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>D5</rptOwnerCountry>
            <rptOwnerZipCode>30130-917</rptOwnerZipCode>
            <rptOwnerStateDescription>BRAZIL</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>158448</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>200000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By GIBBOAT OVERSEAS LTD</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>62.59</value>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2026-05-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-05-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>36000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>62.59</value>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2027-05-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-05-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>36000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>62.59</value>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2028-05-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2031-05-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>36000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>62.59</value>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2029-05-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2032-05-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>36000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>62.59</value>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2030-05-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2033-05-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>36000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>52.00</value>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2026-05-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-05-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>52.00</value>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2027-05-01</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-05-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Restricted Stock Unit</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>90000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Restricted Stock Unit</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>18000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Restricted Stock Unit</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F6"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>32000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">GIBBOAT OVERSEAS LTD is solely owned and controlled by the Reporting Person.</footnote>
        <footnote id="F2">The options fully vest and become exercisable three years prior to the expiration date, subject to the Reporting Person's continued service through the applicable vesting dates.</footnote>
        <footnote id="F3">The exercise price is denominated in Brazilian Reais.</footnote>
        <footnote id="F4">Represents Class A Common Shares subject to restricted stock units (&quot;RSUs&quot;). The RSUs have no expiration date and will vest as to 9,000, 18,000, 27,000 and 36,000 shares on the first day of May in 2026, 2027, 2028 and 2029, respectively, subject to the Reporting Person's continued service through the applicable vesting dates.</footnote>
        <footnote id="F5">The RSUs have no expiration date and will vest on May 1, 2026, subject to the Reporting Person's continued service through the vesting date.</footnote>
        <footnote id="F6">The RSUs have no expiration date and will vest on May 1, 2026, subject to the Reporting Person's continued service through the vesting date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Virgilio Deloy Capobianco Gibbon</signatureName>
        <signatureDate>2026-03-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
