AUNA Q2 2026 Earnings Call Summary

1Key Financial Results and Metrics

Consolidated Revenue: Increased by 9% year-over-year, driven by volume growth and a better mix of higher complexity services across Mexico, Colombia, and Peru.

Consolidated Adjusted EBITDA: Decreased by 9% on an FX-neutral basis, attributed to margin pressures in Mexico and Colombia, and penalties related to billing issues in Peru.

Cash Position: Increased by 43% since year-end 2025; free cash flow grew by 181% year-over-year, reflecting improved working capital management.

Leverage Ratio: Improved to 3.6x, supported by cash generation; the company aims to reduce this further towards its target of less than 3x net debt to EBITDA.

2Strategic Updates and Business Highlights

Mexico:

Strong recovery in patient volumes, particularly in high complexity services (surgeries up 7%, oncology treatments up 20%).

New Elekta EVO linear accelerator to be inaugurated in September, enhancing treatment capabilities.

Peru:

Revenue growth driven by new memberships and improved service mix; however, adjusted EBITDA remained flat due to billing penalties and increased costs.

New clinical facility expected to enhance capacity and operational efficiency.

Colombia:

Significant progress in diversifying payer base with risk-sharing agreements now constituting 24% of revenue.

Adjusted EBITDA improved sequentially by 18%, although it declined 12% year-over-year due to higher operational costs.

3Forward Guidance and Outlook

Revenue Guidance: Reaffirmed full-year 2026 revenue growth target of approximately 12% on an FX-neutral basis.

Adjusted EBITDA Growth: Expected to be at the low end of the 10% to 14% guidance range, excluding the impact of billing penalties in Peru.

Leverage Improvement: Anticipated to continue decreasing through the remainder of the year.

4Bad News, Challenges, or Points of Concern

Margin Pressures: Persistent margin pressures noted in all markets, primarily due to increased operational costs and investments in talent.

Billing Penalties: Higher than expected billing penalties in Peru impacting revenue recognition; management is implementing stronger controls to mitigate future risks.

Market Conditions: Financial pressures in the Peruvian healthcare sector leading to tighter enforcement of billing deadlines.

5Notable Q&A Insights

Working Capital Management: Improved cash conversion attributed to better accounts receivable management and supplier financing initiatives; sustainable improvements expected.

Billing Methodology Changes: Management is actively working on refining billing processes to avoid future penalties, with confidence that 2026 receivables will not require similar adjustments as seen previously.

Supplier Financing Impact: Clarified that supplier financing initiatives are not impacting cost structures negatively, as they stem from close negotiations with suppliers. Overall, AUNA's Q2 2026 results reflect a mix of strong revenue growth and operational challenges, particularly in managing margins and billing practices. The company remains optimistic about its growth trajectory and strategic initiatives aimed at enhancing operational efficiency and market position.