Auna (AUNA) 2026 年第二季法說會：營收成長 9%，重申財測指引

重點摘要

• 受益於墨西哥、秘魯與哥倫比亞業務量增加以及高複雜度服務比重提升，Auna 2026 年第二季合併營收成長 9%。
• 由於墨西哥與哥倫比亞面臨暫時性的利潤率壓力，加上秘魯主要因前幾年應收帳款而接受帳款罰扣，在扣除匯率影響後，合併調整後 EBITDA 下降 9%。
• 在手術與腫瘤科業務量復甦、保險公司分級提升，以及 ISSSTELEON 合約效益改善的支撐下，墨西哥的營收成長 4%。
• 上半年營運現金流成長 45% 至 4.41 億祕魯索爾，自由現金流成長 181%。現金餘額較 2025 年底成長 43%，淨槓桿率按季改善至 3.6 倍。
• 管理層重申 2026 全年營收指引，以扣除匯率影響計算約成長 12%。扣除秘魯接受的帳款罰扣後，調整後 EBITDA 成長率預計落在 10%-14% 指引區間的低段。

關鍵財務數據

業務與營運表現

墨西哥

營收年增 4%，季增 5%。調整後 EBITDA 季增 3%，但年減 16%，主要是由於持續投資於醫療與管理人才。

手術量年增 6%，化療與放療量擴增 86%。與 2026 年第一季相比，手術量成長 7%，腫瘤科化療與放療量成長 20%。

腫瘤科營收較 2025 年第一季成長 110%，季增 6%。其他推升因素包括保險公司分級提升、ISSSTELEON 協議、手術與血流動力學醫療套組，以及自費收入。Auna 計劃於 9 月在蒙特雷啟用一部 Elekta EVO 直線加速器。

秘魯

在平均單客消費提高、參保人數增加以及高複雜度手術比重提升的支撐下，營收成長 8%。OncoSalud 營收成長 11%，參保人數擴增 6%，其中包括涵蓋 7,000 名 SEDAPAL 員工的新 B2B 方案。

急診治療量年增 9%，較 2026 年第一季成長 14%。產能利用率達到 83%。調整後 EBITDA 持平，原因是帳款罰扣、B2B 客戶導入成本、醫師留任獎勵、加班費及藥房費用抵銷了營收成長。

Auna 接管了位於利馬南部的一處新診所設施，預計將新增 30 張床位並擴大手術與化療產能。管理層預計營運將於 2027 年底至 2028 年初之間展開。

哥倫比亞

營收成長 13%。風險分擔協議占營收的 24%，高於去年同期的 14%，覆蓋超過 300 萬人。私人支付者營收成長 17%，占哥倫比亞第二季營收的 18%，而受監管接管的支付者營收占比從 18% 降至 12%。

產能利用率達到 79.2%。由於高複雜度醫療成本增加、法定薪資調漲、人才投資以及風險分擔比重擴大，調整後 EBITDA 年減 12%。按季來看，調整後 EBITDA 成長 18%，利潤率提升 1.7 個百分點。

本季結束後，Auna 以有限的額外資本支出，在其位於蒙特里亞的 Imat Oncomedica 設施新增了 18 張成人加護病房（ICU）床位與 24 張住院床位。

管理層指引

管理層重申 2026 全年營收指引，預計在扣除匯率影響下成長約 12%。

扣除主要與往年帳款問題相關的秘魯接受之帳款罰扣後，調整後 EBITDA 成長率預計將落在公司 10%-14% 指引區間的低段。

受益於墨西哥業務量提升與營運進展、哥倫比亞合約價格調整，以及哥倫比亞風險分擔協議與秘魯新 B2B 合約趨於穩定，管理層預計下半年 EBITDA 將按季改善。

Auna 還預計至年底槓桿率將進一步下降，朝向淨負債對調整後 EBITDA 低於 3 倍的中期目標邁進。

風險與關注焦點

• 由於面臨財務壓力的支付者縮短請款期限並嚴格化解算條款，秘魯錄得高於歷史水平的帳款罰扣。涉及往年對帳的談判仍在進行中，預計將於 2026 年期間結束。
• 墨西哥的利潤率受到醫療與管理人才投資、服務組合、藥房成本、復活節假期時間點以及新保險加值稅的影響。
• 哥倫比亞繼續面臨法定薪資調漲、複雜照護相關的高成本以及新風險分擔合約的穩定成本。
• Auna 的全年 EBITDA 展望未包含秘魯接受之帳款罰扣的影響，這使得前期對帳結果成為一個重要變數。

分析師問答焦點

摩根士丹利詢問營運資金顯著改善是由於歷史應收帳款回收、付款時間點，還是供應商融資計畫。管理層表示，大部分應收帳款效益來自於當期應收帳款天數的改善、內部請款週期縮短，以及哥倫比亞付款較快的風險分擔合約。供應鏈融資與秘魯加值稅抵扣的使用也對營運資金提供了支持。

管理層將這些改善描述為可持續的，並表示供應商融資計畫並未影響公司的成本結構。

針對秘魯的帳款調整，管理層表示 Auna 已縮短請款週期並加強財務控制。公司預計在 2026 年期間完成有關往年帳款問題的談判，且預計該問題不會延續至今年之後。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Good morning, and welcome to Auna's Second Quarter 2026 Earnings Conference Call. My name is Rob, and I will be your operator for today's call.

[Operator Instructions]

Please note that this call is being recorded.

[Operator Instructions]

Now I would like to turn the call over to Ana Maria Mora, Head of Investor Relations. Ma'am, please go ahead.

Ana Maria Mora

Thank you, operator. Hello, everyone, and welcome to Auna's conference call to review our second quarter results. Please note that there is a webcast presentation to accompany the discussion during this call. If you need a copy of the presentation, please go to our Investor Relations website or contact Auna's Investor Relations team.

Please note that when we discuss variances, we will be doing so on a year-over-year basis, and in FX-neutral or local currency terms with regard to Mexico and Colombia, unless we note otherwise.

Let's move to Slide 2. In addition to reporting unaudited financial results in accordance with International Financial Reporting Standards, we will discuss certain non-IFRS financial measures and operating metrics including foreign exchange neutral calculations.

Investors should carefully read the definitions of these measures, the metrics and reconciliations included in our earnings press release published yesterday after market close, to ensure that they understand them. Non-IFRS financial measures and operating metrics should not be considered in isolation as a substitute for or superior to IFRS financial measures and are provided as supplemental information only.

Before we begin our remarks, please also note that certain statements made during the course of today's discussion may constitute forward-looking statements, which are based on management's current expectations and beliefs and which are subject to a number of risks and uncertainties that could cause actual results to materially differ, including factors that may be beyond the company's control.

This include, but are not limited to, our target leverage ratio, suppliers and information systems in Mexico, the results of key initiatives we're implementing in Mexico, Colombia and Peru, the expected capacity and market of Torre Trecca once built. The execution of our strategic plan, including the recovery of our growth levels and the roll-out of the AunaWay in Mexico, our planned investments, our expected revenue growth and adjusted EBITDA growth, our revenue and adjusted EBITDA guidance and the creation of further growth and sustainable value for all stakeholders.

For a discussion of risks that may impact our forward-looking statements, please refer to our Form 20-F filing with the U.S. Securities and Exchange Commission and our earnings press release.

Slide 3, please. On today's call, we have Suso Zamora, our Executive Chairman and President; Gisele Remy, our Chief Financial Officer and Executive Vice President; and Lorenzo Massart, our Executive Vice President of Strategy and Equity Capital Markets. They will discuss Auna's consolidated and segment financial and operating results for the quarter as well as provide an update on our various strategic growth initiatives. After that, we will open the call for your questions.

Suso, please go ahead.

Jesús Zamora Leon

Thanks, Annie. Great. Let's turn to Slide 4, please. Our second quarter results demonstrate sustained commercial momentum across Auna's regional health care platform and substantial progress in the operational enhancements we implemented last year, particularly in Mexico. Despite encountering margin pressures across each of our markets during the quarter, the underlying performance of the business remains robust, and we continue to see strong demand across the platform.

Consolidated revenue experienced a 9% increase during the quarter primarily attributed to volume growth and an improved mix of higher complexity services across all 3 of our markets. Consolidated adjusted EBITDA decreased 9% on an FX-neutral basis. This decline was attributed to temporary margin pressures in Mexico and Colombia as well as the impacts of accepted penalties related to billing matters primarily in the reconciliation of prior year's receivables in Peru.

In Mexico, the recovery in volumes accelerated during the quarter, with surgeries increasing 7% and oncology chemotherapies and radiotherapies increasing by 20% compared to the first quarter of 2026. This growth was attributed to the continued benefits of the improved tier classifications secured with major insurers and from the expansion of Auna's Oncology offerings. Favorable pricing in high complexity care and the improved economics of our new ISSSTELEON contract also contributed to a 4% increase in revenues.

Peru achieved 8% revenue growth, primarily attributed to a higher average ticket and sustained membership expansion. Aligned with Auna's business model, growth of high complexity surgeries also supported increases in the quarter in conjunction with an increasing penetration of the B2B market.

In Colombia, volumes and capacity utilization experienced a second consecutive quarter of growth, contributing to an 18% sequential increase in adjusted EBITDA. Our leverage decreased to 3.6x from the first quarter of 2026, supported by the cash generation of the business. Additionally, we strengthened our cash position once again this quarter. Cash increased 43% against year-end 2025 and free cash flow increased 181% year-over-year, reflecting the disciplined cash management we continue to maintain across Auna's regional platform, including improved collections in Colombia.

Let's move to Slide 5. Despite our platform's robust revenue growth and positive cash flow, consolidated adjusted EBITDA experienced a decline, primarily reflecting our investments in Mexico's medical and leadership talent to facilitate growth as well as the billing reconciliations in Peru. As illustrated in the lower portion of the slide, capacity utilization across our health care services witnessed a 2.3 percentage point year-to-date increase to 66% and a sequential increase of 2.8 percentage points.

On the insurance side of Auna's platform, memberships continue to expand, experiencing a 6% increase in the quarter. Additionally, MLR remained stable around 50%. Let's move to Slide 7 to take a closer look at Mexico's performance. In Mexico, the sequential increase in patient volumes was once again concentrated in high complexity areas, particularly surgeries and oncology, resulting in a 7% and 20% increase, respectively.

Oncology continued to perform exceptionally well, with revenues increasing by 110% from the first quarter of 2025 and 6% sequentially. In September, Auna will be inaugurating an Elekta EVO linear accelerator in Monterrey. The most advanced linear accelerators available for radiology on the market to provide the best-in-class treatment for our patients, increased physician onboarding and productivity also contributed to growth during the quarter. Other growth drivers included our ISSSTELEON B2G agreement, surgical and hemodynamics packages and out-of-pocket revenues, which collectively helped Mexico achieve 4% revenue growth.

Revenue also increased 5% sequentially, while adjusted EBITDA increased 3%. On a year-over-year basis, adjusted EBITDA declined 16%, primarily due to our continued investments in medical and leadership talent. The growth during the quarter was impacted by the Easter holidays in April and the impact of the new value-added tax on insurance in Mexico. We observed a noticeable increase in volumes and revenue in May and June, and we expect stronger year-over-year growth in the latter half of the year.

Auna is also committed to enhancing variable cost efficiencies in Mexico. Beyond the margin benefit, this strengthens our value proposition with the country's largest insurers and remains a significant competitive advantage for Auna.

Slide 8, please. In Peru, both OncoSalud and Healthcare Services contributed to revenue growth during the quarter. OncoSalud's revenue increased 11%, driven by annual price adjustments and improved service mix and 6% membership growth. Membership growth was also supported by a new B2B plan covering 7,000 SEDAPAL employees, reflecting the progress we made in strengthening our commercial execution in the large corporate segment. We are also witnessing positive momentum in health care services. New commercial initiatives targeting corporate policyholders contributed to a 9% increase in emergency treatments during the quarter and by 14% from the first quarter of 2026.

Capacity utilization reached 83%. Despite Peru's revenue growth and higher capacity utilization, adjusted EBITDA was flat year-over-year, in part due to the accepted penalties related to billing matters, primarily in the reconciliation of prior year's receivables. Underlying profitability was also affected by higher B2B onboarding costs at Oncosalud, physician retention incentives, overtime expenses and pharmacy costs.

Following the quarter's close, we took possession of a new clinical facility that will expand our capacity in the south of Lima. The project will expand surgeries and chemotherapies and add 30 beds through an asset-light, cost-efficient model and is expected to become operational between the end of 2027 and the beginning of 2028.

We also acquired a Versius SP4 robotic system designed to support minimally invasive procedures through independent robotic arms and a laparoscopic approach strengthening Auna's high-complexity surgical capabilities.

Let's move to Slide 9. In Colombia, we continue to make significant progress in diversifying our payer base and expanding risk-sharing agreements. These contracts now constitute 24% of our revenue, up from 14% a year ago and cover more than 3 million lives. They were a crucial contributor to our 13% revenue growth and are also enhancing cash conversion and predictability. Simultaneously, intervened payors declined to 12% of revenue from 18% last year, with growth from private payers more than offsetting that reduction. Higher volumes also continued to improve capacity utilization to 79.2% from the same period last year, which has now been above pre-Nueva payors at intervention levels.

Adjusted EBITDA declined 12% year-over-year, reflecting higher costs associated with greater complexity, the minimum wage increase, talent investment and the growing mix of risk sharing agreements. However, we observed a clear sequential improvement with adjusted EBITDA increasing 18% and margins expanding 1.7 percentage points. We anticipate that contractual price increases in the second half to largely offset these cost pressures and support stronger EBITDA growth.

Finally, after being deliberately cautious with growth capital in Colombia over the past [indiscernible] years, with the recent elections and the plans of the new administration, we are beginning to invest selectively again. We are identifying attractive opportunities emerging in the market and intend to position ourselves to capture them.

Following the quarter end, in light of the new government emergency stabilization plan, we expanded operating capacity at our Imat Oncomedica facilities in Monteria, adding 18 adult ICU beds and 24 hospitalization beds. This capacity was largely ready for operation, thus necessitating minimal incremental CapEx, and we anticipate it to be highly accretive throughout the remainder of the year. We identify additional opportunities to continue expanding capacity in a similarly capital-efficient manner.

With that, I will turn the call over to Gisele, who will review our results in greater detail.

Gisele Ferrero

Thanks, Suso. My review begins with Slide 11, which summarizes the main revenue drivers during the second quarter. In Mexico, growth was primarily driven by high complexity volumes with surgery volumes increasing 6% and chemotherapy and radiotherapy volumes expanding 86% year-over-year. Peru's top line growth was driven by new memberships, including the 7,000 SEDAPAL employees that Suso highlighted earlier. Another significant driver was commercial initiatives that drove higher patient volumes within our health care network as well as a greater mix of high complexity surgeries.

In Colombia, new relationships with private payors as well as risk sharing models have replaced the revenue from the intervened payors that we have been gradually moving away from. Revenues from private payors grew 17% year-over-year and accounted for 18% of Colombia's revenues in the second quarter. Additionally, revenue from risk-sharing contracts now represents 24% of total revenue in Colombia.

Let's now turn to the EBITDA bridge on Slide 12. The decrease in adjusted EBITDA reflects the lower contribution margins related to Mexico's service mix and our growth investments in talent. In Colombia, it reflects the variable costs of stabilizing our new risk-sharing contracts alongside statutory wage increases. We also experienced higher pharmacy costs associated with the period service mix in Mexico and onboarding of new B2B contracts in Peru.

Another factor was the billing impacts in Peru, primarily related to prior year billing matters. We are actively compressing our internal billing cycle to minimize these impacts going forward and also expect to close all open negotiations related to reconciliations of previous years during 2026. During the second half of this year, we expect adjusted EBITDA to continue improving sequentially. This will be driven by increasing volumes and operational progress in Mexico, contractual price adjustments taking full effect to improve profitability in Colombia and the stabilization of new risk sharing contracts in Colombia as well as new B2B contracts in OncoSalud, Peru.

Let's now move on to adjusted net income on Slide 13. Adjusted net income was PEN 40 million in the second quarter. The variation versus the comparable period of last year was primarily impacted by a decrease of PEN 61 million in FX gains as a result of resetting the level of our FX hedges related to our debt at the end of 2025, which will help reduce FX volatility going forward. While operating profit declined, this was more than offset by income taxes falling in a greater proportion.

Let's now move to Slide 14, please. Cash flow generation continues to be a key highlight for the quarter. Net cash from operating activities reached PEN 441 million for the first 6 months of the year, representing a 45% increase year-over-year, while free cash flow grew by 181%. The strong growth in cash flow primarily stems from improved working capital management, higher collections recoveries, various supply chain financing initiatives that we have implemented across Auna's regional platform; and finally, the utilization of tax credits.

Our cash position also increased substantially, growing 43% since year-end 2025. While organic maintenance CapEx remained relatively flat year-over-year, cash used in the period for payments of maintenance CapEx dropped slightly versus year-to-date 2025 as finance leases in year-to-date 2026 funded a larger portion of acquisitions.

Let's now turn to Slide 15, please. With the cash that we generated in the quarter, a lower level of net debt improved our leverage ratio sequentially. This trend and the improving adjusted EBITDA that we are expecting for the second half of the year means that we expect leverage to continue improving by the end of the year, getting us closer to our medium-term target of 3x net debt to EBITDA.

I'd also like to point out that on an FX-neutral basis across all currencies, our gross debt fell by PEN 43 million versus the end of 2025. However, due to the slight depreciation of the Peruvian sol gross debt increased by PEN 74 million on a reported basis. At the end of the quarter, we had PEN 191 million in credit lines, of which PEN 125 million is still available for us to draw.

One final word on our debt structure, 56% of Auna's debt is in local currency. The balance of our debt is in U.S. dollars, of which 85% is hedged to the Peruvian sol. That concludes my review of the quarter.

I'll now hand the call back to Suso, who has a few closing remarks before we open the call for questions.

Jesús Zamora Leon

Thanks, Gisele. Peru, the most mature market and our regional health care platform continues to demonstrate the strength of our vertically integrated model. We remain focused on higher complexity care and expect profitability to improve as the initial onboarding costs associated with the new B2B accounts, including related pharmacy costs normalize.

In Colombia, we expect margins to continue improving over the coming quarters as contractual price increases take effect and offset higher operating costs, while our risk-sharing agreements continue to scale and provide greater predictability.

In Mexico, we expect the sequential improvement to continue supported by the onboarding of high productivity physicians, the improved tier classifications with major insurers and continued growth in oncology and other high complexity services. We are excited about our expansion in Lima Sur and our added capacity in Monteria as well as our new linear accelerator in Mexico. We believe these will be accretive to our competitive advantage.

Looking ahead, we are reaffirming our full year 2026 revenue guidance of approximately 12% FX-neutral growth. Based on the underlying performance of the business, we expect adjusted EBITDA growth towards the low end of our 10% to 14% guidance range, excluding the impact of Peru's accepted billing penalties, primarily related to prior year's billing matters.

We also expect to continue reducing leverage through the remainder of the year, moving closer to our target of less than 3x net debt to adjusted EBITDA, while free cash flow continues to exceed our original expectations. Our confidence in the underlying outlook is supported by a strong recovery in Mexico's patient volumes and the operational improvements we expect to continue seeing improve in Colombia.

Thank you very much, and now let's open the question-and-answer segment of the earnings call.

Operator

[Operator Instructions]

Your first question comes from the line of Mauricio Cepeda from Morgan Stanley.

分析師問答

Mauricio Cepeda

We have 2 questions. The first one is about the working capital. So we saw that the first half of the year, cash conversion improved sharply. But I also saw that much of the change came from receivables and payables. So if we exclude any type of legacy receivable collection, how much of the remaining benefit came from the ordinary payment timing versus let's say, supplier financing or other working capital financing mechanism?

And what was the supplier financing balance at June? So what would be DPO if we exclude those programs? And what would be the underlying first half cash conversion if we take this kind of adjustments?

And the second question is about the Peru revenue recognition. So both in Q1 and Q2, we recognized deductions related to prior periods billing reconciliation. So have you already changed the methodology and controls that you use to estimate these expected payor deductions like we've seen in the Brazilian payors right -- the Brazilian provider they use the term glosas when the revenue is initially recognized? And what evidence gives you confidence that the 2026 receivables vintage will not require similar retrospective adjustment?

Jesús Zamora Leon

Thank you, Mauricio. It's always good to have the first question from you. It's becoming a tradition, I appreciate that. And I think both questions are more in your territory?

Gisele Ferrero

Yes. Great, Suso, thanks. Good morning Mauricio. So to tackle both parts of the question first, from a working capital perspective, yes, you're correct. We've seen strong improvement in the first half of this year versus the comparable period last year. The majority of this on the accounts receivable side is due to the improvement in accounts receivable days, more specifically on the current portion, right, to your question as if it's related to the current portion or the legacy portion.

And this has to do with both reduction of the internal billing cycle in the case of Colombia and in the case of Peru. Also in the case of the complete billing cycle in Colombia, where we have a much higher proportion now of risk-sharing contracts that are paid much faster than the event model.

Finally, as we've been streamlining the process end to end, we do see that these improvements are sustainable over time and will be conducive to sustaining the current level of accounts receivable rotation that we're seeing. So we do see that sustainable. And in the case of accounts payable days, I just wanted to clarify that we've had gains over the last few quarters, as we've mentioned, particularly related to supply chain financing initiatives that we've structured with financial institutions.

And those are also sustainable over time given that we've onboarded several suppliers across the geographies, and that's permitting us to have this improvement in account payable days, which, again, we're also seeing sustainable over time, and I don't think it's necessary to make any adjustments to that.

Finally, working capital is also benefited by VAT credits that we've used specifically in the case of Peru, and that has also helped working capital rotation. So I think those are some of the points worth highlighting. And we do see a good working capital rotation being sustained in the year to go.

As far as the second part of the question around billing penalties, specifically in the case of Peru, yes, we've seen a higher level of billing penalties in Peru versus what we have seen in previous periods. Maybe to kind of go over the factors, we've seen these revenue adjustments basically as a result of billing penalties, and they are higher than what we have seen historically as we mentioned in last quarter's call. This is obviously affected by a sector-wide situation where financial pressure across Peruvian payers has led them to tighten the enforcement of billing deadlines and settlement terms.

We've been actively shortening our internal billing cycle for some time now and strengthening financial controls to eliminate future penalty exposure. And specifically, we expect any open and ongoing negotiations related to the settlements of billing matters from prior years to be finalized during this year. That's why we do think it is an impact -- a short-term impact that will impact 2026. But by next year, going forward, we should have cleaned out reconciliations from prior periods. That's why we are maintaining our guidance of adjusted EBITDA when we exclude that impact in 2026. Current negotiations related to prior periods do remain open, and that's why we are not including it within those numbers.

Jesús Zamora Leon

No, I just wanted to add, to be clear, I mean this has been like a reset. And we ourselves internally have also put a very high hurdle, no tolerance to service and deliver where we're going to have a discussion on payment. So the whole cycle of how we deliver services and bill services and collectively, we changed dramatically. The sector has changed and we ourselves have changed. And I think this is not going to be a situation that is going to pass 2026.

Mauricio Cepeda

Just a follow-up question on the working capital about the supplier finance. I understand that the supplier finance you said that you onboarded some suppliers there. So of course, it benefits the cash, but does it come in at the expense cost, and that's why we're seeing the margin impact there? Is one thing related to the other?

Gisele Ferrero

No, we don't see impacts -- we don't see any supply chain financing initiatives impacting the cost structure. And obviously, they've been as a product of very close negotiations and onboarding with our suppliers. So no, we don't see it impacting costs.

Operator

[Operator Instructions]

And there are no more questions from the phone line. So I will now turn the call over to Ana Maria Mora from Auna who will proceed with the questions from the webcast platform.

Ana Maria Mora

Thank you, operator. I am not seeing any questions on the webcast platform. So I will give them a minute to present their questions, At this point, I see no questions on the webcast. So I will proceed and pass the word on to Suso for his final remarks.

Jesús Zamora Leon

Thank you very much, Annie and Gisele. And thank you, everybody. I just want to finish with a couple of ideas. While this quarter presented headwinds and headwinds that we have also seen in the past, our underlying business model remains sound. Our track to growth is evident and our strategic path is unchanged. We have taken decisive actions to address the near-term challenges we see today, and we are positioned for sustainable growth. I want to reiterate.

Thank you for joining us today, and thank you for your support and following. Our Investor Relations team is available for any further questions. And again, have a great day.

Operator

This concludes today's conference call. You may now disconnect.