Auna (AUNA) Investor Day 2026 summary

Financial outlook and capital allocation

• FY26 revenue growth remains in line with guidance; adjusted EBITDA is now expected broadly stable YoY versus prior 10%–14% FX-neutral growth guidance, after temporary costs from a Colombian payor contract with more advanced-stage cancer cases.

• Excluding one-time payor billing penalties tied mainly to prior-year receivables reconciliations, the prior EBITDA assessment was growth at the low end of the 10%–14% FX-neutral range.

• CapEx remains within guidance at ~4% of revenue; 2Q26 LTM net debt/adjusted EBITDA was 3.6x, with a medium-term target below 3.0x and deleveraging toward 3.0x during 2027.

• Long-term targets include 20% annual adjusted EBITDA growth and 20% ROIC; LTM adjusted EBITDA-to-operating cash flow conversion was 95%.

• Capital priorities are maintenance and high-return organic investment, deleveraging, then small accretive acquisitions; dividends or buybacks in 2027–2028 depend on approval and sustainable excess cash flow.

Growth strategy and country priorities

• Scale profitable operations through organic growth and selective consolidation before phased integration, protecting physician and patient relationships and avoiding early cost drag.

• Build an integrated, value-based platform linking plans, care delivery and high-complexity services to support recurring revenue, cost control and cash-flow visibility.

• Mexico is a key growth market, with expansion planned in Mexico City, Guadalajara and Tijuana; oncology sessions rose 82% YoY and revenue 122% YoY in YTD 2Q26.

• Colombia priorities include stabilizing newer PGP contracts, monetizing installed capacity and expanding private-payor and risk-sharing services; risk-sharing contracts cover 3.2 million people.

• Acquisitions must be profitable, cash-generative, complementary to existing hubs and accretive on a standalone basis; larger transactions require leverage and return thresholds to be met.

Peru platform and Trecca

• By Q2 2026, plan membership was nearly 1.5 million, facility utilization nearly 78%, and NPS 85 for healthcare services and 80 for plans; utilization reached 89.2% in 3Q26.

• Peru’s serviceable market is ~3 million people and ~$1 billion in potential healthcare expenditure; the underserved mid-price segment includes ~1.5 million potential customers.

• YTD through Aug. 2026, neurosurgery revenue rose 20%, traumatology and orthopedic surgery 10%, and cardiovascular surgery 5%; capacity plans include 90 Lima beds and 40 Arequipa beds.

• Trecca is a 20-year EsSalud PPP with a renewal option; construction was planned for Oct. 2026 and operations for 2028. The project is self-funded and non-recourse, with milestone-based construction payments and minimum guaranteed demand.

• At full capacity, Trecca is designed to serve 3 million people annually, lift EsSalud Lima capacity by >20%, and cover 1.9 million of 5 million annual unmet appointments.