Auna S.A. CMD 2026

Good morning everyone, and welcome to the 2026 Auna Investor Day. It's very nice to see a lot of familiar faces here in Lima, and it's also great to welcome everyone who is joining us via the webcast. Just a few words in Spanish. [Foreign language]. So over the next few hours, you will hear how Auna is building an integrated healthcare platform across Latin America, expanding access, improving outcomes, and creating sustainable value for patients, partners, and shareholders. Our management team will share how we are combining the strength of our network, our patient-centered model, and discipline execution to drive sustainable growth and capture the opportunity ahead of us. We will also discuss the progress we are making, the challenges we are addressing, and the priorities that will shape Auna in the next phase. But before we get started, you can read this nice statement on the screen.

Please note that today discussion will include certain forward-looking statements, which are based on management current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to materially differ. Please direct your attention to the safe harbor statement on the screen, which investors should read carefully. It also can be found in our press release published earlier this morning, along with our filing with the SEC. In addition to discussing financial results in accordance to IFRS, we will discuss certain non-IFRS financial measures. Definitions and reconciliations are included in the presentation. Today in the room, in person, we have Suso Zamora, our President and Executive Chairman. Gisele Remy on the far right, our CFO. Rayet Harb, our COO, sorry. And Vicente Checa, our leader of our Peruvian operations. And obviously, myself. You will also hear from our leaders in Mexico and Colombia, who are not with us today.

You will hear from Alejandro Torres and Pablo Cervera, respectively, for Mexico and Colombia. We're very excited about the agenda that we have today. Following the presentations, we will have a Q&A session. For those participating on the webcast, you may submit your questions at any time during the presentations by using There should be a box directly below the broadcast screen. Ask a question, just put your question there, and we'll address them at the end. Also, at the end of the day, we're going to appreciate if you can give us feedback on today's event by completing a brief survey.

For the people in Lima, there is a QR code on your tables that you can fill, and for people on the webcast, there is a resource tab at the top of your screen, and you can complete the survey. At the end of each of the presentations today, the presentations will be available on our investor relations website as we present. Now let's start the session. We're going to start with a quick video on Auna, and with that, I will turn to Suso.

Health, the single most vital asset of every individual and family, and it always starts with the person. Everyone deserves access to quality care. Yet traditional health systems in Latin America are antiquated and leave too many people to navigate them alone. At Auna, we built a fully integrated healthcare platform that is modernizing care and increasing access through affordable healthcare plans. Our value-based care approach prioritizes prevention and early detection, driving superior clinical outcomes and predictable costs. When health challenges arise, our fully integrated hospital network across Mexico, Peru, and Colombia is designed to manage them with a focus on high-complexity care for diseases that drive most systemic health spending now and in the future. Specialized in oncology, with over 35 years of clinical leadership and proven world-class survival outcomes.

Cardiology, driven by a focus on proactive prevention, covering comprehensive cardiac subspecialties, and consistently ranked among the region's best. Neuroscience, combining certified stroke response, advanced neurosurgical precision, and dedicated neuro ICUs. Orthopedics and traumatology, delivering rapid emergency care, high-complexity surgeries, and comprehensive postoperative recovery. Equipped with state-of-the-art medical technology and backed by in-house research centers, we are constantly advancing protocols and bringing the medicine of tomorrow to Latin America today. Led by top specialists who turn advanced infrastructure into life-saving outcomes. Because equipment does not treat patients, people do. All of it organized around the person. Because at Auna, advanced medicine reaches its full potential through our integrated patient-centric care. From proactive prevention and early detection, to closely accompanying our patients and their families throughout every stage of their health journey, where every patient feels heard, understood, and supported.

This human-first commitment serves as the backbone of our value-based care, a proven scalable model strongly positioned for sustainable organic growth. We seamlessly integrate health plans, high-complexity care, and clinical research around the patient in one seamless ecosystem. Powered by more than 30 facilities across Latin America, we are accompanying 8 million lives daily. This is Auna, leading the healthcare transformation in Latin America.

Very good. Suso? Great. Good morning, everybody, and thank you for being here, especially those that are here in Lima.

We appreciate the visit and some of the events that we have scheduled for today. Of course, everybody that supports us through the webcast. Thank you very much. Today, I want to start by saying that it is really important that you, at the end of the day, tell us how we are doing, because we are doing this and we are deciding we want to repeat this every year in different venues. If you find it of use for the investor community, please do let us know. Also let us know how we can improve, if there is. There always is improvement on our side. Here we are today to talk about transformation. Let me just go back here. Recalling what we have been saying to the market for years now.

Auna's mission is to lead healthcare transformation across Spanish-speaking America by increasing access to high-complexity care through our vertically and horizontally integrated model. Before I start the whole presentation, I do want to address 2026 more directly. We did, I think, report this morning or something. While the year is not unfolding entirely as anticipated, as we expected, our revenue remains firmly within our guidance range. We are comfortable there. However, our EBITDA will fall short of our expectations. I do want to report that. We have this morning. I think finishing broadly in line with what we have had last year on an underlying basis. Of course, we take full responsibility of that and full ownership of that performance. This pressure, the downward pressure, is concentrated in Colombia and reflects reimbursement and contracting dynamics.

It is not a deterioration in demand or clinical performance or the Auna operating model. I do want to make that point. Of course, and in contrast, Mexico is having a much more encouraging year. We have addressed last year's operational bottlenecks. We have recalibrated our commercial engine and strengthened the foundations of our Mexico operation. We see today the harvest of that. The actions we have taken are beginning to show clearly in our operating trends. Some of those we already reported a few weeks ago. Very clearly, particularly in Mexico, upward trends. More broadly, our integrated model continues to demonstrate structural advantages in efficiency, in coordination, of course in outcomes, medical and patient journey outcomes. CapEx remains within the range that we have been reporting in the past. Leverage continues to evolve also favorably, given our disciplined management of our balance sheet. Our priority is clear. Convert that progress into scale and sustainable EBITDA growth.

Today, this is what I ambition for today. Today, all of us, we at Auna and of course our investor community, will come out with a clear picture of how we intend to accelerate growth in 2027 and beyond. Going into the presentation. Let me start with the major problems we face in healthcare across Latin American countries. Number one, the access gap. As you can see in this first graph, the percentage of people having access to care through some kind of complementary insurance is only, depending on the country, between 4% and 16% of the population. But we know from more mature markets in the region, like Brazil, that has something like 25% of the population with some kind of complementary insurance, that that is the opportunity.

In many country, we can multiply our penetration by 4 to 25, that's 6 or more. In some country, we can double that, like Mexico. In the complementary insurance aspect, what's critical to understand, it resolves access for a large part of the population that cannot afford general healthcare insurance. It actually allocates a substantial part of family income to healthcare expenditure, and that has been always our focus and our target audience. This shows ample room to grow in markets in which Auna currently operates and some of the markets dominates. Additionally to that, our region faces severe gaps in other dimensions. General capacity of doctors is way below OECD standards. High-complexity capacity, measured as procedures, is particularly low.

All this increases the effective care gap, which produces the tragedy in Latin America, which is preventable deaths are considerably higher among Latin American countries than they are on average in the OECD. In combination, this context shows a regional, deeply structural problem, and for us, opportunity. This is what we strive to do. With Auna's model, we aim to solve through three basic differentiators: vertical integration to increase access, to contain costs; horizontal integration to optimize operations; and a passionate focus on high-complexity care to address a disproportionately larger opportunity than that is much simpler to conquer. We are going to talk about that during the day today, and we can, of course, field questions as well. However, to turn these capabilities into sustainable compounding structural advantage, we need to continue scaling. There's a critical component of the Auna Way, grow, and grow.