Q3 2025 Auna SAA Earnings Call

Speaker #1: At this time, all participants are in listen-only mode. Please note that this call is being recorded. There will be an opportunity for you to ask questions at the end of today's presentation.

Speaker #1: Now, I would like to turn the call over to Anna Maria Mora, Head of Investor Relations. Ma'am, please go ahead.

Speaker #2: Thank you, Operator. Hello, everyone, and welcome to AUNA's conference call to review our third quarter results. Please note that there is a webcast presentation to accompany the discussion during this call.

Ana Maria Mora: Thank you, operator. Hello, everyone, and welcome to AUNA's conference call to review our third 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 two. In addition to reporting a noted financial result 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 and metrics included in our earnings press release of yesterday to ensure that they understand them.

Ana Maria Mora: Thank you, operator. Hello, everyone, and welcome to Auna's conference call to review our third 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 two. In addition to reporting a noted financial result 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 and metrics included in our earnings press release of yesterday to ensure that they understand them.

Speaker #2: 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.

Speaker #2: Unless we note otherwise, let's move to slide two. In addition to reporting a noted financial result in accordance with International Financial Reporting Standards, we will discuss certain non-IFRS financial measures and operating metrics.

Speaker #2: Including foreign exchange-neutral calculations, investors should carefully read the definitions of these measures and metrics included in our earnings press release from yesterday to ensure that they understand them.

Speaker #2: 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.

Ana Maria Mora: 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.

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.

Speaker #2: 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.

Speaker #2: This includes, but is not limited to, our target leverage ratio, the expected resolution of the issues with physicians, suppliers, and information systems in Mexico, the results of the key initiatives we are implementing in Mexico, the expected capacity and market of Torre Treca once built, the execution of our strategic plan, including the recovery of our growth levels and the rollout of the AUNA way in Mexico, our collaboration with SOGIEP, Corporation of America, our planned investments in Mexico, and the creation of further growth and sustainable value for all stakeholders.

Ana Maria Mora: This includes, but are not limited to, our target leverage ratio, the expected resolution of the issues with physicians, suppliers, and information systems in Mexico, the results of the key initiatives we are implementing in Mexico, the expected capacity and market of Torre TRECA once built, the execution of our strategic plan, including the recovery of our growth levels, and the rollout of the AunaWay program in Mexico, our collaboration with SOGIEC, our planned investments in Mexico, and the creation of further growth and sustainable value for all stakeholders. For a description of these risks, please refer to our Form 20F filing with the US Securities and Exchange Commission, and our earnings press release. Slide three, please.

This includes, but are not limited to, our target leverage ratio, the expected resolution of the issues with physicians, suppliers, and information systems in Mexico, the results of the key initiatives we are implementing in Mexico, the expected capacity and market of Torre TRECA once built, the execution of our strategic plan, including the recovery of our growth levels, and the rollout of the AunaWay program in Mexico, our collaboration with Sojitz, our planned investments in Mexico, and the creation of further growth and sustainable value for all stakeholders. For a description of these risks, please refer to our Form 20-F filing with the US Securities and Exchange Commission, and our earnings press release. Slide three, please.

Speaker #2: For a description of these risks, please refer to our Form 20-F filing with the US Securities and Exchange Commission and our earnings press release.

Speaker #2: Slide three, please. On today's call, we have Sosa Zamora, our Executive Chairman and President; Giselle Remy, our Chief Financial Officer and Executive Vice President; and Lorenzo Mazap, our Executive Vice President of Strategy and Equity Capital Markets.

Ana Maria Mora: On today's call, we have Suso Zamora, our Executive Chairman and President, Giselle Remy, our Chief Financial Officer and Executive Vice President, and Lorenzo Maza, our Executive Vice President of Strategy and Equity Capital Markets. They will discuss AUNA's consolidated and segment financial and operating results for the third quarter, and we'll also provide updates on our various strategic growth initiatives. After that, we will open the call for your questions. Suso, please go ahead.

On today's call, we have Suso Zamora, our Executive Chairman and President, Gisele Remy, our Chief Finafncial 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 third quarter, and we'll also provide updates on our various strategic growth initiatives. After that, we will open the call for your questions. Suso, please go ahead.

Speaker #2: They will discuss AUNA's consolidated and segment financial and operating results for the third quarter, and we'll also provide updates on our various strategic growth initiatives. After that, we will open the call for your questions.

Speaker #2: Suso, please go ahead.

Speaker #3: Thank you, Annie. Good morning, everyone, and thank you for joining today's results call. In this quarter, we're reporting weaker financial results—a flat quarter—principally dragged down by our Mexican operations.

Suso Zamora: Thank you, Annie. Good morning, everyone, and thank you for joining today's results call. In this quarter, we're reporting weaker financial results, a flat quarter, principally dragged down by our Mexican operations. However, in Mexico, we are seeing evidence of stable and growing operational activity. The strength of our business model, the stage of development of our operations, and the resilience of AUNA's integrated regional platform were reflected in the strong results of our Peruvian and Colombian segments in the third quarter, which partially offset the 5% decline in total adjusted EBITDA that was a result of Mexico's performance. Peru's strong top line and EBITDA growth was driven by a still improving healthcare pricing mix and strong insurance MLR, as well as robust growth in plans. Our risk mitigation measures implemented in Colombia strengthened EBITDA and cash flow there.

Suso Zamora: Thank you, Annie. Good morning, everyone, and thank you for joining today's results call. In this quarter, we're reporting weaker financial results, a flat quarter, principally dragged down by our Mexican operations. However, in Mexico, we are seeing evidence of stable and growing operational activity. The strength of our business model, the stage of development of our operations, and the resilience of Auna's integrated regional platform were reflected in the strong results of our Peruvian and Colombian segments in the third quarter, which partially offset the 5% decline in total Adjusted EBITDA that was a result of Mexico's performance. Peru's strong top line and EBITDA growth was driven by a still improving healthcare pricing mix and strong insurance MLR, as well as robust growth in plans. Our risk mitigation measures implemented in Colombia strengthened EBITDA and cash flow there.

Speaker #3: However, in Mexico, we are seeing evidence of stable and growing operational activity. The strength of our business model, the stage of development of our operations, and the resilience of AUNA's integrated regional platform were reflected in the strong results of our Peruvian and Colombian segments in the third quarter, which partially offset the 5% decline in total adjusted EBITDA that was a result of Mexico's performance.

Speaker #3: Peru's strong top-line and EBITDA growth was driven by a still improving healthcare pricing mix and strong insurance MLR, as well as robust growth in plans.

Speaker #3: Our risk mitigation measures implemented in Colombia strengthened EBITDA and cash flow there. At our Mexico business, despite soft results, our hospital operations remain stable during the quarter, and we saw a second consecutive quarter of higher surgery volumes as well as an increase in oncology and cardiology services.

Suso Zamora: At our Mexico business, despite soft results, our hospital operations remained stable during the quarter, and we saw a second consecutive quarter of higher surgery volumes, as well as an increase in oncology and cardiology services. However, the quarter was marked by slower-than-expected recovery from legacy doctors' volumes and an impact from the implementation of new hospital information and ERP systems at Doctors Hospital. We are making important inroads that are positioning AUNA to capture the many long-term growth opportunities that we see in Mexico. We anticipate 2026 to be a year of full recovery in Mexico, and with the new Mexico team in place, we remain very bullish in the medium term. Despite lower adjusted EBITDA, AUNA's leverage was unchanged, thanks to less gross debt at the end of the quarter. Further, our debt profile improved significantly with our successful refinancing earlier this month.

At our Mexico business, despite soft results, our hospital operations remained stable during the quarter, and we saw a second consecutive quarter of higher surgery volumes, as well as an increase in oncology and cardiology services. However, the quarter was marked by slower-than-expected recovery from legacy doctors' volumes and an impact from the implementation of new hospital information and ERP systems at Doctors Hospital. We are making important inroads that are positioning Auna to capture the many long-term growth opportunities that we see in Mexico. We anticipate 2026 to be a year of full recovery in Mexico, and with the new Mexico team in place, we remain very bullish in the medium term. Despite lower Adjusted EBITDA, Auna's leverage was unchanged, thanks to less gross debt at the end of the quarter. Further, our debt profile improved significantly with our successful refinancing earlier this month.

Speaker #3: However, the quarter was marked by slower-than-expected recovery from legacy doctors' volumes and an impact from the implementation of new hospital information and ERP systems at doctors' hospitals.

Speaker #3: We are making important inroads that are positioning AUNA to capture the many long-term growth opportunities that we see in Mexico. We anticipate 2026 to be a year of full recovery in Mexico, and with the new Mexico team in place, we remain very bullish in the medium term.

Speaker #3: Despite lower adjusted EBITDA, AUNA's leverage was unchanged. Thanks to less gross debt at the end of the quarter, our debt profile improved significantly with our successful refinancing earlier this month.

Speaker #3: Our adjusted net income was a solid S/58 million for the quarter. And now let's turn to slide five. Peru and Colombia drove the 1% increase in FX-neutral consolidated revenue.

Suso Zamora: Our adjusted net income was a solid PEN 58 million for the quarter. Now let's turn to slide five. Peru and Colombia drove the 1% increase in FX-neutral consolidated revenue. Their top lines in local currency grew 9% and 4%, respectively, partially offset by Mexico's 12% decline. Capacity utilization, shown in the bottom left of the slide, decreased 3 percentage points to 64%, unchanged versus the second quarter. On a year-to-year basis, a 1.5 percentage point increase in Peru's total capacity utilization was more than offset by a 5.2 percentage point decrease in Colombia and a 4.4 percentage point decrease in Mexico.

Our Adjusted net income was a solid PEN 58 million for the quarter. Now let's turn to slide five. Peru and Colombia drove the 1% increase in FX-neutral consolidated revenue. Their top lines in local currency grew 9% and 4%, respectively, partially offset by Mexico's 12% decline. Capacity utilization, shown in the bottom left of the slide, decreased 3 percentage points to 64%, unchanged versus the second quarter. On a year-to-year basis, a 1.5 percentage point increase in Peru's total capacity utilization was more than offset by a 5.2 percentage point decrease in Colombia and a 4.4 percentage point decrease in Mexico.

Speaker #3: Their top lines in local currency grew 9% and 4%, respectively, partially offset by Mexico's 12% decline. Capacity utilization, shown in the bottom left of the slide, decreased 3 percentage points to 64%, unchanged versus Q2.

Speaker #3: On a year-to-year basis, a 1.5 percentage point increase in Peru's total capacity utilization was more than offset by a 5.2 percentage point decrease in Colombia and a 4.4 percentage point decrease in Mexico.

Speaker #3: While lower utilization in Mexico was due to a year-over-year decrease in surgery volumes and emergency visits, Colombia's decrease has been a result of the risk mitigation measures that we implemented there earlier in the year, including proactively managing contracted services with government intervening payers.

Suso Zamora: While lower utilization in Mexico was due to a year-over-year decrease in surgery volumes and emergency visits, Colombia's decrease has been a result of the risk mitigation measures that we implemented there earlier in the year, including proactively managing contracted services with government intervening payers, while Peru's decrease was a function of the addition of beds to the operating capacity. Finally, I'd like to highlight that the total and operating capacity utilization in Mexico modestly grew from the previous quarter. Plan memberships grew 8% at Oncosalud, while its MLR fell further to 49.3%. Now, let's take a closer look at the segment results, beginning with Mexico on slide seven. Of course, there were several bright spots in Mexico during the quarter. First, surgery volumes increased for the second consecutive quarter, as I noted before.

While lower utilization in Mexico was due to a year-over-year decrease in surgery volumes and emergency visits, Colombia's decrease has been a result of the risk mitigation measures that we implemented there earlier in the year, including proactively managing contracted services with government intervening payers, while Peru's decrease was a function of the addition of beds to the operating capacity. Finally, I'd like to highlight that the total and operating capacity utilization in Mexico modestly grew from the previous quarter. Plan memberships grew 8% at Oncosalud, while its MLR fell further to 49.3%. Now, let's take a closer look at the segment results, beginning with Mexico on slide seven. Of course, there were several bright spots in Mexico during the quarter. First, surgery volumes increased for the second consecutive quarter, as I noted before.

Speaker #3: While Peru's decrease was a function of the addition of beds to the operating capacity. Finally, I'd like to highlight that the total and operating capacity utilization in Mexico modestly grew from the previous quarter.

Speaker #3: Plan memberships grew 8% at Oncosalud, while its MLR fell further to 49.3%. Now let's take a closer look at the segment results, beginning with Mexico on slide seven.

Speaker #3: Of course, there were several bright spots in Mexico during the quarter. First, surgery volumes increased for the second consecutive quarter, as I noted before.

Speaker #3: Second, oncology and cardiology services, which are integral to our long-term growth strategy, increased 48% compared to the second quarter of 2025. Accounting for 15% of Mexico's revenues, let me highlight this.

Suso Zamora: Second, oncology and cardiology services, which are integral to our long-term growth strategy, increased 48% versus Q2 2025, accounting for 15% of Mexico's revenues. Let me highlight this. An important part of our high-complexity footprint in Mexico is growing. Relatedly, third, the revenues from Opción Oncología increased 21% over the previous quarter as well. This is where AUNA makes a huge difference in the transformation of healthcare in Mexico. This is exactly where we make the difference with patients, payers, and physicians. Weighing on revenue this quarter was a slower market. Also affecting our revenue was a slower-than-expected recovery in volumes, which were impacted by the doctor-supplied relationships that have slowed the implementation of the AunaWay program in this market. It is important to note that we have experienced similar hurdles when disrupting Peru's and Colombia's healthcare markets.

Second, oncology and cardiology services, which are integral to our long-term growth strategy, increased 48% versus Q2 2025, accounting for 15% of Mexico's revenues. Let me highlight this. An important part of our high-complexity footprint in Mexico is growing. Relatedly, third, the revenues from Opción Oncología increased 21% over the previous quarter as well. This is where Auna makes a huge difference in the transformation of healthcare in Mexico. This is exactly where we make the difference with patients, payers, and physicians. Weighing on revenue this quarter was a slower market. Also affecting our revenue was a slower-than-expected recovery in volumes, which were impacted by the doctor-supplied relationships that have slowed the implementation of the AunaWay program in this market. It is important to note that we have experienced similar hurdles when disrupting Peru's and Colombia's healthcare markets.

Speaker #3: An important part of our high-complexity footprint in Mexico is growing. Relatedly, revenues from Opción Oncología increased 21% over the previous quarter as well.

Speaker #3: This is where AUNA makes a huge difference in the transformation of healthcare in Mexico. This is exactly where we make the difference with patients, payers, and physicians.

Speaker #3: Weighing on revenue this quarter was a slower market. Also affecting our revenue was a slower-than-expected recovery in volumes, which were impacted by the doctor-supplied relationships that have slowed the implementation of the AUNA Way model in this market.

Speaker #3: It is important to note that we have experienced similar hurdles when disrupting Peru's and Colombia's healthcare markets. Another factor was unexpected problems in migrating doctors' hospitals to new information and ERP systems, which affected billing.

Suso Zamora: Another factor was unexpected problems in migrating Doctors Hospital to new information and ERP systems, which affected billing. The implementation of these systems is part of a broader multi-year IT transition to harmonize technology across AUNA's businesses and geographies, as well as to improve the quality of data and information that we use to manage AUNA and to serve patients. Lower revenues impacted Mexico's gross profit, and therefore adjusted EBITDA, and there were other factors, including a higher mix of lower-margin services related to service contracts that our OCA facility has for state employees. Nevertheless, the margin was 29% in the third quarter. Before discussing the performance of our other business segments, I'd like to give an update on the key growth initiatives that we have underway in Mexico, which we have summarized on slide eight.

Another factor was unexpected problems in migrating Doctors Hospital to new information and ERP systems, which affected billing. The implementation of these systems is part of a broader multi-year IT transition to harmonize technology across Auna's businesses and geographies, as well as to improve the quality of data and information that we use to manage Auna and to serve patients. Lower revenues impacted Mexico's gross profit, and therefore Adjusted EBITDA, and there were other factors, including a higher mix of lower-margin services related to service contracts that our OCA facility has for state employees. Nevertheless, the margin was 29% in the third quarter. Before discussing the performance of our other business segments, I'd like to give an update on the key growth initiatives that we have underway in Mexico, which we have summarized on slide eight.

Speaker #3: The implementation of these systems is part of a broader multi-year IT transition to harmonize technology across AUNA's businesses and geographies, as well as to improve the quality of data and information that we use to manage AUNA and to serve patients.

Speaker #3: Lower revenues impacted Mexico's gross profit and, therefore, adjusted EBITDA. Additionally, other factors included a higher mix of lower-margin services related to service contracts that the OCA facility has for state employees.

Speaker #3: Nevertheless, the margin was 29% in the third quarter. Before discussing the performance of our other business segments, I'd like to give an update on the key growth initiatives that we have underway in Mexico.

Speaker #3: Which we have summarized on slide eight. Attracting, retaining, and investing in talent is integral to our growth strategy in Mexico. Healthcare talent is thin in the Monterrey marketplace; however, we have revamped the leadership team in Mexico.

Suso Zamora: Attracting, retaining, and investing in talent is integral to our growth strategy in Mexico. Healthcare talent is thin in the Monterrey marketplace. However, we have revamped the leadership team in Mexico. Alejandro Torres leads our Monterrey healthcare operations. Previously, he held senior roles at Star Medica and TechSalud. We also hired a new Chief Medical Officer, a prestigious and very credible physician in Monterrey, who is having a significant and positive impact as we engage with physicians to grow our practices and improve medical resolution for our patients. We've also hired a new Head of Commercial Operations joining the company this week, as well as other senior leaders for our Mexican hospitals. All of them bring to AUNA significant combined and complementary experience in Mexico's healthcare market, as well as decades of experience in Monterrey.

Attracting, retaining, and investing in talent is integral to our growth strategy in Mexico. Healthcare talent is thin in the Monterrey marketplace. However, we have revamped the leadership team in Mexico. Alejandro Torres leads our Monterrey healthcare operations. Previously, he held senior roles at Star Medica and TechSalud. We also hired a new Chief Medical Officer, a prestigious and very credible physician in Monterrey, who is having a significant and positive impact as we engage with physicians to grow our practices and improve medical resolution for our patients. We've also hired a new Head of Commercial Operations joining the company this week, as well as other senior leaders for our Mexican hospitals. All of them bring to Auna significant combined and complementary experience in Mexico's healthcare market, as well as decades of experience in Monterrey.

Speaker #3: Alejandro Torres leads our Monterey healthcare operations. Previously, he held senior roles at Star Medica and Tech Salud. We also hired a new Chief Medical Officer, a prestigious and very credible physician in Monterey, who is having a significant and positive impact as we engage with physicians to grow our practices and improve medical resolution for our patients.

Speaker #3: We've also hired a new Head of Commercial Operations, joining the company this week, as well as other senior leaders for our Mexican hospitals. All of them bring to AUNA significant combined and complementary experience in Mexico's healthcare market, as well as decades of experience in Monterrey.

Speaker #3: We are rolling out a series of packaged service offerings and strengthening our collaboration with leading physicians to further penetrate three important market segments. This, of course, will expand revenue streams and increase capacity utilization at our healthcare facilities.

Suso Zamora: We are rolling out a series of package service offerings and strengthening our collaboration with leading physicians to further penetrate three important market segments. This, of course, will expand revenue streams and increase capacity utilization at our healthcare facilities. One is the out-of-pocket segment, which is profitable and currently only represents 8% of our revenue in Mexico, and which we intend to increase to 20% by the end of next year. In the third quarter, we increased this segment by 15%. In the corporate segment, we continue developing attractive, cost-effective packages to deliver additional services to the employees of corporate clients. Another attractive segment is government agencies. Accordingly, we are evaluating tailored services for the employees of municipalities around Monterrey, as well as those of government entities within it. Physician engagement and productivity are also integral to our Mexico strategy, including attracting the best doctors and nurses in high-complexity medicine.

We are rolling out a series of package service offerings and strengthening our collaboration with leading physicians to further penetrate three important market segments. This, of course, will expand revenue streams and increase capacity utilization at our healthcare facilities. One is the out-of-pocket segment, which is profitable and currently only represents 8% of our revenue in Mexico, and which we intend to increase to 20% by the end of next year. In the third quarter, we increased this segment by 15%. In the corporate segment, we continue developing attractive, cost-effective packages to deliver additional services to the employees of corporate clients. Another attractive segment is government agencies. Accordingly, we are evaluating tailored services for the employees of municipalities around Monterrey, as well as those of government entities within it. Physician engagement and productivity are also integral to our Mexico strategy, including attracting the best doctors and nurses in high-complexity medicine.

Speaker #3: One is the out-of-pocket segment, which is profitable and currently only represents 8% of our revenue in Mexico, and which we intend to increase to 20% by the end of next year.

Speaker #3: In the third quarter, we increased this segment by 15%. In the corporate segment, we continue developing attractive, cost-effective packages to deliver additional services to the employees of corporate clients.

Speaker #3: Another attractive segment is government agencies. Accordingly, we are evaluating tailored services for the employees of municipalities around Monterrey, as well as those of government entities within it.

Speaker #3: Physician engagement and productivity are also integral to our Mexico strategy, including attracting the best doctors and nurses in high-complexity medicine. This includes a series of productivity and quality initiatives that have been gaining momentum.

Suso Zamora: This includes a series of productivity and quality initiatives that have been gaining momentum. By targeting just 140 of our top physicians, who represent approximately 25% to 35% of our revenues at each of our hospitals, we've improved our alignment with them, with payers, and with suppliers as well. This simple initiative has enhanced medical practices, improves operating performance, cost predictability, and, of course, control. Last month, half of those doctors experienced a double-digit increase in productivity month over month. Additionally, in the same month, we were able to attract a group of 10 physicians from a competing local hospital. On the payer front, we aim to expand AUNA's participation with some of Mexico's largest insurance companies' preferred provider networks. Consequently, commencing in 2026, our healthcare facilities anticipate supporting heightened patient access and service volumes, thereby propelling capacity utilization.

This includes a series of productivity and quality initiatives that have been gaining momentum. By targeting just 140 of our top physicians, who represent approximately 25% to 35 of our revenues at each of our hospitals, we've improved our alignment with them, with payers, and with suppliers as well. This simple initiative has enhanced medical practices, improves operating performance, cost predictability, and, of course, control. Last month, half of those doctors experienced a double-digit increase in productivity month over month. Additionally, in the same month, we were able to attract a group of 10 physicians from a competing local hospital. On the payer front, we aim to expand Auna's participation with some of Mexico's largest insurance companies' preferred provider networks. Consequently, commencing in 2026, our healthcare facilities anticipate supporting heightened patient access and service volumes, thereby propelling capacity utilization.

Speaker #3: By targeting just 140 of our top physicians, who represent approximately 25% to 35% of our revenues at each of our hospitals, we've improved our alignment with them.

Speaker #3: With payers and with suppliers as well. This simple initiative has enhanced medical practices, improved operating performance, cost predictability, and, of course, control. Last month, half of those doctors experienced a double-digit increase in productivity month over month.

Speaker #3: Additionally, in the same month, we were able to attract a group of 10 physicians from a competing local hospital. On the payer front, we aim to expand AUNA's participation with some of Mexico's largest insurance companies' preferred provider networks.

Speaker #3: Consequently, commencing in 2026, our healthcare facilities anticipate supporting heightened patient access and service volumes, thereby propelling capacity utilization. Scaling and enhancing AUNA's oncology capabilities is another key component of our growth strategy in Mexico.

Suso Zamora: Scaling and enhancing AUNA's oncology capabilities is another key component of our growth strategy in Mexico. At the end of October, we hosted AUNA's second oncology congress in Monterrey, an event that gathered more than 70 oncologists from across Mexico. We also used the occasion to officially inaugurate a new onco center at our Doctors Hospital. It will serve as a center of excellence, providing oncology services in a single location and improving patient care and experience while being integrated with AUNA's regional healthcare network. Our oncology efforts are already paying off, and this new center should significantly increase our activity in Monterrey. This is, again, the implementation of the AUNA Way, which will grant AUNA the differentiating aspects that will sustain our high-growth ambitions in high complexity.

Scaling and enhancing Auna's oncology capabilities is another key component of our growth strategy in Mexico. At the end of October, we hosted Auna's second oncology congress in Monterrey, an event that gathered more than 70 oncologists from across Mexico. We also used the occasion to officially inaugurate a new onco center at our Doctors Hospital. It will serve as a center of excellence, providing oncology services in a single location and improving patient care and experience while being integrated with Auna's regional healthcare network. Our oncology efforts are already paying off, and this new center should significantly increase our activity in Monterrey. This is, again, the implementation of the Auna Way, which will grant Auna the differentiating aspects that will sustain our high-growth ambitions in high complexity.

Speaker #3: At the end of October, we hosted AUNA's second oncology congress in Monterrey. The event gathered more than 70 oncologists from across Mexico. We also used the occasion to officially inaugurate a new onco center at our doctors' hospital.

Speaker #3: It will serve as a center of excellence, providing oncology services in a single location and improving patient care and experience, while being integrated with AUNA's regional healthcare network.

Speaker #3: Our oncology efforts are already paying off, and this new center should significantly increase our activity in Monterrey. This is, again, the implementation of the AUNA way.

Speaker #3: Which will grant AUNA the differentiating aspects that will sustain our high growth ambitions in high complexity. Lastly, on this slide, there is the implementation of a new comprehensive IT system for our Mexico operations to bring it to our standards.

Suso Zamora: Lastly, on this slide, there is the implementation of a new comprehensive IT system for our Mexico operations to bring it to our standards. Among many benefits, it will enhance the integration of financial and operational data, improve management visibility across the businesses, help us better control costs, as well as enhance decision-making at our healthcare facilities. Let's move to slide nine to discuss Peru's third quarter performance. Our Peru business, AUNA's scalable, integrated, and best-practice healthcare platform, demonstrated the strength and predictability of our model when it's operating at scale. As it further penetrated the country's healthcare market and expanded its business with third-party payers, healthcare revenues grew 9%, mainly on increases in ticket and volume of emergency visits and ambulatory care. Oncosalud, the health plans business, increased revenues 8%, primarily due to the increase in memberships and to annual price adjustments.

Lastly, on this slide, there is the implementation of a new comprehensive IT system for our Mexico operations to bring it to our standards. Among many benefits, it will enhance the integration of financial and operational data, improve management visibility across the businesses, help us better control costs, as well as enhance decision-making at our healthcare facilities. Let's move to slide nine to discuss Peru's third quarter performance. Our Peru business, Auna's scalable, integrated, and best-practice healthcare platform, demonstrated the strength and predictability of our model when it's operating at scale. As it further penetrated the country's healthcare market and expanded its business with third-party payers, healthcare revenues grew 9%, mainly on increases in ticket and volume of emergency visits and ambulatory care. Oncosalud, the health plans business, increased revenues 8%, primarily due to the increase in memberships and to annual price adjustments.

Speaker #3: Among many benefits, it will enhance the integration of financial and operational data, improve management visibility across the businesses, help us better control costs, as well as enhance decision-making at our healthcare facilities.

Speaker #3: Let's move to slide nine to discuss Peru's third quarter performance. Our Peru business, AUNA's scalable, integrated, and best practice healthcare platform, demonstrated the strength and predictability of our model when it's operating at scale.

Speaker #3: As it further penetrated the country's healthcare market and expanded its business with third-party payers, healthcare revenues grew 9%, mainly due to increases in ticket prices and the volume of emergency visits and ambulatory care.

Speaker #3: Onco Salud, the health plans business, increased revenues by 8%, primarily due to the increase in memberships and annual price adjustments. We continue to see substantial opportunity ahead, and Peru will remain a key contributor to AUNA's growth.

Suso Zamora: We continue to see substantial opportunity ahead, and Peru will remain a key contributor to AUNA's growth. Peru's adjusted EBITDA increased 15%, with the margin increasing 1.1 percentage points to 22.7%, driving EBITDA growth where higher efficiencies with respect to surgical procedures and improved pharmaceutical costs at Oncosalud, which contributed to its low MLR. Turning to Colombia on slide 10, Colombia's top line grew 5%, primarily the result of implementing risk-sharing models like prospective global payments, which are unique given the difficulty to replicate them, produce stable margins, and high occupancy, and produce a reliable and positive cash cycle. These represented 18% of Colombia's revenues, up from 14% in the third quarter 2024. Also, as of the end of the third quarter, the share of revenues from Nueva EPS, one of the major government-intervened payers in Colombia, decreased from 20% in last year's quarter to 13%.

We continue to see substantial opportunity ahead, and Peru will remain a key contributor to Auna's growth. Peru's Adjusted EBITDA increased 15%, with the margin increasing 1.1 percentage points to 22.7%, driving EBITDA growth where higher efficiencies with respect to surgical procedures and improved pharmaceutical costs at Oncosalud, which contributed to its low MLR. Turning to Colombia on slide 10, Colombia's top line grew 5%, primarily the result of implementing risk-sharing models like prospective global payments, which are unique given the difficulty to replicate them, produce stable margins, and high occupancy, and produce a reliable and positive cash cycle. These represented 18% of Colombia's revenues, up from 14% in the third quarter 2024. Also, as of the end of the third quarter, the share of revenues from Nueva EPS, one of the major government-intervened payers in Colombia, decreased from 20% in last year's quarter to 13%.

Speaker #3: Peru's adjusted EBITDA increased by 15%, with a margin increasing by 1.1 percentage points to 22.7%, driving EBITDA growth due to higher efficiencies in surgical procedures and improved pharmaceutical costs at Onco Salud.

Speaker #3: Which contributed to its low MLR. Turning to Colombia on slide 10, Colombia's top line grew 5%, primarily the result of implementing risk-sharing models like prospective global payments, which are unique given the difficulty to replicate them, produce stable margins, high occupancy, and create a reliable and positive cash cycle.

Speaker #3: These represented 18% of Colombia's revenues, up from 14% in the third quarter of 2024. Also, as of the end of the third quarter, the share of revenues from Nueva EPS, one of the major government-intervened payers in Colombia, decreased from 20% in last year's quarter to 13%.

Speaker #3: And we added Salud Total as a payer under a new PGP program, reflecting the success of our efforts to diversify the payers that AUNA serves in the country.

Suso Zamora: We added Salud Total as a payer under a new PGP program, reflecting the success of our efforts to diversify the payers that AUNA serves in the country. Despite the lower surgical volume stemming from us limiting services to intervened payers, higher average tickets for surgeries and an increase in chemotherapy and imaging services more than offset this decrease and contributed to the quarter's revenue growth. That growth drove an 18% increase in Colombia's adjusted EBITDA and margin expansion of 1.7 percentage points, in addition to lower impairment losses in the quarter and offset by increases to doctor remuneration. That concludes my review of the quarter. Now over to Gise for her part of today's presentation. Thanks, Soto. On slide 12, we break down the revenue contributed by each geographic component of AUNA's diversified regional platform.

We added Salud Total as a payer under a new PGP program, reflecting the success of our efforts to diversify the payers that Auna serves in the country. Despite the lower surgical volume stemming from us limiting services to intervened payers, higher average tickets for surgeries and an increase in chemotherapy and imaging services more than offset this decrease and contributed to the quarter's revenue growth. That growth drove an 18% increase in Colombia's Adjusted EBITDA and margin expansion of 1.7 percentage points, in addition to lower impairment losses in the quarter and offset by increases to doctor remuneration. That concludes my review of the quarter. Now over to Gisele for her part of today's presentation.

Speaker #3: And despite the lower surgical volume stemming from us limiting services to intervened payers, higher average tickets for surgeries and an increase in chemotherapy and imaging services more than offset this decrease and contributed to the quarter's revenue growth.

Speaker #3: That growth drove an 18% increase in Colombia's adjusted EBITDA and margin expansion of 1.7 percentage points. In addition to lower impairment losses in the quarter, and offset by increases to doctor remuneration.

Speaker #3: That concludes my review of the quarter. Now, over to Gise for her part of today's presentation.

Gisele Remy: Thanks, Suso. On slide 12, we break down the revenue contributed by each geographic component of Auna's diversified regional platform.

Speaker #2: Thanks, Suso. On slide 12, we break down the revenue contributed by each geographic component of AUNA's diversified regional platform. As you can see in the bar charts, Peru still accounted for well over half of our platform's third-quarter and year-to-date revenues.

Suso Zamora: As you can see in the bar charts, Peru still accounted for well over half of our platform's third quarter and year-to-date revenues. With its top line increasing 9% in the quarter, Peru continues being a strong and reliable driver of growth and cash flow. Colombia, despite the risk mitigation measures that we put in place to maintain a healthy cash cycle, also contributed to revenue growth, growing 4% in local currency for the quarter. Regarding Mexico, we note again that the 12% revenue decline was a product of a still slow recovery of volumes, a slower market, and also included non-operating impacts such as the multi-system migration. Finally, as Suso pointed out, we expect Mexico's revenue to begin growing again next year. Let's now turn to slide 13. Peru was also a strong contributor of adjusted EBITDA growth at 15% growth.

As you can see in the bar charts, Peru still accounted for well over half of our platform's third quarter and year-to-date revenues. With its top line increasing 9% in the quarter, Peru continues being a strong and reliable driver of growth and cash flow. Colombia, despite the risk mitigation measures that we put in place to maintain a healthy cash cycle, also contributed to revenue growth, growing 4% in local currency for the quarter. Regarding Mexico, we note again that the 12% revenue decline was a product of a still slow recovery of volumes, a slower market, and also included non-operating impacts such as the multi-system migration. Finally, as Suso pointed out, we expect Mexico's revenue to begin growing again next year. Let's now turn to slide 13. Peru was also a strong contributor of Adjusted EBITDA growth at 15% growth.

Speaker #2: And with its top line increasing 9% in the quarter, Peru continues to be a strong and reliable driver of growth and cash flow. Colombia, despite the risk mitigation measures that we put in place to maintain a healthy cash cycle, also contributed to revenue growth, growing 4% in local currency for the quarter.

Speaker #2: Regarding Mexico, we note again that the 12% revenue decline was a product of a still slow recovery of volumes. A slower market also included non-operating impacts such as the multi-system migration.

Speaker #2: Finally, as Suso pointed out, we expect Mexico's revenue to begin growing again next year. Let's now turn to slide 13. Peru was also a strong contributor to adjusted EBITDA growth with a 15% increase.

Speaker #2: It also had a solid margin of 22.7% in the quarter, and despite our favoring cash preservation over growth, Colombia also supported our profitability while expanding its margin versus last year's quarter, thanks to increased revenues and lower provisions.

Suso Zamora: It also had a solid margin of 22.7% in the quarter. Despite us favoring cash preservation over growth, Colombia also supported our profitability while expanding its margin versus last year's quarter, thanks to increased revenues and lower provisions. Mexico accounted for the 5% FX-neutral decrease in our consolidated adjusted EBITDA due to the significant revenue decrease, as well as the quarter's mix of payers and services. We expect EBITDA growth in 2026 as we advance the implementation of our business model, as various growth initiatives gradually gain traction, and as we bring the learnings from the system's implementation at Doctors Hospital to the next phase of migrations. On slide 14, we break down the year-over-year change in adjusted net income, the biggest one being Mexico's impact on operating income.

It also had a solid margin of 22.7% in the quarter. Despite us favoring cash preservation over growth, Colombia also supported our profitability while expanding its margin versus last year's quarter, thanks to increased revenues and lower provisions. Mexico accounted for the 5% FX-neutral decrease in our consolidated Adjusted EBITDA due to the significant revenue decrease, as well as the quarter's mix of payers and services. We expect EBITDA growth in 2026 as we advance the implementation of our business model, as various growth initiatives gradually gain traction, and as we bring the learnings from the system's implementation at Doctors Hospital to the next phase of migrations. On slide 14, we break down the year-over-year change in Adjusted net income, the biggest one being Mexico's impact on operating income.

Speaker #2: Mexico accounted for the 5% FX-neutral decrease in our consolidated adjusted EBITDA due to the significant revenue decrease, as well as the quarter's mix of payers and services.

Speaker #2: We expect EBITDA growth in 2026 as we advance the implementation of our business model, as various growth initiatives gradually gain traction, and as we bring the learnings from the systems implementation at Doctors Hospital to the next phase of migrations.

Speaker #2: On slide 14, we break down the year-over-year change in adjusted net income. The biggest impact comes from Mexico's effect on operating income. This was partially offset by 11 million soles of additional finance income related to foreign exchange and a 21 million soles, or 16%, decrease in interest expenses.

Suso Zamora: This was partially offset by PEN 11 million of additional finance income related to FX and a PEN 21 million, or 16%, decrease in interest expenses, both of which you can see in the middle of the bridge. There was also a PEN 31 million decrease in non-cash and extraordinary items, which include a positive impact in 2025 from the OCA holdback obligations from the third quarter in 2024. Let's now move to the cash flow bridge on slide number 15. Our pretax operating cash flow decreased 5% to PEN 595 million during the nine-month period, mainly due to lower revenues in Mexico and accounts receivable delays related to the system's integration there. Another contributing factor was the payment of performance bonuses to doctors at Opción Oncología as part of their transition to AUNA.

This was partially offset by PEN 11 million of additional finance income related to FX and a PEN 21 million, or 16%, decrease in interest expenses, both of which you can see in the middle of the bridge. There was also a PEN 31 million decrease in non-cash and extraordinary items, which include a positive impact in 2025 from the OCA holdback obligations from the third quarter in 2024. Let's now move to the cash flow bridge on slide number 15. Our pretax operating cash flow decreased 5% to PEN 595 million during the nine-month period, mainly due to lower revenues in Mexico and accounts receivable delays related to the system's integration there. Another contributing factor was the payment of performance bonuses to doctors at Opción Oncología as part of their transition to Auna.

Speaker #2: Both of which you can see in the middle of the bridge. There was also a $31 million decrease in non-cash and extraordinary items, which include a positive impact in 2025 from the OCA holdback obligations from the third quarter in 2024.

Speaker #2: Let's now move to the cash flow bridge on slide number 15. Our pre-tax operating cash flow decreased 5% to S/. 595 million during the nine-month period, mainly due to lower revenues in Mexico and accounts receivable delays related to the systems integration there.

Speaker #2: Another contributing factor was the payment of performance bonuses to doctors at Opción Coloquía as part of their transition to AUNA. Compared to the second quarter of this year, our pre-tax operating cash flow increased 65% sequentially, with improved collections and cash conversion in Colombia.

Suso Zamora: Compared to the second quarter of this year, our pretax operating cash flow increased 65% sequentially, with improved collections and cash conversion in Colombia. Because AUNA is a major healthcare provider in the country, this means that intervened payers generally make us a priority with regard to outstanding payments, and collections remain healthy. However, the situation with the intervened payers remains fluid, and we continue being vigilant. Near the center of the bridge, you see PEN 119 million of investments. This is 31% lower than the first nine months of 2024. These investments mainly consisted of PEN 98 million in CapEx, PEN 21 million in amortized payments related to the OCA holdback obligations, which were completed in the second quarter, and the MAS Oncomedica earnouts, which currently only have an outstanding balance of PEN 12 million.

Compared to the second quarter of this year, our pretax operating cash flow increased 65% sequentially, with improved collections and cash conversion in Colombia. Because Auna is a major healthcare provider in the country, this means that intervened payers generally make us a priority with regard to outstanding payments, and collections remain healthy. However, the situation with the intervened payers remains fluid, and we continue being vigilant. Near the center of the bridge, you see PEN 119 million of investments. This is 31% lower than the first nine months of 2024. These investments mainly consisted of PEN 98 million in CapEx, PEN 21 million in amortized payments related to the OCA holdback obligations, which were completed in the second quarter, and the MAS Oncomedica earnouts, which currently only have an outstanding balance of PEN 12 million.

Speaker #2: Because AUNA is a major healthcare provider in the country, this means that intervened payers generally make us a priority with regard to outstanding payments, and collections remain healthy.

Speaker #2: However, the situation with the intervened payers remains fluid, and we continue to be vigilant. Near the center of the bridge, you see S/119 million of investments.

Speaker #2: This is 31% lower than the first nine months of 2024. These investments mainly consisted of S/. 98 million in CAPEX, S/. 21 million in amortized payments related to the OCA holdback obligations, which were completed in the second quarter, and the IMAT Oncomédica earnings, which currently only have an outstanding balance of S/. 12 million.

Speaker #2: Moving further along the bridge, you see 336 million soles of cash used for financing, which was 3% below last year's nine-month period. This amount consists of 163 million soles of term loan payments, 26 million soles of hedge premium and swap interest payments, and 58 million soles of interest paid on our 2029 notes, 50 million soles of interest paid on our working capital facilities, and finally, 39 million soles of borrowed working capital.

Suso Zamora: Moving further along the bridge, you see PEN 336 million of cash used for financing, which was 3% below last year's nine-month period. This amount consists of PEN 163 million of term loan payments, PEN 26 million of hedge premium and swap interest payments, PEN 58 million of interest paid on our 2029 notes, PEN 50 million of interest paid on our working capital facilities, and finally, PEN 39 million of borrowed working capital. That brings us to our cash position at the end of the quarter, which was at a healthy PEN 226 million, albeit 4.2% lower than the beginning of the year. Now, a few words about our debt, beginning on slide number 16. We continue to maintain a healthy debt structure and remain committed to improving our leverage to 3x net debt to EBITDA in the medium term.

Moving further along the bridge, you see PEN 336 million of cash used for financing, which was 3% below last year's nine-month period. This amount consists of PEN 163 million of term loan payments, PEN 26 million of hedge premium and swap interest payments, PEN 58 million of interest paid on our 2029 notes, PEN 50 million of interest paid on our working capital facilities, and finally, PEN 39 million of borrowed working capital. That brings us to our cash position at the end of the quarter, which was at a healthy PEN 226 million, albeit 4.2% lower than the beginning of the year. Now, a few words about our debt, beginning on slide number 16. We continue to maintain a healthy debt structure and remain committed to improving our leverage to 3x net debt to EBITDA in the medium term.

Speaker #2: That brings us to our cash position at the end of the quarter, which was at a healthy S/226 million, albeit 4.2% lower than the beginning of the year.

Speaker #2: Now, a few words about our debt, beginning on slide number 16. We continue to maintain a healthy debt structure and remain committed to improving our leverage to 3 times net debt to EBITDA in the medium term.

Speaker #2: As part of our efforts to effectively manage AUNA's liabilities, we took advantage of market conditions in the debt market, as well as continued appetite from both bond investors and banks, in order to undertake the recent $765 million debt refinancing that we communicated to the market earlier this month.

Suso Zamora: As part of our efforts to effectively manage AUNA's liabilities, we took advantage of market conditions in the debt market, as well as continued appetite from both bond investors, as well as banks, in order to undertake the recent $765 million debt refinancing that we communicated to the market earlier this month. Our refinancing included the successful issuance of $365 million of senior secured notes. We also closed on a MXN 400 million equivalent term loan in Mexican pesos. This matches AUNA's business exposure to Mexico. The loan also contemplates an incremental PEN 60 million equivalent tranche in Peruvian soles, which we expect to disperse in the very near term. Both the US dollar bond, as well as the Mexican peso term loan, represent 125 basis points in savings versus the interest rates on the previous debt structure.

As part of our efforts to effectively manage Auna's liabilities, we took advantage of market conditions in the debt market, as well as continued appetite from both bond investors, as well as banks, in order to undertake the recent $765 million debt refinancing that we communicated to the market earlier this month. Our refinancing included the successful issuance of $365 million of senior secured notes. We also closed on a MXN 400 million equivalent term loan in Mexican pesos. This matches Auna's business exposure to Mexico. The loan also contemplates an incremental PEN 60 million equivalent tranche in Peruvian soles, which we expect to disperse in the very near term. Both the US dollar bond, as well as the Mexican peso term loan, represent 125 basis points in savings versus the interest rates on the previous debt structure.

Speaker #2: Our refinancing included the successful issuance of $365 million of senior secured notes. We also closed on a $400 million equivalent term loan in Mexican pesos; this matches AUNA's business exposure to Mexico.

Speaker #2: The loan also contemplates an incremental $60 million equivalent tranche in Peruvian soles, which we expect to disburse in the very near term. Both the U.S. dollar bond as well as the Mexican peso term loan represent 125 basis points in savings versus the interest rates on the previous debt structure.

Speaker #2: We are also very pleased to have added new lenders to the debt structure, including the IFC, which not only participated in the Mexican peso term loan but also anchored 10% of the bond offering.

Suso Zamora: We are also very pleased to have added new lenders to the debt structure, including the IFC, which not only participated in the Mexican peso term loan, but also anchored 10% of the bond offering. Overall, in addition to extending our maturities, reducing financing costs, and enhancing short-term liquidity, the refinancing gives us more financial flexibility to continue to invest in our medium to long-term growth initiatives. For these reasons, the rating agencies applied a B-plus rating to the 2032 notes, and considered the transaction credit positive. That concludes my review of the results. Before we take your questions, Suso would like to provide a wrap-up on the quarter. Thank you, Gise. I would like to conclude today's presentation with a summary of our strategy and priorities as we look ahead to the end of 2025, and into 2026.

We are also very pleased to have added new lenders to the debt structure, including the IFC, which not only participated in the Mexican peso term loan, but also anchored 10% of the bond offering. Overall, in addition to extending our maturities, reducing financing costs, and enhancing short-term liquidity, the refinancing gives us more financial flexibility to continue to invest in our medium to long-term growth initiatives. For these reasons, the rating agencies applied a B+ rating to the 2032 notes, and considered the transaction credit positive. That concludes my review of the results. Before we take your questions, Suso would like to provide a wrap-up on the quarter.

Speaker #2: Overall, in addition to extending our maturities, reducing financing costs, and enhancing short-term liquidity, the refinancing gives us more financial flexibility to continue to invest in our medium- to long-term growth initiatives.

Speaker #2: For these reasons, the rating agencies applied a B+ rating to the 2032 notes and considered the transaction credit positive. That concludes my review of the results.

Speaker #2: Before we take your questions, Suso would like to provide a wrap-up on the quarter. Thank you, Gise. I would like to conclude today's presentation with a summary of our strategy and priorities as we look ahead to the end of 2025 and into 2026.

Suso Zamora: Thank you, Gisele. I would like to conclude today's presentation with a summary of our strategy and priorities as we look ahead to the end of 2025, and into 2026. As our third quarter demonstrates, Auna's diversified footprint and integrated model provides enduring resilience. Peru embodies Auna's scalable, integrated, and best-practice healthcare platform, and demonstrates the strength and predictability of our model when operated at scale. Peru continues to make strong contributions to Auna's near- to mid-term growth, driven by an improving MLR, consistent profitability, and our proven vertically integrated model operating at scale. The key lever we're engaging now is more growth in mid-segment markets, as well as risk-sharing with private and public payers. In Peru, the recent milestone of TRECA reinforces the strong confidence in Peru's healthcare future, and highlights the long-term opportunity we continue to see in the country.

Speaker #2: As our third quarter demonstrates, AUNA's diversified footprint and integrated model provide enduring resilience. Peru embodies AUNA's scalable integrated and best practice healthcare platform and demonstrates the strength and predictability of our model when operated at scale.

Suso Zamora: As our third quarter demonstrates, AUNA's diversified footprint and integrated model provides enduring resilience. Peru embodies AUNA's scalable, integrated, and best-practice healthcare platform, and demonstrates the strength and predictability of our model when operated at scale. Peru continues to make strong contributions to AUNA's near- to mid-term growth, driven by an improving MLR, consistent profitability, and our proven vertically integrated model operating at scale. The key lever we're engaging now is more growth in mid-segment markets, as well as risk-sharing with private and public payers. In Peru, the recent milestone of TRECA reinforces the strong confidence in Peru's healthcare future, and highlights the long-term opportunity we continue to see in the country.

Speaker #2: Peru continues to make strong contributions to AUNA's near- to mid-term growth, driven by an improving MLR, consistent profitability, and our proven vertically integrated model operating at scale.

Speaker #2: The key lever we're engaging now is more growth in mid-segment markets, as well as risk sharing with private and public payers. In Peru, the recent milestone of TRECA reinforces the strong confidence in Peru's healthcare future and highlights the long-term opportunity we continue to see in the country.

Speaker #2: Peru continues to be a formidable growth market for AUNA, as we roll out our capabilities in a market that has a private insurance penetration of only 6%.

Suso Zamora: Peru continues to be a formidable growth market for AUNA as we roll out our capabilities in a market that has a private insurance penetration of only 6%, and where we envision taking a sizable piece of the next bracket of partially insured and uninsured in the country. In Colombia, measured growth continues to fuel the business, and our risk mitigation strategy has truly paid off. Despite difficult externalities, results were very strong this quarter as AUNA successfully diversified away from intervened payers, and prioritized reliable cash flows from PGPs in the past year. Colombia remains a key market for us, and an important contributor to scale and medical best practices across the region. As I have tried to communicate, we are focused on Mexico.

Peru continues to be a formidable growth market for Auna as we roll out our capabilities in a market that has a private insurance penetration of only 6%, and where we envision taking a sizable piece of the next bracket of partially insured and uninsured in the country. In Colombia, measured growth continues to fuel the business, and our risk mitigation strategy has truly paid off. Despite difficult externalities, results were very strong this quarter as Auna successfully diversified away from intervened payers, and prioritized reliable cash flows from PGPs in the past year. Colombia remains a key market for us, and an important contributor to scale and medical best practices across the region. As I have tried to communicate, we are focused on Mexico.

Speaker #2: And where we envision taking a sizable piece of the next bracket of partially insured and uninsured individuals in the country. In Colombia, measured growth continues to fuel the business.

Speaker #2: And our risk mitigation strategy has truly paid off. Despite difficult externalities, results were very strong this quarter, as AUNA successfully diversified away from intervening payers and prioritized reliable cash flows from PGPs.

Speaker #2: In the past year, Colombia remains a key market for us and an important contributor to scale and medical best practices across the region. As I have tried to communicate, we are focused on Mexico.

Speaker #2: We have a great new, highly experienced team of local leadership that is excited about what we can do in Monterrey and in the country.

Suso Zamora: We have a great new, highly experienced team of local leadership that is excited about what we can do in Monterrey and in the country, leading the charge to reignite growth. We have made real progress, seeing a second consecutive quarter of volume recovery in surgeries, and stellar 48% growth in oncology and cardiology services. It is also important to note our recent public announcement on our partnership with SOGIEC. This will allow us to accelerate growth in Mexico beyond what we can achieve on our own, while maintaining our disciplined deleveraging path and our target of bringing leverage below 3x. Finally, we remain acutely focused on our fellow investors and shareholders. Following the successful completion of our debt refinancing this quarter, we've already executed a major step in strengthening the capital structure and reducing long-term financial risk.

We have a great new, highly experienced team of local leadership that is excited about what we can do in Monterrey and in the country, leading the charge to reignite growth. We have made real progress, seeing a second consecutive quarter of volume recovery in surgeries, and stellar 48% growth in oncology and cardiology services. It is also important to note our recent public announcement on our partnership with Sojitz. This will allow us to accelerate growth in Mexico beyond what we can achieve on our own, while maintaining our disciplined deleveraging path and our target of bringing leverage below 3x. Finally, we remain acutely focused on our fellow investors and shareholders. Following the successful completion of our debt refinancing this quarter, we've already executed a major step in strengthening the capital structure and reducing long-term financial risk.

Speaker #2: Leading the charge to reignite growth. We have made real progress, seeing a second consecutive quarter of volume recovery in surgeries and stellar 48% growth in oncology and cardiology services.

Speaker #2: It is also important to note our recent public announcement regarding our partnership with SOGIEC. This will allow us to accelerate growth in Mexico beyond what we can achieve on our own.

Speaker #2: While maintaining our disciplined deleveraging path and our target of bringing leverage below three times, we remain acutely focused on our fellow investors and shareholders.

Speaker #2: Following the successful completion of our debt refinancing this quarter, we've already executed major steps in strengthening the capital structure and reducing long-term financial risk.

Speaker #2: In the remainder of the year, we will continue to evaluate all options to support and enhance shareholder value. We strongly believe AUNA's current share price does not reflect the intrinsic value of our integrated platform and its long-term potential in the Latin American healthcare market.

Suso Zamora: In the remainder of the year, we will continue to evaluate all options to support and enhance shareholder value, as we strongly believe AUNA's current share price does not reflect the intrinsic value of our integrated platform and its long-term potential in the Latin American healthcare market. We are excited about what we can deliver in 2026. Thank you for your time, and we are now ready to take your questions. At this time, we will open the floor for your questions. As a reminder, you can also submit your questions online by using the Q&A function on the webcast platform. Your first question comes from the line of Mauricio Zapata with Morgan Stanley. Sir, your line is open. Please proceed with your question. Hi, Suso. Thank you for the opportunity here. I have two questions, a little bit more about future strategy.

In the remainder of the year, we will continue to evaluate all options to support and enhance shareholder value, as we strongly believe Auna's current share price does not reflect the intrinsic value of our integrated platform and its long-term potential in the Latin American healthcare market. We are excited about what we can deliver in 2026. Thank you for your time, and we are now ready to take your questions.

Speaker #2: We are excited about what we can deliver in 2026. Thank you for your time, and we are now ready to take your questions.

Operator: At this time, we will open the floor for your questions. As a reminder, you can also submit your questions online by using the Q&A function on the webcast platform. Your first question comes from the line of Mauricio Zapata with Morgan Stanley. Sir, your line is open. Please proceed with your question.

Speaker #1: At this time, we will open the floor for your questions. As a reminder, you can also submit your questions online by using the Q&A function on the webcast platform.

Speaker #1: Your first question comes from the line of Mauricio Zapata with Morgan Stanley. Sir, your line is open.

Speaker #1: Please proceed with your Hi.

Speaker #1: question. Hi.

Mauricio Zapata: Hi, Suso. Thank you for the opportunity here. I have two questions, a little bit more about future strategy. On your plans for Mexico and this MOU that you announced with Sojitz, could you explain or walk us through the rationale for expanding in Mexico so soon and how this new agenda aligns with your goal to deleverage Auna and to ramp up operations in Mexico? My second question is about Colombia. Do you think that a potential change in the country's leadership there could help ease these pressures on the EPSs, or are there deeper structural issues that might limit any meaningful improvement over the next few years? Thank you.

Speaker #3: Hi, Susu. Giselle, thank you for the opportunity here. I have two questions, a little bit more about future strategy. So on your plans for Mexico and the ZOMOU that you announced with SOGIEC, could you explain or walk us through the rationale for expanding in Mexico so soon?

Suso Zamora: On your plans for Mexico and this MOU that you announced with SOGIEC, could you explain or walk us through the rationale for expanding in Mexico so soon and how this new agenda aligns with your goal to deleverage AUNA and to ramp up operations in Mexico? My second question is about Colombia. Do you think that a potential change in the country's leadership there could help ease these pressures on the EPSs, or are there deeper structural issues that might limit any meaningful improvement over the next few years? Thank you. Thank you, Mauricio. On Mexico, as we've always represented, AUNA is a growth story, and notwithstanding 2025 results, we do have a very interesting opportunity, growth opportunity in Mexico, repeating what we've done elsewhere.

Speaker #3: And how does this new agenda align with your goal to deleverage AUNA and ramp up operations in Mexico? My second question is about Colombia.

Speaker #3: Do you think that a potential change in the country's leadership could help ease this pressure on the EPSs? Or are there deeper structural issues that might limit any meaningful improvement over the next few years?

Speaker #3: Thank

Speaker #3: you. Thank you,

Suso Zamora: Thank you, Mauricio. On Mexico, as we've always represented, Auna is a growth story, and notwithstanding 2025 results, we do have a very interesting opportunity, growth opportunity in Mexico, repeating what we've done elsewhere.

Speaker #2: Mauricio. So on Mexico, so as we've always represented, AUNA is a growth story. And notwithstanding 2025 results, we do have a very interesting opportunity to growth opportunity in Mexico.

Speaker #2: Repeating what we've done elsewhere, as our insurance plans have solidified certain service offerings in the different cities—Guadalajara, Tijuana, Querétaro, and Mexico City—as well as some of those great opportunities for investment in the future.

Suso Zamora: As our insurance plans have solidified certain service offerings in the different cities, Guadalajara, Tijuana, Querétaro, and Mexico City as well, some of those create opportunities for investment in the future. Today, I have to be very, very clear. Today, leverage is a key concern, and we want to bring it below 3. We do not have a balance sheet to use to allocate capital. Today, the share is really depressed, so we are also limited there in terms of issuing of shares. We have found with SOGIEC a really interesting opportunity. We have been working with SOGIEC, a great and admirable company and a set of executives. We have engaged with SOGIEC for the last five years, looking at different opportunities to collaborate. The MOU we negotiated during the last few months formalizes our relationship and puts up a framework to co-invest together in Mexico.

As our insurance plans have solidified certain service offerings in the different cities, Guadalajara, Tijuana, Querétaro, and Mexico City as well, some of those create opportunities for investment in the future. Today, I have to be very, very clear. Today, leverage is a key concern, and we want to bring it below 3. We do not have a balance sheet to use to allocate capital. Today, the share is really depressed, so we are also limited there in terms of issuing of shares. We have found with Sojitz a really interesting opportunity. We have been working with Sojitz, a great and admirable company and a set of executives. We have engaged with Sojitz for the last five years, looking at different opportunities to collaborate. The MOU we negotiated during the last few months formalizes our relationship and puts up a framework to co-invest together in Mexico.

Speaker #2: Today, I have to be very, very clear. Today, leverage is a key concern, and we want to bring it below 3. So we don't have a balance sheet to use to allocate capital.

Speaker #2: Today, the share is really depressed, so we're also limited there in terms of issuing shares. We have found with SOGIEC a really interesting opportunity. We've been working with SOGIEC, a great and admirable company, and a set of executives that we have engaged with SOGIEC for the last five years, looking at different opportunities to collaborate. The MOU we negotiated during the last few months formalizes our relationship and puts up a framework to co-invest together in Mexico.

Speaker #2: So investors must read the press release that we issued a few months ago about what we plan to do in Mexico with this MOU with SOGIEC.

Suso Zamora: Investors must read the press release that we issued a few months ago about what we plan to do in Mexico with this MOU with SOGIEC. It is an MOU to accelerate AUNA's growth in Mexico. SOGIEC is a great partner, and we're very excited as together we'll be able to achieve more. This helps us capture the opportunity in Mexico, maintaining our leverage targets. That's very important for us. On the EPS in Colombia, I think the political environment in Colombia, given elections in particular, will not change things in the next six months. I'm not as optimistic either for the full year of 2026, but I think that the sector is stressed enough to require some action from the government. I see there are certain milestones that are important.

Investors must read the press release that we issued a few months ago about what we plan to do in Mexico with this MOU with Sojitz. It is an MOU to accelerate Auna's growth in Mexico. Sojitz is a great partner, and we're very excited as together we'll be able to achieve more. This helps us capture the opportunity in Mexico, maintaining our leverage targets. That's very important for us. On the EPS in Colombia, the political environment in Colombia, given elections in particular, will not change things in the next six months. I'm not as optimistic either for the full year of 2026, but the sector is stressed enough to require some action from the government. I see there are certain milestones that are important.

Speaker #2: It is an MOU to accelerate AUNA's growth in Mexico. SOGIEC is a great partner, and we're very excited because together we'll be able to achieve more.

Speaker #2: This was again, this helps us capture the opportunity in Mexico, maintaining our leverage targets. That's very important for us. On the EPS in Colombia, I think the political environment in Colombia, given elections in particular, will not change things in the next six months.

Speaker #2: I am not as optimistic either for the full year of 2026. But I think that the sector is stressed enough to require some action from the government.

Speaker #2: And I see there are certain milestones that are important. Nueva EPS, which is the intervening insurance EPS payer, has recently been capitalized by the central government.

Suso Zamora: Nueva EPS, which is the intervening insurance, EPS insurance payer, they have been recently capitalized by the central government, making it, again, a creditworthy institution. I do see certain actions that are going to be fundamental in bringing stability to the Colombian healthcare sector. I see, because of the electoral year, some delay on that, maybe to the second semester of next year, most probably to the year after that. Again, our preferred status as a provider of high-complexity services to most of the insurance companies in Colombia grants us faster payments, good margins, large volumes. This has been tested in the worst of times in Colombia. I'm not at all pessimistic on what AUNA's positioning in a very difficult circumstance in Colombia will produce. I think attractive returns and growth.

Nueva EPS, which is the intervening insurance, EPS insurance payer, they have been recently capitalized by the central government, making it, again, a creditworthy institution. I do see certain actions that are going to be fundamental in bringing stability to the Colombian healthcare sector. I see, because of the electoral year, some delay on that, maybe to the second semester of next year, most probably to the year after that. Again, our preferred status as a provider of high-complexity services to most of the insurance companies in Colombia grants us faster payments, good margins, large volumes. This has been tested in the worst of times in Colombia. I'm not at all pessimistic on what Auna's positioning in a very difficult circumstance in Colombia will produce attractive returns and growth.

Speaker #2: Making it again a credit-worthy institution. So, I do see certain actions that are going to be fundamental in bringing stability to Colombia's healthcare sector.

Speaker #2: But I see, because of the electoral year, some delay on that. Maybe to the second semester of next year, most probably to the year after that.

Speaker #2: But again, our preferred status as a provider of high-complexity services to most of the insurance companies in Colombia grants us faster payments, good margins, and large volumes. This has been tested in the worst of times in Colombia.

Speaker #2: So, I am not at all pessimistic about AUNA's positioning in a very difficult circumstance in Colombia. I think it will produce attractive returns and growth.

Speaker #2: I want to highlight that our Colombian operations continue to grow, notwithstanding the situation in Colombia. We're very privileged to have the positioning, the trust of many patients, and the trust of many payers. We’re excited about Colombia.

Suso Zamora: I want to highlight our Colombian operations continue to grow, notwithstanding the situation in Colombia. We're very privileged to have the positioning, the trust of many patients, the trust of many payers. We're excited about Colombia, notwithstanding the uncertainties in the political environment. Thank you, Mauricio. Thank you, Suso. If I forgot anything, Gise, please complement if need be. Yeah, Mauricio, just to complement on the second part of the Colombia question, I would add, Suso has mentioned that we remain very constructive on Colombia. As you know, it's an integral part of the AUNA platform, and we have been able to manage the situation successfully, even with the context of the external headwinds.

I want to highlight our Colombian operations continue to grow, notwithstanding the situation in Colombia. We're very privileged to have the positioning, the trust of many patients, the trust of many payers. We're excited about Colombia, notwithstanding the uncertainties in the political environment. Thank you, Mauricio.

Speaker #2: Notwithstanding the uncertainties and the thank you,

Speaker #2: Mauricio. Thank you,

Mauricio Zapata: Thank you, Suso. If I forgot anything, Gise, please complement if need be.

Speaker #3: Susu.

Speaker #2: If I forgot anything, Giselle, please compliment if need be.

Gisele Remy: Yeah, Mauricio, just to complement on the second part of the Colombia question, I would add, Suso has mentioned that we remain very constructive on Colombia. As you know, it's an integral part of the Auna platform, and we have been able to manage the situation successfully, even with the context of the external headwinds.

Speaker #4: Yeah, Mauricio. Just to compliment the second part of the Colombia question, I would add, as Susu has mentioned, that we remain very constructive on Colombia.

Speaker #4: As you know, it's an integral part of the AUNA platform. We have been able to manage the situation successfully, even in the context of the external headwinds.

Speaker #4: We are constructive that there are some political noises that impact the flow of payments. We do think that towards the end of next year and going into 2027, there will be certain opportunities for catalysts in the operation.

Suso Zamora: We are constructive that there are some political noises that impact the flow of payments. We do think that towards the end of next year and going into 2027, there will be certain opportunities for catalysts in the operation. Also, to add to Suso's point and clarify, as we've mentioned, we've reduced our exposure materially to Nueva EPS over the past year from 20% to 13% of the Colombian revenues. We have recently also seen the announcement that the shared stakeholdership between the government vis-à-vis Nueva EPS, and we also see that the government's direct stake in this payer is a positive sign. Gise, I also want to complement again my previous response, Mauricio. Again, AUNA has a very attractive pipeline in Mexico with respect to SOGIEC, and a limited balance sheet today, and the share price.

We are constructive that there are some political noises that impact the flow of payments. We do think that towards the end of next year and going into 2027, there will be certain opportunities for catalysts in the operation. Also, to add to Suso's point and clarify, as we've mentioned, we've reduced our exposure materially to Nueva EPS over the past year from 20% to 13 of the Colombian revenues. We have recently also seen the announcement that the shared stakeholdership between the government vis-à-vis Nueva EPS, and we also see that the government's direct stake in this payer is a positive sign.

Speaker #4: And also, to add to Susu's point and clarify, as we've mentioned, we've reduced our exposure materially to Nueva EPS over the past year from 20% to 13% of the Colombian revenues.

Speaker #4: They have recently also we've seen the announcement that the shared stakeholdership between the government vis-à-vis Nueva EPS and we also see that the government's direct stake in this payer is a positive sign.

Speaker #4: They have recently also seen the announcement that the shared stakeholdership between the government vis-à-vis Nueva EPS, and we also see that the government's direct stake in this payer is a positive.

Suso Zamora: Gise, I also want to complement again my previous response, Mauricio. Again, Auna has a very attractive pipeline in Mexico with respect to Sojitz, and a limited balance sheet today, and the share price. We want to make sure we can continue to act on the pipeline within the partnership of Sojitz. That's a critical part of the response, Mauricio.

Speaker #2: And Giselle, I also want to compliment again my previous response, Mauricio. Again, AUNA has a very attractive pipeline in Mexico with respect to SOGIEC.

Speaker #2: And a limited balance sheet today and the share price. We want to make sure we can continue to act on the pipeline within the partnership of SOGIEC.

Suso Zamora: We want to make sure we can continue to act on the pipeline within the partnership of SOGIEC. That's a critical part of the response, Mauricio. Yeah, is it just a follow-up? Could it be part of this interest of SOGIEC to invest in AUNA itself and help in the capital structure, or is it just for new opportunities? I think that, I mean, I don't want to speak for SOGIEC, but the dialogue that we've been having for years is very clear. They like our integrated model. They like AUNA. We've been discussing things previously on Peru. They like the insurance business integrated to the healthcare side. I don't want to, it's a wide-range opportunity to discuss things in the MOU, but I think it's not limited to new things.

Speaker #2: That's a critical part of the response to Mauricio.

Mauricio Zapata: Yeah, is it just a follow-up? Could it be part of this interest of Sojitz to invest in Auna itself and help in the capital structure, or is it just for new opportunities?

Speaker #3: Yeah. But is it just a follow-up? Could it be part of this interest of SOGIEC to invest in AUNA itself and help in the capital structure?

Speaker #3: Or it's just for new opportunities?

Speaker #2: I think that, I mean, I don't want to speak for SOGIEC. But the dialogue that we've been having for years is very clear. They like our integrated model.

Suso Zamora: I mean, I don't want to speak for Sojitz, but the dialogue that we've been having for years is very clear. They like our integrated model. They like Auna. We've been discussing things previously on Peru. They like the insurance business integrated to the healthcare side. I don't want to, it's a wide-range opportunity to discuss things in the MOU, but it's not limited to new things. It's limited to making sure that we can push the growth opportunity of Auna, particularly in Mexico, but also of all Auna.

Speaker #2: They like AUNA. We've been discussing things previously on Peru; they like the insurance business integrated into the healthcare side. So, I don't want to overlook the wide range of opportunities to discuss things in the MOU.

Speaker #2: But I think it's not limited to new things. It's limited to making sure that we can push the growth opportunity of AUNA, particularly in Mexico, but also, I think, of all AUNA.

Suso Zamora: It's limited to making sure that we can push the growth opportunity of AUNA, particularly in Mexico, but also, I think, of all AUNA. Okay. Thank you, Suso. Thank you, Giselle. As a reminder, if you'd like to ask a question, please press star followed by the number one on your telephone keypad. There are no more questions from the phone lines, so I will now turn the call over to Ana Maria Mora from AUNA, who will proceed with questions from the webcast platform. Thank you, Brider. A lot of the questions, we're going to see that repeated. If we miss anything, please let me know, internally. The first question on the webcast comes from Joseph Jordana from JPMorgan. It's, could you provide more details around the partnership with SOGIEC and TRECA project? What are the advancements seen in Mexico over Q4 2025?

Mauricio Zapata: Okay. Thank you, Suso. Thank you, Gisele.

Speaker #3: Okay. Thank you, Susu. Thank you, Giselle.

Operator: As a reminder, if you'd like to ask a question, please press star followed by the number one on your telephone keypad. There are no more questions from the phone lines, so I will now turn the call over to Ana Maria Mora from Auna, who will proceed with questions from the webcast platform.

Speaker #2: As a reminder, if you would like to ask a question, please press star followed by the number one on your telephone keypad. There are no more questions from the phone lines.

Speaker #2: So, I will now turn the call over to Anna Maria Mora from AUNA. We'll proceed with questions from the webcast platform.

Ana Maria Mora: Thank you, operater. A lot of the questions, we're going to see that repeated. If we miss anything, please let me know, internally. The first question on the webcast comes from Joseph Giordano from JPMorgan. It's, could you provide more details around the partnership with Sojitz and TRECA project? What are the advancements seen in Mexico over Q4 2025? When should we see the operations getting back to 2024 levels in terms of operating leverage?

Speaker #5: Thank you, Brighter. So, a lot of the questions we're going to see are repeated. So, if we miss anything, please let me know.

Speaker #5: But internally, the first question on the webcast comes from Joseph Giordano from JP Morgan. He asks, "Could you provide more details around the partnerships with SOGIEC and the TRECA project? What are the advancements seen in Mexico over Q4 2025?"

Speaker #5: And when should we see the operations getting back to 2024 levels in terms of operating?

Suso Zamora: When should we see the operations getting back to 2024 levels in terms of operating leverage? Great. I'll take part of it. Gise, if I forget anything, please complement. On TRECA, I think on SOGIEC, we've spoken a lot about. We'll make sure that we keep the market updated as we progress with that MOU. On TRECA, TRECA is a public-private partnership awarded to AUNA back in 2010. These are some of the hidden opportunities we have within AUNA. We've been working with ESALUD, which is the Social Security, and Pro Inversión, the investment promoting agency there, to amend the concession and to get all the necessary permits to start the project. What we disclosed is that the building permit was authorized, which was a big hurdle the last couple of years. I want to summarize. This is a very interesting project.

Speaker #5: leverage? Great.

Suso Zamora: Great. I'll take part of it. Gise, if I forget anything, please complement. On TRECA, on Sojitz, we've spoken a lot about. We'll make sure that we keep the market updated as we progress with that MOU. On TRECA, TRECA is a public-private partnership awarded to Auna back in 2010. These are some of the hidden opportunities we have within Auna. We've been working with EsSalud, which is the Social Security, and Pro Inversión, the investment promoting agency there, to amend the concession and to get all the necessary permits to start the project. What we disclosed is that the building permit was authorized, which was a big hurdle the last couple of years. I want to summarize. This is a very interesting project.

Speaker #2: I'll take part of it. Giselle, if I forget anything, please compliment. So on TRECA, I think on SOGIEC we've spoken a lot about how we'll make sure that we keep the market updated as we progress with that MOU.

Speaker #2: So on TRECA, TRECA is a public-private partnership awarded to AUNA back in 2010. These are some of the hidden opportunities we have within AUNA.

Speaker #2: We've been working with EsSalud, which is a social security and pro-investment agency there, to amend the concession and to get all the necessary permits to start the project.

Speaker #2: What we disclose is that the building permit was authorized, which was a big hurdle the last couple of years. I want to summarize. This is a very interesting project.

Speaker #2: As one observes healthcare around the world, one notices, of course, a limited but, in Latin America at least, sizable adjustment market of private payers, along with a large segment of indirectly or directly state-owned payers.

Suso Zamora: As one sees healthcare in the world, one sees, of course, a limited, but in Latin America, for us at least, sizable, sort of a market of private payers, and then a large segment of indirectly or directly state-owned payer. This is a contract. It's an 18-year contract with a two-year building period. We'll start building most probably at the beginning of next year. It'll take us two years, and then we have 18 years. During those 18 years, we're talking about 1.9 million ambulatory services, half a million prevention package services, and others that sum up to 3.2 million services a year. This is a big endeavor to serve social security beneficiaries in Peru. This contract will deliver, certainly, sales of over $200 million a year when it scales.

As one sees healthcare in the world, one sees, of course, a limited, but in Latin America, for us at least, sizable, sort of a market of private payers, and then a large segment of indirectly or directly state-owned payer. This is a contract. It's an 18-year contract with a two-year building period. We'll start building most probably at the beginning of next year. It'll take us two years, and then we have 18 years. During those 18 years, we're talking about 1.9 million ambulatory services, half a million prevention package services, and others that sum up to 3.2 million services a year. This is a big endeavor to serve social security beneficiaries in Peru. This contract will deliver, certainly, sales of over $200 million a year when it scales.

Speaker #2: This is a contract; it's an 18-year contract with a two-year building period. So, we'll start building most probably at the beginning of next year.

Speaker #2: It'll take us two years, and then we have 18 years. During those 18 years, we're talking about 1.9 million ambulatory services, half a million prevention package services, and others that sum up to 3.2 million services a year.

Speaker #2: This is a big endeavor to serve Social Security beneficiaries in Peru. This contract will certainly deliver sales of over $200 million a year when it scales.

Speaker #2: It's a very interesting opportunity as we grow. Our footprint, not only within our total adjustable market of the private sector, but also indirectly with the state-served sector.

Suso Zamora: It's a very interesting opportunity as we grow our footprint, not only within our total addressable market of the private sector, but also indirectly with the state-served sector. I'm really excited about TRECA. It's not only about Peru. These are the conversations that we have with government authorities in Mexico as well. It's really interesting to prove capabilities to deliver services to millions. I think that's what we're going to show we can do in the next couple of years with respect to TRECA. Gise, or Susu. I would complement there, Susu, with respect to TRECA, the way that public-private partnerships are structured in Peru, this can be structured in such a way that it's debt-neutral for AUNA. That's very important. Thank you, Gise. This and the pipeline in Mexico is debt-neutral to debt reductions for AUNA. Very important.

It's a very interesting opportunity as we grow our footprint, not only within our total addressable market of the private sector, but also indirectly with the state-served sector. I'm really excited about TRECA. It's not only about Peru. These are the conversations that we have with government authorities in Mexico as well. It's really interesting to prove capabilities to deliver services to millions. That's what we're going to show we can do in the next couple of years with respect to TRECA. Gise, or.

Speaker #2: So I'm really excited about TRECA. It's not only about Peru; these are the conversations that we have with government authorities in Mexico as well.

Speaker #2: So it's really interesting to prove capabilities to deliver services to millions, and I think that's what we're going to show we can do in the next couple of years with respect to TRECA.

Speaker #2: Giselle, there was.

Speaker #1: Yeah. I would compliment there, Susu, with respect to TRECA, the way that public-private partnerships are structured in Peru. This can be structured in such a way that it's debt neutral for.

Gisele Remy: I would complement there, Suso, with respect to TRECA, the way that public-private partnerships are structured in Peru, this can be structured in such a way that it's debt-neutral for Auna. That's very important.

Speaker #1: AUNA. That's very important.

Speaker #2: Thank you, Giselle. This and the pipeline in Mexico is debt-neutral to debt reduction for AUNA. Very important. We're going to continue to grow.

Suso Zamora: Thank you, Gise. This and the pipeline in Mexico is debt-neutral to debt reductions for Auna. Very important. We're going to continue to grow without exposing our balance sheet to any additional debt. These public-private partnerships in Peru have a very defined process, as the state finances not only the building, but also all the services. This will have no impact on leverage for Auna. There were some other questions from Joe. Gise?

Suso Zamora: We're going to continue to grow without exposing our balance sheet to any additional debt. These public-private partnerships in Peru have a very defined process, as the state finances not only the building, but also all the services. This will have no impact on leverage for AUNA. There were some other questions from Joe, I think. Gise? Yeah, we covered the SOGIEC announcement, as well as the progress that we're making in Mexico. Great. I think Joe also asked something about when are we going to get back to 2024 levels in terms of operating leverage. I know that we're reluctant to give a lot of numbers, forward-thinking numbers, or guidance. 2025 will be a flat year. 2026 will be a growth year, and definitely, it will be a growth year in Mexico. Thank you, Susu.

Speaker #2: Without exposing our balance sheet to any additional debt, these public-private partnerships in Peru have a very defined process, as the state finances not only the building but also all the services.

Speaker #2: So, this will have no impact on leverage for AUNA. There were some other questions from Joe, I think, Giselle.

Gisele Remy: Yeah, we covered the Sojitz announcement, as well as the progress that we're making in Mexico.

Speaker #1: Yeah, which we covered the SOGIEC announcement, as well as the progress that we're making in Mexico.

Suso Zamora: Great. Joe also asked something about when are we going to get back to 2024 levels in terms of operating leverage. I know that we're reluctant to give a lot of numbers, forward-thinking numbers, or guidance. 2025 will be a flat year. 2026 will be a growth year, and definitely, it will be a growth year in Mexico.

Speaker #2: Great. I did so I think I think Joe also asked something about when are we going to get back to 2024 levels. In terms of operating leverage, and I know that we're reluctant to give a lot of numbers forward-thinking numbers.

Speaker #2: Or guidance: 2025 will be a flat year. 2026 will be a growth year, and definitely, it will be a growth year in Mexico.

Ana Maria Mora: Thank you, Suso. Let me continue with the questions since we're getting plenty of questions right now. The next question comes from César Huimán. On the turnaround and expected inflection, we understand the turnaround strategy is in motion, but what key KPIs should we track to confirm a tangible recovery in 2026? For instance, occupancy, payer mix, surgical productivity. When do you expect to see meaningful improvements in revenues and EBITDA? There is also another question on recent share price weakness. The share has underperformed despite resilient operations in Peru and Colombia. Do you have visibility on whether a specific institutional investor has been exiting? Are you in conversations with such holders to reinforce the investment case? Just one more. The third one, but I need to read it, but we've probably already answered it.

Speaker #5: Thank you, Susu. Let me continue with the questions since we're getting plenty of questions right now. The next question comes from César Huimán. So, on the turnaround and expected inflection, we understand the turnaround strategies in motion, but what key KPIs should we track to confirm a tangible recovery in 2026?

Suso Zamora: Let me continue with the questions since we're getting plenty of questions right now. The next question comes from César Huimán. On the turnaround and expected inflection, we understand the turnaround strategy is in motion, but what key KPIs should we track to confirm a tangible recovery in 2026? For instance, occupancy, payer mix, surgical productivity. When do you expect to see meaningful improvements in revenues and EBITDA? There is also another question on recent share price weakness. The share has underperformed despite resilient operations in Peru and Colombia. Do you have visibility on whether a specific institutional investor has been exiting? Are you in conversations with such holders to reinforce the investment case? Just one more. The third one, but I need to read it, but we've probably already answered it.

Speaker #5: For instance, occupancy, payer mix, surgical productivity: when do you expect to see meaningful improvements in revenues? And another question on recent share price weakness.

Speaker #1: Just one more. And the third one. But I need to read it. But we probably already answered it on suggests and monetization potential.

Speaker #1: Could you provide more detail on next steps with Mexico? Do you see any opportunities for co-investment in new assets or potential partial assets?

Speaker #1: As sales accelerate, how do we return on capital? Thank you.

Speaker #2: Great . So I think I'll take first . The share price some question . Though . So first of all , we are convinced the current price does not reflect the company's fundamentals .

Suso Zamora: On SOGIEC and monetization potential, could you provide more detail on next steps with SOGIEC in Mexico? Do you see any opportunities for co-investment in new assets or potential partial assets sales to accelerate returns on capital? Thank you. Great. I think I'll take first the share price question. First of all, we are convinced the current price does not reflect the company's fundamentals. There has been no significant change of what we've been reporting to the company's fundamentals. We are, of course, always evaluating alternatives to support and enhance shareholder value, and we will be sharing with all of you these as we progress, and these are things that we'll be discussing at the board level very soon.

On Sojitz and monetization potential, could you provide more detail on next steps with Sojitz in Mexico? Do you see any opportunities for co-investment in new assets or potential partial assets sales to accelerate returns on capital? Thank you.

Suso Zamora: Great. I'll take first the share price question. First of all, we are convinced the current price does not reflect the company's fundamentals. There has been no significant change of what we've been reporting to the company's fundamentals. We are, of course, always evaluating alternatives to support and enhance shareholder value, and we will be sharing with all of you these as we progress, and these are things that we'll be discussing at the board level very soon.

Speaker #2: There has been no significant change in what we've been reporting regarding the company's fundamentals. We are, of course, always evaluating alternatives to support and enhance shareholder value.

Speaker #2: And we will be sharing all of these with you as we progress. These are things that we'll be discussing at the board level very soon.

Speaker #2: Now we can speculate a little bit because we saw from public filings earlier this year that one of our competitors in Mexico had made a filing with the Mexican Antitrust Authority with a request to buy more shares.

Suso Zamora: We can speculate a little bit because we saw from public filings earlier this year that one of our competitors in Mexico had made a filing with the Mexican antitrust authority with a request to buy more AUNA shares. From public recent SEC filings, we can see that this leading healthcare player in Mexico has been selling stock consistently in the past month, which makes us suspect the request did not move forward. We can't be certain of this. There's not a lot of information that's public except what has been declared to SEC. We've seen very high volumes in comparison to what we've seen in the past that coincide with these antitrust filings. That's our speculation.

We can speculate a little bit because we saw from public filings earlier this year that one of our competitors in Mexico had made a filing with the Mexican antitrust authority with a request to buy more Auna shares. From public recent SEC filings, we can see that this leading healthcare player in Mexico has been selling stock consistently in the past month, which makes us suspect the request did not move forward. We can't be certain of this. There's not a lot of information that's public except what has been declared to SEC. We've seen very high volumes in comparison to what we've seen in the past that coincide with these antitrust filings. That's our speculation.

Speaker #2: No, from public sources. Recent SEC filings indicate that this leading healthcare player in Mexico has been selling stock consistently over the past month, which leads us to suspect that the request did not move forward.

Speaker #2: No, we can't be certain of this. There's not a lot of information that's public, except what has been declared by the SEC.

Speaker #2: And we've seen very high volumes in comparison to what we've seen in the past. No, that coincides with the antitrust filings.

Speaker #2: No . So that's our speculation . We , of course . The filings were recent made public a week ago , and we're making sure that we can approach whoever is selling and see if we can .

Speaker #2: Try to propose some block trades that would not impact the share price , as it has impacted . Again , I want to I want to insist there is nothing within the company fundamentals that has changed in the last 45 days when the stock has dropped .

Suso Zamora: We, of course, the recent filings were made public a week ago, and we're making sure that we can approach whoever is selling and see if we can try to propose some block trades that would not impact the share price as it has impacted. Again, I want to insist there is nothing within the company's fundamentals that has changed in the last 45 days when the stock has dropped, I think, I don't know, I don't remember, 25%, 30%. Nothing has changed in AUNA to prove that. Thank you, Suso. Let's go to the next question. It comes from Prachi Bakwani from Deutsche Bank. Please comment on return on investment timeline on Mexico performance and commentary on the share price performance. On the share price, I think we've covered. Gise, do you want to talk about return on investment? Sure, of course.

We, of course, the recent filings were made public a week ago, and we're making sure that we can approach whoever is selling and see if we can try to propose some block trades that would not impact the share price as it has impacted. Again, I want to insist there is nothing within the company's fundamentals that has changed in the last 45 days when the stock has dropped, I don't know, I don't remember, 25%, 30%. Nothing has changed in Auna to prove that.

Speaker #2: I think , I don't know , I know number 25 , 30% . Nothing has changed in known to produce that .

Speaker #1: so Thank you . So , so let's go to the next question . It comes from Prachi . From Deutsche Bank . Please comment on return on investment timeline on Mexico performance and commentary on the share price performance .

Ana Maria Mora: Thank you, Suso. Let's go to the next question. It comes from Prachi Thakwani from Deutsche Bank. Please comment on return on investment timeline on Mexico performance and commentary on the share price performance.

Speaker #2: So the share price, I think we've covered this. If you want to talk about return on investment, I can.

Speaker #3: Sure. Of course. So I think it's important to note that we evaluate all our investments as well as our operations throughout our from a return on invested capital perspective.

Suso Zamora: On the share price, we've covered. Gise, do you want to talk about return on investment?

Speaker #3: And that is why we are constantly looking for ways to optimize those returns by making our assets more productive and reducing the amount of invested capital. Specifically, in the case of the investment timeline on Mexico, as we've mentioned in the call, we have had setbacks this year as a product of the factors that have already been discussed.

Gisele Remy: Sure, of course. It's important to note that we evaluate all our investments as well as our operations throughout Auna from a return on invested capital perspective. That is why we are constantly looking for ways to optimize those returns by making our assets more productive and reducing the amount of invested capital. Specifically in the case of the investment timeline on Mexico, as we've mentioned in the call, we have had setbacks this year as a product of the factors that have already been discussed. However, we do expect 2026 to be a growth year for Mexico.

Suso Zamora: I think it's important to note that we evaluate all our investments as well as our operations throughout AUNA from a return on invested capital perspective. That is why we are constantly looking for ways to optimize those returns by making our assets more productive and reducing the amount of invested capital. Specifically in the case of the investment timeline on Mexico, as we've mentioned in the call, we have had setbacks this year as a product of the factors that have already been discussed. However, we do expect 2026 to be a growth year for Mexico. Thank you, Gise. The next question comes from Joaquin Berro from Fundamental Capital. Regarding expansion plans, are you planning to add more beds in Peru? In Mexico, about the $500 million in expansion plans, how many beds do you expect to add there?

Speaker #3: However, we do expect 2026 to be a growth year for Mexico.

Speaker #1: Thank you. This is Jessa. The next question comes from Joaquim Berro from Fundamental Capital regarding expansion plans. Are you planning to add more beds in Peru and in Mexico?

Speaker #1: About the $500 million in expansion plans? How many beds do you expect to add there?

Ana Maria Mora: Thank you, Gise. The next question comes from Joaquin Berro from Fundamental Capital. Regarding expansion plans, are you planning to add more beds in Peru? In Mexico, about the $500 million in expansion plans, how many beds do you expect to add there?

Speaker #2: So we don't we don't give guidance on on our projections on capacity growth , but directionally you will see Aruna , you know , increase capacity not only of beds but of chemotherapy and radiotherapy and surgery rooms .

Suso Zamora: We don't give guidance on our projections on capacity growth, but directionally, you will see AUNA increase capacity, not only of beds, but of chemotherapy, radiotherapy, and surgery rooms, which, of course, fill out beds. In Peru, in particular, some growth there. We see some plans that will be most probably inaugurated in 2027, not 2026. We see ourselves also investing in countries or cities in which we have already large hospital footprints, more in ambulatory care as high complexity, particularly oncology, orthopedics, and cardiology is moving towards outpatient. In Mexico, we see ourselves trying to repeat our strategy of urban ecosystems of healthcare in high complexity that requires beds of between 75 to 150 beds minimum landing in each of the cities to produce this urban ecosystem of healthcare. Thank you, Suso. The next question comes from Gerard Ford from Sura.

Suso Zamora: We don't give guidance on our projections on capacity growth, but directionally, you will see Auna increase capacity, not only of beds, but of chemotherapy, radiotherapy, and surgery rooms, which, of course, fill out beds. In Peru, in particular, some growth there. We see some plans that will be most probably inaugurated in 2027, not 2026. We see ourselves also investing in countries or cities in which we have already large hospital footprints, more in ambulatory care as high complexity, particularly oncology, orthopedics, and cardiology is moving towards outpatient. In Mexico, we see ourselves trying to repeat our strategy of urban ecosystems of healthcare in high complexity that requires beds of between 75 to 150 beds minimum landing in each of the cities to produce this urban ecosystem of healthcare.

Speaker #2: Which of course fill up beds in Peru in particular , you know , some growth there . We see some plans that would be most probably inaugurated in 2027 , not 2026 .

Speaker #2: No . We see ourselves also investing in countries or cities in which we have already large hospital footprints , more in ambulatory care as hi complexity particular particularly oncology , orthopedics and cardiology is moving towards outpatient and in Mexico we we see ourselves trying to repeat our strategy of urban ecosystems , of healthcare and high complexity that requires .

Speaker #2: A beds of between 75 to 150 beds , minimum landing in each of the in each of the the cities to produce this urban ecosystem of healthcare .

Speaker #1: Thank you. So, the next question comes from Gerald Ford from Sudha, and the question after that comes from Mehta from SG Analytics.

Ana Maria Mora: Thank you, Suso. The next question comes from Gerard Ford from Sura. The question after that comes from Dhruvi Mehta from SG Analytics. I'm just going to bundle them because they're very similar and related to the same topic. It's about the partnership with Sojitz. Could you clarify whether this collaboration is intended to be part of the previously announced $500 million investment plan for Mexico over the next three to five years, or is this a separate initiative? Additionally, how should we think about Sojitz's role in terms of co-investment, capital contributions, or participation in the execution of the pipeline? Could you provide light on what is the nature of the $500 million investment, and are there any quantifiable impacts on the top line? Thank you.

Speaker #1: I'm just going to bundle them because they're very similar and related to the same topic. And it's about the partnership with Sojitz.

Speaker #1: Could you clarify whether this collaboration is intended to be part of the previously announced $500 million investment plan for Mexico over the next 3 to 5 years, or is this a separate initiative?

Suso Zamora: The question after that comes from Dhruvi Mehta from SG Analytics. I'm just going to bundle them because they're very similar and related to the same topic. It's about the partnership with SOGIEC. Could you clarify whether this collaboration is intended to be part of the previously announced $500 million investment plan for Mexico over the next three to five years, or is this a separate initiative? Additionally, how should we think about SOGIEC's role in terms of co-investment, capital contributions, or participation in the execution of the pipeline? Could you provide light on what is the nature of the $500 million investment, and are there any quantifiable impacts on the top line? Thank you. I think we've—and I think I made the case that, yes, the $500 million is related to our MOU, SOGIEC.

Speaker #1: Additionally, how should we think about Sojitz's role in terms of co-investment capital contributions or participation in the execution of the pipeline?

Speaker #1: Do you have, could you provide light on what is the nature of the $500 million investment, and are there any quantifiable impacts on the top line?

Speaker #1: Thank you .

Speaker #2: So I think we've and I think I made the case that , yes , the 500 million is related to our MOU Sojitz .

Speaker #2: You the opportunity is a five year opportunity , a 500 million . And what we've signed with the MOU , with is not is not it doesn't have a specific number on it .

Suso Zamora: We've—and I made the case that, yes, the $500 million is related to our MOU, Sojitz.

Speaker #2: No, but it is a sizable part of our investment plan in Mexico. Now, of course, this partnership will produce significant top-line growth.

Suso Zamora: The opportunity is a five-year opportunity of $500 million. What we've signed with the MOU with SOGIEC is not—it doesn't have a specific number on it, but it's a sizable part of our investment plan in Mexico. Of course, this partnership will produce significant top-line growth, and as we've seen in the past, also EBITDA growth. The intention of all these investments is to continue to grow our top line at high teens and above. Am I forgetting anything, Gise, or Annie? I think you're good. I'm going to read the next one, or unless you still want to bend. No, I think we're good. Okay. Okay. The next one comes from Prachi Bakwani from Deutsche Bank. Please comment on the insurance risk management policy of AUNA at a group level. Great. That's a great question.

The opportunity is a five-year opportunity of $500 million. What we've signed with the MOU with Sojitz is not—it doesn't have a specific number on it, but it's a sizable part of our investment plan in Mexico. Of course, this partnership will produce significant top-line growth, and as we've seen in the past, also EBITDA growth. The intention of all these investments is to continue to grow our top line at high teens and above. Am I forgetting anything, Gise, or Annie?

Speaker #2: So and and as we've seen in the past , also , you know , EBITDA growth and of course it is it's the intention of all these investments is to continue to grow our top line .

Speaker #2: You know , at you know , high teens and above . Am I forgetting anything or any . .

Speaker #1: think you're I I think you're good . gonna I'm read the next one or unless you cell wants to chip in .

Speaker #4: So I think .

Speaker #3: think we're I good .

Speaker #2: .

Speaker #1: the next Okay . So one comes Okay from Tony from Deutsche Bank . comment on Please the insurance risk management policy of Orna at a group level .

Ana Maria Mora: I think you're good. I'm going to read the next one, or unless you still want to bend.

Gisele Remy: No, we're good.

Speaker #2: That's a Great . that's a great question . It's a complex answer . But we manage risk very much in relation to MLR by policy type .

Suso Zamora: Okay.

Ana Maria Mora: Okay. The next one comes from Prachi Thakwani from Deutsche Bank. Please comment on the insurance risk management policy of Auna at a group level. Great. That's a great question.

Speaker #2: And I can talk about oncology for example . So we manage the the underlying oncology risk of our insurance plans . So with a 50% MLR know that as a as a goal , no produces two distinct action paths .

Suso Zamora: It's a complex answer, but we manage risk very much in relation to MLR by policy type. I can talk about oncology, for example. We manage the underlying oncology risk of our insurance plans with a 50% MLR. That, as a goal, produces two distinct action paths. One is pricing, and the other one is cost containment. Cost containment will be managed by making sure doctors adhere to our protocols, that we purchase the most effective drugs, devices, and therapy treatments that, at scale, are difficult to replicate by others. That produces, in a consistent fashion, that 50%. We're doing the same thing with the very few policies that we have in Peru in general healthcare, which really also attracted MLRs, in which we are containing underlying risk by this ability to manage all these plans continuously.

Suso Zamora: It's a complex answer, but we manage risk very much in relation to MLR by policy type. I can talk about oncology, for example. We manage the underlying oncology risk of our insurance plans with a 50% MLR. That, as a goal, produces two distinct action paths. One is pricing, and the other one is cost containment. Cost containment will be managed by making sure doctors adhere to our protocols, that we purchase the most effective drugs, devices, and therapy treatments that, at scale, are difficult to replicate by others. That produces, in a consistent fashion, that 50%. We're doing the same thing with the very few policies that we have in Peru in general healthcare, which really also attracted MLRs, in which we are containing underlying risk by this ability to manage all these plans continuously.

Speaker #2: One is pricing, and the other one is cost containment. Cost containment is managed by making sure doctors adhere to our protocols that we purchase.

Speaker #2: The most effective drugs and devices and therapy treatments that that at scale , you know , are difficult to replicate by others . And that produces in a consistent fashion that 50% .

Speaker #2: We're doing the same thing with a very few policies that we have in in Peru in general , healthcare with really also attracted millers , in which we are contain underlying risk by this ability to manage all these , all these plans continuously .

Speaker #2: You know , we reprice continuously and and we contain costs and see things that are that creep up and we how and we contain them on a , you know , on a continuous basis every month in different practices with doctors leading a lot of the discussion of why not to include that service , why not to include that drug ?

Suso Zamora: We reprice continuously, and we contain costs and see things that creep up, and we contain them on a continuous basis every month in different practices with doctors leading a lot of the discussion of why not to include that service, why not to include that drug, because we're always about scale at the plans and what we deliver for plan memberships. Thank you, Suso. This is the last question we have on the website. It comes from Saikat Majumder from HSBC. If I recall correctly, the preferred payer network and bundled package for corporates in Mexico were discussed last year. Have they been launched, or are these initiatives different? How do you plan to increase out-of-pocket sales mix in Mexico? Great. The preferred payer network has been launched, but it's a continuous dialogue with payers.

We reprice continuously, and we contain costs and see things that creep up, and we contain them on a continuous basis every month in different practices with doctors leading a lot of the discussion of why not to include that service, why not to include that drug, because we're always about scale at the plans and what we deliver for plan memberships.

Speaker #2: Because we're always focused on scale at AUNA, you know, the plans and what we deliver, and where we deliver for plan members.

Speaker #1: Thank you . Suso . And this is the last question we have in the on the web , on the , on the website .

Speaker #1: It comes from Ziad Majumder from HSBC. If I recall correctly, the preferred payer network and bundled package for corporates in Mexico were discussed last year.

Ana Maria Mora: Thank you, Suso. This is the last question we have on the website. It comes from Saikat Majumder from HSBC. If I recall correctly, the preferred payer network and bundled package for corporates in Mexico were discussed last year. Have they been launched, or are these initiatives different? How do you plan to increase out-of-pocket sales mix in Mexico?

Speaker #1: Have they been launched, or are these initiatives different? How do you plan to increase the out-of-pocket sales mix in Mexico?

Speaker #2: Great . So . So the preferred payer network has been launched . But it's a continuous it's a continuous dialogue with with payers .

Speaker #2: No, we are very excited and very enthusiastic. We believe that in this new environment, these things are negotiated and renegotiated every year.

Suso Zamora: Great. The preferred payer network has been launched, but it's a continuous dialogue with payers. We are very excited and very enthusiastic that we believe that in this new, these things are negotiated, renegotiated every year. We are in the midst of that, and we are going to have really positive results these coming weeks to be in the most preferred networks of the largest insurance companies in Mexico for our operations in Monterrey. This is continuous. It is not something that is done in every—it's about cost containment again and how we dialogue with payers. The out-of-pocket sales mix is something that we had been doing in Monterrey with less ambition. We are definitely moving that as I mentioned in the press release. We are trying to double the penetration of sales, more than double the penetration of sales by out-of-pocket patients.

Speaker #2: So we're in the midst of that . And I think we're going to have really a positive results these coming weeks . You know , to be in the most preferred networks of the large , largest insurance companies in Mexico for our operations in Monterrey .

Suso Zamora: We are very excited and very enthusiastic that we believe that in this new, these things are negotiated, renegotiated every year. We are in the midst of that, and I think we are going to have really positive results these coming weeks to be in the most preferred networks of the largest insurance companies in Mexico for our operations in Monterrey. This is continuous. It is not something that is done in every—it's about cost containment again and how we dialogue with payers. The out-of-pocket sales mix is something that we, I think, had been doing in Monterrey with less ambition. We are definitely moving that, I think, as I mentioned in the press release. We are trying to double the penetration of sales, more than double the penetration of sales by out-of-pocket patients. We do that by two things, principally.

Speaker #2: So this is continuous . It's not one thing that's done in every we . It's about cost containment . Again and how we dialogue with them , with payers , you know , the out of pocket sales mix is something that we , I think have had been doing in Monterrey with less ambition .

Speaker #2: And we're definitely moving that as I think as I mentioned in , in the press release . We are trying to double the penetration of sales more than double the penetration of sales by out of pocket patients , you know , and we do that by two things .

Speaker #2: Principally , a lot of packages for maternity for certain preventive procedures , colonoscopies and even surgeries , orthopedic surgeries as well . We package services in an integrated way from diagnosis all the way to the post-surgery aggressively with with good margins .

We do that by two things, principally. A lot of packages from attorney for certain preventive procedures, colonoscopies, and even surgeries, orthopedic surgeries as well. We package services in an integrated way from diagnosis all the way to post-surgery aggressively, with good margins, but aggressively with respect to what the patient sees in other hospitals. Secondly, we've launched, I think mid-year, we've launched a very— It's a fast response. It's a very fast-paced response to out-of-pocket patients that come in to ask for a quote of certain services. Our ambition is to capture anything that comes into the hospital for a quote and not lose it. We're being very aggressive in pricing for out-of-pocket patients. I must insist the out-of-pocket category has very high margins, so there's a lot of cushion to be very aggressive in those.

Suso Zamora: A lot of packages from attorney for certain preventive procedures, colonoscopies, and even surgeries, orthopedic surgeries as well. We package services in an integrated way from diagnosis all the way to post-surgery aggressively, with good margins, but aggressively with respect to what the patient sees in other hospitals. Secondly, we've launched, I think mid-year, we've launched a very— It's a fast response. It's a very fast-paced response to out-of-pocket patients that come in to ask for a quote of certain services. Our ambition is to capture anything that comes into the hospital for a quote and not lose it. We're being very aggressive in pricing for out-of-pocket patients. I must insist the out-of-pocket category has very high margins, so there's a lot of cushion to be very aggressive in those.

Speaker #2: But aggressively with with respect to what the patient sees in other hospitals . And secondly , we've launched , I think , mid-year , we've launched a very .

Speaker #2: It's a very fast paced response to out patients that come in to to ask for a quota of certain services and our ambition is to capture anything that comes into the hospital for a and quote not lose it .

Speaker #2: So we're being very aggressive , you know , in pricing for our out of patients . I must insist the out-of-pocket category has very high margins .

Speaker #2: So there's a lot of cushion to be very aggressive in those. We've launched an internal process that is very agile and now has the urgency to respond and to capture the out-of-pocket patient that comes in.

Speaker #3: Perhaps I would add to to further clarify , to cycads question , what Suso present today were six very important and concrete initiatives that we're working on in the Mexican operation .

Suso Zamora: We've launched an internal process that is very agile, has urgency to respond, and to capture the out-of-pocket patient that comes in. Perhaps I would add there, Susu, to further clarify to Saikat's question, what Susu presented today were six very important and concrete initiatives that we're working on in the Mexican operation. Some of them are new. Others have already been rolled out but are continuing to evolve in their level of maturity. These are the actions that are concrete and taking us to resume growth in 2026. Thank you, Giselle, and thank you, Susu, for your answers. I don't see any other questions on the call. At this point, I'd like to turn the call back to Susu for his closing remarks. Thank you very much, Annie.

We've launched an internal process that is very agile, has urgency to respond, and to capture the out-of-pocket patient that comes in.

Gisele Remy: Perhaps I would add there, Suso, to further clarify to Saikat's question, what Suso presented today were six very important and concrete initiatives that we're working on in the Mexican operation. Some of them are new. Others have already been rolled out but are continuing to evolve in their level of maturity. These are the actions that are concrete and taking us to resume growth in 2026.

Speaker #3: Some of them are new , others have already been rolled out , but are continuing to evolve in their level of maturity . And these are the the actions that are concrete and taking us to resume growth in 2026 .

Speaker #1: Thank you . Giselle , and thank you , Suso for your answers . I don't see any other questions on the call . So at this point I'd like to turn the call back to Suso for his closing remarks .

Ana Maria Mora: Thank you, Gisele, and thank you, Suso, for your answers. I don't see any other questions on the call. At this point, I'd like to turn the call back to Suso for his closing remarks.

Speaker #2: Thank you very much, and thank you very much. To the owner team, as well as the shareholders and investors that follow us, and to the research community that also follows us.

Speaker #2: difficult It's been a year . Yes , we've done a lot of things . Some of them we we can share with them with the public and some of the some of the things that are in progress of being implemented .

Suso Zamora: Thank you very much, Annie. Thank you very much on the ownership, as well as all our shareholders, investors that follow us, as well as the research community that also follows us. It's been a difficult year. Yes. We've done a lot of things. Some of them we can share with the public and investors. Some of the things that are in progress are being implemented. Mexico, there's no doubt Mexico will be a huge and growth market for Auna. We're really excited about what we can bring to the table. We can see evidence of the engagement with a lot of counterparties with respect to that. Sojitz and their interest in Mexico is a testament to what we're doing and what the opportunity is. Difficult year, yes, very promising future for Auna in Mexico and the rest of the region, no doubt.

Suso Zamora: Thank you very much on the ownership, as well as all our shareholders, investors that follow us, as well as the research community that also follows us. It's been a difficult year. Yes. We've done a lot of things. Some of them we can share with the public and investors. Some of the things that are in progress are being implemented. Mexico, there's no doubt Mexico will be a huge and growth market for AUNA. We're really excited about what we can bring to the table. We can see evidence of the engagement with a lot of counterparties with respect to that. SOGIEC and their interest in Mexico is a testament to what we're doing and what the opportunity is. Difficult year, yes, very promising future for AUNA in Mexico and the rest of the region, no doubt.

Speaker #2: Mexico, there's no doubt Mexico will be a huge growth market for us. We're really excited about what we can bring to the table.

Speaker #2: We can see evidence of the engagement with our latter counterparties with respect to Sojitz, and their involvement in Mexico is a testament to what we're doing and the opportunity that is now available.

Speaker #2: So difficult year . Yes . Very promising . No future for owner in in Mexico and the rest of the region . No doubt I want to , I want to also highlight sometimes we represent Peru is a as a mature market .

Speaker #2: You know we are the dominant player there, and it's not a mature market. This demonstrates how an owner can have a significant increase. It's not even mapped anywhere.

Suso Zamora: I want to also highlight sometimes we represent Peru as a mature market. We are the dominant player there, and it's not a mature market. TRECA demonstrates how AUNA can have a significant increase. It's not even mapped anywhere of how we grab more and more market share, not from the established traditional players, but from the state and from the out-of-pocket. Colombia, growing, notwithstanding the difficulties in Colombia. I don't want to minimize the difficulties in Colombia. We're growing. We're growing profitably, even more profitably. We're collecting well in a very stressed market. This is what AUNA can do. And SOGIEC, TRECA, all these things are hidden gems that we have that will produce significant growth results in the future. We will definitely do something about the share price.

I want to also highlight sometimes we represent Peru as a mature market. We are the dominant player there, and it's not a mature market. TRECA demonstrates how Auna can have a significant increase. It's not even mapped anywhere of how we grab more and more market share, not from the established traditional players, but from the state and from the out-of-pocket. Colombia, growing, notwithstanding the difficulties in Colombia. I don't want to minimize the difficulties in Colombia. We're growing. We're growing profitably, even more profitably. We're collecting well in a very stressed market. This is what Auna can do. And Sojitz, TRECA, all these things are hidden gems that we have that will produce significant growth results in the future. We will definitely do something about the share price.

Speaker #2: No of how we grab more and more market share , no . From , you know , not from the traditional players , but from the state and from the out of pocket .

Speaker #2: So Colombia . Growing notwithstanding the difficulties in Colombia , I don't want to minimize the difficulties in Colombia . We're growing . We're growing profitably even more profitably .

Speaker #2: You know , we're collecting well , you know , in a very stressed market . This is what I can do , you know , and so all these things are , you know , hidden gems that we have that will produce significant growth results in the future .

Speaker #2: We will definitely do something about the share price . We we're not going to stay , you know , without acting on it .

Speaker #2: And we'll be discussing that at the board at the right time as well. Thank you very much for your support. Thank you very much for your coverage.

Speaker #2: And with that, I would like to end the earnings release call and the Q&A section of it. Thank you very much.

Suso Zamora: We're not going to stay without acting on it, and we'll be discussing that at the board at the right time as well. Thank you very much for your support, thank you very much for your coverage, and with that, I would like to end the earnings release call and the Q&A section of it. Thank you very much. This concludes today's conference call. You may now disconnect.

We're not going to stay without acting on it, and we'll be discussing that at the board at the right time as well. Thank you very much for your support, thank you very much for your coverage, and with that, I would like to end the earnings release call and the Q&A section of it. Thank you very much.

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