Key Takeaways from Fireside

Research evidence excerpt

Key Takeaways from Fireside

Latin America | Healthcare Services

Auna EquityJuneResearch11, 2026

FLASH NOTEKey Takeaways from Fireside

Management struck a clearly more constructive tone, arguing the business RATING BUY

has moved from stabilization to recovery, with improving visibility across PRICE $4.82^

all regions and a stronger 2H26 expected. Recent margin pressure PRICE TARGET | % TO PT $9.00 | +87%

is temporary, underlying demand remains solid., and growth should 52W HIGH-LOW $6.85 - $4.09

increasingly translate into EBITDA expansion. Buy reiterated. FLOAT (%) | ADV MM (USD) 35.2% | 1.79

MARKET CAP $372.0M

In Peru, demand remains robust across both insurance and provider segments, driven by B2B TICKER AUNA

growth and strong oncology volumes. Margin pressure in 1Q26 was attributed to temporary ^Prior trading day's closing price unless otherwise

noted.

factors -- higher payer adjustments and delayed rebates -- rather than structural issues, with

normalization expected as billing processes improve. Growth should remain largely organic,

though high utilization (>90%) would require incremental capex from 2027. Management

also highlighted an emerging B2G opportunity (public-private partnerships) as a medium-term

growth lever.

In Colombia, the business has been largely derisked following sector disruptions. Auna

has improved collections, reduced exposure to weaker payers, and increased risk-sharing

contracts, leading to stronger cash flow visibility. Growth will come mainly from expanding

high-complexity services within existing cities rather than footprint expansion, with a focus

on oncology and specialized care. The model prioritizes volume and cash generation over

margins.

In Mexico, the turnaround is underway, with improving volumes, better payer contracts, and