2Q26 KPIs: A More Constructive Quarter Read, Led by Record Utilization in Peru

研报英文原文证据摘录

2Q26 KPIs: A More Constructive Quarter Read, Led by Record Utilization in Peru

Update

July 15, 2026 10:36 PM GMT

Morgan Stanley C.T.V.M. S.A.+MAuna | Latin America Mauricio I Cepeda

Equity Analyst

2Q26 KPIs: A More Constructive Mauricio.Cepeda@morganstanley.comArtur D Alves +55 11 3048-6272

Artur.Alves@morganstanley.com +55 11 3048-4278

Quarter Read, Led by Record Lucas Nagano

Research Associate

Lucas.Nagano@morganstanley.com +55 11 3048-6065

Utilization in Peru

Auna (AUNA.N, AUNA US)

LatAm Healthcare | Peru

Key Takeaways Stock Rating Overweight

Industry View In-Line

Reported operating indicators came in ahead of our estimates across the key Price target US$7.00

operating metrics. Shr price, close (Jul 15, 2026) US$5.05

Mkt cap, curr (mm) NS1,270

Peru was the clear highlight in 2Q26, with record capacity utilization of 80.2%, 52-Week Range US$6.80-4.09

well above our estimates.

Colombia maintained solid momentum, supported by high utilization, strong

oncology volumes, and continued growth in protected lives.

Mexican capacity utilization remained low at 39.1% and declined slightly QoQ,

reinforcing the gradual recovery outlook.

Oncology remained a bright spot in Mexico, with chemotherapy and radiotherapy

sessions up 86% YoY.

What’s new? Auna released select operating indicators ahead of its 2Q26 earnings,

scheduled for August 18. Overall, the update was more constructive than in prior

quarters, with reported figures ahead of our estimates across the key metrics for

which we had forecasts. Peru was the clear standout, Colombia maintained solid

momentum, and Mexico showed tentative signs of stabilization. However, the

sequential decline in Mexican capacity utilization still falls short of signaling a clear

operational ramp-up.

Peru sets the pace with record utilization.