Auna SA (AUNA) 2025 Q3 法說會逐字稿

Good morning, and welcome to welcome to Auna's third-quarter 2025 earnings conference call. My name is Eric and I'll be the operator for today's call. (Operator Instructions) And please note that this call is being recorded. (Operator Instructions) Now I would like to turn the call over to Ana Maria Mora, Head of Investor Relations. Ma'am, please go ahead.

早安，歡迎參加Auna 2025年第三季財報電話會議。我叫艾瑞克，今天由我來接聽電話。（操作員指示）請注意，本次通話正在錄音。（操作員指示）現在我將把電話轉交給投資者關係主管安娜·瑪麗亞·莫拉。女士，請繼續。

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.

謝謝接線生。大家好，歡迎參加Auna的電話會議，我們將回顧第三季業績。請注意，本次電話會議期間將進行網路直播演示。如果您需要簡報的副本，請造訪我們的投資者關係網站或聯絡 Auna 的投資者關係團隊。

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.

請注意，除非另有說明，否則在討論差異時，我們將以同比為基礎，並以外匯中性或當地貨幣為單位，對墨西哥和哥倫比亞進行討論。

Let's move to slide 2. In addition to reporting unaudited financial results 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.

我們來看第二張投影片。除了依照國際財務報告準則報告未經審計的財務表現外，我們還將討論某些非國際財務報告準則的財務指標和營運指標，包括外匯中立計算。投資者應仔細閱讀我們昨天發布的獲利新聞稿中對這些指標和衡量標準的定義，以確保他們理解這些定義和標準。

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.

非 IFRS 財務指標和營運指標不應被孤立地視為 IFRS 財務指標的替代或優於 IFRS 財務指標，它們僅作為補充資訊提供。在我們開始發言之前，也請注意，今天討論過程中所作的某些陳述可能構成前瞻性陳述，這些陳述基於管理層當前的預期和信念，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果存在重大差異，包括一些公司無法控制的因素。

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 Auna Wave in Mexico, our collaboration with Sojitz Corporation of America, our planned investments in Mexico and the creation of further growth and sustainable value for our stakeholders.

這包括但不限於我們的目標槓桿率，以及預期解決與墨西哥醫生、供應商和資訊系統相關的問題。我們在墨西哥實施的關鍵舉措的成果、Torre TRECA建成後的預期產能和市場、我們戰略計劃的執行情況（包括恢復增長水平和在墨西哥推出Auna Wave）、我們與美國雙日株式會社的合作、我們在墨西哥的計劃投資以及為我們的利益相關者創造進一步增長和可持續價值。

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.

有關這些風險的描述，請參閱我們向美國證券交易委員會提交的 20-F 表格文件以及我們的獲利新聞稿。

Slide 3, please. On today's call, we have Suso Zamora, our Executive Chairman and President; Gisele Remy, our Chief Financial Officer and Executive Vice President; and Laurent 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 will also provide updates on our various strategic growth initiatives. After that, we will open the call for your questions.

請看第三張投影片。參加今天電話會議的有：執行董事長兼總裁 Suso Zamora；財務長兼執行副總裁 Gisele Remy；以及策略與股票資本市場執行副總裁 Laurent Massart。他們將討論 Auna 第三季的合併和分部財務及營運業績，並提供有關我們各項策略成長計畫的最新資訊。之後，我們將開放提問環節。

Suso, please go ahead.

蘇索，請繼續。

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 our owners integrated regional platform were reflected in the strong results of our Peruvian and Colombian segment in the third quarter, which partially offset the 5% decline in total adjusted EBITDA that was the result of Mexico's performance.

謝謝你，安妮。各位早安，感謝各位參加今天的業績電話會議。本季，我們的財務表現疲軟，整體業績持平，主因是墨西哥業務的下滑。然而，在墨西哥，我們看到了營運活動穩定成長的跡象。我們商業模式的優勢、營運的發展階段以及所有者整合區域平台的韌性，都體現在我們秘魯和哥倫比亞業務板塊第三季度的強勁業績中，這部分抵消了墨西哥業績導致的調整後EBITDA總額5%的下降。

Peru's strong top line and EBITDA growth was driven by a still improving health care pricing mix and strong insurance MLR as well as robust growth in plants. Our risk mitigation measures implemented in Colombia strengthen EBITDA and cash flow there.

秘魯強勁的營收和 EBITDA 成長得益於醫療保健定價結構的持續改善、強勁的保險 MLR 以及工廠的強勁成長。我們在哥倫比亞實施的風險緩解措施增強了當地的 EBITDA 和現金流。

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.

在墨西哥業務方面，儘管業績疲軟，但我們的醫院營運在本季度保持穩定，並且連續第二個季度手術量增加，腫瘤科和心臟病科服務也有所增長。然而，本季由於傳統醫生數量的恢復速度低於預期，以及醫生醫院實施新的醫院資訊和 ERP 系統的影響，導致業績下滑。

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.

我們正在取得重要進展，使 Auna 能夠抓住我們在墨西哥看到的眾多長期成長機會。我們預計 2026 年將是墨西哥全面復甦的一年，隨著新墨西哥州球隊的組建，我們對中期前景仍然非常樂觀。

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. Our adjusted net income was a solid PEN58 million for the quarter.

儘管調整後的 EBITDA 有所下降，但由於季度末總債務減少，Auna 的槓桿率保持不變。此外，由於本月初成功完成再融資，我們的債務狀況也得到了顯著改善。本季調整後淨收入為5800萬菲律賓比索，表現穩健。

And now let's turn to slide 5. 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.

現在我們來看第5張投影片。秘魯和哥倫比亞推動了按匯率不變的合併收入成長 1%。以當地貨幣計算，它們的營業額分別增加了 9% 和 4%，但部分被墨西哥 12% 的降幅所抵消。幻燈片左下角顯示的產能利用率下降了 3 個百分點，至 64%，與第二季相比持平。與去年同期相比，秘魯總產能利用率提高了 1.5 個百分點，但哥倫比亞下降了 5.2 個百分點，墨西哥下降了 4.4 個百分點，兩者的增幅超過了秘魯的增幅。

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 payers, while Peru's decrease was a function of the addition of beds to the operating capacity.

墨西哥利用率下降是由於手術量和急診就診量同比下降，而哥倫比亞利用率下降是由於我們今年早些時候在那裡實施了風險緩解措施，包括積極管理與政府付款方簽訂的合約服務，而秘魯利用率下降則是由於增加了運營床位。

Finally, I'd like to highlight that the total operating capacity utilization in Mexico modestly grew from the previous quarter. Planned memberships grew 8% at OncoSalud, while its MLR fell further to 49.3%.

最後，我想強調的是，墨西哥的總營運產能利用率較上一季略有成長。OncoSalud 的計畫會員人數增加了 8%，而其 MLR 進一步下降至 49.3%。

Now let's take a closer look at the segment results, beginning with Mexico on slide 7. 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.

現在讓我們仔細看看各個細分市場的結果，首先從第 7 頁的墨西哥開始。當然，墨西哥在本季也出現了一些亮點。首先，正如我之前提到的，手術量連續第二季成長。

Second, oncology and cardiology services, which are integral to our long-term growth strategy, increased 48% versus second quarter 2025, accounting for 15% of Mexico's revenues.

其次，腫瘤科和心臟科服務是我們長期成長策略的重要組成部分，與 2025 年第二季相比成長了 48%，佔墨西哥收入的 15%。

Let me highlight this. An important part of our high complexity footprint in Mexico is growing. And relatedly, third, the revenues from increased 21% over the previous quarter as well. This is where Auna makes a huge difference in the transformation of health care in Mexico. This is exactly where we make the difference with patients, payers and physicians.

讓我強調一下這一點。我們在墨西哥的高複雜性業務的重要組成部分正在不斷擴大。第三，與上一季相比，營收也成長了 21%。奧娜正是在這一點上對墨西哥醫療保健的變革產生了巨大影響。這正是我們能夠為患者、支付者和醫生帶來差異化優勢的地方。

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 supply relationships that have slowed the implementation of the AunaWay model in this market.

本季營收下滑的主因是市場成長放緩。此外，銷售復甦速度低於預期也影響了我們的收入，這主要是由於醫生供應關係放緩，導致 AunaWay 模式在該市場的實施速度下降。

It is important to note that we have experienced similar hurdles when disrupting Peru's and Columbia's health care markets. Another factor was unexpected problems in migrating Doctors Hospital to new information and ERP systems, which affected billings. The implementation of these systems is part of a broader multiyear IT transition to harmonize technology across our own businesses and geographies as well as to improve the quality of data and information that we use to manage Auna and to serve patients.

值得注意的是，我們在顛覆秘魯和哥倫比亞的醫療保健市場時也遇到了類似的障礙。另一個因素是，醫生醫院在遷移到新的資訊和 ERP 系統時遇到了意想不到的問題，這影響了計費。這些系統的實施是我們更廣泛的多年 IT 轉型的一部分，旨在協調我們自身業務和地理之間的技術，並提高我們用於管理 Auna 和為患者服務的數據和資訊的品質。

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 at our OCA facility has for state employees.

收入下降影響了墨西哥的毛利，進而影響了調整後的 EBITDA，此外還有其他因素，包括我們 OCA 工廠為州政府僱員提供的服務合約中低利潤率服務的比例較高。

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 8.

然而，第三季利潤率為 29%。在討論我們其他業務部門的業績之前，我想先介紹一下我們在墨西哥正在實施的關鍵成長計劃，這些計劃已在第 8 頁幻燈片中進行了總結。

So attracting and retaining and investing in talent is integral to our growth strategy in Mexico. Health care talent is thin in the Monterrey marketplace. However, we have revamped the leadership team in Mexico. Alejandro Torres leads our Monterrey health care operations. Previously, he held senior roles at Star Medica and TecSalud.

因此，吸引、留住和投資人才是我們墨西哥成長策略不可或缺的一部分。蒙特雷的醫療保健人才市場十分緊張。但是，我們已經重組了墨西哥的領導團隊。Alejandro Torres 負責我們蒙特雷的醫療保健業務。此前，他曾在 Star Medica 和 TecSalud 擔任高級職務。

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.

我們還聘請了一位新的首席醫療官，他是蒙特雷一位享有盛譽且非常可靠的醫生，在我們與醫生合作發展業務、改善患者醫療解決方案的過程中，他發揮了重要的積極作用。

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 health care market as well as decades of experience in Monterrey.

本週我們也聘請了一位新的商業營運主管加入公司，以及為我們在墨西哥的醫院聘請了其他高階主管。他們都為 Auna 帶來了在墨西哥醫療保健市場的重要、全面且互補的經驗，以及在蒙特雷數十年的經驗。

We are rolling out a series of package service offering 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 health care facilities.

我們正在推出一系列打包服務產品，並加強與領先醫生的合作，以進一步滲透三個重要的市場領域。這當然會擴大收入來源，並提高我們醫療機構的產能利用率。

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.

其中之一是自費部分，該部分盈利能力強，目前僅占我們在墨西哥收入的 8%，我們計劃在明年年底將其提高到 20%。第三季度，該業務類股成長了 15%。在企業客戶領域，我們不斷開發具有吸引力且經濟實惠的套餐，為企業客戶的員工提供更多服務。

Another attractive segment is government agencies. Accordingly, we are evaluating tailored services for the employees of municipalities that run Monterrey as well as those of government within it. Physician engagement and productivity are also integral to our Mexico strategy, including attracting the best doctors and nurses in high complexity management.

另一個有吸引力的細分市場是政府機構。因此，我們正在評估為管理蒙特雷的市政當局員工以及蒙特雷市政府員工量身定制的服務。醫生的參與度和工作效率也是我們墨西哥策略的重要組成部分，其中包括吸引高複雜度管理方面最優秀的醫生和護士。

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, improved operating performance, cost predictability and of course, control.

這其中包括一系列正在逐步推進的提高生產力和品質的措施。透過重點關注我們每家醫院中貢獻了約 25% 至 35% 收入的 140 位頂尖醫生，我們提高了與他們、支付方和供應商之間的協調性。這項簡單的措施提升了醫療實踐水平，提高了營運績效，增強了成本可預測性，當然也提高了控制力。

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.

上個月，這些醫生中有一半的生產力較上季實現了兩位數的成長。此外，在同一個月裡，我們還從一家競爭對手的當地醫院吸引了 10 名醫生加入。

On the payer front, we aim to expand Auna's participation with some of Mexico's largest insurance company preferred provider networks. Consequently, commencing in 2026, our health care facilities anticipate supporting heightened patient access and service volumes, thereby propelling capacity utilization.

在支付方方面，我們的目標是擴大 Auna 與墨西哥一些最大的保險公司首選供應商網路的合作範圍。因此，從 2026 年開始，我們的醫療機構預計將支持更高的患者就診量和服務量，從而提高醫療設施的使用率。

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 on oncologists from across Mexico. We also use the occasion to officially inaugurate a new OncoCenter at our Doctors Hospital.

擴大和增強 Auna 的腫瘤治療能力是我們墨西哥成長策略的另一個關鍵組成部分。10 月底，我們在蒙特雷舉辦了 Auna 第二屆腫瘤學大會，來自墨西哥各地的 70 多位腫瘤學家參加了這場盛會。我們也藉此機會正式啟用本院醫師醫院的新腫瘤中心。

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 health care network. Our oncology efforts are already paying off, and this new center should significantly increase our activity in Monterey. This is, again, the implementation of the AunaWay, which will grant Auna the differentiating aspects that will sustain our high growth ambitions in high complexity.

它將成為卓越中心，在一個地點提供腫瘤治療服務，改善患者護理和體驗，同時與 Auna 的區域醫療保健網絡整合。我們在腫瘤治療方面的努力已經初見成效，這個新中心應該會大大增加我們在蒙特雷的活動量。這再次體現了 AunaWay 的理念，它將賦予 Auna 差異化優勢，從而在高度複雜的環境中維持我們高成長的雄心。

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 health care facilities.

最後，本頁幻燈片展示了我們為墨西哥業務實施的全新綜合IT系統，以使其達到我們的標準。除其他諸多好處外，它將加強財務和營運數據的整合，提高整個業務的管理可見性，幫助我們更好地控製成本，並增強我們醫療機構的決策能力。

Let's move to slide 9 to discuss Peru's third quarter performance. Our Peru business, Auna's scalable, integrated and best practice health care platform, demonstrated the strength and predictability of our model when it's operating at scale. As it further penetrated the country's health care market and expanded its business with third-party payers, health care revenues grew 9%, mainly on increases in ticket and volume of emergency visits and ambulatory care.

讓我們翻到第 9 張投影片，討論秘魯第三季的表現。我們在秘魯的業務，即 Auna 可擴展、整合和最佳實踐的醫療保健平台，證明了我們的模式在規模化營運時的優勢和可預測性。隨著該公司進一步滲透到該國的醫療保健市場，並擴大了與第三方支付方的業務，醫療保健收入增長了 9%，主要得益於急診就診和門診護理的票務量和數量增加。

OncoSalud, the health plans business, increased revenues 8%, primarily due to the increase in membership and to annual price adjustments. We continue to see substantial opportunity ahead and Peru will remain a key contributor to Auna's growth.

旗下健康計畫業務 OncoSalud 的營收成長了 8%，主要原因是會員人數增加和年度價格調整。我們仍然看到未來存在巨大的機遇，秘魯將繼續成為Auna成長的關鍵貢獻者。

Peru's adjusted EBITDA increased 15%, with a margin increasing 1.1 percentage points to 22.7% driving EBITDA growth were higher efficiencies with respect to surgical procedures and improved pharmaceutical costs at OncoSalud, which contributed to its low MLR.

秘魯調整後的 EBITDA 成長了 15%，利潤率提高了 1.1 個百分點，達到 22.7%。推動 EBITDA 成長的是 OncoSalud 外科手術效率的提高和藥物成本的改善，這有助於其降低醫療損失率 (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 revenue, up from 14% in the third quarter of 2024.

第 10 張投影片轉向哥倫比亞。哥倫比亞的營業額成長了 5%，這主要得益於實施了風險分擔模式，例如預期全球支付。鑑於這種模式難以複製，它具有獨特性，能夠產生穩定的利潤率和高入住率，並產生可靠和積極的現金循環。這些收入佔哥倫比亞總收入的 18%，高於 2024 年第三季的 14%。

Also, as of the end of the third quarter, the share of revenues from one of the major government intervene payers in Colombia decreased from 20% in last year's quarter to 13%. And we added Salud Total as a payer under a new PDP program, reflecting the success of our efforts to diversify the payers that Auna serves in the country.

此外，截至第三季末，哥倫比亞主要政府乾預支付方之一的收入份額從去年同期的 20% 下降到 13%。我們也新增了 Salud Total 作為新的 PDP 計畫的支付方，這反映了我們在使 Auna 在全國範圍內服務的支付方多樣化方面所取得的成功。

And despite the lower surgical volumes stemming from us, limiting services to intervene payers, higher average tickets for surgery 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.

儘管由於我們自身手術量減少，限制了對介入支付方的服務，但手術平均價格上漲以及化療和影像服務增加，抵消了這一下降，並促進了本季的收入成長。這一成長推動哥倫比亞調整後 EBITDA 成長 18%，利潤率提高 1.7 個百分點。除了本季減損損失減少外，醫生薪資的增加也抵消了這一影響。

That concludes my review of the quarter. Now over to Gisele for her part of today's presentation.

我的季度回顧到此結束。現在請吉賽兒做她今天的演講。

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. And with its top line increasing 9% in the quarter, Peru continues being a strong and reliable driver of growth and cash flow.

謝謝你，蘇索。在第 12 張投影片中，我們詳細分析了 Auna 多元化區域平台中每個地理組成部分所貢獻的收入。從長條圖中可以看出，秘魯仍然占我們平台第三季和年初至今收入的一半以上。秘魯市場本季營收成長 9%，持續成為經濟成長和現金流的強勁可靠驅動力。

Colombia, despite the risk mitigation measures that we put in place to maintain a healthy cap 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 nonoperating impacts such as the multisystem migration. Finally, as Suso pointed out, we expect Mexico's revenue to begin growing again next year.

儘管我們採取了風險緩解措施來維持健康的資本週期，但哥倫比亞也為收入成長做出了貢獻，本季以當地貨幣計算增加了 4%。關於墨西哥，我們再次指出，12% 的收入下降是由於銷售恢復緩慢、市場成長放緩以及多系統遷移等非經營性因素造成的。最後，正如蘇索指出的那樣，我們預計墨西哥的收入將在明年開始再次增長。

Let's now turn to slide 13. Peru was also a strong contributor of adjusted EBITDA growth at 15% growth. It also had a solid margin of 22.7% in the quarter. And 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.

現在我們來看第13張投影片。秘魯也是調整後 EBITDA 成長的重要貢獻者，成長率達 15%。該季度其利潤率也達到了22.7%。儘管我們更傾向於現金儲備而非成長，但由於收入增加和撥備減少，哥倫比亞的業務也提高了我們的獲利能力，同時與去年同期相比利潤率有所擴大。

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 systems implementation at Doctors Hospital for the next phase of migrations.

由於收入大幅下降以及本季付款方和服務組合的變化，墨西哥導致我們合併調整後的 EBITDA 下降了 5%（按匯率中立計算）。我們預計，隨著我們推進業務模式的實施，隨著各項成長計畫逐步取得成效，以及我們將從 Doctors Hospital 的系統實施中汲取的經驗教訓應用於下一階段的遷移，2026 年 EBITDA 將實現成長。

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. This was partially offset by PEN11 million of additional finance income related to FX and PEN21 million or 16% decrease in interest expenses, both of which you can see in the middle of the bridge. There was also a PEN31 million decrease in noncash and extraordinary items, which include a positive impact in 2025 and from the obligations from the third quarter in 2024.

在第 14 張投影片中，我們將詳細分析調整後淨收入的年比變化。其中最大的影響是墨西哥對營業收入的影響。這部分被外匯相關的額外融資收入 1,100 萬秘魯索爾和利息支出減少 2,100 萬秘魯索爾（減少 16%）所部分抵消，這兩部分都可以在橋樑的中間部分看到。非現金及特殊項目也減少了 3,100 萬秘魯索爾，其中包括 2025 年的正面影響以及 2024 年第三季的義務。

Let's now move to the cash flow bridge on slide15 number . Our pretax operating cash flow decreased 5% to PEN595 million during the nine-month period, mainly due to lower revenues in Mexico and accounts receivable delays related to the systems integration there. Another contributing factor was the payment of performance bonuses to doctors at Opcion Oncologia as part of their transition to Auna.

現在我們來看第15張投影片上的現金流橋。。在前九個月期間，我們的稅前經營現金流下降了 5%，至 5.95 億墨西哥比索，主要原因是墨西哥的收入下降以及與當地系統整合相關的應收帳款延遲。另一個促成因素是，作為向 Opcion Oncologia 醫生過渡到 Auna 的一部分，向他們支付了績效獎金。

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 health care provider in the country, this means that intervene payers generally make us a priority with regard to outstanding payments and collections remain healthy. However, the situation with the intervene payers remains fluid, and we continue being vigilant.

與今年第二季相比，由於哥倫比亞的收款和現金轉換率提高，我們的稅前營運現金流量較上季成長了 65%。由於 Auna 是該國主要的醫療保健提供者，這意味著支付方通常會優先考慮我們，因此未付款項的收取情況良好。然而，介入支付方的情況仍然瞬息萬變，我們將繼續保持警惕。

Near the center of the bridge, you see PEN119 million of investments. This is 31% lower than the first nine months of 2024. These investments mainly consisted of PEN98 million in CapEx; PEN21 million in amortized payments related to the OCA holdback obligations, which were completed in the second quarter; and the earn-outs which currently only have an outstanding balance of PEN12 million.

在橋的中心附近，您可以看到 1.19 億秘魯索爾的投資。這比 2024 年前九個月下降了 31%。這些投資主要包括 9,800 萬菲律賓比索的資本支出；與 OCA 預留義務相關的 2,100 萬菲律賓比索的攤銷付款（已於第二季完成）；以及目前僅有 1,200 萬菲律賓比索未償餘額的獲利支付。

Moving further along the bridge, you see PEN336 million of cash used for financing, which was 3% below last year's nine-month period. This amount consists of PEN163 million of term loan payments, PEN26 million of hedge premium and swap interest payments, PEN58 million of interest paid on our 2029 notes, PEN50 million of interest paid on our working capital facilities, and finally, PEN39 million of borrowed working capital. That brings us to our cash position at the end of the quarter, which was a healthy PEN226 million, albeit 4.2% lower than the beginning of the year.

繼續沿著橋樑走下去，你會看到用於融資的現金為 3.36 億秘魯索爾，比去年同期下降了 3%。該金額包括 1.63 億菲律賓比索的定期貸款支付、2,600 萬菲律賓比索的對沖溢價和互換利息支付、5,800 萬菲律賓比索的 2029 年票據利息支付、5,000 萬菲律賓比索的營運資金貸款利息支付，以及最後 3,900 萬菲律賓比索的借入營運資金。這使我們對本季末的現金狀況有了更清晰的認識，現金餘額為2.26億秘魯索爾，儘管比年初下降了4.2%。

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. 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.

現在簡單談談我們的債務問題，從第 16 張投影片開始。我們將繼續維持健康的債務結構，並致力於在中期內將槓桿率提高到淨債務與 EBITDA 比率的 3 倍。為了有效管理 Auna 的負債，我們利用債務市場的市場狀況以及債券投資者和銀行的持續需求，進行了我們本月早些時候向市場公佈的 7.65 億美元債務再融資。

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. The loan also contemplates an incremental $60 million equivalent tranche in Peruvian soles, which we expect to disperse in the very near term.

我們的再融資包括成功發行 3.65 億美元的優先擔保票據。我們也完成了一筆等值 4 億美元的墨西哥比索定期貸款。這與奧娜在墨西哥的業務佈局相符。該貸款還計劃追加 6,000 萬美元等值的秘魯索爾，我們預計將在近期內發放。

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. 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.

美元債券和墨西哥比索定期貸款與先前的債務結構利率相比，可節省 125 個基點。我們也非常高興地宣布，債務結構中新增了貸款方，其中包括國際金融公司（IFC）。 IFC不僅參與了墨西哥比索定期貸款，還認購了10%的債券。

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 consider the transaction credit positive.

總的來說，除了延長債務期限、降低融資成本和增強短期流動性之外，此次再融資還為我們提供了更大的財務靈活性，以便繼續投資於我們的中長期成長計畫。基於這些原因，評級機構給予 2032 年到期票據 B+ 評級，並認為該交易信用評級為正面。

That concludes my review of the results. Before we take your questions, Suso would like to provide a wrap-up on the quarter.

我的分析結果到此結束。在回答各位的問題之前，Suso 想先對本季的工作做一個總結。

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 health care platform and demonstrates the strength and predictability of our model when operated at scale.

謝謝你，吉賽兒。我想以總結我們展望 2025 年底和 2026 年的策略和優先事項來結束今天的演講。正如我們第三季的業績所表明的那樣，Auna 多元化的業務佈局和一體化模式提供了持久的韌性。秘魯體現了 Auna 可擴展、整合和最佳實踐的醫療保健平台，並證明了我們的模式在大規模運作時的優勢和可預測性。

Peru continues to make strong contributions to Auna's near to midterm 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 market as well as risk sharing with private and public payers.

秘魯持續為 Auna 的中短期成長做出強勁貢獻，這得益於不斷改善的 MLR、持續的獲利能力以及我們成熟的垂直整合模式的規模化運作。我們現在採取的關鍵策略是促進中端市場的成長，以及與私人和公共支付方分擔風險。

In Peru, the recent milestone of reinforces the strong confidence in Peru's health care future and highlights the long-term opportunity we continue to see in the country. 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 racket of partially insured and uninsured in the country.

在秘魯，最近的里程碑式成就增強了人們對秘魯醫療保健未來的強烈信心，並凸顯了我們持續在該國看到的長期機會。秘魯仍然是 Auna 的重要成長市場，我們正在該市場推廣我們的業務能力，該市場的私人保險滲透率僅為 6%，我們設想在該國下一批部分投保和無保險人群中分得相當大的份額。

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 intervene 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.

在哥倫比亞，穩健的成長持續推動業務發展，我們的風險緩解策略也取得了顯著成效。儘管面臨許多外部挑戰，但由於 Auna 在過去一年中成功地擺脫了對介入支付方的依賴，並優先考慮了來自 PGP 的可靠現金流，因此本季度業績非常強勁。哥倫比亞仍然是我們的重要市場，也是該地區規模化和醫療最佳實踐的重要貢獻者。

As I have tried to communicate, we are focused on Mexico. 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.

正如我之前所溝通的，我們目前的重點是墨西哥。我們擁有一支優秀的、全新的、經驗豐富的本地領導團隊，他們對我們在蒙特雷和全國範圍內能夠做的事情感到興奮，並引領著重振經濟成長的潮流。我們取得了真正的進步，手術量連續第二季恢復，腫瘤科和心臟科服務更是實現了驚人的 48% 的成長。

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 3 times.

此外，值得注意的是我們最近公開宣布了與雙日株式會社的合作關係。這將使我們能夠在墨西哥實現比我們自身所能達到的更快的成長，同時保持我們嚴謹的去槓桿化路徑，並實現將槓桿率降至 3 倍以下的目標。

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

最後，我們始終高度關注我們的其他投資者和股東。本季債務再融資成功完成後，我們在加強資本結構和降低長期財務風險方面已經邁出了重要一步。在今年剩餘的時間裡，我們將繼續評估所有能夠支持和提升股東價值的方案，因為我們堅信 Auna 目前的股價並沒有反映出我們綜合平台的內在價值及其在拉丁美洲醫療保健市場的長期潛力。我們對2026年能夠取得的成就感到興奮。

Thank you for your time, and we are now ready to take your questions.

感謝您抽出時間，現在我們可以回答您的問題了。

(Operator Instructions) Mauricio Cepeda, Morgan Stanley.

（操作說明）毛里西奧·塞佩達，摩根士丹利。

I have two questions, a little bit more about future strategy. So 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 align with your goal to deleverage Auna and to ramp up operations in Mexico?

我還有兩個問題，稍微牽涉到未來的戰略。那麼，關於您在墨西哥的計劃以及您與雙日株式會社宣布的諒解備忘錄。您能否解釋一下或詳細介紹為何這麼快就選擇在墨西哥擴張？那麼，這項新計劃與您降低 Auna 的槓桿率並擴大在墨西哥的業務的目標有何關聯？

And 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 EPS? Or are there deeper structural issues that might limit any meaningful improvement over the next few years?

我的第二個問題是關於哥倫比亞的。你認為該國領導階層的潛在變動能否幫助緩解EPS面臨的這些壓力？或者是否存在更深層的結構性問題，可能會限制未來幾年內出現任何實質的改善？

Thank you, 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, growth opportunity in Mexico, repeating what we've done elsewhere. As our insurance plans have solidified certain service offerings in the different cities Guadalajara and Tijuana, in Mexico City as well, some of those create opportunities for investment in the future.

謝謝你，毛里西奧。所以，就墨西哥而言，正如我們一直以來所代表的那樣，Auna 是一個成長的故事，儘管 2025 年的表現令人擔憂，但我們在墨西哥確實有一個非常有趣的成長機會，可以複製我們在其他地方所取得的成功。由於我們的保險計劃已在瓜達拉哈拉、蒂華納以及墨西哥城等不同城市鞏固了某些服務，其中一些服務為未來的投資創造了機會。

Today, I have to be very, very clear. Today, leverage is a key concern, and we want to bring it below 3x. So we don't have a balance sheet to use to allocate capital. Today, the share is really depressed. So we were also limited there in terms of issuing of shares. So we have found with Sojitz a really interesting opportunity.

今天，我必須把話說得非常非常清楚。如今，槓桿率是一個關鍵問題，我們希望將其降至 3 倍以下。因此，我們沒有資產負債表可以用來分配資本。今天股價確實很低迷。因此，我們在發行股票方面也受到了限制。因此，我們發現與雙日株式會社的合作是一個非常有趣的機會。

We've been working with Sojitz, a great an admirable company and a set of executives. And 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.

我們一直與雙日株式會社合作，這是一家非常優秀、令人欽佩的公司，擁有一群傑出的管理者。過去五年，我們一直與雙日株式會社接觸，探討各種合作機會。我們在過去幾個月中談判達成的諒解備忘錄正式確立了我們的關係，並為在墨西哥共同投資建立了框架。

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 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 will be able to achieve more.

因此，投資人必須閱讀我們幾個月前發布的新聞稿，了解我們計劃如何利用與雙日株式會社的這份諒解備忘錄在墨西哥開展業務。這是一份旨在加速Auna在墨西哥發展的諒解備忘錄。雙日株式會社是個很棒的合作夥伴，我們非常高興能與他們攜手取得更大的成就。

This was -- this is again, this helps us capture the opportunity in Mexico, maintaining our leverage target. 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 2026, but I think that the sector is stressed enough to require of some action from the government. And I see there's certain milestones and important.

這再次幫助我們抓住了在墨西哥的機會，維持了我們的槓桿目標。這對我們來說非常重要。關於哥倫比亞的EPS，我認為鑑於哥倫比亞即將舉行的選舉，該國的政治環境在未來六個月內不會發生任何改變。我對 2026 年全年也不太樂觀，但我認為該行業目前面臨的壓力已經足夠大，需要政府採取一些行動。我看到其中有一些重要的里程碑。

which is the intervene insurance, EPS insurance payer, they have been recently capitalized by the central government, making it again a creditworthy institution. So I do see certain actions. They are going to be fundamental and bringing stability to Colombia's health care sector. But I see because of the lateral year, I see some delay on that, maybe to the second semester next year, most probably the year after that.

該公司是 Interne Insurance 和 EPS Insurance 的支付方，最近獲得了中央政府的注資，使其再次成為信譽良好的機構。所以我確實看到了某些行為。它們將對哥倫比亞的醫療保健產業起到至關重要的作用，並帶來穩定。但我認為由於跨年級學習，這件事可能會有所延遲，也許要等到明年第二學期，很可能要等到後年。

But again, our preferred status as a provider of high complexity services to most companies in Colombia that granted faster payments, good margins, large volumes, this has been tested in the worst of times in Colombia. So I'm not at all pessimistic on what Auna positioning in a very difficult circumstance in Colombia will produce, I think, attractive returns and growth.

但是，我們作為哥倫比亞大多數公司首選的高複雜度服務提供者的地位，能夠提供更快的付款、良好的利潤和大批量業務，這在哥倫比亞最糟糕的時期經受了考驗。因此，我對 Auna 在哥倫比亞非常困難的環境下所採取的策略並不悲觀，我認為它將帶來可觀的回報和成長。

I want to highlight our Columbian 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. And we're excited about Colombia, notwithstanding the uncertainties in the political environment. Thank you, Mauricio.

我想強調的是，儘管哥倫比亞局勢動盪，但我們在哥倫比亞的業務仍在持續成長。我們非常榮幸能夠擁有這樣的地位，贏得眾多患者的信任和眾多支付方的信任。儘管哥倫比亞的政治環境存在不確定性，但我們仍然對哥倫比亞充滿期待。謝謝你，毛里西奧。

If I forget anything, Gisele, please complement if need be.

吉賽爾，如果我漏掉了什麼，請酌情補充。

Yes, Mauricio, just to complement on the second part of the Colombia question, I would add, as 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. We are constructive that there are some political noises that impact the flow of payments, and we do think that towards the end of next year and going into 2027, there will be certain opportunities for catalysts in the operation.

是的，毛里西奧，關於哥倫比亞問題的第二部分，我想補充一點，正如蘇索所提到的，我們在哥倫比亞問題上仍然保持著非常建設性的態度。如您所知，它是 Auna 平台不可或缺的一部分。即使面臨外在不利因素，我們也成功地控制了局面。我們認為，一些政治因素會影響支付流程，我們也認為，到明年年底以及進入 2027 年，營運中將會出現一些催化劑的機會。

And also kind of to add to Suso's point and clarify, as we've mentioned, we've reduced our exposure materially to over the past year from 20% to 13% of the Colombian revenues. They have recently -- also, we've seen the announcement, the shared stakeholdership between the government vis-a-vis and we also see that the government's direct stake in this payer is a positive sign.

另外，我想補充 Suso 的觀點並進行澄清，正如我們之前提到的，在過去一年裡，我們已大幅降低了我們在哥倫比亞的收入敞口，從 20% 降至 13%。他們最近也——此外，我們已經看到了公告，政府與該支付方之間存在共同的利益關係，我們也看到政府直接持有該支付方的股份是一個積極的信號。

And Gisele, I also want to complement again the -- my previous response, Mauricio. Again, Auna has a very attractive pipeline in Mexico because of Sojitz and a limited balance sheet today and the share price. We want to make sure we can continue to act in the pipeline within the partnership of Sojitz. That's a critical part of that response, Mauricio.

吉賽爾，我還想再次補充我之前的回复，毛里西奧。再次強調，由於 Sojitz 的支持、目前有限的資產負債表以及股價，Auna 在墨西哥擁有非常有吸引力的產品線。我們希望確保能夠繼續在與雙日株式會社的合作關係中進行相關工作。毛里西奧，這是回應中至關重要的一部分。

Yes. But is it -- just a follow-up, is could be part of this interest of Sojitz to invest in Auna itself and helping the capital structure or it's just for new opportunities?

是的。但這僅僅是後續行動嗎？這是否是雙日株式會社有意投資奧納公司並幫助其改善資本結構的一部分，還是僅僅為了尋求新的機會？

I think that -- 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 They like the insurance business integrate to the health care side. So 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, it's limited to making sure that we can push the growth opportunity Auna, particularly in Mexico, but also I think of all Auna. Thank you.

我認為——我的意思是，我不想代表雙日公司發言，但我們多年來進行的對話非常明確。他們喜歡我們的一體化模式。他們喜歡奧娜。我們之前討論過一些事情，例如他們希望將保險業務與醫療保健領域整合起來。所以我不想——這是一個在諒解備忘錄中討論各種事情的廣泛機會，但我認為它不僅限於新事物，還僅限於確保我們能夠推動 Auna 的增長機會，尤其是在墨西哥，但我認為也包括所有 Auna。謝謝。

(Operator Instructions) There are no more questions from the phone lines. So I will now turn the call over to Ana Maria Mora from Auna, who'll proceed with questions from the webcast platform.

（操作員指示）電話線路已無其他問題。現在我將把電話交給來自 Auna 的 Ana Maria Mora，她將繼續透過網路直播平台提問。

Thank you, operator. So the questions, we're going to see that repeated, so if we miss anything, please let me know internally. But the first question on the webcast comes from Joseph Giordano from JPMorgan. If could you provide more details around the partnership with Sojitz and Treka project? What are the advancements in Mexico over Q4 '25? And when should we see the operations getting back to 2024 levels in terms of operating leverage?

謝謝接線生。所以這些問題我們會一再看到，如果有遺漏，請內部告知我。但網路直播中的第一個問題來自摩根大通的 Joseph Giordano。您能否提供更多與雙日株式會社和 Treka 計畫合作的細節？2025年第四季墨西哥取得了哪些進展？那麼，我們何時才能看到營運槓桿恢復到 2024 年的水準？

Great. I'll take part of it and Gisele, if I forget anything, please complement. So on Treka, I think on Sojitz we spoken a lot about -- we make sure that we keep the market updated as we progress with that MoU. So on Treka, Treka is a public-private partnership awarded to Auna back in 2010. some of the hidden opportunities we have within Auna, we've been working with Salud, which is a Social Security and the investment promoting agency there to amend the concession and to get all the necessary permits side of the project.

偉大的。我會負責一部分，吉賽爾，如果我漏掉了什麼，請你補充。所以關於 Treka，我認為關於 Sojitz，我們談了很多——我們確保隨著諒解備忘錄的推進，及時向市場通報最新情況。所以，關於 Treka 項目，Treka 是一個公私合營項目，於 2010 年授予 Auna 公司。我們在 Auna 公司內部發現了一些隱藏的機會，我們一直在與 Salud（社會保障機構和投資促進機構）合作，修改特許經營權並獲得專案所需的所有許可證。

What we disclosed is that the building permit was authorized, which was a big hurdle in the last couple of years. I want to summarize, it is a very interesting project. As one sees health care in the world sees, of course, in limited, but in Latin America, for us, it will be sizable, sort of just a market of private payers. And then a large segment of indirectly or directly state-owned payer. So this is a contract, it's an 18-year contract with a two-year building period.

我們透露的是，建築許可證已經獲得批准，這在過去幾年裡一直是個很大的障礙。總而言之，這是一個非常有趣的項目。正如我們所看到的，世界各地的醫療保健當然是有限的，但在拉丁美洲，對我們來說，它將相當可觀，有點像一個私人付款者的市場。然後還有很大一部分是間接或直接國營的支付方。這是一份合同，一份為期 18 年的合同，其中包含兩年的建設期。

So we'll start building at the beginning of next year. It will take us two years, and then we have 18 years. During those 18 years, we're talking about 1.9 million ambulatory services, 0.5 million prevention package services and others that sum up to 3.2 million services a year. This is a big endeavour to serve social security beneficiaries in Peru.

所以我們將於明年年初開始建造。這將需要兩年時間，然後我們還有18年。在這 18 年裡，我們說的是每年 190 萬次門診服務、50 萬次預防性服務包服務以及其他服務，總計每年 320 萬次服務。這是為秘魯社會安全受益人服務的一項重大舉措。

This contract will deliver certainly sales of over $200 million a year when it scales. It's a very interesting opportunity as we grow our footprint, not only within our total addressable market in the private sector, but also indirectly with the state-served sector. So I'm really excited about Treka. It's not only about Peru. These are the conversations that we have with government authorities in Mexico as well. So it's really interesting to prove capabilities to deliver services to millions. And I think that's where we do not show we can do in the next couple of years with respect to Treka. Gisele.

這份合約一旦規模擴大，每年肯定能帶來超過2億美元的銷售額。這是一個非常有趣的機會，因為我們不僅在私部門的潛在市場中擴大了業務範圍，而且還間接地在公共服務部門擴大了業務範圍。所以我對《星際爭霸戰》這部劇非常期待。這不僅僅是關乎秘魯。這也是我們與墨西哥政府當局的對話內容。因此，證明自己有能力為數百萬人提供服務，這真的很有趣。我認為，就 Treka 而言，未來幾年我們還沒有展現出我們能做到的這一點。吉賽兒。

Yes. I would complement there, Suso, with respect to Treka 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.

是的。Suso，關於 Treka，我想補充一點，秘魯的公私合作關係結構是怎麼樣的。可以透過某種方式進行結構安排，使 Auna 的債務保持中性。

That's very important. Thank you, Gisele. This and the pipeline in Mexico is debt-neutral to debt reduction for Auna, very important. We're going to continue to grow without exposing our balance sheet to any additional debt. This public-private partnerships in Peru have a certain -- have a very defined process as the state finances not only is but also all the services.

這非常重要。謝謝你，吉賽兒。這條管道以及墨西哥的這條管道對奧納公司而言，在減少債務方面是中性的，這一點非常重要。我們將繼續發展，但不會讓我們的資產負債表增加任何額外債務。秘魯的公私合作關係具有一定的——有一個非常明確的流程，因為國家不僅為所有服務提供資金，而且還為所有項目提供資金。

So this will have no impact on leverage for Auna. There were some other questions from Joe, I think, Gisele.

因此，這不會對Auna的槓桿率產生任何影響。我想喬還有吉賽兒也問了一些其他問題。

Yes, which we covered the subject announcement as well as the progress that we're making in Mexico.

是的，我們報導了相關公告以及我們在墨西哥的進展。

Great. I did -- so I think Joe also asked something about whether we're 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 or guidance. 2025 will be a flat year. 2026 will be a growth year. And definitely, it will be a growth year

偉大的。是的——所以我認為喬也問了一些關於我們能否在經營槓桿方面恢復到 2024 年水準的問題。我知道我們不太願意給出太多具體數字——尤其是前瞻性的數字或指導意見。 2025年將是平穩的一年，2026年將是成長的一年。而且，這肯定會是成長的一年。

Thank you, Suso. Let me continue with the questions since we're getting plenty of questions right now. The next question comes from So 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?

謝謝你，蘇索。既然現在問題很多，那我就繼續回答問題吧。下一個問題來自：關於扭虧為盈和預期轉折點，我們了解到扭虧為盈策略正在實施中，但是我們應該追蹤哪些關鍵 KPI 來確認 2026 年的切實復甦？

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 specific institutional investor has been exiting? Are you in conversations with such holders to reinforce the investment case?

例如，入住率、支付方組成、手術效率。您預計何時能看到營收和 EBITDA 出現實質改善？此外，還有關於近期股價疲軟的問題。儘管秘魯和哥倫比亞的業務運作穩健，但該股表現不佳。您是否掌握特定機構投資人是否已退出的資訊？您是否正在與這些持有者進行溝通，以加強投資理由？

And just one more. The third one that I need to read it, but we probably already answered it. On Sojitz potential, could you provide more detail on next steps with Sojitz Mexico? Do you see any opportunities for co-investment in new assets or potential partial assets, asset sales to accelerate returns on capital?

再來一個。第三個問題我需要閱讀，但我們可能已經回答過了。關於雙日株式會社的潛力，您能否詳細介紹一下與雙日墨西哥公司接下來的合作計畫？您認為在新資產或潛在部分資產方面是否存在共同投資的機會，或透過出售資產來加速資本回報？

Great. So I think I'll take first. The share price question. So first of all, we are convinced the current prices now reflect the company's fundamentals. There has been no significant change from what we've been reporting to the company's fundamentals.

偉大的。所以我想我會先來。股價問題。首先，我們確信目前的價格反映了公司的基本面。與我們先前報告的情況相比，公司基本面沒有重大變化。

We are, of course, always evaluating alternatives to support and enhance shareholder value, and we will be sharing with all you these as we progress and these are things that we'll be discussing at the Board level very soon.

當然，我們一直在評估各種方案以支持和提升股東價值，我們將隨著工作的進展與大家分享這些方案，這些也是我們很快就會在董事會層面討論的內容。

Now we can speculate a little bit because we saw from public filings early this year that one of our competitors in Mexico had made a filing with the Mexican antitrust authority where they request to buy more Auna's shares. From public recent SEC filings, we can see that this leading health care player in Mexico has been selling stock consistently in the past month, which makes us suspect the requests did not move forward.

現在我們可以稍微推測一下，因為我們從今年年初的公開文件中看到，我們在墨西哥的一家競爭對手向墨西哥反壟斷機構提交了一份文件，請求購買更多 Auna 的股份。從最近公開的美國證券交易委員會文件中我們可以看出，這家墨西哥領先的醫療保健公司在過去一個月裡一直在持續拋售股票，這讓我們懷疑這些請求並沒有得到推進。

No, we can't be certain of this. There's nothing -- a lot of information that's public, except what has been declared to SEC. And we've seen very high volumes in comparison to what we've seen in the past that coincide with this antitrust findings. So that's our speculation.

不，我們無法確定這一點。除了已向美國證券交易委員會申報的資訊外，沒有其他資訊——許多資訊都是公開的。與以往相比，我們看到的交易量非常高，這與反壟斷調查結果相符。以上就是我們的推測。

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 fundamentals has changed in the last 45 days when the stock has dropped, I think, I don't know, I don't know a number, 25% or 30%. Nothing is changed in produce that.

當然，我們——最近的備案文件一周前已經公開，我們正在確保能夠聯繫到賣方，看看我們是否可以嘗試提出一些大宗交易，以免像現在這樣對股價造成影響。我再次強調，在過去45天股價下跌期間，公司基本面沒有任何變化。我認為，我不知道具體跌幅是多少，25%還是30%？生產過程中沒有任何改變。

Thank you, Suso. So let's go to the next question. It comes from Deutsche Bank. Please comment on return on investment time line on Mexico performance and commentary on the share price performance.

謝謝你，蘇索。那我們來看下一個問題。它來自德意志銀行。請就墨西哥市場的投資回報時間表以及股價表現發表評論。

So on the share price, I think we've covered. Gisele, do you want to talk about return on investment?

關於股價，我想我們已經討論過了。吉賽兒，你想談談投資報酬率嗎？

Sure, of course. So I think it's important to note that we evaluate all our investments as well as our operations throughout on from a return on invested capital perspective. 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 time line 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.

當然可以。所以我認為有必要指出，我們會從投資報酬率的角度來評估我們所有的投資和營運。因此，我們一直在尋找提高資產生產力、減少投資資本的方法，以優化這些回報。具體來說，就墨西哥的投資時間表而言，正如我們在電話會議中提到的，由於前面已經討論過的因素，我們今年遭遇了一些挫折。不過，我們預計2026年將是墨西哥的成長年。

Thank you, Gisele. The next question comes from Joaquin Berro from Fundamental Capital. Regarding expansion plans, are you planning to add more beds in Peru? And in Mexico, about the 500 million expansion plans, how many beds do you expect to add there?

謝謝你，吉賽兒。下一個問題來自 Fundamental Capital 的 Joaquin Berro。關於擴張計劃，您是否計劃在秘魯增加床位？在墨西哥，關於5億美元的擴建計劃，您預計會增加多少床位？

So we don't give guidance on projections on capacity growth. But directionally, you will see Auna increase capacity, not only of beds, but of chemotherapy and radiotherapy and surgery rooms, which, of course, fill our beds in Peru, in particular. Some growth there.

因此，我們不提供產能成長預測的指導。但從方向上看，你會看到奧納醫院不僅增加床位，還增加化療室、放療室和手術室，當然，這些都會佔用我們在秘魯的床位。那裡有一些增長。

We see some plans that would be mostly inaugurated in 2027, not 2026. We see ourselves also investing in countries or cities in which we have already large hospital footprint, more in ambulatory care as particularly oncology, orthopedics and cardiology is moving towards outpatients.

我們看到一些計劃大部分將在 2027 年而不是 2026 年啟動。我們也計劃在醫院佈局已相當廣泛的國家或城市進行投資，尤其是在門診護理方面，因為腫瘤科、骨科和心臟科正在向門診方向發展。

And in Mexico, we see ourselves trying to repeat our strategy of urban ecosystems of health care and high complexity that requires a beds of between 75 to 150 beds minimum landing in each of the cities to produce this urban ecosystem of health care.

在墨西哥，我們看到自己正試圖複製我們的策略，即建立高度複雜的城市醫療保健生態系統，這需要在每個城市至少配備 75 至 150 張床位，以形成這種城市醫療保健生態系統。

Thank you, Suso. The next question comes from -- . And the question Dhruvi Mehta from SG Analytics.

謝謝你，蘇索。下一個問題來自——。問題來自 SG Analytics 的 Dhruvi Mehta。

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. 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?

我打算把它們放在一起，因為它們非常相似，而且都與同一個主題相關。這與和雙日株式會社的合作有關。能否澄清一下，這項合作是否屬於先前宣布的未來三到五年內對墨西哥投資 5 億美元的計畫的一部分？還是這是另一個獨立計劃？

And additionally, how should we think about Sojitz's role in terms of co-investment, capital contributions or participation in the execution of the pipeline. 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? Thank you.

此外，我們應該如何看待雙日株式會社在管線建設中的共同投資、出資或參與執行方面的角色？您能否透露一下這5億美元投資的具體性質？那麼，這些措施對營收有可量化的影響嗎？謝謝。

So I think we've -- and I think I made the case that yes, the 500 million is related to our MoU. So the opportunity is a five-year opportunity of 500 million. And what we've signed MoU with Sojitz, it doesn't have a specific number on it, but it's a sizable part of our investment plan in Mexico.

所以我認為我們已經——而且我認為我已經論證了，是的，這 5 億美元與我們的諒解備忘錄有關。所以這是一個為期五年、價值 5 億美元的機會。我們與雙日株式會社簽署的諒解備忘錄中沒有具體金額，但它是我們墨西哥投資計劃中相當大的一部分。

Of course, this partnership will produce significant top line growth, and we've seen in the past also in our EBITDA growth. And of course, it is the intention of all these investments is to continue to grow our top line at high-teens and above.

當然，這項合作將帶來顯著的營收成長，我們過去也看到，我們的 EBITDA 也因此成長。當然，所有這些投資的目的都是為了讓我們的營收持續保持在十幾個百分點甚至更高的成長。

Am I forgetting anything, Gisele or Annie?

吉賽兒還是安妮，我漏掉了什麼嗎？

I think you're good. I'm going to read the next one or unless Gisele wants to chip in.

我覺得你很棒。我打算讀下一本，除非吉賽兒也想幫忙。

No, I think we're good.

不，我覺得我們沒問題。

Okay.

好的。

Okay. So the next one comes from Prachi Tarwani from Deutsche Bank. Please comment on the insurance risk management policy of Auna at a group level.

好的。接下來這位來自德意志銀行的普拉奇·塔瓦尼 (Prachi Tarwani) 將帶來她的演講。請就Auna集團層級的保險風險管理政策發表意見。

Great. That's a great question. It's a complex answer, but we managed risk very much in relation to by policy type, I can talk about oncology, for example. So we manage the underlying oncology risk of our insurance plan with a 50% MLR. That as a goal produces to distinct action paths. One is pricing, and the other one is cost containment.

偉大的。這是一個很好的問題。這是一個複雜的問題，但我們主要根據保單類型來管理風險，例如，我可以談論腫瘤學。因此，我們透過 50% 的醫療損失率 (MLR) 來管理保險計劃中潛在的腫瘤風險。以此為目標，可以得出不同的行動路徑。一個是定價，另一個是成本控制。

Cost containment will be managed by making sure doctors adhere to our protocols, that we purchased the most effective drugs and devices and therapy treatment, that at scale are difficult to replicate by others. And that produces in a consistent fashion that 60%. We're doing the same thing with the policies that we have in the Peru and general health care.

我們將透過確保醫生遵守我們的規程、採購最有效的藥物、設備和治療方案（這些方案很難被其他人大規模複製）來控製成本。這樣就能持續產生 60% 的結果。我們在秘魯的政策和一般醫療保健方面也採取了同樣的做法。

We've really also attractive MLRs in which we are contain underlying risk. So by this ability to manage all these plans continuously. We reprice continuously, and we contain costs and see things that creep up and how we -- and we contain them on a continuous basis every month in different practices with doctors meeting 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 where we deliver

我們也有一些非常有吸引力的MLR（多重上市服務）產品，其中我們控制了潛在風險。因此，透過這種能力可以持續管理所有這些計劃。我們不斷調整價格，控製成本，並密切關注成本上漲的情況，每個月都會在不同的診療實踐中與醫生們持續討論，探討為什麼不將某項服務或某種藥物納入醫保範圍，因為我們始終關注的是醫保計劃的規模以及我們的服務覆蓋範圍。

Thank you, Suso. And this is the last question we have on the website. It comes from there 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?

謝謝你，蘇索。這是我們網站上的最後一個問題。它來自匯豐銀行。如果我沒記錯的話，去年討論過墨西哥企業首選支付方網路和捆綁套餐的問題。這些措施已經啟動了嗎？還是說這些措施有所不同？您計劃如何提高墨西哥市場的自費銷售佔比？

Great. So the preferred payer network has been launched, but it's a continued dialogue with payers now. We are very excited and very enthusiastic and we believe that in this things are negotiate every year, so we are in of that. And I think we're 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.

偉大的。因此，首選支付方網路已經啟動，但現在需要與支付方繼續進行對話。我們感到非常興奮和充滿熱情，我們相信每年都會就此事進行談判，所以我們也參與其中。我認為在接下來的幾周里，我們將取得非常積極的成果，使我們在蒙特雷的業務能夠進入墨西哥最大保險公司的首選網路。

So this is continues. It's not something that's done in -- it's about cost containment again and how we dial with payers now. The out-of-pocket sales mix, is something that we, I think, have been doing in Monterrey with less ambition. And we're definitely moving that. I think as I mentioned in the press release.

所以這件事還在繼續。這不是什麼大事——這又回到了成本控制以及我們現在如何與付款方溝通的問題上。我認為，我們在蒙特雷對自費銷售組合的重視程度還不夠。我們肯定會推進這件事。我認為正如我在新聞稿中提到的那樣。

We are trying to double the penetration of sales more than one of the penetration of sales by out-of-pocket patients. And we do that by two things principally. A lot of packages from a for certain preventive procedure colonoscopies and even in surgeries, orthopedic surgeries as well. We package services in an integrated way from diagnosis all the way to the post surgery aggressively with good margin, but aggressively with respect to what the patient sees in other hospitals.

我們正在努力使自費患者的銷售滲透率翻倍。我們主要透過兩件事來實現這一點。許多包裹都來自某些預防性程序，例如大腸鏡檢查，甚至在外科手術，例如骨科手術中也包含此類包裹。我們提供從診斷到術後的一站式綜合服務，利潤空間充足，但與患者在其他醫院看到的相比，我們的服務更具競爭力。

And secondly, we've launched, I think, midyear, we've launched a very is a very fast-paced response to out-of-pocket patients that come in to the certain services. And our ambition is to capture anything that comes into the hospital quote and not lose it. So we're being very aggressive in pricing for our out-of-pocket patients.

其次，我認為，我們在年中推出了一項非常快速的措施，以應對前來接受特定服務的自費患者。我們的目標是捕捉到醫院報價中的每一個訊息，並且不讓它丟失。因此，我們對自費患者的定價非常積極。

I must insist the out-of-pocket category has very high margins. So there's a lot cushion to be very aggressive in those. So 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.

我必須強調，自付費用類別的利潤率非常高。所以，在這些方面有很大的迴旋餘地，可以採取非常激進的策略。因此，我們啟動了一個非常靈活、反應迅速的內部流程，以便及時回應並吸引自費患者。

Perhaps I would add there, Suso, to further clarify to 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 and these are the actions that are concrete and taking us to resume growth in 2026.

我或許應該補充一點，Suso，為了進一步澄清，Suso今天提出的問題是，我們正在墨西哥業務中推進六項非常重要和具體的舉措。有些是新推出的，有些已經推出，但它們的成熟度仍在不斷發展，這些行動是具體的，將帶領我們於 2026 年恢復成長。

Thank you, Gisele, 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.

謝謝吉賽爾，也謝謝蘇索的回答。我沒看到電話會議還有其他問題。所以現在，我想把電話轉回蘇索，請他做總結發言。

Thank you very much, Annie, and thank you very much the Auna team as well as all the shareholders and investors that follow us and as well as the research community that also follows us.

非常感謝安妮，也非常感謝Auna團隊，以及所有關注我們的股東和投資者，還有關注我們的研究界。

It's been a difficult year, yes. We've done a lot of things. Some of them we can share with the public investors, some of the things that are in process of being implemented.

是的，今年很艱難。我們做了很多事。其中一些我們可以與公眾投資者分享，還有一些正在實施中的事情。

Mexico. There's no doubt, Mexico will be a huge and growth market for Auna. We're really excited 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.

墨西哥。毫無疑問，墨西哥將成為Auna一個巨大的成長市場。我們對能夠為團隊帶來什麼感到非常興奮。我們可以看到，在這方面，我們與許多交易對手進行了接洽。雙日株式會社對墨西哥的興趣證明了我們正在做的事情以及其中蘊藏的機會。

So a difficult year, yes. Very promising future for Auna in Mexico and the rest of the region, no doubt. 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. Treka demonstrates how Auna can have a significant increase.

是的，這是艱難的一年。毫無疑問，Auna 在墨西哥乃至整個地區都擁有非常光明的前景。我還想強調一點，有時我們會把秘魯視為一個成熟的市場。我們在該地區佔據主導地位，但那裡的市場尚未成熟。Treka 展示了 Auna 如何實現顯著成長。

It's not even mapped anywhere of how we grab more and more market share from -- not from the established traditional players, but from the state and from the out-of-pocket.

甚至沒有任何圖表顯示，我們是如何從——不是從現有的傳統參與者，而是從國家和個人自掏腰包——那裡奪取越來越多的市場份額的。

Colombia growing, not withstanding the difficulties in Columbia. I don't want to minimize the difficulties of 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.

儘管面臨諸多困難，哥倫比亞仍在發展中。我不想輕視哥倫比亞面臨的困難。我們正在發展壯大。我們不僅獲利成長，而且獲利能力還在不斷提高，在市場壓力很大的情況下，我們的收益也表現良好。這就是奧娜能做到的。

And Sojitz, Treka 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. We're not going to stay without acting on it, and we'll be discussing that at the award at the right time as well.

雙日株式會社、特雷卡株式會社等等，這些都是我們擁有的隱藏瑰寶，它們將在未來帶來顯著的成長成果。我們一定會採取措施來應對股價問題。我們不會坐視不理，我們會採取行動，我們也會在頒獎典禮上適當的時候討論這個問題。

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.

非常感謝您的支持。非常感謝您的報道。至此，我想結束本次財報電話會議和問答環節。非常感謝。

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

今天的電話會議到此結束。您現在可以斷開連線了。