Aug 19, 2026 earnings call — Mexico volume recovery and cash flow improvement
Consolidated revenue rose 9% while adjusted EBITDA fell 9% FX-neutral; free cash flow jumped 181% year-over-year.
Revenue $0.4B (est $0.4B) · EPS $0.15 (est $0.26)
Key quotes
"In Mexico, the recovery in volumes accelerated during the quarter, with surgeries increasing 7% and oncology chemotherapies and radiotherapies increasing by 20% compared to the first quarter of 2026."
"Cash increased 43% against year-end 2025 and free cash flow increased 181% year-over-year, reflecting the disciplined cash management we continue to maintain across Auna's regional platform, including improved collections in Colombia."
"We are actively compressing our internal billing cycle to minimize these impacts going forward and also expect to close all open negotiations related to reconciliations of previous years during 2026."
Analyst Q&A 1
Working capital and Peru billing penalties
Q (Mauricio Cepeda · Morgan Stanley): He asked how much of the first-half cash-conversion improvement came from ordinary payment timing versus supplier financing, and requested the supplier-financing balance and DPO excluding those programs. He also asked whether Peru revenue deductions reflect changed controls or methodology and why 2026 receivables should not need similar retrospective adjustments.
A: Management said most of the cash-conversion improvement came from faster accounts receivable collection on the current portion, driven by shorter billing cycles in Colombia and Peru and faster-paying risk-sharing contracts in Colombia, and they view these improvements as sustainable. They said accounts payable days improved partly because of supply-chain financing programs that onboarded suppliers and from VAT credits in Peru, and they said these financing initiatives do not affect cost structure; they did not give a supplier-finance balance at June or an explicit adjusted DPO. On Peru revenue, they said billing penalties rose due to financial pressure on Peruvian payers, they are shortening billing cycles and strengthening controls, expect prior-period negotiations to be finalized this year, and expect the effect to be short-term that will impact 2026 but be cleaned out next year.
"The majority of this on the accounts receivable side is due to the improvement in accounts receivable days, more specifically on the current portion, right, to your question as if it's related to the current portion or the legacy portion." — Gisele Ferrero (CFO)