실적분석 2026년 8월 18일

Auna ($AUNA) Q2 2026 Earnings Analysis — Revenue Beats Estimates, But Profitability Slump Sparks After-Hours Selloff

Earnings Scorecard

Revenue: 1.238 billion soles (Q2 2026, +13% YoY reported / +9% ex-FX vs. consensus of 1.187 billion) ✅ Beat

EPS: Adjusted EPS of 0.50 soles (Q2 2026, reported EPS of 0.40 soles), consensus 0.27 ✅ Beat

Guidance: Maintained — reaffirmed FY2026 revenue growth of 10–14% ex-FX (midpoint ~12%); adjusted EBITDA growth expected at the lower end of the range

Stock reaction: After-hours -7.75% ($5) — as of 06:07 KST, Aug 19

The Positives

Revenue of 1.238 billion soles: Up 13% YoY, beating the 1.187 billion consensus.

Cash flow surge: Operating cash flow +45%, free cash flow +181% YoY (Q2 2026).

Eased debt burden: Leverage ratio improved to 3.6x; mid-term target is below 3.0x.

All three countries posted local-currency revenue growth. Peru was driven by the expansion of Oncosalud's corporate membership base and an increase in high-complexity procedures, Mexico by a recovery in patient volumes from June, and Colombia by the ramp-up of risk-sharing contracts. Improved collections released working capital, which was the real driver behind the cash flow improvement.

The Negatives

Margin contraction: Adjusted EBITDA of 227 million soles, down 9% ex-FX (Q2 2026).

Net income cut by two-thirds: Net income fell sharply from 84 million soles a year ago to 33 million soles.

Peru fine: Booking a penalty tied to settlements of prior-year charges weighed on profits.

A meaningful portion of the net income decline came from a 61 million sol drop in book foreign-exchange gains. That said, labor investments in Mexico, front-loaded costs from Colombia's risk-sharing contracts, and higher drug and medical-staff costs in Peru were genuine margin headwinds. Contracted pricing increases in Colombia will only flow through in the second half.

What Management Said

Management held the full-year revenue outlook intact on the back of Mexico's patient volume recovery, but lowered profit expectations to the bottom of the range, framing cost pressure across the three regions as temporary. The market appeared to weigh the "profits at the lower end" caveat more heavily than the reaffirmation of the revenue target.

Market Reaction and What to Watch Next

The reason the stock sold off despite revenue and EPS both beating estimates is that investors are more focused on the pace of margin erosion than on growth itself.

Whether Mexico's adjusted EBITDA continues its sequential improvement trend into Q3

Whether Colombia's second-half contract repricing actually translates into margin gains

Whether the leverage ratio continues trending below the 3.0x target