Episode Details

Auna S.A. (AUNA) Q2 2026 — Auna released 2Q26 AFTER THE CLOSE on Tuesday August 18 (Form 6-K 0000950103-26-012579 accepted 21:12:52 ET; call 8:00 a.m. ET Wednesday Aug 19). The reaction session is Wednesday Aug 19 and it is settled. The shares GAPPED to USD4.64 against Tuesday's USD5.42 close - down 14.39 pct, the WIDEST opening gap in all 603 sessions since the March 22 2024 listing and 3.3x wider than the next (31 March 2025, 4.37 pct) - made the low of USD4.63 inside the first five-minute bar, and then bought the entire gap back to CLOSE USD5.43, up 0.18 pct, on 903,733 shares, 5.23x the 20-session average of 172,844. The high-to-low span of 21.4 pct is the second widest of 604 sessions. NOTE the vendor EOD changePercent for that session reads PLUS 17.03 because it is measured from the OPEN, not the prior close - it turns a FLAT session into a double-digit rally. Auna S.A. is a Luxembourg-domiciled foreign private issuer running one of Latin America's largest private healthcare platforms - 31 facilities and 2,337 beds across Mexico, Peru and Colombia, plus the Oncosalud prepaid oncology plan business in Peru. It reports in PERUVIAN SOLES (PEN) under IFRS; the US dollar columns in its release are indicative only, struck at one fixed rate of PEN 3.4100. The class A ordinary shares list DIRECTLY on the NYSE - there is no depositary receipt - alongside 43,917,577 unlisted class B shares. 2Q26 revenue was PEN 1,238M, up 13.2 pct as reported but 9 pct in constant currency; adjusted EBITDA was PEN 227M, down 5.8 pct reported and 9 pct constant-currency, on an 18.4 pct margin against 22.1 pct. THE CALL: BUY (3/5, MEDIUM - THE CASH IS REAL, THE DELEVERAGING IS NOT, AND THE PRICE PAYS FOR NEITHER) — base-case value ~$7.64 vs ~$5.43 today. KEY METRICS: - PRINT: 2Q26 revenue PEN 1,238M, up 13.2 pct reported and 9 pct CONSTANT CURRENCY. Adjusted EBITDA PEN 227M, down 5.8 pct reported and 9 pct constant-currency, margin 18.4 pct vs 22.1 pct. Net income PEN 33M (PEN 0.40 a share) vs PEN 84M. In local currency: Mexico revenue plus 4 pct with segment EBITDA minus 16 pct; Peru plus 8 pct, EBITDA flat; Colombia plus 13 pct, EBITDA minus 12 pct. - ANGLE: leverage printed 3.6x at ALL THREE reporting dates - Jun-25, Dec-25, Jun-26. It is flat because BOTH halves shrank: net debt minus 7.8 pct (PEN 3,528M to PEN 3,252M) and trailing adjusted EBITDA minus 7.3 pct (PEN 968M to PEN 897M). GROSS debt actually ROSE PEN 74M in the half - a weaker sol added PEN 117M of non-cash debt against PEN 49M actually repaid, 2.39x. - CALL: BUY 3/5. Fair value USD7.64 vs USD5.43 (plus 40.7 pct). Enterprise value USD1,355.6M on 5.15x trailing adjusted EBITDA of USD263.0M, and the equity is only 29.6 pct of that enterprise. The cash stack leaves about PEN 129M after interest, capex, tax and leases - a 9.4 pct free-cash yield. First-half operating cash flow PEN 441M, up 75.7 pct; free cash flow up 181 pct. What to watch: UP: a third-quarter adjusted EBITDA above PEN 254M, which would beat every quarter in Auna's own eight-quarter table and put the full-year guide in reach; Colombia's contracted second-half price increases landing against a 13.1 pct segment margin; a leverage print near 3.0x on a RISING denominator. DOWN: a fourth consecutive 3.6x with trailing adjusted EBITDA still falling; the sol weakening further against the Mexican peso and the dollar, which re-inflates gross debt with no cash leaving the building; Colombia's risk-sharing contracts failing to reprice as scheduled. Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.