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    Leandro Bastos • Citibank

    Leandro Bastos's questions to Auna SA (AUNA) leadership

    Leandro Bastos's questions to Auna SA (AUNA) leadership • Q2 2025

    Question

    Leandro Bastos of Citi inquired about the status of physician and supplier relationships in Mexico, the outlook for volume growth, and the sustainability of the record-low oncology MLR.

    Answer

    Executive Chairman and President Suso Zamora stated that physician relationships in Mexico have stabilized and that the transition to Auna's model is a gradual process. Regarding the Medical Loss Ratio (MLR), he explained that the current level is within their strategic target range of 50-54% and that quarterly fluctuations are not indicative of a strategic shift. CFO Giselle Remy added that stabilizing volumes in Mexico is a process that takes time.

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    Leandro Bastos's questions to Auna SA (AUNA) leadership • Q4 2024

    Question

    Leandro Bastos asked about the 2025 commercial strategy for OncoSalud, particularly on pricing and ticket progression, and requested an update on Colombia's risk-sharing models, their margins, and working capital conditions.

    Answer

    Executive Chairman and President Suso Zamora explained that risk-sharing models are central to Auna's strategy, providing predictability and scale with slightly lower margins than fee-for-service. For OncoSalud, he noted pricing is adjusted to maintain a stable MLR around 53%. CFO and EVP Gisele Remy added that migrating to risk-sharing models in Colombia benefits the cash conversion cycle as they are paid upfront.

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    Leandro Bastos's questions to Hypera SA (HYPMY) leadership

    Leandro Bastos's questions to Hypera SA (HYPMY) leadership • Q1 2025

    Question

    Leandro Bastos asked about the specific levers, beyond sell-in normalization, that will drive margins back to historical levels, and whether Q2 sell-in was already showing growth after a strong April.

    Answer

    Executive Breno Pires de Oliveira identified key levers as migrating from commercial discounts to media and point-of-sale marketing investments and pursuing efficiencies in fixed costs. Executive Ramon Frutuoso Silva noted that April market growth was low at around 2% due to holidays but anticipated an acceleration in May and June.

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    Leandro Bastos's questions to Hypera SA (HYPMY) leadership • Q1 2025

    Question

    Leandro Bastos from Citibank followed up on expenses, asking about other levers available to restore margins to historical levels once sell-in normalizes. He also asked if Q2 sell-in was already showing growth and if sell-out had accelerated post-April.

    Answer

    Executive Breno Pires de Oliveira explained that margin recovery will be supported by a strategic shift from commercial discounts to media and point-of-sale marketing, alongside efficiency gains in other fixed costs. Executive Ramon Frutuoso Silva noted that while April market growth was low, he expects an acceleration in May and June due to a more favorable calendar.

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    Leandro Bastos's questions to Hypera SA (HYPMY) leadership • Q1 2025

    Question

    Leandro Bastos inquired about additional levers, beyond normalizing sell-in, that will help margins return to historical levels. He also asked for confirmation on whether Q2 sell-in is already showing growth and if sell-out has accelerated since April.

    Answer

    Breno Pires de Oliveira, an executive, explained that margin levers include migrating from commercial discounts to media investments for new launches and pursuing efficiencies in other fixed costs. He also noted a focus on producing more generics to gain market share. Ramon Frutuoso Silva, an executive, added that April's market growth was low at around 2% due to holidays but expects acceleration in May and June.

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    Leandro Bastos's questions to Afya Ltd (AFYA) leadership

    Leandro Bastos's questions to Afya Ltd (AFYA) leadership • Q4 2024

    Question

    Leandro Bastos asked for clarification on whether the 2025 CapEx guidance includes any anticipated expenditures related to the Mais Médicos III program.

    Answer

    CFO Luis Andre Blanco stated explicitly that the Mais Médicos III program is not included in the 2025 CapEx guidance because the number of cities Afya will win is still unknown. He provided a proxy of BRL 25 million in CapEx for each location that may be awarded to the company in the future.

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