Financial Data and Key Metrics Changes - In Q3 2025, total net revenue reached RMB 1.96 billion, reflecting a 23.9% year-over-year increase but a 13.7% decline sequentially from Q2 [14][5] - Income from operations was RMB 331.9 million, down 29.9% year-over-year and 46.4% sequentially, primarily due to higher provisions for credit losses [15] - Net income was RMB 421.2 million, up 12.1% year-over-year but down 20.2% sequentially [15] - The delinquency rates increased, with the 31-60 day delinquency rate rising to 1.85% from 1.16% in Q2 and 1.02% a year ago, and the 91-180 day delinquency rate increasing to 3.52% from 2.91% in Q2 [6][15] Business Line Data and Key Metrics Changes - The company facilitated and originated RMB 33.64 billion in loans, an 18.7% increase year-over-year but a 13.7% decline sequentially [4][11] - The outstanding loan balance at the end of the quarter was RMB 62.83 billion, up 37.3% from the previous year [11] - Approximately 3.48 million loans were facilitated, representing a 32% increase year-over-year, with an average loan size of RMB 9,654 [11] Market Data and Key Metrics Changes - The active borrower base was approximately 2.44 million, which is 14.4% lower sequentially but 24.2% higher year-over-year [11] - The regulatory environment remains stringent, with a focus on consumer protection and responsible lending practices, impacting industry pricing and profitability [10][11] Company Strategy and Development Direction - The company is prioritizing asset quality and risk management over near-term volume expansion, reflecting a deliberate moderation in growth pace [4][19] - There is a commitment to maintaining a compliance-first mindset amid evolving regulatory standards, which is seen as a foundation for long-term stability [10][11] - The focus is on cost efficiency and disciplined execution, ensuring that expenses align with the current measured pace of activity [12][13] Management's Comments on Operating Environment and Future Outlook - Management expects challenges to persist in the coming quarters but remains confident in the ability to navigate them with prudence and maintain profitability [19] - The outlook for Q4 2025 anticipates total loan facilitation in the range of RMB 21 billion to RMB 23 billion, reflecting a continued focus on asset quality and credit discipline [18] - The company acknowledges the potential for further increases in delinquency rates due to broader economic conditions but believes that tighter underwriting will lead to better quality vintages over time [35][36] Other Important Information - The company repurchased approximately $67.9 million in shares under its buyback program, with about $48 million remaining under the existing plan [17][26] - The balance sheet remains strong, with total assets at RMB 14.69 billion, up 26.4% year-over-year, and total shareholders' equity at RMB 7.93 billion, up 15% year-over-year [16] Q&A Session Summary Question: What is the expected take rate for Q4 given the current risk situation? - Management indicated that the new regulatory regime will likely have a material negative impact on volume, margin, and profitability, making it premature to discuss specific take rates [24][25] Question: Is the company considering returning more capital to shareholders given lower business volume? - Management confirmed that capital return remains a priority, with ongoing share repurchases and a commitment to maintain dividends despite industry-wide margin pressures [25][26] Question: How does management view the regulatory environment going into early 2026? - Management expressed uncertainty about future regulatory actions but emphasized a focus on compliance and consumer protection, which may lead to a cautious approach in loan origination [28][29] Question: What is the outlook on delinquencies? - Management acknowledged the uptick in delinquencies due to broader economic challenges but expects stabilization within one to two months as tighter underwriting takes effect [30][31][36]

Financial Data and Key Metrics Changes - Net sales for Q3 were approximately $5.2 billion, growing 4.8% year over year [15] - Total comparable club sales increased 1.1% year over year, with merchandise comp sales growing by 1.8% [15][19] - Adjusted earnings per share were $1.16, a decrease of approximately 2% year over year due to a legal settlement [20] - Adjusted EBITDA was down about 2% year over year to $301.4 million, but grew approximately 5% when adjusting for the settlement [19][20] Business Line Data and Key Metrics Changes - Perishables, grocery, and sundries division grew comp sales by 1.8%, with a two-year stack of 6% [5][16] - General merchandise and services division also increased by 1.8% in Q3, with a two-year stack of about 2% [16] - Digital sales grew by 30% year over year and 61% on a two-year stack, now approaching 17% of total sales [10][17] Market Data and Key Metrics Changes - Membership fee income grew by nearly 10% to approximately $126.3 million, driven by strong member counts and a recent fee increase [8][17] - Comp gallons in the gas business grew 2% year over year, significantly outpacing the industry [19] Company Strategy and Development Direction - The company is focused on enhancing member value through improved merchandising, digital convenience, and expansion of physical footprint [25] - A new club opened in Warner Robins, Georgia, and another in Smyrna, Tennessee, both performing above expectations [10][11] - The company plans to open 14 new clubs this year, the most in many years, and aims for 25-30 new clubs in the next two years [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value despite a challenging macroeconomic environment [13][24] - The company is narrowing its full-year merchandise comp sales guidance to a range of 2%-3% and increasing expected adjusted earnings per share to $4.30-$4.40 [23][24] - Management highlighted the importance of maintaining a focus on member value and long-term growth strategies [25] Other Important Information - The company has launched new own-brand products aimed at providing high quality at lower prices, enhancing member loyalty [9] - A 10% discount for team members was introduced to support them during the holiday season [61] - The company is leveraging AI for improved shopping experiences and operational efficiencies [72][74] Q&A Session Summary Question: Exposure to SNAP program and member behavior across income demographics - Management noted that low-income consumers showed resilience in purchasing habits despite inflation pressures, with stable performance observed [28][30] Question: Long-term sales growth expectations - Management expressed confidence in achieving long-term growth through improved membership, merchandising, and convenience [35][36] Question: Competitive response in new markets - Management indicated strong performance in new clubs and confidence in competing effectively in markets like Dallas [39][40] Question: Inventory positioning for Q4 - Management acknowledged a conservative inventory position that may limit sales upside but supports overall value for members [44][45] Question: Fourth quarter same-store sales assumptions - Management is cautiously optimistic about Q4 performance, with preparations in place for the holiday season [53][54] Question: General merchandise inventory planning for next year - Management indicated that inventory decisions are made based on ongoing clarity regarding tariffs and consumer response [56][57] Question: Sustainability of SG&A per square foot levels - Management emphasized the importance of maintaining efficiency in operations while planning for future investments [83][84]

Financial Data and Key Metrics Changes - Total radiopharmaceutical revenues for Q3 2025 were $1.3 million, an 18% increase compared to Q3 2024, and year-to-date revenues reached $3.6 million, a 24% increase versus 2024 [31] - Year-to-date total operating expenses increased by $16.5 million, or 84%, from $19.7 million in 2024 to $36.2 million in 2025 [32] - Net loss from operations for year-to-date 2025 was $34.9 million, compared to $18.7 million for the same period in 2024 [32] - Cash balance as of September 30, 2025, was $113.9 million, reflecting net proceeds of approximately $56 million from common stock issuance during Q3 2025 [34] Business Line Data and Key Metrics Changes - The multi-isotope plant in South Africa is currently enriching silicon-28 and has shipped commercial samples validated for isotopic purity [4] - The acquisition of Renergen is nearing completion, with all but one regulatory approval received, expected imminently [5] - The first quantum enrichment plant is producing ytterbium-176, with commercial quantities expected in the first half of 2026 [7] Market Data and Key Metrics Changes - The company has secured contracts for silicon-28 and is looking to satisfy all current customer orders in 2026 [4] - The acquisition of Skyline Builders aims to secure supply chains of critical materials essential to the U.S. and ASP Isotopes [21] Company Strategy and Development Direction - The company is focused on expanding its isotope enrichment capabilities and has plans for multiple new production facilities [8][28] - Quantum Leap Energy aims to stabilize the nuclear supply chain and is developing technologies for lithium-7 and HALEU production [12][18] - The company is also investing in radiopharmaceutical operations, with plans to expand into the U.S. market [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational progress and customer relationships, emphasizing the importance of completing phase 1C for de-risking projects [39] - The company anticipates significant revenue opportunities in 2026 and 2027, particularly around ytterbium-176 and silicon-28 [49] - Management acknowledged the complexities of the isotope industry and the need for transparency with investors regarding future projections [50][52] Other Important Information - The company is preparing for the IPO of Quantum Leap Energy, with S-1 documentation filed with the SEC [13][27] - The company plans to begin construction of new plants in various locations, including Iceland, the U.S., and the U.K. during 2026 [28] Q&A Session Summary Question: Can you talk about the delays in shipping Silicon-28? - Delays were due to the complexity of starting up the plant and modifications agreed upon with customers, but operations are currently going well [37] Question: When do you expect to achieve operational de-risking in respect of Renergen? - Expected by the end of the first quarter, focusing on completing phase 1C [39] Question: When will the company begin to recognize revenue in its isotopes enrichment segment? - Revenue from carbon is expected to ship by the end of December, with silicon isotopes expected to generate revenue in 2026 [41] Question: What did the customers say about our samples of both Ytterbium and Silicon? - Customers are satisfied with the results of the samples, indicating that the technology works [43][47] Question: Is the $50-$70 million revenue opportunity in 2026 and 2027 still valid? - The company is not changing previous guidance and will provide updates as more clarity is achieved [49][53] Question: Can you help us understand the capital commitment in 2026 for new facilities? - Detailed breakdowns will be provided in future updates, but specifics are not available at this time [54][55] Question: Can you talk about the opportunity for LEU Plus? - LEU Plus is a subcategory of HALEU, driven by customer inquiries, and is expected to enhance power density and extend refueling cycles for existing plants [58][60] Question: Should we model the $3 million revenue from Skyline Builders going forward? - This revenue is not expected to continue, as the focus will shift away from construction activities [63]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $159 million, up 6% year-over-year and up 4% organically, with full-year revenue at $594 million, reflecting a 4% increase on a reported basis and 3% organically [12][14] - Non-GAAP EPS for Q4 was $0.21, and for the full year, it was $0.51, with adjusted EBITDA margin at 13% for Q4 and 11.2% for the full year, representing an expansion of approximately 230 basis points in Q4 and 310 basis points for the full year [13][14] - Free cash flow for the full year improved by $26 million year-over-year, totaling $38 million, with $546 million in cash, cash equivalents, and marketable securities at year-end [14][19] Business Line Data and Key Metrics Changes - Sample Management Solutions (SMS) revenue was $86 million for Q4, up 2% reported and flat organically, with a non-GAAP gross margin of 49.3%, up 180 basis points year-over-year [16] - Multi-Omix segment achieved record revenue of $73 million in Q4, representing 11% growth on a reported basis and 10% organic growth, driven by a 50% year-over-year increase in sequencing volume [17] - Overall, Multi-Omix gross margin for Q4 was 43.7%, down 260 basis points year-over-year, primarily due to product mix and lower volume in certain areas [18] Market Data and Key Metrics Changes - The macro environment remains volatile, with softer academic and NIH funding impacting growth, particularly in the U.S. market [8][9] - The company anticipates organic revenue growth of 3%-5% for fiscal 2026, with Multi-Omix expected to deliver low single-digit growth and SMS contributing mid-single-digit growth [20][21] Company Strategy and Development Direction - The company has implemented the Azenta Business System (ABS) to enhance operational efficiency and accountability, focusing on driving productivity, organic growth, and targeted M&A [6][7] - The strategic focus includes reinvesting savings into innovation, sales, marketing, and product management, with a commitment to operational excellence and value creation [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and highlighted opportunities arising from customer consolidation and outsourcing trends [9][10] - The company is entering fiscal 2026 from a position of strength, with a clear focus on core growth and margin expansion, despite anticipated challenges in the first half of the year [10][21] Other Important Information - The results exclude B Medical Systems, which is treated as discontinued operations, with an additional non-cash loss of $4 million recorded in Q4 [11] - The company plans to host an Investor Day to outline its multi-year growth strategy and capital deployment priorities [10][21] Q&A Session Summary Question: Guidance on growth expectations and market conditions - Management noted that the macroeconomic slowdown and capital expenditure constraints are impacting growth, particularly in the U.S., with expectations of a 1-2% market growth [24][25] Question: Update on SMS growth and backlog - Confidence in mid-single-digit growth for SMS is supported by a strong backlog and recent commercial investments [29][30] Question: Insights on customer spending trends - Management highlighted strength in pharma spending, with some projects being reactivated post-restructuring [36] Question: Clarification on multi-omics growth expectations - Multi-Omix is expected to normalize to mid-single-digit growth due to price and volume adjustments [38] Question: M&A strategy and focus areas - The company is looking at tuck-in acquisitions to expand its core business, particularly in SRS and automated solutions [63][64]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $719 million, representing a 47% year-over-year increase and 9% quarter-over-quarter growth [18] - Cost of goods sold for the quarter was $1.1 billion, an increase of 85% year-over-year and 21% quarter-over-quarter [19] - Gross margin was negative 56.2% in Q3 2025, compared to negative 24% in Q3 2024 and negative 41.1% in Q2 2025 [19] - Net loss for the quarter was negative $953 million, with a net loss margin of negative 132.7% [22] Business Line Data and Key Metrics Changes - In Q3 2025, VinFast delivered 38,195 EVs, a 74% increase year-over-year and 7% quarter-over-quarter [3] - For the first nine months of 2025, VinFast delivered 110,362 EVs globally, representing a 149% increase year-over-year [4] - E-scooter and e-bike deliveries reached 120,052 units, a 535% increase year-over-year and 73% quarter-over-quarter [4] Market Data and Key Metrics Changes - In Vietnam, VinFast's volumes grew 82% year-over-year, while the overall auto industry reported flat sales [7] - In India, VinFast's sales exceeded internal forecasts, ranking within the top eight for EV registration in the country [9] - In Indonesia, VinFast captured approximately 5% of the BEV market year-to-date, despite an overall market decline [10] Company Strategy and Development Direction - VinFast aims to strengthen its leadership in Vietnam by broadening its EV e-scooter lineup and expanding its B2B fleet channel [5] - The company is investing in innovation, focusing on vehicle platforms, electrical architecture, and autonomy [6] - VinFast plans to introduce three distinct brands by 2026, targeting different market segments [15] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about achieving 2025 guidance, with expectations to reach 30,000 vehicle deliveries per month soon [54] - The company acknowledges the need for continued investment in R&D to strengthen long-term competitiveness [16] - Management expects the two-wheeler business to grow significantly in 2026, targeting 1.5 million two-wheeler deliveries in Vietnam alone [72] Other Important Information - As of September 30, total available liquidity was $3.7 billion, providing approximately 18 months of operational runway [23][76] - CapEx for Q3 2025 was $261 million, an increase of 24% quarter-over-quarter and 108% year-over-year [23] - Battery costs have continued to decline, with an average decrease of approximately 10% to 12% year-over-year [63] Q&A Session Summary Question: What is the expected timeline and cost expectations for developing the autonomy stack? - Management plans to launch a low-cost version for robotaxi in 2026, with further developments expected around 2028 [26] Question: What are the capital needs and timeline for achieving positive gross margin? - Total liquidity is $3.7 billion, sufficient for another 18 months based on current projections [28] Question: What percentage of sales in Q4 is expected to come from outside Vietnam? - A slight increase in sales from outside Vietnam is anticipated in Q4, primarily from India and Indonesia [32] Question: How much R&D increase is expected to support the new platform? - The target for R&D spending is about $1.6 billion for the year, with a significant portion allocated to the new platform [35] Question: What models are seeing the strongest demand within the order backlog? - The Green Series, particularly the Limo Green and Mini Green, make up about 50% of the total backlog [53]

Financial Data and Key Metrics Changes - The company reported a 5% decline in total adjusted EBITDA, primarily due to weaker performance in Mexico [6][9] - Adjusted net income for the quarter was PEN 58 million, with a 1% increase in FX-neutral consolidated revenue driven by Peru and Colombia [9][18] - Capacity utilization decreased by 3 percentage points to 64%, with a 1.5 percentage point increase in Peru offset by declines in Colombia and Mexico [9][10] Business Line Data and Key Metrics Changes - Peru's top line and EBITDA grew by 9% and 15% respectively, driven by an improving healthcare pricing mix and strong insurance MLR [7][18] - Colombia's revenue increased by 5%, supported by risk-sharing models, with adjusted EBITDA rising by 18% [19][18] - Mexico experienced a 12% decline in revenue, although surgery volumes and oncology services showed growth [11][12] Market Data and Key Metrics Changes - Peru accounted for over half of the company's revenues, with a solid growth trajectory [21] - Colombia's revenue share from Nueva EPS decreased from 20% to 13%, indicating successful diversification of payers [19][45] - Mexico's revenue decline was attributed to a slow recovery in volumes and non-operating impacts from system migrations [21][9] Company Strategy and Development Direction - The company aims to enhance its growth in Mexico through a partnership with Sojitz, focusing on co-investment opportunities [32][39] - Auna is committed to maintaining a leverage ratio below three times net debt to EBITDA while pursuing growth initiatives [28][32] - The Trecca project in Peru is expected to generate significant revenue, with a focus on expanding services to state beneficiaries [53][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a recovery in Mexico in 2026, despite current challenges [8][32] - The company remains focused on improving operational efficiency and expanding its market presence in Peru and Colombia [30][31] - Management highlighted the importance of attracting and retaining healthcare talent in Mexico to drive growth [13][15] Other Important Information - The company successfully refinanced $765 million in debt, improving its debt profile and financial flexibility [27][28] - Auna's cash position at the end of the quarter was PEN 226 million, reflecting a 4.2% decrease from the beginning of the year [26] Q&A Session Summary Question: Could you explain the rationale for expanding in Mexico and how it aligns with your deleveraging goals? - Management emphasized that the partnership with Sojitz will help accelerate growth in Mexico while maintaining leverage targets [39][40] Question: Do you think a change in Colombia's leadership could ease pressures on EPSs? - Management indicated that while political changes may not yield immediate results, there are signs of stabilization in the Colombian healthcare sector [40][41] Question: What key KPIs should be tracked to confirm a recovery in 2026? - Management suggested monitoring occupancy, payer mix, and surgical productivity as indicators of recovery [61] Question: What is the nature of the $500 million investment plan in Mexico? - Management confirmed that the investment plan is related to the MOU with Sojitz and aims to drive significant top-line growth [72] Question: How is Auna managing insurance risk at a group level? - Management explained that risk is managed through continuous repricing and cost containment strategies [75][78] Question: Have the preferred payer network and bundled packages for corporates been launched? - Management confirmed that the preferred payer network has been launched and is continuously evolving [79][80]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $719 million, representing a 47% year-over-year increase and a 9% quarter-over-quarter increase [19] - Cost of goods sold for the quarter was $1.1 billion, an increase of 85% year-over-year and 21% quarter-over-quarter [20] - Gross margin was negative 56.2%, compared to -24% in Q3 2024 and -41.1% in Q2 2025 [20][22] - Net loss for the quarter was -$953 million, with a net loss margin of -132.7% [23] - Total available liquidity as of September 30 was $3.7 billion, providing approximately 18 months of runway for operations and growth plans [24][76] Business Line Data and Key Metrics Changes - In Q3 2025, VinFast delivered 38,195 EVs, a 74% increase year-over-year and 7% quarter-over-quarter [3] - For the first nine months of 2025, total EV deliveries reached 110,362, representing a 149% increase year-over-year [4] - E-scooter and e-bike deliveries totaled 120,052, reflecting a 535% increase year-over-year and 73% quarter-over-quarter [4] Market Data and Key Metrics Changes - In Vietnam, VinFast's volumes grew 82% year-over-year, while the overall auto industry reported flat sales compared to Q3 2024 [7] - In India, VinFast ranked within the top eight for EV registration in its first month, with sales exceeding internal forecasts [9] - In Indonesia, VinFast captured approximately 5% of the BEV market year-to-date, ranking fifth among top BEV brands [10] Company Strategy and Development Direction - VinFast aims to broaden its EV e-scooter lineup and deepen its presence in the B2B fleet channel in Vietnam [5] - The company is investing in innovation, focusing on vehicle platforms, electrical and electronic architecture, and autonomy [6] - VinFast plans to introduce three distinct brands by 2026, targeting different market segments [15][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of balancing growth and cost rationalization as a long-term priority [6] - The company remains optimistic about achieving its 2025 guidance, with expectations of reaching 30,000 vehicle deliveries per month soon [56] - Management acknowledged the need for time to mature its brand and green mobility ecosystem in international markets [13] Other Important Information - The company plans to launch new e-scooter models with extended range in 2026 [8] - VinFast's R&D expenses for Q3 2025 were $106 million, marking a 15% increase quarter-over-quarter [22] - The Ha Tinh factory is ramping up production and is expected to be the main production site for several models [61] Q&A Session Summary Question: What is the expected timeline and cost expectations for developing your autonomy stack? - Management plans to launch a low-cost version for robotaxi in 2026, with further developments expected around 2028 [27] Question: What are your capital needs and timeline for achieving positive gross margin? - Total liquidity is $3.7 billion, sufficient for another 18 months based on current projections [30] Question: What percentage of sales in Q4 is expected to come from outside of Vietnam? - A slight increase in sales from outside Vietnam is anticipated in Q4, primarily from India and Indonesia [34] Question: Can you provide an update on the production ramp-up at Ha Tinh Plant? - The Ha Tinh factory is currently producing 15 jobs per hour, with plans to increase production for various models [61] Question: How is battery cost tracking and expected to trend? - Battery costs have declined by approximately 10% to 12% year-over-year, with further cost optimization expected [64] Question: What is the outlook for the two-wheeler business in 2026? - The target is to deliver 1.5 million two-wheelers in Vietnam in 2026, representing about 50% of total new sales [72]

Financial Data and Key Metrics Changes - The company reported weaker financial results for Q3 2025, with a 5% decline in total adjusted EBITDA primarily due to performance in Mexico [6][9] - Adjusted net income was PEN 58 million for the quarter, with FX-neutral consolidated revenue increasing by 1% [9][24] - Capacity utilization decreased by 3 percentage points to 64%, with a 1.5 percentage point increase in Peru offset by declines in Colombia and Mexico [9][10] Business Line Data and Key Metrics Changes - Peru's top line and EBITDA grew by 9% and 15% respectively, driven by an improving healthcare pricing mix and strong insurance MLR [7][18] - Colombia's revenue increased by 5%, supported by risk-sharing models, while adjusted EBITDA grew by 18% [19][21] - Mexico experienced a 12% revenue decline, although surgery volumes and oncology services showed growth [9][11] Market Data and Key Metrics Changes - Peru accounted for over half of the company's revenues, with a solid growth trajectory [21] - Colombia's revenue share from Nueva EPS decreased from 20% to 13%, indicating successful diversification [19][45] - Mexico's revenue decline was attributed to a slow recovery in volumes and non-operating impacts from system migrations [21][24] Company Strategy and Development Direction - The company aims to capture long-term growth opportunities in Mexico, anticipating a full recovery in 2026 [8][32] - Auna is focusing on enhancing its oncology capabilities and expanding its service offerings in Mexico [16][14] - The partnership with Sojitz is expected to accelerate growth in Mexico while maintaining leverage targets [39][72] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in Mexico but expressed optimism about future growth and recovery [6][32] - The company remains committed to improving its leverage ratio and enhancing shareholder value [27][62] - Management highlighted the resilience of its integrated model and the potential for growth in Peru and Colombia despite external challenges [30][41] Other Important Information - Auna successfully completed a $765 million debt refinancing, improving its debt profile and financial flexibility [27][28] - The company is implementing a new comprehensive IT system to enhance operational efficiency and data management [17][12] Q&A Session Summary Question: Could you explain the rationale for expanding in Mexico and how it aligns with your goal to deleverage Auna? - Management emphasized that Auna is a growth story and sees significant opportunities in Mexico, with the partnership with Sojitz facilitating this growth while maintaining leverage targets [39][40] Question: Do you think a potential change in Colombia's leadership could ease pressures on EPSs? - Management indicated that while political changes may not have immediate effects, there are signs of stabilization in the Colombian healthcare sector [40][45] Question: What key KPIs should be tracked to confirm a tangible recovery in 2026? - Management suggested monitoring occupancy, payer mix, and surgical productivity as key indicators of recovery [61] Question: Could you provide more details around the partnership with Sojitz and the TRECA project? - Management confirmed that the TRECA project is a significant public-private partnership that will enhance Auna's service capabilities in Peru [52][53] Question: How do you plan to increase out-of-pocket sales mix in Mexico? - Management outlined initiatives to aggressively capture out-of-pocket patients through packaged services and improved pricing strategies [80][81]

Financial Data and Key Metrics Changes - The company reported weaker financial results for Q3 2025, with a 5% decline in total adjusted EBITDA primarily due to performance in Mexico [6][9] - Adjusted net income was PEN 58 million for the quarter, with FX-neutral consolidated revenue increasing by 1% [9][22] - Capacity utilization decreased by 3 percentage points to 64%, with a 1.5 percentage point increase in Peru offset by declines in Colombia and Mexico [9][10] Business Line Data and Key Metrics Changes - Peru's revenue grew by 9% and adjusted EBITDA increased by 15%, driven by improved healthcare pricing mix and strong insurance MLR [9][19] - Colombia's revenue grew by 5%, with adjusted EBITDA increasing by 18%, attributed to risk-sharing models and higher average tickets for surgery [20][21] - Mexico experienced a 12% revenue decline, although surgery volumes and oncology services increased [11][12] Market Data and Key Metrics Changes - Peru accounted for over half of the company's revenues, continuing to be a strong growth driver [21] - Colombia's share of revenues from major government payers decreased from 20% to 13%, indicating successful diversification efforts [20][21] - Mexico's revenue decline was influenced by a slower market and operational challenges, including the implementation of new IT systems [12][21] Company Strategy and Development Direction - The company is focused on capturing long-term growth opportunities in Mexico, anticipating a full recovery in 2026 [8][30] - Auna is rolling out new service offerings and enhancing collaboration with physicians to penetrate profitable market segments [14][15] - The partnership with Sojitz Corporation aims to accelerate growth in Mexico while maintaining a disciplined deleveraging path [31][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Mexico's recovery, highlighting stable hospital operations and increased service volumes [6][8] - The company remains committed to improving its leverage ratio to below three times net debt to EBITDA in the medium term [26][27] - Management acknowledged the challenges in Colombia but emphasized the strength of Auna's positioning and growth potential [36][38] Other Important Information - Auna successfully refinanced $765 million in debt, improving its debt profile and extending maturities [26][27] - The company is implementing a comprehensive IT system to enhance operational efficiency and data management [18] Q&A Session Summary Question: Future strategy in Mexico and the rationale for expanding - Management clarified that the partnership with Sojitz is aimed at accelerating growth in Mexico while maintaining leverage targets [34][35] Question: Potential changes in Colombia's leadership and their impact - Management indicated that while political changes may not yield immediate improvements, there are signs of stabilization in the Colombian healthcare sector [36][38] Question: Key KPIs to track for recovery in 2026 - Management highlighted occupancy, payer mix, and surgical productivity as critical KPIs to monitor for tangible recovery [44] Question: Recent share price weakness and institutional investor activity - Management noted that the current share price does not reflect the company's fundamentals and is evaluating options to enhance shareholder value [45] Question: Return on investment timeline for Mexico performance - Management expects 2026 to be a growth year for Mexico, despite setbacks in 2025 [47] Question: Expansion plans in Peru and Mexico - Management confirmed plans to increase capacity in both countries, focusing on high-complexity services [48] Question: Details on the partnership with Sojitz and investment plans - Management confirmed that the $500 million investment plan is related to the MoU with Sojitz, aimed at significant top-line growth [49][50]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $719 million, representing a 47% year-over-year increase and a 9% quarter-over-quarter increase [17] - Cost of goods sold for the quarter was $1.1 billion, an increase of 85% year-over-year and 21% quarter-over-quarter [18] - Gross margin was negative 56.2%, compared to negative 24% in Q3 2024 and negative 41.1% in Q2 2025 [18] - Net loss for the quarter was negative $953 million, with a net loss margin of negative 132.7% [21] - Total available liquidity as of September 30 was $3.7 billion, providing approximately 18 months of operational runway [22] Business Line Data and Key Metrics Changes - In Q3 2025, VinFast delivered 38,195 EVs, a 74% increase year-over-year and 7% quarter-over-quarter [3] - For the first nine months of 2025, total EV deliveries reached 110,362, representing a 149% increase year-over-year [4] - E-scooter and e-bike deliveries totaled 120,052, reflecting a 535% year-over-year increase and 73% quarter-over-quarter growth [4] - The VF3 and VF5 models contributed 47% of total deliveries, while the Green Series accounted for 25% [4] Market Data and Key Metrics Changes - In Vietnam, VinFast's volumes grew 82% year-over-year, while the overall auto industry reported flat sales [7] - In India, VinFast ranked within the top eight for EV registration in October, with sales exceeding internal forecasts [9] - In Indonesia, VinFast captured approximately 5% of the BEV market, ranking fifth among top BEV brands year-to-date [10] - In the Philippines, VinFast opened 13 showrooms and is expanding its marketing efforts [11] Company Strategy and Development Direction - VinFast is focused on growth both domestically and internationally, with a strategy to broaden its EV e-scooter lineup and deepen its presence in the B2B fleet channel [5] - The company is investing in innovation, particularly in vehicle platforms, electrical architecture, and autonomy [5][16] - VinFast aims to balance top-line growth with cost rationalization as a medium-term priority [5] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of continued investment in R&D to strengthen long-term competitiveness [16] - The company remains optimistic about achieving its 2025 guidance and expects to reach 30,000 vehicle deliveries per month soon [34] - Management acknowledged the challenges in the U.S. market but emphasized the need to cultivate relationships with existing dealers [31] Other Important Information - The company plans to introduce three distinct brands by 2026, targeting different market segments [15] - VinFast is expanding its battery infrastructure through VGreen, which is emerging as a significant player in the charging network [12][42] Q&A Session Summary Question: What is the expected timeline and cost for developing the autonomy stack? - The plan for launching is next year in 2026 for the low-cost version for robotaxi [23] Question: What are the capital needs and timeline for achieving positive gross margin? - Total liquidity is $3.7 billion, sufficient for another 18 months based on current projections [24] Question: What percentage of sales in Q4 will come from outside Vietnam? - A slight increase in sales from outside Vietnam is expected in Q4, primarily from India and Indonesia [25] Question: How much will R&D increase to support the new platform? - The target for R&D spending is about $1.6 billion for the year, with a significant portion capitalized for new models [26] Question: What is the outlook for the two-wheeler business in 2026? - The target is to deliver 1.5 million two-wheelers in Vietnam in 2026, representing about 50% of total new sales [45]