Auna Delivers Solid Financial and Operating Performance in Peru and Colombia, While Advancing Key Initiatives in Mexico
Auna (NYSE: AUNA) ("Auna" or the "Company"), a leading healthcare platform in Latin America with operations in Mexico, Peru, and Colombia, announced today financial results for the third quarter ended September 30, 2025 ("third quarter 2025" or "3Q25"). Financial results are expressed in Peruvian Soles ("S/" or PEN") and are presented in accordance with International Financial Reporting Standards ("IFRS"), unless otherwise noted.
3Q25 Consolidated Highlights
- Consolidated Revenue increased 1% FXN, while decreasing 1% YoY on reported basis, to S/1,117 million
- Adjusted EBITDA decreased 5% FXN, or 7% YoY on reported basis, to S/232 million
- Adjusted EBITDA Margin of 20.8%, down 1.3 p.p. YoY from 22.1%
- Adjusted Net Income was S/58 million, down from S/75 million in 3Q24
- Leverage Ratio remains unchanged at 3.6x
- Mexico's surgeries and oncology services increased for the second consecutive quarter
- Oncology MLR decreased to 49.3%
Message from Auna's Executive Chairman and President
Despite weaker financial yet promising operational results, the third quarter of 2025 demonstrates the enduring resilience of Auna's integrated regional healthcare platform and the robust performance of our operations. The operations in Peru and Colombia achieved substantial growth and profitability in local currency, despite challenging macroeconomic conditions, while in our Mexico business, which is slowly recovering from previously communicated challenges, hospital operations remained stable, although the segment delivered less favorable financial results.
In Peru, both Oncosalud and Healthcare Services delivered consistently strong performance levels, supported by growth in memberships, annual pricing adjustments, and the sustained improvement of the Oncology MLR to 49.3%. The disciplined containment of costs and the operational efficiency of our medical talent continued to underpin this performance.
Our results were strong in Colombia, with double-digit growth in Adjusted EBITDA and continued expansion of risk-sharing Prospective Global Payment ("PGP") models. The team's focus on reducing exposure to intervened payors and optimizing resource utilization supported profitability and improved cash generation.
In Mexico, despite a second consecutive quarterly increase in the number of surgeries and growth in oncology and cardiology services, revenues and profitability declined year over year due to still lackluster demand for medical procedures, a sluggish recovery of volumes affected by legacy physician and supplier relationships, and migration issues related to the implementation of new Hospital Information and ERP systems at Doctors Hospital, which we expect to resolve in the coming months.
At the consolidated level, our leverage remained stable at 3.6x Net Debt-to-Adjusted EBITDA, reflecting a disciplined approach to capital allocation, a robust cash position, and continued progress toward our medium-term deleveraging objective of below 3x. Additionally, following quarter-end, Auna completed a USD765 million debt refinancing that extends debt maturities, reduces interest costs, and further fortifies Auna's capital structure. Complementing these efforts, the announcement of our partnership with Sojitz and the recent Trecca milestone underscore the confidence in our strategy in Mexico and the significant opportunities that remain in Peru, while allowing us to pursue this growth maintaining our deleveraging path and our target of bringing leverage below 3x.
We remain focused on recovering our fast-pace of growth, rolling-out the AunaWay in Mexico, further strengthening operational performance, and expanding patient access to high-quality healthcare across Spanish-speaking Latin America.
Overview of 3Q25 Consolidated Results
Revenues increased 1% FXN and decreased 1% YoY on a reported basis to S/1,117 million, with revenues in local currency ("LC") increasing 9% in Peru and 4% in Colombia, offset by a 12% decrease in Mexico. In Mexico, healthcare network revenue decreased, partly due to softer demand for emergency and surgical procedures and to the slow recovery of volumes following the physician and supplier relationships challenges experienced in the first quarter of this year. Mexico's results also included the impact of the ongoing implementation of a new Hospital Information System and ERP at Doctors Hospital. In Peru, Oncosalud Peru contributed higher revenues with an increase in plan memberships and average ticket, while the healthcare network experienced higher demand for emergency visits and ambulatory care. In Colombia, revenue growth was driven by an increase in PGPs, increasing diversification away from intervened payors, and higher surgery tickets.
Adjusted EBITDA decreased 5% FXN, 7% YoY on a reported basis to S/232 million, with an Adjusted EBITDA Margin of 20.8%. Adjusted EBITDA increased 15% in Peru and 18% in Colombia in LC, offset by a 29% decrease in Mexico. In Mexico, Adjusted EBITDA decreased primarily on lower revenue and lower gross profit, while Peru's increased on higher gross profit, supported by growth in its Healthcare Services segment and higher membership sales in Oncosalud. Colombia achieved higher gross profit and lower impairment losses compared to the prior year's quarter. As reported results were impacted by depreciations of the MXN by 5% and of the COP by 4%, both versus PEN.
Net finance costs were S/72 million in 3Q25 compared to S/103 million in 3Q24. Excluding FX effects, net finance costs would have been S/111 million in 3Q25 and S/132 million in 3Q24, representing a decrease of S/20 million or 16%. The FX impact in 3Q25 included a positive non-cash amount of S/40 million, compared to a positive S/28 million in 3Q24, primarily reflecting the appreciation of the Peruvian Sol against the US Dollar below the range of Auna's call-spread hedge.
Net Income was S/53 million in 3Q25 compared to S/101 million in 3Q24. On a per-share basis, Auna reported Net Income of S/0.65, based on a weighted average number of basic and diluted shares of 74,188,937.
Adjusted Net Income, was S/58 million in 3Q25 versus S/75 million in 3Q24. On a per-share basis, Auna reported Adjusted Net Income of S/0.71, based on a weighted average number of basic and diluted shares of 74,188,937.
For a full version of AUNA's Third Quarter 2025 Earnings Release, please visit:
https://aunainvestors.com/English/financial-information/quarterly-results/
Conference Call Details
When: 8:00 a.m. Eastern time, November 21, 2025
Who: Mr. Suso Zamora, Executive Chairman of the Board and President; Mrs. Gisele Remy, Chief Financial Officer and Executive Vice President; Mr. Lorenzo Massart, Executive Vice President of Strategy and Equity Capital Markets.
Dial-in: +1 888 596 4144 (U.S. domestic), +1 646 968 2525 (International)
Passcode: 3884034
To access Auna's financial results call via telephone, callers need to press to be connected to an operator.
Webcast: click here
About AUNA
Auna is a leading healthcare platform in Latin America with operations in Mexico, Peru, and Colombia, prioritizing prevention and concentrating on high-complexity diseases that contribute the most to healthcare expenditures. Our mission is to transform healthcare by providing access to a highly integrated healthcare offering in the underpenetrated markets of Spanish-Speaking Americas. Founded in 1989, Auna has built one of Latin America's largest modern healthcare platforms that consists of a horizontally integrated network of healthcare facilities and a vertically integrated portfolio of oncological plans and selected general healthcare plans. As of September 30, 2025, Auna's network included 31 healthcare network facilities, consisting of hospitals, outpatient, prevention and wellness facilities with a total of 2,333 beds, and 1.4 million healthcare plans.
For more information visit www.aunainvestors.com.
Safe Harbor Statement
This press release contains forward-looking statements. Forward-looking statements convey our current expectations or forecasts of future events. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from the forward-looking statements that we make. Forward-looking statements typically are identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "project," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, our target Leverage Ratio, the expected resolution of the issues with physicians, suppliers and information systems in Mexico, the results of the key initiatives we are implementing in Mexico, the expected capacity and market of Torre Trecca once built, the execution of our strategic plan, including the recovery of our growth levels and the roll-out of the AunaWay in Mexico, our collaboration with Sojitz, our planned investments in Mexico and the creation of further growth and sustainable value for all stakeholders. Any or all of our forward-looking statements in this press release may turn out to be inaccurate. Our actual results could differ materially from those contained in forward-looking statements due to a number of factors.
The forward-looking statements in this press release represent our expectations and forecasts as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see our Form 20-F filing with the U.S. Securities and Exchange Commission (the "SEC").
Financial Guidance Disclaimer
Auna's guidance is based on management's current performance outlook and expected macroeconomic and regulatory conditions in the three countries where the Company operates. Any changes in these conditions could have an impact on the guidance provided.
Auna's financial guidance reflects management's current assumptions regarding numerous evolving factors that are difficult to accurately predict, including those discussed in the Risk Factors set forth in the Company's Form 20-F filed with the SEC. Reconciliations of forward-looking non-IFRS measures, specifically Leverage Ratio guidance, to the relevant forward-looking IFRS measures are not being provided, as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such guidance and reconciliations. Due to this uncertainty, the Company cannot reconcile projected Leverage Ratio to projected net income without unreasonable effort. The financial guidance constitutes forward-looking statements. For more information, see the "Forward-Looking Statements" section in this release.
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