Full Press Release Details
Announces 1Q26 Financial Results
Strong top-line growth and cash
Consolidated Adjusted EBITDA
impacted by revenue adjustments;
Mexico volumes and revenues growing
rapidly, with Segment Adjusted EBITDA increasing 19% QoQ
Luxembourg, May 19, 2026 - 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 first quarter ended March 31, 2026 ("first quarter 2026" or
"1Q26"). Financial results are expressed in Peruvian Soles ("S/" or "PEN" or "Soles")
and are presented in accordance with International Financial Reporting Standards ("IFRS"), unless otherwise noted.
1Q'26 Consolidated Highlights
from Auna's Executive Chairman and President
Auna began 2026 with strong commercial momentum
across all three of our markets. First quarter revenues grew 10% FXN, reflecting the impact of the strategic and structural decisions
implemented throughout 2025 and further validating the strength of our integrated platform. The AunaWay model continues driving sustainable
growth across our markets, with positive underlying operating trends, despite short-term Adjusted EBITDA impacts in Peru and Mexico.
In Peru, our integrated healthcare model continued
to perform well at scale, delivering solid top-line growth of 9% in local currency, with strong volume increases across hospitals, emergency
services, and oncology. Oncosalud maintained its growth trajectory, adding new members and securing a group policy for the nation's
judiciary - a new and prestigious institutional relationship representing nearly 20,000 lives, and contributing to a total of 1.4
million Oncosalud members. While the underlying business dynamic and margin contributions remain stable in Peru, Adjusted EBITDA was impacted
in the healthcare services business by delays in pharmacy rebates and revenue adjustments related to certain payors. Oncosalud's MLR of
49.6% in the quarter is consistent with our pricing and MLR management discipline.
In Mexico, our healthcare network continues showing
strong signs of recovery and our oncology and high-complexity footprint is growing. Sequential Adjusted EBITDA increased 19% from 4Q25
and margins improved 3.5 p.p. The healthcare network delivered 8% year-over-year revenue growth in local currency and the Monterrey operational
initiatives gained further traction. Patient volumes increased 13% quarter-over-quarter, as our growing relationships with payors and
our commitment to contain costs for them, while improving patient experiences and medical resolutions are producing higher revenues across
service lines. Our oncology business grew 32% from 4Q25 representing 11% of Mexico network revenues, up from 4% one year ago. These trends
reflect the impact of the growth initiatives implemented under our new Monterrey leadership team and are delivering clear results.
In Colombia, revenue grew 14% in local currency,
PGP risk-sharing contracts now represent 21% of total revenues, and revenues from intervened payors have decreased from 19% to 14% versus
the first quarter of 2025, reflecting significant progress in diversifying our payor mix. Adjusted EBITDA grew 7%, demonstrating that
disciplined growth and revenue diversification can advance in tandem. Overall, Colombia continues to demonstrate the resilience and cash-generating
capacity of Auna's integrated model.
Our cash flow performance was a standout in the
quarter and a key proof point of our model's strength. Operating Cash Flow grew 48% year-over-year while Organic Free Cash Flow
grew 2.6x, supported by consistent working capital discipline and supplier financing initiatives across all three geographies. This performance
validates the underlying robustness of Auna's regional platform and keeps us on track to reach our medium-term leverage target of below
3.0x. The Leverage Ratio of 3.7x at quarter end remained stable but was impacted by non-cash FX effects.
We enter the remainder of 2026 with improving trends
across all three markets and a clear line of sight to achieve our annual targets. We are reaffirming our full-year revenue and Adjusted
EBITDA guidance supported by our revenue growth and cash flow momentum, and Mexico's improving trends, revenue normalization in
Peru, and the performance of Colombia. Our Adjusted EBITDA guidance contemplated a softer first half of the year, with limited growth
expected in the first and second quarters. Against that backdrop, our first quarter performance gives us confidence in our ability to
deliver our full-year Adjusted EBITDA range. Auna's integrated healthcare model and the structural market opportunity that remains in
our three markets position us to deliver on 2026 and build toward higher levels of sustained growth and profitability.
Overview of 1Q26 Consolidated Results
Revenues in 1Q26 increased 10%
FXN and 13% YoY on a reported basis to S/1,178 million, with revenues in local currency ("LC") increasing across all segments:
8% in Mexico, 9% in Peru and 14% in Colombia. The Healthcare network in Mexico delivered higher volumes as a result of improved tier classifications
with payors, better ISSSTELEON pricing for high complexity services and increased packages and out-of-pocket revenues. In Peru, Oncosalud
increased revenues from pricing adjustments and additional B2B memberships, while the healthcare network experienced higher volumes from
commercial initiatives and higher conversion rates in surgeries. Colombia increased volumes across its services, having successfully implemented
risk sharing models to diversify its payor mix away from intervened payors.
Adjusted EBITDA in 1Q26 decreased
5% FXN, or 2% YoY on a reported basis, to S/217 million, with an Adjusted EBITDA Margin of 18.4%. In LC, Segment Adjusted EBITDA decreased
14% in Mexico and 3% in Peru, while increasing 7% in Colombia YoY. In Mexico, Segment Adjusted EBITDA decreased versus 1Q25, mainly due
to a lower contribution margin from the current mix of services and specialties, as well as higher SG&A expenses related to talent
investments that impacted payroll. On a sequential basis, however, Segment Adjusted EBITDA grew a healthy 19% versus 4Q25, driving a 3.5
p.p. increase in Segment Adjusted EBITDA Margin. Consolidated Peru Adjusted EBITDA was impacted by delayed rebate benefits and revenue
adjustments. In Colombia, Segment Adjusted EBITDA increased, sustained by a strong top line, partially offset by lower margins from a
higher proportion of PGP contracts that prioritize cashflow over revenues.
Reported results were impacted by foreign
exchange fluctuations, specifically, a 7% appreciation of the Mexican Peso ("MXN") and a 4% appreciation of the Colombian
Peso ("COP") against the PEN.
Net finance costs for 1Q26 were
S/141 million, compared to S/80 million in 1Q25. Excluding foreign exchange effects, net finance costs totaled S/115 million in 1Q26,
compared to S/118 million in 1Q25, reflecting a YoY decrease of S/3 million, or 3%. When also excluding the non-cash impact related to
the future purchase obligation for IMAT Oncomedica, which began affecting finance expense in 3Q25, net finance costs decreased by S/5
million. The increase in reported net finance costs was primarily driven by a non-cash FX loss of S/26 million, mainly due to the depreciation
of the Peruvian Sol below the protection range of Auna's new hedging structure, compared to a non-cash gain of S/37 million in 1Q25.
At the end of 2025, we reset our call-spread levels to better align them with the prevailing USD/PEN exchange rate and reduce future P&L
volatility. As a result, the loss recorded in 1Q26 would have been larger had the reset not been completed in 2025.
Net Income for 1Q26 was S/9 million
compared to S/38 million in 1Q25. The decline was primarily driven by the negative non-cash FX impact on net finance costs in 1Q26, compared
to a positive effect in the prior-year period. On a per-share basis, Net Income was S/0.09, based on a weighted average of 74,238,842
basic and diluted shares.
Adjusted Net Income for 1Q26 was
S/16 million, compared to S/55 million in 1Q25. The decline reflects the same FX-driven impact on net finance costs, with underlying operating
performance remaining consistent with the trends described above. On a per-share basis, Adjusted Net Income was S/0.18, based on a weighted
average of 74,238,842 basic and diluted shares.
Business performance
(Explanations of variances are
in local currency unless expressed otherwise)
Auna's Healthcare Services and Auna Seguros'
operations in Mexico accounted for 24% of consolidated revenues and 34% of consolidated Adjusted EBITDA in the quarter.
(Figures in millions of Soles
and millions of US Dollars, unless expressed otherwise)
| 1Q'26 vs 1Q'25 | 1Q'26 vs 4Q'25 | ||||||||
| Healthcare Services Mexico Key Operating Metrics | 1Q'26 (USD) | 1Q'26 | As Reported | L.C. | As Reported | L.C. | |||
| Beds | # | 708 | 0% | 0% | |||||
| Surgeries | # (000) | 5 | 4% | 15% | |||||
| Emergency treatments | # (000) | 8 | -2% | -2% | |||||
| Radiotherapy & Chemotherapy | # (000) | 4 | 78% | 4% | |||||
| Total number of days hospitalized | # (000) | 25 | -1% | 4% | |||||
| Operating capacity utilization | % | 48.4% | 2.9 p.p. | 3.0 p.p. | |||||
| Total capacity utilization | % | 39.4% | -0.3 p.p. | 2.3 p.p. | |||||
| Key Financial Metrics | |||||||||
| Segment Revenue | 80 | 279 | 15% | 8% | 8% | 3% | |||
| Segment Adjusted EBITDA | 21 | 74 | -9% | -14% | 25% | 19% | |||
| Segment Adjusted EBITDA margin | % | 26.4% | -6.9 p.p. | 3.5 p.p. |
Segment revenue from Mexico increased 8%
due to higher surgery volumes, oncology services and out of pocket payments.
Auna's more favorable tier classifications
with two payors in Auna's largest healthcare facility increased volumes by 11% and revenues by 20% YoY; the renewal of the ISSSTELEON
B2B agreement at pricing that better reflects high-complexity services, increased revenues by 18% YoY, and packages and out-of-pocket
revenues, represented 10% of revenues.
Surgery revenues increased 3% on higher volumes
at Auna's three facilities. In oncology services, revenues from radiotherapy and chemotherapy increased 32% from 4Q25 and 2.7x from
1Q25, representing 11% of Mexico's network revenues, up from 9% in 4Q25 and 4% in 1Q25. The number of oncology patients increased