Full Press Release Details
Announces 2Q25 Financial Results
EBITDA increases 5% FXN YoY with all segments contributing
positively to quarterly results in their local currency
Luxembourg, Aug 19, 2025 - Auna (NYSE:
AUNA) ("Auna" or the "Company"), a leading healthcare platform in Latin America with operations in Mexico,
Peru, and Colombia, today announced financial results for the second quarter ended June 30, 2025 ("second quarter 2025" or
"2Q25"). Financial results are expressed in Peruvian Soles ("S/" or PEN") and are presented in accordance
with International Financial Reporting Standards ("IFRS"), unless otherwise noted.
2Q25 Consolidated Highlights
from Auna's Executive Chairman and President
Auna grew its year-over-year ("YoY")
FX-neutral Adjusted EBITDA by 5%, with all three country segments contributing positively to our performance recovery in local currency
terms. Despite significant foreign exchange headwinds-particularly the depreciation of the Mexican and Colombian currencies versus
the Peruvian Sol- each operation demonstrated resilience to execute its strategy with utmost discipline with the goal of delivering
clinical and operational excellence, showcasing the power of our diversified geographic footprint.
We continue to build a stronger, more efficient
organization, while positioning Auna to effectively seize the near to long-term growth opportunities in Mexico's massive private
healthcare market. In Mexico, we have contained and stabilized the adverse effects related to physician/supplier relationships that temper
the implementation of the AunaWay, in particular with respect to patient/physician alignment and cost containment for payors. Improvements
in pricing and service mix, coupled with continued cost discipline, enabled us to grow EBITDA despite lower surgical volumes. This quarter
also marked significant progress on key strategic initiatives in Mexico, including
recruitment and integration of lead medical directors
and physicians, productivity programs, expansion of the Oncosalud network outside of Monterrey, and selective capital deployment. In Peru,
revenue growth across both Oncosalud and our healthcare network was supported by plan membership expansion, further price adjustments,
and service volume increases, even as we expanded healthcare capacity. In Colombia, the risk-sharing models we have been implementing
since last year are gaining additional traction, while collections commitments from intervened payors have been received on time as of
the end of the quarter, reducing the need for impairment provisions as well as improvement in margins and cash flow.
Looking ahead, we continue to work on the optimization
of our capital structure. We improved our maturity profile and maintained our Leverage Ratio at 3.6x, while continuing to target a medium-term
We are confident that the regional healthcare platform
we are building-focused on high-complexity care, integrated care delivery, and disciplined capital allocation-positions Auna
for further growth and long-term value for all stakeholders.
Overview of 2Q25 Consolidated Results
Revenues decreased 2% YoY to S/1,094
million, increasing 4% FXN, with revenues in local currency ("L.C.") increasing 5% in Mexico and 8% in Peru while remaining
flat versus 2Q24 in Colombia. In Mexico, healthcare network revenue increased, supported by higher tickets associated with high complexity
services and an improved pricing mix in other non-core services. The Peruvian healthcare network benefited from higher demand for surgeries,
membership growth, as well as price adjustments. In Colombia, the YoY growth in risk-sharing models supported the top line amidst a reduced
service offering for intervened EPSs, the local insurance companies.
Adjusted EBITDA decreased 3% YoY,
increasing 5% FXN, to S/241 million, with the margin flat at 22.1%. In L.C. terms, Adjusted EBITDA increased 2% in Mexico, 8% in Peru
and 9% in Colombia. The increase in FXN Adjusted EBITDA reflects revenue growth in Mexico and Peru, as well as expenses that support growth,
including investments in medical talent in Mexico and Peru, and sales commissions at Oncosalud. In Colombia, Adjusted EBITDA, included
lower impairment provisions. Additionally, the results in Auna's reporting currency were impacted by a 16% depreciation of MXN versus
PEN and 9% depreciation of COP versus PEN.
Net finance costs were S/46 million
in 2Q25 versus S/182 million in 2Q24. Net finance costs, excluding FX effects, would have been S/115 million in 2Q25 and S/133 million
in 2Q24, a decrease of S/18 million or 13%. The FX impact in 2Q25 includes a positive non-cash amount of S/68 million versus
a negative S/49 million non-cash FX impact from 2Q24, mainly due to the effect of the appreciation of the Peruvian Sol against the US
Dollar outside the range of Auna's call-spread hedge.
Net Income was S/84 million in
2Q25 compared to S/8 million in 2Q24. On a per-share basis, Auna reported Net Income of S/1.10, based on a weighted average number of
basic and diluted shares of 74,217,754.
Adjusted Net Income was S/89 million
in 2Q25, versus S/13 million in 2Q24. On a per-share basis, Auna reported Adjusted Net Income of S/1.17, based on a weighted average number
of basic and diluted shares of 74,217,754.
Business performance
(Explanations of variances are
in local currency unless expressed otherwise)
Auna s Healthcare Services and Oncosalud's
operations in Mexico accounted for 25% of consolidated revenues and 36% of consolidated Adjusted EBITDA.
(Figures in millions of Soles
and millions of US Dollars, unless expressed otherwise)
| 2Q'25 vs 2Q'24 | YTD 25 vs YTD 24 | |||||||||
| Healthcare Services Mexico Key Operating Metrics | 2Q'25 (USD) | 2Q'25 | YTD 25 | As Reported | Local Currency | As Reported | Local Currency | |||
| Beds | # | 708 | 708 | 0% | 0% | |||||
| Surgeries | # (000) | 4.9 | 9.6 | -8% | -7% | |||||
| Emergency treatments | # (000) | 8.2 | 16.2 | -8% | -13% | |||||
| Operating capacity utilization | % | 57.8% | 58.8% | -5.4 p.p. | -3.3 p.p. | |||||
| Total capacity utilization | % | 38.5% | 39.1% | -3.6 p.p. | -2.2 p.p. | |||||
| Key Financial Metrics | ||||||||||
| Segment Revenue | 77 | 274 | 517 | -9% | 5% | -15% | 1% | |||
| Segment Adjusted EBITDA | 25 | 88 | 168 | -12% | 2% | -17% | -2% | |||
| Segment Adjusted EBITDA margin | % | 32.0% | 32.6% | -1.1 p.p. | -0.8 p.p. |
Segment revenue from Mexico increased 5%
YoY in 2Q25. Despite a YoY decline in demand for surgeries and emergency treatments in a soft market, revenues were supported
by higher average tickets for these services. Additionally, growth was fueled by the rebalancing of the pricing mix in other service lines,
including hemodynamics, radiotherapy, hemodialysis, and chemotherapy. However, the reduction in surgical procedures and emergency visits,
which serve as key entry points for patient intake, had a downstream impact, leading to fewer hospitalizations and ICU admissions.
Segment Adjusted EBITDA increased 2% YoY
in 2Q25, mainly due to revenue growth and cost efficiency measures implemented in 4Q24, particularly in pharmaceutical procurement and
surgical equipment rentals. Resulting cost savings were partially offset by higher expenses associated with initiatives to enhance physician
productivity, including incentive programs linked to the integration of Opcion Oncologia's medical staff. Mexico's Adjusted
EBITDA Margin remained healthy at 32.0%, despite a 1.1 p.p. decline from 2Q24.
PERU OPERATIONS: HEALTHCARE
SERVICES PERU AND ONCOSALUD PERU
Auna s Healthcare Services and Oncosalud
Peru accounted for 43% of consolidated revenues and 42% of consolidated Adjusted EBITDA.
(Figures in millions of Soles
and millions of US Dollars, unless expressed otherwise)
| Healthcare Services Peru and Oncosalud Peru Key Financial Metrics | 2Q'25 (USD) | 2Q'25 | YTD 25 | 2Q'25 vs 2Q'24 | YTD 25 vs YTD 24 | |||
| Revenue | 134 | 474 | 934 | 8% | 9% | |||
| Healthcare Services Peru | 76 | 269 | 532 | 5% | 7% | |||
| Oncosalud Peru | 81 | 286 | 567 | 7% | 9% | |||
| Holding and Eliminations (*) | (81) | (165) | -2% | 4% | ||||
| Consolidated Peru Adjusted EBITDA | 28 | 101 | 203 | 8% | 13% | |||
| Healthcare Services Peru | 10 | 34 | 76 | -15% | -2% | |||
| Oncosalud Peru | 19 | 67 | 127 | 25% | 25% | |||
| Consolidated Peru Adj. EBITDA margin | % | 21.3% | 21.7% | 0.0 p.p. | 0.9 p.p. | |||
| Healthcare Services Peru | 12.6% | 14.2% | -3.0 p.p. | -1.4 p.p. | ||||
| Oncosalud Peru | 23.4% | 22.4% | 3.4 p.p. | 2.9 p.p. |
| Healthcare Services Peru Key Operating Metrics | 2Q'25 (USD) | 2Q'25 | YTD 25 | 2Q'25 vs 2Q'24 | YTD 25 vs YTD 24 | |||
| Beds | # | 385 | 385 | 3% | 3% | |||
| Surgeries | # (000) | 5 | 11 | 7% | 6% | |||
| Emergency treatments | # (000) | 48 | 85 | 1% | -1% | |||
| Operating capacity utilization | % | 75.6% | 74.8% | -9.5 p.p. | -7.4 p.p. | |||
| Total capacity utilization | % | 73.6% | 72.9% | -0.8 p.p. | 0.9 p.p. | |||
| Key Financial Metrics | ||||||||
| Revenue | 76 | 269 | 532 | 5% | 7% | |||
| External revenues | 56 | 200 | 387 | 9% | 9% | |||
| Intercompany revenue | 20 | 69 | 145 | -4% | 4% | |||
| Segment Adjusted EBITDA | 10 | 34 | 76 | -15% | -2% | |||
| Segment Adjusted EBITDA margin | % | 12.6% | 14.2% | -3.0 p.p. | -1.4 p.p. |
| Oncosalud Peru Key Operating Metrics | 2Q'25 (USD) | 2Q'25 | YTD 25 | 2Q'25 vs 2Q'24 | YTD 25 vs YTD 24 | |||
| Plan memberships | # (000) | 1,389 | 1,389 | 10% | 10% | |||
| Oncological Plans | # (000) | 991 | 991 | 2% | 2% | |||
| Average monthly revenue per plan membership | 17.23 | 61.04 | 60.57 | 1% | 2% | |||
| Preventive check-ups | # (000) | 31 | 65 | 24% | 24% | |||
| Patients treated | # (000) | 17 | 54 | 32% | 21% | |||
| MLR | % | 54.9% | -3.7 p.p. | |||||
| Oncological Plans | % | 49.8% | -4.9 p.p. | |||||
| Key Financial Metrics | ||||||||
| Revenue | 81 | 286 | 567 | 7% | 9% | |||
| External revenues | 77 | 274 | 547 | 6% | 9% | |||
| Intercompany revenue | 3 | 12 | 20 | 9% | 1% | |||
| Segment Adjusted EBITDA | 19 | 67 | 127 | 25% | 25% | |||
| Segment Adjusted EBITDA margin | % | 23.4% | 22.4% | 3.4 p.p. | 2.9 p.p. |
Total revenue from Peru increased 8% YoY
to S/474 million in 2Q25. The 7% YoY increase in revenues at the Oncosalud Peru segment reflects an increase of 10% in total plan memberships,
as well as the effect of annual price adjustments to support medical inflation in the Oncology and Healthcare plans. The MLR decreased
3.7 p.p. to 54.9%, led by an increase of General Healthcare plans in the product mix, while the Oncology MLR decreased for a fourth consecutive
quarter to 49.8%, a 4.9 p.p. decrease, due to efficiencies in pharmaceutical costs.
The Healthcare Services segment increased revenues
by 5% YoY, reflecting higher surgery volumes as well as improved pricing and service mix in Lima. Outside of Lima, Clinica Vallesur and
Clinica Chiclayo also contributed to revenue growth in the same way, in addition to increased volumes in emergency visits and outpatient
treatments at these care facilities.
Additionally, we added 47 operating beds across
the network, mostly at Clinica Delgado and Clinica Miraflores in Piura, where we also added 10 beds to its total capacity. As a result,
operating capacity utilization was 75.6%, and the total capacity utilization was 73.6%.
Consolidated Adjusted EBITDA in Peru increased
8% YoY to S/101 million in 2Q25, maintaining the margin flat at 21.3% versus 2Q24. The growth in Consolidated Adjusted EBITDA in Peru
was primarily driven by higher revenues, while COGS and SG&A increased to support the growth of Peruvian operations, including sales
commissions, expenses related to medical and administrative staff retention, and third-party medical services. On an individual segment
basis, the Adjusted EBITDA from Healthcare Services Peru decreases 15% mostly due to expense allocations from the Oncosalud Peru segment,