Full Press Release Details
Announces 3Q25 Financial Results
Auna Delivers Solid Financial
and Operating Performance in Peru and Colombia, While Advancing Key Initiatives in Mexico
Luxembourg, Nov 20, 2025 - 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
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
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.
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 33% of consolidated Adjusted EBITDA.
(Figures in millions of Soles
and millions of US Dollars, unless expressed otherwise)
| 3Q'25 vs 3Q'24 | 3Q'25 vs 2Q'25 | YTD 25 vs YTD 24 | ||||||||||
| Healthcare Services Mexico Key Operating Metrics | 3Q'25 (USD) | 3Q'25 | YTD 25 | As Reported | L.C. | As Reported | L.C. | As Reported | L.C. | |||
| Beds | # | 708 | 708 | 0% | 0% | 0% | ||||||
| Surgeries | # (000) | 5 | 15 | -8% | 6% | -7% | ||||||
| Emergency treatments | # (000) | 7 | 23 | -16% | -11% | -14% | ||||||
| Operating capacity utilization | % | 58.7% | 58.8% | -6.5 p.p. | 0.9 p.p. | -4.5 p.p. | ||||||
| Total capacity utilization | % | 39.1% | 39.1% | -4.4 p.p. | 0.6 p.p. | -3.0 p.p. | ||||||
| Key Financial Metrics | ||||||||||||
| Segment Revenue | 76 | 264 | 781 | -16% | -12% | -3% | -5% | -16% | -4% | |||
| Segment Adjusted EBITDA | 22 | 77 | 245 | -32% | -29% | -13% | -14% | -23% | -12% | |||
| Segment Adjusted EBITDA margin | % | 29.0% | 31.4% | -6.9 p.p. | -3.0 p.p. | -2.9 p.p. |
Segment revenue from Mexico decreased 12%
YoY in 3Q25, explained by: (i) a slow recovery of volumes lost in 1Q25 due to legacy physician and supplier relationships, (ii) systems
migration challenges during the implementation of a new Hospital Information system and ERP system at Doctors Hospital, which affected
billing processes and are expected to stabilize in the coming months, (iii) continued market softness, reflected in low demand for emergency
and surgical procedures, both key entry points for patient admissions into ICUs and hospitalizations, and, (iv) lower results in Auna
Seguros (formerly Dentegra) compared to 3Q24. Auna continues to further expand the platform of doctors and their offerings, and has rebalanced
the pricing mix for their services across the network to be more attractive to the payor base. While demand for surgeries fell 8% compared
to 3Q24, the number of surgeries increased 5% in 2Q25 versus 1Q25 and 6% in 3Q25 versus 2Q25. Revenues from other high-complexity service
lines - including radiotherapy, chemotherapy, and cardiology services - represented approximately 15% of Healthcare Network
revenues and increased approximately 48% compared to 3Q24, offsetting declines in other services. Opci n Oncolog a's
growing momentum, with revenues up 21% from 2Q25, is an early validation of the AunaWay model in Mexico. Finally, 3Q25 capacity utilization
modestly increased from 2Q25 to 39.1% of total capacity and 58.7% of operating capacity.
Segment Adjusted EBITDA decreased 29% YoY
in 3Q25 and 14% from 2Q25, with a 3Q25 margin of 29.0%. The decline is explained in the healthcare network by lower revenue resulting
in reduced gross profit, while contribution margins declined among certain payors. For example, at OCA - which serves state employee
contracts - a higher mix of lower-margin procedures affected profitability. Mexico's Adjusted EBITDA Margin was 29.0%, a 6.9
p.p. decline from 3Q24 and a 3.0 p.p. decline from 2Q25.
Update on Key Initiatives in Mexico
While Auna's operations remained stable in
Mexico during 3Q25, the Company implemented several initiatives aimed at further strengthening its healthcare network and improving operational
and commercial execution across key business lines. Mexico continues to represent one of the largest and most underpenetrated private
healthcare markets in Latin America, with growing demand for high-quality, integrated care. Auna's presence and its ongoing investments
in technology, medical talent, and infrastructure position the Company to capture this long-term growth potential. These initiatives are
also expected to support a return to growth in early 2026.
Auna continues to invest in talent
in Mexico, appointing several local senior hires to key positions, including Alejandro Torres (formerly with Star M dica and TecSalud)
as CEO of the Monterrey operations, a new Chief Medical Officer, a new Head of Commercial, and other senior leaders at the hospital levels.
Collectively, these appointments bring over 100 years of combined experience in the Mexican healthcare market and are contributing to
the ongoing standardization and integration of operational practices across Auna's facilities.
The Company is expanding its participation