Full Press Release Details
Announces 4Q25 and FY25 Financial Results
Auna Closes FY 2025 with Strong
Performance in Peru and Colombia
and 35% increase in Free Cash
Signs of Recovery in Mexico
Company Sets 12% Adjusted EBITDA
Growth Guidance for 2026
Luxembourg, March 10, 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 fourth quarter ended December 31, 2025 ("fourth quarter 2025"
or "4Q25") and full-year ended 2025 ("full-year 2025" or "FY25"). Financial results are expressed
in Peruvian Soles ("S/" or "PEN") and are presented in accordance with International Financial Reporting Standards
("IFRS"), unless otherwise noted.
Consolidated Highlights
Consolidated Highlights
from Auna's Executive Chairman and President
year 2025 with resilient performance. Peru and Colombia delivered in line with our expectations, while consolidated performance reflected
challenges in Mexico. Results in the fourth quarter of 2025 and the first two months of 2026 indicate a clear stabilization and recovery
of the Mexico operations, which are now on track to
top-line and EBITDA growth in 2026. Under the leadership of our new management team in Mexico, we have focused on expanding our reach
into the larger segments of privately insured families and further strengthening our alignment with physician groups. While these initiatives
were implemented late in the year and did not offset the volume losses experienced earlier in 2025, they have strengthened the foundation
of the Mexico platform and position the business to return to sustainable organic growth in 2026.
integrated healthcare model continues to perform at scale, we delivered solid and predictable results. The consolidated integrated network
and the healthcare delivery network increased revenues by 11% and Adjusted EBITDA by 14%. In oncology, the MLR improved to a record low
of 48.5%, reflecting disciplined pricing execution and continued efficiency in care management. Peru's growth profile has been
strengthened with the authorization to commence the refurbishment, completion and opening of Centro Ambulatorio Trecca in Lima in 2028,
an ambulatory facility that we expect will expand our addressable market and transform how we will serve up to 3 million EsSalud beneficiaries
we are focused on recapturing and accelerating our growth and profitability initiatives, 4Q25 and the first two months of 2026 showed
strong signs of recovery. Our decision to adjust the leadership team in Monterrey, bringing deep local expertise and execution capabilities,
is already delivering early results in 2026. During the quarter, we secured favorable tier classifications with two of the market's
leading insurance providers, and we confirmed other tier classifications that we believe will result in growing volumes across key service
lines. We were also awarded an extension of an improved healthcare plan for ISSSTELEON employees, which we formalized earlier this year.
Additionally, other initiatives to grow and diversify revenues with attractive margins, continue to gain traction. We want to highlight
that better-than-expected performance from our oncology business, growing 35% from 3Q25 to reach 9% of our revenues, validates the strength
of the integrated AunaWay model in Mexico.
In Colombia, results
were in line with our expectations. The operation continues to demonstrate resilience as we prioritize cash generation and disciplined
risk management over volume growth. We expanded our risk-sharing models from 17% of segment revenue in 4Q24 to 21% in 4Q25, and Auna
now covers approximately 3 million protected lives nationwide. This deliberate migration toward more intimate solutions for payors, physicians
and patients, grant us a unique opportunity to further embed Auna into many lives in Colombia. It also enables us to harvest predictable
reimbursement structures, reduce business volatility, enhanced cash flow visibility, and advance our franchise in Colombia, while providing
a model that can be tested in Mexico.
to scale, and notwithstanding some setbacks in Mexico, we maintained strict cost and expense management across Auna, driving a 35% increase
in free cash flow versus 2024. This improvement reflects both operational stabilization, enhanced working capital management, and disciplined
capital allocation. In parallel, we
successfully completed
the US$825 million refinancing that has reduced interest expenses, extended our maturity profile, lowered short-term debt exposure, and
increased the proportion of direct local currency funding. Taken together, these improvements have strengthened Auna's capital
structure. As a result, we entered 2026 with enhanced liquidity, greater financial flexibility, and reduced cash flow volatility.
Net leverage remained stable at 3.6x Net Debt-to-Adjusted EBITDA, demonstrating our ability to effectively manage the balance sheet,
even during a period of operational stress. We remain committed to reducing leverage below 3x over the medium term, principally through
EBITDA recovery, margin expansion, and sustained free cash flow generation.
half of the year, our shares experienced sudden and relevant selling pressure primarily related to a significant shareholder that had
accumulated a large holding that required the consent of Mexico's antitrust regulator. Based on certain SEC filings and to the
best of our knowledge, we believe this selling pressure has finally abated, eliminating the related price overhang. While trading volume
increased during the quarter, we remain committed to deepening our engagement with the investment community, expanding research coverage,
and enhancing market access so that our trading profile and valuation more fully reflect the strength, scale and cash-generating capacity
of Auna's integrated healthcare platform.
year of stabilization, with an overhaul in Mexico and a strengthened capital structure. We envision 2026 to mark a return to growth,
with a regional platform now more than ready to perform at high levels. Given the improved perspective and predictability across our
operations, we are providing full-year revenue and Adjusted EBITDA guidance to assist investors and analysts in tracking our performance. We
expect 2026 revenue and Adjusted EBITDA growth of 12% FXN, within a range of 10% to 14%. The midpoint reflects our current performance
outlook, while the range accounts for any unforeseen variability.
highly motivated to deliver regionally through our unique AunaWay model, and we expect our financial performance in 2026 and the coming
years to significantly benefit all our stakeholders.
2026, Auna expects revenue growth of approximately 12% FXN, within a range of 10% to 14%, driven by continued commercial momentum and
operating execution across its core markets. In addition, Auna projects Adjusted EBITDA growth of approximately 12% FXN, within a range
of 10% to 14%, supported by disciplined cost management and continued reinvestment in growth initiatives that are expected to result
in broadly stable margins year-over-year. As in previous years, the Company expects capital expenditures to remain at approximately 4%
of revenues, consistent with its balanced approach to growth investments and cash flow generation.
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.
The 2026 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 20F filed with the United States
Securities and Exchange Commission (the "SEC"). Reconciliations of forward-looking non-IFRS measures, specifically the 2026
Adjusted EBITDA 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 Adjusted EBITDA to projected net income without unreasonable effort. The 2026 financial guidance
constitutes forward-looking statements. For more information, see the "Forward-Looking Statements" section in this release.
of 4Q25 and Full-Year 2025 Consolidated Results
in 4Q25 increased 6% FXN and increased 7% YoY on a reported basis to S/1,133 million, with revenues in local currency ("LC")
increasing 11% in Peru and 7% in Colombia, partially offset by a 3% decrease in Mexico. FY25 revenues increased 4% FXN and remained flat
on a reported basis at S/4,385 million, with annual LC revenues increasing 9% in Peru and 5% in Colombia, partially offset by a 4% decline
in Mexico. Healthcare network revenue in Mexico decreased due to softer demand for services, the slower than expected recovery from physician
and supplier relationships, and despite strong oncology revenues. In Peru, Oncosalud contributed higher revenues with increases in average
tickets and healthcare plan memberships, while the healthcare network experienced increased demand for services at higher price points.
In Colombia, revenue growth was driven by an increase in risk-sharing models, greater diversification away from intervened payors, improving
collections, and higher surgery and emergency services tickets.
EBITDA in 4Q25 decreased 14% FXN, or 13% YoY on a reported basis, to S/220 million, with an Adjusted EBITDA Margin of 19.5%. Adjusted
EBITDA increased 14% in Peru in LC, while declining 25% in Colombia and 36% in Mexico. Adjusted EBITDA in FY25 decreased 3% FXN, or 8%
YoY on reported basis, to S/917 million, with an Adjusted EBITDA Margin of 20.9%. Annual Adjusted EBITDA increased 14% in Peru in LC,
offset by decreases of 4% in Colombia and 18% in Mexico. In Mexico, Adjusted EBITDA decreased and lagged volume recoveries during the
year and the impact of the ISSTELEON healthcare plan. Peru's Adjusted EBITDA increased on higher demand and tickets for hospital
network services, as well as higher tickets for memberships. Colombia's Adjusted EBITDA declined due to extraordinary revenues
and rebates recognized in the 4Q24 period versus 4Q25.
results were impacted by foreign exchange fluctuations, specifically, a 1% depreciation of the MXN and a 3% appreciation of the COP against
finance costs were S/238 million in 4Q25 compared to S/155 million in 4Q24. Excluding net finance costs from exchange rate differences,
as well as extraordinary refinancing costs of S/170 million incurred in 4Q25, net finance costs would have been S/116 million in 4Q25
and S/126 million in 4Q24, representing a YoY decrease of S/10 million, or 8.4%. The net finance costs from exchange rate differences