Auna (AUNA) Q2 2026 earnings summary

Executive summary

• Revenue grew 13% year-over-year to S/1,238 million, with all segments contributing to growth and strong demand for high-complexity services.

• Adjusted EBITDA declined 6% YoY to S/227 million (down 9% FX neutral), with margin at 18.4%, reflecting temporary margin pressures, service mix changes, and billing penalties in Peru.

• Free cash flow surged 181% YoY, and cash position rose 43% since year-end 2025, highlighting strong cash management.

• Leverage ratio improved to 3.6x, with further reductions targeted by year-end.

• Net income was S/33 million, down from S/84 million in 2Q25, mainly due to lower non-cash FX gains.

Financial highlights

• Revenue: S/1,238 million (+13% YoY, +9% FXN YoY).

• Adjusted EBITDA: S/227 million (-6% YoY, -9% FXN YoY), margin 18.4%.

• Adjusted net income: S/40 million; net income: S/33 million; adjusted EPS: S/0.50.

• Operating cash flow: S/441 million YTD (+45% YoY); free cash flow: S/400 million YTD (+181% YoY).

• Gross margin: 36.2% in Q2 2026, down 4.0 p.p. YoY.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at ~12% FX-neutral growth.

• Adjusted EBITDA growth expected at the low end of the 10%-14% range, excluding Peru billing penalties.

• Free cash flow projected to exceed internal expectations, supporting a leverage ratio target below 3.0x.

• Margin recovery anticipated in Colombia in 2H 2026 as price adjustments offset wage increases.

• Sequential improvements anticipated in Mexico and Colombia as cost pressures normalize.