Auna (AUNA) Q3 2025 earnings summary

Executive summary

• Consolidated revenue for the third quarter was S/1,117 million, up 1% FX-neutral but down 1% YoY, with strong growth in Peru (+9%) and Colombia (+4%) offset by a 12% decline in Mexico.

• Adjusted EBITDA declined 7% YoY to S/232 million, with margin down 1.3 p.p. to 20.8%, mainly due to Mexico's performance, while Peru and Colombia delivered robust growth.

• Adjusted Net Income was S/58 million, down from S/75 million in 3Q24, with positive operating profit in all segments except Mexico.

• Leverage ratio remained stable at 3.6x, with a medium-term target of below 3x, and a healthy cash position supported by successful debt refinancing.

• Strategic initiatives in Mexico include leadership changes, IT upgrades, new service packages, and a focus on high-complexity medicine and out-of-pocket segments.

Financial highlights

• Revenue: S/1,117 million (-1% YoY reported, +1% FXN), driven by 9% growth in Peru and 4% in Colombia, offset by a 12% decline in Mexico.

• Adjusted EBITDA: S/232 million (-7% YoY), margin 20.8% (-1.3 p.p. YoY).

• Adjusted Net Income: S/58 million (vs. S/75 million in 3Q24).

• Free cash flow reached S/321 million, with pre-tax operating cash flow up 65% sequentially.

• Net debt at S/3,429 million, with cash and cash equivalents at S/226 million.

Outlook and guidance

• Growth in Mexico is expected to resume in early 2026 as strategic initiatives and IT system implementations progress.

• 2025 is expected to be a flat year, with growth anticipated in 2026, especially in Mexico.

• The company targets leverage below 3x net debt to EBITDA in the medium term.