Auna (AUNA) Q3 2025 earnings summary

Executive summary

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

• Adjusted EBITDA declined 7% YoY to S/232 million, 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 below 3x and a healthy cash position post successful debt refinancing.

• Strategic initiatives in Mexico include leadership changes, IT upgrades, and a partnership with Sojitz to accelerate recovery, with growth expected to resume in 2026.

Financial highlights

• Consolidated FX-neutral revenue increased 1% YoY, driven by 9% growth in Peru and 4% in Colombia, offset by a 12% decline in Mexico.

• Adjusted EBITDA was S/232 million, down 7% YoY, with margin at 20.8% (-1.3 p.p. YoY).

• Adjusted Net Income was S/58 million for the quarter.

• 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 position at S/226 million at quarter-end.

Outlook and guidance

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

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

• Strategic partnership with Sojitz includes a planned US$500 million investment in Mexico over 3–5 years.