Auna (AUNA) Q4 2024 earnings summary

Executive summary

• Achieved 20.1% FXN Adjusted EBITDA growth for FY24, meeting all 2024 milestones and delivering positive net income for the year and four consecutive quarters.

• Strong performance in Peru and Mexico, with Peru leading growth and Mexico benefiting from high-complexity services and strategic pricing; Colombia showed resilience but faced regulatory and payer challenges.

• Leverage ratio improved to 3.6x, progressing toward a sub-3.0x target, with continued deleveraging and strengthened balance sheet.

• Net income improved to S/124 million in FY24 from a loss of S/214 million in FY23, with robust free cash flow and cash position up 18% sequentially.

• Expanded Board with two new independent directors, enhancing governance and diversity.

Financial highlights

• FY24 revenue reached S/4,386 million, up 13% YoY (+12% FXN); 4Q24 revenue S/1,063 million, up 4% YoY (+11% FXN).

• FY24 Adjusted EBITDA S/993 million, up 20% YoY (+20.1% FXN); 4Q24 Adjusted EBITDA S/254 million, up 19% YoY (+28% FXN).

• Adjusted EBITDA margin improved to 22.6% for FY24 (+1.4 p.p. YoY) and 23.9% for 4Q24 (+3.1 p.p. YoY).

• Adjusted Net Income for FY24 was S/146 million (Adjusted EPS S/1.97); 4Q24 Adjusted Net Income S/36 million (Adjusted EPS S/0.47).

• Cash position at year-end was S/236 million, up 18% sequentially; free cash flow for 2024 was S/432 million.

Outlook and guidance

• Internal goal remains 20% FXN Adjusted EBITDA growth for 2025, but formal guidance is withheld due to Colombia's regulatory and payer uncertainties.

• Peru expected to continue stable growth; Mexico to focus on operational efficiencies, high-complexity services, and access expansion.

• Colombia outlook remains cautious, focusing on cash flow, payer diversification, and adapting to regulatory changes.

• Medium-term target to reduce leverage to 3x net debt/EBITDA, with further debt reduction planned as excess cash flow is expected.