Auna Announces 4Q25 and FY25 Financial Results

Auna Closes FY 2025 with Strong Performance in Peru and Colombia and 35% increase in Free Cash Flow
Signs of Recovery in Mexico in 2026
Company Sets 12% Adjusted EBITDA Growth Guidance for 2026

LUXEMBOURG--(BUSINESS WIRE)--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.

FY25 Consolidated Highlights

• Revenue increased 4% FXN to S/4,385 million, and was flat on reported basis
• Adjusted EBITDA decreased 3% FXN, or 8% YoY on reported basis, to S/917 million
• Adjusted EBITDA Margin of 20.9%, down 1.7 p.p. YoY from 22.6% in FY24
• Operating Cash Flow and Free Cash Flow increased 2% YoY and 35% YoY, respectively
• Adjusted Net Income was S/336 million, up from S/146 million in FY24
• Oncology MLR decreased to record 48.5% since 2022, down from 53.0% in FY24

4Q25 Consolidated Highlights

• Revenue increased 6% FXN, or 7% YoY on reported basis, to S/1,133 million
• Adjusted EBITDA was S/220 million, a decrease of 14% FXN, or 13% YoY
• Adjusted EBITDA Margin of 19.5%, down 4.5 p.p. YoY from 23.9% in 4Q24
• Adjusted Net Income of S/136 million, up from S/36 million in 4Q24
• Leverage Ratio remained unchanged at 3.6x

Message from Auna’s Executive Chairman and President

Auna closed fiscal 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 deliver sustained 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.

In Peru, where our 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 annually.

In Mexico, where 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.

As we continued 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.

During the second 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.

We saw 2025 as a 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.

We continue to be 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 Financial Guidance

For Fiscal Year 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.

Auna’s guidance 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.

Disclaimer: 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.

Overview of 4Q25 and Full-Year 2025 Consolidated Results

Revenues 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.

Adjusted 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.

Our reported results were impacted by foreign exchange fluctuations, specifically, a 1% depreciation of the MXN and a 3% appreciation of the COP against the PEN.

Net 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 in 4Q25 included a positive non-cash amount of S/48 million, compared to a negative S/24 million in 4Q24. In FY25, net finance costs were S/436 million compared to S/609 million in FY24. Excluding net finance costs from exchange rate differences as well as extraordinary refinancing costs, net finance costs would have been S/459 million in FY25 and S/561 million in FY24, representing a decrease of S/102 million, or 18.2%. The exchange rate difference in FY25 included a positive non-cash amount of S/193 million, compared to a negative S/42 million in FY24.

The positive non-cash amounts in the quarter and full-year primarily reflect the appreciation of the Peruvian Sol against the US Dollar, outside of Auna’s call-spread hedge in place during 2025.

Net Loss of S/64 million in 4Q25 compared to a S/24 million net gain in 4Q24. On a per-share basis, Auna reported a Net Loss of S/0.92, based on a weighted average number of basic and diluted shares of 74,188,937. In FY25, Net Income was S/111 million compared to S/124 million in FY24. On a per-share basis, annual Net Income was S/1.32 based on a weighted average number of basic and diluted shares of 74,203,227.

Adjusted Net Income was S/136 million in 4Q25 versus Adjusted Net Income of S/36 million in 4Q24. On a per-share basis, Auna reported Adjusted Net Income of S/1.78. In FY25 Adjusted Net Income was S/336 million compared to S/146 million in FY24. On a per-share basis, annual Adjusted Net Income was S/4.36.

For a full version of AUNA’s Fourth Quarter 2025 Earnings Release, please visit: https://aunainvestors.com/English/financial-information/quarterly-results/

Conference Call Details

When: 8:00 a.m. Eastern time, March 11, 2026

Who: Mr. Suso Zamora, Executive Chairman of the Board and President; Mrs. Gisele Remy, Chief Financial Officer and Executive Vice President; Mr. Lorenzo Massart, Executive Vice President of Strategy and Equity Capital Markets.

Dial-in: [phone] (U.S. domestic), [phone] (International)

Passcode: 3884034

To access Auna’s financial results call via telephone, callers need to press # to be connected to an operator.

Webcast: click here

About AUNA

Auna is a leading healthcare platform in Latin America with operations in Mexico, Peru, and Colombia, prioritizing prevention and concentrating on high-complexity diseases that contribute the most to healthcare expenditures. Our mission is to transform healthcare by providing access to a highly integrated healthcare offering in the underpenetrated markets of Spanish-Speaking Americas. Founded in 1989, Auna has built one of Latin America's largest modern healthcare platforms that consists of a horizontally integrated network of healthcare facilities and a vertically integrated portfolio of oncological plans and selected general healthcare plans. As of December 31, 2025, Auna’s network included 31 healthcare network facilities, consisting of hospitals, outpatient, prevention and wellness facilities with a total of 2,333 beds, and 1.4 million healthcare plans.

For more information visit www.aunainvestors.com.

Safe Harbor Statement

This press release contains forward-looking statements. Forward-looking statements convey our current expectations or forecasts of future events. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from the forward-looking statements that we make. Forward-looking statements typically are identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “project,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, our target Leverage Ratio, the expected resolution of the issues with physicians, suppliers and information systems in Mexico, the results of the key initiatives we are implementing in Mexico, Colombia and Peru, the expected completion and opening of Centro Ambulatorio Trecca in 2028, the expected capacity and market of Centro Ambulatorio Trecca once built, the execution of our strategic plan, including the recovery of our growth levels and the roll-out of the AunaWay in Mexico, our planned investments in Mexico, revenue and Adjusted EBITDA guidance, our expectation for revenue and EBITDA growth in Mexico and the creation of further growth and sustainable value for all stakeholders. Any or all of our forward-looking statements in this press release may turn out to be inaccurate. Our actual results could differ materially from those contained in forward-looking statements due to a number of factors.

The forward-looking statements in this press release represent our expectations and forecasts as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see our Form 20-F filing with the U.S. Securities and Exchange Commission (the “SEC”).

Financial Guidance Disclaimer

Auna’s guidance 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.

Auna’s 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 20-F filed with 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 financial guidance constitutes forward-looking statements. For more information, see the “Forward-Looking Statements” section in this release.