Auna Reports Second Quarter 2025 Financial Results, Highlights Resilience Amid Currency Headwinds
Auna (NYSE: AUNA), a leading integrated healthcare platform in Latin America with operations across Mexico, Peru, and Colombia, released its financial results for the second quarter ended June 30, 2025. Despite significant foreign exchange pressures, the company demonstrated steady operational performance, expanding profitability in local currency terms, improving net income, and reinforcing its long-term growth strategy.
All results are reported in Peruvian Soles (PEN or S/), under International Financial Reporting Standards (IFRS), unless otherwise specified.
Consolidated Financial Highlights
For the second quarter of 2025 (2Q25), Auna posted consolidated revenues of S/1,094 million, a 2% decline compared to the same period last year. On a foreign exchange neutral (FXN) basis, however, revenue grew by 4%, underscoring the company’s ability to generate organic growth despite sharp depreciation of the Mexican peso (MXN) and Colombian peso (COP) against the Peruvian sol.
- Adjusted EBITDA reached S/241 million, down 3% year-over-year on a reported basis, but up 5% FXN, with margins holding steady at 22.1%.
- Adjusted Net Income surged to S/89 million, compared to just S/13 million in 2Q24 and S/55 million in the previous quarter (1Q25).
- The company maintained a leverage ratio of 3.6x, unchanged from the prior quarter.
- Importantly, Auna reported its Oncology Medical Loss Ratio (MLR) at a record low of 49.8%, highlighting operational discipline in its flagship cancer care business.
Executive Commentary
Auna’s Executive Chairman and President highlighted that the quarter reflected resilient execution across all three country segments. In constant currency terms, each market contributed positively to EBITDA growth, despite significant FX headwinds.
“While we faced considerable pressure from the depreciation of the Mexican and Colombian currencies relative to the sol, our diversified geographic footprint enabled us to maintain momentum,” management said. “We continue to focus on operational excellence, cost discipline, and clinical quality while positioning ourselves to capture long-term opportunities in Mexico’s vast private healthcare market.”
The company also noted progress in stabilizing operations in Mexico, where earlier challenges in physician and supplier relationships had slowed the rollout of its integrated care strategy known as the “AunaWay.” Through targeted cost containment and alignment initiatives, management has now contained adverse effects and restored momentum.
Country-Level Performance
Mexico: Stabilization and Strategic Progress
In Mexico, revenues rose by 5% in local currency terms, reflecting improved pricing, a stronger service mix, and growing demand for complex procedures. Though surgical volumes were lower, EBITDA benefited from disciplined cost management and targeted adjustments.
Auna also highlighted progress in implementing key strategic initiatives during the quarter:
- Recruitment and integration of senior medical directors and specialist physicians.
- Expansion of the Oncosalud oncology network outside Monterrey.
- Execution of physician productivity programs.
- Selective capital deployment to support long-term growth.
Despite FX-related drag, management underscored that Mexico remains the company’s largest long-term growth opportunity, with a healthcare market characterized by significant unmet demand and increasing demand for private care.
Peru: Sustained Growth Across Oncosalud and Healthcare Network
Peru continued to demonstrate strength across both its flagship Oncosalud insurance and healthcare services businesses. Revenue growth was driven by a combination of expanding plan membership, further price adjustments, and rising demand for surgeries and outpatient care.
Capacity expansion initiatives also progressed during the quarter, with Auna investing in infrastructure and staff to meet growing patient demand. In local currency terms, Peru delivered an 8% increase in both revenue and EBITDA, contributing significantly to consolidated results.
Colombia: Improving Risk-Sharing Models
In Colombia, revenues were flat year-over-year in local currency terms, but the ongoing rollout of risk-sharing models introduced last year contributed positively to margins.
Collections from intervened payors were received on schedule, easing liquidity concerns and reducing the need for impairment provisions. As a result, Colombia achieved 9% local currency EBITDA growth, underscoring the benefits of Auna’s disciplined risk management framework in a challenging operating environment.
Profitability and Cash Flow Trends
Adjusted EBITDA for the group was S/241 million, with margins stable at 22.1%. On a FXN basis, EBITDA rose by 5%, with each country delivering positive contributions. In reported terms, results were weighed down by currency depreciation:
- The Mexican peso depreciated 16% against the sol.
- The Colombian peso weakened by 9% against the sol.
On the financing side, Auna reported net finance costs of S/46 million, a significant improvement from S/182 million in the prior year. Excluding FX effects, net finance costs would have been S/115 million, still a 13% year-over-year improvement.
Auna also recorded a positive non-cash FX impact of S/68 million, reflecting the appreciation of the sol against the U.S. dollar, compared to a negative S/49 million in 2Q24.
Net Income and Shareholder Returns
Auna posted net income of S/84 million in the quarter, compared to just S/8 million in the prior year period. On a per-share basis, earnings were S/1.10, based on an average of 74.2 million basic and diluted shares outstanding.
Adjusted Net Income, which excludes certain non-cash and non-recurring items, came in at S/89 million, compared to S/13 million in 2Q24. On a per-share basis, adjusted earnings were S/1.17.
The sharp increase in profitability reflects both improved operating efficiency and lower financing costs.
Balance Sheet and Leverage
The company ended the quarter with a leverage ratio of 3.6x, unchanged from 1Q25, reflecting disciplined financial management. Auna reiterated its target of reducing leverage below 3.0x over the medium term, supported by improving cash flow generation and capital allocation discipline.
Management emphasized its continued efforts to optimize the capital structure, extend maturities, and maintain financial flexibility to support growth initiatives across all three markets.
