AUNA (AUNA) Company Report

Analyst Coverage

Research analysts who have asked questions during AUNA earnings calls.

Mauricio Cepeda

BTG Pactual

5 questions for AUNA

Also covers: AFYA, LAUR

Gerard Forbes

Sura

3 questions for AUNA

Joseph Giordano

TD Cowen

3 questions for AUNA

Also covers: ABLZF, AME, APH +21 more

Saicat Majumder

HSBC

3 questions for AUNA

Alejandro Zamacona Urquiza

HSBC

2 questions for AUNA

Caio Moscardini

Santander

2 questions for AUNA

Also covers: HYPMY

Dhruvi Mehta

SG Analytics

2 questions for AUNA

Joaquin Berro

Fundamental Capital

2 questions for AUNA

Leandro Bastos

Citibank

2 questions for AUNA

Also covers: AFYA, HYPMY

Prachi Thakwani

Deutsche Bank

2 questions for AUNA

Alexis Stephenson

Mann Group

1 question for AUNA

Alex Steffensen

Mann Group

1 question for AUNA

Arthur Alves

Morgan Stanley

1 question for AUNA

Derek Port

BTG Pactual

1 question for AUNA

Ian from BTG Pactual

BTG Pactual

1 question for AUNA

Omar Arrieta

BTG Pactual

1 question for AUNA

Prachi Tarwani

Deutsche Bank

1 question for AUNA

Samuel Alves

BTG Pactual

1 question for AUNA

Latest news

Recent press releases and 8-K filings for AUNA.

Auna Reports Mixed Q3 2025 Results with Strong Peru and Colombia Performance Offsetting Mexico Weakness

AUNA

Earnings

Demand Weakening

New Projects/Investments

Auna reported Q3 2025 consolidated revenue of S/1,117 million, a 1% increase year-over-year on a foreign exchange neutral (FXN) basis, but a 1% decrease as reported.
Adjusted EBITDA for Q3 2025 was S/232 million, decreasing 5% FXN year-over-year and 7% as reported, with the margin declining 1.3 percentage points to 20.8%.
Segment performance was varied, with strong revenue growth in Peru (9% YoY in L.C.) and Colombia (4% YoY in L.C.) partially offsetting a 12% decrease in revenue in Mexico (in L.C.) due to softer demand and information system challenges.
The company's Leverage Ratio remained unchanged at 3.6x in Q3 2025, and it successfully completed a USD$765 million debt refinancing.
Management anticipates Mexico's growth to resume in early 2026, supported by ongoing strategic initiatives, including new leadership and IT system implementations.

Nov 21, 2025, 1:00 PM

Presentation

Auna Reports Weaker Q3 2025 Results Driven by Mexico, Anticipates 2026 Recovery

AUNA

Earnings

Guidance Update

New Projects/Investments

Auna reported weaker financial results in Q3 2025, with a 5% decline in total adjusted EBITDA (FX-neutral) and a 1% increase in FX-neutral consolidated revenue, primarily driven by underperformance in Mexico.
Mexico's revenue declined 12% and significantly impacted consolidated adjusted EBITDA, attributed to slower volume recovery, market conditions, and system migration issues. Despite this, oncology and cardiology services grew 48% quarter-over-quarter, and the company anticipates a full recovery and growth in 2026 for Mexico.
In contrast, Peru and Colombia delivered strong results, with Peru's top line growing 9% and adjusted EBITDA growing 15%, and Colombia's top line growing 4% with an 18% increase in adjusted EBITDA. The company's adjusted net income for the quarter was PEN 58 million.
Auna announced a partnership with Sojitz related to a $500 million investment plan in Mexico over the next three to five years, aiming for significant top-line and EBITDA growth. Management believes the current share price does not reflect the company's intrinsic value and is evaluating options to enhance shareholder value.

Nov 21, 2025, 1:00 PM

Transcript

Auna Reports Q3 2025 Results, Projects 2026 Growth for Mexico, and Addresses Share Price Decline

AUNA

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Peru and Colombia demonstrated strong Q3 2025 performance, with Peru's healthcare revenues growing 9% and adjusted EBITDA increasing 15%, while Colombia's top line grew 5% and adjusted EBITDA increased 18%.
Mexico's revenue declined 12% in Q3 2025, contributing to a 5% FX-neutral decrease in consolidated adjusted EBITDA. However, the company reported a second consecutive quarter of volume recovery in surgeries and 48% growth in oncology and cardiology services in Mexico.
Auna expects Mexico's revenue and EBITDA to begin growing again in 2026 due to strategic initiatives, including a partnership with Sojitz Corporation of America and a $500 million investment plan over three to five years.
The company announced progress on the TRECA public-private partnership in Peru, with a building permit authorized, expecting to start construction in early 2026, and projecting over $200 million in annual sales once scaled.
Management believes the current share price does not reflect the company's fundamentals and is evaluating options to enhance shareholder value, noting a recent 25-30% drop in the last 45 days potentially linked to a competitor's stock sales.

Nov 21, 2025, 1:00 PM

Transcript

Auna Discusses Q3 2025 Results and Strategic Initiatives

AUNA

Earnings

New Projects/Investments

Guidance Update

Auna reported strong Q3 2025 results in Peru and Colombia, while Mexico's revenue was impacted by slower market conditions, volume recovery issues, and IT system migration problems. To address this, strategic initiatives in Mexico include a revamped leadership team, increased focus on out-of-pocket and corporate segments, and a partnership with Sojitz Corporation of America to accelerate growth.
The company successfully completed debt refinancing and aims to bring leverage below three times.
Auna expects 2025 to be a flat year but anticipates growth in 2026, particularly in Mexico.
The TRECA public-private partnership in Peru, an 18-year contract, is expected to generate over $200 million in annual sales when scaled and will be debt neutral for Auna.

Nov 21, 2025, 1:00 PM

Transcript

Auna Announces Q3 2025 Financial Results

AUNA

Earnings

Debt Issuance

New Projects/Investments

Consolidated Revenue for Q3 2025 was S/1,117 million, reflecting a 1% decrease year-over-year on a reported basis, while Adjusted EBITDA decreased 7% to S/232 million.
Adjusted Net Income for Q3 2025 was S/58 million, down from S/75 million in Q3 2024, and the leverage ratio remained unchanged at 3.6x.
Following the quarter-end, Auna completed a USD765 million debt refinancing to extend debt maturities and reduce interest costs.
Auna announced a strategic collaboration with Sojitz and plans to invest approximately US$500 million over the next three to five years to expand its healthcare platform in Mexico.

Nov 20, 2025, 10:03 PM

6-K

Auna Announces Strategic Collaboration with Sojitz to Expand Healthcare Access

AUNA

New Projects/Investments

Guidance Update

Auna S.A. announced a strategic collaboration with Sojitz Corporation of America through a Memorandum of Understanding (MOU) to explore joint business opportunities aimed at expanding healthcare access in Latin America, with an initial focus on Mexico.
The collaboration seeks to combine Auna's healthcare and operational expertise with Sojitz's investment capabilities and international network to accelerate the development of modern, scalable, and accessible healthcare infrastructure and services.
This initiative supports Auna's previously announced intention on September 24, 2025, to invest approximately US$500 million over the next three to five years to expand its integrated healthcare platform in Mexico.
As of June 30, 2025, Auna's network included 31 healthcare facilities with 2,333 beds and 1.4 million health plan members across Mexico, Peru, and Colombia.

Nov 20, 2025, 9:43 PM

6-K

Auna S.A. completes US$765 million debt refinancing

AUNA

Debt Issuance

New Projects/Investments

Auna S.A. announced the completion of a US$765 million debt refinancing on November 7, 2025, which aims to strengthen its capital structure by extending debt maturities, lowering interest expenses, and improving cash flow generation.
The refinancing included the issuance of US$365 million in 8.75% Senior Secured Notes due 2032 and a new US$400 million equivalent MXN Term Loan due October 15, 2030.
Proceeds from the refinancing were used to fund a tender offer for its 10% Senior Secured Notes due 2029, prepay indebtedness under a credit agreement dated November 10, 2023, and repay other short-term debt.
S&P and Fitch credit rating agencies assigned a B+ rating to the 2032 Notes, noting the transaction as credit positive due to improved liquidity ratios and extended short-term debt maturities.
The company's Net Debt-to-EBITDA ratio was 3.6x at the end of Q2 2025, down from 4.5x at year-end 2023, with a medium-term target of 3x.

Nov 7, 2025, 9:01 PM

6-K

Auna S.A. Announces Pricing of Senior Secured Notes

AUNA

Debt Issuance

Auna S.A. announced the successful pricing of U.S.$365,000,000 aggregate principal amount of 8.750% Senior Secured Notes due 2032.
The Notes, co-issued with Oncosalud S.A.C., were priced at 100.000% and are expected to settle on November 6, 2025.
The proceeds from this offering will be used to fund a tender offer for Auna's 10.000% Senior Secured Notes due 2029 and to prepay other existing indebtedness.

Nov 4, 2025, 11:03 AM

6-K

Auna Announces Early Results of Cash Tender Offer for 10.000% Senior Secured Notes

AUNA

Debt Issuance

Auna S.A. announced the early results of its cash tender offer and related consent solicitation for its 10.000% Senior Secured Notes due 2029.
As of the October 31, 2025 Early Tender Date, US$273,709,580 in aggregate principal amount of the Notes, representing approximately 73.39% of the outstanding Notes, had been validly tendered.
The company has obtained the requisite consents from holders to effect proposed amendments to the indenture governing the Notes.
Holders who validly tendered their Notes by the Early Tender Date are eligible to receive a Total Consideration of U.S.$1,070 per U.S.$1,000 principal amount, which includes an Early Tender Payment of U.S.$50.
The Early Settlement Date is expected to be November 6, 2025, and the Tender Offer is set to expire on November 18, 2025.

Nov 3, 2025, 1:48 PM

6-K

Auna Announces Proposed Offering of Senior Secured Notes

AUNA

Debt Issuance

Auna S.A. and Oncosalud S.A.C. announced a proposed private offering of senior secured notes due 2032 on October 28, 2025.
The proceeds from this offering will be used to fund a tender offer to purchase its 10.000% Senior Secured Notes due 2029 and to prepay indebtedness under a credit agreement dated November 10, 2023.
The new notes are expected to be fully and unconditionally guaranteed on a senior secured basis by certain of Auna's subsidiaries.

Oct 28, 2025, 12:31 PM

6-K