EX-99.1 2 dp233186_ex9901.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

Auna Announces 2Q25 Financial Results

 

Adjusted EBITDA increases 5% FXN YoY with all segments contributing
positively to quarterly results in their local currency

 

Luxembourg, Aug 19, 2025 – Auna (NYSE: AUNA) (“Auna” or the “Company”), a leading healthcare platform in Latin America with operations in Mexico, Peru, and Colombia, today announced financial results for the second quarter ended June 30, 2025 (“second quarter 2025” or “2Q25”). Financial results are expressed in Peruvian Soles (“S/” or PEN”) and are presented in accordance with International Financial Reporting Standards (“IFRS”), unless otherwise noted.

 

2Q25 Consolidated Highlights

 

●Consolidated Revenue increased 4% FXN while decreasing 2% YoY on reported basis to S/1,094 million

 

●Adjusted EBITDA increased 5% FXN, and decreased 3% YoY to S/241 million

 

●Adjusted EBITDA Margin remained flat at 22.1%

 

●Adjusted Net Income was S/89 million, up from S/13 million in 2Q24 and S/55 million  in 1Q25

 

●Leverage Ratio was 3.6x, in line with 3.6x in 1Q25

 

●Oncology MLR reached a record low level of 49.8%

 

Message from Auna’s Executive Chairman and President

 

Auna grew its year-over-year (“YoY”) FX-neutral Adjusted EBITDA by 5%, with all three country segments contributing positively to our performance recovery in local currency terms. Despite significant foreign exchange headwinds—particularly the depreciation of the Mexican and Colombian currencies versus the Peruvian Sol— each operation demonstrated resilience to execute its strategy with utmost discipline with the goal of delivering clinical and operational excellence, showcasing the power of our diversified geographic footprint.

 

We continue to build a stronger, more efficient organization, while positioning Auna to effectively seize the near to long-term growth opportunities in Mexico’s massive private healthcare market. In Mexico, we have contained and stabilized the adverse effects related to physician/supplier relationships that temper the implementation of the AunaWay, in particular with respect to patient/physician alignment and cost containment for payors. Improvements in pricing and service mix, coupled with continued cost discipline, enabled us to grow EBITDA despite lower surgical volumes. This quarter also marked significant progress on key strategic initiatives in Mexico, including

 

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recruitment and integration of lead medical directors and physicians, productivity programs, expansion of the Oncosalud network outside of Monterrey, and selective capital deployment. In Peru, revenue growth across both Oncosalud and our healthcare network was supported by plan membership expansion, further price adjustments, and service volume increases, even as we expanded healthcare capacity. In Colombia, the risk-sharing models we have been implementing since last year are gaining additional traction, while collections commitments from intervened payors have been received on time as of the end of the quarter, reducing the need for impairment provisions as well as improvement in margins and cash flow.  

 

Looking ahead, we continue to work on the optimization of our capital structure. We improved our maturity profile and maintained our Leverage Ratio at 3.6x, while continuing to target a medium-term goal of below 3.0x.

 

We are confident that the regional healthcare platform we are building—focused on high-complexity care, integrated care delivery, and disciplined capital allocation—positions Auna for further growth and long-term value for all stakeholders.

 

Overview of 2Q25 Consolidated Results

 

Revenues decreased 2% YoY to S/1,094 million, increasing 4% FXN, with revenues in local currency (“L.C.”) increasing 5% in Mexico and 8% in Peru while remaining flat versus 2Q24 in Colombia. In Mexico, healthcare network revenue increased, supported by higher tickets associated with high complexity services and an improved pricing mix in other non-core services. The Peruvian healthcare network benefited from higher demand for surgeries, membership growth, as well as price adjustments. In Colombia, the YoY growth in risk-sharing models supported the top line amidst a reduced service offering for intervened EPSs, the local insurance companies.

 

Adjusted EBITDA decreased 3% YoY, increasing 5% FXN, to S/241 million, with the margin flat at 22.1%. In L.C. terms, Adjusted EBITDA increased 2% in Mexico, 8% in Peru and 9% in Colombia. The increase in FXN Adjusted EBITDA reflects revenue growth in Mexico and Peru, as well as expenses that support growth, including investments in medical talent in Mexico and Peru, and sales commissions at Oncosalud. In Colombia, Adjusted EBITDA, included lower impairment provisions. Additionally, the results in Auna’s reporting currency were impacted by a 16% depreciation of MXN versus PEN and 9% depreciation of COP versus PEN.

 

Net finance costs were S/46 million in 2Q25 versus S/182 million in 2Q24. Net finance costs, excluding FX effects, would have been S/115 million in 2Q25 and S/133 million in 2Q24, a decrease of S/18 million or 13%.  The FX impact in 2Q25 includes a positive non-cash amount of S/68 million versus a negative S/49 million non-cash FX impact from 2Q24, mainly due to the effect of the appreciation of the Peruvian Sol against the US Dollar outside the range of Auna’s call-spread hedge.

 

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Net Income was S/84 million in 2Q25 compared to S/8 million in 2Q24. On a per-share basis, Auna reported Net Income of S/1.10, based on a weighted average number of basic and diluted shares of 74,217,754.

 

Adjusted Net Income was S/89 million in 2Q25, versus S/13 million in 2Q24. On a per-share basis, Auna reported Adjusted Net Income of S/1.17, based on a weighted average number of basic and diluted shares of 74,217,754.

 

Business performance

 

HEALTHCARE SERVICES MEXICO

 

(Explanations of variances are in local currency unless expressed otherwise)

 

Auna′s Healthcare Services and Oncosalud’s operations in Mexico accounted for 25% of consolidated revenues and 36% of consolidated Adjusted EBITDA.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 


              Δ 2Q'25 vs 2Q'24 Δ YTD 25 vs YTD 24
Healthcare Services Mexico
Key Operating Metrics		     2Q'25
(USD)		 2Q'25 YTD 25   As
Reported		 Local
Currency		 As
Reported		 Local
Currency
Beds #     708 708   0%   0%  
Surgeries # (000)     4.9 9.6   -8%   -7%  
Emergency treatments # (000)     8.2 16.2   -8%   -13%  
Operating capacity utilization %     57.8% 58.8%   -5.4 p.p.   -3.3 p.p.  
Total capacity utilization %     38.5% 39.1%   -3.6 p.p.   -2.2 p.p.  
Key Financial Metrics                    
Segment Revenue     77 274 517   -9% 5% -15% 1%
Segment Adjusted EBITDA     25 88 168   -12% 2% -17% -2%
Segment Adjusted EBITDA margin %     32.0% 32.6%   -1.1 p.p.   -0.8 p.p.  

 

Segment revenue from Mexico increased 5% YoY in 2Q25. Despite a YoY decline in  demand for surgeries and emergency treatments in a soft market, revenues were supported by higher average tickets for these services. Additionally, growth was fueled by the rebalancing of the pricing mix in other service lines, including hemodynamics, radiotherapy, hemodialysis, and chemotherapy. However, the reduction in surgical procedures and emergency visits, which serve as key entry points for patient intake, had a downstream impact, leading to fewer hospitalizations and ICU admissions.

 

Segment Adjusted EBITDA increased 2% YoY in 2Q25, mainly due to revenue growth and cost efficiency measures implemented in 4Q24, particularly in pharmaceutical procurement and surgical equipment rentals. Resulting cost savings were partially offset by higher expenses associated with initiatives to enhance physician productivity, including incentive programs linked to the integration of Opcion Oncologia’s medical staff. Mexico’s Adjusted EBITDA Margin remained healthy at 32.0%, despite a 1.1 p.p. decline from 2Q24.

 

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PERU OPERATIONS: HEALTHCARE SERVICES PERU AND ONCOSALUD PERU

 

Auna′s Healthcare Services and Oncosalud Peru accounted for 43% of consolidated revenues and 42% of consolidated Adjusted EBITDA.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

Healthcare Services Peru and
Oncosalud Peru
Key Financial Metrics		     2Q'25 (USD) 2Q'25 YTD 25   Δ 2Q'25
vs 2Q'24		 Δ YTD 25
vs YTD 24
Revenue     134 474         934   8% 9%
Healthcare Services Peru     76 269 532   5% 7%
Oncosalud Peru     81 286 567   7% 9%
Holding and Eliminations (*)       (81) (165)   -2% 4%
Consolidated Peru Adjusted EBITDA     28 101 203   8% 13%
Healthcare Services Peru     10 34 76   -15% -2%
Oncosalud Peru     19 67 127   25% 25%
Consolidated Peru Adj. EBITDA margin %     21.3% 21.7%   0.0 p.p. 0.9 p.p.
Healthcare Services Peru       12.6% 14.2%   -3.0 p.p. -1.4 p.p.
Oncosalud Peru       23.4% 22.4%   3.4 p.p. 2.9 p.p.

 

(*) Relates to intersegment revenue elimination.

 

 

Healthcare Services Peru
Key Operating Metrics		     2Q'25
(USD)		 2Q'25 YTD 25   Δ 2Q'25
vs 2Q'24		 Δ YTD 25
vs YTD 24
Beds #     385 385   3% 3%
Surgeries # (000)     5 11   7% 6%
Emergency treatments # (000)     48 85   1% -1%
Operating capacity utilization %     75.6% 74.8%   -9.5 p.p. -7.4 p.p.
Total capacity utilization %     73.6% 72.9%   -0.8 p.p. 0.9 p.p.
Key Financial Metrics                
Revenue     76 269 532   5% 7%
External revenues     56 200 387   9% 9%
Intercompany revenue     20 69 145   -4% 4%
Segment Adjusted EBITDA     10 34 76   -15% -2%
Segment Adjusted EBITDA margin %     12.6% 14.2%   -3.0 p.p. -1.4 p.p.

   

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Oncosalud Peru
Key Operating Metrics		     2Q'25
(USD)		 2Q'25 YTD 25   Δ 2Q'25
vs 2Q'24		 Δ YTD 25
vs YTD 24
Plan memberships # (000)     1,389 1,389   10% 10%
Oncological Plans  # (000)     991 991   2% 2%
Average monthly revenue per plan membership     17.23 61.04 60.57   1% 2%
Preventive check-ups # (000)     31 65   24% 24%
Patients treated # (000)     17 54   32% 21%
MLR %       54.9%     -3.7 p.p.
Oncological Plans %       49.8%     -4.9 p.p.
Key Financial  Metrics                
Revenue     81 286 567   7% 9%
External revenues     77 274 547   6% 9%
Intercompany revenue     3 12 20   9% 1%
Segment Adjusted EBITDA     19 67 127   25% 25%
Segment Adjusted EBITDA margin %     23.4% 22.4%   3.4 p.p. 2.9 p.p.

 

Total revenue from Peru increased 8% YoY to S/474 million in 2Q25. The 7% YoY increase in revenues at the Oncosalud Peru segment reflects an increase of 10% in total plan memberships, as well as the effect of annual price adjustments to support medical inflation in the Oncology and Healthcare plans. The MLR decreased 3.7 p.p. to 54.9%, led by an increase of General Healthcare plans in the product mix, while the Oncology MLR decreased for a fourth consecutive quarter to 49.8%, a 4.9 p.p. decrease, due to efficiencies in pharmaceutical costs.

 

The Healthcare Services segment increased revenues by 5% YoY, reflecting higher surgery volumes as well as improved pricing and service mix in Lima. Outside of Lima, Clinica Vallesur and Clinica Chiclayo also contributed to revenue growth in the same way, in addition to increased volumes in emergency visits and outpatient treatments at these care facilities.

 

Additionally, we added 47 operating beds across the network, mostly at Clinica Delgado and Clinica Miraflores in Piura, where we also added 10 beds to its total capacity. As a result, operating capacity utilization was 75.6%, and the total capacity utilization was 73.6%.

 

Consolidated Adjusted EBITDA in Peru increased 8% YoY to S/101 million in 2Q25, maintaining the margin flat at 21.3% versus 2Q24. The growth in Consolidated Adjusted EBITDA in Peru was primarily driven by higher revenues, while COGS and SG&A increased to support the growth of Peruvian operations, including sales commissions, expenses related to medical and administrative staff retention, and third-party medical services. On an individual segment basis, the Adjusted EBITDA from Healthcare Services Peru decreases 15% mostly due to expense allocations from the Oncosalud Peru segment, which have been reassessed based on the usage of corporate services, as well as certain incremental employee expenses including trainings and adjustments for cost inflation in 2025. The corporate expense allocation to the Peru Healthcare segment, along with the

 

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increase in revenues, also explains the 25% increase in Adjusted EBITDA in the Oncosalud Peru segment.

 

HEALTHCARE SERVICES COLOMBIA

 

(Explanations of variances are in local currency unless expressed otherwise)

 

Auna′s Healthcare services operations in Colombia accounted for 32% of consolidated revenues and 24% of consolidated Adjusted EBITDA.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

              Δ 2Q'25 vs 2Q'24 Δ YTD 25 vs YTD 24
Healthcare Services Colombia
Key Operating Metrics		     2Q'25 (USD) 2Q'25 YTD 25   As
Reported		 Local
Currency		 As
Reported		 Local
Currency
Beds #     1,131 1,131   1%   1%  
Surgeries # (000)     10 21   -11%   -11%  
Emergency treatments # (000)     36 72   5%   3%  
Operating capacity utilization %     85.5% 85.8%   -4.1 p.p   -1.4 p.p  
Total capacity utilization %     76.4% 76.6%   -6.5 p.p   -4.0 p.p  
Key Financial Metrics                    
Segment Revenue     98 346       685   -8% 0% -6% 3%
Segment Adjusted EBITDA     16 58 99   0% 9% -8% 0%
Segment Adjusted EBITDA margin %     16.7% 14.5%   1.4 p.p   -0.3 p.p.  

 

Segment revenue from Colombia in 2Q25 remained practically unchanged versus 2Q24, primarily due to the gradual implementation of risk-sharing models in Antioquia, including Prospective Global Payments (“PGP”) for cardiovascular services, ambulatory services, and chemotherapy services, all of which offset revenue declines from surgeries, a service that has been limited as part of our strategy to manage revenues and cashflows from intervened payors. Additional contributions to the top line came from continued growth in chemotherapy and imaging services.

 

Operating capacity utilization in Colombia was 85.5%, a YoY decrease of 4.1 p.p., while total capacity utilization decreased 6.5 p.p. to 76.4% from 2Q24. These declines reflect the strategic decision to proactively manage contracted services with government-intervened payors and to implement efficiency measures in hospital bed allocation, both to prioritize cash generation over top-line growth. During the quarter, Auna added a new payor, Salud Total, under a PGP contract (effective July 1, 2025), further diversifying the payor mix away from intervened entities.

 

Segment Adjusted EBITDA increased 9% YoY in 2Q25, with the margin expanding 1.4 p.p to 16.7%. In 2Q’25 Adjusted EBITDA includes other income related to expired unclaimed payments due to patients, as well provisions for impairment losses. Notably, impairment losses as reported were S/2 million versus S/3 million in 2Q24 and S/10 million in 1Q25. This decline in impairment losses reflects timely receipt of payments from Nueva EPS, the largest of the intervened payors served by Auna in Colombia.

 

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Balance Sheet & Cash Flow

 

Consolidated Debt

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

    Jun-25
(USD)		 Jun-25 Dec-24 Jun-24   Δ Jun-25 vs
      Jun-24 Dec-24
(+) Loans and borrowings   1,009 3,574 3,620 3,780   -5% -1%
Short term debt   169 598 654 516   16% -9%
Long term debt   840 2,976 2,966 3,263   -9% 0%
(+) Lease Liabilities   36 129 148 147   -13% -13%
Gross Debt    1,045 3,702 3,768 3,927   -6% -2%
(-) Cash and cash equivalents / marketable securities   49 175 236 158   11% -26%
Net Debt   996 3,528 3,532 3,769   -6.4% -0.1%
Leverage Ratio     3.6x 3.6x 4.1x   -0.5x 0.1x

 

Gross Debt at the close of 2Q25 decreased 2% versus 4Q24 to S/3,702 million, due to (i) a S/76 million decrease in FX, mainly driven by a 6% appreciation of the PEN/USD exchange rate, (ii) a S/232 million reduction due to a 12.75% amortization of the Term Loan, and (iii) a S/35 million reduction in long-term debt and in financial and operating leases, offset by (i) a S/48 million increase in short-term debt related to working capital needs, and (ii) an increase of S/230 million related to the May 2025 issuance of 10.000% Senior Secured Notes due 2029.

 

Leverage Ratio was 3.6x at the end of 2Q25. This reflects the combination of lower  LTM EBITDA versus 4Q24 due to FX impacts and  less cash at the end of the period, partially offset by lower gross debt. While the 2Q25 Leverage Ratio remained unchanged compared to 1Q25, Auna remains focused on reaching its medium-term target of less than 3.0x Leverage Ratio.

 

Consolidated Debt Amortization Profile

 

(Figures in millions of Soles, unless expressed otherwise)

 

  Total Leases Y1 Y2 Y3 Y4 Y5 Y6+
Loans and Borrowings 3,574   598 321 506 746 1,355 49
Financial Leases 46   16 12 6 3 3 6
Operating Leases 82 82            
Gross Debt 3,702 82 614 333 512 749 1,357 55

 

As of 2Q25. Excludes interest. Reflects figures post-refinancing. Y1 = July 2025 to June 2026, Y2 = July 2026 to June 2027, Y3 = July 2027 to June 2028, Y4 = July 2028 to June 2029, Y5 = July 2029 to June 2030, and Y6+ = July 2030 to September 2035.

 

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Cashflow and Cash Conversion Cycle

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

    2Q'25 (USD) 2Q'25 2Q'24   Δ 2Q'25 vs 2Q'24
Net cash from operating activities                       71                 251                271   -7%
Net cash used in investing activities                     (31)               (109)              (116)   -6%
Net cash used in financing activities                     (59)               (209)              (232)   -10%
Cash and cash equivalents at the end of the period                       49                 175                158   11%

 

 

    LTM Jun-24 LTM Mar-25 LTM Jun-25
Days Sales Outstanding   79 86 87
Days Inventory Outstanding   37 38 41
Days Payable Outstanding   109 127 132
Cash Conversion Cycle   7 -2 -3

 

*Measured on an average basis according to last twelve months results.

 

Net cash from operating activities decreased 7% YoY, or S/20 million, to S/251 million for the six months ended June 30, 2025 versus the comparable period last year, and included: (i) a S/20 million decrease in cash generated from operating activities, including S/11 million in performance based bonuses to the Opción Oncología doctors, (ii) a S/3 million decrease in net interest received , partially offset by an S/3 million decrease in income taxes paid. Operating cash flow related to collections of outstanding payments due from Nueva EPS is in line with the established payment plan for this payor, as of quarter end, partially offset by payments to suppliers in Mexico.

 

Net cash used in investing activities decreased 6% YoY, or S/7 million, to S/109 million for the six months ended June 30, 2025 versus the comparable period last year, and included: (i) S/90 million in organic maintenance CapEx, including an S/8 million payment for branding rights to the Opción Oncología doctors,  (ii) a S/15 million payment to former OCA shareholders for holdback obligations, and (iii) a S/6 million earnout payment to IMAT Oncomedica shareholders. In the first six months ended June 30, 2024, investing activities included: (i) S/70 million in organic maintenance CapEx, and (ii) a S/47 million earnout payment to IMAT Oncomedica shareholders.

 

Net cash used in financing activities was S/209 million, a decrease of 10% YoY, or S/23 million, for the six months ended June 30, 2025 versus the comparable period last year. Cash used in financing activities during the period included (i) S/114 million in term loan interest payments, (ii) S/ 18 million for hedge premium and swap interest payments, (iii) S/58 million in interest for Auna’s 2029 Senior Secured Notes, (iv) S/32 million in interest payments for working capital facilities, and (v) S/14 million in additional working capital borrowings. The comparable six months ended June 30, 2024 period included (i) S/143 million in term loan interest payments, (ii) S/35 million for hedge premiums, (iii) S/55 million

 

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in interest payments for Auna’s 2029 Senior Secured Notes and 2025 Senior Unsecured Notes, (iv) S/32 million in interest payments for working capital facilities, (v) S/14 million in additional working capital borrowings, and (vi) S/18 million in IPO proceeds and related refinancing activities as well as the repayment of certain indebtedness and financial obligations following the IPO.

 

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 June 30, 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

 

Conference Call Details

 

When: 8:00 a.m. Eastern time, Aug 20, 2025

 

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: +1 888 596 4144 (U.S. domestic), +1 646 968 2525 (International)
Passcode: 3884034

 

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

 

Webcast: https://events.q4inc.com/attendee/825517156

 

Definitions and Concepts

 

Figures in US dollars (US$ or USD) for 2Q25 are presented for indicative purposes and were calculated using an FX rate of US$1= S/3.542. All comparisons in this announcement are year-over-year (“YoY”), unless otherwise noted; additionally, results are presented in an FX neutral basis (“FXN”) for consolidated revenues, consolidated cost of sales and services, consolidated selling and administrative expenses and consolidated adjusted

 

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EBITDA, as well as, in local currency for the Mexico and Colombia segments, to eliminate the effect of foreign exchange, or “FX,” volatility between the comparison periods.

 

Financial results are preliminary and subject to year-end audit.

 

Use of Non-IFRS Financial Measures

 

This release includes financial measures defined as “non-IFRS financial measures” by the SEC, including: EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted LTM EBITDA, Segment EBITDA, Segment EBITDA Margin, Segment Adjusted EBITDA, Segment Adjusted EBITDA Margin, Consolidated Peru Adjusted EBITDA, Consolidated Peru Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income, Basic and Diluted EPS, Adjusted Basic and Diluted EPS, Leverage Ratio and FX Neutral because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

 

In addition, management and our board of directors use these non-IFRS financial measures to assess our financial performance and believe they are helpful in highlighting trends in our core operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding the growth of our business. These are not measures of operating performance under IFRS and have limitations as analytical tools. You should not consider such measures either in isolation or as substitutes for analyzing our results as reported under IFRS. Additionally, our calculations of EBITDA, Segment EBITDA, Adjusted EBITDA, Adjusted Net Income, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income Margin, FX Neutral and Leverage Ratio may be different from the calculations used by other companies for similarly titled measures, including our competitors, and therefore may not be comparable to those of other companies.

 

EBITDA: is calculated as profit (loss) before tax for the period plus net finance cost and depreciation and amortization. EBITDA is a key metric used by management and our board of directors to assess our financial performance.

 

EBITDA Margin: is calculated as EBITDA divided by total revenue from contracts with customers.

 

Adjusted EBITDA: is calculated as profit (loss) before tax for the period plus net finance cost, depreciation and amortization, pre-operating expenses for projects under construction, business development (income) expenses for expansion into new markets, change in fair value of earn-out liabilities, stock-based consideration and personnel non-recurring compensation.

 

Adjusted EBITDA Margin: is calculated as Adjusted EBITDA divided by total revenue from contracts with customers.

 

Adjusted Last Twelve Month (“LTM”) EBITDA: is calculated by adding the last four quarters beginning with the corresponding period.

 

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Segment EBITDA: is calculated as segment profit before tax plus net finance cost and depreciation and amortization.

 

Segment EBITDA Margin: is calculated as segment EBITDA divided by total segment revenue from contracts with customers.

 

Segment Adjusted EBITDA: is calculated as segment profit (loss) before tax for the period plus net finance cost, depreciation and amortization, pre-operating expenses for projects under construction, business development (income) expenses for expansion into new markets, change in fair value of earn-out liabilities, stock-based consideration and personnel non-recurring compensation.

 

Segment Adjusted EBITDA Margin: is calculated as segment Adjusted EBITDA divided by total Segment revenue from contracts with customers.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

    2Q'25
(USD)		         Δ 2Q'25 vs    Δ YTD 25 vs
    2Q'25   YTD 25   2Q'24 1Q'25   YTD 24
Profit (Loss) before Tax   37 132   194   4501% 115%   917%
(+) Net Finance Cost   13 46   127   -74% -42%   -64%
(+) Depreciation and Amortization   16 55   109   -1% 4%   -3%
(=) EBITDA   66 234   429   -3% 20%   -11%
(+) Adjustments   2.0 7.2   34.3          
(a) Pre-operating expenses   0.1 0.5   0.7          
(b) Business development expenses   1.1 3.9   27.6          
(c) Stock-based consideration   0.7 2.6   5.3          
(d ) Personnel non-recurring compensation   0.0 0.1   0.6          
(=) Adjusted EBITDA   68 241   464   -3% 8%   -5%
Adjusted EBITDA Margin     22.1%   43.4%   -0.1 p.p. 0.7 p.p.   -1.2 p.p.

 

(a) Pre-operating expenses consist of legal and administrative expenses incurred in connection with medical facilities under construction, such as Clínica Chiclayo, costs relating to the Torre Trecca PPP, and legal and administrative expenses incurred in connection with the acquisition of land banks for future facilities.

 

(b) Business development expenses consist of expenses incurred in connection with projects and payments to sellers to expand into new markets, including through greenfield projects and M&A activity.

 

(c) Stock-based consideration includes share-based payments plans for non-executive members of the Board of Directors and other Auna management including executives and employees.

 

(d) Personnel non-recurring compensation related to the implementation of an efficiency program across business units aimed at streamlining processes and capturing synergies on the local and regional levels.

 

At the segment level, 2Q25 adjustments include (i) Pre-operating expenses of S/0.5 million in Holdings and eliminations, (ii) Business development expenses of S/3.9 million in Healthcare Services Mexico; (ii) Stock based consideration of S/ 1.7 million in Healthcare Services Mexico, S/0.2 million in  Healthcare Services Peru, S/0.2 million in Oncosalud Peru,

 

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and S/0.6 million in Holdings and eliminations; (iii) Personnel non-recurring compensation of S/0.1 million in Healthcare Services Mexico.

 

In 2Q24 adjustments include (i) Pre operating expenses of S/1.6 million in Healthcare Services Mexico and S/0.2 in Holdings and eliminations,(ii) Business development expenses of S/1.4 million in Healthcare Services Mexico; (iii) Stock based consideration of S/0.3 million in Holdings and eliminations; (iv) Personnel non-recurring compensation of S/2.0 million  in Healthcare Services Mexico, S/1.6 million in Healthcare Services Peru and S/0.1 million in Healthcare Services Colombia.

 

Consolidated Peru Adjusted EBITDA: is calculated by adding Healthcare Services Peru segment Adjusted EBITDA plus Oncosalud Peru segment Adjusted EBITDA.

 

Consolidated Peru Adjusted EBITDA Margin: is calculated as Healthcare Services Peru segment Adjusted EBITDA plus Oncosalud Peru segment Adjusted EBITDA, divided by total revenues from Healthcare Services Peru Segment plus total revenues from Oncosalud Peru segment.

 

Adjusted Net Income: is calculated as profit (loss) for the period plus adjustments as described below.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

    2Q'25
(USD)		 2Q'25 2Q'24 YTD 25 YTD 24
Net Income (Loss)    24 84 8 122 (0)
(a) Pre-operating expenses   0.1 0.5 1.8 0.7 2.2
(b) Business development expenses   1.1 3.9 1.4 27.6 1.4
(c) Stock-based consideration   0.7 2.6 0.3 5.3 0.6
(d) Personnel non-recurring compensation   0.0 0.1 3.6 0.6 3.6
(e) Non-cash and non-recurring financial costs    0.0 0.0 0.0 0.0 29.6
(f) Allocated tax effects   (0.7) (2.6) (2.1) (13.0) (2.3)
(=) Adjusted Net Income   25 89 13 143 35

 

(a) Pre-operating expenses consist of legal and administrative expenses incurred in connection with medical facilities under construction, such as Clínica Chiclayo, costs relating to the Torre Trecca PPP, and legal and administrative expenses incurred in connection with the acquisition of land banks for future facilities.

 

(b) Business development expenses consist of expenses incurred in connection with projects and payments to sellers to expand into new markets, including through greenfield projects and M&A activity.

 

(c) Stock-based consideration includes share-based payments plans for non-executive members of the Board of Directors and other Auna management including executives and employees.

 

(d) Personnel non-recurring compensation related to the implementation of an efficiency program across business units aimed at streamlining processes and capturing synergies on the local and regional levels.

 

(e) Non-cash and non-recurring financial costs include; 1) one-time non-recurring costs of refinancing activities; 2) non-cash derivative costs related to mark to market of legacy derivatives

 

12

 

related to extinguished financings; and 3) non-cash effects related to early extinguishment of financings.

 

(f) Allocated tax effects neutralize the tax shield that the items considered as adjustment have generated in the taxable profit.

 

Basic and Diluted Earnings per Share: Basic and Diluted Earnings per Share is calculated by dividing the profit attributable to owners of the Company by the weighted average number of basic and diluted shares outstanding during the period, which excludes treasury shares.

 

Adjusted Basic and Diluted Earnings per Share: Adjusted Basic and Diluted Earnings per Share is calculated by dividing profit attributable to owners of Adjusted Net Income of the Company by the weighted average number of basic and diluted shares outstanding during the period, which excludes treasury shares.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

  2Q'25
(USD)		 2Q'25 2Q'24 YTD 25 YTD 24
Net Income (Loss)  24 84 8 122 (0)
Income (Loss) attributable to Owner of the company 23 82 4 117 (10)
Weighted average number of basic and diluted shares at June 30   74.2 74.0 74.2 60.6
Basic and diluted earnings per share 0.31 1.10 0.05 1.58 (0.16)
Adjusted Net Income (Loss) 25 89 13 143 35
Income (Loss) attributable to owners of Adjusted Net Income 24 87 9 139 25
Weighted average number of basic and diluted shares at June 30   74.2 74.0 74.2 60.6
Adjusted Basic and Diluted Earnings per Share 0.33 1.17 0.12 1.87 0.42

 

Leverage Ratio: We calculate Leverage Ratio as (i) current and non-current loans and borrowings plus current and non-current lease liabilities minus (ii) cash and cash equivalents, divided by (iii) Last twelve months Adjusted EBITDA.

 

(Figures in millions of Soles, unless expressed otherwise)

 

  2Q'24 4Q'24 2Q'25
 
Current and non-current loans & borrowings 3,780 3,620 3,574
Current and non-current lease liabilities 147 148 129
Cash and cash equivalents 158 236 175
Net Debt 3,769 3,532 3,528
Adjusted LTM EBITDA 913 993 968
Leverage Ratio 4.1x 3.6x 3.6x

 

13

 

Net Debt: We calculate Net Debt as Gross Debt minus Cash and cash equivalents.

 

(Figures in millions of Soles, unless expressed otherwise)

 

    2Q'24 4Q'24 2Q'25
   
(+) Loans and borrowings   3,780 3,620 3,574
Short term debt   516 654 598
Long term debt   3,263 2,966 2,976
(+) Lease Liabilities   147 148 129
Gross Debt    3,927 3,768 3,702
(-) Cash and cash equivalents   158 236 175
Net Debt   3,769 3,532 3,528

 

FX Neutral: FX Neutral (“FXN”) measures are prepared and presented to eliminate the effect of foreign exchange, or “FX,” volatility between the comparison periods, allowing management and investors to evaluate financial performance despite variations in foreign currency exchange rates, which may not be indicative of core operating results and business outlook.

 

FX Neutral measures are presented because management believes that these non-IFRS financial measures can provide useful information to investors, securities analysts and the public in their review of operating and financial performance, although they are not calculated in accordance with IFRS or any other generally accepted accounting principles and should not be considered as a measure of performance in isolation.

 

The FX Neutral measures were calculated to present what such measures in preceding periods would have been had exchange rates remained stable from these preceding periods until the date of the Company's most recent financial information.

 

The FX Neutral measures for the three months ended June 30, 2024 were calculated by multiplying the as reported amounts of Revenue, Adjusted EBITDA and the key business metrics for such period by the average Mexican pesos / Peruvian soles exchange rate for the three months ended June 30, 2024 (MXN 4.5975 to PEN 1.00) and the average Colombian pesos / Peruvian soles exchange rate for the three months ended June 30, 2024 (COP 1,048.4972 to PEN 1.00); then using such results to re-translate the corresponding amounts back to Peruvian soles by dividing them by the average Mexican pesos / Peruvian soles and Colombian pesos / Peruvian soles exchange rate for the three months ended June 30, 2025 (MXN 5.3316 to PEN 1.00 / COP 1,146.7466 to PEN 1.00), so as to present what certain of statement of profit and loss amounts and key business metrics would have been had exchange rates remained stable from this past period until the three months ended June 30, 2025.

 

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

 

14

 

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 near to long-term growth opportunities in Mexico and the creation of further growth and long-term value. 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 Leverage Ratio 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 Leverage Ratio 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.

 

IR Contact

 

Email: contact@aunainvestors.com

 

- Financial Tables Follow –

 

15

 

Balance Sheet (1/2)

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

  Jun-25
(USD)		 Jun-25 Dec-24   Δ Jun-25
vs Dec-24
Assets          
Current assets          
Cash and cash equivalents                49              175                236              (61)
Trade accounts receivable              287           1,018                962                56
Other assets                76              271                253                17
Inventories                39              139                144                 (5)
Derivative financial instruments                  0                  1                     9                 (8)
Other investments                32              112                100                12
Total current assets              484           1,715             1,704                12
Non-current assets          
Trade accounts receivable                  0                  1                     1                 (0)
Other assets                  7                26                  24                   2
Investments in associates and joint venture                  8                28                  25                   3
Property furniture and equipment              651           2,306             2,280                26
Intangible assets              768           2,720             2,657                64
Right-of-use assets                34              119                131              (12)
Investment properties                  2                  6                     6                   0
Derivative financial instruments                12                43                  59              (15)
Deferred tax assets                57              201                194                   7
Other investments                  0                  0                     0                   0
Total non-current assets           1,539           5,452             5,377                75
Total assets           2,023           7,167             7,081                86

  

16

 

Balance Sheet (2/2)

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

  Jun-25
(USD)		 Jun-25 Dec-24   Δ Jun-25
vs Dec-24
Liabilities          
Current liabilities          
Loans and borrowings              169              598                654              (57)
Lease liabilities                  9                32                  32                   0
Trade accounts payable              259              918                931              (13)
Other accounts payable                80              282                290                 (7)
Provisions                  3                10                  12                 (2)
Derivative financial instruments                  8                30                  15                15
Insurance contract liabilities                  3                11                  10                   1
Deferred income                  0                  0                     0                 (0)
Total current liabilities              531           1,882             1,945              (63)
Non-current liabilities          
Loans and borrowings              840           2,976             2,966                11
Lease liabilities                27                96                115              (19)
Trade accounts payable                  1                  2                     3                 (1)
Other accounts payable                19                67                  73                 (7)
Derivative financial instruments                12                42                  27                15
Deferred tax liabilities                86              306                328              (23)
Deferred income                  0                  0                     0                 (0)
Total non-current liabilities              985           3,489             3,513              (24)
Total liabilities           1,516           5,371             5,458              (87)
           
Total equity              507           1,796             1,623              173
Total liabilities and equity           2,023           7,167             7,081                86

   

17

 

Income Statement

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise

 

  2Q'25
(USD)		 2Q'25 YTD 25   Δ 2Q'25 vs Δ YTD 25 vs
    2Q'24 YTD 24
Revenue            
Healthcare Services Mexico          77            274         517   -9% -15%
Healthcare Services Colombia          98            346         685   -8% -6%
Healthcare Services Peru & Oncosalud Peru       134            474         934   8% 9%
- Healthcare Services Peru          76            269         532   5% 7%
- Oncosalud Peru          81            286         567   7% 9%
- Holding and eliminations        (23)            (81)       (165)   -2% 4%
Total Revenue 309 1,094 2,136   -2% -3%
Cost of sales and services (186) (660) (1,320)   -5% -3%
Gross profit 123 434 816   2% -3%
Gross margin   39.7% 38.2%   1.6 p.p. -0.1 p.p.
Selling expenses        (15)            (54)       (108)   14% 7%
Administrative expenses        (59)          (208)       (391)   3% 0%
(Loss) reversal for impairment of trade receivables          (2)              (8)         (23)   4.2x 7.2x
Other income and expenses, net            3              12           21   59% 12%
Operating profit 50            176         316   -3% -13%
Finance income            2                5           11   -18% -11%
Finance income from exchange difference          19              68         106   n.a 35.2x
Finance costs        (34)          (120)       (244)   -14% -23%
Finance costs from exchange difference           -                  -                -      - -
Net finance cost        (13)            (46)       (127)   -74% -64%
Share of profit of equity accounted investees            1 2 5   5% 15%
Profit (loss) before tax 37            132         194   20.4x 9.2x
Income tax expense (benefit)        (14)            (48)         (72)   -5.7x 2.7x
Net Income (Loss)          24              84         122   3.8x -297.1x
EBITDA            
Healthcare Services Mexico 23              82         137   -14% -31%
Healthcare Services Colombia 16              58           99   0% -8%
Healthcare Services Peru & Oncosalud Peru 28            100         202   9% 14%
- Healthcare Services Peru 10              34           75   -12% 0%
- Oncosalud Peru 19              67         127   24% 24%
Holding and eliminations          (2)              (6)            (8)      
Total EBITDA          66            234         429   -3% -11%
Total Adjusted EBITDA          68            241         464   -3% -5%
Adjusted EBITDA Margin   22.1% 21.7%   -0.1 p.p. -0.6 p.p.


 

18

 

Statement of Cash Flows (1/2)

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

  YTD 25
(USD)		 YTD 25 YTD 24   Δ YTD 25
vs YTD 24
Cash flows from operating activities          
(Loss) profit for the period              34      122          (0)                 122
Adjustments for:          
Depreciation              16        57         60                   (3)
Depreciation of right-of-use assets               4        14         14                    0
Amortization              11        38         39                   (1)
(Reversal) loss for Impairment of inventories               0          0          (2)                    2
Equity-settled share-based payment transactions               2          5           1                    5
Gain (loss) on disposal of property furniture and equipment               0          0           1                   (1)
Loss on disposal of right-of-use assets net of leases              -            -              0                   (0)
Loss on disposal of intangibles              -            -              1                   (1)
Reversal (loss) for impairment of trade receivables               7        23           3                   21
Share of profit of equity-accounted investees              (1)         (5)          (5)                   (1)
Technical provisions and other provisions               0          1           0                    1
Finance income            (33)     (117)        (15)                (101)
Finance costs              69      244        365                (122)
Tax expense              20        72         19                   52
Net changes in assets and liabilities          
Trade accounts receivable and other assets            (24)       (83)      (212)                 128
Inventories               2          7           7                    0
Trade accounts payable and other accounts payable              (7)       (24)         92                (116)
Provisions and employee benefits              (1)         (3)          (2)                   (1)
Insurance contract liabilities               0          1           6                   (5)
Cash generated from operating activities              99      351        371                 (20)
Income tax paid            (31)     (109)      (111)                    3
Interest received               3          9         12                   (3)
Net cash from operating activities              71      251        271                 (20)

  

19

 

Statement of Cash Flows (2/2)

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

  YTD 25
(USD)		 YTD 25 YTD 24   Δ YTD 25
vs YTD 24
Cash flows from investing activities          
Payment for accounts payables to former shareholder              (6)       (21)          -                    (21)
Purchase of properties furniture and equipment            (14)       (48)        (35)                 (13)
Purchase of intangibles            (10)       (34)        (22)                 (12)
Dividends from equity-accounted investees               1          2           1                    2
Purchase of other investments net of sales              (2)         (8)        (13)                    5
Proceeds from sale of property furniture and equipment               0          0           0                   (0)
Payment for contingent consideration              -            -           (47)                   47
Net cash used in investing activities            (31)     (109)      (116)                    7
Cash flows from financing activities          
Proceeds from issuance of common stock in initial public offering, net of issuance costs              -            -        1,268             (1,268)
Proceeds from settlement of derivatives - interest rate swaps              (1)         (3)          -                      (3)
Payments of initial public offering costs              -            -           (16)                   16
Proceeds from loans and borrowings            232      822        475                 347
Payment for loans and borrowings           (222)     (785)      (437)                (347)
Payment for lease liabilities              (6)       (22)        (23)                    0
Penalty paid for debt prepayment              (0)         (0)          -                      (0)
Payment for costs of Extinguishment of debt               -            -           (17)                   17
Payment for derivatives premiums              (4)       (15)        (35)                   20
Interest paid            (58)     (205)      (229)                   24
Acquisition of non-controlling interest               -            -       (1,218)              1,218
Net cash used in financing activities            (59)     (209)      (232)                   23
Net increase in cash and cash equivalents            (19)       (66)        (77)                   10
Cash and cash equivalents at January 1              67      236        241                   (5)
 Exchange difference on cash and cash equivalents for the period                1          5          (7)                   12
 Cash and cash equivalents at the end of the period               49      175        158                   17

 

20

 

Historical Financial Metrics

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

  2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25
Revenue                  
Oncosalud Peru 230 237 244 253 269 273 276 281 286
Healthcare Services Peru 217 230 225 241 255 255 245 263 269
Healthcare Services Colombia 282 324 335 349 378 363 353 339 346
Healthcare Services Mexico 281 294 284 308 302 316 268 243 274
Holding and eliminations (64) (69) (67) (76) (83) (80) (79) (84) (81)
Total revenue from contracts with customers 946 1,015 1,021 1,076 1,120 1,127 1,063 1,042 1,094
Cost of sales and services (586) (643) (645) (662) (693) (677) (629) (660) (660)
Gross profit 360 372 376 414 427 449 434 382 434
Selling expenses (51) (55) (42) (53) (48) (55) (42) (54) (54)
Administrative expenses (191) (177) (193) (191) (202) (195) (201) (182) (208)
Impairment losses on trade receivables (2) (1) (2) 0 (3) (25) (13) (16) (8)
Other expenses 0 0 (21) 0 0 0 (2) 0 0
Other income 20 10 13 11 8 54 14 9 12
Operating profit 136 149 130 182 183 229 190 139 176
Finance income 3 3 6 6 7 6 7 6 5
Finance income from exchange difference 30 0 33 3 0 28 (31) 37 68
Finance costs (129) (158) (357) (177) (139) (138) (138) (123) (120)
Finance costs from exchange difference 0 (17) 17 0 (49) 0 8 0 0
Net finance cost (96) (172) (302) (168) (182) (103) (155) (80) (46)
Share of profit of equity-accounted investees 2 2 1 2 2 2 2 3 2
Profit (loss) before tax 42 (20) (170) 16 3 127 37 62 132
Income tax (expense) benefit (19) 3 (50) (25) 5 (27) (13) (24) (48)
Net Income  23 (18) (219) (8) 8 101 24 38 84
EBITDA 194 210 188 241 241 286 244 195 234
EBITDA Adjustments                  
Net Income 23 (18) (219) (8) 8 101 24 38 84
Income tax expense  19 (3) 50 25 (5) 27 13 24 48
Net finance cost  96 172 302 168 182 103 155 80 46
Depreciation and amortization  56 59 56 56 56 55 52 53 55
(a) Pre-operating expenses 0 1 0 0 2 0 0 0 0
(b) Business development expenses 0 0 0 0 1 (44) 3 24 4
(c) Change in fair value of earn-out liabilities (4) 0 21 0 0 0 0 0 0
(c) Stock-based consideration 0 0 4 0 0 6 3 3 3
(d ) Personnel non-recurring compensation 0 0 0 0 4 2 5 0 0
Adjusted EBITDA 190 211 213 241 248 250 254 222 241

 

21

 

Key Operating Metrics

 

  2Q'25 2Q'24 Δ 2Q'25 vs 2Q'24
Oncosalud Peru      
Plan memberships (1) (2)    1,388,579    1,263,495 10%
Average monthly revenue per plan member (3)  S/     60.57  S/     59.64 1.6%
Preventive check-ups (4) 64,563 51,909 24.4%
Patients treated (5) 53,746 44,581 20.6%
Medical loss ratio (6) 54.9% 58.6% -3.7 p.p
       
Healthcare Services       
Total bed capacity (1)(7)          2,224          2,199 1.1%
Surgeries (8)         41,526         44,128 -5.9%
Emergency treatments (9)       174,129       175,188 -0.6%
Operating capacity utilization (10) 76.7% 79.9% -3.1 p.p
Total capacity utilization (11) 64.0% 66.5% -2.5 p.p

 

1)As of period end and as reported to the National Superintendence of Health Susalud. Includes Oncology plans and Health plans.

 

2)Includes active plan members and inactive members. Inactive members are defined as those plan members that have not paid monthly fees due for up to three months. As of June 30, 2025, we had 1,279,122 active members and 109,457 inactive members.

 

3)Total revenue for the period corresponding to insurance revenue in the Oncosalud Peru segment divided by the average number of plan members during the period, divided by the number of months in the period.

 

4)Preventive check-ups consider Oncology check-ups at the Centro de Bienestar Ambulatorio – CBA (wellness center) in Lima, Peru. The number of Healthcare checkups is negligible.

 

5)Number of individual plan members receiving treatment for cancer during the period, which may include multiple instances of treatment per plan member.

 

6)MLR is calculated as (i) claims for medical treatment generated by our prepaid oncology and general healthcare plans plus (ii) technical reserves relating to plan members treated pursuant to such plans, whether at our facilities or third-party facilities, divided by revenue generated by our prepaid oncology and general healthcare plans.

 

7)Includes all beds within the Healthcare Network and excludes 109 Oncology beds.

 

8)Number of surgeries includes surgeries outpatient surgeries and cesarean sections

 

9)Emergency care includes the number of visits in the emergency room and may include several visits per patient.

 

10)Operating capacity utilization (Occupancy) is calculated as (i) (x) total number of days in which any of our beds had a hospitalized patient during the period divided by (y) total number of operating beds, times (ii) total number of days during the period.

 

11)Total capacity utilization (Occupancy) is calculated as (i) (x) total number of days in which any of our beds had a hospitalized patient during the period divided by (y) total number of beds, times (ii) total number of days during the period.

 

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