EX-99.1 2 dp237728_ex9901.htm EXHIBIT 99.1

Exhibit 99.1

 

 

Auna Announces 3Q25 Financial Results

 

Auna Delivers Solid Financial and Operating Performance in Peru and Colombia, While Advancing Key Initiatives in Mexico

 

Luxembourg, Nov 20, 2025 – 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 third quarter ended September 30, 2025 (“third quarter 2025” or “3Q25”). Financial results are expressed in Peruvian Soles (“S/” or PEN”) and are presented in accordance with International Financial Reporting Standards (“IFRS”), unless otherwise noted.

 

3Q25 Consolidated Highlights

 

Consolidated Revenue increased 1% FXN, while decreasing 1% YoY on reported basis, to S/1,117 million

 

Adjusted EBITDA decreased 5% FXN, or 7% YoY on reported basis, to S/232 million

 

Adjusted EBITDA Margin of 20.8%, down 1.3 p.p. YoY from 22.1%

 

Adjusted Net Income was S/58 million, down from S/75 million in 3Q24

 

Leverage Ratio remains unchanged at 3.6x

 

Mexico’s surgeries and oncology services increased for the second consecutive quarter

 

Oncology MLR decreased to 49.3%

 

Message from Auna’s Executive Chairman and President

 

Despite weaker financial yet promising operational results, the third quarter of 2025 demonstrates the enduring resilience of Auna’s integrated regional healthcare platform and the robust performance of our operations. The operations in Peru and Colombia achieved substantial growth and profitability in local currency, despite challenging macroeconomic conditions, while in our Mexico business, which is slowly recovering from previously communicated challenges, hospital operations remained stable, although the segment delivered less favorable financial results.

 

In Peru, both Oncosalud and Healthcare Services delivered consistently strong performance levels, supported by growth in memberships, annual pricing adjustments, and the sustained improvement of the Oncology MLR to 49.3%. The disciplined containment of costs and the operational efficiency of our medical talent continued to underpin this performance.

 

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Our results were strong in Colombia, with double-digit growth in Adjusted EBITDA and continued expansion of risk-sharing Prospective Global Payment (“PGP”) models. The team’s focus on reducing exposure to intervened payors and optimizing resource utilization supported profitability and improved cash generation.

 

In Mexico, despite a second consecutive quarterly increase in the number of surgeries and growth in oncology and cardiology services, revenues and profitability declined year over year due to still lackluster demand for medical procedures, a sluggish recovery of volumes affected by legacy physician and supplier relationships, and migration issues related to the implementation of new Hospital Information and ERP systems at Doctors Hospital, which we expect to resolve in the coming months.

 

At the consolidated level, our leverage remained stable at 3.6x Net Debt-to-Adjusted EBITDA, reflecting a disciplined approach to capital allocation, a robust cash position, and continued progress toward our medium-term deleveraging objective of below 3x. Additionally, following quarter-end, Auna completed a USD765 million debt refinancing that extends debt maturities, reduces interest costs, and further fortifies Auna’s capital structure. Complementing these efforts, the announcement of our partnership with Sojitz and the recent Trecca milestone underscore the confidence in our strategy in Mexico and the significant opportunities that remain in Peru, while allowing us to pursue this growth maintaining our deleveraging path and our target of bringing leverage below 3x.

 

We remain focused on recovering our fast-pace of growth, rolling-out the AunaWay in Mexico, further strengthening operational performance, and expanding patient access to high-quality healthcare across Spanish-speaking Latin America.

 

Overview of 3Q25 Consolidated Results

 

Revenues increased 1% FXN and decreased 1% YoY on a reported basis to S/1,117 million, with revenues in local currency (“LC”) increasing 9% in Peru and 4% in Colombia, offset by a 12% decrease in Mexico. In Mexico, healthcare network revenue decreased, partly due to softer demand for emergency and surgical procedures and to the slow recovery of volumes following the physician and supplier relationships challenges experienced in the first quarter of this year. Mexico’s results also included the impact of the ongoing implementation of a new Hospital Information System and ERP at Doctors Hospital. In Peru, Oncosalud Peru contributed higher revenues with an increase in plan memberships and average ticket, while the healthcare network experienced higher demand for emergency visits and ambulatory care. In Colombia, revenue growth was driven by an increase in PGPs, increasing diversification away from intervened payors, and higher surgery tickets.

 

Adjusted EBITDA decreased 5% FXN, 7% YoY on a reported basis to S/232 million, with an Adjusted EBITDA Margin of 20.8%. Adjusted EBITDA increased 15% in Peru and 18% in Colombia in LC, offset by a 29% decrease in Mexico. In Mexico, Adjusted EBITDA

 

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decreased primarily on lower revenue and lower gross profit, while Peru’s increased on higher gross profit, supported by growth in its Healthcare Services segment and higher membership sales in Oncosalud. Colombia achieved higher gross profit and lower impairment losses compared to the prior year’s quarter. As reported results were impacted by depreciations of the MXN by 5% and of the COP by 4%, both versus PEN.

 

Net finance costs were S/72 million in 3Q25 compared to S/103 million in 3Q24. Excluding FX effects, net finance costs would have been S/111 million in 3Q25 and S/132 million in 3Q24, representing a decrease of S/20 million or 16%. The FX impact in 3Q25 included a positive non-cash amount of S/40 million, compared to a positive S/28 million in 3Q24, primarily reflecting the appreciation of the Peruvian Sol against the US Dollar below the range of Auna’s call-spread hedge.

 

Net Income was S/53 million in 3Q25 compared to S/101 million in 3Q24. On a per-share basis, Auna reported Net Income of S/0.65, based on a weighted average number of basic and diluted shares of 74,188,937.

 

Adjusted Net Income, was S/58 million in 3Q25 versus S/75 million in 3Q24. On a per-share basis, Auna reported Adjusted Net Income of S/0.71, based on a weighted average number of basic and diluted shares of 74,188,937.

 

Business performance

 

HEALTHCARE SERVICES MEXICO

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

 

Auna′s Healthcare Services and Auna Seguros’ operations in Mexico accounted for 24% of consolidated revenues and 33% of consolidated Adjusted EBITDA.

 

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

 

              Δ 3Q'25 vs 3Q'24 Δ 3Q'25 vs 2Q'25 Δ YTD 25 vs YTD 24
Healthcare Services Mexico
Key Operating Metrics
    3Q'25 (USD) 3Q'25 YTD 25   As Reported L.C. As Reported L.C. As Reported L.C.
Beds #     708 708   0%   0%   0%  
Surgeries # (000)     5 15   -8%   6%   -7%  
Emergency treatments # (000)     7 23   -16%   -11%   -14%  
Operating capacity utilization %     58.7% 58.8%   -6.5 p.p.   0.9 p.p.   -4.5 p.p.  
Total capacity utilization %     39.1% 39.1%   -4.4 p.p.   0.6 p.p.   -3.0 p.p.  
Key Financial Metrics                        
Segment Revenue     76 264 781   -16% -12% -3% -5% -16% -4%
Segment Adjusted EBITDA     22 77 245   -32% -29% -13% -14% -23% -12%
Segment Adjusted EBITDA margin %     29.0% 31.4%   -6.9 p.p.   -3.0 p.p.   -2.9 p.p.  


 

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Segment revenue from Mexico decreased 12% YoY in 3Q25, explained by: (i) a slow recovery of volumes lost in 1Q25 due to legacy physician and supplier relationships, (ii) systems migration challenges during the implementation of a new Hospital Information system and ERP system at Doctors Hospital, which affected billing processes and are expected to stabilize in the coming months, (iii) continued market softness, reflected in low demand for emergency and surgical procedures, both key entry points for patient admissions into ICUs and hospitalizations, and, (iv) lower results in Auna Seguros (formerly Dentegra) compared to 3Q24. Auna continues to further expand the platform of doctors and their offerings, and has rebalanced the pricing mix for their services across the network to be more attractive to the payor base. While demand for surgeries fell 8% compared to 3Q24, the number of surgeries increased 5% in 2Q25 versus 1Q25 and 6% in 3Q25 versus 2Q25. Revenues from other high-complexity service lines — including radiotherapy, chemotherapy, and cardiology services — represented approximately 15% of Healthcare Network revenues and increased approximately 48% compared to 3Q24, offsetting declines in other services. Opción Oncología’s growing momentum, with revenues up 21% from 2Q25, is an early validation of the AunaWay model in Mexico. Finally, 3Q25 capacity utilization modestly increased from 2Q25 to 39.1% of total capacity and 58.7% of operating capacity.  

 

Segment Adjusted EBITDA decreased 29% YoY in 3Q25 and 14% from 2Q25, with a 3Q25 margin of 29.0%. The decline is explained in the healthcare network by lower revenue resulting in reduced gross profit, while contribution margins declined among certain payors. For example, at OCA — which serves state employee contracts — a higher mix of lower-margin procedures affected profitability. Mexico’s Adjusted EBITDA Margin was 29.0%, a 6.9 p.p. decline from 3Q24 and a 3.0 p.p. decline from 2Q25.

 

Update on Key Initiatives in Mexico

 

While Auna’s operations remained stable in Mexico during 3Q25, the Company implemented several initiatives aimed at further strengthening its healthcare network and improving operational and commercial execution across key business lines. Mexico continues to represent one of the largest and most underpenetrated private healthcare markets in Latin America, with growing demand for high-quality, integrated care. Auna’s presence and its ongoing investments in technology, medical talent, and infrastructure position the Company to capture this long-term growth potential. These initiatives are also expected to support a return to growth in early 2026.

 

1-Leadership and Organization

 

Auna continues to invest in talent in Mexico, appointing several local senior hires to key positions, including Alejandro Torres (formerly with Star Médica and TecSalud) as CEO of the Monterrey operations, a new Chief Medical Officer, a new Head of Commercial, and other senior leaders at the hospital levels. Collectively, these appointments bring over 100 years of combined experience in the Mexican healthcare market and are contributing to the ongoing standardization and integration of operational practices across Auna’s facilities.

 

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2-Out-of-Pocket, Corporate Segments, and Institutional Packages

 

The Company is expanding its participation across three market segments through the development of packaged service offerings and closer collaboration with leading physicians to broaden its revenue base and increase capacity utilization: (i) Out-of-Pocket (“OOP”): OOP currently represents only 8% of revenue and Auna intends to increase this share to 20% by the end of 2026, in line with other key industry players, (ii) Corporate: Auna continues to develop new packages with corporate clients to offer additional services to their employees, and, (iii) Institutional packages: The Company is exploring tailored service packages for employees from surrounding municipalities and government entities in Monterrey.

 

3-Physician Engagement and Productivity

 

Engagement with Auna’s physician network and incentive models have resulted in a series of productivity and quality initiatives that are gaining momentum. The top 140 doctors, representing between 25% to 35% of revenues at each hospital are contributing to stronger alignment among physicians, payors, and suppliers to improve medical practices, operating performance, as well as cost predictability and control. In addition, the Company continues to attract and hire new medical and nursing talent in high-complexity areas.

 

4-Payors

 

Auna is in active discussions with some of the largest insurance companies to expand participation within their preferred provider networks, which is expected to support increased patient access and service volumes across key healthcare facilities, beginning in 2026, and to increase capacity utilization.

 

5-Oncology Business

 

On October 31, 2025, Auna held its second Oncology Congress in Monterrey, gathering more than 70 oncologists from across the country. On that day, the Company inaugurated a new OncoCenter at its Doctors Hospital facility, a Center of Excellence that offers oncology services within a single location, improving patient care and experience and integrated with the Company’s regional network.

 

6-IT System Implementations

 

As part of its integration, transformation, and efficiency initiatives in Mexico, Auna is implementing new comprehensive IT systems that will enhance the integration of financial and operational data, improving management visibility, cost control, and decision-making across healthcare facilities. The rollout at Doctors Hospital is expected to be completed in early 2026.

 

The above actions form part of Auna’s broader strategy to strengthen its healthcare platform in Mexico, enhance patient care, drive sustainable operational improvements

 

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across its facilities, and capture the significant long-term growth opportunity in the market.

 

PERU OPERATIONS: HEALTHCARE SERVICES PERU AND ONCOSALUD PERU

 

Auna′s Healthcare Services and Oncosalud Peru accounted for 44% of consolidated revenues and 48% 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
    3Q'25 (USD) 3Q'25 YTD 25   Δ 3Q'25 vs 3Q'24 Δ 3Q'25 vs 2Q'25 Δ YTD 25 vs YTD 24
Revenue     141 488   1,423   9% 3% 9%
Healthcare Services Peru     80 279 812   9% 4% 8%
Oncosalud Peru     85 294 861   8% 3% 8%
Holding and Eliminations (*)       (84) (249)   6% 4% 5%
Consolidated Peru Adjusted EBITDA     32 111 314   15% 10% 14%
Healthcare Services Peru     13 44 119   14% 29% 3%
Oncosalud Peru     19 67 194   16% 1% 22%
Consolidated Peru Adj. EBITDA margin %     22.7% 22.0%   1.2 p.p. 1.5 p.p. 1.0 p.p.
Healthcare Services Peru       15.7% 14.7%   0.6 p.p. 3.1 p.p. -0.7 p.p.
Oncosalud Peru       22.9% 22.6%   1.6 p.p. -0.5 p.p. 2.5 p.p.
(*) Relates to intersegment revenue elimination.

   

Healthcare Services Peru
Key Operating Metrics
    3Q'25 (USD) 3Q'25 YTD 25   Δ 3Q'25 vs 3Q'24 Δ 3Q'25 vs 2Q'25 Δ YTD 25 vs YTD 24
Beds #     385 385   3% 0% 3%
Surgeries # (000)     5.034 16   -4% -7% 3%
Emergency treatments # (000)     49.0 135   3% 3% 1%
Operating capacity utilization %     78.0% 75.9%   -7.1 p.p. 2.4 p.p. -7.5 p.p.
Total capacity utilization %     76.0% 73.9%   1.5 p.p. 2.4 p.p. 1.0 p.p.
Key Financial Metrics                  
Revenue     80 279 812   9% 4% 8%
External revenues     58 202 589   9% 1% 9%
Intercompany revenue     22 77 222   11% 12% 6%
Segment Adjusted EBITDA     13 44 119   14% 29% 3%
Segment Adjusted EBITDA margin %     15.7% 14.7%   0.6 p.p. 3.1 p.p. -0.7 p.p.

 

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Oncosalud Peru
Key Operating Metrics
    3Q'25 (USD) 3Q'25 YTD 25   Δ 3Q'25 vs 3Q'24 Δ YTD 25 vs YTD 24
Plan memberships # (000)     1,396 1,396   8% 8%
Oncological Plans  # (000)     989 989   1% 1%
Average monthly revenue per plan membership     17.90 62.12 60.99   1% 2%
Preventive check-ups # (000)     29 94   10% 20%
Patients treated # (000)     12 65   40% 24%
MLR %       54.5%     -3.1 p.p.
Oncological Plans %       49.3%     -4.4 p.p.
Key Financial  Metrics                
Revenue     85 294 861   8% 8%
External revenues     83 286 833   9% 9%
Intercompany revenue     2 7 27   -29% -9%
Segment Adjusted EBITDA     19 67 194   16% 22%
Segment Adjusted EBITDA margin %     22.9% 22.6%   1.6 p.p. 2.5 p.p.

 

Total revenue from Peru increased 9% YoY to S/488 million in 3Q25. The 8% YoY increase in revenues at the Oncosalud Peru segment reflects an 8% increase in total plan memberships, as well as the effect of annual price adjustments to support medical inflation in Oncology and Healthcare plans. Oncosalud’s MLR decreased 3.1 p.p. to 54.5%, led by the Oncology MLR, which decreased for a fifth consecutive quarter to 49.3%, or 4.4 p.p.

 

The Healthcare Services segment increased revenues by 9% YoY, reflecting an increase in revenues from emergency visits and ambulatory care, including for chemotherapy services, and driven by ticket and quantity of services, more than offsetting a slight decrease in surgery volumes as well as in hospitalization revenues.

 

Additionally, Auna updated the number of operating beds at Clínica Delgado, Clínica Vallesur and Clínica Miraflores in Piura, and increased a total of 10 beds to total capacity. As a result, operating capacity utilization was 78.0%, and the total capacity utilization was 76.0%.

 

Our Peruvian operations continue to have substantial opportunity ahead and will remain a key contributor to Auna’s performance.

 

Consolidated Adjusted EBITDA in Peru increased 15% YoY to S/111 million in 3Q25, with a margin of 22.7%, an increase of 1.2 p.p. from 3Q24.

 

The growth in Consolidated Adjusted EBITDA in Peru was primarily driven by an increase in gross profit resulting from efficiencies in pharmaceutical costs at Oncosalud and lower costs related to surgical procedures, partially offset by an increase in SG&A to support the growth of the Peruvian operations, including sales commissions, expenses related to medical and administrative staff retention, and third-party medical services.

 

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HEALTHCARE SERVICES COLOMBIA

 

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

 

Auna′s Healthcare services operations in Colombia accounted for 33% of consolidated revenues and 22% of consolidated Adjusted EBITDA.

 

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

 

              Δ 3Q'25 vs 3Q'24 Δ 3Q'25 vs 2Q'25 Δ YTD 25 vs YTD 24
Healthcare Services Colombia
Key Operating Metrics
    3Q'25 (USD) 3Q'25 YTD 25   As Reported L.C. As Reported L.C. As Reported L.C.
Beds #     1,131 1,131   1%   0%   1%  
Surgeries # (000)     11 32   -9%   7%   -10%  
Emergency treatments # (000)     37 110   -14%   4%   -4%  
Operating capacity utilization %     86.5% 86.1%   -3.6 p.p   1.0 p.p   -2.9 p.p  
Total capacity utilization %     77.1% 76.8%   -5.2 p.p   0.7 p.p   -4.5 p.p  
Key Financial Metrics                        
Segment Revenue     106 369 1,054   1% 4% 6% 4% -3% 3%
Segment Adjusted EBITDA     15 51 150   14% 18% -12% -13% -1% 6%
Segment Adjusted EBITDA margin %     13.9% 14.3%   1.5 p.p   -2.8 p.p   0.3 p.p.  

 

Segment revenue from Colombia in 3Q25 grew 4% YoY, primarily due to the gradual implementation of risk-sharing models in Antioquia and Monteria, including PGPs for cardiovascular, ambulatory, and oncology services. Revenue growth was also due to higher surgery tickets, which offset revenue declines related to lower volumes that resulted from Auna limiting surgeries as part of its strategy to manage revenues and cashflows from government-intervened payors. Specifically, the share of revenues from payor Nueva EPS decreased from 20% in 3Q24 to 13% in 3Q25. During the quarter, Auna also added Salud Total as a new payor under a PGP contract, further diversifying the payor base; through these initiatives, PGP revenues accounted for 18% of Colombia’s total revenues in 3Q25, increasing from 14% in 3Q24. Additional contributions to the top line came from continued growth in chemotherapy and imaging services.

 

Operating capacity utilization in Colombia was 86.5%, a YoY decrease of 3.6 p.p., while total capacity utilization decreased 5.2 p.p. to 77.1% from 3Q24, both in line with the aforementioned strategy to proactively manage contracted services with government-intervened payors to prioritize cash generation over revenue growth.

 

Segment Adjusted EBITDA increased 18% YoY in 3Q25, with the margin expanding 1.7 p.p. to 13.9%. The increase was related to revenue growth, partially offset by increases in doctor remuneration, and to lower impairment losses. These losses were S/2 million in 3Q25 compared to S/16 million in 3Q24.

 

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Balance Sheet & Cash Flow

 

Consolidated Debt

 

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

 

    Sep-25 (USD) Sep-25 Dec-24 Sep-24   Δ Sep-25 vs
      Sep-24 Dec-24
(+) Loans and borrowings   1,016 3,526 3,620 3,602   -2% -3%
Short term debt   190 658 654 582   13% 1%
Long term debt   826 2,868 2,966 3,021   -5% -3%
(+) Lease Liabilities   37 129 148 139   -7% -13%
Gross Debt    1,053 3,655 3,768 3,741   -2% -3%
(-) Cash and cash equivalents / marketable securities   65 226 236 200   13% -4%
Net Debt   988 3,429 3,532 3,541   -3.2% -2.9%
Leverage Ratio     3.6x 3.6x 3.7x   -0.1x 0.1x

 

Gross Debt at the close of 3Q25 decreased 3% versus 4Q24 to S/3,655 million, due to: (i) a S/82 million decrease due to FX, mainly driven by an 8% appreciation of the PEN/USD exchange rate, (ii) a S/234 million reduction due to a partial amortization of the credit agreement dated November 10, 2023 (the “Credit Agreement”), (iii) a S/47 million reduction of long-term debt and financial and operating leasing, partially offset by (iv) a S/19 million increase in short-term debt due to working capital needs, and (v) an increase of S/230 million in long-term debt, mainly related to the May 2025 issuance of additional 10% Senior Secured Notes due 2029 (the “2029 Notes”).

 

Leverage Ratio was 3.6x unchanged at the end of 3Q25 compared to year-end 2024. This reflects lower gross debt offset by lower LTM EBITDA versus 4Q24, due to FX impacts and less cash at the end of the period. Auna remains committed to a medium-term leverage target of less than 3.0x.

 

On November 6, 2025, the Company successfully completed a refinancing of debt for a total of USD765 million backed by its relationship banks, institutional investors and the IFC. The new 8.75% Senior Secured Notes were issued at par for USD365 million in aggregate principal amount and will mature on November 6, 2032. The Company also closed on a new USD400 million equivalent MXN Term Loan (the “Term Loan”) maturing on October 15, 2030. The Term Loan also contains an incremental USD60 million equivalent tranche in Peruvian Soles that the Company expects to disburse in the near term. The above proceeds were used to fund a tender offer conducted by the Company to purchase for cash any or all of its 2029 Notes, to prepay indebtedness under the Credit Agreement, to pay related interest, fees and expenses, and to repay other short-term debt.

 

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Consolidated Debt Amortization Profile Prior to the USD765 million Refinancing

 

(Figures in millions of Soles, unless expressed otherwise)

 

  Total Leases Y1 Y2 Y3 Y4 Y5 Y6+
Loans and Borrowings 3,526   663 334 566 592 1,322 47
Financial Leases 51   15 20 5 3 3 6
Operating Leases 78 78 0 0 0 0 0 0
Gross Debt 3,655 78 679 354 571 595 1,325 53

 

As of 3Q25. Excludes interest. Reflects figures post-refinancing. Y1 = October 2025 to September 2026, Y2 = October 2026 to September 2027, Y3 = October 2027 to September 2028, Y4 = October 2028 to September 2029, Y5 = October 2029 to September 2030, and Y6+ = October 2030 to September 2035.

 

Cashflow and Cash Conversion Cycle

 

(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
Net cash from operating activities                 127             440                475   -7%
Net cash used in investing activities                 (34)           (119)              (173)   -31%
Net cash used in financing activities                 (97)           (336)              (328)   3%
Cash and cash equivalents at the end of the period                   65             226                200   13%

 

 

    LTM Sep-24 LTM Jun-25 LTM Sep-25
Days Sales Outstanding   81 87 89
Days Inventory Outstanding   38 41 42
Days Payable Outstanding   116 132 132
Cash Conversion Cycle   4 -3 0
*Measured on an average basis according to last twelve months results.

 

Net cash from operating activities decreased 7% YoY, or S/35 million, to S/440 million for the nine months ended September 30, 2025 versus the comparable period last year, and included: (i) a S/30 million decrease in cash generated from operating activities, including S/12 million in performance-based bonuses to Opción Oncología doctors and the impacts on the billing cycle during the information systems transition in Mexico, which are expected to stabilize in the coming months, and (ii) a S/3 million decrease in net interest received, partially offset by a S/2 million decrease in income taxes paid. The migration to new information systems in Mexico added a two- day increase in sales outstanding when compared to LTM June 2025.

 

Net cash used in investing activities decreased 31% YoY, or S/54 million, to S/119 million for the nine months ended September 30, 2025 versus the comparable period last year,

 

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and included: (i) S/98 million in organic maintenance CapEx, including an S/8 million payment for branding rights to 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 nine months ended September 30, 2024, investing activities included: (i) S/109 million in organic maintenance CapEx, (ii) a S/47 million earnout payment to IMAT Oncomedica shareholders, and iii) a S/18 million payment to OCA shareholders.

 

Net cash used in financing activities was S/336 million, an increase of 3% YoY, or S/8 million, for the nine months ended September 30, 2025 versus the comparable period last year. Cash used in financing activities during the period included: (i) S/163 million in term loan interest payments, (ii) S/26 million for hedge premium and swap interest payments, (iii) S/58 million in interest for the 2029 Notes, (iv) S/50 million in interest payments for working capital facilities, and (v) a S/39 million reduction in working capital borrowings. The comparable nine months ended September 30, 2024 period included: (i) S/212 million in Credit Agreement interest payments, (ii) S/36 million for hedge premiums, (iii) S/55 million in interest payments for the 2029 Notes and 2025 Senior Unsecured Notes, (iv) S/51 million in interest payments for working capital facilities, (v) S/9 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.

 

Recent Developments

 

Auna Announces Strategic Collaboration with Sojitz to Expand Healthcare Access in Latin America

 

Auna and Sojitz Corporation of America (“Sojitz”), a global investment and trading group headquartered in Japan, have entered into a Memorandum of Understanding to explore joint business opportunities in the healthcare sector across Latin America, with an initial focus on Mexico, one of the region’s largest and fastest-growing healthcare markets.

 

On September 24, 2025, Auna announced its intention to invest approximately US$500 million over the next three to five years to expand its integrated healthcare platform in Mexico.

 

The collaboration seeks to combine Auna’s healthcare and operational expertise with Sojitz’s investment capabilities in healthcare and international network to accelerate the development of modern, scalable, and accessible healthcare infrastructure and services in Latin America.

 

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Construction License for Torre Trecca Is Delivered to EsSalud, Marking a Key Milestone in Auna’s Public–Private Partnership with the Institution

 

On November 18, Auna announced that EsSalud formally received the construction license for Torre Trecca, an outpatient high-rise treatment center that Auna will rebuild and operate on behalf of EsSalud under the existing public–private partnership. Once completed, Torre Trecca is expected to serve the more than 6 million Peruvians living in Lima who are insured by EsSalud and to accommodate in excess of 3 million patient visits per year.

 

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 September 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, Nov 21, 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/509204255

 

Definitions and Concepts

 

Figures in US dollars (US$ or USD) for 3Q25 are presented for indicative purposes and were calculated using an FX rate of US$1= S/3.470. All comparisons in this announcement are

 

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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 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.

 

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

 

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)

 

    3Q'25 (USD)         Δ 3Q'25 vs    Δ YTD 25 vs
    3Q'25   YTD 25   3Q'24 2Q'25   YTD 24
Revenues     1,117   3,253   -1% 2%   -2%
Profit (Loss) before Tax   28 97   291   -24% -27%   98%
(+) Net Finance Cost   21 72   199   -31% 54%   -56%
(+) Depreciation and Amortization   17 57   166   4% 4%   -1%
(=) EBITDA   65 226   655   -21% -4%   -15%
(+) Adjustments   1.9 6.6   40.9          
(a) Pre-operating expenses   -0.1 -0.3   0.4          
(b) Business development expenses   1.1 3.8   31.5          
(c) Stock-based consideration   0.9 3.0   8.3          
(d ) Personnel non-recurring compensation   0.0 0.0   0.6          
(=) Adjusted EBITDA   67 232   696   -7% -4%   -6%
Adjusted EBITDA Margin     20.8%   21.4%   -1.3 p.p. -1.2 p.p.   -0.8 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.

 

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For the three months ended September 30, 2025
               
    Healthcare Services Mexico Healthcare Services Peru Oncosalud Peru Healthcare Services Colombia Holding and eliminations Consolidated Reportable Segments
Revenues   264 279 294 369 (88) 1,117
Profit (Loss) before Tax   21 20 54 33 (31) 97
(+) Net Finance Cost   33 9 3 6 21 72
(+) Depreciation and Amortization   22 12 9 11 3 57
(=) Segment EBITDA   76 42 65 49 (7) 226
(+) Adjustments   0.9 1.8 1.8 1.8 0.3 6.6
Pre-operating expenses   0.0 0.0 0.0 0.0 -0.3 -0.3
Business development expenses   -1.0 1.6 1.6 1.7 0.0 3.8
Change in fair value of earn-out liabilities 0.0 0.0 0.0 0.0 0.0 0.0
Stock-based consideration   1.9 0.2 0.2 0.1 0.6 3.0
Personnel non-recurring compensation   0.0 0.0 0.0 0.0 0.0 0.0
(=) Segment Adjusted EBITDA   77 44 67 51 -6 232
Adjusted EBITDA Margin   29.0% 15.7% 22.9% 13.9%   20.8%

 

For the three months ended September 30, 2024    
               
    Healthcare Services Mexico Healthcare Services Peru Oncosalud Peru Healthcare Services Colombia Holding and eliminations Consolidated Reportable Segments
Revenues   316 255 273 363 (80) 1,127
Profit (Loss) before Tax   69 20 45 5 (11) 127
(+) Net Finance Cost   66 7 5 29 (3) 103
(+) Depreciation and Amortization   23 11 8 11 2 55
(=) Segment EBITDA   157 37 58 44 (11) 286
(+) Adjustments   (43.9) 1.2 0.0 0.7 5.8 (36.2)
Pre-operating expenses   0.0 0.0 0.0 0.0 0.1 0.1
Business development expenses   -43.9 0.0 0.0 0.0 0.0 -43.9
Change in fair value of earn-out liabilities 0.0 0.0 0.0 0.0 0.0 0.0
Stock-based consideration   0.0 0.0 0.0 0.0 5.7 5.7
Personnel non-recurring compensation   0.0 1.2 0.0 0.7 0.0 1.9
(=) Segment Adjusted EBITDA   113 38 58 45 (6) 250
Adjusted EBITDA Margin   35.9% 15.1% 21.3% 12.4%   22.1%

 

Year to date September 30, 2025      
               
    Healthcare Services Mexico Healthcare Services Peru Oncosalud Peru Healthcare Services Colombia Holding and eliminations Consolidated Reportable Segments
Revenues   781 812 861 1,054 (253) 3,253
Profit (Loss) before Tax   41 54 152 105 (62) 291
(+) Net Finance Cost   106 27 13 13 39 199
(+) Depreciation and Amortization   65 36 27 31 8 166
(=) Segment EBITDA   212 117 192 148 (15) 655
(+) Adjustments   32.5 2.1 2.1 1.9 2.2 40.9
Pre-operating expenses   0.0 0.0 0.0 0.0 0.4 0.4
Business development expenses   26.6 1.6 1.6 1.7 0.0 31.5
Change in fair value of earn-out liabilities 0.0 0.0 0.0 0.0 0.0 0.0
Stock-based consideration   5.3 0.5 0.5 0.2 1.8 8.3
Personnel non-recurring compensation   0.6 0.0 0.0 0.0 0.0 0.6
(=) Segment Adjusted EBITDA   245 119 194 150 -13 696
Adjusted EBITDA Margin   31.4% 14.7% 22.6% 14.3%   21.4%

 

 

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Year to date September 30, 2024        
               
    Healthcare Services Mexico Healthcare Services Peru Oncosalud Peru Healthcare Services Colombia Holding and eliminations Consolidated Reportable Segments
Revenues   927 751 795 1,090 (239) 3,323
Profit (Loss) before Tax   47 46 119 (5) (61) 146
(+) Net Finance Cost   236 35 17 124 41 454
(+) Depreciation and Amortization   73 31 24 32 7 167
(=) Segment EBITDA   356 113 160 152 (13) 767
(+) Adjustments   (38.6) 2.8 0.0 0.7 6.6 (28.5)
Pre-operating expenses   1.9 0.0 0.0 0.0 0.3 2.3
Business development expenses   -42.5 0.0 0.0 0.0 0.0 -42.5
Change in fair value of earn-out liabilities 0.0 0.0 0.0 0.0 0.0 0.0
Stock-based consideration   0.0 0.0 0.0 0.0 6.3 6.3
Personnel non-recurring compensation   2.0 2.8 0.0 0.7 0.0 5.5
(=) Segment Adjusted EBITDA   317 116 160 153 -7 739
Adjusted EBITDA Margin   34.2% 15.4% 20.1% 14.0%   22.2%

 

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)

 

    3Q'25 (USD) 3Q'25 3Q'24 YTD 25 YTD 24
Net Income (Loss)    15 53 101 175 100
(a) Pre-operating expenses   (0.1) (0.3) 0.1 0.4 2.3
(b) Business development expenses   1.1 3.8 (43.9) 31.5 (42.5)
(c) Stock-based consideration   0.9 3.0 5.7 8.3 6.3
(d) Personnel non-recurring compensation   0.0 0.0 1.9 0.6 5.5
(e) Non-cash and non-recurring financial costs    0.3 1.1 0.0 1.1 29.6
(f) Allocated tax effects   (0.9) (3.0) 11.0 (16.0) 8.7
(=) Adjusted Net Income   17 58 75 201 110

 

(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.

 

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(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 related to extinguished financings; 3) non-cash effects related to early extinguishment of financings, and 4) non-cash effects related to the accounting impact of changes in the fair value of the liability for mandatory purchase of shares from IMAT.

 

(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)

 

  3Q'25 (USD) 3Q'25 3Q'24 YTD 25 YTD 24
Net Income (Loss)  15 53 101 175 100
Income (Loss) attributable to Owner of the company 14 48 98 166 88
Weighted average number of basic and diluted shares at September 30   74.2 74.2 74.2 65.3
Basic and diluted earnings per share 0.19 0.65 1.32 2.23 1.35
Adjusted Net Income (Loss) 17 58 75 201 110
Income (Loss) attributable to owners of Adjusted Net Income 15 53 73 191 98
Weighted average number of basic and diluted shares at September 30   74.2 74.2 74.2 65.3
Adjusted Basic and Diluted Earnings per Share 0.20 0.71 0.98 2.58 1.50

 

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.

 

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(Figures in millions of Soles, unless expressed otherwise)

  Sep-24 Dec-24 Sep-25
 
Current and non-current loans & borrowings 3,602 3,620 3,526
Current and non-current lease liabilities 139 148 129
Cash and cash equivalents 200 236 226
Net Debt 3,541 3,532 3,429
Adjusted LTM EBITDA 952 993 951
Leverage Ratio 3.7x 3.6x 3.6x

  

 

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

 

(Figures in millions of Soles, unless expressed otherwise)

 

    Sep-24 Dec-24 Sep-25
   
(+) Loans and borrowings   3,602 3,620 3,526
Short term debt   582 654 658
Long term debt   3,021 2,966 2,868
(+) Lease Liabilities   139 148 129
Gross Debt    3,741 3,768 3,655
(-) Cash and cash equivalents   200 236 226
Net Debt   3,541 3,532 3,429

 

 

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 September 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 September 30, 2024 (MXN 5.0339 to PEN 1.00) and the average Colombian pesos / Peruvian soles exchange rate for the three months ended September 30, 2024 (COP 1,089.2663 to PEN 1.00); then using such results to re-translate the corresponding amounts back to Peruvian soles by dividing them by the

 

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average Mexican pesos / Peruvian soles and Colombian pesos / Peruvian soles exchange rate for the three months ended September 30, 2025 (MXN 5.2713 to PEN 1.00 / COP 1,131.3043 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 September 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 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, the expected capacity and market of Torre 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 collaboration with Sojitz, our planned investments 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 Leverage Ratio guidance, to the relevant forward-looking IFRS measures are not being provided, as the

 

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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 –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Balance Sheet (1/2)

 

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

 

  Sep-25 (USD) Sep-25 Dec-24   Δ Sep-25 vs Dec-24
Assets          
Current assets          
Cash and cash equivalents                65              226                236              (10)
Trade accounts receivable              310           1,076                962              114
Other assets                74              256                253                   2
Inventories                43              149                144                   5
Derivative financial instruments                  0                  0                     9                 (9)
Other investments                29              100                100                 (1)
Total current assets              520           1,806             1,704              102
Non-current assets          
Trade accounts receivable                  0                  1                     1                 (0)
Other assets                  8                27                   24                   2
Investments in associates and joint venture                  8                29                   25                   4
Property furniture and equipment              664           2,304             2,280                24
Intangible assets              788           2,734             2,657                77
Right-of-use assets                33              116                131              (15)
Investment properties                  2                  6                     6                   0
Derivative financial instruments                11                38                   59              (21)
Deferred tax assets                64              221                194                28
Other investments                  0                  0                     0                   0
Total non-current assets           1,578           5,476             5,377                99
Total assets           2,099           7,282             7,081              201

 

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Balance Sheet (2/2)

 

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

 

  

  Sep-25 (USD) Sep-25 Dec-24   Δ Sep-25 vs Dec-24
Liabilities          
Current liabilities          
Loans and borrowings              190              658                654                   4
Lease liabilities                  9                31                   32                 (1)
Trade accounts payable              273              946                931                15
Other accounts payable                92              321                290                31
Provisions                  3                10                   12                 (2)
Derivative financial instruments                11                38                   15 #              23
Insurance contract liabilities                  3                  9                   10                 (1)
Deferred income                  0                  0                     0                 (0)
Total current liabilities              580           2,014             1,945                69
Non-current liabilities          
Loans and borrowings              826           2,868             2,966              (98)
Lease liabilities                28                98                115              (18)
Trade accounts payable                  1                  2                     3                 (1)
Other accounts payable                39              134                   73                61
Derivative financial instruments                12                41                   27                14
Deferred tax liabilities                89              310                328              (18)
Deferred income                  0                  0                     0                 (0)
Total non-current liabilities              995           3,453             3,513              (60)
Total liabilities           1,575           5,467             5,458                   9
           
Total equity              523           1,815             1,623              192
Total liabilities and equity           2,099           7,282             7,081 #            201

 

 

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Income Statement

 

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

  3Q'25 (USD) 3Q'25 YTD 25   Δ 3Q'25 vs Δ YTD 25 vs
    3Q'24 YTD 24
Revenue            
Healthcare Services Mexico          76         264           781   -16% -16%
Healthcare Services Colombia        105         365        1,050   0% -4%
- Healthcare Services Colombia        106         369        1,054   1% -3%
- Holding and eliminations          (1)            (4)              (4)   - -
Healthcare Services Peru & Oncosalud Peru        141         488        1,423   9% 9%
- Healthcare Services Peru          80         279           812   9% 8%
- Oncosalud Peru          85         294           861   8% 8%
- Holding and eliminations        (24)          (84)         (249)   6% 5%
Total Revenue 322 1,117 3,253   -1% -2%
Cost of sales and services (201) (698) (2,018)   3% -1%
Gross profit 121 419 1,235   -7% -4%
Gross margin   37.5% 38.0%   -2.4 p.p. -0.9 p.p.
Selling expenses        (17)          (59)         (167)   8% 7%
Administrative expenses        (58)       (200)         (590)   2% 0%
(Loss) reversal for impairment of trade receivables          (2)            (5)            (29)   -78% 3%
Other income and expenses, net            3            11              32   -80% -56%
Operating profit 48         166           481   -28% -19%
Finance income            1              4              15   -27% -16%
Finance income from exchange difference          11            40           145   39% 3.6x
Finance costs        (33)       (116)         (359)   -16% -21%
Finance costs from exchange difference           -                -                  -      - -
Net finance cost        (21)          (72)         (199)   -31% -56%
Share of profit of equity accounted investees            1 3 8   45% 24%
Profit (loss) before tax 28            97           291   -24% 1.0x
Income tax expense (benefit)        (13)          (44)         (116)   63% 1.5x
Net Income (Loss)          15            53           175   -47% 0.7x
EBITDA            
Healthcare Services Mexico 22            76           212   -52% -40%
Healthcare Services Colombia 14            49           148   12% -2%
Healthcare Services Peru & Oncosalud Peru 31         107           309   13% 13%
- Healthcare Services Peru 12            42           117   13% 4%
- Oncosalud Peru 19            65           192   13% 20%
Holding and eliminations          (2)            (7)            (15)      
Total EBITDA          65         226           655   -21% -15%
Adjusted EBITDA            
Healthcare Services Mexico 22            77           245   -32% -23%
Healthcare Services Colombia 15            51           150   14% -1%
Healthcare Services Peru & Oncosalud Peru 32         111           314   15% 14%
- Healthcare Services Peru 13           44           119   14% 3%
- Oncosalud Peru 19           67           194   16% 22%
Holding and eliminations          (2)            (6)            (13)   17% 96%
Total Adjusted EBITDA          67         232           696   -7% -6%
Adjusted EBITDA Margin            
Healthcare Services Mexico   29.0% 31.4%   -6.9 p.p. -2.9 p.p.
Healthcare Services Colombia   13.9% 14.3%   1.5 p.p. 0.3 p.p.
Healthcare Services Peru & Oncosalud Peru   22.7% 22.0%   1.2 p.p. 1.0 p.p.
- Healthcare Services Peru   15.7% 14.7%   0.6 p.p. -0.7 p.p.
- Oncosalud Peru   22.9% 22.6%   1.6 p.p. 2.5 p.p.
Adjusted EBITDA Margin   20.8% 21.4%   -1.3 p.p. -0.8 p.p.

 

23 

 

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             50        175        100                   75
Adjustments for:          
Depreciation             25          86          89                   (3)
Depreciation of right-of-use assets               6          21          21                    1
Amortization             17          59          58                    1
Other income for reversal of others accounts payable to former shareholders              -             -           (47)                   47
(Reversal) Impairment of inventories               0            0          (3)                    4
Equity-settled share-based payment transactions               2            8           6                    2
Gain (loss) on disposal of property furniture and equipment              (0)          (1)           2                   (3)
Loss on disposal of right-of-use assets net of leases              (0)          (0)           0                   (0)
Loss on disposal of intangibles              -             -              1                   (1)
(Reversal) loss for impairment of trade receivables               8          29          28                    1
Share of profit of equity-accounted investees              (2)          (8)          (7)                   (2)
Technical provisions and other provisions               0            1           4                   (3)
Finance income            (46)       (161)        (50)                (111)
Finance costs            104        359        503                (144)
Tax expense             33        116          46                   69
Net changes in assets and liabilities          
Trade accounts receivable and other assets            (38)       (132)       (285)                 153
Inventories              (0)          (1)          (8)                    7
Trade accounts payable and other accounts payable             10          35        164                (129)
Provisions and employee benefits              (1)          (4)          (2)                   (1)
Insurance contract liabilities              (0)          (1)          (8)                    8
Cash generated from operating activities            168        582        612                 (30)
Income tax paid            (45)       (155)       (154)                   (2)
Interest received               4          13          16                   (3)
Net cash from operating activities            127        440        475                 (35)

 

24 

 

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)        (18)                   (2)
Purchase of properties furniture and equipment            (19)         (66)        (58)                   (8)
Purchase of intangibles            (13)         (47)        (35)                 (12)
Dividends from equity-accounted investees               1            3           2                    1
Purchase of other investments net of sales               2            5        (16)                   22
Proceeds from sale of property furniture and equipment               2            6           0                    6
Payment for contingent consideration              -             -           (47)                   47
Net cash used in investing activities            (34)       (119)      (173)                   54
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              (3)          (9)           0                 (10)
Payments of initial public offering costs              -             -           (16)                   16
Proceeds from loans and borrowings            311     1,079        745                 334
Payment for loans and borrowings          (312)    (1,084)       (702)                (382)
Payment for lease liabilities            (10)         (34)        (34)                    1
Penalty paid for debt prepayment              (0)          (0)          -                      (0)
Payment for costs of Extinguishment of debt               -             -           (17)                   17
Payment for derivatives premiums              (5)         (17)        (36)                   20
Payment for settlement of derivatives - interest rate forward              -             -             -                      -   
Interest paid            (78)       (271)       (317)                   46
Dividends paid              -             -             (1)                    1
Acquisition of non-controlling interest               -             -       (1,218)              1,218
Net cash used in financing activities            (97)       (336)      (328)                   (8)
Net (decrease) increase in cash and cash equivalents              (4)         (15)        (26)                   10
Cash and cash equivalents at January 1             68        236        241                   (5)
 Effect of movements in exchange rates on cash held                2            5        (15)                   20
 Cash and cash equivalents at the end of the period              65        226        200                   25

 

25 

 

Historical Financial Metrics

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

 

  3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25
Revenue                  
Oncosalud Peru 237 244 253 269 273 276 281 286 294
Healthcare Services Peru 230 225 241 255 255 245 263 269 279
Healthcare Services Colombia 324 335 349 378 363 353 339 346 369
Healthcare Services Mexico 294 284 308 302 316 268 243 274 264
Holding and eliminations (69) (67) (76) (83) (80) (79) (84) (81) (88)
Total revenue from contracts with customers 1,015 1,021 1,076 1,120 1,127 1,063 1,042 1,094 1,117
Cost of sales and services (643) (645) (662) (693) (677) (629) (660) (660) (698)
Gross profit 372 376 414 427 449 434 382 434 419
Selling expenses (55) (42) (53) (48) (55) (42) (54) (54) (59)
Administrative expenses (177) (193) (191) (202) (195) (201) (182) (208) (200)
Impairment losses on trade receivables (1) (2) 0 (3) (25) (13) (16) (8) (5)
Other expenses 0 (21) 0 0 0 (2) 0 0 0
Other income 10 13 11 8 54 14 9 12 11
Operating profit 149 130 182 183 229 190 139 176 166
Finance income 3 6 6 7 6 7 6 5 4
Finance income from exchange difference 0 33 3 0 28 (31) 37 68 40
Finance costs (158) (357) (177) (139) (138) (138) (123) (120) (116)
Finance costs from exchange difference (17) 17 0 (49) 0 8 0 0 0
Net finance cost (172) (302) (168) (182) (103) (155) (80) (46) (72)
Share of profit of equity-accounted investees 2 1 2 2 2 2 3 2 3
Profit (loss) before tax (20) (170) 16 3 127 37 62 132 97
Income tax (expense) benefit 3 (50) (25) 5 (27) (13) (24) (48) (44)
Net Income  (18) (219) (8) 8 101 24 38 84 53
EBITDA 210 188 241 241 286 244 195 234 226
EBITDA Adjustments                  
Net Income (18) (219) (8) 8 101 24 38 84 53
Income tax expense  (3) 50 25 (5) 27 13 24 48 44
Net finance cost  172 302 168 182 103 155 80 46 72
Depreciation and amortization  59 56 56 56 55 52 53 55 57
(a) Pre-operating expenses 1 0 0 2 0 0 0 0 (0)
(b) Business development expenses 0 0 0 1 (44) 3 24 4 4
(c) Change in fair value of earn-out liabilities 0 21 0 0 0 0 0 0 0
(d) Stock-based consideration 0 4 0 0 6 3 3 3 3
(e) Personnel non-recurring compensation 0 0 0 4 2 5 0 0 0
Adjusted EBITDA 211 213 241 248 250 254 222 241 232



 

26 

 

Key Operating Metrics

  YTD 25 YTD 24 Δ YTD 25 vs YTD 24
Oncosalud Peru      
Plan memberships (1) (2)    1,395,509    1,296,049 8%
Average monthly revenue per plan member (3)  S/     60.99  S/     59.72 2.1%
Preventive check-ups (4) 93,650 78,315 19.6%
Patients treated (5) 65,440 52,907 23.7%
Medical loss ratio (6) 54.5% 57.6% -3.1 p.p
       
Healthcare Services       
Total bed capacity (1)(7)          2,224          2,199 1.1%
Surgeries (8)         62,946         67,253 -6.4%
Emergency treatments (9)       267,775       274,982 -2.6%
Operating capacity utilization (10) 77.1% 81.3% -4.2 p.p
Total capacity utilization (11) 64.3% 67.3% -3.0 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 September 30, 2025, we had 1,290,056 active members and 105,453 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.

 

27