Auna Closes FY 2025 with Strong Performance in Peru and Colombia and 35% increase in Free Cash Flow

Signs of Recovery in Mexico in 2026

Company Sets 12% Adjusted EBITDA Growth Guidance for 2026

LUXEMBOURG--(BUSINESS WIRE)--March 10, 2026-- 

Auna $(AUNA)$ ("Auna" or the "Company"), a leading healthcare platform in Latin America with operations in Mexico, Peru, and Colombia, announced today financial results for the fourth quarter ended December 31, 2025 ("fourth quarter 2025" or "4Q25") and full-year ended 2025 ("full-year 2025" or "FY25"). Financial results are expressed in Peruvian Soles ("S/" or "PEN") and are presented in accordance with International Financial Reporting Standards ("IFRS"), unless otherwise noted.

FY25 Consolidated Highlights

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

4Q25 Consolidated Highlights

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

Message from Auna's Executive Chairman and President

Auna closed fiscal year 2025 with resilient performance. Peru and Colombia delivered in line with our expectations, while consolidated performance reflected challenges in Mexico. Results in the fourth quarter of 2025 and the first two months of 2026 indicate a clear stabilization and recovery of the Mexico operations, which are now on track to deliver sustained top-line and EBITDA growth in 2026. Under the leadership of our new management team in Mexico, we have focused on expanding our reach into the larger segments of privately insured families and further strengthening our alignment with physician groups. While these initiatives were implemented late in the year and did not offset the volume losses experienced earlier in 2025, they have strengthened the foundation of the Mexico platform and position the business to return to sustainable organic growth in 2026.

In Peru, where our integrated healthcare model continues to perform at scale, we delivered solid and predictable results. The consolidated integrated network and the healthcare delivery network increased revenues by 11% and Adjusted EBITDA by 14%. In oncology, the MLR improved to a record low of 48.5%, reflecting disciplined pricing execution and continued efficiency in care management. Peru's growth profile has been strengthened with the authorization to commence the refurbishment, completion and opening of Centro Ambulatorio Trecca in Lima in 2028, an ambulatory facility that we expect will expand our addressable market and transform how we will serve up to 3 million EsSalud beneficiaries annually.

In Mexico, where we are focused on recapturing and accelerating our growth and profitability initiatives, 4Q25 and the first two months of 2026 showed strong signs of recovery. Our decision to adjust the leadership team in Monterrey, bringing deep local expertise and execution capabilities, is already delivering early results in 2026. During the quarter, we secured favorable tier classifications with two of the market's leading insurance providers, and we confirmed other tier classifications that we believe will result in growing volumes across key service lines. We were also awarded an extension of an improved healthcare plan for ISSSTELEON employees, which we formalized earlier this year. Additionally, other initiatives to grow and diversify revenues with attractive margins, continue to gain traction. We want to highlight that better-than-expected performance from our oncology business, growing 35% from 3Q25 to reach 9% of our revenues, validates the strength of the integrated AunaWay model in Mexico.

In Colombia, results were in line with our expectations. The operation continues to demonstrate resilience as we prioritize cash generation and disciplined risk management over volume growth. We expanded our risk-sharing models from 17% of segment revenue in 4Q24 to 21% in 4Q25, and Auna now covers approximately 3 million protected lives nationwide. This deliberate migration toward more intimate solutions for payors, physicians and patients, grant us a unique opportunity to further embed Auna into many lives in Colombia. It also enables us to harvest predictable reimbursement structures, reduce business volatility, enhanced cash flow visibility, and advance our franchise in Colombia, while providing a model that can be tested in Mexico.

As we continued to scale, and notwithstanding some setbacks in Mexico, we maintained strict cost and expense management across Auna, driving a 35% increase in free cash flow versus 2024. This improvement reflects both operational stabilization, enhanced working capital management, and disciplined capital allocation. In parallel, we successfully completed the US$825 million refinancing that has reduced interest expenses, extended our maturity profile, lowered short-term debt exposure, and increased the proportion of direct local currency funding. Taken together, these improvements have strengthened Auna's capital structure. As a result, we entered 2026 with enhanced liquidity, greater financial flexibility, and reduced cash flow volatility. Net leverage remained stable at 3.6x Net Debt-to-Adjusted EBITDA, demonstrating our ability to effectively manage the balance sheet, even during a period of operational stress. We remain committed to reducing leverage below 3x over the medium term, principally through EBITDA recovery, margin expansion, and sustained free cash flow generation.

During the second half of the year, our shares experienced sudden and relevant selling pressure primarily related to a significant shareholder that had accumulated a large holding that required the consent of Mexico's antitrust regulator. Based on certain SEC filings and to the best of our knowledge, we believe this selling pressure has finally abated, eliminating the related price overhang. While trading volume increased during the quarter, we remain committed to deepening our engagement with the investment community, expanding research coverage, and enhancing market access so that our trading profile and valuation more fully reflect the strength, scale and cash-generating capacity of Auna's integrated healthcare platform.

We saw 2025 as a year of stabilization, with an overhaul in Mexico and a strengthened capital structure. We envision 2026 to mark a return to growth, with a regional platform now more than ready to perform at high levels. Given the improved perspective and predictability across our operations, we are providing full-year revenue and Adjusted EBITDA guidance to assist investors and analysts in tracking our performance. We expect 2026 revenue and Adjusted EBITDA growth of 12% FXN, within a range of 10% to 14%. The midpoint reflects our current performance outlook, while the range accounts for any unforeseen variability.

We continue to be highly motivated to deliver regionally through our unique AunaWay model, and we expect our financial performance in 2026 and the coming years to significantly benefit all our stakeholders.

2026 Financial Guidance

For Fiscal Year 2026, Auna expects revenue growth of approximately 12% FXN, within a range of 10% to 14%, driven by continued commercial momentum and operating execution across its core markets. In addition, Auna projects Adjusted EBITDA growth of approximately 12% FXN, within a range of 10% to 14%, supported by disciplined cost management and continued reinvestment in growth initiatives that are expected to result in broadly stable margins year-over-year. As in previous years, the Company expects capital expenditures to remain at approximately 4% of revenues, consistent with its balanced approach to growth investments and cash flow generation.

Auna's guidance is based on management's current performance outlook and expected macroeconomic and regulatory conditions in the three countries where the Company operates. Any changes in these conditions could have an impact on the guidance provided.

Disclaimer: The 2026 financial guidance reflects management's current assumptions regarding numerous evolving factors that are difficult to accurately predict, including those discussed in the Risk Factors set forth in the Company's Form 20F filed with the United States Securities and Exchange Commission (the "SEC"). Reconciliations of forward-looking non-IFRS measures, specifically the 2026 Adjusted EBITDA guidance, to the relevant forward-looking IFRS measures are not being provided, as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such guidance and reconciliations. Due to this uncertainty, the Company cannot reconcile projected Adjusted EBITDA to projected net income without unreasonable effort. The 2026 financial guidance constitutes forward-looking statements. For more information, see the "Forward-Looking Statements" section in this release.

Overview of 4Q25 and Full-Year 2025 Consolidated Results

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