株探米国株
英語
エドガーで原本を確認する
6-K 1 dp229033_6k.htm FORM 6-K

 

 

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of May 2025

 

Commission File Number: 001-41982

 

Auna S.A.

(Exact name of registrant as specified in its charter)

 

‎ 6, rue Jean Monnet

L-2180 Luxembourg

Grand Duchy of Luxembourg

‎+51 1-205-3500‎

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F

X

  Form 40-F  

 

 

 

 

TABLE OF CONTENTS 

 

EXHIBIT  
99.1 Press release dated May 20, 2025 – Auna Announces 1Q25 Financial Results
99.2 Unaudited Condensed Consolidated Interim Financial Statements as of and for the three-month period ended March 31, 2025

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Auna S.A.
   
   
  By: /s/ Gisele Remy
    Name: Gisele Remy
    Title: Chief Financial Officer

Date: May 20, 2025

 

 

EX-99.1 2 dp229033_9901.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

Auna Announces 1Q25 Financial Results

 

Adjusted EBITDA increases 1% FXN YoY; Peru supports quarterly results, further
validating its integrated business model

 

Luxembourg, May 20, 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 first quarter ended March 31, 2025 (“first quarter 2025” or “1Q25”). Financial results are expressed in Peruvian Soles (“S/” or PEN”) and are presented in accordance with International Financial Reporting Standards (“IFRS”), unless otherwise noted.

 

1Q25 Consolidated Highlights

 

Consolidated Revenue decreased 3% YoY to S/1,042 million, increasing +4% FXN

 

Adjusted EBITDA decreased 8% YoY to S/222 million, increasing +1% FXN

 

Adjusted EBITDA Margin decreased 1.1p.p. to 21.4%

 

Adjusted Net Income was S/55 million, up from S/22 million in 1Q24

 

Leverage Ratio was 3.6x, in line with 3.6x in 4Q24 and below 4.3x in 1Q24

 

Message from Auna’s Executive Chairman and President

 

This quarter our revenues increased 4% FXN and Adjusted EBITDA grew 1% FXN versus 1Q24, falling short of our expectations. The results reflect a softer market in Monterrey and what we expect to be temporary operational setbacks there, as well as challenges remaining in Colombia. We know from experience in other markets that the implementation of the AunaWay, an ambitious and disruptive operating model, has challenges, principally the time it takes for doctors, nurses, and providers to adapt and make it their own. We have addressed the progressive approach required by our physicians in Mexico and have tweaked our implementation accordingly.  We remain confident in the underlying strength of our business, strategic direction, and earnings potential.

 

Peru continued to be a standout in the quarter, demonstrating the strength of our proven model when fully implemented—the same one we are replicating in Mexico. It was another strong quarter of growth across members, volumes, and pricing, with Consolidated Peru Adjusted EBITDA exceeding our expectations. This performance reflects both the resilience of Auna’s platform and the growing benefits of still increasing vertical integration, specifically the efficiency initiatives that we launched last year. Peru remains a clear example of how the AunaWay can continue delivering sustained, profitable growth, even in markets where we already operate at high utilization levels.

 

1


In Mexico, during the first quarter, in addition to the usual seasonality, we observed softness in the market. Additionally, in building our ecosystem of partners aligned with the best practices of our operating model, we reduced the number of legacy medical suppliers that were obstacles to the implementation of the AunaWay. This decision is also aligned with what is becoming best practice by the country’s major payors. However, we underestimated the economic impact this would have on physicians, many who are more integrated into suppliers, which resulted in reduced volumes throughout our Mexican network. To address this issue, we have scaled back our initial initiative and have put in place a progressive approach that allows our physicians to transition into our practice and standards. This is one of many challenges we have confronted in the past and resolved, where gradual shifts are needed to achieve the right balance between the traditional economics of physician practices and the modern medical protocols that we are implementing. This is a threshold event, one that once crossed, will enable us to reap the full benefits of the efficiencies and profitability of the AunaWay in Mexico.

 

As we learned in Peru, our initial market, transforming healthcare is a gradual and measured process. Changing long-standing medical protocols and operating models takes time, but it is essential to delivering superior clinical outcomes and achieving long-term profitable growth.

 

In Colombia, our results were encouraging, in terms of preserving cash flow. In a still highly complex operating environment, our mature and solid operating model helped us achieve modest top-line growth, supported by the risk-sharing programs that we implemented in the fourth quarter last year. However, Adjusted EBITDA remained affected by provisions, which increased for the quarter, as expected. Consequently, we have continued to limit services delivered to intervened EPSs,  resulting in more consistent payment flows for outstanding receivables. In addition to improving collections, the reallocation of volumes to other payors is improving payor diversification, as well as strengthening our cash flow outlook.

 

Our leverage remained broadly stable, with strong performance from Peru helping offset shortfalls in Colombia and Mexico.

 

To conclude, we are taking swift, tactical steps to address the current setbacks, and we expect to continue recovering volumes in the coming quarters. Besides the corrective actions that we are taking in Mexico, we are deepening our collaboration with insurers to increase volumes this year and beyond, particularly in areas where our model delivers the greatest value to them and patients. We are also focused on intensifying the recruitment, retention, and re-engagement of the highest-performing physicians. And we continue to advance our strategy to introduce OncoSalud in Mexico, another way that Auna intends to disrupt and modernize Mexico’s massive healthcare market. In Colombia, we continue to prioritize cash flow over growth and right-size our cost base accordingly. And we expect Peru to continue underpinning our business with higher levels of growth and profitability as we continue to harvest higher levels of efficiency.

 

2


We have faced similar transition periods before and always emerged stronger. The fundamentals of our model remain intact, our market opportunities are still substantial, and our strategic path is clear. With that in mind, we remain committed to disciplined execution of our growth strategy and to delivering sustainable, long term growth.

 

Overview of 1Q25 Consolidated Results

 

Revenues decreased 3% YoY to S/1,042 million, or increasing +4% FXN, with revenues in local currency (“L.C.”) decreasing 4% in Mexico, while increasing 10% in Peru and 5% in Colombia.

 

In Mexico, network revenue was affected by lower volume at Doctor´s Hospital (“DH”). The Peruvian healthcare network benefited from increased demand for surgeries and membership price adjustments for medical inflation. In Colombia, risk-sharing models with payors supported growth amidst lower demand for event model contracting of services with EPSs.

 

Adjusted EBITDA decreased 8% YoY, or increased +1% FXN, to S/222 million, with the corresponding margin decreasing 1.1p.p. to 21.4%, slightly compensated by the Peru Healthcare Services and Oncosalud Peru segments. The almost flat performance in Adjusted EBITDA in FXN was primarily due to low revenue growth in FXN and impairment losses of S/10 million in Colombia. In addition to the revenue decline in Mexico and the increase in the provisions in Colombia, the results in our reporting currency were impacted by a 22% depreciation of the MXN/PEN and 9% depreciation of the COP/PEN exchange rate, respectively.

 

Net finance costs declined to S/80 million in 1Q25 versus S/168 million in 1Q24. Net interest expenses, excluding FX effects, would have been S/118 million in 1Q25 and S/171 million in 1Q24, a decrease of S/53 million, or 31% , mainly due to non-recurring impacts in 1Q24.  The FX impact in 1Q25 includes a positive non-cash amount of S/37 million versus a positive S/3 million non-cash FX impact in 1Q24, mainly due to the appreciation of the Peruvian Sol against the US Dollar, outside the range of Auna’s call-spread hedge.

 

Net Income was S/38 million in 1Q25, compared to a Net Loss of S/8 million in 1Q24. On a per-share basis, Auna reported Net Income of S/0.48, based on a weighted average number of basic and diluted shares of 74,217,754.

 

Adjusted Net Income was S/55 million in 1Q25, versus S/22 million in 1Q24. On a per-share basis, Auna reported Adjusted Net Income of S/0.70, based on a weighted average number of basic and diluted shares of 74,217,754.

 

3


Subsequent Event

 

In May 2025, Auna successfully closed an offering of USD 62,100,000  aggregate principal amount of its 10.000% Senior Secured Notes due 2029 (the "Additional 2029 Notes"). The proceeds from the Additional 2029 Notes were used to partially prepay indebtedness under the credit agreement, dated as of November 10, 2023, and to pay related interests, fees and expenses. The Additional 2029 Notes were issued as additional notes under the indenture governing the outstanding USD 310,837,161 in aggregate principal amount of Auna’s 10.000% Senior Secured Notes due 2029 previously issued. As a result, the total aggregate principal amount outstanding of Auna's 10.000% Senior Secured Notes due 2029 is USD 372,937,161.

 

Business performance

 

HEALTHCARE SERVICES MEXICO

 

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

 

Auna′s Healthcare Services and Oncosalud operations in Mexico accounted for 23% of consolidated revenues and 36% of consolidated Adjusted EBITDA.

 

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

 

              Δ 1Q'25 vs 1Q'24 Δ 1Q'25 vs 4Q'24
Healthcare Services Mexico
Key Operating Metrics
    1Q'25 (USD) 1Q'25 1Q'24   As
Reported
Local
Currency
As
Reported
Local
Currency
Beds #     708 708   0%   0%  
Surgeries # (000)     4.7 5.0   -6%   -8%  
Emergency treatments # (000)     8.1 9.8   -18%   -17%  
Operating capacity utilization %     59.8% 61.3%   -1.5 p.p.   -5.3 p.p.  
Total capacity utilization %     39.8% 40.6%   -0.9 p.p.   -3.6 p.p.  
Key Financial Metrics                    
Segment Revenue     66 243 308   -21% -4% -9% -6%
Segment Adjusted EBITDA     22 81 104   -22% -5% -13% -10%
Segment Adjusted EBITDA margin %     33.2% 33.6%   -0.4 p.p.   -1.5 p.p.  
                     

  

Segment revenue in Mexico decreased 4% YoY in 1Q25. The decline in revenues is explained by a softer macroeconomic environment, added to lower physician engagement and higher ticket prices at Doctors Hospital, Auna’s high-end facility. OCA, which offers a more accessible price point, picked up volume from Doctors Hospital, while Doctors Hospital East also saw its volume affected by an increase in its average ticket. The impact of lower surgery volumes and a decline in emergency treatments – both main entry points for capturing patients – caused an additional downstream effect on hospitalizations and ICU stays.

 

4


As a result, total capacity utilization was 39.8% in 1Q25, a decrease of 0.9 p.p. versus 1Q24.

 

Segment Adjusted EBITDA decreased 5% YoY in 1Q25 as a result of the decline in revenues and costs related to strategic initiatives that strengthen physician productivity, partially offset by cost efficiencies implemented in the fourth quarter of 2024 in areas such as pharmacy procurement and surgery equipment rentals. Adjusted EBITDA Margin was 33.2%, almost in line with 1Q24.

 

PERU OPERATIONS: HEALTHCARE SERVICES PERU AND ONCOSALUD PERU

 

Auna′s Healthcare Services and Oncosalud Peru accounted for 44% of consolidated revenues and 46% 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
    1Q'25
(USD)
1Q'25 1Q'24   Δ 1Q'25 vs
1Q'24
Δ 1Q'25 vs
4Q'24
Revenue     125 460 419   10% 4%
Healthcare Services Peru     72 263 241   9% 8%
Oncosalud Peru     77 281 253   11% 2%
Holding and Eliminations (*)       (84) (76)   11% 6%
Consolidated Peru Adjusted EBITDA     28 102 85   19% 6%
Healthcare Services Peru     11 42 37   12% 76%
Oncosalud Peru     16 60 48   25% -16%
Consolidated Peru Adj. EBITDA margin %     22.1% 20.4%   1.7 p.p. 0.5 p.p.
Healthcare Services Peru       15.8% 15.4%   0.4 p.p. 6.1 p.p.
Oncosalud Peru       21.4% 19.0%   2.4 p.p. -4.7 p.p.

 

(*) Relates to intersegment revenue elimination.

 

Healthcare Services Peru
Key Operating Metrics
    1Q'25
(USD)
1Q'25 1Q'24   Δ 1Q'25 vs
1Q'24
Δ 1Q'25 vs
4Q'24
Beds #     375 375   0% 0%
Surgeries # (000)     5.4 5.1   5% 7%
Emergency treatments # (000)     38 39   -2% -15%
Operating capacity utilization %     76.3% 79.8%   -3.5 p.p. -0.9 p.p.
Total capacity utilization %     74.0% 69.6%   4.4 p.p. 6.4 p.p.
Key Financial Metrics                
Revenue     72 263 241   9% 8%
External revenues     51 187 174   8% 6%
Intercompany revenue     21 76 67   13% 11%
Segment Adjusted EBITDA     11 42 37   12% 76%
Segment Adjusted EBITDA margin %     15.8% 15.4%   0.4 p.p. 6.1 p.p.

 

5


Oncosalud Peru
Key Operating Metrics
    1Q'25
(USD)
1Q'25 1Q'24   Δ 1Q'25 vs
1Q'24
Δ 1Q'25 vs
4Q'24
Plan memberships # (000)     1,365 1,237   10% 0%
Oncological Plans  # (000)     965 968   0% -3%
Average monthly revenue per plan membership     16.53 60.63 59.32   2% -1%
Preventive check-ups # (000)     34 27   25% 19%
Patients treated # (000)     36 31   16%  
MLR %     56.6% 55.1%   1.5 p.p.  
Oncological Plans %     51.6% 51.5%   0.1 p.p.  
Key Financial  Metrics                
Revenue     77 281 253   11% 2%
External revenues     74 273 245   11% 3%
Intercompany revenue     2 8 9   -7% -24%
Segment Adjusted EBITDA     16 60 48   25% -16%
Segment Adjusted EBITDA margin %     21.4% 19.0%   2.4 p.p. -4.7 p.p.

 

Total revenue from Peru increased 10% YoY in 1Q25 to S/460 million. The 11% YoY increase in revenues at the Oncosalud Peru segment reflects annual price adjustments to support medical inflation in the Oncology and Healthcare plans. The increase in the segment’s MLR was 1.5 p.p., reaching 56.6%, led by an increase of General Healthcare plans in our product mix, while the oncology MLR increased 0.1p.p. YoY to 51.6%. The Healthcare Services segment increased revenues by 9% YoY, reflecting higher surgery volume as well as pricing and mix at Clinica Delgado; higher hospitalization days and outpatient appointments also contributed to the revenue growth. Outside of Lima, Clinica Vallesur and Clinica Chiclayo also contributed to higher surgery volumes, pricing and mix, in addition to increased volumes in emergency visits and outpatient appointments.

 

Operating capacity utilization was 76.3%, a decrease of 3.5p.p. from 1Q24 reflecting an increase in operating beds across the network in Peru. Total capacity utilization was 74.0%, an increase of 4.4 p.p. from 1Q24, a result of increased patient flows.

 

Consolidated Adjusted EBITDA in Peru increased 19% YoY to S/102 million in 1Q25, with the margin increasing 1.7 p.p. to 22.1% in this period. The growth in Adjusted EBITDA was primarily driven by higher revenues, while COGS and SG&A sustained the operating margins.

 

6


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 19% of consolidated Adjusted EBITDA.

 

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

 

              Δ 1Q'25 vs 1Q'24 Δ 1Q'25 vs 4Q'24
Healthcare Services Colombia
Key Operating Metrics
    1Q'25
(USD)
1Q'25 1Q'24   As Reported Local
Currency
As
Reported

Local
Currency

Beds #     1,131 1,116   1%   0%  
Surgeries # (000)     9 12   -22%   -18%  
Emergency treatments # (000)     29 36   -19%   -20%  
Operating capacity utilization %     86.0% 91.1%   -5.1 p.p   -2.0 p.p  
Total capacity utilization %     76.9% 79.0%   -2.1 p.p   -2.0 p.p  
Key Financial Metrics                    
Segment Revenue     92 339 349   -3% 5% -4% -6%
Segment Adjusted EBITDA     11 41 50   -17% -10% -38% -39%
Segment Adjusted EBITDA margin %     12.2% 14.2%   -2.1 p.p   -6.5 p.p  

 

Segment revenue from Colombia increased 5% YoY in 1Q25, primarily driven by 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 in surgeries and emergency visits.

 

Operating capacity utilization in Colombia was 86.0%, a YoY decrease of 5.1 p.p., while total capacity utilization decreased 2.1 p.p. to 76.9% from 1Q24. The decreases in operating and total capacity utilization were the result of proactive management of contracted services with payors and efficiency measures applied to hospital beds, both designed to prioritize cash generation over revenue growth.

 

Segment Adjusted EBITDA decreased 10% YoY in 1Q25, with Adjusted EBITDA Margin decreasing 2.1 p.p. to 12.2%. The Adjusted EBITDA in 1Q25 included increased provisions for impairment losses of S/10 million versus a negligible amount in 1Q24.

 

Balance Sheet & Cash Flow

 

Consolidated Debt

 

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

 

    Mar-25
(USD)
Mar-25 Dec-24 Mar-24   Δ Mar-25 vs
      Mar-24 Dec-24
(+) Loans and borrowings   980 3,595 3,620 3,829   -6% -1%
Short term debt   209 765 654 460   66% 17%
Long term debt   772 2,831 2,966 3,369   -16% -5%
(+) Lease Liabilities   38 140 148 152   -8% -6%
Gross Debt   1,018 3,735 3,768 3,980   -6% -1%
(-) Cash and cash equivalents / marketable securities   55 201 236 313   -36% -15%
Net Debt   963 3,534 3,532 3,667   -3.6% 0.1%
Leverage Ratio     3.6x 3.6x 4.3x   -0.7x 0.1x

 

 

7


Gross Debt at the close of 1Q25 decreased S/245 million, or 6%, versus the end of 1Q24 to S/3,735 million, mainly due to (i) a S/330 million decrease in FX, mainly driven by a 22% depreciation of the MXN/PEN exchange rate for debt denominated in Mexican Pesos, and (ii) a S/108 million reduction due to amortizations of long-term debt, as well as, financial and operating leases, which was partially offset by (i) a S/175 million increase in short-term debt related to working capital needs, and by (ii) an increase of S/17 million related to the refinancing of the 6.500% Senior Notes due 2025 in December 2024.

 

Leverage Ratio was 3.6x at the end of 1Q25. This reflects the combination of  lower  LTM EBITDA versus 4Q24 mainly due to the depreciation of the MXN/PEN exchange rate and to lower cash at the end of the period, partially offset by lower gross debt. The 1Q25 ratio remained unchanged compared to 4Q24, nonetheless, Auna remains focused on reaching its medium-term target of less than 3.0x Net Debt-to-Adjusted EBITDA.

 

Consolidated Debt Amortization Profile

 

(Figures in millions of Soles, unless expressed otherwise)

 

  Total Leases Y1 Y2 Y3 Y4 Y5 Y6+
Loans and Borrowings 3,595   765 302 436 878 1,164 51
Financial Leases 51   18 14 8 3 3 7
Operating Leases 88 88            
Gross Debt 3,735 88 782 316 443 881 1,167 58

 

 

As of 1Q25. Excludes interest. Reflects figures post-refinancing. Y1 = April 2025 to March 2026, Y2 = April 2026 to March 2027, Y3 = April 2027 to March 2028, Y4 = April 2028 to March 2029, Y5 = April 2029 to March 2030, and Y6+ = April 2030 to September 2035.

 

Cashflow and Cash Conversion Cycle

 

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

 

    1Q'25
(USD)
1Q'25 1Q'24   Δ 1Q'25 vs
1Q'24
Net cash from operating activities                        29                  106                     154   -31%
Net cash used in investing activities                      (17)                  (64)                     (31)   106%
Net cash used in financing activities                      (21)                  (78)                     (59)   32%
Cash and cash equivalents at the end of the period                        55                  201                     313   -36%

 

 

    LTM Mar-24 LTM Dec-24 LTM Mar-25
Days Sales Outstanding   77 83 86
Days Inventory Outstanding   37 39 38
Days Payable Outstanding   105 123 127
Cash Conversion Cycle   10 -1 -2

 

8


Net cash from operating activities decreased 31% YoY, or S/48 million, to S/106 million for the three months ended March 31, 2025 versus the comparable period last year and included S/2 million in compensation payments for Opcion Oncologia doctors and an increase of income taxes paid of S/11 million in Mexico and Peru, due to higher profits. Operating cash flow was primarily impacted by a drop in collections in Colombia, specifically related to Nueva EPS in January and February, only partially compensated within the quarter by a recovery in collections in March, after reaching a payment plan with them.

 

Net cash used in investing activities increased 106% YoY, or S/33 million, to S/64 million during 1Q25 and included (i) a S/16 million increase in organic maintenance CapEx, mainly due to phasing of payments in the year, (ii) a S/11 million payment to OCA former shareholders for holdback obligations, (iii) an additional S/2 million payment to the Opcion Oncologia doctors for the brand acquisition, and (iv) a S/5 million earnout payment to IMAT Oncomedica shareholders.

 

Net cash used in financing activities during 1Q25 was S/78 million, an increase of 32%, or S/19 million from 1Q24. Cash used in financing during the period included S/60 million in interest and hedge premium payments for term loan interest and S/16 million for working capital. The comparable 1Q24 period included S/71 million in interest payments and hedge premiums associated with the term loan, S/17 million in working capital, and S/43 million in IPO proceeds and related refinancing activities as well as the repayment of certain indebtedness and financial obligations.

 

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 March 31, 2025, Auna’s network included 31 healthcare network facilities, consisting of hospitals, outpatient, prevention and wellness facilities with a total of 2,323 beds, and 1.4 million healthcare plans.

 

For more information visit www.aunainvestors.com

 

Conference Call Details

 

When: 8:00 a.m. Eastern time, May 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.

 

9


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/501463521

 

Definitions and Concepts

 

Figures in US dollars (US$ or USD) for 4Q24 are presented for indicative purposes and were calculated using an FX rate of US$1= S/3.668. 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 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.

 

10


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.

 

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.

 

11


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)

 

    1Q'25
(USD)
        Δ 4Q'24 vs 
    1Q'25 1Q'24     1Q'24 4Q'24
Profit (Loss) before Tax   17 62 16     280% 65%
(+) Net Finance Cost   22 80 168     -52% -48%
(+) Depreciation and Amortization   15 53 56     -5% 3%
(=) EBITDA   53 195 241     -19% -20%
(+) Adjustments   7.4 27.1 0.7        
(a) Pre-operating expenses   0.1 0.2 0.4        
(b) Business development expenses   6.5 23.7 0.0        
(c) Change in fair value of earn-out liabilities 0.0 0.0 0.0        
(c) Stock-based consideration   0.7 2.7 0.3        
(d ) Personnel non-recurring compensation   0.1 0.5 0.0        
(=) Adjusted EBITDA   61 222 241     -8% -13%
Adjusted EBITDA Margin     21.4% 22.4%     -1.1 p.p. -2.6 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, 1Q25 adjustments include (i) Pre-operating expenses of S/0.2 million in Holdings and eliminations, (ii) Business development expenses of S/23.7 million in Healthcare Services Mexico; (ii) Stock based consideration of S/ 1.7 million in Healthcare Services Mexico, S/0.2 million Healthcare Services Peru, S/0.2 million in Oncosalud Peru, and S/0.6 million in Holdings and eliminations; (iii) Personnel non-recurring compensation of S/0.5 million in Healthcare Services Mexico.

 

In 1Q24 adjustments include (i) Pre operating expenses of S/0.3 million in Healthcare Services Mexico and S/0.1 in Holdings and eliminations and (ii) Stock based consideration of S/0.3 million in Holdings and eliminations.

 

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

 

12


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)

 

    1Q'25
(USD)
1Q'25 1Q'24 4Q'24
Net Income (Loss)    10 38 (8) 24
(a) Pre-operating expenses   0.1 0.2 0.4 0.0
(b) Business development expenses   6.5 23.7 0.0 2.6
(c) Stock-based consideration   0.7 2.7 0.3 2.9
(d) Personnel non-recurring compensation   0.1 0.5 0.0 4.6
(e) Non-cash and non-recurring financial costs    0.0 0.0 29.6 5.6
(f) Allocated tax effects   (2.8) (10.4) (0.2) (3.0)
(=) Adjusted Net Income   15 55 22 36

  

(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 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.

 

13


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

 

  1Q'25 (USD) 1Q'25 1Q'24 4Q'24
Net Income (Loss)  10 38 (8) 24
Income (Loss) attributable to Owner of the company 10 35 (13) 22
Weighted average number of basic and diluted shares at March 31   74 47.2 74.2
Basic and diluted earnings per share 0.13 0.48 (0.28) 0.30
Adjusted Net Income (Loss) 15 55 22 36
Income (Loss) attributable to owners of Adjusted Net Income 14 52 17 35
Weighted average number of basic and diluted shares at March 31   74.2 47.2 74.2
Adjusted Basic and Diluted Earnings per Share 0.19 0.70 0.35 0.47

 

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)

 

  1Q'24 4Q'24 1Q'25
 
Current and non-current loans & borrowings 3,829 3,620 3,595
Current and non-current lease liabilities 152 148 140
Cash and cash equivalents 313 236 201
Net Debt 3,667 3,532 3,534
Adjusted LTM EBITDA 855 993 974
Leverage Ratio 4.29x 3.56x 3.63x

 

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

 

(Figures in millions of Soles, unless expressed otherwise)

 

    1Q'24 1Q'25
   
(+) Loans and borrowings   3,829 3,595
Short term debt   460 765
Long term debt   3,369 2,831
(+) Lease Liabilities   152 140
Gross Debt    3,980 3,735
(-) Cash and cash equivalents   313 201
Net Debt   3,667 3,534

 

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.

 

14


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 March 31, 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 March 31, 2024 (MXN 4.5188 to PEN 1.00) and the average Colombian pesos / Peruvian soles exchange rate for the three months ended March 31, 2024 (COP 1,041.3466 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 March 31, 2025 (MXN 5.5166 to PEN 1.00 / COP 1,130.1867 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 March 31, 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, Leverage Ratio, the expected impact on revenues and profitability of certain initiatives we are pursuing in Mexico, the implementation of the AunaWay and the advancement of the introduction of OncoMexico, our expected long-term financial position and cash flow outlook as a result of certain initiatives we are pursuing related to payors in Colombia, our efficiency initiatives in Peru and our target leverage level. 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.

 

15


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 –

 

16


Balance Sheet (1/2)

 

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

 

  Mar-25
(USD)
Mar-25 Dec-24   Δ Mar-25 vs
Dec-24
Assets          
Current assets          
Cash and cash equivalents                55              201                236                (35)
Trade accounts receivable              277           1,018                962                  56
Other assets                71              261                253                    8
Inventories                33              120                144                (23)
Derivative financial instruments                  1                  2                     9                  (7)
Other investments                27                98                100                  (2)
Total current assets              463           1,700             1,704                  (4)
Non-current assets          
Trade accounts receivable                  0                  1                     1                    0
Other assets                  7                25                  24                    1
Investments in associates and joint venture                  7                27                  25                    2
Property furniture and equipment              621           2,277             2,280                  (3)
Intangible assets              721           2,646             2,657                (11)
Right-of-use assets                34              126                131                  (5)
Investment properties                  2                  6                     6                  (0)
Derivative financial instruments                17                61                  59                    2
Deferred tax assets                55              202                194                    8
Other investments                  0                  0                     0                    0
Total non-current assets           1,464           5,370             5,377                  (7)
Total assets           1,928           7,070             7,081                (10)

 

17


Balance Sheet (2/2)

 

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

 

  Mar-25
(USD)
Mar-25 Dec-24   Δ Mar-25 vs
Dec-24
Liabilities          
Current liabilities          
Loans and borrowings              209              765                654               111
Lease liabilities                  9                34                  32                    2
Trade accounts payable              248              911                931                (21)
Other accounts payable                76              278                290                (11)
Provisions                  3                11                  12                  (1)
Derivative financial instruments                  6                23                  15                    7
Insurance contract liabilities                  4                15                  10                    5
Deferred income                  0                  0                     0                  (0)
Total current liabilities              555           2,036             1,945                  91
Non-current liabilities          
Loans and borrowings              772           2,831             2,966             (135)
Lease liabilities                29              105                115                (10)
Trade accounts payable                  1                  2                     3                  (0)
Other accounts payable                24                88                  73                  15
Derivative financial instruments                11                40                  27                  13
Deferred tax liabilities                81              297                328                (32)
Deferred income                  0                  0                     0                  (0)
Total non-current liabilities              917           3,363             3,513             (149)
Total liabilities           1,472           5,399             5,458                (58)
           
Total equity              456           1,671             1,623                  48
Total liabilities and equity           1,928           7,070             7,081                (10)

 

18


Income Statement

 

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

 

  1Q'25
(USD)
1Q'25 1Q'24   Δ 1Q'25 vs
    1Q'24 4Q'24
Revenue            
Healthcare Services Mexico          66            243        308   -21% -9%
Healthcare Services Colombia          92            339        349   -3% -4%
Healthcare Services Peru & Oncosalud Peru       125            460        419   10% 4%
- Healthcare Services Peru          72            263        241   9% 8%
- Oncosalud Peru          77            281        253   11% 2%
- Holding and eliminations        (23)            (84)        (76)   11% 6%
Total Revenue 284 1,042 1,076   -3% -2%
Cost of sales and services (180) (660) (662)   0% 5%
Gross profit 104 382 414   -8% -12%
Gross margin   36.6% 38.5%   -1.9 p.p. -4.2 p.p.
Selling expenses        (15)            (54)        (53)   1% 28%
Administrative expenses        (50)          (182)      (191)   -4% -9%
(Loss) reversal for impairment of trade receivables          (4)            (16)             0   - 22%
Other income and expenses, net            3                9          11   -19% -23%
Operating profit 38            139        182   -23% -27%
Finance income            2                6             6   -2% -13%
Finance income from exchange difference          10              37             3   1173% -218%
Finance costs        (34)          (123)      (177)   -30% -11%
Net finance cost        (22)            (80)      (168)   -52% -48%
Share of profit of equity accounted investees            1 3 2   24% 21%
Profit (loss) before tax 17              62          16   280% 65%
Income tax expense (benefit)          (6)            (24)        (25)   -4% 75%
Net Income (Loss)          10              38           (8)   555% 59%
EBITDA            
Healthcare Services Mexico 15              55        103   -47% -36%
Healthcare Services Colombia 11              41          50   -17% -36%
Healthcare Services Peru & Oncosalud Peru 28            101          85   19% 10%
- Healthcare Services Peru 11              41          37   12% 88%
- Oncosalud Peru 16              60          48   24% -15%
Holding and eliminations          (1)              (2)             2      
Total EBITDA          53            195        241   -19% -20%
Total Adjusted EBITDA          61            222        241   -8% -13%
Adjusted EBITDA Margin   21.4% 22.4%   -1.1 p.p. -2.6 p.p.

 

19



 

Statement of Cash Flows (1/2)

 

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

 

  YTD 25
(USD)
Mar-25 Mar-24   Δ Mar-25 vs
Mar-24
Cash flows from operating activities          
(Loss) profit for the period              10              38              (8)                    46
Adjustments for:          
Depreciation               8              28              30                     (2)
Depreciation of right-of-use assets               2               7               7                      0
Amortization               5              18              20                     (2)
(Reversal) loss for Impairment of inventories               0               0              (1)                      1
Equity-settled share-based payment transactions               1               3               0                      2
Gain (loss) on disposal of property furniture and equipment               0               0               0                      0
Loss on disposal of right-of-use assets net of leases              -                 -                  0                     (0)
Reversal (loss) for impairment of trade receivables               4              16              (0)                    16
Share of profit of equity-accounted investees              (1)              (3)              (2)                     (1)
Technical provisions and other provisions               0               0               0                      0
Finance income            (12)            (43)              (9)                   (34)
Finance costs              34            123            177                   (53)
Tax expense               6              24              25                     (1)
Net changes in assets and liabilities          
Trade accounts receivable and other assets            (17)            (64)           (109)                    45
Inventories               7              25               6                    19
Trade accounts payable and other accounts payable              (4)            (16)              52                   (68)
Provisions and employee benefits              (0)              (2)              (1)                     (1)
Insurance contract liabilities               1               5              11                     (6)
Cash generated from operating activities              44            160            197                   (37)
Income tax paid            (16)            (58)            (47)                   (11)
Interest received               1               5               5                     (0)
Net cash from operating activities              29            106            154                   (48)

 

 

20


Statement of Cash Flows (2/2)

 

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

 

  YTD 25
(USD)
Mar-25 Mar-24   Δ Mar-25 vs
Mar-24
Cash flows from investing activities          
Payment for accounts payables to former shareholder              (3)            (11)              -                      (11)
Purchase of properties furniture and equipment              (9)            (32)            (18)                   (14)
Purchase of intangibles              (5)            (17)              (8)                     (8)
Purchase of other investments net of sales               0               2              (4)                      6
Proceeds from sale of property furniture and equipment               0               0              (0)                      0
Payment for contingent consideration              (1)              (5)              -                        (5)
Net cash used in investing activities            (17)            (64)            (31)                   (33)
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               0               0              -                         0
Payments of initial public offering costs              -                 -                 (6)                      6
Proceeds from loans and borrowings              93            340            162                   178
Payment for loans and borrowings            (90)           (330)           (164)                 (167)
Payment for lease liabilities              (3)            (11)            (11)                     (0)
Payment for costs of Extinguishment of debt               -                 -               (16)                    16
Payment for derivatives premiums              (0)              (1)              (1)                     (0)
Interest paid            (21)            (75)            (88)                    13
Acquisition of non-controlling interest               -                 -           (1,203)                1,203
Net cash used in financing activities            (21)            (78)            (59)                   (19)
Net increase in cash and cash equivalents            (10)            (36)              64                 (100)
Cash and cash equivalents at January 1              64            236            241                     (5)
 Exchange difference on cash and cash equivalents for the period                0               1               8                     (7)
 Cash and cash equivalents at the end of the period               55            201            313                 (112)

 

21


Historical Financial Metrics

 

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

 

  1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25
Revenue                  
Oncosalud Peru 221 230 237 244 253 269 273 276 281
Healthcare Services Peru 212 217 230 225 241 255 255 245 263
Healthcare Services Colombia 252 282 324 335 349 378 363 353 339
Healthcare Services Mexico 271 281 294 284 308 302 316 268 243
Holding and eliminations (62) (64) (69) (67) (76) (83) (80) (79) (84)
Total revenue from contracts with customers 894 946 1,015 1,021 1,076 1,120 1,127 1,063 1,042
Cost of sales and services (566) (586) (643) (645) (662) (693) (677) (629) (660)
Gross profit 328 360 372 376 414 427 449 434 382
Selling expenses (46) (51) (55) (42) (53) (48) (55) (42) (54)
Administrative expenses (144) (191) (177) (193) (191) (202) (195) (201) (182)
Impairment losses on trade receivables (1) (2) (1) (2) 0 (3) (25) (13) (16)
Other expenses 0 0 0 (21) 0 0 0 (2) 0
Other income 8 20 10 13 11 8 54 14 9
Operating profit 145 136 149 130 182 183 229 190 139
Finance income 4 3 3 6 6 7 6 7 6
Finance income from exchange difference 13 30 0 33 3 0 28 (31) 37
Finance costs (139) (129) (158) (357) (177) (139) (138) (138) (123)
Finance costs from exchange difference 0 0 (17) 17 0 (49) 0 8 0
Net finance cost (122) (96) (172) (302) (168) (182) (103) (155) (80)
Share of profit of equity-accounted investees 1 2 2 1 2 2 2 2 3
Profit (loss) before tax 24 42 (20) (170) 16 3 127 37 62
Income tax (expense) benefit (24) (19) 3 (50) (25) 5 (27) (13) (24)
Net Income  0 23 (18) (219) (8) 8 101 24 38
EBITDA 210 194 210 188 241 241 286 244 195
EBITDA Adjustments                  
Net Income 0 23 (18) (219) (8) 8 101 24 38
Income tax expense  24 19 (3) 50 25 (5) 27 13 24
Net finance cost  122 96 172 302 168 182 103 155 80
Depreciation and amortization  65 56 59 56 56 56 55 52 53
(a) Pre-operating expenses 1 0 1 0 0 2 0 0 0
(b) Business development expenses 0 0 0 0 0 1 (44) 3 24
(c) Change in fair value of earn-out liabilities 0 (4) 0 21 0 0 0 0 0
(c) Stock-based consideration 0 0 0 4 0 0 6 3 3
(d ) Personnel non-recurring compensation 0 0 0 0 0 4 2 5 0
Adjusted EBITDA 211 190 211 213 241 248 250 254 222

 

22


Key Operating Metrics

 

  1Q'25 1Q'24 Δ 1Q'25 vs
1Q'24
Oncosalud Peru      
Plan memberships (1) (2)    1,364,710    1,236,543 10.4%
Average monthly revenue per plan member (3)  S/     60.63  S/     59.32 2.2%
Preventive check-ups (4) 33,570 26,829 25.1%
Patients treated (5) 36,411 31,438 15.8%
Medical loss ratio (6) 56.6% 55.1% 1.5 p.p
       
Healthcare Services       
Total bed capacity (1)(7)          2,214          2,199 0.7%
Surgeries (8)         19,294         21,913 -12.0%
Emergency treatments (9)         75,204         84,869 -11.4%
Operating capacity utilization (10) 77.4% 81.1% -3.7 p.p
Total capacity utilization (11) 64.5% 65.0% -0.5 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 March 31, 2025, we had 1,250,461active members and 114,249 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.

 

23

EX-99.2 3 dp229033_9902.htm EXHIBIT 99.2

 

Exhibit 99.2

 

   
 

Auna S.A. and Subsidiaries
Condensed Consolidated Interim
Financial Statements

 

March 31, 2025

 

 

 


Auna S.A. and Subsidiaries

 

Condensed Consolidated Interim Financial Statements

 

March 31, 2025

 

 

Contents Page
Consolidated Statement of Financial Position 1
Consolidated Statement of Profit or Loss and Other Comprehensive Income 2
Consolidated Statement of Changes in Equity 3
Consolidated Statement of Cash Flows 4
Operating Segments 5 - 8

 

 


Auna S.A. and Subsidiaries
Condensed Consolidated Interim Statement of Financial Position
As of March 31, 2025 and December 31, 2024

 

 

In thousands of soles   March 31,
2025
December 31,
2024
  In thousands of soles   March 31,
2025
December
31, 2024
Assets         Liabilities      
Current assets         Current liabilities      
Cash and cash equivalents   201,017 235,745   Loans and borrowings   764,811 654,233
Trade accounts receivable   1,017,619 961,886   Lease liabilities   34,230 32,459
Other assets   261,307 253,283   Trade accounts payable   910,696 931,265
Inventories   120,339 143,764   Other accounts payable   278,206 289,563
Derivative financial instruments   2,040 8,962   Provisions   10,999 12,246
Other investments   97,767 100,228   Derivative financial instruments   22,570 15,273
Total current assets   1,700,089 1,703,868   Insurance contract liabilities   14,691 10,098
          Deferred income   124 138
Non-current assets         Total current liabilities   2,036,327 1,945,275
Trade accounts receivable   614 571          
Other assets   24,990 24,433   Non-current liabilities      
Investments in associates and joint venture   27,344 25,405   Loans and borrowings   2,830,567 2,965,541
Property, furniture, and equipment   2,276,781 2,280,123   Lease liabilities   105,472 115,429
Intangible assets   2,645,777 2,656,888   Trade accounts payable   2,414 2,741
Right-of-use assets   125,983 131,062   Other accounts payable   87,885 73,150
Investment properties   6,023 6,058   Derivative financial instruments   39,852 27,097
Derivative financial instruments   60,550 58,510   Deferred tax liabilities   296,690 328,370
Deferred tax assets   201,967 193,520   Deferred income   155 177
Other investments   293 282   Total non-current liabilities   3,363,035 3,512,505
Total non-current assets   5,370,322 5,376,852   Total liabilities   5,399,362 5,457,780
                 
          Equity      
          Share capital   17,389 17,387
          Share premium   1,209,715 1,208,586
          Reserves   529,771 524,776
          Retained losses   (238,107) (273,533)
          Equity attributable to the owner of the Company   1,518,768 1,477,216
          Non-controlling interest     152,281 145,724
          Total equity   1,671,049 1,622,940
Total assets   7,070,411 7,080,720   Total liabilities and equity   7,070,411 7,080,720

 

1


Auna S.A. and Subsidiaries
Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income
For the three months ended March 31, 2025 and 2024

 

 

In thousands of soles  

Three-month period

ended March 31 

2025 2024
Revenue      
Insurance revenue   268,127 252,196
Healthcare services revenue   694,476 751,178
Sale of medicines   79,266 72,655
Total revenue from contracts with customers   1,041,869 1,076,029
Cost of sales and services   (660,248) (661,634)
Gross profit   381,621 414,395
Selling expenses   (53,606) (53,251)
Administrative expenses   (182,452) (190,927)
(Loss) reversal for impairment of trade receivables   (15,651) 196
Other income   9,262 11,464
Operating profit   139,174 181,877
Finance income   5,713 5,824
Finance income from exchange difference   37,097 2,915
Finance costs   (123,229)  (176,675)
Finance costs from exchange difference   - -
Net finance cost   (80,419)  (167,936)
Share of profit of equity-accounted investees   2,772 2,239
Profit before tax   61,527 16,180
 Income tax expense   (23,564) (24,516)
Profit (loss) for the period   37,963 (8,336)
Other comprehensive income      
Items that are or may be reclassified subsequently to profit or loss      
Cash flow hedges   (17,379) (9,378)
Foreign operations – foreign currency translation differences   18,529 48,812
Other investments at FVOCI – net change in fair value   784 -
Income tax   5,487 1,987
Other comprehensive income for the period, net of tax   7,421 41,421
Total comprehensive income for the period   45,384 33,085
Income (loss) attributable to:      
Owner of the Company   35,426  (13,335)
Non-controlling interest   2,537  4,999
    37,963 (8,336)
Total comprehensive income attributable to:      
Owner of the Company   38,827 25,729
Non-controlling interest   6,557 7,356
    45,384 33,085
Earnings per share      
Basic and diluted earnings per share   0.48 (0.28)

 

2


Auna S.A. and Subsidiaries
Condensed Consolidated Interim Statement of Changes in Equity
For the three months ended March 31, 2025 and 2024

 

 

    Equity attributable to the owner of the Company    
In thousands of soles   Share
capital
Share
premium
Other
capital
reserve
Translation
reserve
Cost of
hedging
reserve
Hedging
reserve
Merger and
other
reserves
Shared-
based
payment
reserve
Retained
earnings
(losses)
Total Non-
controlling
interest
Total
equity
Balances as of December 31, 2023   8,820 - 79,782 140,066 6,422 (29,548) 1,626,642 - (366,899) 1,465,285 311,281 1,776,566
Balances as of January 1, 2024   8,820 - 79,782 140,066 6,422 (29,548) 1,626,642 - (366,899) 1,465,285 311,281 1,776,566
Profit for the year   - - - - - - - - (13,335) (13,335) 4,999 (8,336)
Other comprehensive loss the year   - - - 46,455 (6,569) (822) -   - 39,064 2,357 41,421
Total comprehensive loss for the year   - -   46,455 (6,569) (822) - - (13,335) 25,729 7,356 33,085
Issuance of common stock, net of issuance costs   1,112 1,208,496 - - - -   -   1,209,608 - 1,209,608
Capitalization of merger reserve   7,453 - - - - - (7,453) - - - - -
Acquisition of non-controlling interest   - - - 18,909 - - (1,076,628) - - (1,057,719) (159,910) (1,217,629)
Change in fair value of put and call liability   - -   - - - (2,405)     (2,405) - (2,405)
Equity-settled share-based payment   - - - - - - - - 279 279 - 279
Total transactions with the owners of the Company   8,565 1,208,496 - 18,909 - - (1,086,486) - 279 149,763 (159,910) (10,147)
Balances as of March 31, 2024   17,385 1,208,496 79,782 205,430 (147) (30,370) 540,156 - (379,955) 1,640,777 158,727 1,799,504
Balances as of December 31, 2024   17,387 1,208,586 93,012 (232,770) 15,392 (36,494) 676,491 9,145 (273,533) 1,477,216 145,724 1,622,940
Profit for the year   - - - - - - - - 35,426 35,426 2,537 37,963
Other comprehensive loss the year   - - - 14,509 (17,839) 5,947 784 -   3,401 4,020 7,421
Total comprehensive loss for the year   - - - 14,509 (17,839) 5,947 784 - 35,426 38,827 6,557 45,384
Issuance of shares   2 1,129 - - - - - (1,131) - - - -
Equity-settled share-based payment   - - - - - - - 2,725 - 2,725 - 2,725
Total transactions with the owners of the Company   2 1,129 - - - - - 1,594 - 2,725 - 2,725
Balances as of March 31, 2025   17,389 1,209,715 93,012 (218,261) (2,447) (30,547) 677,275 10,739 (238,107) 1,518,768 152,281 1,671,049

 

3


Auna S.A. and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows
For the three months ended March 31, 2025 and 2024

 

 

    Three-month period ended
March 31
In thousands of soles   2025 2024
Cash flows from operating activities      
(Loss) profit for the period   37,963                   (8,336)
Adjustments for:      
Depreciation   28,310 29,975
Depreciation of right-of-use assets   6,914 6,788
Amortization   18,160 19,671
(Reversal) Impairment of inventories   120                       (1,039)
Equity-settled share-based payment transactions   2,725 279
Gain on disposal of property, furniture, and equipment   184 175
Gain on disposal of right-of-use assets net of leases liabilities   - 60
Reversal (loss) for impairment of trade receivables   15,651                           (196)
Share of profit of equity-accounted investees   (2,772)                      (2,239)
Provisions   470                            257
Finance income   (42,810)                      (8,739)
Finance costs   123,229 176,675
Tax expense   23,564 24,516
Net changes in assets and liabilities:      
Trade accounts receivable and other assets   (64,073)                  (109,174)
Inventories   25,163                         6,140
Trade accounts payable and other accounts payable   (15,745)                     52,223
Provisions and employee benefits   (1,675)                        (1,144)
Insurance contract liabilities   4,597                       10,621
Cash generated from operating activities   159,975          196,513
Income tax paid   (58,498)                   (47,206)
Interest received   4,538 5,010
Net cash from operating activities   106,015          154,317
Cash flows from investing activities      
Payment for accounts payable to former shareholder   (11,193) -
Purchase of properties, furniture, and equipment   (31,932)                     (18,130)
Proceeds from sale of property, furniture, and equipment   72                            -
Purchase of intangibles   (16,839)                      (8,372)
Purchase of other investments, net of sales   1,612                      (4,467)
Payment for contingent consideration   (5,409)                                 -  
Net cash used in investing activities   (63,689)          (30,969)
Cash flows from financing activities      
Proceeds from issuance of common stock in initial public offering, net of issuance costs   -              1,267,794
Payments of initial public offering costs   -                      (5,806)
Proceeds from loans and borrowings   339,945                    161,637
Payment for loans and borrowings   (330,223)                 (163,652)
Payment for lease liabilities   (11,235)                      (11,199)
Payment for derivatives premiums   (1,208)                        (1,168)
Payment for costs of extinguishment of debt   -                    (15,837)
Interest paid   (75,294)                     (88,118)
Proceeds from settlement of derivatives - interest rate swaps   182 -
Acquisition of non-controlling interest   -            (1,202,825)
Net cash used in financing activities   (77,833)          (59,174)
Net increase in cash and cash equivalents   (35,507) 64,174
Cash and cash equivalents at January 1   235,745 241,133
Effect of movements in exchange rates on cash held   779 8,137
Cash and cash equivalents at March 31   201,017 313,444
Transactions not representing cash flows      
Assets acquired through finance lease and other financing   742 869
Assets acquired from suppliers in installments   9,270 1,619

 

4


Auna S.A. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2025

 

 

Operating Segments

 

A. Basis for segmentation

 

The Group has determined four reportable segments. These operating segments are components of a company about which separate financial information is available that is regularly evaluated by the Board of Directors (Chief operating decision maker) in deciding how to allocate resources and assess performance.

 

The following summary describes the operations of each reportable segment.

 

Reportable segments Operations
Oncosalud Peru Including our prepaid oncologic healthcare plans and healthcare services related to the treatment of cancer.
Healthcare services in Peru Corresponds to medical services within the network of clinics and health centers in Peru.
Healthcare services in Colombia Corresponds to medical services within the network of clinics and health centers in Colombia.
Healthcare services in Mexico Corresponds to medical services within the network of clinics and health centers, and the insurance business in Mexico.

 

B. Information about reportable segments

 

Information related to each reportable segment is set out below. Segment profit (loss) before tax is used to measure performance because the chief operating decision maker believes that this information is the most relevant for the Group.

 

5


Auna S.A. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2025

 

 

For the three months period ended March 31, 2025:

 

In thousands of soles Reportable segments    

Oncosalud

Peru

Healthcare services in Peru Healthcare services in Colombia Healthcare services in Mexico Total reportable segments Holding and eliminations Total
2025              
External revenues 272,823 187,377 338,793 242,876 1,041,869 1,041,869
Inter-segment revenue (i) 7,953 76,043 - - 83,996 (83,996) -
Segment revenue 280,776 263,420 338,793 242,876 1,125,865 (83,996) 1,041,869
External cost of service (78,287) (172,296) (251,135) (158,530) (660,248) - (660,248)
Inter-segment cost of service (i) (74,900) (7,623) - - (82,523) 82,523 -
Segment cost of service (153,187) (179,919) (251,135) (158,530) (742,771) 82,523 (660,248)
Gross profit 127,589 83,501 87,658 84,346 383,094 (1,473) 381,621
External selling expenses (44,991) (5,148) (1,259) (2,190) (53,588) (18) (53,606)
Segment selling expenses (44,991) (5,148) (1,259) (2,190) (53,588) (18) (53,606)
External administrative expenses (19,505) (28,306) (45,469) (51,653) (144,933)  - (144,933)
Inter-segment administrative expenses (103) (1,649) - - (1,752)                1,752   -
Corporate expenses (15,675) (15,365) (2,876) (1,735) (35,651)      (1,868)   (37,519)
Segment administrative expenses (35,283) (45,320) (48,345) (53,388) (182,336) (116) (182,452)
Impairment losses on trade receivables (407) (4,996) (9,604) (511) (15,518) (133) (15,651)
Other income 3,333 1,890 1,201 5,765 12,189 (2,927) 9,262
Inter-segment other income - - - - - - -
Other income 3,333 1,890 1,201 5,765 12,189 (2,927) 9,262
Segment operating profit (loss) 50,241 29,927 29,651 34,022 143,841 (4,667) 139,174
Share of profit of equity accounted investees, net of taxes 1,109 - 1,663 - 2,772 - 2,772
Exchange difference, net (908) 1,656 25,618 (843) 25,523 11,574 37,097
Interest expense, net (6,030) (9,948) (24,442) (46,479) (86,899) (30,617) (117,516)
Segment profit (loss) before tax 44,412 21,635 32,490 (13,300) 85,237 (23,710) 61,527
Other disclosures              
Depreciation and amortization (8,659) (11,522) (9,808) (20,777) (50,766) (2,618) (53,384)
Capital expenditure (4,086) (16,580) (2,626) (15,008) (38,300) (1,943) (40,243)
Segment assets 2,277,885 1,041,349 2,341,241 2,980,865 8,641,340 (1,570,929) 7,070,411
Segment liabilities 1,096,096 638,043 1,353,343 1,825,125 4,912,607 486,755 5,399,362

 

6


Auna S.A. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2025

 

 

For the three months period ended March 31, 2024:

 

In thousands of soles Reportable segments    

Oncosalud

Peru

Healthcare services in Peru Healthcare services in Colombia Healthcare services in Mexico Total reportable segments Holding and eliminations Total
2024              
External revenues 244,841 173,859 348,886 308,443 1,076,029 - 1,076,029
Inter-segment revenue (i) 8,595 67,067 - - 75,662 (75,662) -
Segment revenue 253,436 240,926 348,886 308,443 1,151,691 (75,662) 1,076,029
External cost of service (75,709) (162,010) (259,847) (164,068) (661,634) - (661,634)
Inter-segment cost of service (i) (67,191) (7,970) - - (75,161) 75,161 -
Segment cost of service (142,900) (169,980) (259,847) (164,068) (736,795) 75,161 (661,634)
Gross profit 110,536 70,946 89,039 144,375 414,896 (501) 414,395
External selling expenses (41,148)              (4,512) (1,731) (5,700)              (53,091)                 (160)              (53,251)
Segment selling expenses (41,148) (4,512) (1,731) (5,700) (53,091) (160) (53,251)
External administrative expenses (17,449) (25,670) (48,290)            (66,411)            (157,820)                      -              (157,820)
Inter-segment administrative expenses (77) (499) -                      -                     (576)                   576                        -  
Corporate expenses (14,840) (15,076) (2,952)              (2,230)              (35,098)                1,991              (33,107)
Segment administrative expenses (32,366) (41,245) (51,242) (68,641) (193,494) 2,567 (190,927)
Impairment losses on trade receivables 85 242 (3) (205) 119 77 196
Other income 600 1,483 1,684 8,097 11,864 (400) 11,464
Inter-segment other income 1,732 5 - - 1,737 (1,737) -
Other income 2,332 1,488 1,684 8,097 13,601 (2,137) 11,464
Segment operating profit (loss) 39,439 26,919              37,747              77,926              182,031                 (154)              181,877
Share of profit of equity accounted investees, net of taxes 1,013                      -   1,226                      -   2,239                      -   2,239
Exchange difference, net (1,605)              (1,422)              (1,222)                 6,799                    2,550                   364                  2,914
Interest expense, net (6,242)            (11,536)            (29,485)            (96,271)            (143,534)            (27,316)            (170,850)
Segment profit (loss) before tax 32,605 13,961 8,266            (11,546)                43,286            (27,106)                16,180
Other disclosures              
Depreciation and amortization (7,808) (10,240) (10,671) (25,563) (54,282) (2,152) (56,434)
Capital expenditure (3,530) (6,566) (8,999) (4,107) (23,202) (2,551) (25,753)
Segment assets 2,148,373 911,477 2,475,809 3,866,625 9,402,284       (1,501,878) 7,900,406
Segment liabilities 1,082,933 577,162 1,544,164 2,425,685 5,629,944 470,958 6,100,902

 

7


(i) Inter-segment cost of service (claims expense) from the Oncosalud Peru segment and intersegment revenue from our Healthcare Services in Peru segment are presented on a gross basis by adding the corresponding profit margin markup by our Healthcare Services in Peru segment and vice versa. Likewise, our Oncosalud Peru segment consolidates Oncocenter Perú S.A.C., a subsidiary providing healthcare services related to the exclusive treatment of cancer. In the separate financial statements of Oncocenter Perú S.A.C., the revenue mainly consists of the insurance claims expense recorded as cost of sales in the separate financial statements of Oncosalud S.A.C., our insurance subsidiary that is also consolidated in Oncosalud Peru segment. In the segment consolidation process, the related revenues from such healthcare services are eliminated with the corresponding claims expense of our insurance subsidiary Oncosalud S.A.C., while the external cost (third parties) of services incurred by Oncocenter Perú S.A.C. remains.

 

8