Auna S.A. reported fourth‑quarter 2025 results that surpassed consensus expectations, with an adjusted net income per share of S/1.78 (approximately $1.82) versus the analyst consensus of $0.74, a beat of $1.04 per share. The company’s revenue for the quarter was S/1,133 million (about $1.155 billion), slightly above the consensus estimate of $1.131 billion, indicating a modest upside in top‑line performance.
The quarter’s earnings beat was driven by disciplined cost management and a favorable mix shift toward higher‑margin oncology services. Oncology revenue grew 35% quarter‑on‑quarter, and the oncology medical‑loss ratio fell to a record low of 48.5% in FY25, down from 53.0% in FY24. In contrast, Mexico’s revenue declined 13% year‑over‑year and its adjusted EBITDA fell 26%, reflecting ongoing headwinds in that market. Peru and Colombia, however, delivered revenue growth of 9% and 5% respectively, supporting the company’s overall flat FY25 revenue of S/4,385 million and an adjusted EBITDA margin of 20.9% for the year.
Auna’s management highlighted the stabilization of its Mexican operations, noting that the new management team has focused on expanding reach into privately insured families and strengthening alignment with physician groups. The company also reiterated its partnership with Sojitz Corporation of America, a memorandum of understanding aimed at exploring joint business opportunities in Latin America, with an initial focus on Mexico. In addition, Auna has expanded its oncology services through a partnership with Opción Oncología in Mexico, further bolstering its oncology portfolio.
For FY26, Auna guided for approximately 12% FX‑neutral growth in both revenue and adjusted EBITDA, within a range of 10% to 14%. The company stated, "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." It also added, "We envision 2026 to mark a return to growth, with a regional platform now more than ready to perform at high levels."
Auna completed an $825 million debt refinancing that extended maturities to 2030‑2032 and maintained net leverage at 3.6×, improving liquidity and financial flexibility. The refinancing, combined with the oncology MLR improvement and the gradual recovery in Mexico, underpins the company’s confidence in its FY26 outlook.
The earnings beat and forward guidance signal strong management execution and a clear path to renewed growth, particularly as the company leverages its oncology expansion and the Sojitz partnership to capture new market opportunities while addressing the challenges in Mexico.
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