Auna S.A. filed its Form 20‑F covering the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission on April 21, 2026, and announced the filing on April 22, 2026. The report contains audited financial statements and a comprehensive review of operations in Mexico, Peru, and Colombia, and details the integrated “AunaWay” healthcare model, revenue mix, and capital‑structure changes, including the $825 million debt refinancing that extended maturities and lowered interest costs.
FY2025 revenue rose 4% on a foreign‑exchange‑neutral basis to S/4,385 million, matching the prior year on a reported basis. Adjusted EBITDA fell 3% FXN, or 8% YoY, to S/917 million, reflecting a 1.7‑percentage‑point decline in the 20.9% margin from 22.6% in FY2024. Adjusted net income increased to S/336 million from S/146 million in FY2024, driven by higher operating income and lower interest expense after the refinancing. Free cash flow grew 35% YoY, underscoring the company’s strengthened liquidity.
The debt refinancing of up to $825 million, completed in late 2025, extended maturities and lowered interest costs, keeping net leverage at 3.6× adjusted EBITDA. The refinancing also provided liquidity that supports the company’s growth plans in Mexico and the expansion of the AunaWay model.
Management guidance for 2026 projects revenue growth of 12% FXN, within a range of 10% to 14%, and adjusted EBITDA growth of 12% FXN. The company highlighted a return to growth driven by a stabilized Mexico operation, strong performance in Peru and Colombia, and the continued rollout of the AunaWay model. Executive Chairman Suso Zamora emphasized that FY2025 was a year of stabilization and that 2026 would see a return to growth.
The market reaction was positive, with investors citing the 35% jump in free cash flow, the sharp rise in adjusted net income, the successful debt refinancing, and the 2026 growth outlook as key drivers.
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