Auna's Resilient EBITDA Growth Amid FX Headwinds: A Strategic Buy for Latin American Healthcare Exposure

Auna Healthcare (NYSE: AUNA) has emerged as a standout performer in Latin America's healthcare sector, defying the region's notorious foreign exchange (FX) volatility to deliver robust EBITDA growth. For investors seeking exposure to emerging markets while mitigating macroeconomic risks, Auna's operational discipline and geographic diversification present a compelling case. This article dissects how the company's strategic execution has turned FX headwinds into tailwinds, positioning it as a top-tier investment in a fragmented but high-growth industry.

Operational Discipline: The Engine Behind EBITDA Resilience

Auna's ability to maintain a 20.1% adjusted EBITDA growth in FX-neutral (FXN) terms in 2024, despite a 22% depreciation of the Mexican Peso (MXN) and 9% depreciation of the Colombian Peso (COP) against the Peruvian Sol (PEN), underscores its operational rigor. The company's AunaWay model in Mexico, which emphasizes service mix optimization and pricing discipline, has been pivotal. By shifting toward high-margin oncology and surgical services, Auna offset lower surgical volumes and stabilized margins. In Peru, its fully integrated healthcare and plans business—leveraging membership expansion and capacity utilization (83% in Q2 2025)—drove 8% local currency revenue growth. Meanwhile, Colombia's risk-sharing models and strategic reallocation of services preserved cash flow despite regulatory challenges.

The results are clear: Auna's adjusted EBITDA margin remained stable at 22.1% in Q2 2025, even as FXN growth outpaced reporting currency results. This operational agility is a testament to its leadership's focus on cost containment and pricing power, which have insulated the business from currency swings.

Geographic Diversification: A Natural Hedge Against FX Volatility

Auna's footprint across three Latin American markets—Mexico, Peru, and Colombia—acts as a natural hedge. While the MXN and COP depreciated against the PEN in 2025, Peru's Sol appreciated against the U.S. Dollar, generating a non-cash FX benefit of S/37 million in Q1 2025. This diversification allowed Auna to balance regional underperformance with growth in more stable markets. For instance, Peru's 10% local currency revenue growth in Q1 2025 offset Mexico's 4% decline, ensuring consolidated FXN revenue growth of 4%.

The company's leverage ratio, a critical metric for investors, has remained stable at 3.6x, below its medium-term target of 3.0x. This financial discipline, combined with a deleveraging strategy, positions Auna to withstand further FX shocks. Notably, Peru's strong performance—driven by high-capacity utilization and membership expansion—has become a cornerstone of Auna's resilience, validating its integrated care delivery model.

Strategic Catalysts for Long-Term Outperformance

Auna's forward-looking strategies further amplify its appeal. The launch of OncoMexico, a dedicated oncology network, taps into Mexico's underserved high-complexity care market, offering a scalable revenue stream. In Colombia, the company's focus on risk-sharing models and payor diversification is expected to reduce impairment provisions and improve margins. Meanwhile, Peru's role as a regional hub for innovation—such as its record-low oncology medical loss ratio (MLR) of 49.8%—highlights its potential to drive cross-border best practices.

Investment Thesis: A Strategic Buy for FX-Resilient Growth

For investors, Auna's combination of operational excellence and geographic diversification creates a unique value proposition. While FX volatility remains a headwind, the company's FXN EBITDA growth of 1% in Q1 2025 and 20% guidance for 2025 demonstrate its ability to outperform. Auna's leverage ratio of 3.6x, coupled with a deleveraging roadmap, ensures financial flexibility to fund growth initiatives.

The stock's recent 153.85% earnings surprise in Q2 2025 further signals undervaluation relative to its fundamentals. With a P/E ratio of 12.3x (as of August 2025), Auna trades at a discount to global healthcare peers, offering a margin of safety. Investors seeking exposure to Latin America's healthcare boom—projected to grow at 6.5% CAGR through 2030—should consider Auna as a strategic buy.

Conclusion: Navigating Volatility with Precision

Auna Healthcare's ability to transform FX challenges into opportunities is a masterclass in operational and strategic execution. By leveraging geographic diversification, pricing power, and integrated care models, the company has built a resilient platform capable of thriving in volatile markets. For investors, Auna represents not just a bet on Latin America's healthcare sector but a disciplined, data-driven approach to long-term value creation. In an era of macroeconomic uncertainty, Auna's story is one of adaptability—and its best may still be ahead.