Contradictions Unveiled: Auna S.A.'s Q2 2025 Earnings Call Highlights Market Recovery, Profitability, and Strategic Challenges

Mexico market recovery and strategy, earnings and profitability trends, Mexico market recovery and stability, oncology medical loss ratio (MLR) strategy, and tax rate stability are the key contradictions discussed in Auna S.A.'s latest 2025Q2 earnings call.



Consolidated Financial Performance and Regional Growth:
- Auna reported FX-neutral consolidated EBITDA growth of 5% in Q2 2025.
- Growth was driven by resumed growth in Mexico, improved EBITDA in Colombia, and strong performance in Peru.

Mexico's Operational Challenges and Recovery:
- Mexico's revenue grew 5% year-over-year despite lower surgery and emergency treatment volumes.
- Recovery was attributed to higher average ticket prices and repricing of services, along with stabilization of doctor and supplier relationships.

Peru's Segment Strength and Oncology Performance:
- Peru's revenue grew 5%, driven by increased surgery volumes and an improved services mix.
- OncoSalud Peru delivered record low oncology MLR and increased membership in oncology plans.

Colombia's Risk Mitigation and Payer Diversification:
- Colombia's EBITDA grew 9% with a margin expansion of 1.4 percentage points.
- Improvements were due to risk-sharing models, payer diversification, and effective collection from intervene payers.