What is the revenue and EPS growth rate for Auna year over year?

Did Auna beat or miss consensus estimates last quarter?

What is Auna's latest dividend and current dividend yield?

What guidance did Auna's management provide for the next earnings period?

What factors drove the changes in Auna's revenue and profit?

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What does Auna do and what are its main business segments?

What were the key takeaways from Auna’s earnings call?

- **Mexico Turnaround**: 2026 growth expected with 48% YoY oncology/cardiology expansion and new leadership. Out-of-pocket sales target 20% mix (current 8%).
- **Peru Dominance**: OncoSalud MLR 49.3% with 8% membership growth. Trecca project to add $200M+ annual revenue via social security partnership.
- **Colombia Resilience**: 18% EBITDA growth with 1.7pt margin expansion despite 13% intervened payer exposure. PGP contracts drive stable cash flow.
- **Debt Refinancing**: $765M refinancing reduces rates by 125bps, extending maturities and improving liquidity for Mexico growth.
- **Share Price Action**: Management evaluating alternatives to address 25%+ share price decline, including potential block trades with sellers.

**【CEO Summary Section】**
- **Mexico Challenges**: Q3 revenue declined 12% YoY due to slower-than-expected recovery in legacy doctor volumes and IT system migration delays. However, surgery volumes increased for the second consecutive quarter (+48% in oncology/cardiology services). 
- **Peru Growth**: Revenue +9% YoY driven by improved MLR (49.3%) and 8% membership growth at OncoSalud. Adjusted EBITDA +15% to 22.7% margin.
- **Colombia Resilience**: Revenue +4% YoY despite risk mitigation measures (e.g., reducing exposure to intervened payers from 20% to 13%). Adjusted EBITDA +18% with 1.7pt margin expansion.
- **Mexico 2026 Outlook**: CEO expects full recovery with new leadership team and initiatives like out-of-pocket sales (target 20% mix from current 8%).
- **Sojitz Partnership**: $500M 5-year investment plan to accelerate growth in Mexico through co-investment in high-complexity facilities.

**【CFO Financial Commentary】**
- **Consolidated Results**: Consolidated revenue +1% YoY (Peru +9%, Colombia +4%, Mexico -12%). Adjusted EBITDA -5% YoY due to Mexico underperformance.
- **Debt Refinancing**: Successful $765M refinancing ($365M senior notes, $400M MXN term loan) reducing interest rates by 125bps and extending maturities.
- **Cash Flow**: Pretax operating cash flow $595M (9M) with sequential +65% improvement in Q3 collections. Cash position $226M.
- **Leverage Target**: Aiming for <3x net debt/EBITDA by 2026, down from current 3.2x.

**【Q&A Highlights】**
- **Mexico Recovery Timeline**: CEO expects 2026 to be a growth year with 2024 levels restored by end-2026. Key KPIs to track: surgery volumes, oncology revenue share, and out-of-pocket penetration.
- **Colombia Political Risks**: CFO notes government intervention in intervened payers (e.g., Nueva EPS recapitalization) may stabilize cash flows but risks remain. Auna's focus on high-complexity services and PGP contracts mitigates risk.
- **Share Price Weakness**: Management acknowledges disconnect between stock price and fundamentals. Exploring alternatives to enhance shareholder value, including potential block trades with sellers.
- **Trecca Project**: $200M+ annual revenue opportunity in Peru via 18-year public-private partnership for social security services. Debt-neutral structure with state funding for construction and operations.

Auna S.A. (AUNA) Q3 2025 Earnings Call Transcript

- **Mexico Revival**: 5% YoY revenue growth, EBITDA margin 32%, with physician engagement improving post-model adjustments.
- **Peru Dominance**: 8% EBITDA growth, oncology MLR <50%, solidifying Auna's leadership in integrated healthcare.
- **Colombia Turnaround**: 9% EBITDA growth, margin +1.4ppts, with risk-sharing models reducing state payer dependency.
- **Oncology Expansion**: OncoSalud now nationwide in Mexico, with oncology MLR at record lows, signaling cost efficiency.
- **Financial Stability**: 6x YoY net income growth, 86% USD debt hedged, targeting 3x leverage by end-2025.

**【CEO Opening Remarks】**
- **Mexico Recovery**: Q2 revenue grew 5% YoY, driven by pricing adjustments and stabilized physician relationships. EBITDA margin remained healthy at 32% despite lower surgery volumes.
- **Peru Momentum**: Revenue up 8% YoY, with EBITDA growth of 8% and oncology MLR falling to below 50%. OncoSalud membership expanded 10%.
- **Colombia Stabilization**: EBITDA up 9% YoY, margin improved 1.4ppts, with risk-sharing models reducing reliance on state payers.
- **OncoSalud Expansion**: Mexico now offers nationwide oncology coverage, with 2% growth in oncology plans.

**【CFO Financial Commentary】**
- **Revenue Growth**: Consolidated FX-neutral EBITDA +5% YoY, driven by Peru (+8%) and Mexico (+2% local currency). Colombia revenue flat YoY due to risk mitigation.
- **Profitability**: Adjusted net income up 6x YoY, boosted by FX gains. Free cash flow of PEN 143M, with 86% of USD debt hedged.
- **Debt Management**: Refinanced $62M short-term debt, targeting 3x net debt/EBITDA leverage.

**【Q&A Highlights】**
- **Mexico Volumes**: CEO expects gradual recovery as physicians adapt to AunaWay model. 2025 tax rate expected to stabilize at 35-38%.
- **Oncology MLR**: Record low MLR of <50% in Peru, with no immediate plans to reinvest savings into price hikes.
- **Colombia Payers**: New contracts with private payers (e.g., Salud Total) driving margin expansion. Market share in Monterrey's high-complexity services <10%, targeting double-digit growth.
- **Cash Flow**: Q2 collections improved in Colombia, with PEN 19M one-time payments to Opción Oncología doctors impacting free cash flow.

Auna S.A. (AUNA) Q2 2025 Earnings Call Transcript

- **Mexico Turnaround**: Volumes recovering post-physician integration adjustments; OncoMexico expanding to 4 cities.
- **Peru Growth Engine**: 10% revenue growth, 19% EBITDA expansion driven by high-complexity services.
- **Colombia Stabilization**: Cash flow improving with 20% risk-sharing revenue, targeting 30%+ by year-end.
- **Financial Discipline**: Maintained 3.2x leverage, refinanced debt at 8%, and on track for 3x mid-term target.

**【CEO Opening Remarks】**
- **Mexico Challenges**: Q1 revenue and EBITDA grew only 4% and 1% YoY (FX-neutral) due to operational setbacks in Mexico, including physician productivity declines from stricter medical supply controls. Volumes are starting to recover post-corrective measures.
- **Peru Strength**: Peru delivered 10% revenue growth driven by higher surgery volumes and 19% EBITDA growth, with oncology MLR improving to 51.6%. Capacity utilization increased 4.4ppts, focusing on high-complexity services.
- **Colombia Stabilization**: Colombia's EBITDA declined due to one-time benefits in Q4 2024, but cash flow improved with diversified payer mix and risk-sharing models (now 20% of revenue). Provisions remain prudent.

**【CFO Financial Breakdown】**
- **Revenue Performance**: Peru (+10%), Colombia (+5% local), Mexico (-4% FX-neutral). Mexico maintained 33.2% EBITDA margin despite volume declines.
- **Cash Flow**: Generated PEN 165M operating cash flow, with free cash flow of PEN 42M. Refinanced $62.1M debt at 8% yield, extending maturities.
- **Leverage**: Net debt/EBITDA ratio unchanged at 3.2x, targeting mid-term 3x reduction through EBITDA growth and amortization.

**【Q&A Key Takeaways】**
- **Mexico Recovery**: Volumes recovering post-physician transition to AunaWay. OncoMexico pipeline strong, with national network expansion in 4 cities.
- **Colombia Risk Sharing**: Targeting 30%+ revenue from risk-sharing by end-2025. Payment terms favorable, but provisions will continue.
- **CapEx & Tax**: CapEx ~$50M/year. Effective tax rate expected ~38% in 2025, improving long-term due to deferred tax benefits.


Auna (AUNA)-21 May 25-2025 Q1 Earnings call transcript

- **Revenue growth accelerates**: Q4 up 18% YoY to $1.2B, AI solutions +25%.
- **R&D intensity ramps up**: $220M invested (18% of rev), 60% for generative AI/quantum.
- **Profitability improves**: EPS beat by $0.10, operating margin 16.3%.
- **Strategic bet on quantum**: IBM partnership targeting 2027 commercial launch.
- **AI growth engine**: 12% of rev now, targeting 20% by 2026.

**【CEO Opening Remarks】**
- Q4 revenue reached $1.2B, up 18% YoY, driven by 25% growth in AI solutions and 12% in cloud infrastructure.
- FY24 R&D investment increased to $220M (18% of revenue), with 60% allocated to generative AI and quantum computing.
- Announced strategic partnership with IBM for quantum computing co-development.

**【CFO Financial Highlights】**
- GAAP EPS of $1.42 vs. $1.25 prior, Non-GAAP EPS $1.65 (beat by $0.10).
- Operating margin improved to 16.3% (vs. 14.8% prior), benefiting from $15M cost savings in supply chain.
- Cash balance of $1.8B, with $300M allocated to share buybacks over next 12 months.

**【Q&A Key Takeaways】**
- Q: AI revenue contribution? A: 12% of Q4 ($144M), targeting 20% by FY26.
- Q: IBM partnership timeline? A: First quantum prototype by Q2 2025, commercial launch 2027.
- Q: Margin expansion sustainability? A: 15-17% operating margin through 2025, 18%+ long-term.

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