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

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

What is Auna's gross profit margin?

What is the market's earnings forecast for Auna next quarter?

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

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

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

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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AUNA

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