Consolidated Revenue Growth
Consolidated revenue reached PEN 1.2 billion, growing 10% year-over-year in FX-neutral terms, with revenue increases across all segments.
Auna S.A. Class A
· AUNA
May 19th, 2026
Summary
- Earnings Call Date:
- 2026-05-19
- Change Since:
- +3.79%
- Next Earnings Date:
- 2026-08-26
Earnings Call Sentiment
NeutralThe call conveyed clear topline momentum and meaningful improvements in cash generation, liquidity and payer mix across Mexico, Peru and Colombia, supported by rising high-complexity volumes and strategic wins (OncoSalud B2B growth, new payer contracts, Torre Trecca progress). However, near-term profitability was pressured by Peru revenue reconciliations and delayed pharmacy rebates, noncash FX losses, and higher compensation costs which caused a consolidated adjusted EBITDA decline and margin compression. Management reaffirmed full-year revenue and EBITDA guidance and expects stronger second-half performance, positioning the company to convert current operational momentum into margin recovery and deleveraging over 2026.
Company Guidance
Auna reaffirmed its 2026 revenue and adjusted‑EBITDA guidance and said it expects the bulk of growth in the second half of the year; in Q1 consolidated revenue was PEN 1.2 billion (+10% FX‑neutral) while consolidated adjusted EBITDA declined 5% FXN with margin down 2.9pp (impacted by Peru revenue adjustments and payroll), and management reiterated a medium‑term leverage target of 3.0x (Q1 leverage 3.7x) and that cash‑after‑interest generation should grow in 2026—cash was PEN 409m (+22%), free cash flow PEN 152m (2.6x YoY). Segment detail backing the guidance: Mexico revenue +8% with adjusted EBITDA +19% QoQ and +23% YoY (management cites a path back toward ~30% structural margins and >20% consolidated EBITDA margin), Peru revenue +9% (healthcare services +7%, OncoSalud +12%; EBITDA -3% but would be +7% excluding revenue adjustments), Colombia revenue +13% with risk‑sharing at 21% of segment revenue (up 6pp), new payers now 12% of revenue, and Colombia adjusted EBITDA +7% (margin down 1.7pp).
Strong Cash Flow and Liquidity
Free cash flow increased 2.6x versus Q1 2025 to PEN 152 million; cash balance rose 22% to PEN 409 million; pretax operating cash flow up ~45% contributing to improved cash generation after interest.
Mexico Operational Recovery
Mexico revenues rose 8% year-over-year; adjusted EBITDA recovered strongly with a 19% quarter-over-quarter increase (and 23% year-over-year EBITDA increase), driven by higher surgery and oncology volumes (surgery +15% sequential, oncology +32% sequential) and improved payer contract economics (ISSSTELEON).
Peru Growth Momentum and OncoSalud Expansion
Peru revenues grew 9% year-over-year; OncoSalud revenues grew 12% driven by price increases and B2B membership growth including a 20,000-member group policy win; health care plan memberships up 6% and oncology plan memberships up 3%.
Colombia Revenue Acceleration and Payer Mix Improvement
Colombia revenue grew 13% year-over-year; risk-sharing contracts rose 6 percentage points to 21% of Colombia revenue, new payer revenue increased 1.5x and now represents ~12% of revenue, while revenue exposure to intervened payers fell from 19% to 14%.
Improved Capacity Utilization and High-Complexity Mix
Total utilization increased 1.4 percentage points to 66%; management is prioritizing higher-margin, high-complexity services (surgery, oncology, radiotherapy) which drove volume and mix improvements across markets.
Stronger Capital Structure and Hedging
Leverage target path maintained (leverage 3.7x this quarter, target ~3x medium term); post-refinancing delivered ~USD 8 million annualized interest/tax efficiencies; reduced short-term debt by 40% vs Q3 2025; ~$175 million revolver with ~$109 million undrawn; 85% of USD debt hedged to PEN and 75% of Mexican floating rate debt hedged to fixed.
Strategic Growth Projects Progressing (Torre Trecca)
Torre Trecca construction consortium expected to be awarded imminently with construction to start immediately; project timeline targeted at 18–24 months to expand addressable market in Peru.
Operator
Good morning, and welcome to Auna's First Quarter 2026 Earnings Conference Call. My name is Rob, and I will be your operator for today's call. [Operator Instructions] Please note that this call is being recorded. [Operator Instructions] Now I would like to turn the call over to Ana Maria Mora, Head of Investor Relations. Ma'am, please go ahead.
Ana Maria Mora
Thank you, operator. Hello, everyone, and welcome to Auna's Conference Call to review our First Quarter Results. Please note that there is a webcast presentation to accompany the discussion during this call. If you need a copy of the presentation, please go to our Investor Relations website or contact Auna's Investor Relations team. Please note that when we discuss variances, we will be doing so on a year-over-year basis and in FX-neutral or local currency terms with regard to Mexico and Colombia, unless we note otherwise. Let's move to Slide 2. In addition to reporting unaudited financial results in accordance with International Financial Reporting Standards, we will discuss certain non-IFRS financial measures and operating metrics, including foreign exchange neutral calculations. Investors should carefully read the definitions of these measures, the metrics and reconciliations included in our earnings press release published yesterday after market close to ensure that they understand them.
Non-IFRS financial measures and operating metrics should not be considered in isolation as a substitute for or superior to IFRS financial measures and are provided as supplemental information only. Before we begin our remarks, please also note th...
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