Financial Performance - Auna's consolidated revenue for Q2 2025 was S/1,094 million, a decrease of 2% year-over-year (YoY), but an increase of 4% on a foreign exchange neutral (FXN) basis[19] - Adjusted EBITDA for Q2 2025 was S/241 million, a decrease of 3% YoY, but an increase of 5% FXN, with a flat margin of 211% YoY[15,17,19] - Adjusted Net Income increased significantly YoY, showing a +6x increase[46] - The Leverage Ratio remained flat at 36x[17] Segment Performance - Healthcare Services Mexico revenue in Q2 2025 was S/274 million, a decrease of 9% YoY, but an increase of 5% in local currency[25] - Healthcare Services Peru & Oncosalud Peru revenue in Q2 2025 was S/474 million, an increase of 8% YoY[29] - Healthcare Services Colombia revenue in Q2 2025 was S/346 million, a decrease of 8% YoY, but remained flat in local currency[33] Debt and Cash Flow - The company successfully offered an additional $621 million in aggregate principal amount of senior secured notes due 2029 in May 2025[54] - End-of-period cash stood at S/175 million[50] - Consolidated debt was S/3,702 million (US$1,045 million)[54,58] Operational Metrics - Oncosalud Peru plan memberships increased by 10% YoY, reaching 1,388,579 members[19,101] - Total bed capacity across the healthcare network was 2,224 beds[19]

分组1 - Auna S.A. reported quarterly earnings of $0.33 per share, exceeding the Zacks Consensus Estimate of $0.13 per share, and showing a significant increase from $0.03 per share a year ago, resulting in an earnings surprise of +153.85% [1] - The company posted revenues of $309 million for the quarter ended June 2025, which was 3% below the Zacks Consensus Estimate, but an increase from $292 million in the same quarter last year [2] - Auna S.A. has surpassed consensus EPS estimates three times over the last four quarters, but has only topped revenue estimates once in the same period [2] 分组2 - The stock has underperformed the market, losing about 9% since the beginning of the year, while the S&P 500 has gained 9.7% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $330.33 million, and for the current fiscal year, it is $0.76 on revenues of $1.2 billion [7] 分组3 - The Zacks Industry Rank indicates that the Medical Services sector is currently in the bottom 37% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8] - Auna S.A. currently holds a Zacks Rank 5 (Strong Sell), indicating expectations of underperformance in the near future [6]

[Executive Summary & Consolidated Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Consolidated%20Highlights) This section provides an executive overview of Auna's 2Q25 consolidated financial performance, highlighting key achievements, financial metrics, and strategic priorities [Message from Auna's Executive Chairman and President](index=1&type=section&id=Message%20from%20Auna's%20Executive%20Chairman%20and%20President) Auna achieved 5% FX-neutral Adjusted EBITDA growth, focusing on organizational strengthening, Mexico's growth, operational excellence, and optimizing its capital structure with a 3.6x Leverage Ratio - Adjusted EBITDA increased **5% FXN YoY**, with all segments contributing positively in local currency, despite significant foreign exchange headwinds, particularly the depreciation of the Mexican and Colombian currencies versus the Peruvian Sol[3](index=3&type=chunk) - Auna continues to build a stronger, more efficient organization, positioning itself to seize near to long-term growth opportunities in Mexico's private healthcare market by containing adverse effects related to physician/supplier relationships and implementing cost discipline[4](index=4&type=chunk) - The company is working on optimizing its capital structure, having improved its maturity profile and maintained its Leverage Ratio at **3.6x**, while targeting a medium-term goal of **below 3.0x**[7](index=7&type=chunk) [2Q25 Consolidated Financial Highlights](index=1&type=section&id=2Q25%20Consolidated%20Financial%20Highlights) Auna reported mixed 2Q25 consolidated financial results, showing FX-neutral revenue and Adjusted EBITDA growth despite reported declines due to foreign exchange, alongside a significant increase in Adjusted Net Income and a record low Oncology MLR | Metric | Value (S/) | Change YoY (Reported) | Change YoY (FXN) | | :-------------------------- | :---------- | :-------------------- | :--------------- | | Revenue | 1,094 million | -2% | +4% | | Adjusted EBITDA | 241 million | -3% | +5% | | Adjusted EBITDA Margin | 22.1% | Flat | N/A | | Adjusted Net Income | 89 million | Up from S/13M in 2Q24 | N/A | | Leverage Ratio | 3.6x | In line with 1Q25 | N/A | | Oncology MLR | 49.8% | Record low | N/A | [Overview of 2Q25 Consolidated Results](index=2&type=section&id=Overview%20of%202Q25%20Consolidated%20Results) Consolidated revenues decreased 2% YoY (4% FXN growth) to S/1,094 million, with Adjusted EBITDA decreasing 3% YoY (5% FXN growth) to S/241 million, while Net Income significantly improved to S/84 million | Metric | Value (S/) | Change YoY (Reported) | Change YoY (FXN) | | :---------------- | :---------- | :-------------------- | :--------------- | | Total Revenue | 1,094 million | -2% | +4% | | Mexico L.C. Revenue | N/A | N/A | +5% | | Peru L.C. Revenue | N/A | N/A | +8% | | Colombia L.C. Revenue | N/A | Flat | N/A | | Metric | Value (S/) | Change YoY (Reported) | Change YoY (FXN) | | :-------------------- | :---------- | :-------------------- | :--------------- | | Adjusted EBITDA | 241 million | -3% | +5% | | Adjusted EBITDA Margin | 22.1% | Flat | N/A | | Mexico L.C. Adj. EBITDA | N/A | N/A | +2% | | Peru L.C. Adj. EBITDA | N/A | N/A | +8% | | Colombia L.C. Adj. EBITDA | N/A | N/A | +9% | - Net finance costs were **S/46 million** in 2Q25, a significant decrease from **S/182 million** in 2Q24, primarily due to a positive non-cash FX impact of **S/68 million**[10](index=10&type=chunk) - Net Income was **S/84 million** in 2Q25 compared to **S/8 million** in 2Q24. Adjusted Net Income was **S/89 million** in 2Q25, up from **S/13 million** in 2Q24[11](index=11&type=chunk) [Business Performance by Segment](index=3&type=section&id=Business%20performance) This section details the operational and financial performance of Auna's key business segments in Mexico, Peru, and Colombia, including revenue, Adjusted EBITDA, and key operating metrics [Healthcare Services Mexico](index=3&type=section&id=HEALTHCARE%20SERVICES%20MEXICO) Mexico operations contributed 25% of consolidated revenues and 36% of Adjusted EBITDA, with local currency revenue growing 5% and Adjusted EBITDA growing 2% due to cost efficiencies, maintaining a 32.0% margin - Auna's Healthcare Services and Oncosalud's operations in Mexico accounted for **25% of consolidated revenues** and **36% of consolidated Adjusted EBITDA**[12](index=12&type=chunk) | Metric | Value (S/) | Change YoY (Reported) | Change YoY (Local Currency) | | :------------------------ | :---------- | :-------------------- | :-------------------------- | | Segment Revenue | 274 million | -9% | +5% | | Segment Adjusted EBITDA | 88 million | -12% | +2% | | Segment Adjusted EBITDA margin | 32.0% | -1.1 p.p. | N/A | | Metric | Value | Change YoY | | :-------------------------- | :------ | :--------- | | Surgeries | 4.9K | -8% | | Emergency treatments | 8.2K | -8% | | Operating capacity utilization | 57.8% | -5.4 p.p. | | Total capacity utilization | 38.5% | -3.6 p.p. | - Segment Adjusted EBITDA increased **2% YoY** in 2Q25, mainly due to revenue growth and cost efficiency measures implemented in 4Q24, particularly in pharmaceutical procurement and surgical equipment rentals[14](index=14&type=chunk) [Peru Operations: Healthcare Services Peru and Oncosalud Peru](index=4&type=section&id=PERU%20OPERATIONS%3A%20HEALTHCARE%20SERVICES%20PERU%20AND%20ONCOSALUD%20PERU) Peru operations, contributing 43% of consolidated revenues and 42% of Adjusted EBITDA, saw total revenue and Adjusted EBITDA both increase 8% YoY to S/474 million and S/101 million respectively, driven by membership growth and price adjustments - Auna's Healthcare Services and Oncosalud Peru accounted for **43% of consolidated revenues** and **42% of consolidated Adjusted EBITDA**[15](index=15&type=chunk) | Metric | Value (S/) | Change YoY | | :-------------------------- | :---------- | :--------- | | Revenue | 474 million | +8% | | Consolidated Peru Adjusted EBITDA | 101 million | +8% | | Consolidated Peru Adj. EBITDA margin | 21.3% | 0.0 p.p. | [Healthcare Services Peru](index=4&type=section&id=Healthcare%20Services%20Peru) Healthcare Services Peru revenues increased 5% YoY due to higher surgery volumes and improved pricing, though Segment Adjusted EBITDA decreased 15% due to expense allocations and incremental employee costs | Metric | Value (S/) | Change YoY | | :------------------------ | :---------- | :--------- | | Revenue | 269 million | +5% | | Segment Adjusted EBITDA | 34 million | -15% | | Segment Adjusted EBITDA margin | 12.6% | -3.0 p.p. | | Metric | Value | Change YoY | | :-------------------------- | :------ | :--------- | | Beds | 385 | +3% | | Surgeries | 5.1K | +7% | | Emergency treatments | 48K | +1% | | Operating capacity utilization | 75.6% | -9.5 p.p. | | Total capacity utilization | 73.6% | -0.8 p.p. | - The Healthcare Services segment increased revenues by **5% YoY**, reflecting higher surgery volumes as well as improved pricing and service mix in Lima, and increased volumes in emergency visits and outpatient treatments at Clinica Vallesur and Clinica Chiclayo[18](index=18&type=chunk) - Auna added **47 operating beds** across the network, mostly at Clinica Delgado and Clinica Miraflores in Piura[19](index=19&type=chunk) [Oncosalud Peru](index=5&type=section&id=Oncosalud%20Peru) Oncosalud Peru's revenue grew 7% YoY, driven by a 10% increase in plan memberships, while MLR decreased 3.7 p.p. to 54.9% and Adjusted EBITDA increased 25% | Metric | Value (S/) | Change YoY | | :------------------------ | :---------- | :--------- | | Revenue | 286 million | +7% | | Segment Adjusted EBITDA | 67 million | +25% | | Segment Adjusted EBITDA margin | 23.4% | +3.4 p.p. | | Metric | Value | Change YoY | | :-------------------------------- | :-------- | :--------- | | Plan memberships | 1,389K | +10% | | Oncological Plans | 991K | +2% | | Average monthly revenue per plan membership | S/17.23 | +1% | | Preventive check-ups | 31K | +24% | | Patients treated | 17K | +32% | | MLR | 54.9% | -3.7 p.p. | | Oncological Plans MLR | 49.8% | -4.9 p.p. | - The MLR decreased **3.7 p.p. to 54.9%**, led by an increase of General Healthcare plans in the product mix, while the Oncology MLR decreased for a fourth consecutive quarter to **49.8%** due to efficiencies in pharmaceutical costs[17](index=17&type=chunk) [Healthcare Services Colombia](index=6&type=section&id=HEALTHCARE%20SERVICES%20COLOMBIA) Colombia operations, contributing 32% of consolidated revenues and 24% of Adjusted EBITDA, maintained flat local currency revenue and achieved a 9% local currency Adjusted EBITDA increase with margin expansion, despite decreased operating capacity utilization - Auna's Healthcare services operations in Colombia accounted for **32% of consolidated revenues** and **24% of consolidated Adjusted EBITDA**[22](index=22&type=chunk) | Metric | Value (S/) | Change YoY (Reported) | Change YoY (Local Currency) | | :------------------------ | :---------- | :-------------------- | :-------------------------- | | Segment Revenue | 346 million | -8% | 0% | | Segment Adjusted EBITDA | 58 million | 0% | +9% | | Segment Adjusted EBITDA margin | 16.7% | +1.4 p.p. | N/A | | Metric | Value | Change YoY | | :-------------------------- | :------ | :--------- | | Beds | 1,131 | +1% | | Surgeries | 10K | -11% | | Emergency treatments | 36K | +5% | | Operating capacity utilization | 85.5% | -4.1 p.p. | | Total capacity utilization | 76.4% | -6.5 p.p. | - Operating capacity utilization in Colombia decreased due to the strategic decision to proactively manage contracted services with government-intervened payors and implement efficiency measures to prioritize cash generation over top-line growth[23](index=23&type=chunk) - Segment Adjusted EBITDA increased **9% YoY** in 2Q25, with the margin expanding **1.4 p.p to 16.7%**, partly due to lower impairment provisions (S/2 million vs S/3 million in 2Q24)[24](index=24&type=chunk) [Financial Position & Cash Flow](index=7&type=section&id=Balance%20Sheet%20%26%20Cash%20Flow) This section outlines Auna's consolidated debt, leverage, amortization profile, and cash flow activities, providing insight into its financial health and liquidity [Consolidated Debt & Leverage](index=7&type=section&id=Consolidated%20Debt) Gross Debt decreased 2% to S/3,702 million at 2Q25 due to FX appreciation and amortization, while the Leverage Ratio remained stable at 3.6x with a target below 3.0x | Metric | Jun-25 | Dec-24 | Jun-24 | Change Jun-25 vs Jun-24 | Change Jun-25 vs Dec-24 | | :------------------------------------ | :------- | :------- | :------- | :---------------------- | :---------------------- | | Loans and borrowings | 3,574 | 3,620 | 3,780 | -5% | -1% | | Lease Liabilities | 129 | 148 | 147 | -13% | -13% | | Gross Debt | 3,702 | 3,768 | 3,927 | -6% | -2% | | Cash and cash equivalents / marketable securities | 175 | 236 | 158 | +11% | -26% | | Net Debt | 3,528 | 3,532 | 3,769 | -6.4% | -0.1% | - Gross Debt decreased **2% versus 4Q24** to **S/3,702 million**, primarily due to a S/76 million decrease in FX, a S/232 million reduction from term loan amortization, and a S/35 million reduction in long-term debt and leases, partially offset by a S/48 million increase in short-term debt and a S/230 million increase from the May 2025 issuance of Senior Secured Notes[25](index=25&type=chunk) - The Leverage Ratio was **3.6x** at the end of 2Q25, remaining unchanged compared to 1Q25, with Auna focused on reaching its medium-term target of **less than 3.0x**[26](index=26&type=chunk) [Consolidated Debt Amortization Profile](index=7&type=section&id=Consolidated%20Debt%20Amortization%20Profile) Auna's debt amortization profile shows significant payments in the near term (Y1: S/614 million) with the largest portion of loans and borrowings due in Y5 (S/1,355 million) | Category | Total | Y1 (Jul 25-Jun 26) | Y2 (Jul 26-Jun 27) | Y3 (Jul 27-Jun 28) | Y4 (Jul 28-Jun 29) | Y5 (Jul 29-Jun 30) | Y6+ (Jul 30-Sep 35) | | :------------------ | :---- | :----------------- | :----------------- | :----------------- | :----------------- | :----------------- | :------------------ | | Loans and Borrowings | 3,574 | 598 | 321 | 506 | 746 | 1,355 | 49 | | Financial Leases | 46 | 16 | 12 | 6 | 3 | 3 | 6 | | Operating Leases | 82 | 0 | 0 | 0 | 0 | 0 | 0 | | Gross Debt | 3,702 | 614 | 333 | 512 | 749 | 1,357 | 55 | [Cash Flow and Cash Conversion Cycle](index=8&type=section&id=Cashflow%20and%20Cash%20Conversion%20Cycle) Net cash from operating activities decreased 7% YoY to S/251 million, while net cash used in investing and financing activities also decreased by 6% and 10% respectively, resulting in a S/66 million net decrease in cash | Metric | YTD 25 | YTD 24 | Change YoY | | :-------------------------------- | :------- | :------- | :--------- | | Net cash from operating activities | 251 | 271 | -7% | | Net cash used in investing activities | (109) | (116) | -6% | | Net cash used in financing activities | (209) | (232) | -10% | | Cash and cash equivalents at period end | 175 | 158 | +11% | - Net cash from operating activities decreased **7% YoY**, or **S/20 million**, to **S/251 million** for the six months ended June 30, 2025, primarily due to a S/20 million decrease in cash generated from operating activities and a S/3 million decrease in net interest received[29](index=29&type=chunk) - Net cash used in investing activities decreased **6% YoY** to **S/109 million**, including S/90 million in organic maintenance CapEx, S/15 million for former OCA shareholders, and S/6 million earnout payment to IMAT Oncomedica shareholders[30](index=30&type=chunk) - Net cash used in financing activities was **S/209 million**, a decrease of **10% YoY**, primarily due to lower term loan interest payments (S/114 million) and the absence of IPO proceeds and related refinancing activities from the prior year[31](index=31&type=chunk)[32](index=32&type=chunk) [Company Information & Non-IFRS Measures](index=9&type=section&id=About%20AUNA) This section provides background on Auna, defines key financial concepts, explains the use and reconciliation of non-IFRS measures, and includes important disclaimers [About Auna](index=9&type=section&id=About%20AUNA) Auna is a leading Latin American healthcare platform with 31 facilities, 2,333 beds, and 1.4 million healthcare plans across Mexico, Peru, and Colombia, focusing on prevention and complex diseases - Auna is a leading healthcare platform in Latin America with operations in Mexico, Peru, and Colombia, prioritizing prevention and concentrating on high-complexity diseases[33](index=33&type=chunk) - As of June 30, 2025, Auna's network included **31 healthcare network facilities**, consisting of hospitals, outpatient, prevention and wellness facilities with a total of **2,333 beds**, and **1.4 million healthcare plans**[33](index=33&type=chunk) [Definitions and Concepts](index=9&type=section&id=Definitions%20and%20Concepts) This section defines key terms used in the financial report, including the FX rate used for USD conversions, the meaning of Year-over-Year (YoY) comparisons, and the methodology for Foreign Exchange Neutral (FXN) measures, which adjust for currency volatility to provide a clearer view of core operating performance - Figures in US dollars (US$ or USD) for 2Q25 are presented for indicative purposes and were calculated using an FX rate of US$1= S/3.542[35](index=35&type=chunk) - All comparisons in this announcement are year-over-year ("YoY"), unless otherwise noted[35](index=35&type=chunk) - FX Neutral ("FXN") measures are prepared and presented to eliminate the effect of foreign exchange volatility between comparison periods, allowing evaluation of financial performance despite currency variations[35](index=35&type=chunk)[60](index=60&type=chunk) - The FX Neutral measures for 2Q24 were calculated by re-translating reported amounts using average 2Q24 FX rates and then dividing by average 2Q25 FX rates to present what certain amounts would have been had exchange rates remained stable[63](index=63&type=chunk) [Use of Non-IFRS Financial Measures](index=10&type=section&id=Use%20of%20Non-IFRS%20Financial%20Measures) Auna utilizes non-IFRS financial measures like Adjusted EBITDA and Adjusted Net Income to provide consistent operating performance comparisons, acknowledging their analytical limitations and non-substitutability for IFRS results - Auna uses non-IFRS financial measures (EBITDA, Adjusted EBITDA, Adjusted Net Income, Leverage Ratio, FX Neutral) to assist investors and analysts in comparing operating performance across reporting periods on a consistent basis by excluding items not indicative of core operating performance[37](index=37&type=chunk) - Management and the board of directors use these non-IFRS measures to assess financial performance and highlight trends, but they are not measures of operating performance under IFRS and have limitations as analytical tools[38](index=38&type=chunk) - Investors should not consider such measures either in isolation or as substitutes for analyzing results as reported under IFRS, as Auna's calculations may differ from those used by other companies[38](index=38&type=chunk) [EBITDA and Adjusted EBITDA Reconciliation](index=10&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) EBITDA is profit before tax, finance cost, and D&A, while Adjusted EBITDA includes further adjustments for specific non-operating items, totaling S/241 million with a 22.1% margin for 2Q25 - EBITDA is calculated as profit (loss) before tax for the period plus net finance cost and depreciation and amortization[39](index=39&type=chunk) - Adjusted EBITDA includes EBITDA plus pre-operating expenses, business development expenses, change in fair value of earn-out liabilities, stock-based consideration, and personnel non-recurring compensation[40](index=40&type=chunk) | Metric | 2Q'25 | YTD 25 | Change 2Q'25 vs 2Q'24 | | :-------------------- | :------ | :------- | :-------------------- | | Profit (Loss) before Tax | 132 | 194 | +4501% | | Net Finance Cost | 46 | 127 | -74% | | Depreciation and Amortization | 55 | 109 | -1% | | **EBITDA** | **234** | **429** | **-3%** | | Adjustments | 7.2 | 34.3 | N/A | | **Adjusted EBITDA** | **241** | **464** | **-3%** | | Adjusted EBITDA Margin | 22.1% | 43.4% | -0.1 p.p. | [Adjusted Net Income Reconciliation](index=12&type=section&id=Adjusted%20Net%20Income%20Reconciliation) Adjusted Net Income is derived from Net Income by adding back specific non-operating and non-cash adjustments, resulting in S/89 million for 2Q25 - Adjusted Net Income is calculated as profit (loss) for the period plus adjustments including pre-operating expenses, business development expenses, stock-based consideration, personnel non-recurring compensation, non-cash and non-recurring financial costs, and allocated tax effects[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) | Metric | 2Q'25 | 2Q'24 | YTD 25 | YTD 24 | | :------------------------------------ | :------ | :------ | :------- | :------- | | Net Income (Loss) | 84 | 8 | 122 | (0) | | Adjustments (a-f) | 5.0 | 7.7 | 21.2 | 34.5 | | **Adjusted Net Income** | **89** | **13** | **143** | **35** | [Earnings Per Share (EPS) and Adjusted EPS](index=13&type=section&id=Earnings%20Per%20Share%20(EPS)%20and%20Adjusted%20EPS) Basic and Diluted EPS are calculated using profit attributable to owners, while Adjusted EPS uses Adjusted Net Income, with 2Q25 Basic EPS at S/1.10 and Adjusted Basic EPS at S/1.17 - Basic and Diluted Earnings per Share is calculated by dividing the profit attributable to owners of the Company by the weighted average number of basic and diluted shares outstanding[56](index=56&type=chunk) - Adjusted Basic and Diluted Earnings per Share is calculated by dividing profit attributable to owners of Adjusted Net Income of the Company by the weighted average number of basic and diluted shares outstanding[57](index=57&type=chunk) | Metric | 2Q'25 | 2Q'24 | YTD 25 | YTD 24 | | :------------------------------------ | :------ | :------ | :------- | :------- | | Basic and diluted earnings per share | 1.10 | 0.05 | 1.58 | (0.16) | | Adjusted Basic and Diluted Earnings per Share | 1.17 | 0.12 | 1.87 | 0.42 | [Leverage Ratio and Net Debt](index=13&type=section&id=Leverage%20Ratio%20and%20Net%20Debt) The Leverage Ratio, calculated as Net Debt divided by LTM Adjusted EBITDA, stood at 3.6x for 2Q25, with Net Debt at S/3,528 million - Leverage Ratio is calculated as (i) current and non-current loans and borrowings plus current and non-current lease liabilities minus (ii) cash and cash equivalents, divided by (iii) Last twelve months Adjusted EBITDA[58](index=58&type=chunk) - Net Debt is calculated as Gross Debt minus Cash and cash equivalents[60](index=60&type=chunk) | Metric | 2Q'25 | 4Q'24 | 2Q'24 | | :-------------------------- | :------ | :------ | :------ | | Net Debt | 3,528 | 3,532 | 3,769 | | Adjusted LTM EBITDA | 968 | 993 | 913 | | **Leverage Ratio** | **3.6x** | **3.6x** | **4.1x** | [Forward-Looking Statements & Financial Guidance Disclaimer](index=14&type=section&id=Safe%20Harbor%20Statement) This report contains forward-looking statements subject to risks and uncertainties, with financial guidance based on current outlook, and forward-looking non-IFRS reconciliations are not provided due to estimation difficulties - The press release contains forward-looking statements conveying current expectations or forecasts of future events, which involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[64](index=64&type=chunk)[65](index=65&type=chunk) - Auna's financial guidance is based on management's current performance outlook and expected macroeconomic and regulatory conditions in its operating countries[67](index=67&type=chunk) - Reconciliations of forward-looking non-IFRS measures, specifically Leverage Ratio guidance, to relevant forward-looking IFRS measures are not provided due to insufficient data to accurately estimate variables and individual adjustments[68](index=68&type=chunk) [IR Contact](index=15&type=section&id=IR%20Contact) Contact information for investor relations is provided - For investor relations inquiries, contact via email at contact@aunainvestors.com[69](index=69&type=chunk) [Financial Statements & Historical Metrics](index=16&type=section&id=Financial%20Tables%20Follow) This section presents Auna's consolidated balance sheet, income statement, cash flow statement, and historical financial and operating metrics for detailed analysis [Balance Sheet](index=16&type=section&id=Balance%20Sheet%20(1%2F2)) As of June 30, 2025, total assets increased by S/86 million to S/7,167 million, while total liabilities decreased by S/87 million and total equity increased by S/173 million | Metric | Jun-25 | Dec-24 | Change vs Dec-24 | | :-------------------- | :------- | :------- | :--------------- | | Total assets | 7,167 | 7,081 | +86 | | Total liabilities | 5,371 | 5,458 | -87 | | Total equity | 1,796 | 1,623 | +173 | - Current assets increased by **S/12 million**, driven by a S/56 million increase in trade accounts receivable, partially offset by a S/61 million decrease in cash and cash equivalents[70](index=70&type=chunk) - Non-current assets increased by **S/75 million**, mainly due to increases in intangible assets (S/64 million) and property, furniture, and equipment (S/26 million)[70](index=70&type=chunk) - Total liabilities decreased by **S/87 million**, with current liabilities decreasing by S/63 million (mainly loans and borrowings, trade accounts payable) and non-current liabilities decreasing by S/24 million (mainly lease liabilities, deferred tax liabilities)[71](index=71&type=chunk) [Income Statement](index=18&type=section&id=Income%20Statement) For 2Q25, total revenue decreased 2% to S/1,094 million, gross profit increased 2% to S/434 million, and Net Income significantly improved to S/84 million | Metric | 2Q'25 | Change 2Q'25 vs 2Q'24 | | :------------------------------------ | :------- | :-------------------- | | Total Revenue | 1,094 | -2% | | Cost of sales and services | (660) | -5% | | Gross profit | 434 | +2% | | Gross margin | 39.7% | +1.6 p.p. | | Operating profit | 176 | -3% | | Net finance cost | (46) | -74% | | Profit (loss) before tax | 132 | +20.4x | | Income tax expense (benefit) | (48) | -5.7x | | Net Income (Loss) | 84 | +3.8x | - Revenue from Healthcare Services Peru & Oncosalud Peru increased **8% YoY**, while Healthcare Services Mexico and Healthcare Services Colombia saw reported decreases of 9% and 8% respectively[72](index=72&type=chunk) - Net finance cost decreased significantly by **74% YoY**, largely due to a positive finance income from exchange difference of S/68 million in 2Q25[72](index=72&type=chunk) [Statement of Cash Flows](index=19&type=section&id=Statement%20of%20Cash%20Flows%20(1%2F2)) For the six months ended June 30, 2025, net cash from operating activities decreased 7% to S/251 million, while investing and financing activities also saw decreases, resulting in a S/66 million net decrease in cash | Metric | YTD 25 | YTD 24 | Change YTD 25 vs YTD 24 | | :-------------------------------- | :------- | :------- | :---------------------- | | Net cash from operating activities | 251 | 271 | -20 | | Net cash used in investing activities | (109) | (116) | +7 | | Net cash used in financing activities | (209) | (232) | +23 | | Net increase in cash and cash equivalents | (66) | (77) | +10 | | Cash and cash equivalents at period end | 175 | 158 | +17 | - Cash generated from operating activities decreased by **S/20 million**, while income tax paid decreased by S/3 million and interest received decreased by S/3 million[73](index=73&type=chunk) - Net cash used in investing activities decreased by **S/7 million**, partly due to a S/47 million earnout payment to IMAT Oncomedica shareholders in YTD 24 not recurring in YTD 25[74](index=74&type=chunk) - Net cash used in financing activities decreased by **S/23 million**, primarily due to the absence of IPO proceeds and related refinancing activities from YTD 24[74](index=74&type=chunk) [Historical Financial Metrics](index=21&type=section&id=Historical%20Financial%20Metrics) This section presents historical financial metrics, showing total revenue generally stable around S/1,000-1,100 million and Adjusted EBITDA consistently in the S/200-250 million range quarterly | Quarter | 2Q'23 | 3Q'23 | 4Q'23 | 1Q'24 | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | | :-------------------------------- | :---- | :---- | :---- | :---- | :---- | :---- | :---- | :---- | :---- | | Total revenue from contracts with customers | 946 | 1,015 | 1,021 | 1,076 | 1,120 | 1,127 | 1,063 | 1,042 | 1,094 | | Quarter | 2Q'23 | 3Q'23 | 4Q'23 | 1Q'24 | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | | :---------------- | :---- | :---- | :---- | :---- | :---- | :---- | :---- | :---- | :---- | | Adjusted EBITDA | 190 | 211 | 213 | 241 | 248 | 250 | 254 | 222 | 241 | - Net Income has shown significant variability across quarters, including losses in 3Q'23 (**S/18 million**) and 4Q'23 (**S/219 million**), but improved to **S/84 million** in 2Q'25[75](index=75&type=chunk) [Key Operating Metrics](index=22&type=section&id=Key%20Operating%20Metrics) Key operating metrics show Oncosalud Peru's plan memberships increased 10% and preventive check-ups rose 24.4%, while Healthcare Services saw a 1.1% increase in bed capacity but declines in surgeries and utilization | Metric | 2Q'25 | 2Q'24 | Change | | :-------------------------------- | :---------- | :---------- | :------- | | Plan memberships | 1,388,579 | 1,263,495 | +10% | | Average monthly revenue per plan member | S/60.57 | S/59.64 | +1.6% | | Preventive check-ups | 64,563 | 51,909 | +24.4% | | Patients treated | 53,746 | 44,581 | +20.6% | | Medical loss ratio | 54.9% | 58.6% | -3.7 p.p. | | Metric | 2Q'25 | 2Q'24 | Change | | :-------------------------- | :------ | :------ | :------- | | Total bed capacity | 2,224 | 2,199 | +1.1% | | Surgeries | 41,526 | 44,128 | -5.9% | | Emergency treatments | 174,129 | 175,188 | -0.6% | | Operating capacity utilization | 76.7% | 79.9% | -3.1 p.p. | | Total capacity utilization | 64.0% | 66.5% | -2.5 p.p. | - The Medical Loss Ratio (MLR) for Oncosalud Peru decreased by **3.7 p.p. to 54.9%**, driven by an increase in General Healthcare plans in the product mix and efficiencies in pharmaceutical costs for Oncology MLR[17](index=17&type=chunk)[76](index=76&type=chunk)

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Auna S.A. due to higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - Auna S.A. is expected to report quarterly earnings of $0.13 per share, reflecting a year-over-year increase of +333.3% [3]. - Revenues are projected to be $314.67 million, which is a 7.8% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 13.04% over the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Auna S.A. aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12]. Earnings Surprise Prediction - Auna S.A. currently holds a Zacks Rank of 5, making it challenging to predict an earnings beat [12]. - The company's surprise history shows it has beaten consensus EPS estimates two out of the last four quarters [14]. Market Reaction - The stock may experience upward movement if earnings exceed expectations, while a miss could lead to a decline [2]. - Historical performance indicates that even with an earnings beat, other factors can influence stock movement, making it essential to consider broader market conditions [15].

Core Insights - The article emphasizes the importance of identifying high-quality and mispriced investment opportunities, suggesting that great investment ideas should be intuitive and involve purchasing strong companies at favorable prices [1]. Group 1 - The focus is on the role of an investment analyst in uncovering valuable investment ideas, highlighting the necessity of thorough research and analysis [1]. - The article suggests that successful investments are characterized by a combination of quality companies and attractive pricing, which can lead to significant returns [1].

Financial Data and Key Metrics Changes - Auna reported consolidated revenue and EBITDA growth of only 41% on an FX neutral basis, which was lower than expected [7][8] - Net income was positive for the fifth consecutive quarter, indicating underlying financial stability despite operational setbacks [12][22] Business Line Data and Key Metrics Changes - Peru's operations outperformed, with a 10% increase in revenue driven by higher surgery volumes and improved pricing, while adjusted EBITDA increased by 19% [20][22] - In Mexico, revenues decreased by 4% and adjusted EBITDA by 5% on an FX neutral basis, attributed to operational setbacks and a challenging macroeconomic environment [15][22] Market Data and Key Metrics Changes - Capacity utilization in Peru increased by 4.4 percentage points year-over-year, while it decreased by 0.9 and 2.1 percentage points in Mexico and Colombia, respectively [14] - Colombia saw a 5% revenue increase in local currency, driven by risk-sharing models and diversification of the payer portfolio [21] Company Strategy and Development Direction - The company remains committed to transforming healthcare in Spanish-speaking Latin America through its value-based care model, with a focus on high complexity services [29] - Auna is diversifying its payer mix in Colombia to manage risk and stabilize cash flows, while also aiming to recover growth momentum in Mexico [30][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged operational setbacks in Mexico but expressed confidence in recovering growth momentum as corrective measures are implemented [8][12] - The company is optimistic about the long-term potential in Colombia and continues to focus on improving payment flows and cash cycle [30] Other Important Information - Auna's debt leverage remained unchanged, with a commitment to reach a midterm target of three times or less [12][28] - The company has maintained a solid cash position despite a 15% decrease in cash, generating PEN165 million of pretax operating cash flow [24][27] Q&A Session Summary Question: Update on Mexico's operations and transition to the Auna Way - Management clarified that the transition is necessary for long-term growth and efficiency, emphasizing the importance of aligning physician practices with the Auna model [35][36] Question: Update on Colombia's risk-sharing agreements - Management indicated that approximately 20% of revenues are now from risk-sharing models, with a target of 30% by the end of the year [37] Question: Guidance for Mexico's performance - Management refrained from providing specific guidance but expressed confidence in recovering growth in the coming quarters [48][49] Question: CapEx guidance and impairments in Colombia - CapEx is expected to remain at or below $50 million annually, with ongoing impairments in Colombia as part of a derisking strategy [52] Question: Acceptance of the Auna Way in Peru - Management noted that acceptance took several years in Peru, but they expect a quicker transition in Mexico due to lessons learned [63]

Financial Data and Key Metrics Changes - The company reported a disappointing quarter with revenue and EBITDA increasing by only 41% on an FX neutral basis [6][7] - Net income was positive for the fifth consecutive quarter, indicating underlying strength despite operational setbacks [12][22] Business Line Data and Key Metrics Changes - Peru's operations outperformed, with a 10% increase in planned memberships and a 19% increase in adjusted EBITDA [14][20] - In Mexico, revenues decreased by 4% and adjusted EBITDA by 5% on an FX neutral basis, attributed to operational setbacks and market softness [15][22] Market Data and Key Metrics Changes - Peru's total capacity utilization increased by 4.4 percentage points year over year, while Mexico and Colombia saw decreases of 0.9 and 2.1 percentage points, respectively [14][15] - Colombia experienced a 5% revenue increase in local currency, driven by risk-sharing models and diversification of the payer portfolio [21] Company Strategy and Development Direction - The company remains committed to transforming healthcare in Spanish-speaking Latin America through a value-based care model, with a focus on high complexity services [28][29] - The strategic direction includes recovering growth momentum in Mexico and expanding oncology capabilities [29][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in Mexico due to the transition to the Auna Way, emphasizing the need for gradual implementation to avoid volume loss [33][41] - The outlook for Colombia is positive, with improved cash flows and a target to increase revenue from risk-sharing models to 30% by mid-next year [36][29] Other Important Information - The company maintained a healthy debt structure and is focused on reducing net debt leverage to a target of three times net debt to EBITDA [27] - CapEx is expected to remain at or below $50 million annually, with ongoing investments in the business [50][57] Q&A Session Summary Question: Update on Mexico's operations and transition to Auna Way - Management clarified that the transition is not a cleanup but a necessary transformation to align physician practices with the Auna Way, which is critical for growth in high complexity services [33][34] Question: Update on Colombia's risk-sharing agreements - Approximately 20% of revenues are now from risk-sharing models, with a target of 30% by the end of the year [36] Question: Details on operations in Mexico - The main source of lost volumes was due to close relationships between suppliers and physicians, but management is seeing early signs of recovery [41][42] Question: CapEx guidance and impairments in Colombia - CapEx is expected to remain consistent, and impairments in Colombia will continue as part of a derisking strategy [50] Question: Effective tax rate outlook - The effective tax rate is expected to stabilize around 38% this year, influenced by intercompany payments and deferred tax benefits [57] Question: Business development expenses in Mexico - Business development expenses were related to upfront payments to doctors and are nonrecurring [59][60] Question: Acceptance timeline for Auna Way in Peru - The acceptance in Peru took several years, while in Mexico, it is expected to be quicker due to lessons learned [61][62]

Company Performance - Auna S.A. reported quarterly earnings of $0.19 per share, exceeding the Zacks Consensus Estimate of $0.10 per share, and showing an increase from $0.10 per share a year ago, representing an earnings surprise of 90% [1] - The company posted revenues of $281.43 million for the quarter ended March 2025, which was 5.95% below the Zacks Consensus Estimate and a decrease from $286.43 million in the same quarter last year [2] - Over the last four quarters, Auna S.A. has surpassed consensus EPS estimates two times and topped consensus revenue estimates only once [2] Market Comparison - Auna S.A. shares have increased by approximately 3.2% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.16 on revenues of $314.67 million, and for the current fiscal year, it is $0.77 on revenues of $1.23 billion [7] - The estimate revisions trend for Auna S.A. is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Medical Services industry, to which Auna S.A. belongs, is currently ranked in the top 22% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Performance - Auna's consolidated revenue for Q1 2025 was S/ 1,042 million, a decrease of 3% year-over-year, but an increase of 4% on a foreign exchange neutral basis[19] - Adjusted EBITDA for Q1 2025 was S/ 222 million, down 8% year-over-year, but up 1% on a foreign exchange neutral basis, with a margin of 214%[19] - Adjusted Net Income increased 15x year-over-year, marking the fifth consecutive quarter of positive Adjusted Net Income[48] - The leverage ratio remained flat at 36x[16] Segment Performance - Healthcare Services in Mexico saw a revenue decrease of 21% to S/ 243 million, impacted by new doctor/supplier standards[25] - Healthcare Services in Peru & Oncosalud Peru experienced a revenue increase of 10% to S/ 460 million[28] - Healthcare Services in Colombia reported a revenue decrease of 3% to S/ 339 million[34] Cash Flow and Debt - End-of-period cash decreased 15% compared to Q4 2024[54] - The company successfully offered an additional $621 million in aggregate principal amount of the 10000% senior secured notes due 2029 in May 2025[57] - Consolidated debt was S/ 3,735 million, with more than half in direct local currency funding and the remaining US$ debt 94% hedged to PEN[57]

[1Q25 Financial Results Overview](index=1&type=section&id=1Q25%20Financial%20Results%20Overview) Auna's Q1 2025 results fell short of expectations, with modest FXN revenue growth and operational challenges, despite strong Peru performance [Executive Summary & Consolidated Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Consolidated%20Highlights) Auna's Q1 2025 performance was below expectations due to market softness and operational issues in Mexico and Colombia, offset by strong Peru growth | Metric | 1Q25 Value | YoY Change (Reported) | YoY Change (FXN) | | :--- | :--- | :--- | :--- | | Consolidated Revenue | S/1,042 million | -3% | +4% | | Adjusted EBITDA | S/222 million | -8% | +1% | | Adjusted EBITDA Margin | 21.4% | -1.1 p.p. | N/A | | Adjusted Net Income | S/55 million | +150% | N/A | | Leverage Ratio | 3.6x | -0.7x | N/A | - The company's performance was below expectations due to a softer market and temporary operational setbacks in Monterrey, Mexico, as well as continued challenges in Colombia[3](index=3&type=chunk) - Peru was a standout performer, with strong growth in members, volumes, and pricing, demonstrating the strength of the AunaWay model when fully implemented[4](index=4&type=chunk) - Strategic actions include taking corrective measures in Mexico, deepening collaboration with insurers, intensifying physician recruitment, and prioritizing cash flow over growth in Colombia[10](index=10&type=chunk) [Overview of 1Q25 Consolidated Results](index=3&type=section&id=Overview%20of%201Q25%20Consolidated%20Results) Consolidated revenue saw FX-neutral growth despite reported declines, while Adjusted EBITDA was near-flat FXN, and Net Income improved significantly due to reduced finance costs - Consolidated revenue decreased **3% YoY** as reported, but increased **4%** on an FX-neutral basis; in local currency, revenues grew **10%** in Peru and **5%** in Colombia, but decreased **4%** in Mexico[12](index=12&type=chunk) - Adjusted EBITDA's near-flat performance in FXN terms was attributed to low revenue growth and **S/10 million** in impairment losses in Colombia; reported results were also negatively impacted by the depreciation of the Mexican Peso (**22%**) and Colombian Peso (**9%**) against the Peruvian Sol[14](index=14&type=chunk) - Net finance costs fell from **S/168 million** in 1Q24 to **S/80 million** in 1Q25, mainly due to non-recurring impacts in the prior year and a positive non-cash FX effect of **S/37 million** in 1Q25[15](index=15&type=chunk) Net Income Metrics | Metric | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Net Income (Loss) | S/38 million | S/(8) million | | Adjusted Net Income | S/55 million | S/22 million | | Adjusted Net Income per Share | S/0.70 | S/0.35 | [Business Performance by Segment](index=4&type=section&id=Business%20Performance%20by%20Segment) Auna's segment performance varied, with strong growth in Peru offsetting declines in Mexico and challenges in Colombia [Healthcare Services Mexico](index=4&type=section&id=Healthcare%20Services%20Mexico) Mexico's segment revenue and Adjusted EBITDA declined due to a soft macro environment, reduced physician engagement, and higher prices, leading to lower volumes and utilization Metric (YoY Change, Local Currency) | Metric (YoY Change, Local Currency) | 1Q25 Value | YoY Change | | :--- | :--- | :--- | | Segment Revenue | S/243 million | -4% | | Segment Adjusted EBITDA | S/81 million | -5% | | Segment Adjusted EBITDA Margin | 33.2% | -0.4 p.p. | | Surgeries | 4,700 | -6% | | Emergency treatments | 8,100 | -18% | | Total capacity utilization | 39.8% | -0.9 p.p. | - The company's decision to reduce legacy medical suppliers to align with the AunaWay model and payor best practices inadvertently led to reduced physician engagement and lower volumes, as it underestimated the economic impact on physicians[6](index=6&type=chunk) - Revenue decline was also attributed to a softer macroeconomic environment and higher ticket prices at Doctors Hospital, which caused a downstream effect on hospitalizations and ICU stays[19](index=19&type=chunk) [Peru Operations](index=5&type=section&id=Peru%20Operations) Peru operations delivered strong performance with double-digit revenue and Adjusted EBITDA growth, driven by both Healthcare Services and Oncosalud segments Metric (Peru Consolidated) | Metric (Peru Consolidated) | 1Q25 | YoY Change | | :--- | :--- | :--- | | Revenue | S/460 million | +10% | | Adjusted EBITDA | S/102 million | +19% | | Adjusted EBITDA Margin | 22.1% | +1.7 p.p. | - The growth in Adjusted EBITDA was primarily driven by higher revenues, while effective management of COGS and SG&A helped sustain operating margins[26](index=26&type=chunk) [Healthcare Services Peru](index=5&type=section&id=Healthcare%20Services%20Peru) Healthcare Services Peru revenue grew 9% YoY, driven by increased surgery volume, pricing adjustments, and outpatient appointments, leading to higher capacity utilization - Revenue for Healthcare Services Peru increased **9% YoY** to **S/263 million**, driven by higher surgery volume (**+5%**), pricing adjustments, and increased outpatient appointments; Adjusted EBITDA grew **12% YoY**[23](index=23&type=chunk)[24](index=24&type=chunk) - Total capacity utilization rose by **4.4 p.p.** to **74.0%** as a result of increased patient flows[25](index=25&type=chunk) [Oncosalud Peru](index=6&type=section&id=Oncosalud%20Peru) Oncosalud Peru achieved 11% YoY revenue growth and 25% YoY Adjusted EBITDA increase, supported by membership growth and preventive check-ups - Oncosalud Peru's revenue grew **11% YoY** to **S/281 million**, reflecting annual price adjustments for medical inflation; Adjusted EBITDA increased by a strong **25% YoY**[24](index=24&type=chunk) Oncosalud Peru Operating Metrics | Oncosalud Peru Operating Metrics | 1Q25 | YoY Change | | :--- | :--- | :--- | | Plan memberships | 1,365,000 | +10% | | Preventive check-ups | 34,000 | +25% | | Patients treated | 36,000 | +16% | | Medical Loss Ratio (MLR) | 56.6% | +1.5 p.p. | [Healthcare Services Colombia](index=7&type=section&id=Healthcare%20Services%20Colombia) Colombia's segment revenue grew 5% YoY in local currency due to risk-sharing models, but Adjusted EBITDA declined 10% due to impairment provisions, with a strategic focus on cash generation Metric (YoY Change, Local Currency) | Metric (YoY Change, Local Currency) | 1Q25 Value | YoY Change | | :--- | :--- | :--- | | Segment Revenue | S/339 million | +5% | | Segment Adjusted EBITDA | S/41 million | -10% | | Segment Adjusted EBITDA Margin | 12.2% | -2.1 p.p. | | Surgeries | 9,000 | -22% (Reported) | | Emergency treatments | 29,000 | -19% (Reported) | - Revenue growth was supported by the gradual implementation of risk-sharing models, such as Prospective Global Payments (PGP), which offset declines in traditional services like surgeries and emergency visits[28](index=28&type=chunk) - Adjusted EBITDA was negatively impacted by increased provisions for impairment losses of **S/10 million** in 1Q25, compared to a negligible amount in 1Q24[30](index=30&type=chunk) - The company's focus on cash generation led to proactive management of contracted services and hospital beds, resulting in a **2.1 p.p.** YoY decrease in total capacity utilization to **76.9%**[29](index=29&type=chunk) [Financial Position and Cash Flow](index=7&type=section&id=Financial%20Position%20and%20Cash%20Flow) Auna's financial position shows stable net debt and improved leverage, while operating cash flow decreased due to collection challenges in Colombia [Balance Sheet and Debt Profile](index=7&type=section&id=Balance%20Sheet%20and%20Debt%20Profile) Gross debt decreased YoY, while net debt remained stable, maintaining a leverage ratio of 3.6x, with a medium-term target below 3.0x Debt Metric | Debt Metric | Mar-25 | Dec-24 | Mar-24 | | :--- | :--- | :--- | :--- | | Gross Debt | S/3,735 M | S/3,768 M | S/3,980 M | | Net Debt | S/3,534 M | S/3,532 M | S/3,667 M | | Leverage Ratio | 3.6x | 3.6x | 4.3x | - The YoY decrease in gross debt was mainly due to a **S/330 million** positive FX impact from MXN/PEN depreciation and **S/108 million** in amortizations, partially offset by an increase in short-term debt for working capital[32](index=32&type=chunk) - Auna remains focused on its medium-term target of achieving a Net Debt-to-Adjusted EBITDA ratio of less than **3.0x**[33](index=33&type=chunk) [Cash Flow Analysis](index=8&type=section&id=Cash%20Flow%20Analysis) Net cash from operating activities decreased significantly due to lower collections in Colombia, while investing and financing activities saw increased cash usage Cash Flow Metric | Cash Flow Metric | 1Q25 | 1Q24 | YoY Change | | :--- | :--- | :--- | | Net cash from operating activities | S/106 M | S/154 M | -31% | | Net cash used in investing activities | S/(64) M | S/(31) M | +106% | | Net cash used in financing activities | S/(78) M | S/(59) M | +32% | - The decline in operating cash flow was mainly due to a drop in collections in Colombia, particularly from Nueva EPS in January and February, which was only partially recovered in March[36](index=36&type=chunk) - The cash conversion cycle improved to **-2 days** from **10 days** in the LTM Dec-24 period, driven by an increase in Days Payable Outstanding[35](index=35&type=chunk) [Subsequent Events & Company Information](index=4&type=section&id=Subsequent%20Events%20%26%20Company%20Information) Auna completed a **USD 62.1 million** debt issuance in May 2025 and provided an overview of its extensive healthcare network and upcoming conference call [Subsequent Event](index=4&type=section&id=Subsequent%20Event) In May 2025, Auna issued an additional **USD 62.1 million** in Senior Secured Notes due 2029, using proceeds to partially prepay existing debt - In May 2025, Auna closed an offering of **USD 62.1 million** in Additional **10.000%** Senior Secured Notes due 2029; proceeds were used to partially prepay other indebtedness[17](index=17&type=chunk) [About Auna & Conference Call](index=9&type=section&id=About%20Auna%20%26%20Conference%20Call) Auna operates 31 healthcare facilities with 2,323 beds and serves 1.4 million members across Latin America, with a Q1 2025 earnings conference call scheduled for May 21, 2025 - As of March 31, 2025, Auna's network includes **31 healthcare facilities** with a total of **2,323 beds**, and it serves **1.4 million healthcare plan members** across Mexico, Peru, and Colombia[39](index=39&type=chunk) - A conference call to discuss 1Q25 financial results was scheduled for 8:00 a.m. Eastern time on May 21, 2025[40](index=40&type=chunk) [Appendix](index=10&type=section&id=Appendix) The appendix provides definitions and reconciliations for non-IFRS financial measures, detailed unaudited financial statements, and historical operating metrics for comprehensive analysis [Non-IFRS Financial Measures & Reconciliations](index=10&type=section&id=Non-IFRS%20Financial%20Measures%20%26%20Reconciliations) This section defines non-IFRS financial measures like EBITDA and Adjusted Net Income, providing detailed reconciliation tables to their IFRS counterparts for transparency Reconciliation to Adjusted EBITDA (S/ millions) | Reconciliation to Adjusted EBITDA (S/ millions) | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Profit (Loss) before Tax | 62 | 16 | | (+) Net Finance Cost | 80 | 168 | | (+) Depreciation and Amortization | 53 | 56 | | (=) EBITDA | 195 | 241 | | (+) Adjustments | 27.1 | 0.7 | | (=) Adjusted EBITDA | 222 | 241 | Reconciliation to Adjusted Net Income (S/ millions) | Reconciliation to Adjusted Net Income (S/ millions) | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Net Income (Loss) | 38 | (8) | | (+) Adjustments (net of tax) | 17 | 30 | | (=) Adjusted Net Income | 55 | 22 | [Financial Statements](index=17&type=section&id=Financial%20Statements) This section presents the unaudited Consolidated Balance Sheet, Income Statement, and Statement of Cash Flows for the first quarter ended March 31, 2025 - The appendix includes the detailed Consolidated Balance Sheet as of March 31, 2025[72](index=72&type=chunk)[73](index=73&type=chunk) - The appendix includes the detailed Consolidated Income Statement for the three months ended March 31, 2025[74](index=74&type=chunk) - The appendix includes the detailed Consolidated Statement of Cash Flows for the three months ended March 31, 2025[75](index=75&type=chunk)[76](index=76&type=chunk) [Historical and Operating Metrics](index=22&type=section&id=Historical%20and%20Operating%20Metrics) This section provides historical quarterly financial metrics and key operating indicators for Q1 2025 versus Q1 2024, enabling trend analysis and performance comparison - A detailed table presents historical financial metrics on a quarterly basis from 1Q23 to 1Q25[77](index=77&type=chunk) - A summary table of key operating metrics for 1Q25 compared to 1Q24 is provided, covering Oncosalud Peru plan data and overall Healthcare Services capacity and volume statistics[78](index=78&type=chunk)