Auna S.A.(AUNA) - 2025 Q2 - Quarterly Report

Executive Summary & Consolidated Highlights 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 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] - 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] - 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] 2Q25 Consolidated Financial Highlights 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 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] - 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] Business Performance by Segment 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 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] | 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] Peru Operations: Healthcare Services Peru and Oncosalud Peru 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] | 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 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] - Auna added 47 operating beds across the network, mostly at Clinica Delgado and Clinica Miraflores in Piura[19] Oncosalud Peru 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] Healthcare Services Colombia 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] | 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] - 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] Financial Position & Cash Flow 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 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] - 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] Consolidated Debt Amortization Profile 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 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] - 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] - 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][32] Company Information & Non-IFRS Measures 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 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] - 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] Definitions and Concepts 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] - All comparisons in this announcement are year-over-year ("YoY"), unless otherwise noted[35] - 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][60] - 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] Use of Non-IFRS Financial Measures 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] - 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] - 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] EBITDA and Adjusted EBITDA Reconciliation 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] - 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] | 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 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][53][54][55][56] | 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 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] - 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] | 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 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] - Net Debt is calculated as Gross Debt minus Cash and cash equivalents[60] | 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 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][65] - Auna's financial guidance is based on management's current performance outlook and expected macroeconomic and regulatory conditions in its operating countries[67] - 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] IR Contact Contact information for investor relations is provided - For investor relations inquiries, contact via email at contact@aunainvestors.com[69] Financial Statements & Historical Metrics This section presents Auna's consolidated balance sheet, income statement, cash flow statement, and historical financial and operating metrics for detailed analysis Balance Sheet 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] - 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] - 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] Income Statement 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] - 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] Statement of Cash Flows 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] - 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] - 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] Historical Financial Metrics 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] Key Operating Metrics 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][76]