Financial Data and Key Metrics Changes - Consolidated adjusted net income reached PEN 136 million in Q4 2025, compared to PEN 36 million in the same quarter last year, with full-year adjusted net income more than tripling to PEN 336 million [9][22] - Consolidated revenue grew 6% at FX neutral in Q4, while adjusted EBITDA declined 14% FX neutral, reflecting Mexico's underperformance and an unfavorable year-over-year comparison in Colombia [10][19] - For the full year, revenue grew 4%, while EBITDA declined 3% [10][21] - Free cash flow grew 35% to PEN 582 million, and year-end cash position increased 42% to PEN 335 million [27][29] Business Line Data and Key Metrics Changes - Mexico's revenues declined 3% in Q4, but showed stabilization with unchanged revenues from the previous quarter [11][12] - Peru's revenue increased 11% during Q4, driven by growth in high complexity services and a record low medical loss ratio [16] - Colombia's revenue increased 6% for the quarter, with a full-year revenue increase of 4%, mainly driven by higher ticket prices [18] Market Data and Key Metrics Changes - Capacity utilization in healthcare services decreased 2.3 percentage points to 64%, particularly in Colombia [10] - In Mexico, out-of-pocket revenues increased to 12% of total revenues in December, reflecting early recovery stages [11] - The oncology medical loss ratio in Peru improved to a record low of 48.5% [16] Company Strategy and Development Direction - The company aims to recover growth levels in Mexico and expand its reach into larger segments of privately insured families [6][31] - Auna is focusing on diversifying away from intervened payers in Colombia and prioritizing cash flows through risk-sharing arrangements [31] - The company plans to continue investing in strategic growth initiatives, particularly in Mexico and Peru, with expected adjusted EBITDA growth of 12% FX neutral in 2026 [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the business and the outlook for 2026, citing improvements in Mexico's operations and strong performance in Peru [40][41] - The main risks to guidance include the pace of volume recovery in Mexico and macroeconomic conditions in operating markets [40] - Management highlighted the importance of maintaining a higher mix of services and specialties to improve margins in Mexico [84] Other Important Information - The company successfully refinanced $825 million in debt, improving its maturity profile and lowering interest expenses [9][29] - The extension of the healthcare plan with ISSSTE León is expected to result in a double-digit price increase for 2026 [49] - The Torre Trecca project is expected to commence operations in the second semester of 2028, representing a significant opportunity for Auna [52] Q&A Session Summary Question: Can you break down guidance by region or business line? - Management indicated that Mexico is expected to drive most of the improvement, but they are not providing guidance by country at this time [35][43] Question: What are the risks to your 2026 guidance? - Management noted that external factors such as political headwinds and operational challenges in Mexico were previously concerns, but they are now confident in the stability of the business [40] Question: Can you provide updates on the Torre Trecca project? - Management confirmed that Torre Trecca will commence operations in the second semester of 2028 and is expected to represent about 25% of the business in Peru at maturity [52] Question: What is the expected CapEx for 2026 and beyond? - Management stated that CapEx for 2026 is expected to be approximately 4% of revenue, focusing on maintenance investments and technology [61] Question: How is the board prioritizing capital allocation? - Management discussed the potential for share buybacks but emphasized that growth opportunities in Mexico would take priority [78]

Financial Data and Key Metrics Changes - Total revenues in Q1 2025 were $8.8 million, down approximately 44% compared to Q1 2024 [15] - Operating expenses in Q1 2025 were $39.9 million, compared to $8.9 million in Q1 2024, including a $29.8 million contingency reserve related to a DOJ settlement [15] - The net loss for Q1 2025 was $64.7 million, or $6.74 per share, compared to a net income of $6.1 million, or $0.88 per share in Q1 2024 [18] Business Line Data and Key Metrics Changes - The healthcare business is experiencing pressure from payment changes made by CMS, impacting revenue [12] - The company is targeting growth in the cardiovascular space and plans to introduce additional FDA cleared products [12][25] Market Data and Key Metrics Changes - The company has acquired a total of 3,808 Bitcoins valued at approximately $400 million, making it the fourth largest Bitcoin treasury company in the US [6] - In 2025, the company acquired 1,510 Bitcoins with a BTC yield of 22.2%, resulting in a BTC dollar gain of $52 million [6] Company Strategy and Development Direction - The company prioritizes its Bitcoin treasury strategy while managing its healthcare business to generate cash for Bitcoin purchases [10] - The strategic focus includes diversifying the customer base and expanding into new markets with potentially life-saving products [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledges headwinds in the healthcare business but sees opportunities for growth in the cardiovascular space [12] - The company aims to minimize declines in QuantiFlo revenue while maintaining infrastructure for innovation and growth [25] Other Important Information - The company completed a $100 million convertible note financing round, using most proceeds to buy Bitcoin [8] - A new $500 million ATM program became effective on April 22, 2025, to support Bitcoin acquisitions [8][20] Q&A Session Summary Question: What are your plans this year for accumulating more Bitcoin? - The company has ambitious plans to increase its Bitcoin stockpile and is confident in utilizing its $500 million ATM for additional acquisitions [23] Question: What's driving the underlying trends in the business, and what do you expect for 2025? - Despite government payment changes, the company continues to see testing and customer additions, focusing on minimizing revenue declines while expanding its product offerings [24][25]