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] - Consolidated revenue grew 6% year-over-year in Q4, while adjusted EBITDA declined 14% FX neutral, reflecting Mexico's underperformance and unfavorable comparisons in Colombia [10] - For the full year, revenue grew 4%, while EBITDA declined 3%, with capacity utilization in healthcare services decreasing 2.3 percentage points to 64% [10][12] Business Line Data and Key Metrics Changes - Mexico's operations stabilized, with oncology revenues growing 35% compared to the previous quarter, although overall revenues in Mexico declined 3% in Q4 [11][12] - Peru's revenue increased 11% in Q4, driven by high complexity services and a record low medical loss ratio of 48.5% [15] - Colombia's revenue grew 6% in Q4, with a full-year increase of 4%, supported by higher ticket prices despite lower volumes [17] Market Data and Key Metrics Changes - Mexico's healthcare market remains soft, affecting surgeries and emergency visits, while Peru continues to outperform with strong pricing and operational scale [6][7] - Colombia's results align with objectives to grow while improving cash flow, with a higher mix of risk-sharing contracts [8] Company Strategy and Development Direction - The company aims to recover growth levels in Mexico and expand its reach into privately insured families, with a focus on integrating new management and initiatives [6][12] - Auna plans to enhance its oncology services and expand its addressable market through projects like the Centro Ambulatorio Trecca in Peru [29] - The company is diversifying away from intermediary payers in Colombia and prioritizing cash flows through risk-sharing arrangements [30] 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 [30][40] - The company expects adjusted EBITDA to increase by 12% FX neutral in 2026, supported by disciplined cost management and strategic growth initiatives [32] Other Important Information - Auna's debt refinancing of $825 million improved its capital structure, reduced interest expenses, and extended maturity profiles [9][28] - Free cash flow grew 35% to PEN 582 million, with a year-end cash position increasing 42% to PEN 335 million, providing funds for strategic investments [26] Q&A Session Questions and Answers Question: Can you break down your guidance by region or business line? - Management indicated that Mexico's recovery is expected to drive improvements, but they are not providing specific guidance by country at this time [34][42] Question: What are the risks to your 2026 guidance? - Management highlighted external factors such as macroeconomic conditions and the pace of volume recovery in Mexico as potential risks, but expressed confidence in achieving guidance [39][40] Question: Can you provide details on the Torre Trecca project? - The Torre Trecca project is expected to commence operations in the second half of 2028, with significant revenue contributions anticipated from the EsSalud partnership [51][52] Question: What is the expected CapEx for 2026? - The expected CapEx for 2026 is approximately 4% of revenue, focusing on maintenance investments and technology upgrades [61] Question: How is the company planning to ramp up occupancy in Mexico? - Management plans to manage occupancy and margins through a higher mix of complex services, aiming for gradual recovery in 2026 [84]
Auna S.A.(AUNA) - 2025 Q4 - Earnings Call Transcript