Peru Division Posts 14% EBITDA Growth on Record-Low Costs
Auna's operations in Peru delivered standout performance in the fourth quarter of 2025, cementing its role as the company's primary growth engine. Revenue in the region increased 11% year-over-year, while adjusted EBITDA climbed 14%. This growth was driven by higher-margin, high-complexity services and strong results from its Oncosalud health plan, where memberships rose 4.4%. Critically, the oncology medical loss ratio (MLR) improved to a record low of 48.5%, marking the sixth consecutive quarterly decrease and signaling significant cost efficiencies.
Looking ahead, Auna is expanding its Peruvian footprint through a public-private partnership to develop the Centro Ambulatorio Trecca, a 600,000-square-foot outpatient facility in Lima. Expected to begin operations in the second half of 2028, executives project the facility could eventually represent approximately 25% of Auna's total revenue in Peru, providing a substantial long-term growth catalyst.
Mexico Operations Stabilize with 30% Price Hike on Key Contract
After what management described as a "disappointing" year, Auna's Mexico division showed clear signs of stabilization in the fourth quarter. While revenue was down 3% in local currency compared to the prior year, it was flat versus the third quarter. A key positive indicator was a 35% sequential increase in oncology revenue. The company also grew its high-margin out-of-pocket revenue segment to 12% of its Mexico total in December, up from 8% in the third quarter.
A crucial development for 2026 is the renewal of Auna's healthcare plan with ISSSTE León on an exclusive basis for most services. The new terms include a 30% price increase and greater control over costs, which is expected to restore margins. This contract reset, combined with new leadership and a focus on privately insured markets, positions the unit for a recovery.
Auna Secures $825M Refinancing, Guides for 12% Growth in 2026
On a corporate level, Auna significantly improved its financial flexibility by completing an $825 million-equivalent debt refinancing during the quarter. The move enhances liquidity and reduces interest expenses while keeping leverage stable at 3.6x. The company's financial health was further supported by a 35% increase in full-year free cash flow, which rose to PEN 582 million.
Bolstered by the strength in Peru and stabilization in Mexico, management issued confident guidance for 2026, projecting 12% FX-neutral growth for both consolidated revenue and adjusted EBITDA. This outlook incorporates a risk-managed approach in its Colombia segment, where the company is intentionally constraining services to government-intervened payers to improve its cash cycle. The combination of regional operational improvements and a stronger balance sheet underpins the company's growth trajectory for the upcoming year.
Edgen Stock·Mar 17 2026, 16:33
