Auna SA

What they do

AUNA provides medical diagnostic imaging and cancer treatment, including PET/CT molecular imaging, and operates inpatient and outpatient health centers. It also produces radiopharmaceuticals for PET and scintigraphy diagnostics. The company includes subsidiaries dedicated to oncologic healthcare services and internal management services.

Revenue drivers

• Healthcare services (clinics) — Revenue from inpatient and outpatient services across health centers in Peru, Colombia, and Mexico.
• Oncologic healthcare services — Revenue from cancer treatment and oncology-focused care, a core business segment.
• Radiopharmaceutical production — Revenue from the production and commercialization of radiopharmaceuticals for PET and scintigraphy imaging.
• Ancillary services — Includes cafeteria, teaching, parking, and valet parking services, with income recognized upon service delivery.

Recent performance

The filing indicates that in 2025, the Group completed a transfer of operations from Instituto de Cancerología S.A. and Laboratorio Médico Las Américas Ltda. to PMLA, which assumed control over operational activities. Goodwill previously allocated to individual companies was reattributed to PMLA's CGU. The impairment test for the PMLA CGU considered the total goodwill. A total of 209 thousand stock options and restricted stock units were canceled during 2025. Cost of factoring was S/20,332 thousand in 2025, compared to S/19,132 thousand in 2024 and S/14,465 thousand in 2023.

Strategy

Management is consolidating operations to improve efficiency, as evidenced by the transfer of oncology and laboratory operations to PMLA. The company continues to invest in radiopharmaceutical production and diagnostic imaging services. It manages financial risks through derivative instruments, including interest rate swaps and FX operations. The Group also adjusted purchase prices for acquisitions, such as the OCA acquisition, to reflect indemnifications.

Risks

• Operational restructuring risk — The transfer of operations to PMLA could disrupt service delivery or fail to achieve expected synergies.
• Goodwill impairment risk — The reattribution of goodwill to PMLA's CGU increases the risk of impairment if cash flows underperform.
• Currency and interest rate risk — Exposure to fluctuations in exchange rates and interest rates, managed with derivatives but subject to volatility.
• Concession receivables risk — Accounts receivable from Consorcio Trecca depend on the concession arrangement, with prepayment activities accrued; any delays in the project could affect cash flows.

Outlook

Management expects the PMLA restructuring to streamline oncology and laboratory services. The Group continues to focus on expanding healthcare services and radiopharmaceutical production. No explicit revenue or earnings guidance is provided in the excerpts.