Auna S.A. released results for the second quarter of 2026, showing consolidated revenue growth of 9% fueled by a strategic shift toward higher-complexity service offerings. The company achieved a 20% sequential increase in oncology treatments in Mexico, reflecting its focus on specialized medical services across its operating regions.
Adjusted EBITDA declined 9% during the period, primarily attributable to temporary margin pressures stemming from investments in medical leadership talent in Mexico and billing reconciliation penalties in Peru. The Peru penalties related to prior-year receivables reconciliation and reflected sector-wide enforcement trends among local payers facing financial constraints. Management characterized these adjustments as a one-time reset and implemented a stricter internal hurdle for billing accuracy to prevent recurrence.
Operational performance varied across geographic segments. Mexico achieved improved tier classifications with major insurers, accelerating patient volume recovery following operational improvements implemented in the prior year. Colombia successfully pivoted its payer mix, with risk-sharing agreements growing to 24% of revenue from 14% a year earlier, enhancing cash flow predictability. Peru expanded memberships by 6%, including a significant new corporate contract covering 7,000 employees, though onboarding expenses pressured near-term profitability.
Free cash flow surged 181% year-over-year, driven by disciplined working capital management, improved collections in Colombia, and strategic supply chain financing arrangements. Management reaffirmed full-year 2026 revenue guidance of approximately 12% FX-neutral growth and projected adjusted EBITDA growth at the low end of the 10% to 14% range. The company expects to reach its medium-term leverage target of less than 3x net debt to EBITDA by year-end through sequential EBITDA improvements and strong cash generation. Strategic capacity expansion initiatives are underway, including a new clinical facility in Lima Sur targeted for late 2027 or early 2028 completion using an asset-light model.
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