Auna Reports Strong Q1 Revenue Growth as Cash Flow Improves Despite EBITDA Pressure
Auna Reports Strong Q1 Revenue Growth as Cash Flow Improves Despite EBITDA Pressure
Auna, the Latin American healthcare services company listed on the New York Stock Exchange under the ticker AUNA, delivered a mixed but generally positive first-quarter update for 2026. The company reported stronger revenue, improved free cash flow, and continued growth across its key markets, while adjusted EBITDA faced pressure from revenue adjustments, payroll costs, and market-specific margin challenges.
According to MarketBeat’s May 20, 2026 report, Auna’s consolidated revenue reached PEN 1.2 billion in the first quarter, representing a 10% year-over-year increase on an FX-neutral basis. Free cash flow also improved sharply, rising 2.6 times from the prior-year period to PEN 152 million.
Revenue Growth Shows Business Momentum
Auna’s first-quarter results showed that demand for healthcare services remained strong across Peru, Mexico, and Colombia. Management said the company began 2026 with solid commercial momentum, supported by higher medical volumes, expanding healthcare plans, better payer relationships, and broader risk-sharing arrangements.
Executive Chairman and President Jesús Zamora said Auna had a good start to the year, pointing to improved trends in Mexico, ongoing growth in Colombia, and stable expansion in Peru’s healthcare services and membership plans. The company also reaffirmed its full-year revenue and adjusted EBITDA guidance, suggesting that management still expects stronger performance in the second half of 2026.
Cash Flow Improves Significantly
One of the strongest points in the quarter was Auna’s cash generation. Free cash flow climbed to PEN 152 million, supported by better operating cash flow, working capital management, and supplier financing initiatives. Auna’s cash balance rose 22% to PEN 409 million.
Chief Financial Officer Gisele Remy said operating profit increased 11% to PEN 155 million. However, this improvement was partly offset by non-cash foreign exchange losses linked to the weaker Peruvian sol.
EBITDA Declines Despite Higher Revenue
Although revenue grew, adjusted EBITDA fell by 5% on an FX-neutral basis. The company said the decline was mainly caused by revenue adjustments in Peru, higher doctor compensation, and payroll increases in Mexico and Colombia.
Auna ended the quarter with a leverage ratio of 3.7 times. Management explained that the increase was mostly related to non-cash foreign exchange effects rather than a major operational weakness.
Mexico Delivers a Strong Rebound
Mexico was one of Auna’s strongest markets during the quarter. Revenue in the country increased 8%, supported by higher service volumes, improved utilization, and growth in complex medical services such as surgery and oncology.
Management said surgery volumes rose 15% sequentially, while oncology volumes increased 32% sequentially. Adjusted EBITDA in Mexico rose 23% year over year and improved 19% compared with the fourth quarter of 2025.
Auna also benefited from better payer relationships, including preferred provider status with two major payers at Doctors Hospital and improved economics under the renegotiated ISSSTELEON contract.
Peru Grows but Faces Revenue Adjustments
In Peru, revenue increased 9%, helped by growth in healthcare services and Oncosalud memberships. Healthcare services revenue rose 7%, while Oncosalud revenue grew 12%.
However, Peru’s adjusted EBITDA declined 3%, and margins contracted. Management blamed this on payer reconciliation penalties, delayed pharmaceutical rebate recognition, and higher doctor compensation. Zamora noted that without these revenue adjustments, Peru’s adjusted EBITDA would have increased 7%.
Colombia Benefits from Payer Mix Changes
Colombia also delivered solid revenue growth. Auna’s revenue in the country rose 13%, supported by a shift away from intervened payers and toward more predictable risk-sharing agreements.
Revenue from risk-sharing arrangements increased to 21% of Colombia revenue, up from the prior year. Revenue from intervened payers fell to 14%, while revenue from new payers increased 1.5 times and represented 12% of total Colombia revenue.
Adjusted EBITDA in Colombia increased 7%, although margins declined because risk-sharing contracts and higher complex-care volumes carried higher variable costs.
Full-Year Guidance Remains Unchanged
Auna reaffirmed its full-year 2026 revenue and adjusted EBITDA guidance. Management said this outlook is based on improving trends across all three major markets. The company expects the first half of the year to be softer, followed by stronger performance in the second half.
Zamora said Mexico should continue recovering, Peru should normalize after temporary billing and rebate issues, and Colombia should keep growing as payer mix improvements continue.
Capital Allocation and Buyback Possibility
Auna’s board is also reviewing capital allocation options. Management said a possible share buyback is being discussed, but no final decision has been made.
The company is also moving forward with the Torre Trecca project in Peru. Construction is expected to begin soon, with management estimating a construction timeline of about 18 to 24 months.
Conclusion
Auna’s first-quarter 2026 results showed a company with strong revenue momentum and improving cash flow, even as profitability faced short-term pressure. Mexico showed a clear rebound, Colombia benefited from payer mix changes, and Peru continued growing despite temporary revenue adjustments.
While adjusted EBITDA declined, management remains confident in the company’s full-year outlook. Investors will likely watch whether Auna can improve margins, normalize Peru’s billing-related issues, and continue scaling operations across its healthcare platform.
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