If You Invested in AUNA S.A. (AUNA)

Auna S.A. (NYSE: AUNA) is a healthcare company that operates a horizontally and vertically integrated healthcare platform in Latin America. According to the company’s public disclosures, Auna focuses on the healthcare sector in Mexico, Peru, and Colombia and is active in medical care facilities and health plans. The company describes itself as a healthcare platform that prioritizes prevention and concentrates on high-complexity diseases that represent the highest healthcare spending in Spanish-speaking Latin America.

Founded in 1989, Auna reports that it has built one of Latin America’s largest modern healthcare platforms. Its network is described as a horizontally integrated network of healthcare facilities and a vertically integrated portfolio of oncological plans and selected general healthcare plans. As of June 30, 2025, Auna states that its network included 31 healthcare facilities, including hospitals, ambulatory centers, and prevention and wellness centers, with a total of 2,333 beds and 1.4 million health plan members or healthcare plans, depending on the specific disclosure.

Auna’s operations are based on two main pillars: medical care facilities and health plans. The company’s own description highlights a portfolio of oncology-focused plans and general health plans, together with a network of hospitals and other care centers. In earlier descriptions, Auna also refers to prepaid healthcare plans in Peru and dental and vision plans in Mexico, as well as a network that includes hospitals, outpatient, prevention, and wellness facilities. The company indicates that it operates through segments that include Oncosalud Peru and healthcare services in Peru, Colombia, and Mexico.

Auna characterizes its platform as integrated across the care continuum. Horizontally, it connects different types of facilities such as hospitals, ambulatory centers, and prevention and wellness centers. Vertically, it combines medical care centers with oncological and general health plans. This structure is intended, according to company statements, to support prevention, management of complex diseases, and access to healthcare in underpenetrated markets in Spanish-speaking Latin America.

The company repeatedly emphasizes a mission to transform healthcare by delivering access to a highly integrated offering of services in low-penetration markets. It positions its activities around high-complexity diseases, especially oncology, which it identifies as a key driver of healthcare expenditures. Auna’s disclosures also refer to Oncosalud Peru as part of its operations, and to an OncoMexico network in Mexico, reflecting an emphasis on oncology-related services and plans in multiple countries.

Auna’s healthcare platform spans three countries in Latin America. The company’s public statements consistently note operations in Mexico, Peru, and Colombia. Within these markets, Auna reports that it operates hospitals and clinics, ambulatory centers, and prevention and wellness centers, and that it offers oncological and general health plans. Earlier descriptions also mention that key revenue is generated from Peru, and that the company provides prepaid healthcare plans in Peru and dental and vision plans in Mexico.

In addition to its healthcare operations, Auna discloses activities related to capital structure and financing. The company has reported debt refinancing transactions, including senior secured notes and term loans, and has discussed a medium-term leverage ratio objective. It has also announced an intention to invest in expanding its integrated healthcare platform in Mexico and to meet with debt and equity investors to evaluate financing alternatives. These disclosures indicate that Auna’s growth and capital structure are important elements of its overall corporate profile.

Auna has also highlighted public–private partnership activity in Peru. The company reports that it entered into a public–private partnership with EsSalud, Peru’s Social Security System, to rebuild and operate Torre Trecca, a high-rise outpatient treatment center in Lima, on behalf of EsSalud. Auna notes that this project is intended to serve millions of Peruvians insured by EsSalud and accommodate millions of visits annually when completed, illustrating the company’s role in large-scale healthcare infrastructure projects in its core markets.

The company is incorporated as a public limited liability company (société anonyme) under the laws of Luxembourg and is registered with the Luxembourg Trade and Companies Register. It files reports with the U.S. Securities and Exchange Commission as a foreign private issuer on Form 20-F and Form 6-K, and its shares trade on the New York Stock Exchange under the symbol AUNA. Auna has also disclosed the listing of its class A shares on the Lima Stock Exchange, and has mentioned that it meets eligibility criteria for potential inclusion in certain MSCI indices, although it has not represented that such inclusion is assured.

Across its disclosures, Auna presents itself as a healthcare services and plan provider that combines medical facilities and insurance-like products. The company’s emphasis on prevention, complex diseases, and integrated care models is reflected in repeated descriptions of its horizontally and vertically integrated healthcare platform and its focus on oncology and other high-complexity conditions. Its operations in Mexico, Peru, and Colombia, together with its network scale and health plan membership, form the core of its stated business model.

Business segments and focus areas

Auna’s own descriptions indicate that it operates through segments that include Oncosalud Peru and healthcare services in Peru, Colombia, and Mexico. Oncosalud Peru is associated with oncological plans and memberships, while the broader healthcare services segments relate to hospitals and other medical facilities. The company also refers to risk-sharing Prospective Global Payment (PGP) models in Colombia, which it associates with revenue growth and diversification away from certain payors.

In Mexico, Auna has described an OncoMexico network and partnerships with various medical institutions and a digital platform. These partnerships are intended, according to company announcements, to provide OncoMexico members with integrated oncology care across major urban centers in Mexico and to enhance access and patient engagement through a digital preventive care platform.

Geographic footprint

Auna’s disclosures consistently state that it operates in Mexico, Peru, and Colombia. The company describes these markets as underpenetrated or low-penetration markets in Spanish-speaking Latin America. It also notes that its healthcare platform is one of the largest modern healthcare platforms in the region, with a network of hospitals, ambulatory centers, and prevention and wellness centers, as well as oncological and general health plans. Earlier descriptions also mention that key revenue is generated from Peru.

Capital markets and regulatory profile

Auna is listed on the New York Stock Exchange under the ticker AUNA and files periodic and current reports with the SEC as a foreign private issuer. It has furnished multiple Form 6-K reports that include press releases on financial results, debt refinancing, proposed and completed offerings of senior secured notes, and other corporate developments. The company’s disclosures also reference an Annual Report on Form 20-F and an amendment on Form 20-F/A, as well as management’s discussion and analysis of financial condition and results of operations for specified periods.

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