📜 What This Document Is 📑

This document is an excerpt from AUNA S.A.'s 20-F filing. A Form 20-F is the comprehensive annual report that foreign private companies file with the U.S. Securities and Exchange Commission (SEC). 📁 Think of it as the deepest dive into the company's financial health, history, and strategy for investors.

Since this submission is highly technical, it reveals the detailed financial data, segment reporting, and accounting adjustments used across the years 2023, 2024, and 2025. 👉 This tells us that AUNA operates across multiple jurisdictions and has complex international financial instruments and subsidiary structures.

🏢 What The Company Does ⚕️

AUNA S.A. is a specialized healthcare provider dedicated to improving patient diagnosis and treatment. In simple terms, they are a medical diagnostic and oncology services group. 🏥

Their core focus is the production and commercialization of radiopharmaceuticals, which are specialized drugs used for highly advanced diagnostic imaging called PET (positron emission tomography) and scintigraphy. 🔍 This technology helps doctors create molecular images, allowing them to detect diseases like cancer at an early, precise stage.

AUNA operates through a holding group structure, providing services and internal administrative support across several countries: Colombia, Mexico, and Peru. 👉 They manage clinical services (inpatient and outpatient), oncological care, and provide diagnostic imaging technologies.

🌐 Geographical Scope and Operations 🌍

AUNA's operations are highly distributed across Latin America, giving them a significant regional presence. The group structure is decentralized, supported by local holding companies in key markets.

• Mexico: Grupo Salud Auna México, S.A. de C.V., primarily provides services through health centers for oncological healthcare services. 🇲🇽
• Colombia: Operations are focused on providing healthcare services within the Colombian market. 🇨🇴
• Peru: The company is also active in Peru, serving the diagnostic and healthcare segments. 🇵🇪

The organization is supported by numerous subsidiaries, each responsible for specific local services, including clinical facilities and specialized laboratories (like Oncomedica, Servimedicos, and Patologia Oncológica).

🔄 Significant Structural Changes and Restructuring 🏢

The filing details major shifts in how AUNA’s assets and operational units are grouped and valued, which is crucial for understanding the current corporate structure. 🧩

A major event was the operational restructuring in 2025, where the Group transferred the operations of Instituto de Cancerología S.A. and Laboratorio Médico Las Américas Ltda. to Promotora Médica Las Américas S.A. (PMLA). This means PMLA assumed control over all related service activities, requiring a recalculation of the group's assets.

As a result of this transfer, management determined that the goodwill (the value of customer relationships, brand reputation, and operational synergies) previously allocated to individual companies is now correctly attributed to PMLA’s specific Cash-Generating Unit (CGU). This is a necessary accounting step to properly reflect the value structure post-restructuring.

🗃️ Accounting Adjustments and Financial Adjustments 💵

AUNA reports several key accounting adjustments that significantly affect the reported financials. These adjustments modify the initial accounting treatment to ensure compliance with international standards.

• Derecognition of Payable: The filing notes the derecognition of S/ 46,613 thousand related to former shareholders of Hospital y Clínica OCA, S.A. de C.V. (OCA). This amount is part of a "Holdback" mechanism, compensating the Group for any potential future indemnification claims.
• Factoring Costs: For the years 2023, 2024, and 2025, the reported numbers include the cost of factoring for S/ 14,465 thousand, S/ 19,132 thousand, and S/ 20,332 thousand, respectively. Factoring is the sale of accounts receivable to a bank at a discount.
• Contingent Consideration: Changes in the contingent consideration are also detailed, including an effect for cash flow hedges reclassified from OCI (Other Comprehensive Income).

📈 Financial Reporting Structure (Balance Sheet Focus) 📚

The filing offers an extremely granular look at the company's balance sheet, segmenting assets and liabilities by international standards (IFRS) and by type of counterparty.

Assets (What the Company Owns) 💰

The assets are categorized by the type of underlying asset, making it clear where AUNA's capital is tied up:

• Trade Receivables: These are amounts owed to AUNA by customers (both corporate and individual). They are broken down by age (Current, 3–6 months, 6–12 months, >12 months) and country (Mexico, Colombia, Peru).
• Non-Current Assets: This includes assets like recoveries of receivables expected to be uncollectable at the acquisition date of Oncomedica S.A.S, as well as income from parking and valet services.
• Financial Investments: The filing details various structured financial instruments, including complex FX Operation Agreements (like Calls and Spreads), and Interest Rate Swaps (like those tied to TIIE or SOFR). These tools are used primarily to manage currency and interest rate risk across its international operations.

Liabilities (What the Company Owes) ⚠️

Liabilities show the company's obligations, covering both common debt and reserves:

• Long-Term Borrowings: The structure of borrowing is highly detailed, listing multiple loans from specific banks (e.g., Banco Citibanamex, Banco de Bogotá, Banco Davivienda). The amounts and associated interest rates are recorded for different maturity dates (e.g., 2025, 2026, 2028, 2030, 2033).
• Other Financial Liabilities: This category captures various obligations, such as financial guarantees and the amount of unclaimed tax and labor liabilities from previous acquisitions.

📊 Operational Segmentation and Related Parties 🤝

AUNA’s complexity is reflected in its segmentation, which tracks performance and assets by specific subsidiary or service area. The filing lists numerous segments and operating units, including:

• auna:CorporateCustomersMember (Corporate Clients)
• auna:IndividualCustomersMember (Individual Clients)
• auna:HealthcareServicesInColombiaMember (Colombia Services)
• auna:HealthcareServicesInPeruMember (Peru Services)
• auna:MexicanSubsidiariesMember (Mexico Subsidiaries)

This deep segmentation is critical because it allows investors to see which specific geographic market or service line is contributing to the overall revenue and risk profile.

📜 Governance, Assumptions, and Assumptions 📐

The document also captures mandatory technical disclosures necessary for actuarial and financial modeling. These are technical assumptions that must be reported but are vital for understanding pension and long-term commitments.

• Actuarial Assumptions: The filing lists specific assumptions used to calculate defined benefit obligations, including assumptions on the discount rates, expected salary increases, minimum wage rates, and salary growth rates.
• Debt and Financing: Beyond the general loan listings, the report lists details like the Seniority Premium, indicating the priority of repayment in the event of bankruptcy.

📞 Contact and Financial Dates 📅

This section summarizes the key administrative and contact information embedded in the filing, allowing readers to follow up on the financial results or company structure.

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🧠 The Analogy

Running a large, multi-national medical group like AUNA is like managing a regional hospital chain that doesn't just treat patients but also sells sophisticated technology and services across several countries. 🏥💰 You aren't just collecting cash from local payments; you are constantly hedging against local currency swings (like a weather-proof umbrella) ☔, managing interest rate changes (like paying interest on a loan that changes every year), and making sure that the value of your equipment and buildings (Property, Plant, & Equipment) are correctly allocated among the individual clinics and specialized labs in each country.

🧩 Final Takeaway

AUNA S.A. is a highly complex, regional healthcare operator specializing in advanced diagnostic and oncology services across Colombia, Peru, and Mexico. The filing is a deep dive into its international financial mechanics, detailing vast loan structures and complex accounting adjustments stemming from segment restructuring and currency hedging.