Hospital Group Auna Fills 80% of Its Peru Beds, Early Q2 Data Shows

Peru hospitals hit 80.2% capacity with 51,769 emergency treatments, Colombia logged 3,143,694 protected lives and 39,628 oncology sessions, as Auna’s 31-facility network served 1.4 million members.

3 Key Points

—Auna, the NYSE-listed hospital and health-plan group spanning Mexico, Peru and Colombia, published preliminary second-quarter operating indicators on July 15: Peru’s hospitals ran at 80.2% of capacity — the efficiency sweet spot for the industry — with 51,769 emergency treatments, while Colombia counted 3,143,694 protected lives and 39,628 chemotherapy and radiotherapy sessions.

—The network stood at 31 facilities and 2,337 beds serving roughly 1.4 million health-plan members; the figures are unaudited and cover volumes only — the money arrives with full results in August, and the first quarter showed why that matters: revenue grew 13% year over year, but earnings fell roughly 80% short of the analyst consensus.

—Wall Street remains lopsidedly bullish on the stock’s valuation gap: five of six analysts rate it a buy with a $6.99 consensus target — 36% above the $5.15 price — while the shares trade at 0.75x book value, carrying S/3.4 billion ($1.00B) of net debt against S/1.7 billion ($501M) of equity from the debt-funded Mexico expansion.

Auna KPIs Q2 2026: What Happened

01What Happened

Auna S.A. (NYSE: AUNA) is one of the very few ways to own Latin American private healthcare through a New York listing. Built in Peru, expanded by acquisition into Colombia and Monterrey, Mexico, the group runs hospitals, clinics and oncology-focused health plans — the insurance members feed the hospitals, and the hospitals make the plans worth buying. It listed on the NYSE in March 2024 and is led by founder Jesús Zamora from Luxembourg-incorporated headquarters, with about 14,800 employees across the three countries.

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On July 15 the company released preliminary operating indicators for the quarter ended June 30, via Business Wire — numbers on patients and beds, not yet on money. The company stresses the data is unaudited and may be revised. Even so, the disclosure is unusually detailed for the region, and it lands weeks before the income statement: a hard count of how full Latin America’s private hospitals are running.

Company Intelligence · Market Data

Ticker / listingAUNA · NYSE (Class A)

Share price (Jul 16 close)$5.15

Market cap$381M

52-week range$4.09 – $6.85

Trailing P/E19.1x

Price / book0.75x

EV / EBITDA5.8x

Wall Street target (consensus)$6.99

Analyst ratings2 Strong Buy · 3 Buy · 1 Hold

Institutional ownership~77%

Short interest (% of float)3.4%

Beta0.61

Source: EODHD market data, July 16, 2026.

Five of six analysts say buy and the consensus target sits 36% above the price, yet the stock trades below three quarters of book value. That combination — conviction upstairs, skepticism in the price — is the Auna story in one line: the operations are believed, the balance sheet is not.

Company Intelligence · Company Profile

CompanyAuna S.A.

Sector / industryHealthcare · Medical Care Facilities

IncorporatedLuxembourg

OperationsMexico · Peru · Colombia

Employees~14,800

CEO / founderJesús Zamora León

CFOGisele Remy Ferrero

NYSE listingSince March 2024

Source: EODHD company fundamentals, July 16, 2026.

Key Drivers Behind the Auna KPIs

02Key Drivers

Peru is running hot. Capacity use of 80.2% is the level hospital operators aim for: high enough that fixed costs are covered and margins compound, low enough that emergencies still find a bed. Emergency care remains the volume engine at 51,769 treatments in the quarter — the front door through which patients enter the network.

Colombia is the flywheel. 3,143,694 protected lives under Auna’s coverage products is a customer base most Latin American insurers would envy, and the 39,628 chemotherapy and radiotherapy sessions mark the group’s clinical signature: oncology, the specialty where private capacity is scarcest and pricing power greatest across the region.

Mexico is the bet. Monterrey’s high-income market was bought with debt in 2022, and it is where the KPI release says least — which is why the August income statement, with segment margins, matters more than usual.

Auna Financial Detail

03Financial Detail

Operating indicator (Q2 2026, preliminary)

Value

Peru hospital capacity use

80.2%

Peru emergency treatments

51,769

Colombia protected lives

3,143,694

Colombia chemo + radiotherapy sessions

39,628

Network facilities / beds

31 / 2,337

Health-plan members (approx.)

1.4 mn

Five-Year Track Record

Auna reports in Peruvian soles, and the consolidated arc explains both the bulls and the bears: revenue more than doubled in five years while the bottom line swung from three straight losses — the price of the debt-funded Mexican expansion — to two profitable years:

Fiscal year

Revenue

EBITDA

Net income

2021

S/1.9 bn ($560M)

S/170 mn ($50M)

−S/27 mn (−$8M)

2022

S/2.5 bn ($738M)

S/299 mn ($88M)

−S/86 mn (−$25M)

2023

S/3.9 bn ($1.15B)

S/647 mn ($191M)

−S/254 mn (−$75M)

2024

S/4.4 bn ($1.30B)

S/887 mn ($262M)

S/110 mn ($33M)

2025

S/4.4 bn ($1.30B)

S/857 mn ($253M)

S/98 mn ($29M)

The First Quarter’s Warning

The most recent income statement is why these KPIs get read closely. First-quarter revenue grew 13% year over year — the demand side intact — but earnings per share of $0.05 came in roughly 70% below the $0.18 consensus, and quarterly earnings fell about 82% year over year. Rising volumes with vanishing profit is the signature of a hospital group whose financing costs are eating its operating gains, which puts the margin line of the August report at the center of the investment case.

Balance Sheet Snapshot

Company Intelligence · Balance Sheet (Mar 31, 2026)

Total debtS/3.8 bn ($1.12B)

Cash & equivalentsS/409 mn ($121M)

Net debtS/3.4 bn ($1.00B)

Shareholders’ equityS/1.7 bn ($501M)

Operating margin (TTM)13.2%

Return on equity (TTM)4.6%

Source: EODHD company fundamentals, July 16, 2026.

Net debt of twice the equity, against a market capitalization of just $381 million, is the discount’s explanation. Every sol of EBITDA growth flows first to creditors; the equity is the thin slice at the end of the waterfall — which is precisely why it moves so violently on operational news, in both directions.

Management Signals from Auna

04Management Signals

Publishing volume KPIs weeks ahead of the financials is a deliberate habit Auna has built since listing: it de-risks the earnings date and keeps the operational story — which is strong — separated from the leverage story, which is not yet. The message inside this release: demand is not the problem. Occupancy near 80% in Peru and a growing insured base in Colombia are the numbers management wants remembered when the interest expense line prints in August.

What to Watch Next for Auna

05What to Watch Next

August full results: segment margins — especially Mexico — and net finance costs against the S/3.4 billion ($1.00B) net debt. Refinancing news: any liability-management move that cuts the average coupon re-rates the equity faster than any operating beat. Peruvian and Colombian rates: both central banks’ easing cycles feed straight into local funding costs. Oncology plan growth: protected lives are the leading indicator of the whole flywheel.

Risks Facing Auna

06Risks

Leverage first: with net debt at twice the equity, a margin stumble or a refinancing at bad terms does outsized damage. The three-country footprint brings three currencies and three health-regulation regimes; Colombia’s ongoing health-reform debate is a standing question mark over the insurance book. The stock’s $381 million market cap and thin float mean discovery is slow and volatility high. And preliminary KPIs are preliminary: the company itself flags that every figure may be revised.

LatAm Private Healthcare Sector Context

07Sector Context

Latin America’s private healthcare demand is structural — ageing populations, underfunded public systems, a middle class that pays to skip the queue — but almost none of it is investable through liquid listings. That scarcity is Auna’s asset: its KPIs double as sector data for a region that publishes almost none. An 80% occupancy print in Peru, weeks before the income statement, says the demand side of the thesis is intact across the Andes. What the sector still has to prove — and what Auna’s August report will test — is that the demand can be financed at emerging-market interest rates and still leave something for shareholders.

This report is part of The Rio Times’ Company Intelligence coverage of Latin American listed companies. It is journalism, not investment advice.

Peru's hospitals ran at 80.2% of capacity, which the article notes is the efficiency sweet spot for the industry, and provided 51,769 emergency treatments.

Colombia counted 3,143,694 protected lives and delivered 39,628 chemotherapy and radiotherapy sessions.

The network stood at 31 facilities and 2,337 beds, serving roughly 1.4 million health-plan members.