6-K - AUNA - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 **For the month of October 2025Commission FileNumber: 001-41982Auna S.A.(Exact name of registrant as specified in itscharter)‎ 6, rue Jean MonnetL-2180 LuxembourgGrand Duchy of Luxembourg‎+51 1-205-3500‎(Address of principal executive office)Indicate by check mark whether the registrant filesor will file annual reports under cover of Form 20-F or Form 40-F:| Form 20-F | X | Form 40-F || --- | --- | --- | EXPLANATORY NOTEThis current report on Form 6-K is being furnished by Auna S.A. (the“Company”) for the purposes of (i) providing management’s discussion and analysis of financial condition and resultsof operations for the six months ended June 30, 2025 and 2024 and (ii) updating certain disclosures and Risk Factors from our AnnualReport on Form 20-F for the year ended December 31, 2024, which was filed with the SEC on April 10, 2025, as amended by Amendment No.1 on Form 20-F/A filed with the SEC on May 7, 2025. TABLE OF CONTENTS| EXHIBIT | || --- | --- || 99.1 | Management’s Discussion and Analysis of Financial Condition and Results of Operations for the six months ended June 30, 2025 and 2024 || 99.2 | Other Disclosures | SIGNATUREPursuant to the requirements of the Securities Exchange Act of 1934,the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.| Auna S.A. | | || --- | --- | --- || By: | /s/ Gisele Remy | || | Name: | Gisele Remy || | Title: | Chief Financial Officer |Date: October 28, 2025 Exhibit 99.1Management’sDiscussion and Analysis of Financial Condition and Results of OperationsThe following discussion of our financial conditionand results of operations should be read in conjunction with our financial statements, and the notes thereto, and the information presentedunder “Presentation of Financial and Other Information” included in our annual report on Form 20-F for the fiscal year endedDecember 31, 2024, and our unaudited interim condensed consolidated financial statements, included in Exhibit 99.1 of our report on Form6-K /A which was furnished to the U.S. Securities and Exchange Commission (“SEC”) on October 28, 2025.The following discussion contains forward-lookingstatements that reflect our plans, estimates and beliefs, and involve risks, uncertainties and assumptions. Our actual results could differmaterially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include,but are not limited to, those discussed below and in our annual report on Form 20-F for the fiscal year ended December 31, 2024, particularlyunder “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements.”OverviewOur mission is to lead the transformation of healthcarethroughout SSLA by expanding access to millions of Latin Americans and delivering high-quality, value-based, high-complexity, and affordablecare, providing lifelong engagement for our population through both digital and physical channels.We operate hospitals and clinics in Mexico, Peruand Colombia and provide prepaid healthcare plans in Peru and Mexico. Our focus lies in providing access to healthcare, prioritizing preventionand concentrating on some of the high-complexity diseases that contribute the most to healthcare expenditures, such as oncology, traumatologyand orthopedics, cardiology and neurological procedures. Our model offers an accessible and integrated healthcare experience to a broadsegment of the population in the markets we serve. We offer an end-to-end healthcare ecosystem that provides our members and patientswith access to lifelong healthcare and various healthcare plan options, which empowers them to be in control of their own health journey,while offering them exceptional patient experiences and medical resolutions in their disease care. Our care delivery approach reflectsour human-centered and patient-obsessed lens.Our unique operating model is what we call the“Auna Way.” The Auna Way is our approach to effectively managing our businesses and operations; and creating high value forpatients, families and our staff. It is our corporate DNA, our organization’s spirit and our deeper meaning; the one we revert tofor clarity of action.Our mission is underpinned by the Auna Way’skey pillars:| (i) | We are committed to amplifying access to a lifelong ecosystem of health and well-being, prioritizing prevention through our healthcare plans by offering 39 plans focused on prevention and covering preventative services in the majority of the plans we offer and focusing on the few diseases that are the biggest part of healthcare expenditures. We provide our users with lifelong care for families, which we believe makes us many patients’ preferred healthcare partner. We want to lead the improvement of access to healthcare by bringing affordability and immediacy to a large portion of the populations we serve. || --- | --- || (ii) | Our patient-centric approach prioritizes the person, the patient and family, and we strive to deliver Auna to their service. We ease patient engagement and support life journeys through health and disease, from prevention to early detection, to early treatment, to disease management and recovery. || --- | --- || (iii) | We aim to provide medical services through evidence-based medicine, with patient well-being as the ultimate benchmark of quality and success. We are laser-focused on high-complexity care and are establishing regional Centers of Excellence in strategic high-complexity diseases. High-complexity care relates to highly specialized medical care, including specialized equipment and expertise, usually provided over an extended period of time, that involves advanced and complex diagnostics, procedures and treatments performed by medical specialists in state-of-the-art facilities. We have established Auna as a leading provider of cancer management in Mexico, Peru and Colombia and seek to equal these capabilities in cardiology, neurology and emergency trauma. Although we are subject to limitations from the dearth of state-of-the-art medical equipment and devices in certain fields, our aim is to continue scaling, || --- | --- | outperforming and deploying end-to-endsolutions and attend to the robust market demand for superior healthcare solutions in the markets where we operate.| (iv) | We aim to standardize and scale first-in-class medical protocols for increased predictability and better outcomes, to establish care ecosystems through our horizontal integration and to increase population health-based offerings and unlock access to health, through our vertical integration. We leverage technology to enhance our traditional healthcare platform, delivering an innovative healthcare experience that includes an online platform through which we can share patient data and manage all aspects of the patient relationship, while allowing us to efficiently expand our reach. || --- | --- || (v) | We focus on deliberate growth. We focus on, and want to continue, growing organically by optimizing assets and concentrating capacity usage towards higher complexity in an optimal manner. Our deliberate growth is also reflected in the strategy, “land, expand and integrate,” which we implement when we enter a new market. Through this strategy, we focus on targets that result in the acquisition of significant market share, providing us with many benefits, among them bargaining power with suppliers and insurance companies. We have leveraged this strategy to enter key cities in Colombia and Mexico and will seek to leverage it in the future to continue our deliberate growth. While integrating the operations of the facilities and healthcare plans we acquire comes with its challenges, we seek to leverage our experience in prior acquisitions to further our goal of growing inorganically in our geographies. || --- | --- || (vi) | Our operations rest on the solid foundation of our organizational culture, as all we achieve depends on our strongest asset: our people. Every person at Auna embodies our principles of caring for patients, families, members and staff; transforming healthcare in our region; being passionate about human-centeredness and excellence; and we believe surprising with a superb and seamless healthcare experience. These cultural principles contribute to our institutional excellence in the pursuit of the best possible outcomes, which the reputation of our brands and the success of our business depend on. || --- | --- |This combination of mission, values and practicesput in place within our organization is what truly defines the Auna Way. See “Risk Factors” in our annual report in Form 20-Ffor the year ended December 31, 2024 for the risks and challenges we face as we operate in pursuit of the Auna Way.Segment ReportingOperating segments are components of a companyabout which separate financial information is available that is regularly evaluated by the chief operating decision maker(s) in decidinghow to allocate resources and assess performance. We have determined that our reportable segments are: (i) Oncosalud Peru, (ii) HealthcareServices in Peru, (iii) Healthcare Services in Colombia and (iv) Healthcare Services in Mexico. Our Oncosalud Peru segment consists ofour prepaid healthcare plans and oncology services provided at our Oncosalud Peru segment facilities, including services provided underour prepaid plans and third-party healthcare plans and paid for out-of-pocket by our patients. Our Healthcare Services in Peru segmentconsists of healthcare services provided at any of our facilities in Peru other than those in the Oncosalud network. Oncosalud Peru isa payer to Healthcare Services in Peru, as are other third-party payers, for oncology and general healthcare services provided to it byour Healthcare Services in Peru segment, and the cost of such services are reflected as a cost to our Oncosalud Peru segment and a revenueto our Healthcare Services in Peru segment in our segment reporting. Our Healthcare Services in Colombia segment consists of healthcareservices provided at any of our facilities in Colombia. Our Healthcare Services in Mexico segment consists of healthcare services providedat any of our facilities in Mexico and dental and vision insurance plans. In connection with our acquisition of Grupo OCA in October 2022,we added the Healthcare Services in Mexico segment to our reportable segments beginning with the fourth quarter of 2022. The accountingpolicies we follow for these segments are the same as those for the Company on a consolidated basis.Factors Affecting Our Results of OperationsWe believe that the most significant factors affectingour results of operations include:| · | Utilization and Mix of Healthcare Services. One of the most important factors affecting our financial condition and results is the rate of utilization of the healthcare services provided to our patients, including the number of outpatient consultations, emergency services, surgeries and hospitalizations that we provide in a period, as well as our ability to adequately cross-sell complementary services such as pharmaceutical, || --- | --- | 2 diagnostic imaging and clinical laboratoryservices. We calculate utilization as (i) (x) the total number of days in which any of our beds had a hospitalized patient during theperiod divided by (y) the total number of beds, times (ii) the total number of days during the period. Our utilization rates are alsoaffected by the number of third-party payers for which our facilities are considered in network. As the number of third-party payers forwhich we are in network for increases, so does our patient population and consequently our utilization rates. As our utilization ratesincrease, so does our revenue and our margins because it allows us to increase our economies of scale, as our asset base is largely afixed cost. Likewise, if utilization rates decrease, so do our margins, and because a portion of our costs are essentially fixed, higherutilization rates drive higher margins in our business. The mix of healthcare services provided in a period also impacts our revenue,as we derive higher revenue from high complexity procedures, such as complex surgeries, rather than lower complexity procedures.| · | Acquisitions. Since 2019, we have completed six acquisitions, including the acquisition of a controlling stake in Clínica Portoazul in Barranquilla, Colombia in September 2020, the acquisitions of OncoGenomics and Posac in October 2021, the acquisition of 70% of the shares of IMAT Oncomédica in Montería, Colombia in April 2022, the acquisition of Grupo OCA in Monterrey, Mexico in October 2022 and the acquisition of Dentegra in Mexico in February 2023. The results of each entity have been consolidated into our results of operations from their respective dates of acquisition, which may affect comparability of our results period-to-period. A substantial majority of our revenue growth since 2019 is attributable to acquisitions. || --- | --- || · | Growth of Oncosalud Products and Membership and Balanced Age Demographic. Increasing the total number of Oncosalud products and plan members is vital for the continued growth of our business. As we increase our plan member population, the rate of cancer and other disease incidence among our plan members generally stays steady or increases at a stable pace. Through new plan members, we obtain additional resources to treat our plan members that are diagnosed with cancer and other diseases and are able to spread the costs of treatment across a larger population, while also increase our profitability. In addition, we seek to maintain a balanced age demographic in our member population. Younger patients pay lower plan rates, which tends to lower our average revenue per plan member, but their likelihood of being diagnosed with cancer and other diseases is significantly lower, which reduces our expected average medical cost per plan member in any given period. Additionally, expected lifetime revenue is greater for younger plan members. As of June 30, 2025, the average age of our oncology plan members was 36.6 years, and the average age of our general healthcare plan members was 35.7 years. Keeping a balanced mix of younger and older patients helps us manage our revenue and costs. || --- | --- || · | Medical Inflation. Our financial condition and results are driven by our ability to (i) control the costs of providing healthcare services, including oncology services, (ii) appropriately price healthcare plans in our Oncosalud Peru segment and dental and vision plans in our Healthcare Services in our Mexico segment and (iii) pricing strategies in our healthcare networks. Our strong reputation in the market also depends on our having access to the newest technologies and medicines to diagnose and treat our patients, all of which can be expensive, and therefore places upward pressure on our costs. Moreover, we face significant competition for qualified medical personnel in Mexico, Peru and Colombia, which may require us to increase salaries and other benefits provided to our personnel. If we are unable to continue providing care while managing these cost increases, our operating profit could decline or we may be required to pass these cost increases onto our payers via the pricing of our products and services, which could make our products and services less attractive, and also impact our profitability. We continually focus on balancing the pressures of medical inflation with the benefits of providing the best quality healthcare services at affordable prices in order to continue to build the strength of our brands, which helps us grow our revenues and manage our costs. || --- | --- || · | Expansion of Our Network. Our ability to expand our network of healthcare facilities is one of the most important factors affecting our results of operation and financial condition. Historically, our business growth has been primarily driven by planning and building new hospitals or expanding existing hospitals and by acquiring new hospitals from third parties, and we expect these activities to continue to be key drivers for our future growth. Each additional facility that we develop or acquire increases the number of patient cases treated in our network and contributes to our continued revenue growth. However, building new hospitals requires several years of capital expenditures and ramp up of operations prior to a facility || --- | --- | 3 becoming profitable, and it takes timeand resources to integrate new hospitals acquired from third parties into our existing networks.| · | Foreign Exchange Rates. Our presentation currency is the Peruvian sol, and therefore we present our consolidated financial information in Peruvian soles. The functional currency of our operations is associated with the countries in which we operate. During the six-month period ended June 30, 2025, we generated 24.1%, 44.1% and 31.9% of our revenue in Mexican pesos, Peruvian soles and Colombian pesos, respectively. This generates an exchange rate risk due to the possibility that the depreciation of the Mexican peso or Colombian peso against the Peruvian sol, which is our reporting currency, may cause the results of the applicable subsidiaries to be reduced once converted into Peruvian soles and therefore, impact our consolidated results. In addition, a significant portion of our debt is U.S. dollar-denominated. Although we have entered into hedging arrangements with respect to all of our material U.S. dollar-denominated debt and throughout the three countries where we operate, we recognize gains and losses from this debt and the related hedging instruments resulting from exchange rate differences between Mexican pesos, Peruvian soles, Colombian pesos and U.S. dollars in profit or loss, depending on the net liability position in a foreign currency other than the functional currency in each country in which we operate. || --- | --- |Components of Our Results of OperationsTotal Revenue from Contracts with CustomersTotal revenue from contracts with customers.We generate revenue from (i) the sale of healthcare services, which occurs in all of our segments, (ii) the sale of medicines, which alsooccurs in all of our segments, (iii) insurance revenue on our healthcare plans in our Oncosalud Peru segment and (iv) insurance revenueearned on our dental and vision insurance plans in our Healthcare Services in Mexico segment.Healthcare services. The revenue we generatefrom the sale of healthcare services is recognized as services rendered to our patients and includes amounts related to the services providedas well as the products and supplies used in providing such services. The price of healthcare services is determined by the rates setforth in reimbursement arrangements that we have with individual healthcare providers for patients that have healthcare coverage or byreference to our standard rates for patients that do not have healthcare coverage and are generally paying out-of-pocket.Sales of medicines. The revenue we generatefrom the sale of medicines is recognized when medicines are provided to our customers and in cases when our patients are hospitalized,when medicines are administered to them.Healthcare plans in Peru. We sell prepaidhealthcare plans in Peru to plan members for one-year terms, which are automatically renewed and adjusted for price increases at the endof the term, unless terminated by either party. Most of our plan members make payments pursuant to these plans on a monthly basis, whilea smaller percentage of them make payments on an annual basis. The insurance revenue we receive from the sales of healthcare plans isrecognized as revenue proportionally during the period in which a patient is entitled to healthcare services under his or her plan. Insurancerevenue related to the unexpired contractual coverage period under a healthcare plan is recognized in the accompanying statement of financialposition as unearned insurance revenue reserve.Healthcare plans in Mexico. We startedselling oncological insurance plans in Mexico in 2024, under the same insurance company of our dental and vision plans “Dentegra.”Dental and vision plans. We sell dentaland vision insurance plans in Mexico. Most of our plan members make payments pursuant to these plans on a monthly basis. The insurancerevenue we receive from the sales of dental and vision insurance plans are recognized when they are contracted by the insured. Insurancerevenue related to the unexpired contractual coverage period under a dental and vision insurance plan is recognized in the accompanyingbalance sheet as part of reserves.Cost of Sales and Services and Gross ProfitCost of sales and services. Our cost ofsales and services is primarily comprised of costs incurred in providing healthcare services, including the cost of medicines; personnelexpenses for medical staff; medical consultation fees; 4 surgery fees; depreciation of medical equipment;depreciation of buildings and facilities; amortization of software; cost of services provided by third parties, primarily lease paymentsto third parties for certain of our facilities, service and repair costs at our facilities, custodial and cleaning services and utilities;cost of room services for inpatients; cost of clinical laboratories; technical reserves for healthcare services; and cost of servicesprovided by dental and vision healthcare providers for services rendered to our dental and vision members.Gross profit. Our gross profit is the differencebetween the revenue generated by the sale of our healthcare and insurance plans, healthcare services and medicines and the cost of salesand services.Operating Expenses, Loss for Impairment of Trade Receivables,Other Expenses and Other IncomeSelling expenses. Our selling expensesinclude personnel expenses for our dedicated sales and marketing team;cost of services provided by third parties, primarily sales commissions paid to brokers, call centers and other third parties thatassist with our sales efforts, as well as advertising costs; and other management charges, such as office rental for our sales team, advisoryfees for market studies and sales team recruiting fees.Administrative expenses. Administrativeexpenses consist primarily of costs incurred at the administrative level at each of our facilities, including personnel expenses for administrativestaff; cost of services provided by third parties, primarily advisory and consulting fees and lease payments to third parties for officespace; depreciation, primarily of buildings and facilities;amortization of intangibles, such as IT and software;various other administrative expenses, such as insurance;and tax expenses. We also allocate a portion of administrative expenses at the corporate level to each of our operating segments.Loss for impairment of trade receivables.Loss for impairment of trade receivables consists of the estimate for impairment of trade receivables. This estimate generally consistsof provisions for services to patients who, after a certain period of time and in accordance with our impairment policy, do not pay forthose services provided, either by themselves or through insurance companies. We calculate the estimate for impairment of trade receivablesusing an expected loss model whereby we estimate expected losses on our trade receivables based on our historical experience of impairmentand other circumstances known at the time of assessment in accordance with IFRS 9.Financial Instruments. We record a gainfor impairment of trade receivables for any recovery we make in excess of our estimated losses on trade receivables during the same period.The amount of the provision made for impairment of trade receivables is written off from the balance account when there is no expectationof cash recovery.Other expenses. Other expenses consistof the change in fair value of assets held for sale and the loss on sale of intangible assets.Other income. Other income consists of(i) rental income from property owned and rented by us for investment purposes, (ii) the parking fees we charge those who park in theparking lots at our facilities, (iii) the increase in fair value of our investment properties, (iv) rental income from property ownedand rented by us for use by medical professionals in our Healthcare Services in Mexico segment and (v) any recovery receivables that wereregistered as uncollectable by acquired entities before being consolidated into our results.Net Finance CostFinance income and finance cost consist of interestincome, interest expense, net gain (loss) on financial assets, foreign currency gain (loss) on financial assets and financial liabilitiesand the reclassification of net gains (losses) on instruments used to hedge interest rate and foreign currency exchange rate risk previouslyrecognized in other comprehensive income.Income Tax ExpenseIncome tax expense consists of taxes on incomegenerated during the period. The current statutory income tax rates are 29.5% in Peru, 30.0% in Mexico and 35.0% in Colombia, calculatedbased on taxable income. Reconciliation of income tax effective rate to statutory tax rate considers the following effects: (i) non-deductibleexpenses, (ii) tax rates of a subsidiary abroad, (iii) tax losses for which deferred tax asset was not recognized and (iv) annualadjustment for inflation in Mexico, Peru and Colombia, among others. 5 In Colombia, the latest tax reform introduceda minimum tax rate of 15% calculated based on profits minus certain deductions. If the effective tax rate is less than 15%, taxpayersare obliged to add their income tax up to this limit.Results of OperationsWe have derived the information included in thefollowing discussion from our unaudited interim condensed consolidated financial statements included in Exhibit 99.1 of our report onForm 6-K/A which was furnished to the SEC on October 28, 2025. You should read this discussion along with such financial statements.Six-Month Period Ended June 30, 2025 Compared to Six-MonthPeriod Ended June 30, 2024The following table summarizes our results ofoperations for the six-month period ended June 30, 2025 and 2024:| | Six-Month Period Ended June 30, | | | | | | % Change | | || --- | --- | --- | --- | --- | --- | --- | --- | --- | --- || | 2025 | | | 2024 | | | 2025 vs. 2024 | | || | (in millions of soles) | | | | | | | | || Revenue | | | | | | | | | || Insurance revenue | S/ | 552.2 | | S/ | 508.5 | | | 8.6 | % || Health care services revenue | | 1,419.1 | | | 1,535.3 | | | (7.6 | )% || Sales of medicines | | 164.5 | | | 152.7 | | | 7.7 | % || Total Revenue from contracts with customers | | 2,135.8 | | | 2,196.5 | | | (2.8 | )% || Cost of sales and services | | (1,319.8 | ) | | (1,354.8 | ) | | (2.6 | )% || Gross profit | | 816.0 | | | 841.8 | | | (3.1 | )% || Selling expenses | | (107.8 | ) | | (100.9 | ) | | 6.8 | % || Administrative expenses | | (390.6 | ) | | (392.5 | ) | | (0.5 | )% || Loss for impairment of trade receivables | | (23.3 | ) | | (2.8 | ) | | 732.1 | % || Other income | | 21.3 | | | 19.1 | | | 11.5 | % || Operating profit | | 315.5 | | | 364.6 | | | (13.5 | )% || Finance income | | 11.1 | | | 12.4 | | | (10.5 | )% || Finance income from exchange difference | | 105.5 | | | — | | | — | || Finance costs | | (243.5 | ) | | (315.9 | ) | | (22.9 | )% || Finance costs from exchange difference | | — | | | (46.6 | ) | | — | || Net finance cost | | (126.9 | ) | | (350.1 | ) | | (63.8 | )% || Share of profit of equity-accounted investees | | 5.2 | | | 4.5 | | | 15.6 | % || Income (loss) before tax | | 193.8 | | | 19.1 | | | 914.7 | % || Income tax expense | | (71.8 | ) | | (19.5 | ) | | 268.2 | % || Profit (loss) for the period | S/ | 122.0 | | S/ | (0.4) | | | (30,600.0 | )% |Revenue| | Six-Month Period Ended June 30, | | | | | | % Change | | || --- | --- | --- | --- | --- | --- | --- | --- | --- | --- || | 2025 | | | 2024 | | | 2025 vs. 2024 | | || | (in millions of soles) | | | | | | | | || Total revenue from contracts with customers | | | | | | | | | || Oncosalud Peru | S/ | 566.8 | | S/ | 522.0 | | | 8.6 | % || Healthcare Services in Peru | | 532.4 | | | 495.9 | | | 7.4 | % || Healthcare Services in Colombia | | 685.0 | | | 726.5 | | | (5.7 | )% || Healthcare Services in Mexico | | 516.5 | | | 610.8 | | | (15.4 | )% || Holding and Eliminations | | (165.0 | ) | | (158.7 | ) | | 4.0 | % || Total | S/ | 2,135.8 | | S/ | 2,196.5 | | | (2.8 | )% |Our total revenue from contracts with customerswas S/2,135.8 million for the six-month period ended June 30, 2025, representing a decrease of S/60.7 million, or 2.8%, from S/2,196.5million for the six-month period ended 6 June 30, 2024. This decrease was primarily attributedto the depreciation of the Mexican peso and the Colombian peso against the sol, which accounted for a S/157.0 milliondecrease, partially offset by higher membership in Oncosalud Peru and increasing demand and pricing in healthcare services across Peru,Colombia, and Mexico. On a FX Neutral basis, our total revenue from contracts with customers increased by S/96.3 million, or 4.7%, forthe six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024.Revenue from our Oncosalud Peru segment was S/566.8million for the six-month period ended June 30, 2025, representing an increase of S/44.8 million, or 8.6%, from S/522.0 million for thesix-month period ended June 30, 2024. This increase was primarily driven by a 9.9% net increase in the average number of Oncosalud planmembers, which contributed S/38.5 million, and by a 1.6% increase in average monthly revenue per plan member, which contributed S/6.3million.Revenue from our Healthcare Services in Peru segmentwas S/532.4 million for the six-month period ended June 30, 2025, representing an increase of S/36.5 million, or 7.4%, from S/495.9 millionfor the six-month period ended June 30, 2024. This increase was primarily driven by (i) an increase in utilization of beds of 1.0%, and(ii) an increase in the number of surgeries by 5.9%.Revenue from our Healthcare Services in Colombiasegment was S/685.0 million for the six-month period ended June 30, 2025, representing a decrease of S/41.5 million, or 5.7%, from S/726.5million for the six-month period ended June 30, 2024. This decrease resulted primarily attributed to an 8.2% depreciation of the Colombianpeso against the sol which accounted for a S/59.6 million decrease, partially offset by an increase in revenue driven bythe gradual implementation of risk-sharing models in Antioquia, including breast cancer chemotherapy and cardiology. On a FX Neutral basis,our revenue from our Healthcare Services in Colombia segment increased by S/18.1 million, or 2.7%, for the six-month period ended June30, 2025 compared to the six-month period ended June 30, 2024.Revenue from our Healthcare Services in Mexicosegment was S/516.5 million for the six-month period ended June 30, 2025, representing a decrease of S/94.3 million, or 15.4%, from S/610.8million for the six-month period ended June 30, 2024. This decrease primarily resulted from a 15.9% depreciation of the Mexican pesoagainst the sol which accounted for a S/97.4 million, partially offset by higher average tickets for surgery and emergency treatments.On a FX Neutral basis, our revenue from our Healthcare Services in Mexico segment increased by S/3.1 million, or 0.6%, for the six-monthperiod ended June 30, 2025 compared to the six-month period ended June 30, 2024.Cost of Sales and Services| | Six-Month Period Ended June 30, | | | | | | % Change | | || --- | --- | --- | --- | --- | --- | --- | --- | --- | --- || | 2025 | | | 2024 | | | 2025 vs. 2024 | | || | (in millions of soles) | | | | | | | | || Cost of Sales and Services | | | | | | | | | || Oncosalud Peru | | 300.1 | | | 293.9 | | | 2.1 | % || Healthcare Services in Peru | | 370.6 | | | 350.7 | | | 5.7 | % || Healthcare Services in Colombia | | 498.9 | | | 533.0 | | | (6.4 | )% || Healthcare Services in Mexico | | 312.7 | | | 334.8 | | | (6.6 | )% || Holding and Eliminations | | (162.4 | ) | | (157.7 | ) | | 3.0 | % || Total | | 1,319.8 | | | 1,354.8 | | | (2.6 | )% |Our total cost of sales and services was S/1,319.8million for the six-month period ended June 30, 2025, representing a decrease of S/35.0 million, or 2.6%, from S/1,354.8 million for thesix-month period ended June 30, 2024. This decrease was mainly driven by the depreciation of the Mexican peso and Colombian pesowhich combined accounted for a S/97.1 million decrease, partially offset by increases in cost of sales and services in our Oncosalud Peruand Healthcare Services in Peru segments. On a FX Neutral basis, our total cost of sales and services increased by S/62.1 million, or4.9%, for the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024.In our Oncosalud Peru segment, cost of sales andservices was S/300.1 million for the six-month period ended June 30, 2025, representing an increase of S/6.1 million or 2.1% from S/293.9million for the six-month period 7 ended June 30, 2024. This variation was mainly explainedby higher purchases of medicines aligned to the increase of patients in the segment, amounting to S/6.5 million, partially offset by areduction of S/0.4 million in private health insurance expenses for employees.In our Healthcare Services in Peru segment, costof sales and services was S/370.6 million for the six-month period ended June 30, 2025, representing an increase of S/19.9 million, or5.7%, from S/350.7 million for the same period in 2024. This increase was mainly attributable to S/12.1 million in higher variable costssuch as medicines, medical materials and other services, all related to the increase in revenue previously mentioned.For our Healthcare Services in Colombia segment,cost of sales and services was S/498.9 million for the six-month period ended June 30, 2025, representing a decrease of S/34.2 million,or 6.4%, from S/533.0 million for the six-month period ended June 30, 2024. This decrease resulted primarily from an 8.2% depreciationof the Colombian peso against the sol which accounted for a S/43.7 million decrease, partially offset by an increase invariable costs such as payroll, additional services and laboratory, and third-party expenses, associated with the increase in revenuepreviously mentioned. On a FX Neutral basis, our cost of sales for our Healthcare Services in Colombia segment increased by S/9.6 million,or 2.0%, for the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024.In our Healthcare Services in Mexico segment,cost of sales and services was S/312.7 million for the six-month period ended June 30, 2025, representing a reduction of S/22.1 million,or 6.6%, from S/334.8 million for the six-month period ended June 30, 2024. This decrease resulted primarily from a 15.9% depreciationof the Mexican peso against the sol which accounted for a S/53.4 million decrease, partially offset by an initial bonuspayment made to oncology doctors that recently incorporated to Mexico hospitals. On a FX Neutral basis, our cost of sales for our HealthcareServices in Mexico segment increased by S/31.3 million, or 11.1%, for the six-month period ended June 30, 2025 compared to the six-monthperiod ended June 30, 2024.Gross Profit and Gross MarginFor the foregoing reasons, our gross profit wasS/816.0 million for the six-month period ended June 30, 2025, representing a decrease of S/25.7 million, or 3.1%, from S/841.8 millionfor the six-month period ended June 30, 2024. Our gross margin for the six-month period ended June 30, 2025 was 38.2%. By segment, ourgross margin was 47.1% in Oncosalud Peru, 30.4% in Healthcare Services in Peru, 27.2% in Healthcare Services in Colombia and 39.5% inHealthcare Services in Mexico. Overall, our gross margin decreased by 0.1% for the six-month period ended June 30, 2025 from 38.3% forthe six-month period ended June 30, 2024.Selling ExpensesOur total selling expenses were S/107.8 millionfor the six-month period ended June 30, 2025, representing an increase of S/6.9 million, or 6.9%, from S/100.9 million for the six-monthperiod ended June 30, 2024. This increase was driven primarily by (i) an increase of S/10.0 million in Peru, (ii) a decrease of S/0.6million in Colombia, (iii) a decrease of S/1.0 million in Mexico and (iv) the depreciation of the Mexican peso and Colombian pesoagainst the sol which impacted negatively in S/0.9 million and S/0.3 million, respectively. On a FX Neutral basis, our total sellingexpenses increased by S/8.1 million, or 8.1%, for the six-month period ended June 30, 2025 compared to the six-month period ended June30, 2024.In our Oncosalud Peru segment, selling expenseswere S/91.4 million for the six-month period ended June 30, 2025, representing an increase of S/10.2 million, or 12.5%, from S/81.2 millionfor the six-month period ended June 30, 2024. This increase was mainly explained by (i) S/6.8 million in higher sales commissions, (ii)higher advertising expenses of S/2.1 million and (iii) an additional S/1.2 million in employee profit sharing.In our Healthcare Services in Peru segment, sellingexpenses were S/10.0 million for the six-month period ended June 30, 2025, representing a decrease of S/0.2 million, or 2.1%, from S/10.2million for the six-month period ended June 30, 2024. The decrease was mainly explained by lower advertising expenses of S/0.4 million,partially offset by higher credit card commission expenses of S/0.1 million.In our Healthcare Services in Colombia segment,selling expenses were S/2.7 million for the six-month period ended June 30, 2025, representing a decrease of S/0.6 million, or 18.2%,from S/3.3 million for the six-month period ended June 30, 2024. This decrease resulted primarily from (i) a reduction of S/0.4 millionin third-party expenses in 8 promotion and advertising and (ii) an 8.2% depreciationof the Colombian peso against the sol which accounted for a S/0.3 million decrease. On a FX Neutral basis, our selling expensesfor our Healthcare Services in Colombia segment decreased by S/0.4 million, or 12.2%, for the six-month period ended June 30, 2025 comparedto the six-month period ended June 30, 2024.In our Healthcare Services in Mexico segment,selling expenses were S/4.7 million for the six-month period ended June 30, 2025, representing a decrease of S/1.0 million, or 17.5%,from S/5.7 million for the six-month period ended June 30, 2024. This decrease resulted primarily from a 15.9% depreciation of the Mexicanpeso against the sol which accounted for a decrease of S/0.9 million. On a FX Neutral basis, our selling expenses for ourHealthcare Services in Mexico segment for the six-month period ended June 30, 2025 were in line with the six-month period ended June 30,2024.Administrative ExpensesOur total administrative expenses were S/390.6million for the six-month period ended June 30, 2025, representing a decrease of S/1.9 million, or 0.5%, from S/392.5 million for thesix-month period ended June 30, 2024. This decrease resulted primarily from an 8.2% depreciation of the Colombian peso againstthe sol and a 15.9% depreciation of the Mexican peso against the sol which combined resulted on a S/30.1 milliondecrease, partially offset by a S/14.8 million increase in our Oncosalud Peru and Healthcare Services in Peru segments. On a FX Neutralbasis, our total administrative expenses increased by S/28.2 million, or 7.8%, for the six-month period ended June 30, 2025 compared tothe six-month period ended June 30, 2024.For our Oncosalud Peru segment, administrativeexpenses were S/74.2 million for the six-month period ended June 30, 2025, representing an increase of S/4.7 million, or 6.8%, from S/69.5million for the six-month period ended June 30, 2024. The increase was mainly explained by (i) a S/1.2 million increase in employee profit-sharing,(ii) additional advisory services related to healthcare services of S/0.6 million, and (iii) higher external services expenses of S/0.7million, mainly related to support and facility services.For our Healthcare Services in Peru segment, administrativeexpenses were S/94.1 million for the six-month period ended June 30, 2025, representing an increase of S/10.1 million, or 12.1%, fromS/84.0 million for the six-month period ended June 30, 2024. This increase was mainly explained by (i) higher personnel expenses of S/4.1million, (ii) additional corporate expenses of S/1.9 million, (iii) higher maintenance expenses of S/1.3 million, and (iv) an increaseof S/0.5 million in legal and consulting advisory fees.For our Healthcare Services in Colombia segment,administrative expenses were S/101.5 million for the six-month period ended June 30, 2025, representing a decrease of S/5.0 million, or4.7%, from S/106.5 million for the six-month period ended June 30, 2024. This decrease resulted primarily from an 8.2% depreciation ofthe Colombian peso against the sol which resulted on a S/8.7 million decrease, partially offset by (i) an increase in personnelexpenses of S/1.5 million, and (ii) an additional S/1.6 million in other administrative expenses, primarily related to general servicesand insurance. On a FX Neutral basis, our administrative expenses in our Healthcare Services in Colombia segment increased by S/3.7 million,or 3.8%, for the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024.For our Healthcare Services in Mexico segment,administrative expenses were S/115.5 million for the six-month period ended June 30, 2025, representing a decrease of S/18.4 million,or 13.7%, from S/133.9 million for the six-month period ended June 30, 2024. This decrease resulted primarily from a 15.9% depreciationof the Mexican peso against the sol which resulted on a S/21.4 million decrease, partially offset by higher consulting servicesof S/3.8 million as compared to the same period of 2024. On a FX Neutral basis, our administrative expenses in our Healthcare Servicesin Mexico segment increased by S/3.0 million, or 2.6%, for the six-month period ended June 30, 2025 compared to the six-month period endedJune 30, 2024.Loss (Reversal) for Impairment of Trade ReceivablesLoss for impairment of trade receivables was S/23.3million for the six-month period ended June 30, 2025, representing an increase of S/20.5 million, from S/2.8 million for the six-monthperiod ended June 30, 2024.For our Oncosalud Peru segment, loss for impairmentof trade receivables was S/1.1 million for the six-month period ended June 30, 2025, compared to a gain of S/0.1 million for the six-monthperiod ended June 30, 2024, 9 representing an increase of S/1.2 million. This increasewas mainly attributable to delayed payments of account receivables from third-party insurance providers.For our Healthcare Services in Peru segment, lossfor impairment of trade receivables was S/9.6 million for the six-month period ended June 30, 2025, compared to a reversal of S/0.4 millionfor the six-month period ended June 30, 2024, representing a negative variation of S/10.1 million. This increase was mainly attributableto delayed payments of account receivables from third-party insurance providers.For our Healthcare Services in Colombia segment,loss for impairment of trade receivables was S/11.7 million for the six-month period ended June 30, 2025, representing an increase ofS/8.7 million, from S/3.0 million loss for impairment of trade receivables for the six-month period ended June 30, 2024. This increasewas mainly attributable to delayed payments of account receivables from third-party insurance providers.For our Healthcare Services in Mexico segment,loss for impairment of trade receivables was S/0.9 million for the six-month period ended June 30, 2025, representing an increase of S/0.5million from a S/0.4 million loss for the six-month period ended June 30, 2024. This increase was mainly attributable to delayed paymentsof account receivables from third-party insurance providers and the Mexican government.Other IncomeOther income was S/21.3 million for the six-monthperiod ended June 30, 2025, representing an increase of S/2.3 million, or 12.0%, from S/19.1 million for the six-month period ended June30, 2024. This increase was attributable to higher revenues from ancillary services such as parking, coffee shops, and portfolio recoveriesin Colombia, partially offset by a 15.9% depreciation of the Mexican peso against the sol. On a FX Neutral basis, our other income increasedby S/4.5 million, or 26.5%, for the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024.In our Oncosalud Peru segment, other income wasS/7.4 million for the six-month period ended June 30, 2025, representing an increase of S/0.7 million, or 10.4%, from S/6.7 million forthe six-month period ended June 30, 2024. The variation was mainly explained by higher royalty income of S/1.0 million, partially offsetby a reduction of S/0.2 million in management-related income.In our Healthcare Services in Peru segment, otherincome was S/3.6 million for the six-month period ended June 30, 2025, representing an increase of S/0.3 million or 9.1% from S/3.3 millionfor the six-month period ended June 30, 2024. This increase was mainly explained by higher rental income from buildings of S/0.1 millionand an additional S/0.1 million from insurance claims.In our Healthcare Services in Colombia segment,other income was S/5.6 million for the six-month period ended June 30, 2025, representing an increase of S/2.9 million, or 103.6%, fromS/2.8 million for the six-month period ended June 30, 2024. This increase was primarily attributable to portfolio recoveries impairedin 2024 in the operations of Monteria, Barranquilla and Antioquia.In our Healthcare Services in Mexico segment,other income was S/11.4 million for the six-month period ended June 30, 2025, representing a decrease of S/1.1 million, or 8.9%, fromS/12.4 million for the six-month period ended June 30, 2024. This decrease was primarily attributable to a 15.9% Mexican peso depreciationagainst the sol, partially offset by a 4.6% increase in real estate rent, a 32.3% increase in assets write-off and a 22.2% increase inother income. On a FX Neutral basis, our other income in our Healthcare Services in Mexico segment increased by S/0.9 million, or 8.6%,for the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024. 10 Operating Profit| | Six-Month Period Ended June 30, | | | | | | % Change | | || --- | --- | --- | --- | --- | --- | --- | --- | --- | --- || | 2025 | | | 2024 | | | 2025 vs. 2024 | | || | (in millions of soles) | | | | | | | | || Operating Profit | | | | | | | | | || Oncosalud Peru | | 107.4 | | | 84.1 | | | 27.7 | % || Healthcare Services in Peru | | 51.6 | | | 54.8 | | | (5.8 | )% || Healthcare Services in Colombia | | 76.0 | | | 83.4 | | | (8.9 | )% || Healthcare Services in Mexico | | 94.1 | | | 148.4 | | | (36.6 | )% || Holding and Eliminations | | (13.6 | ) | | (6.2 | ) | | 119.4 | % || Total | | 315.5 | | | 364.6 | | | (13.5 | )% |For the foregoing reasons, our operating profitwas S/315.5 million for the six-month period ended June 30, 2025, representing a decrease of S/49 million, or 13.5%, from S/364.6 millionfor the six-month period ended June 30, 2024.Net Finance CostFinance income was S/116.6 million for the six-monthperiod ended June 30, 2025, representing an increase of S/101.3 million, or 661.2%, from S/15.3 million for the six-month period endedJune 30, 2024. This increase was primarily attributable to a positive net foreign exchange effect of S/105.5 million recordedas finance income in 2025 as compared to the negative net foreign exchange effect of S/49.5 million recorded as finance cost in 2024.Finance cost was S/243.5 million for the six-monthperiod ended June 30, 2025, representing a decrease of S/72.4 million, or 22.9%, from S/315.9 million for the six-month period ended June30, 2024. This decrease was primarily attributable to (i) a S/31.3 million negative net foreign exchange effect due to the Mexican pesoand Colombian peso depreciation against the sol, (ii) a S/42.8 million decrease in financial expenses in Mexico, (iii)a S/6.6 million decrease in financial expenses in Colombia, all partially offset by (i) a S/26.5million increase in financial expenses in Peru which includes S/5.5 million in withholding tax, and (ii) S/19.3 million in intercompanyinterest expense.Income Tax ExpenseWe recognized income tax expense of S/71.8 millionfor the six-month period ended June 30, 2025, representing an increase of S/52.4 million, or 269.0%, from an income tax expense of S/19.5million for the six-month period ended June 30, 2024. This represented an effective tax rate of 37.1% and 102.2 % for the six-month periodsJune 30, 2025 and 2024, respectively. The effective tax rate for the six-month period ended June 30, 2025 was mainly impacted by deferredtaxes recognized aligned to tax planning in Holding, Auna Mexico, and Auna Lux offices.Profit (Loss) for the PeriodFor the foregoing reasons, profit (loss) for thesix-month period ended June 30, 2025, was a profit of S/122.0 million, compared to a loss of S/0.4 million for the six-month period endedJune 30, 2024, reflecting a positive variation of S/122.4 million.Liquidity and Capital ResourcesOur financial condition and liquidity is, andwill continue to be, influenced by a variety of factors, including (i) our ability to generate cash flows from our operations;(ii) the level of outstanding indebtedness and the interest payable on this indebtedness;and (iii) our capital expenditure requirements. 11 OverviewOur primary source of liquidity is our operatingcash flow from insurance revenue on healthcare plans and the sale of healthcare services and medicines. Our healthcare plans are prepaidplans for one-year terms pursuant to which plan members typically pay us a fixed amount per month over the course of a year, while a smallerpercentage of them make payments on an annual basis. Our dental and vision plans are insurance plans pursuant to which plan members typicallypay us a fixed amount per month over the course of a year. During the six-month period ended June 30, 2025, in the Healthcare Servicesin Peru segment, 47.1% of payments in our healthcare services business came from third-party insurance and institutional providers, includingthe Peruvian government, 23.9% are payments made by the Oncosalud segment and 29.1% were paid out-of-pocket by our patients, includingco-payments and non-covered expenses. In the Healthcare Services in Colombia segment, 95.5% of payments came from third-party insuranceand institutional providers, including the amounts transferred by ADRES directly, and 4.5% were paid out-of-pocket by our patients, includingco-payments and non-covered expenses. In our Healthcare Services in Mexico segment, 91.6% of payments came from third-party insuranceand institutional providers, including the Mexican government, and 8.4% were paid out-of-pocket by our patients, including co-paymentsand non-covered expenses. Our accounts receivable for payments from the third-party insurance and institutional providers previously mentionedare typically collected on an average of 43 days in Mexico, 153 days in Peru and 168 days in Colombia; this average is calculated fromthe average billed revenue and accounts receivables of third-party insurance and institutional providers of each segment, during the six-monthperiod ended June 30, 2025. The average collection days in each country, including out-of-pocket revenue and accounts receivables are41 days in Mexico, 53 days in Peru and 166 days in Colombia; this average is calculated from the average total billed revenue and accountsreceivables of each segment, during the six-month period ended June 30, 2025.As of June 30, 2025, our cash and cash equivalentswere S/174.7 million, the lower cash used in financing and investing activities during the six-month period ended June 30, 2025 offsetthe lower cash generated from operating activities during the same period. See “Risk Factors—Risks Relating to Our Business—Wemay not have sufficient funds to settle current liabilities and as a result we may continue to have negative working capital from timeto time” in our annual report in Form 20-F for the year ended December 31, 2024.We believe that our available cash and cash equivalentsand cash flows expected to be generated from operations and borrowings available to us under our revolving credit lines will be adequateto satisfy our capital expenditure and liquidity needs for the foreseeable future. Our principal economic activities provide predictablecash flows, as they consist primarily of the sale of prepaid plans that have monthly prepayments agreed for one-year terms or annual paymentsthat are automatically renewed unless canceled by the plan members, and the provision of healthcare services, for which we are reimbursedby third-party healthcare providers under agreements that typically also have one-year terms and automatically renew each year, unlessrenegotiated. Given the predictability of these cash flows, we can operate with negative working capital.We continually evaluate additional alternativesto further improve our capital structure by increasing our cash balances and/or reducing or refinancing a portion of our indebtedness.These alternatives may include potential public or private equity or debt financings. If additional funds are obtained by issuing equitysecurities, our existing stockholders could be diluted. We can give no assurances that we will be able to obtain additional financingon terms acceptable to us, or at all.Our ability to expand and grow our business inaccordance with management’s current plans and to meet our long-term capital requirements will depend on many factors, includingthose mentioned above. To the extent we pursue one or more significant strategic acquisitions, we may be required to incur additionaldebt or sell additional equity to finance those acquisitions. 12 Comparative Cash FlowsThe following table sets forth our cash flowsfor the periods indicated:| | Six-Month Period Ended June 30, | | | | | || --- | --- | --- | --- | --- | --- | --- || | 2025 | | | 2024 | | || | (in millions of soles) | | | | | || Net cash from operating activities | | 251.2 | | | 271.4 | || Net cash used in investing activities | | (108.7 | ) | | (116.0 | ) || Net cash used in financing activities | | (208.8 | ) | | (232.2 | ) || Net decrease in cash and cash equivalents | | (66.3 | ) | | (76.8 | ) || Cash and cash equivalents at beginning of period | | 235.7 | | | 241.1 | || Effect of movements in exchange rates on cash held | | 5.2 | | | (6.7 | ) || Cash and cash equivalents at end of period | | 174.7 | | | 157.7 | |Six-Month Period Ended June 30, 2025 Compared toSix-Month Period Ended June 30, 2024Net cash from operating activities for the six-monthperiod ended June 30, 2025 was S/251.2 million compared to ‎S/271.4 million for the six-month period ended June 30, 2024, a decreaseof S/20.2 million. This decrease was primarily due to (i) a lower cash conversion rate (defined as net cash from operating activitiesdivided by total revenue) which fell from ‎‎12.4% to 11.8%, and resulted in a S/12.7 million reduction in cash as compared tothe six-month period ended June 30, 2024, and (ii) a foreign exchange impact of S/7.5 million due to the depreciation of the Mexican pesoand Colombian peso against the sol.Net cash used in investing activities for thesix-month period ended June 30, 2025 was S/108.7 million, compared to S/116.0 million for the six-month period ended June 30, 2024. Thisdecrease was primarily due to a S/ 47.0 million payment for contingent consideration in Colombia in 2024, partially offset by (i) an increasein purchase of properties, furniture, equipment and intangibles amounting to S/25.4 million we made during the six-month period endedJune 30, 2025 with a focus ‎on maintenance, replacements and standardization improvements of our facilities and medical equipmentand for ‎software and other intangibles, and (ii) a S/20.5 million payment in connection with the acquisition of Grupo OCA.Net cash used in financing activities for thesix-month period ended June 30, 2025, was S/208.8 million, compared to net cash used in financing activities of S/232.2 million for thesix-month period ended June 30, 2024. Net cash used in financing activities for the six-month period ended June 30, 2025 included S/219.5million in interest and hedge premium payments, partially offset by S/14.2 million in net proceeds from payment of debts and financialobligations. The comparable 2024 period included S/264.4 million from interest and hedge premium payments, partially offset by net IPOproceeds of S/17.7 ‎million and related refinancing activities, and S/14.5 million in net proceeds from ‎a repayment of certainindebtedness and financial obligations.Capital ExpendituresWe define capital expenditures as the acquisitionof intangible assets and property, furniture and equipment.Our capital expenditures for the six-month periodended June 30, 2025 were S/71.8 million, 24.3% of which was for the acquisition of land, buildings and facilities, 33.7 % of which wasfor medical equipment, furniture and vehicles and 42.1% of which was for intangibles, mainly software.Our capital expenditures for the six-month periodended June 30, 2024 were S/61.7 million, 32.1% of which was for the acquisition of land, buildings and facilities, 33.4% of which wasfor medical equipment, furniture and vehicles and 34.5% of which was for intangibles, mainly software.For 2025, including the amounts already incurredduring the first six months of the year, we have a capital expenditures budget of S/177.3 million, which we expect to use primarily formaintenance. We intend to finance these capital expenditures with a combination of cash from operations and additional indebtedness. 13 Contractual Obligations and CommitmentsThe following table presents information relatingto our contractual obligations as of June 30, 2025:| | Total | | Rentals with non-financial entities | | Year 1 | | Year 2 | | Year 3 | | Year 4 | | Year 5 | | More than 6 years | || --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- || | (in millions of soles) | | | | | | | | | | | | | | | || Loans and borrowings(1) | | 3,573.8 | | 0.0 | | 597.5 | | 320.7 | | 505.8 | | 746.5 | | 1,354.5 | | 48.6 || Lease liabilities(1) | | 46.3 | | 0.0 | | 16.3 | | 12.1 | | 6.3 | | 2.7 | | 2.5 | | 6.3 || Operating leases(1) | | 82.3 | | 82.3 | | 0.0 | | 0.0 | | 0.0 | | 0.0 | | 0.0 | | 0.0 || Total | | 3,702.3 | | 82.3 | | 613.9 | | 332.9 | | 512.1 | | 749.2 | | 1,357.1 | | 54.9 || (1) | Excludes interest. || --- | --- |Non-IFRS Financial MeasuresIn addition to our financial information thathas been prepared and presented in accordance with IFRS, this discussion includes financial measures defined as “non-IFRS financialmeasures” by the SEC, including FX Neutral because we believe they assist investors and analysts in comparing our operating performanceacross reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.In addition, management and our board of directorsuse these non-IFRS financial measures to assess our financial performance and believe they are helpful in highlighting trends in our coreoperating performance, while other measures can differ significantly depending on long-term strategic decisions regarding the growth ofour business. These are not measures of operating performance under IFRS and have limitations as analytical tools. You should not considersuch measures either in isolation or as substitutes for analyzing our results as reported under IFRS. Additionally, our calculations ofFX Neutral may be different from the calculations used by other companies for similarly titled measures, including our competitors, andtherefore may not be comparable to those of other companies.FX Neutral measures are prepared and presentedto eliminate the effect of foreign exchange volatility between the comparison periods, allowing management and investors to evaluate financialperformance despite variations in foreign currency exchange rates, which may not be indicative of core operating results and businessoutlook.FX Neutral measures are presented because managementbelieves that these non-IFRS financial measures can provide useful information to investors, securities analysts and the public in theirreview of operating and financial performance, although they are not calculated in accordance with IFRS or any other generally acceptedaccounting principles and should not be considered as a measure of performance in isolation.The FX Neutral measures were calculated to presentwhat such measures in preceding periods would have been had exchange rates remained stable from these preceding periods until the dateof the Company's most recent financial information.The FX Neutral measures for the six months endedJune 30, 2024 were calculated by multiplying the relevant as reported amount for such period by the average Mexican peso to solexchange rate for the six months ended June 30, 2024 (MXN4.56 to S/1.00) and the average Colombian peso to sol exchangerate for the six months ended June 30, 2024 (COP1,044.97 to S/1.00) and then using such results to re-translate the corresponding amountsback to soles by dividing them by the average Mexican peso to sol (MXN5.42 to S/1.00) and Colombian peso tosol (COP1,138.34 to S/1.00) exchange rate for the six months ended June 30, 2025, so as to present what certain as reported amountswould have been had exchange rates remained stable from this past period until the six months ended June 30, 2025. 14 Exhibit 99.2Unless otherwise indicated or the context otherwiserequires, all references below to “we,” “us,” “our,” “our company,” “the Company”and “Auna” and similar terms may refer, as the context requires, to Auna S.A. and its consolidated subsidiaries.Recent DevelopmentsPreliminary Results for the Nine-MonthsEnded September 30, 2025We are in the process of closing our financialstatements for the third quarter of 2025. The following estimated results are based on preliminary information as of the datehereof and are subject to change following completion of the quarter-end review process, and other developments arising between now andthe time such financial results are finalized. These estimates should not be relied upon as fact or as an accurate representation of futureresults. There can be no assurance that these preliminary estimates will be realized, and these estimates are subject to risks and uncertainties,many of which are not within our control. See “Risk Factors,” “Cautionary Statement Regarding Forward-Looking Statements”and “Operating and Financial Review and Prospects” in our annual report on Form 20-F for the fiscal year ended December 31,2024 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in exhibit 99.1 tothis report on Form 6-K for additional information regarding these risks and uncertainties, including other factors that could cause ourpreliminary estimates to differ from the actual financial results that we will report for the nine-months ended September 30, 2025.We expect that growth in consolidated total revenuefrom contracts with customers in the third quarter of 2025 will remain generally in line with the trends (on an FX Neutral basis) we sawin the first half of 2025, compared to the first half of 2024. However, we expect to see a modest decrease in our consolidatedAdjusted EBITDA (on an FX Neutral basis) for the third quarter of 2025, as compared to the same period in the prior year, as a resultof a variety of factors, including the mix of geographical contribution and different healthcare services provided therein.Concurrent Term Loan and IFC LoanWe and certain of our subsidiaries have enteredinto a new term loan maturing in 2030 (the “New Term Loan”) under which we expect to borrow up to US$375 million on or aroundNovember 6, 2025. The New Term Loan is being entered into with Citigroup Global Markets Inc., HSBC México S.A., Instituciónde Banca Múltiple, Grupo Financiero HSBC, Banco Santander México, S.A., Institución de Banca Múltiple, GrupoFinanciero Santander México and International Finance Corporation (“IFC”). The IFC is a lender under the New Term Loanfor an amount of up to MXN1,379,610,000 (approximately US$75 million of the aggregate US$375 million). The net proceeds of the New TermLoan are expected to be used, together with the proceeds from a concurrent notes offering, to repay all of our obligations under our existingterm loan maturing in 2028 (the “Existing Term Loan”). The commitment by the IFC is subject to both the terms of the New TermLoan and a parallel agreement that sets forth specific policy and other requirements applicable to IFC.Sponsor FinancingOn June 26, 2025, Enfoca, our controlling shareholder,Luis Felipe Pinillos, a member of our board of directors and shareholder, and certain other holders of class B shares refinanced the indebtednessincurred to fund the purchase of Grupo OCA (the “Sponsor Financing”). As of June 30, 2025, US$177.2 million aggregate principalamount of indebtedness remained outstanding under the Sponsor Financing. The indebtedness under the Sponsor Financing has a final maturityof June 25, 2027. We are not a party to nor do we guarantee, nor are we otherwise liable with respect to the debt under, the Sponsor Financing.IMAT Oncomédica ArrangementIn August 2025, we entered into an arrangement(the “IMAT Oncomédica Arrangement”) with the minority shareholders of IMAT Oncomédica S.A.S. (“IMAT Oncomédica”).Under the IMAT Oncomédica Arrangement, we agreed to acquire, in 2031, the remaining 18% interest in IMAT Oncomédicafrom the minority shareholders pursuant to a valuation mechanism based on a future calculation of IMAT Oncomédica’sEBITDA and a multiple to be determined by an independent appraiser as of 2031. The purchase price will be payable, at the sellers’option, in cash or in our Class A shares valued at market prices, with potential adjustments through 2033 based on subsequent financialresults.Risk Factors*For a description of risks associated withthe Company, see “Item 3. Key Information—D. Risk Factors” set forth in our most recent annual report on Form 20-F.Set out below are updates to certain risk factors related to our internal control over financial reporting and the economic, social andpolitical environment in Peru, which could have a material adverse effect on our business, financial condition, results of operationsor prospects. The risks appearing below update and supplement certain risks highlighted in our most recent annual report on Form 20-F.These risks should be read in conjunction with the risks appearing in our most recent annual report on Form 20-F and all of the otherinformation appearing in this report and should not be regarded as a complete and comprehensive statement of all potential risks and uncertaintiesthat the Company faces. In addition, there may be additional risks that the Company currently considers not to be material or of whichit is not currently aware, and any of these risks could have the effects set forth below.**We have identified certaindeficiencies in our internal control over financial reporting which may rise to the level of material weaknesses and have previously identified,and in the future may identify, other material weaknesses . If we are unable to remediate these material weaknesses or otherwise failto maintain an effective system of internal controls, we may not be able to prevent or detect a material misstatement of our financialstatements, and may not be able to accurately or timely report our financial condition or results of operations, which may adversely affectour business.*We have identified certaindeficiencies which may rise to the level of material weaknesses in our internal control over financial reporting and have previously identified,and may in the future identify, other material weaknesses. A company’s internal control over financial reporting is a process designedby, or under the supervision of, a company’s principal executive and principal financial officers, or persons performing similarfunctions, and effected by a company’s board of directors, management and other personnel to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of financial statements in accordance with IFRS Accounting Standards. A materialweakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonablepossibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.We are in the processof transitioning to a new information technology (“IT”) system in order to harmonize the technology across our various businessesand geographies. The deficiencies in our internal controls we have identified primarily relate to our legacy IT systems as a result ofour integration of the various acquisitions we have completed in the past few years. Some of these deficiencies will likely not be remediatedby the end of the 2025 fiscal year. We have begun to implement a plan to remediate the deficiencies, which we expect to complete during2026. However, we cannot assure you that these measures will successfully improve or remediate the deficiencies in our internal controlsand may ultimately lead to these deficiencies becoming material weaknesses. We do not believe that these deficiencies impact the reasonablenessof our financial statements.In addition, the materialweaknesses identified in our internal controls as of December 2020 related to (i) the adequacy of our IT security management, includingsegregation of duties and access and privileged users, (ii) the comprehensiveness of our accounting policies and procedures manualsand (iii) the formalization of controls in key areas of the accounting process, including relating to the documentation and implementationof IFRS Accounting Standards reporting requirements. We have remediated these weaknesses, including by: (i) implementing a segregationof duties and privileged users’ activities monitoring in our SAP RP systems, including having an information security officer andcurrently implementing a cybersecurity roadmap based on industry best practices; (ii) updating all of our accounting policies accordingto current IFRS Accounting Standards reporting requirements with the support of a Big Four accounting firm; and (iii) updating ourinternal control over financial reporting based on Sarbanes- 2 Oxley 404 standards. These remediation stepsare monitored by the audit and risk committee and senior management. The weaknesses we identified in 2020 were remediated during the 2021fiscal year.We cannot assure youthat the measures we are undertaking to remediate the deficiencies will successfully remediate these or will prevent future material weaknessesand we may in the future identify other material weaknesses or series of significant deficiencies or material weaknesses in our internalcontrol over financial reporting, which could result in material misstatements in our annual or interim financial statements.Economic, socialand political developments in Peru, including political instability, social unrest, inflation and unemployment, could have a materialadverse effect on our businesses and our results of operations may be negatively affected by recent political instability in Peru.We derived 40% of ourrevenues from contracts with customers in Peru for the years ended December 31, 2024 and 2023. As such, our results of operations aredependent on the ability of patients in Peru to pay for services at our hospitals and clinics and our oncology plans. Our business, financialcondition and results of operations could be affected by changes in economic and other policies of the Peruvian government (which hasexercised and continues to exercise substantial influence over many aspects of the private sector) and by other economic and politicaldevelopments in Peru, including devaluation, currency exchange controls, inflation, economic downturns, corruption scandals, social unrestand terrorism.Peru has experiencedpolitical instability from time to time, spanning a succession of regimes with differing economic policies and programs. Although Peruhas been widely considered a stable democracy in recent years, on September 30, 2019, President Martín Vizcarra took executiveaction to dissolve the Peruvian Congress and called for a new election of congressional members, giving rise to a protracted period ofpolitical crisis. On January 14, 2020, the Peruvian Constitutional Court ruled on a constitutional action challenging President Vizcarra’sclosing of Congress, declaring the executive action to be constitutionally and legally valid. Congressional elections were held to forma new Congress. In the aftermath of these elections, the Peruvian executive and legislative branches were at odds over several importanteconomic and social measures, including initiatives to address the economic and social impacts of the COVID-19 pandemic in Peru. In October2020, a group of congressmen introduced a motion to hold impeachment proceedings against President Vizcarra, which Congress approved.Because Peru did not have any designated Vice President at such time, the then-President of Congress, Manuel Merino, assumed the roleof acting President in accordance with the Peruvian Constitution upon the impeachment of President Vizcarra. Following multiple protestsacross the country, Merino resigned from his role as acting President, and Congress selected congressman Francisco Rafael Sagasti Hochhausleras president of Congress, and therefore as acting President of Peru.Peru’s generalelections to elect a new president and all 130 members of Congress for the 2021-2026 period were subsequently held on April 11, 2021 andresulted in increased economic uncertainty and a climate of intense political polarization. Since no presidential candidate achieved anoutright majority, a run-off election was held on June 6, 2021, leading to the election of Pedro Castillo Terrones, a member of the left-wingPeru Libre party. The new government took office on July 28, 2021, and faced challenges in aligning initiatives with and obtaining supportfrom Congress, in which no political party has achieved clear majority and which, with at least ten political parties holding minorityrepresentations, is highly fragmented.On December 7, 2022,Mr. Castillo took an illegal executive action to dissolve the Peruvian Congress. On that same day, with the support of all major politicalinstitutions, Castillo was removed from office by Congress and arrested (and remains detained) under the alleged charges of rebellionand conspiracy. Less than 24 hours later the then-Vice President, Dina Boluarte, assumed the position of President of Peru in accordancewith the Peruvian Constitution, which resulted in multiple protests and social unrest across the country claiming for new elections tobe called. In contrast to Mr. Castillo, Ms. Boluarte pursued more business-friendly and open-market economic policies, to stimulate economic 3 growth and stability, a key feature of thePeruvian economy over the past 30 years. On October 10, 2025, Ms. Boluarte was removed from office by Congress on grounds of “permanentmoral incapacity” amidst claims of corruption and social unrest and the then President of Congress, Jose Jeri, assumed the positionof President of Peru in accordance with the Peruvian Constitution. We cannot guarantee that the Jeri administration will continue to pursuebusiness-friendly and open-market economic policies.In April 2026, Peru willhold general elections to elect a new President and a new Congress (including the election of representatives to the recently reinstatedSenate Chamber) for a term of five years. The newly-elected authorities will be entitled to enact, amend or derogate laws and regulationsthat apply to us. Most Peruvian governments and members of Congress elected in the last 30 years have generally maintained economic policiesbased on free market and contractual liberty. All these principles are also set forth in the Peruvian Constitution. Nevertheless, a newadministration may pursue policies that are detrimental to the Peruvian economy and/or negatively affect our industry in general, andour results of operations, in particular.In addition, the economiccontraction in Peru in the last few years, particularly in 2023, along with inflation, growing public deficit, and the weakening of economicgrowth in Peru’s trading partners have adversely impacted Peru’s economy and may continue to do so. Furthermore, economicconditions in the region may affect the Peruvian economy. For example, Venezuela, under the rule of President Nicolás Maduro, hassuffered economic collapse and mass emigration since 2015, including to Peru. The influx of migrants to Peru has put a strain on the countryand threatens to increase political and economic instability, insecurity levels and social conflict in the region. Despite a trend towardreduced inflation and greater political stability, social and political tensions and high levels of poverty and unemployment in Peru continue.Future government policies to preempt or respond to social unrest could include, among other things, expropriation, nationalization, suspensionof the enforcement of creditors’ rights and new taxation policies. There can be no assurance that Peru will not face political,economic or social problems in the future or that these problems will not adversely affect our business, financial condition and resultsof operations.A deterioration of politicalstability and any resulting effects on the Peruvian economy could affect our patients’ ability to afford our healthcare services,our ability to expand and grow consistently with our strategic plans or otherwise negatively affect our business, financial conditionand results of operations. 4