AUNA S.A. - Annual Report 2025 | FinancialReports.eu

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31 , 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number: 001-41982

Auna S.A.

(Exact name of Registrant as specified in its charter)

Auna Inc.

(Translation of Registrant’s name into English)

Grand Duchy of Luxembourg

(Jurisdiction of incorporation or organization)

6, rue Jean Monnet

L-2180 Luxembourg

Grand Duchy of Luxembourg

+51 1-205-3500

(Address of principal executive offices)

Gisele Remy Ferrero

Chief Financial Officer and Executive Vice President

51 1-205-3500

6, rue Jean Monnet

L-2180 Luxembourg

Grand Duchy of Luxembourg

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Ordinary Shares, par value US$0.01 per share	AUNA	New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. 30,095,388 class A ordinary shares, and 43,917,577 class B ordinary shares as of December 31, 2025.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “large accelerated filer,” accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large Accelerated Filer ☐ Accelerated Filer ☒ Non-accelerated Filer ☐ Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

☐ U.S. GAAP

☒ International Financial Reporting Standards as issued by the International Accounting Standards Board

☐ Other

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

PCAOB ID: 2282 Auditors Name: Emmerich, Córdova y Asociados S. Civil de R.L. Location: Lima, Peru

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TABLE OF CONTENTS

Presentation of Financial and Other Information		1
Cautionary Statement Regarding Forward-Looking Statements		4
PART I		6
Item 1. Identity of Directors, Senior Management and Advisers		6
Item 2. Offer Statistics and Expected Timetable		6
Item 3. Key Information		6
A.	[Reserved]	6
B.	Not applicable	6
C.	Not applicable	6
D.	Risk Factors	6
Item 4. Information on the Company		40
A.	History and Development of the Company	41
B.	Business Overview	43
C.	Organizational Structure	75
D.	Property, Plants and Equipment	75
Item 4A. Unresolved Staff Comments		79
Item 5. Operating and Financial Review and Prospects		79
A.	Operating Results	79
B.	Liquidity and Capital Resources	95
C.	Research and Development, Patents and Licenses, etc.	102
D.	Trend Information	103
E.	Critical Accounting Estimates	104
Item 6. Directors, Senior Management and Employees		106
A.	Directors and Senior Management	106
B.	Compensation of Directors and Executive Officers	109
C.	Committees of the Board of Directors	110
D.	Employees	110
E.	Share Ownership	111
F.	Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation	111
Item 7. Major Shareholders and Related Party Transactions		111
A.	Major Shareholders	111
B.	Related Party Transactions	113
C.	Interests of Experts and Counsel	115
Item 8. Financial Information		116
A.	Consolidated Statements and Other Financial Information	116
B.	Significant Changes	116
Item 9. The Offer and Listing		116
A.	Offer and Listing Details	116
B.	Plan of Distribution	116
C.	Markets	116
D.	Selling Shareholders	117
E.	Dilution	117
F.	Expenses of the Issue	117
Item 10. Additional Information		117
A.	Share Capital	117
B.	Memorandum and Articles of Association	117
C.	Material Contracts	117
D.	Exchange Controls	118
E.	Taxation	118
F.	Dividends and Paying Agents	125
G.	Statement by Experts	125
H.	Documents on Display	125

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I.	Subsidiary Information	125
J.	Annual Report to Security Holders	125
Item 11. Quantitative and Qualitative Disclosures About Market Risk		125
Item 12. Description of Securities Other than Equity Securities		126
A.	Debt Securities	126
B.	Warrants and Rights	126
C.	Other Securities	126
D.	American Depositary Shares	126
PART II		127
Item 13. Defaults, Dividend Arrearages and Delinquencies		127
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds		127
Item 15. Controls and Procedures		127
Item 16. [Reserved]		129
Item 16A. Audit Committee Financial Expert		129
Item 16B. Code of Ethics		129
Item 16C. Principal Accountant Fees and Services		130
Item 16D. Exemptions from the Listing Standards for Audit Committees		131
Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers		131
Item 16F. Change in Registrant’s Certifying Accountant		131
Item 16G. Corporate Governance		131
Item 16H. Mine Safety Disclosure		142
Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections		142
Item 16J. Insider Trading Policies		143
Item 16K. Cybersecurity		143
PART III		145
Item 17. Financial Statements		145
Item 18. Financial Statements		145
Item 19. Exhibits		145

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PRESENTATION OF FINANCIAL AND OTHER INFORMATION

Certain Definitions

The term “U.S. dollar” and the symbol “US$” refer to the legal currency of the United States; the term “Mexican peso ” and the symbol “MXN” refer to the legal currency of Mexico; the term “ sol ” and the symbol “S/” refer to the legal currency of Peru; the term “Colombian peso ” and the symbol “COP” refer to the legal currency of Colombia; and the term “euro” and the symbol “EUR” refer to the legal currency of the European Monetary Union.

All references to “EPS” and “EPSs” in this annual report are to Entidades Proveedoras de Salud in Peru or Entidades Promotoras de Salud in Colombia, as the context requires. EPSs in Peru are private health insurance companies that provide EPS plans, a type of private insurance plan funded through a percentage of contributions to Seguro Social de Salud del Perú (“EsSalud”), the social security regime in Peru. EPSs in Colombia are institutions responsible for collecting and managing funds contributed to the social security system in Colombia by employers and employees and for providing the general and mandatory health insurance plans in Colombia. All references to “IPS” and “IPSs” in this annual report are to Instituciones Prestadoras de Servicios de Salud , which include hospitals, private clinics, medical centers, private consultation facilities and dental hospitals, among others. Some private IPSs are directly controlled by EPSs.

Unless otherwise defined herein, all references to “Enfoca” in this annual report are to Enfoca Sociedad Administradora de Fondos de Inversión S.A., a corporation ( sociedad anónima ) and/or to the group of entities affiliated with Enfoca Sociedad Administradora de Fondos de Inversión S.A., as the context requires.

Change of Corporate Name and Form

In this annual report, “Auna,” the “Company,” “our company,” “we,” “us” and “our” may refer, as the context requires, to Auna S.A. and its consolidated subsidiaries after giving effect to the merger or to Auna S.A.A. and its consolidated subsidiaries prior to the merger.

Financial Statements

Our consolidated financial statements included in this annual report have been prepared in soles . Our audited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board (IFRS Accounting Standards). Our financial information contained in this annual report includes our audited consolidated financial statements as of and for the years ended December 31, 2025, 2024 and 2023.

Our fiscal year ends on December 31. References in this annual report to a fiscal year refer to our fiscal year ended on December 31 of that calendar year.

Currency Translations

We have translated some of the sol amounts contained in this annual report into U.S. dollars for convenience purposes only. Unless otherwise indicated or the context otherwise requires, the rate used to translate sol amounts to U.S. dollars was S/3.363 to US$1.00, which was the exchange rate reported on December 31, 2025 by the Peruvian Superintendencia de Banca, Seguros y AFPs (“SBS”). We have also translated certain Colombian peso amounts contained in this annual report into Peruvian soles or U.S. dollars for convenience purposes only. Unless otherwise indicated or the context otherwise requires, the rate used to translate Colombian peso amounts to Peruvian soles was COP1,118.18 to S/1.00 and the rate used to translate Colombian peso amounts to U.S. dollars was COP3,757.08 to US$1.00, which in each case was the exchange rate reported on December 31, 2025 by the Central Bank of Colombia ( Banco de la República ). We have also translated certain Mexican peso amounts contained in this annual report into Peruvian soles or U.S. dollars for convenience purposes only. Unless otherwise indicated or the context otherwise requires, the rate used to translate Mexican peso amounts to Peruvian soles was MXN5.3536 to S/1.00 which was the exchange rate reported on December 31, 2025 by the Mexican Central Bank ( Banco de México ) and the rate used to translate Mexican peso amounts to U.S. dollars was MXN17.9528 to US$1.00, which was the exchange rate reported on December 31, 2025 by the Mexican Central Bank ( Banco de México ) and published in the Mexican Federal Official Gazette ( Diario Oficial de la Federación ). These translations are provided solely for convenience of investors and should not be construed as implying that the soles, Colombian pesos, Mexican pesos or other currency amounts represent, or could have been or could be converted into, U.S. dollars or Peruvian soles, as applicable, at such rates or at any other rate.

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Rounding

Certain figures included in this annual report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic aggregations of the figures that precede them.

In preparing our audited consolidated financial statements as of and for the fiscal years ended December 31, 2025, 2024 and 2023, numerical figures are presented in thousands of Peruvian soles , unless otherwise noted.

The aggregations of figures derived from our financial statements may be computed using the corresponding figure expressed in thousands of Peruvian soles in our financial statements rather than being calculated on the basis of the financial information that has been subjected to rounding adjustments in this annual report.

Non-GAAP Financial Measures

We use EBITDA, Segment EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin and Adjusted Leverage Ratio, which are non-GAAP financial measures, in this annual report. A non-GAAP financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure.

We calculate EBITDA as profit (loss) for the period plus income tax expense, net finance cost and depreciation and amortization. EBITDA is a key metric used by management and our board of directors to assess our financial performance. We calculate Segment EBITDA as segment profit before tax plus net finance cost and depreciation and amortization. We calculate Adjusted EBITDA as profit (loss) for the period plus income tax expense, net finance cost, depreciation and amortization, pre-operating expenses for projects under construction, business development expenses for expansion into new markets, change in fair value of earn-out liabilities and stock-based consideration. We calculate EBITDA Margin as EBITDA divided by total revenue from contracts with customers. We calculate Adjusted Net Income as profit (loss) for the period plus pre-operating expenses for projects under construction, business development expenses for expansion into new markets as well as a one-time reversal of the holdback from the acquisition of Grupo OCA in Mexico, change in fair value of earn-out and liabilities, and investments, stock-based consideration, personnel non-recurring compensation, non-cash and non-recurring financial costs and allocated tax effects. We calculate Adjusted Net Income Margin as Adjusted Net Income divided by total revenue from contracts with customers. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue from contracts with customers. We calculate Adjusted Leverage Ratio as (i)(x) current and non-current loans and borrowings plus (y) current and non-current lease liabilities minus (ii) cash and cash equivalents, divided by (iii) Adjusted EBITDA.

We present EBITDA, Segment EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin and Adjusted Leverage Ratio because we believe they assist investors and analysts in comparing our operating performance across 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 directors use EBITDA, Segment EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin and Adjusted Leverage Ratio to assess our financial performance and believe they are helpful in highlighting trends in our core operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding the growth of our business.

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EBITDA, Segment EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin and Adjusted Leverage Ratio are not measures of operating performance under IFRS Accounting Standards and have limitations as analytical tools. You should not consider such measures either in isolation or as substitutes for analyzing our results as reported under IFRS Accounting Standards. Additionally, our calculations of EBITDA, Segment EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin and Adjusted Leverage Ratio may be different from the calculations used by other companies for similarly titled measures, including our competitors, and therefore may not be comparable to those of other companies. For reconciliations of EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted EBITDA Margin to profit (loss) for the period and Segment EBITDA to segment profit (loss) before tax for the period, in each case, the most directly comparable IFRS Accounting Standards measure, see “Item 5A. Operating and Financial Review and Prospects—Operating Results—Key Performance Indicators—Reconciliation of EBITDA, Segment EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin and Adjusted Leverage Ratio.”

Medical Loss Ratio

We use medical loss ratio (“MLR”), in this annual report. MLR is calculated as (i) claims for medical treatment generated by our prepaid oncology and general healthcare plans plus (ii) technical reserves relating to plan members treated pursuant to such plans, whether at our facilities or third-party facilities, divided by revenue generated by our prepaid oncology and general healthcare plans. We believe that MLR is an important measure of our operating performance in our healthcare coverage business as it is an indicator of the percentage of payments under our oncology plans that is used for medical treatment as compared to administrative costs and is widely used in the healthcare industry as a measure of operating efficiency.

Industry, Market and Benchmarking Data

We make estimates in this annual report regarding our competitive position and market share, as well as the market size and expected growth of the healthcare industries in Mexico, Peru and Colombia. We have made these estimates on the basis of our management’s knowledge and statistics and other information from the following sources: the Mexican Secretaría de Salud , the Mexican Instituto Nacional de Estadística y Geografía (“INEGI”), the Mexican Colegio Nacional de Especialistas en Medicina Integrada, A.C. (“CONAEMI”), the Asociación Mexicana de Instituciones de Seguros, A.C. and the Mexican Estadísticas de Salud en Establecimientos Particulares (“ESEP”), the Peruvian EsSalud, the Peruvian Superintendencia Nacional de Salud (“SUSALUD”), the Peruvian Ministry of Health (“MINSA”), the Colombian Superintendencia Nacional de Salud (“SUPERSALUD”), the Colombian Ministry of Health and Social Protection (“MinSalud”), the World Health Organization (“the WHO”), the SBS, Fitch Solutions, the World Bank Group, International Monetary Fund “IMF,” Emerging Markets Information System (“EMIS”) and the Economist Intelligence Unit (“EIU”), among others.

Industry publications, governmental publications and other market sources, including those referred to above, generally state that the information they include has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. In addition, the data that we compile internally, and our estimates have not been verified by an independent source. Except as disclosed in this annual report, none of the publications, reports or other published industry sources referred to in this annual report were commissioned by us or prepared at our request. Except as disclosed in this annual report, we have not sought or obtained the consent of any of these sources to include such market data in this annual report.

We believe such sources are the most recent available as of the date of this annual report, from government agencies, industry professional organizations, industry publications and other sources. We believe these estimates to be accurate as of the date of this annual report.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements. Examples of such forward-looking statements include, but are not limited to: (i) statements regarding our results of operations and financial position; (ii) statements of plans, objectives or goals, including those related to our operations and to our pipeline of potential developments and acquisitions; and (iii) statements of assumptions underlying such statements. Words such as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. You should not place undue reliance on these forward-looking statements or projections. Although we believe that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements and projections. Factors that may materially affect such forward-looking statements and projections include, but are not limited to “Item 4. Key Information—D. Risk Factors” in this annual report. These risks and uncertainties include factors relating to:

• events or conditions that adversely affect our reputation or our image and our ability to support and strengthen our brands’ reputation among members, patients, medical community or suppliers;

• our ability to implement estimate and control healthcare costs or raise prices to offset cost;

• our ability to successfully manage relationships with third-party payers;

• changes in reimbursement regulation or social security regimes;

• the availability and effective operation of management information systems and other technology;

• our ability to protect ourselves against cybersecurity risks;

• our ability to successfully compete in all segments and geographical markets where we currently conduct business or may conduct businesses in the future;

• our ability to continue attracting and retaining new appropriately-skilled employees, especially for our medical staff;

• our compliance with, and changes to, government laws, regulations, or changes to the interpretations of such laws and regulations, and tax matters that currently apply to us in Mexico, Peru and Colombia;

• our ability to make acquisitions on favorable terms and to integrate them successfully into our existing operations;

• our ability to arrange financing when required and on reasonable terms;

• our ability to manage operations at our current size or manage growth effectively;

• our ability to diversify our suppliers for medical equipment and supplies, as well as distressed supply chains, could increase our costs and create operational risks;

• potential liability in connection with managing medical practices, onsite clinics and other types of medical facilities;

• the outcome of litigation, regulatory audits and investigations;

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• our compliance with applicable privacy, security and data laws, regulations and standards;

• general economic, financial, political, demographic and business conditions in Mexico, Peru and Colombia and their impact on our business;

• adverse weather conditions, including those related to climate change events, and public health threats or outbreaks of communicable diseases, such as the COVID-19 virus and others;

• government intervention and trade barriers, resulting in changes in the economy, taxes, rates, prices or regulatory environment, and investors’ perception of the political instability in the countries where we operate;

• fluctuations in interest, inflation and exchange rates in any of the countries where we operate or may serve in the future;

• the interests of our principal shareholders;

• the prices of our class A shares may be volatile or may decline regardless of our operational performance;

• other factors that may affect our financial condition, liquidity and results of operations; and

• other risk factors discussed under “Risk Factors.”

These cautionary statements should not be construed by you to be exhaustive and are made only as of the date of this annual report. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should evaluate all forward-looking statements made in this annual report in the context of these risks and uncertainties.

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PART I

Item 1. Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2. Offer Statistics and Expected Timetable

Not applicable.

Item 3. Key Information

A. [Reserved].

B. Not applicable.

C. Not applicable.

D. Risk Factors.

You should carefully consider the risks described below, along with the other information included in this annual report. Any of the following risks, alone or together with risks and uncertainties that we do not know or currently deem immaterial, could have a material adverse effect on our business, financial condition, results of operations or prospects. This annual report also contains forward-looking statements that involve risks and uncertainties. The material risks and uncertainties that management believes affect us are described below and are organized by risk category. These categories are not presented in order of importance. However, within each category, the risk factors are generally presented in descending order of importance, as determined by us as of the date of this annual report. We may change our vision about their relative importance at any time, especially if new internal or external events arise. You should carefully review the “Cautionary Statement Regarding Forward-looking Statements” section of this annual report. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us described below and elsewhere in this annual report.

Summary of Risk Factors

This section is intended to be a summary of more detailed discussions contained elsewhere in this Annual report. The risks described below are not the only ones we face. Our business, results of operations or financial condition could be harmed if any of these risks materializes and, as a result, the trading price of our class A shares could decline. As further detailed, we are subject to the following risks:

Risks Related to Our Business

• Brand Reputation Risk : Negative impacts on our brands’ reputation among members, patients, medical community or suppliers could materially harm our business.

• Cost Control Challenges : Inability to estimate and control healthcare costs or raise prices to offset cost increases could adversely affect operating results.

• Third-Party Payer Relationships : Deterioration in relationships with third-party payers, such as changes in reimbursement or social security regimes, could negatively impact revenues.

• IT Systems Vulnerability : Failures in IT systems could disrupt business operations.

• Competition and Market Fragmentation : Intense competition in fragmented markets (Mexico, Peru, Colombia) could harm market share and performance.

• Labor and Talent Shortage : Difficulty in recruiting and retaining medical professionals could increase labor costs and impact performance.

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• Regulatory Compliance and Licensing : Non-compliance with regulations or failure to obtain necessary licenses could hinder operations, especially in Mexico, Peru and Colombia.

• Acquisitions and Integration Risks : Acquisitions, partnerships or joint ventures may disrupt business, and integration challenges could limit expected benefits.

• Debt and Financial Stress : High indebtedness and reliance on subsidiaries for payments may limit financial flexibility and ability to respond to market changes.

• Growth Rate Challenges : The company may struggle to maintain historical growth rates due to market or operational challenges.

• Supplier Dependence : Heavy reliance on a limited number of suppliers for medical equipment and supplies could create operational risks if supply chains are disrupted.

• Liabilities and Legal Risks : Exposure to liabilities from medical malpractice, lawsuits, regulatory non-compliance and privacy law violations could result in financial losses, penalties and reputational damage.

Risks Relating to Mexico, Peru and Colombia

• Geopolitical and Regional Risks : Political, economic and social instability in Mexico, Peru and Colombia, including factors like inflation, unemployment and unrest, could negatively impact operations, financial condition and growth, particularly given the concentration of operations in Lima, Monterrey and Medellín.

• Climate and Health Crisis Risks : Adverse climate conditions, natural disasters or future pandemics, epidemics or disease outbreaks could disrupt operations and negatively impact the business.

• Emerging Market and Political Risks : Perceptions of risk in emerging markets, along with the potential for expropriation or nationalization of assets, could negatively affect the market value of Latin American securities and the company’s operations.

• Inflation, Currency and Tax Risks : Increased inflation, fluctuations in foreign exchange rates and changes in tax laws in Mexico, Peru, Colombia, Luxembourg or other jurisdictions could adversely impact the company’s financial condition, results of operations and tax liabilities.

Risks Relating to Our Class A Shares

• Shareholder and Governance Risks : The concentration of voting control with Enfoca, the controlling shareholder, due to its ownership of a majority of class B shares and the dual-class structure of the shares and board, could lead to conflicts of interest and limit other shareholders’ influence, potentially affecting share price and liquidity.

• Share Price and Liquidity Risks : The market price of class A shares may experience significant fluctuations, and the lack of an active or liquid market could prevent shareholders from selling shares at desired prices, potentially resulting in financial loss.

• Regulatory and Governance Risks : As a foreign private issuer, reduced reporting requirements and the ability to follow alternative governance standards may make class A shares less attractive to investors and limit protections typically afforded under NYSE rules.

• Jurisdiction and Legal Risks : Luxembourg’s corporate disclosure and accounting standards differ from those in the United States, and minority shareholders in Luxembourg have fewer protections. Investors may face difficulties in pursuing legal actions, and any judgments from Luxembourg courts related to class A shares will be payable only in euros.

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• Dividend Risk : Our ability to pay dividends is restricted under Luxembourg law as, among other requirements, the amount of any distribution made to the shareholders may not exceed the amount of the results of the last financial year (i) plus any carried forward profits and distributable reserves, (ii) minus carried forward losses and any undistributable reserves according to the law or the articles of association.

Risks Relating to Our Business

We depend substantially on our brands’ reputation among our plan members, patients, the medical community and our suppliers in the regions in which we operate, and any negative impact on those brands could have a material adverse effect on us.

We operate our business through several brands. Our principal brands are Auna, our primary brand, as well as Oncosalud, Clínica Delgado, Clínica Las Américas, IMAT Oncomédica, OCA Hospital Auna, Doctors Hospital Auna and Doctors Hospital East Auna. Our brands’ reputation is fundamental to driving demand for our healthcare services and prepaid plans and to our ability to attract and retain qualified medical personnel to work at our facilities. In addition, our brands’ reputation is key to our ability to negotiate favorable contracts with third parties, such as insurance providers and medical suppliers. If we are unable to maintain our brands’ reputation among our plan members, patients and medical professionals, our business, financial condition and results of operations may be adversely affected.

In addition, there has been a marked increase in the use of social media platforms and other forms of internet-based communications that provide individuals and businesses with access to a broad audience of consumers and other interested persons. The availability of information on social media platforms, including reviews, is virtually immediate, as is its impact. Many social media platforms allow the publishing of the content posted by their subscribers and participants, often without filters or checks on the accuracy of such content. If we receive negative reviews on social media or other negative publicity, even if such reviews are inaccurate, our brands’ reputation could suffer, affecting demand for our healthcare services, or we may have more difficulty attracting and retaining qualified medical personnel to work at our facilities, any of which could have a material adverse effect on our business, results of operations and financial condition.

Our operating results may be adversely affected if we are not able to estimate and control healthcare costs, or if we cannot increase our prices to offset cost or expenditure increases, at our hospitals and clinics and with respect to our healthcare plans.

Our operating results depend in large part on our ability to estimate and control the future costs involved in providing healthcare services at our hospitals and clinics. According to data published by the INEGI in Mexico, the Instituto Nacional de Estadística e Informática (“INEI”) in Peru and the Departamento Administrativo Nacional de Estadística in Colombia, healthcare costs increased in Mexico, Peru and Colombia by 13.3%, 8.0% and 12.2%, respectively, during 2024

The main factors affecting healthcare costs and expenditures, and our ability to offset increases include:

• increased cost of medical supplies, including pharmaceuticals, whether due to demand, inflation or otherwise;

• the cost of acquiring new equipment and technologies, or upgrading existing equipment and technologies, needed to provide our services;

• the terms of our agreements with insurance providers and annual renegotiations of related contracts;

• the ability of insurance providers to pay for our healthcare services; and

• periodic renegotiations of contracts with doctors and medical support personnel as well as other medical services providers and suppliers.

In addition, with respect to our healthcare plans, differences between predicted and actual healthcare costs as a percentage of revenues attributable to our healthcare plans can result in significant changes in our results of operations. Costs at our oncology business vary by the number of patients that are diagnosed in any given period as well as the stage of diagnosis (i.e., Stage I versus Stage IV) and type of cancer diagnosed. Later-stage diagnoses typically involve more costly treatment regimens, and certain types of cancer may be more likely to require newer, more expensive treatment options, which may also impact our costs. In addition, costs under our general healthcare plans vary by the frequency of patient visits to our facilities and the level of complexity of any required treatments, which is difficult to predict. We adjust our plan pricing on an annual basis to reflect current cost projections and this adjusted pricing is automatically applied to any plans that are automatically renewed for another year. However, because our healthcare plans are prepaid for one-year terms, any increase in costs in excess of our cost projections within a given period cannot be recovered in that plan period by increasing pricing. Moreover, any such increase in pricing could increase the number of plan cancellations and adversely affect our ability to add new plan members.

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Many of these factors are outside of our control. In addition, certain aspects of our growth strategy may also result in increased operating expenditures, such as opening new facilities or hiring additional personnel, which may not be offset by an increase in our revenue, resulting in diminished operating margins. We may also be unable to appropriately predict costs associated with the implementation of new healthcare plans, which may result in lower margins in connection with such products.

If any of the above events occur and we are unable to rapidly adapt in proportion to the increase in costs for the provision of healthcare services, our business, financial condition and results of operations may be adversely affected.

Our revenues and results of operations are affected by our relationships with third-party payers, and any change to, or deterioration in, these relationships could have a material adverse effect on us.

During the year ended December 31, 2025, 90.7% of payments in our Healthcare Services in Mexico segment came from third-party insurance and institutional providers, including the Mexican government, and 9.3% were paid out-of-pocket by our patients, including co-payments and non-covered expenses. In the Healthcare Services in Peru segment, 51.8% of payments in our healthcare services business came from third-party insurance and institutional providers, including the Peruvian government,24.8% are payments made by the Oncosalud segment and 23.4% were paid out-of-pocket by our patients, including co-payments and non-covered expenses. In the Healthcare Services in Colombia segment, 96.5% of payments came from third-party insurance and institutional providers, including the amounts transferred by Administradora de los Recursos del Sistema (“ADRES”) directly, and 3.5% were paid out-of-pocket by our patients, including co-payments and non-covered expenses. The average collection days in each country, including out-of-pocket revenue and accounts receivables, are 49 days in Mexico, 114 days in Peru and 165 days in Colombia; this average is calculated from the average total billed revenue and accounts receivables of each segment, during the year ended December 31, 2025. These metrics reflect only our Healthcare Services segments and therefore exclude the effect of our Oncosalud segment, which typically has shorter collection cycles. The process to collect our accounts receivable begins with an internal validation of all the items comprising the healthcare services provided and its corresponding rates, and then comes the billing of the services and submission of the files to the third-party insurance and institutional providers. The process continues with the review of the files by the third-party insurance and institutional providers and ends with the collection of the invoices. However, this review performed by the third-party insurance and institutional providers may trigger the return of certain files to us to correct observations and to issue a new invoice if necessary, and then a re-sending by us of the revised information to the third-party insurance and institutional providers for the corresponding additional review of the updated invoice and files, normally causing a lengthening of the time it takes to collect the related account receivables. Although this process is similar in the three countries, the differences in the internal processes of each of the third-party insurance and institutional providers generate differences in the time that each country collects their account receivables.

An increase in this timing can significantly impact our ability to convert recognized revenue into payments, lengthening our cash conversion cycle. In addition, certain of our principal third-party payers in Peru also run their own hospital networks and therefore compete with us. See “—We face competition in fragmented markets like Peru and Colombia, from our current competitors and from future competitors that might enter the sector.”

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In Mexico and Peru, a facility must be included on an insurance provider’s approved list of healthcare facilities for an individual to be reimbursed for the services they receive at that facility. We negotiate with private insurance providers to ensure that we are on their list of approved facilities and to agree on the prices at which we are reimbursed for services provided to their plan members. We expect continued third-party efforts to aggressively manage reimbursement levels and control costs. Moreover, our negotiating position could decline in the future if our brands’ reputation suffers. Insurers in Mexico classify hospitals in different categories (which we refer to as “tiers”) based on the average cost per patient or specialty. However, the classification does not account for relevant factors such as the level of complexity of treatments in each facility and, as a result, hospitals engaged in high-complexity procedures and treatments could be classified in higher tiers, irrespective of their operational efficiency leading to reduced patient volumes from insurers, as only certain insurance plans would cover these higher-tier hospitals. In Colombia, EPSs’ users have the right to choose their health service provider from a pre-approved list of IPS. Under certain circumstances, a plan member can challenge that decision and request to go elsewhere in the EPS’s network. While patients may express a preference, insurers ultimately prioritize referrals to institutions offering more favorable contractual terms, often based on cost rather than quality of care. This creates a highly competitive environment where clinics must continuously balance service quality with cost efficiency to remain viable. If we do not maintain our reputation among EPSs and patients as one of the leading healthcare providers in Medellín, Montería and Barranquilla, while focusing on operational efficiency, EPSs may choose to send their plan members to, or patients may choose to go to, other facilities, which could have a material adverse effect on our business, financial condition and results of operations. See “—We depend substantially on our brands’ reputation among our plan members, patients, the medical community and our suppliers in the regions in which we operate.” Failure to effectively manage these dynamics in each country where we operate could result in declining patient volumes, unfavorable reimbursement terms, and financial strain, materially affecting our business, financial condition, and results of operations

In Colombia, limitations on reimbursement and, in some cases, reduced levels of reimbursement for healthcare services as a result of changes in the social security regimes in recent years have, and could continue to, materially affect our business and results of operations.

In Colombia, in 2025, approximately 94.8% of the population received mandatory healthcare insurance coverage based on Colombians’ constitutional right to universal healthcare to be provided through the government’s social security system (the “SGSSS”).

Changes in the SGSSS in recent years have resulted in limitations on reimbursement and payment for health services from EPSs and, in some cases, reduced levels of reimbursement for healthcare services, as the government tries to address the current fiscal shortfall resulting from its constitutional obligation to provide universal healthcare. Moreover, payments from SGSSS funds are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, funding restrictions and solvency risks of EPSs, all of which could materially increase or decrease program payments, as well as negatively affect the cost of providing service to patients and the timing of payments to facilities. We are unable to predict the effect of recent and future policy changes on our operations, and any such changes could have a material adverse effect on us.

The financial viability of Colombia’s healthcare system is heavily dependent on the adequacy of the Capitation Payment Unit ( Unidad de Pago por Capitación or UPC), which determines the fixed per-patient payments to insurers under the national healthcare model. Currently, insurers are experiencing loss ratios exceeding 100%, raising significant concerns about the long-term sustainability of the system. If UPC adjustments do not adequately reflect the rising costs of healthcare services, the financial strain on insurers could increase, potentially leading to service disruptions, insolvencies, or a systemic failure of the healthcare infrastructure.

While technical discussions are underway to reassess the true costs of healthcare service provision, the Colombian government has indicated a preference for limiting UPC adjustments to inflation-based increases. This approach may be insufficient, as industry analysts suggest that cost escalations could require adjustments of up to 10 percentage points above inflation. If the government fails to implement a more flexible and data-driven methodology for UPC adjustments, healthcare providers, including us, could face downward pricing pressures, reduced margins, and increased financial instability.

These dynamics have, and could continue to, adversely affect our operational performance, revenue generation, and ability to deliver healthcare services at sustainable levels. Furthermore, any material deterioration in the financial condition of insurers or structural deficiencies in UPC funding could result in delayed payments, liquidity constraints, or contractual renegotiations that negatively impact our business. Investors should consider these risks when evaluating our financial condition and prospects.

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The financial deterioration of certain EPSs in Colombia and the resulting payment delays and disputes with healthcare providers could adversely affect our cash flows, working capital and results of operations.

Our operations in Colombia depend significantly on payments from EPSs, which act as the primary counterparties responsible for reimbursing healthcare services provided by IPSs, including our facilities. In recent years, several EPSs have experienced financial distress, have been subject to government intervention or liquidation, or have exhibited persistent delays in payments to healthcare providers.

As a result, we have been exposed, and may continue to be exposed, to longer collection cycles, increased accounts receivable balances and a higher risk of non-payment from certain EPSs. In addition, payment delays and the financial condition of certain EPSs may give rise to disagreements regarding the scope of covered services, tariffs and reimbursement terms, which may require administrative claims, legal actions or other dispute resolution mechanisms to enforce payment.

These conditions may negatively impact our liquidity and require us to increase provisions for doubtful accounts, which could adversely affect our financial condition and results of operations. Furthermore, continued instability in the EPS system may lead to changes in payment flows, regulatory reforms or increased government intervention in the healthcare sector, which could affect the predictability of our revenues and our ability to operate efficiently in Colombia.

A failure of our IT systems could adversely impact our business.

We rely extensively on our IT systems to manage clinical and financial data, communicate with our patients, payers, suppliers and other third parties and summarize and analyze operating results. In addition, we are subject to various laws and regulations protecting the privacy and security of health information and personal data, including personal data protection laws. A failure of our IT systems may be caused by, among other things, defects in design or manufacture of hardware, software or applications we develop or procure from third parties, human error, cyber security incidents, damage from natural disasters, power loss, telecommunications failure, unauthorized entry or other events beyond our control. In certain circumstances we may rely on third-party vendors to process, store and transmit large amounts of data for our business whose operations are subject to similar risks. Our IT systems also depend on the timely maintenance, upgrade and replacement of networks, equipment and software, as well as preemptive expenses to mitigate the risks of failures.

We are undergoing a multi-year process of implementing a new Enterprise Resource Planning (ERP) system, as well as new healthcare-focused software such as new Hospital Information System, Laboratory Information System, and Vendor Neutral Archiving (VNA), which combines Radiology Information System (RIS) and Picture Archiving and Communication System (PACS) for centralized, efficient, and interoperable healthcare imaging workflow across multiple facilities. The implementation of each of these systems will require significant investment in human and financial resources. Implementing new systems also carries substantial risk, including failure to operate as designed, failure to properly integrate with other systems, potential loss of data or information, cost overruns, implementation delays and disruption of operations. For example, during the implementation of the new ERP and hospital information system in Doctors Hospital we suffered some migration issues such as: (i) a significant accumulation of unbilled revenue given the migration and integration complexities led to a peak in pending-to-bill accounts, (ii) a slower collection process and consequent disruption in the order-to-cash cycle caused by the lack of alignment between legacy administrative policies and the new system’s logic, resulting in having to resort to manual workarounds for pricing and discount, (iii) data integrity and inventory synchronization issues, and (iv) stabilization cost overruns driven by the technical complexities of the Doctors Hospital pilot phase which led to implementation delays and required unplanned stabilization expenses to normalize operations before proceeding with the regional roll-out. Third-party vendors are also relied upon to design, program, maintain and service each implementation program. Any failures of these vendors to properly deliver their services could similarly have a material adverse effect on our business. In addition, any disruptions or malfunctions affecting our ERP implementation plan could cause critical information upon which we rely to be delayed, defective, corrupted, inadequate, inaccessible or lost or otherwise cause delays or disruptions to our operations, and we may have to make significant investments to fix or replace impacted systems. Likewise, any disruptions or malfunctions affecting the implementation of our healthcare-focused systems could result in operational downtime, regulatory non-compliance, data integrity issues, cybersecurity threats, financial losses, legal liability, patient care disruptions, interoperability challenges, resistance to adoption by healthcare professionals, jurisdictional regulatory complexities, vendor reliability risks, and scalability or performance limitations, any of which could adversely affect our business, reputation, and financial condition.

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Any critical failure of our IT systems could materially disrupt our business activities. For example, because we are reliant on our IT systems to manage clinical information and patient data, a material disruption of our IT systems could negatively impact our ability to treat our patients for the duration of the disruption, which could subject us to significant litigation or other losses and have a material adverse impact on our reputation, business, financial condition and result of operations.

A failure of our IT systems could also expose us to various security threats and vulnerabilities that may result in the theft, destruction, loss or misappropriation of protected health information or other data subject to privacy laws in Mexico, Peru or Colombia or loss of proprietary business information. Breaches of our security measures and the unauthorized dissemination of sensitive personal information, proprietary information or confidential information could expose us, our customers or other third parties to a risk of loss or misuse of this information, including exposing our customers to the risk of financial or medical identity theft, result in litigation and potential liability, such as regulatory penalties for us, damage our brand and reputation or otherwise harm our business. The failure of our IT systems, including the costs to eliminate or address security threats and vulnerabilities before or after a system failure, could have a material adverse effect on our business, financial condition and results of operations.

If we are unable to provide advanced care for a broad array of medical needs, demand for our healthcare services may decrease.

Demand for our healthcare services is driven in large part by our ability to offer advanced care for a broad array of medical needs, which is in turn contingent on our having state-of-the-art medical equipment and infrastructure at our facilities, as well as our ability to access high-quality medicines. The technology used in medical equipment and related devices is constantly evolving and, as a result, manufacturers and distributors continue to offer new and upgraded products to healthcare providers. Moreover, new and improved medicines are constantly being introduced to the market. To compete effectively, and to attract doctors and recruit and retain medical staff, we must continually assess our equipment and infrastructure needs and invest in upgrades when significant technological advances occur in order to continue providing access to advanced treatment, and we must ensure that we have access to high-quality, cutting-edge medicines for any given treatment. Such technological equipment and infrastructure costs represent significant capital expenditures. If our facilities do not stay current with technological advances in the healthcare industry and/or we do not offer access to high-quality, cutting-edge medicines, patients may seek treatment from other providers or insurance providers may send their patients to alternate facilities, which could result in decreased demand for our services and have an adverse effect on our business, financial condition and results of operations.

We may not have sufficient funds to settle current liabilities and as a result we may continue to have negative working capital from time to time.

Our board of directors has the ultimate responsibility for liquidity risk management. It has established an appropriate framework allowing our management to handle financing requirements for the short, medium and long-term. As of December 31, 2025, we had a positive working capital of S/177.5 million (US$52.8 million), calculated as current assets minus current liabilities. Our management believes that our available cash and cash equivalents and cash flows expected to be generated from operations, and borrowings available to us under our revolving credit lines, will be adequate to satisfy our capital expenditure and liquidity needs for the foreseeable future. However, we may require additional capital in the form of additional debt or equity to meet our long-term objectives relating to the expansion of our business. As a result, we may have negative working capital from time to time. It may be difficult for us to obtain additional financing in the future, on acceptable terms or at all, given that a significant portion of our assets are currently pledged for our financings. If we are unable to access the capital markets to finance our operations in the future, this could adversely affect our ability to obtain additional capital to grow our business and have an adverse effect on our business, financial condition and results of operations.

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We face intense competition in fragmented markets like Mexico, Peru and Colombia, from our current competitors and other competitors that might enter the sector.

The healthcare industry in Mexico, Peru and Colombia is competitive. In Peru, Mexico and Colombia, we face intense competition from other privately-operated hospitals, clinics and healthcare networks for the provision of healthcare services. In Peru, many of these competitors are operated by our principal third-party payers. While our Auna Peru network is currently one of the few private healthcare networks in the country with broad geographic reach, and the market is generally fragmented, it is possible that healthcare services providers operating other private hospitals and clinics will consolidate and further integrate their operations across facilities, which could cause us to lose market share. For example, Rímac Seguros y Reaseguros S.A. (“Rímac”) and Pacífico Compañía de Seguros y Reaseguros S.A. (“Pacífico”), two of the main insurance providers in Peru that are also significant third-party payers for Auna services, own and operate their own hospital networks that compete with us. Our Auna Mexico network faces competition from other high-complexity hospitals in Monterrey, such as Christus Muguerza, Hospital Ángeles, TecSalud and Swiss Hospital. If demand for services in our hospitals in Perú, Monterrey or Colombia decline, our negotiating position with insurance providers and other third parties could suffer, any of which could have a material adverse effect on our business, financial condition and results of operations. Failure to compete effectively could have a material adverse effect on our market share, business, financial condition, and results of operations.

Currently, the quality of public sector medical services in Peru and Mexico, principally provided by EsSalud and Seguro Integral de Salud (“SIS”) in Peru and Mexican Institute of Social Security (“IMSS”) and the Servicios de Salud del Instituto Mexicano del Seguro Social para el Bienestar (“IMSS-Bienestar”) in Mexico, is widely considered deficient and over capacity, with long scheduling times, short appointments with doctors and a shortage of facilities, and we do not currently face substantial competition from government providers in Peru and Mexico. We may face competition from government providers in the future if the Peruvian government and/or the Mexican government allocates additional financial resources to its public sector healthcare system and/or they are able to improve their infrastructure and increase their capacity and the quality of care they provide.

At Oncosalud, our vertically integrated healthcare plan provider, we also face competition from companies that offer healthcare plans covering the same services that our healthcare plans cover, including traditional insurance providers and other companies offering prepaid plans. Our competitors may enhance the quality of their offerings in the future. Our competitors Rímac and Pacífico are the two main insurance providers in Peru, both of which have substantial financial resources. If any of our competitors, including Rímac and Pacífico, is able to offer more comprehensive or less expensive services, including oncology services, we may lose market share in Peru, which could have a material adverse effect on our business, financial condition and results of operations.

Unlike in Peru and Mexico where the market is more fragmented, there are several existing large hospital systems in Colombia and the gap between the quality of services provided by state-owned facilities and privately-owned facilities is much smaller. As a result, our Auna Colombia network faces competition in Colombia from both public and private healthcare services providers. Moreover, although healthcare coverage providers in Colombia typically dictate which facility a patient can go to for services, patients can, and frequently do, challenge these decisions, which fosters competition among healthcare providers in the market.

In Colombia, we face competition from other hospital networks with premium facilities, including San Vicente de Paul, Pablo Tobón Uribe, El Rosario, San Jerónimo, Clínica Montería, Clínica Iberoamerica (Grupo Keralty/Sanitas), Clínica del Caribe, Organización Clínica General del Norte and Bonnadona. We also face a heightened competitive risk in Montería as a result of the concentration of control of the market in a few individuals. Certain of our competitors may have greater financial resources, be better equipped and offer a broader range of healthcare services than we do. If we are unable to maintain or grow our competitive position in Colombia, our business, financial condition and results of operations may be adversely affected.

Our performance depends on our ability to recruit and retain quality nursing, medical and administrative professionals, and we face a great deal of competition for these professionals, which may increase our labor costs and negatively impact our results of operations.

The majority of our physicians in Mexico, Peru and Colombia are hired on a fee-for-service basis. As a result, and because these arrangements are nonexclusive, there is significant competition between us and our competitors to ensure that the best qualified and most renowned physicians treat patients at our hospitals. If we are unable to provide treatment for our patients, ethical and professional standards, adequate support personnel, technologically advanced equipment and facilities and research opportunities that meet their professional needs and goals, our physicians may choose to practice at other facilities. We may not be able to compete with other healthcare providers on some or all of these factors.

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Physicians may also refuse to enter into new contracts with us, demand higher payments or perform treatments or procedures that result in higher medical expenses without generating corresponding revenue. In addition, a small number of physicians within each of our facilities generate a disproportionate share of our inpatient revenues and admissions, in particular physicians specializing in oncology, cardiology, trauma, neurology and general surgery. The loss of one or more of these physicians, even if temporary, could reduce patient demand for our services and cause a material reduction in our revenues. In addition, it could take significant time to find a replacement for any of our top physicians given the difficulty and cost associated with recruiting and retaining physicians, which may in turn adversely affect our ability to recruit and retain other doctors.

Our medical support staff, in particular our nurses and administrative personnel, are also critical to our success and competitive advantage. Our medical support staff is on the front lines of a patient’s experience at our hospitals and clinics, and we depend on their efforts, abilities and experience to maintain our reputation as a provider of healthcare services. In recruiting and retaining qualified hospital management, administrative personnel, nurses and other medical personnel, such as pharmacists and lab technicians, we compete with other healthcare providers, including government hospitals.

Historically, there has been a shortage of qualified nurses and other medical support personnel in Mexico, Peru and Colombia, which has been a significant operating issue for us and other healthcare providers. This shortage may require us to enhance wages and benefits to recruit, train and retain nurses and other medical support personnel or require us to hire expensive temporary personnel. Moreover, our failure to recruit and retain enough qualified nurses, other medical support and administrative personnel could result in loss of customer goodwill and a negative impact on our reputation.

We cannot predict the degree to which we will be affected by the future availability or cost of attracting and retaining talented physicians and medical support staff. If our general labor and related expenses increase, we may not be able to raise the rates we charge for our services correspondingly. Our failure to either recruit and retain qualified physicians, hospital management, nurses and other medical support personnel or control our labor costs could harm our business, financial condition and results of operations.

Our revenues and results of operations are affected by our relationships with unaffiliated physicians in Mexico, and any change to, or deterioration in, these relationships could have a material adverse effect on us.

Substantially all of our revenue in our Healthcare Services in Mexico segment is derived from fees charged for healthcare services provided at our facilities by unaffiliated physicians. These unaffiliated physicians have no contractual obligations to treat patients at our facilities and any change to, or deterioration in, these relationships could have a material adverse effect on us. A significant reduction in the number of physicians treating patients, or in the number of patients unaffiliated physicians treat, at our facilities would have a negative impact on our business.

In addition, insurance providers and other third parties have implemented rules and programs that could limit the ability of physicians to treat patients at our facilities. For example, certain insurance providers require their policyholders to obtain healthcare services exclusively from pre-approved providers. See “—Our revenues and results of operations are affected by our relationships with third-party payers, and any change to, or deterioration in, these relationships could have a material adverse effect on us.” If we are unable to compete successfully for these arrangements, our results and prospects for growth could be adversely affected.

Any acquisitions, partnerships or joint ventures that we make or enter into could disrupt our business and harm our financial condition.

Acquisitions, partnerships and joint ventures are an integral part of our inorganic growth strategy. We evaluate, and expect in the future to evaluate, potential strategic acquisitions of, and partnerships or joint ventures with, other hospital networks and complementary businesses. However, we may not be successful in identifying acquisition, partnership and joint venture targets or we may use estimates and judgments to evaluate the operations and future revenues of a target that turn out to be inaccurate.

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In addition, we may not be able to successfully finance or integrate any hospitals or other businesses that we acquire or with which we form a partnership or joint venture, and we may not achieve the anticipated benefits of such project. Furthermore, the integration of any acquisition, partnership or joint venture may divert management’s time and resources from our core business and disrupt our operations. As a result of any of the foregoing, we may spend valuable management time and money on projects that do not increase our number of patients or revenue. Acquisitions also involve special risks, including the potential assumption of unanticipated liabilities and contingencies. Even if such liabilities are assumed by the sellers, we may have difficulties enforcing our rights, contractual or otherwise. Moreover, our competitors may be willing or able to pay more than us for acquisitions, which may cause us to lose certain acquisitions that we would otherwise desire to complete. We cannot ensure that any acquisition, partnership or joint venture we make will not have a material adverse effect on our business, financial condition and results of operations.

In addition, the acquisition of a healthcare provider may require approval of the relevant antitrust regulator, such as Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual (“INDECOPI”) in Peru, the Superintendencia de Industria y Comercio (the “SIC”) in Colombia, or National Antitrust Commission ( Comisión Nacional Antimonopolio ) in Mexico. Moreover, the acquisition of regulated entities, such as insurance companies in Mexico and Peru, would require the prior approval of additional regulators, such as the Comisión Nacional de Seguros y Finanzas and the SBS, respectively. Such regulatory approvals may be significantly delayed or rejected. In addition, insurance providers in Mexico are rated by rating agencies and acquisitions of additional insurance providers could result in the downgrade of our ratings. If the relevant regulator delays or withholds its approval for acquisitions in Mexico, Peru, Colombia or elsewhere or our ratings in Mexico are downgraded as a result of our acquisition of other insurance providers or otherwise, we may not be able to implement our business strategy on a timely basis or grow our operations in the timeframe that we expect, which may have a material adverse effect on our business, financial condition and results of operations.

We may not be able to successfully integrate our acquired operations or obtain the expected benefits from such acquisitions.

Our strategic growth plan, particularly in Mexico and Colombia, depends on the acquisition and integration of existing operations into our network. We may not be able to successfully and efficiently integrate the operations of the facilities and healthcare plans we acquire, including their personnel, financial systems, distribution or operating procedures. We may also be unable to retain physicians and other medical support staff, in particular if the acquired facilities are in other countries with different cultures, and our relationship with current and new professionals, including physicians, insurance providers and other interested parties may be impaired.

See “—Any acquisitions, partnerships or joint ventures that we make or enter into could disrupt our business and harm our financial condition.” The benefits that we expect to achieve as a result of these acquisitions will depend, in part, on our ability to realize anticipated cost savings and to integrate their business into ours, including with respect to the integration of our processes and information systems. A variety of risks could cause us not to realize some or all of the expected benefits. These risks include the creation of a new organizational structure, changes and/or upgrades in processes and information systems, potential customer attrition and changes to our operating model. Even if we are able to execute this integration successfully, this may not result in the full realization of the cost savings that we currently expect, either within the expected time frame, or at all. In addition, we cannot assure you that the costs to achieve these benefits will not be higher than we anticipated. Therefore, we cannot assure you that any anticipated cost savings will be achieved or that our estimates and assumptions will prove to be accurate. Adjusted EBITDA does not reflect the significant costs we expect to incur in order to achieve such cost savings, and there can be no assurance that such costs will not be materially higher than presently contemplated, as such costs are difficult to estimate accurately. If our cost savings are less than our estimates or our cost savings initiatives adversely affect our business or cost more or take longer to implement than we project, or if our assumptions prove to be inaccurate, our results could be lower than we anticipate.

If we are not able to manage our expanded operations and the corresponding integrations effectively, our business, financial condition and results of operations could be materially adversely affected.

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We are dependent on our tenants for a portion of our income in Mexico and our business would be materially and adversely affected if a significant number of our tenants were to default on their obligations under their leases.

During the year ended December 31, 2025, other income in our Healthcare Services in Mexico segment, which is derived from rental income from property owned and rented by us for use by medical professionals, was S/14.4 million. Accordingly, our performance depends on our ability to collect rent payments from our tenants and on our tenants’ ability to make those payments. Our business could be materially and adversely affected if a significant number of our tenants were to postpone the commencement of their new leases, decline to extend or renew their existing leases upon expiration or default on their rent and maintenance-related payment obligations. Any of these events could result in the suspension of the effects of each lease, the termination of the relevant lease and the loss of or a decrease in the rental income attributable to the suspended or terminated lease. If upon expiration of a lease for any of the office spaces at our properties, a tenant does not renew their lease, we may not be able to rent the space to a new tenant or the terms of the renewal or new lease may be less favorable to us than current lease terms. A significant number of our tenants defaulting on their obligations under their leases could adversely affect our business, financial condition and results of operations.

Our organic growth plan includes the construction of additional hospitals and clinics as well as expansion of our existing facilities.

Our organic growth plan includes building additional hospitals and clinics, and expanding our current infrastructure, in particular in Peru. We are identifying suitable locations in Peru for future facilities by considering a number of factors, including regional market size, existing competition and potential strategic partners. There are uncertainties regarding how successfully we can identify the suitable market and obtain required government approvals in a timely manner. We currently have approvals for our design plans for the expansion of Clinica Delgado and have received authorization to begin construction of the Centro Ambulatorio Trecca facility in Lima.

Our current and future construction projects are and will be subject to a number of risks, including:

• engineering problems, including defective plans and specifications;

• delays in obtaining or inability to obtain necessary permits, licenses and approvals;

• disputes with, defaults by or delays caused by contractors and subcontractors and other counterparties;

• environmental, health and safety issues, including site accidents and the spread of viruses;

• nuisance and other potential claims from surrounding communities due to noise, dust, intrusive lighting, among others;

• fires, earthquakes, adverse weather events and other natural disasters;

• geological, construction, excavation, regulatory and equipment problems; and

• other unanticipated circumstances or cost increases.

The occurrence of any of these developments or construction risks could increase the total costs, delay or prevent the construction or opening or otherwise affect the design and features of any existing or future construction projects that we might undertake.

Furthermore, planning, designing and constructing new facilities is time-consuming and complex. In addition to diverting management’s time and resources from our core business, there are typically several years of significant capital expenditures before a facility becomes operational and generates income. If we cannot successfully implement our organic growth strategy and convert new and expanded facilities to profitability on a timely basis, our business, financial condition and results of operations may be adversely affected.

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We have identified certain 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 fail to maintain an effective system of internal controls, we may not be able to prevent or detect a material misstatement of our financial statements, and may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business.

We have identified certain material weaknesses in our internal control over financial reporting, and may in the future identify, other material weaknesses. A company’s internal control over financial reporting is a process designed by, or under the supervision of, a company’s principal executive and principal financial officers, or persons performing similar functions, and effected by a company’s board of directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with IFRS Accounting Standards. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s audited consolidated annual financial statements will not be prevented or detected on a timely basis.

As described in “Item 15. Controls and Procedures,” these material weaknesses were largely the result of significant changes in the Company’s operations, systems and control environment in recent years complicated by organic and inorganic growth, which increased the complexity of its internal control over financial reporting. We are implementing and enhancing controls related to design, support documentation, operation and monitoring of certain internal controls, including controls dependent on information technology and the implementation of new ERP systems across our geographies, which will be a multi-year project. Although we are implementing these remediation measures, these material weaknesses will not be considered remediated until the applicable controls have been designed, implemented, operated for a sufficient period of time, and tested to conclude that they are operating effectively.

More broadly, our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with IFRS Accounting Standards. Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. In addition, any failure to improve and maintain effective internal control over financial reporting could impair our ability to produce accurate and timely financial statements and other required disclosures, could cause a decline in the price of the Company’s ordinary shares, could subject us to regulatory scrutiny, reputational harm, or other adverse consequences.

We cannot assure you that the measures we are undertaking to remediate these material weaknesses will successfully remediate these or will prevent future material weaknesses and we may in the future identify other material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses, or if we otherwise fail to maintain an effective system of internal control over financial reporting, we may not be able to prevent or detect material misstatements in our financial statements on a timely basis, or to accurately and timely report our financial condition or results of operations, which could adversely affect our business, financial condition, results of operations and investor confidence.

We may not be able to continue growing our business at historical rates.

Our revenue has experienced substantial growth since 2008 and our strategy is to continue to grow our operations, through organic and inorganic growth. However, we may not be able to continue to grow at a rate consistent with our recent performance or to continue growing at all in the future due to factors beyond our control. Our growth could also be impacted by changes in laws or regulations or delays in construction or acquisition of new facilities, any of which could make the execution of our strategic growth plan more difficult. In addition, as we grow our business, we will need to expand our internal controls and administrative and IT systems, among other functions, and hire additional personnel to continue effectively operating our business. The market for qualified personnel that are able to fill management and key operational roles is highly competitive in Mexico, Peru and Colombia due to the limited number of professionals that have the requisite training and experience, and we may be unable to hire sufficient qualified personnel to support our growth. Any inability to adequately scale our operations to meet the increased size of our business may have a material adverse effect on our ability to continue growing our business and/or on our financial condition or results of operations.

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We rely on a limited number of suppliers of medical equipment, medicines and other supplies needed to provide our medical services.

A substantial portion of the medical equipment, medicines and other supplies used in our hospitals and clinics is highly complex and produced by a limited number of suppliers. For example, we purchased 93%, 73% and 73% of our medicines and 27%, 47% and 52% of other medical supplies in Mexico, Peru and Colombia, respectively, from our 10 largest suppliers during the year ended December 31, 2025 via purchase orders, and whose commercial terms are renegotiated annually. In addition, in many instances, there are only a small number of suppliers that provide a particular type of medicine or other supplies, which increases their bargaining power. Any interruption in the supply of medical equipment, medicines or other supplies from these suppliers, including as a result of the failure by any of these suppliers to obtain required third-party consents and licenses for production or import/clearance, may compromise our ability to provide effective and adequate services in our hospitals and clinics, which could have a material adverse effect on our business.

Furthermore, we are subject to the risk that notwithstanding our compliance efforts and supplier vetting programs, our suppliers could engage in illegal or corrupt business practices, which could materially and negatively impact our business and reputation. In particular, these suppliers may engage in practices that violate applicable anti-corruption laws, which makes us vulnerable to the possibility of bribery, collusion, kickbacks, theft, improper commissions, facilitation payments, and conflicts of interest associated with these suppliers.

We are subject to extensive legislation and regulations in Mexico, Peru and Colombia.

We are subject to extensive legislation and regulations in Mexico, Peru and Colombia, including in relation to the provision of healthcare services and prepaid healthcare plans, environmental protection, health surveillance, tax and labor legislation, workplace safety and management of waste by a variety of national, regional and local governmental authorities, and we are supervised by a number of governmental bodies and agencies. The regular functioning of hospitals and clinics depends, among other things, on obtaining and maintaining valid registrations, licenses, authorizations, grants and permits for installation and operations, including for the sale of medicines and the operation of medical equipment, as well as for the collection, deposit or storage of products; utilization of equipment; import of merchandise and biological materials; handling, treatment, transport and disposal of contaminant wastes, radioactive materials and controlled chemical products; and use of water resources (including installing wells to supply water and disposing of wastewater in accordance with applicable laws and regulations). Moreover, as a provider of prepaid healthcare plans in Peru, we are subject to various economic and financial related regulations, including minimum capital requirements, investment requirements and limitations on asset allocations and indebtedness, among others. We are subject to government inquiries, inspections and auditors from time to time. If we fail to comply with applicable laws and regulations, if such laws or regulations change in a manner adverse to us or if we cannot maintain, renew or secure required registrations, permits, licenses or other necessary regulatory approvals, we may be unable to operate our business, suffer administrative penalties, civil liability and criminal charges and fines, have our registration or operating license suspended or revoked or incur additional liabilities from third-party claims, any of which may also have a negative impact on our brand and reputation. No assurance can be given that any investigations, proceedings or penalties will not occur and will not materially and adversely affect our businesses and results of operations and financial conditions with respect to our recently acquired businesses or any of our other businesses.

Furthermore, we contract with third parties to assist in the collection, treatment, transport and disposal of biohazardous materials. Any failure by these third parties to comply with applicable laws and regulations in the regions in which we operate could also subject us to significant administrative fines, civil liability or criminal charges.

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We cannot ensure that the Mexican, Peruvian and Colombian legislation and regulations applicable to our industry will not become more severe or subject us to greater costs in the future, or that the Mexican, Peruvian and Colombian authorities or regulatory agencies will not adopt more restrictive or more rigorous interpretations of existing laws and regulations, including with respect to obtaining and renewing the licenses, permits and registrations, or the environmental, solvency, minimum capital, health surveillance and workplace safety laws and regulations to which we are subject. For instance, in Peru, since the enactment of Law No. 32033 and its implementing regulations in 2024, private pharmacies are required to have alternative generic versions of medicines for at least 30% of the branded medicines they offer. Recent regulatory developments signal increasing oversight and stricter compliance obligations for healthcare providers. SUSALUD has expanded mandatory electronic reporting through the SETI-IPRESS system and the TEDEF model, which is its standardized electronic framework for reporting billing and service-delivery data, imposing staggered implementation deadlines that heighten technological and operational demands. Amendments to the categorization regime have also introduced firm deadlines for IPRESSs to obtain or renew their categorization, and new organizational requirements for private IAFAS adopted in 2024 reflect a more interventionist supervisory approach. Together, these measures highlight the potential for more restrictive regulatory interpretations and rising compliance costs in the Peruvian market. Additionally, the Peruvian Congress is reviewing a bill proposed by the executive branch that seeks to create the National Authority of Pharmaceutical Products, Medical Devices and Health Products (“APEMED”) as a specialized technical body of the MINSA. This new entity would replace DIGEMID and is intended to provide greater functional, administrative and budgetary autonomy to ensure the availability of safe and high-quality medicines. In Colombia, the government reintroduced a healthcare reform bill on September 13, 2024, after the initial proposal was shelved by the Senate in April 2024. On March 6, 2025, the House of Representatives approved the healthcare reform Bill. The bill has now moved to the Senate for further discussion and final approval. The current healthcare reform bill aims to change the control of public resources in the health sector by shifting these from the private sector to the public sector. In comparison with the previous proposal, the new bill seeks to enhance financial viability and transparency, featuring a reduced number of articles and an emphasis on efficient resource management. The bill has three main objectives: (i) establishing a primary healthcare model with a focus on preventive health strategies; (ii) improving the quality of healthcare by implementing better working conditions for healthcare workers by, for example, providing them with continuing education; and (iii) providing that EPSs may no longer oversee the administration of payments made to medical institutions and that ADRES will directly make all payments to clinics -and hospitals. If approved, such reform could imply that, while greater efficiency and transparency in the payment process are sought, the reduced EPS’s autonomy and control over financial decisions can affect the timeliness with which payments are expected to be made to clinics, which could have a material adverse effect on our business, results of operation and financial condition.

Moreover, we cannot ensure that the fees, charges and contributions owed to the competent authorities and to professional trade associations, such as El Colegio Médico del Perú, El Colegio Médico Colombiano and El Colegio Médico de México, will not be increased as a result of new legislative or regulatory measures. Any one of these factors may involve the incurrence of unforeseen additional costs by us and/or capital expenditures, thereby adversely affecting our business and operating results.

We may be unable to obtain the registrations, authorizations, licenses and permits for the establishment and operation of our hospitals and clinics.

The establishment and operation of our hospitals and clinics depend on a number of registrations, authorizations, licenses and permits that we have to obtain and maintain in force from national, regional and local government agencies in Mexico, Peru and Colombia. Moreover, our hospitals are subject to the inspection of health surveillance agencies in the regions in which we operate, which may conduct periodic audits of our facilities to ensure compliance with applicable standards.

Furthermore, we may also need to obtain authorizations, licenses and permits to offer new types of healthcare services at our facilities, which may cause a delay in offering new services to our patients.

Any failure to obtain or renew required registrations, authorizations, licenses or permits may prevent us from opening and operating new hospitals and clinics or force us to close our hospitals and clinics currently in operation. We may also be subject to fines and other penalties and suffer damage to our reputation. Any of the foregoing could have a material adverse effect on our business, financial condition and results of operations.

If we fail to successfully develop and commercialize new products and services under Oncosalud, our operating results may be materially and adversely affected.

The future growth of our Oncosalud business depends on our ability to develop and introduce new products, new services and new sales channels, including plans that are financially accessible to a larger segment of the population and plans that cover additional medical specialties. Our ability to successfully roll out new and innovative products and services depends on a number of factors, including efficient management of resources and an effective sales effort.

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Our product development efforts may not yield the benefits we expect to achieve in a timely manner, or at all. To the extent that we are unable to execute our strategy for Oncosalud of introducing new and innovative products, diversifying our product portfolio and satisfying consumers’ changing preferences, we may not be able to grow our plan member base and our results of operations may be adversely affected. Even if we are able to add new products and services under Oncosalud, these may not lead to our anticipated results, potentially reducing our return on investment.

We may be subject to liabilities from claims brought against our healthcare professionals or our facilities, including medical malpractice lawsuits

We and our healthcare professionals are subject to medical malpractice lawsuits, product liability lawsuits and other legal actions in the ordinary course of business. Some of these actions may involve large claims, as well as significant defense costs and potential reputational damage. We cannot predict the outcome of these lawsuits or the effect that findings in such lawsuits may have on us. In an effort to resolve one or more of these matters, we may choose to negotiate a settlement, which may have negative implications. Amounts we pay to settle any of these matters may be material. All professional and general liability insurance we purchase is subject to policy limitations. We believe that, based on our past experience, our insurance coverage is adequate considering the claims arising from the operations of our hospitals, clinics and oncology plans. While we continuously monitor our coverage, our ultimate liability for professional and general liability claims could change materially from our current estimates. If such policy limitations are partially or fully exhausted in the future, or payments of claims exceed our estimates or are not covered by our insurance, it could have a material adverse effect on our business, financial condition and results of operations. See “—Our insurance policies may be insufficient to cover potential losses.”

We are subject to litigation and other legal, labor, administrative and regulatory proceedings.

We are regularly party to litigation and other legal proceedings relating to claims resulting from our operations in the normal course of business. These matters have included or could in the future include matters related to Oncosalud’s healthcare benefits coverage and other payment claims (including disputes with plan members, physicians, other healthcare professionals and members of its salesforce), tort claims (including claims related to the delivery of healthcare services, such as claims of medical malpractice by medical professionals employed by us or physicians with whom we have a contractual relationship), labor claims (including disputes with employees, former employees and independent contractors) and administrative and regulatory claims (including retroactive tax claims or challenges arising out of our failure or alleged failure to comply with applicable laws and regulations). In addition, the interpretation and enforcement of certain provisions of our existing or any future agreements (including those related to force majeure clauses in the context of pandemics) may result in disputes among us and our patients or third parties. Litigation and other legal proceedings are subject to inherent uncertainties, and unfavorable rulings may occur. We cannot assure you that the legal, labor, administrative and regulatory proceedings in which we are or may become involved will not materially and adversely affect our ability to conduct our business in the manner that we expect, or otherwise adversely affect our business, financial condition and results of operations. See Item 8A. “Consolidated Statements and Other Financial Information—Legal Proceedings.”

Our insurance policies may be insufficient to cover potential losses.

We maintain insurance coverage in accordance with normal market practice in order to cover losses arising in connection with our hospital networks and healthcare plans. Certain risks are not covered by insurers in the market (such as war, acts of God and force majeure, the interruption of certain activities and human error, including in relation to medical errors). Furthermore, natural disasters, adverse meteorological conditions and other events may cause physical damage and loss of life, business interruption, equipment damage, pollution and environmental damage, among others. We cannot ensure that our insurance policies will be suitable and/or sufficient in all circumstances or against all risks. The occurrence of a significant loss for which we are not insured, in full or in part, may require us to expend significant amounts. Furthermore, we cannot assure you that we will be able to maintain insurance coverage at reasonable commercial rates or on acceptable terms, or to contract insurance policies with the same or similar insurance companies. Any of the aforementioned developments may adversely impact us, our business, financial condition and results of operations.

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We are subject to certain privacy laws and any failure to adhere to these requirements could expose us to civil and criminal penalties, and damage our reputation.

Our business operations and current and future arrangements with medical professionals, third-party payers, plan members and patients expose us to various laws and regulations protecting the privacy and security of health information and personal data, including personal data protection laws in Mexico, Peru and Colombia. We have made significant investments in technology to adopt and utilize electronic health records and to become meaningful users of health IT, and as a result, we are in possession of a significant amount of protected health information and other data subject to these privacy laws. We may be required to expend significant capital and other resources to ensure ongoing compliance with applicable privacy and data security laws. If our operations are found to be in violation of any of these privacy laws or if we are found to have used private information incorrectly, we may be subject to administrative fines and penalties, civil liability and criminal charges and could result in harm to our reputation.

Any loss of members of our senior management team could have an adverse effect on us.

Our success depends in large part on performance of our senior management. If any members of our senior management leave the Company, we may not be able to replace them with equally qualified professionals. Competition for qualified personnel in the Mexican, Peruvian and Colombian healthcare industries is strong given the limited number of professionals with appropriate training and/or proven experience in this area. Furthermore, we may be delayed or unsuccessful in hiring, training and integrating new members of our senior management. The loss of any member of our senior management and/or any difficulties encountered in replacing them may adversely affect our business and prospects. See also “—We may not be able to continue growing our business at historical rates.”

Our performance depends on favorable labor relations with our employees. Any deterioration in these relations or increased labor costs may adversely affect our business.

In Colombia, certain employees of Promotora Medica Las Americas SA created a union called SINDEAMERICAS in July 2025, which has affiliated 437 employees as of December 31, 2025, and represents approximately 11% of our employees in Colombia. The union entered into a collective bargaining agreement with the Company under which the unionized employees will receive additional benefits, thereby increasing labor costs.

In Mexico, certain employees are affiliated with a labor union known as the “ Sindicato Industrial de Trabajadores de Hospitales, Clínicas, Farmacias, Laboratorios y Escuelas de Enfermería del Estado de Nuevo León (C.T.M.) .” The union operates under a collective bargaining agreement which applies only to specific positions defined in the applicable job classification table. As of March 15, 2026, approximately 1,338 of our employees in Mexico are unionized. Under this agreement, unionized employees are entitled to negotiated benefits, which may have an impact on the Company’s labor costs.

The other employees are not unionized and have not entered into collective bargaining agreements. However, nothing prevents them from doing so in the future. Conflicts with our employees and organized labor actions could result in increased legal and other associated costs and divert management attention. In addition, requirements to increase employee salaries and/or benefits as a result of future collective bargaining agreements, governmental regulations or policies or otherwise could cause us to suffer a material adverse effect on our financial condition and results of operations.

Any significant increase in labor costs, deterioration in relations with employees or work stoppages at any of our hospital units, whether due to union activities, employee turnover, labor inspections or other factors, may adversely affect our operating results and financial condition.

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We are a holding company and all of our operations are conducted through our subsidiaries. Our ability to service our debt and other obligations will depend on the ability of our subsidiaries to pay dividends and make other payments to us.

As a holding company, all of our operations are conducted through our subsidiaries. Accordingly, our ability to service our debt and other obligations will depend upon our receipt of dividends and other payments from our subsidiaries (such as the payment of intercompany debt). There are various restrictions in Mexico, Peru and Colombia that may limit our subsidiaries’ ability to pay dividends or make other payments to us, such as their obligations to maintain minimum regulatory capital, reserves and minimum liquidity. For example, in the case of Peru our subsidiary Oncosalud, as an Instituci ó n Administradora de Fondos de aseguramiento de Salud (“IAFAS”), is obligated by law to meet minimum capital requirements determined on the basis of the number of affiliated members (Oncosalud’s minimum capital requirements is S/62.9 million (US$18.7 million)), as well as to meet minimum risk capital ( capital m í nimo de riesgo ) requirements to comply with net worth and solvency obligations. Likewise, Oncosalud is required to create and maintain certain technical reserves to meet its obligations with insured individuals and health providers. In addition, all of our Peruvian subsidiaries are obligated to allocate 10% of their annual distributable profit to a legal reserve until such reserve has reached an amount equivalent to 20% of the paid in capital of the corresponding subsidiary. As of the date of this annual report, our Peruvian subsidiaries are in compliance with these requirements.

Our Colombian subsidiaries must maintain a mandatory legal reserve that shall amount to 50% of their subscribed capital. To form this reserve, each subsidiary that is incorporated as a sociedad anónima must allocate 10% of its distributable net profits from each fiscal year. As of the date of this annual report, our Colombian subsidiaries are in compliance with these requirements.

Under applicable law, our Mexican subsidiaries are generally only allowed to pay dividends (i) against retained earnings reported in our annual financial statements that have been approved by our shareholders, (ii) provided that the payment of dividends is approved at the applicable subsidiary’s annual general shareholders’ meeting, (iii) provided that we do not have accrued losses from prior fiscal years and (iv) if we have contributed at least 5% of our Mexican subsidiaries’ net annual earnings to our legal reserve fund, until the amount of such reserve is equal to 20% of our Mexican subsidiaries’ capital stock. In addition, Auna Seguros cannot pay dividends unless (i) its annual financial statements, including notes and the external auditor’s report, have been prepared, approved by the Comision Nacional de Seguros y Fianzas (“CNSF”), and published in compliance with the Single Circular on Insurance and Bonds ( Circular Ú nica de Seguros y Fianzas ), (ii) the audited financial statements have been reviewed and approved by its Board of Directors and subsequently presented to and approved by shareholders at a General Ordinary Shareholders’ Meeting, along with reports from the Board of Directors and the Statutory Advisor ( Comisario ); (iii) in the event of a profit, at least 10% of such profit has been allocated to the legal reserve; (iv) it complies with the minimum capital currently in effect for health insurance companies (1,704,243 UDIs – approximately US$789,666), (v) the payment thereof is not performed with funds from technical reserves created to compensate or absorb future losses or from the legal reserve; and (vi) after meeting all these conditions, the Shareholders’ Meeting approves the distribution and payment of dividends. As of the date of this annual report, Auna Seguros financial statements for the year ended December 31, 2025 have been approved by the Board of Directors and presented to the CNSF, the legal reserve fund of each of our Mexican subsidiaries is equal to at least 20% of their subscribed and paid-in capital stock and Auna Seguros complies with the minimum capital requirements currently in effect.

Furthermore, while we do not have any existing material indebtedness that contain terms that restrict or prohibit our subsidiaries from paying dividends, making other distributions and making loans to us, we may incur indebtedness or enter into other arrangements in the future that contain such restrictions and/or prohibitions. We cannot assure you that we will not need to take out additional indebtedness in the future, or that the agreements governing our existing or future indebtedness will permit them to provide us with sufficient dividends or distributions or permit us to loan money or enter into other similar arrangements to make required principal and interest payments on our indebtedness or honor our other obligations.

To the extent our subsidiaries do not have funds available or are otherwise restricted from paying dividends or make other payments to us, such as the payment of intercompany debt, our ability to make required principal and interest payments on our indebtedness or honor our other obligations will be adversely affected.

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Our significant indebtedness could adversely affect our financial health, prevent us from fulfilling our obligations under our existing debt and raise additional capital to fund our operations and limit our ability to react to changes in the economy or the healthcare industry.

We have a significant amount of debt and debt service obligations. As of December 31, 2025, our total debt and other financing, including all of our consolidated subsidiaries, was S/3,656 million (US$1,087.1 million). See “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Contractual Obligations and Commitments.”

Our level of indebtedness and the restrictive covenants under the agreements governing our debt instruments could have important negative consequences for us and to you as a shareholder, including the following:

• it could require us to dedicate a large portion of our cash flow from operations to fund payments on our debt, thereby reducing our ability to expand our capabilities and grow our operations;

• reduce the availability of our cash flow to fund working capital, capital expenditures and other general corporate purposes;

• increase our vulnerability to adverse general economic or industry conditions;

• limit our flexibility in planning for, or reacting to, changes in our business or the industry in which we operate;

• limit our ability to raise additional debt or equity capital in the future or increase the cost of such funding;

• restrict us from making strategic acquisitions or exploiting business opportunities;

• make it more difficult for us to satisfy our obligations with respect to our debt, and any failure to comply with the obligations under any of our debt instruments, including restrictive covenants, could result in an event of default under the agreements governing such debt; and

• place us at a competitive disadvantage with competitors that have less debt.

In particular, the 2032 Notes Indenture (as defined herein) and the Credit Agreement (as defined herein) contain affirmative and negative covenants, financial covenants and events of default. For example, both contain restrictions on our ability to make certain investments, enter into certain transactions with affiliates and make strategic acquisitions or exploit business opportunities. For additional information, on these restrictions and other terms under the 2032 Notes Indenture and the Credit Agreement see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Contractual Obligations and Commitments—Notes—Senior Secured Notes due 2032” and “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Contractual Obligations and Commitments—Credit Facilities—Credit and Guaranty Agreement.”

Moreover, subject to the limitations contained therein, the agreements governing our existing debt allow us to incur certain additional debt. This has the effect of reducing the amount of funds available to be paid to shareholders in the event of an insolvency, liquidation, reorganization, dissolution or other winding-up. In addition, the agreements governing our existing debt do not prevent us from incurring other liabilities that do not constitute indebtedness. Any such additional debt or other liabilities could further exacerbate the risks associated with our substantial leverage.

Furthermore, the documents governing the Sponsor Financing (as defined below) contain various covenants and other obligations applicable to the shareholders party thereto, including obligations requiring such shareholders to cause us to comply with certain covenants under the Credit Agreement and, in addition, imposing certain restrictions on what such shareholders will permit us to do with certain of our immaterial subsidiaries. For additional information on the covenants in the Credit Agreement, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Contractual Obligations and Commitments—Credit Facilities—Credit and Guaranty Agreement.” In addition, the documents governing the Sponsor Financing contain various events of default, including an event of default that will occur if there is an event of default under the Credit Agreement or the 2029 Notes Indenture. If we experience a change of control, the lenders under the Sponsor Financing can force our shareholders who are party to the Sponsor Financing to repay them. If our shareholders default on their obligations under the terms of the Sponsor Financing, including if they fail to cause us to comply with the covenants set forth in the Credit Agreement, the lenders under the Sponsor Financing will be entitled to certain remedies, including declaring all outstanding principal and interest to be due and payable and ultimately, foreclosing on the pledged shares. Foreclosing on the pledged shares may cause the lenders under the Sponsor Financing to sell securities of our company or the market to perceive that they intend to do so, and could lead to a change of control in Auna. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Class A Shares—Substantial sales of class A shares could cause the price of our class A shares to decrease.” For a complete description of the terms of the Sponsor Financing, including the covenants and events of default contained therein, please refer to copies of the Note Purchase Agreements, which are filed as Exhibits 4.24 and 4.25, respectively, to this annual report.

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Our financial results may be impacted by changes to IFRS Accounting Standards.

We report our financial condition and results of operations in accordance with IFRS Accounting Standards. Changes to IFRS Accounting Standards may cause our future reported financial condition and results of operations to differ from current expectations, or historical results to differ from those previously reported due to the adoption of new accounting standards on a retrospective basis. We monitor potential accounting and other reporting changes and, when possible, we determine their potential impact and disclose significant future changes in our financial statements that we expect as a result of those changes. For further information, see Note 3 to our audited consolidated financial statements included elsewhere in this annual report.

Our operation of any public-private partnerships we may enter in the future may subject us to additional risks and uncertainties.

In 2010, we entered into an agreement for our first PPP with EsSalud to rebuild Centro Ambulatorio Trecca, an outpatient facility (which is currently not in use) to provide healthcare services to patients covered through EsSalud, as a high-rise treatment center, to be operated on behalf of EsSalud. There are substantial risks and uncertainties associated with this agreement, and any additional PPPs that we may enter into in the future. For example, we signed the Torre Trecca PPP Agreement with EsSalud in 2010, but were not able to receive the authorizations to commence the construction phase until February 2026 because of delays in the approvals of technical and engineering studies. In February 2026, the parties entered into an amendment to the Centro Ambulatorio Trecca PPP Agreement, which updated the economic conditions of the project, incorporated additional investments and services and established the contractual framework required to proceed with the investment phase and the project’s financial closing.

PPP projects involve complex contractual, regulatory and administrative frameworks and require coordination with governmental entities. As a result, the development and execution of these projects may be subject to delays associated with regulatory approvals, administrative processes or the satisfaction of contractual conditions required to initiate the investment phase.

In addition, our experience operating projects under PPP structures is limited and we may underestimate the level of resources or expertise necessary to successfully develop and operate such projects or to achieve the expected benefits. Although payment obligations under the PPP agreement are supported by contractual arrangements, including fiduciary mechanisms for the administration of project revenues, these mechanisms may not fully eliminate the risk of delays or failures in payment by the public counterparty.

Payments under PPP projects are typically subject to the verification and approval of construction, equipment or operational milestones by the relevant governmental authority or supervising entity. Any delays or disagreements in the certification of such milestones could result in delays in payments or disputes under the PPP agreement.

Moreover, given the nature of PPP projects, we expect any future PPPs to generate lower margins than our current business segments have historically generated. In addition, the quality of medical services provided by governmental agencies may be considered deficient and over capacity, and our association with such agencies and any complaints of the quality of government health services may adversely affect our reputation. Our failure to successfully manage these risks could have a material adverse effect on our business, results of operations, financial condition and prospects.

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Risks Relating to Mexico, Peru and Colombia

Political, economic and social conditions in Mexico, could materially and adversely affect Mexican economic policy and legislation and, in turn, our business, financial condition, results of operations and prospects.

During the year ended December 31, 2025, we derived 24% of our revenues from contracts with customers in Mexico, including 3% of our revenues from the sale of dental,vision and oncological insurance policies. As such, our results of operations are dependent on the ability of patients and other payers in Mexico to pay for services at our hospitals and clinics and our oncological, dental and vision plans. Our business, financial condition, and results of operations could be affected by changes in economic and other policies of the Mexican government (which has exercised and continues to exercise substantial influence over many aspects of the private sector) and by other economic and political developments in Mexico, including devaluation, currency exchange controls, inflation, economic downturns, corruption scandals, social unrest and terrorism.

In Mexico, 2024 was marked by the presidential, state, and local elections as the country faced the biggest election in its history based on the number of offices that were contested. These elections resulted in the election of President Claudia Sheinbaum from the ruling party. The same party secured a majority of the seats in the Senate and the House of Representatives, with the coalition holding a qualified majority in the Mexican House of Representatives and nearing a qualified majority in the Senate. This political dominance grants the National Regeneration Movement, or Morena, and its coalition significant authority to enact changes to the Mexican Constitution, laws, policies, and regulations.

The Mexican federal government occasionally makes significant changes in policies and regulations and may do so again in the future. The current Mexican administration has approved wide-ranging constitutional reforms including (i) significant modifications to the Mexican judicial system, including the election of all judges, federal magistrates and supreme court justices by popular vote, (ii) the elimination of autonomous governmental bodies, such as the National Hydrocarbons Commission ( Comisión Nacional de Hidrocarburos ), the Energy Regulatory Commission ( Comisión Reguladora de Energía ), the National Institute of Transparency, Access to Information and Protection of Private Data ( Instituto Nacional de Transparencia, Acceso a la Información y Protección de Datos Personales ), the Federal Telecommunications Institute ( Instituto Federal de Telecomunicaciones ), the National Council for Evaluation of Social Development Policy ( Consejo Nacional de Evaluación de la Política de Desarrollo Social ) and the Federal Antitrust Commission ( Comisión Federal de Competencia Económica ) and (iii) the transfer of the National Guard ( Guardia Nacional ) to the Ministry of Defense ( Secretaría de Defensa ).

In February 2026, President Sheinbaum’s administration proposed a significant electoral reform that may materially impact the political landscape. This reform would overhaul the electoral system by reducing public funding for political parties, cutting the budget of the National Electoral Institute ( Instituto Nacional Electoral ), and eliminating proportional representation seats in the legislature. This reform, if enacted, could substantially alter Mexico’s electoral framework and governance structures. The proposed changes require constitutional approval and face political opposition, which creates uncertainty regarding their final form and timing.

The previous administration, led by President López Obrador, took several actions that have significantly undermined investor confidence in private ventures, particularly following the results of public referendums that led to the cancellation of public and private projects authorized by previous administrations, such as the construction of the new Mexican airport, which immediately prompted a revision of Mexico’s sovereign rating. During President’s Lopez Obrador’s administration the government drastically cut spending and the current administration may cut spending in the future which may adversely affect economic growth. Federal Government actions, such as those implemented to control inflation, federal spending cuts and other regulations and policies may include, among other measures, increases in interest rates, changes in tax policies, price controls, currency devaluations, capital controls and limits on imports. It is considered likely by many that the President Sheinbaum will continue to implement similar policies as those of former President Lopez Obrador.

The Mexican economy has experienced balance of payments deficits and shortages of foreign exchange reserves in the past and may do so again in the future. Although there are currently no foreign exchange controls in Mexico, the Mexican government has imposed such controls in the past. In the event of serious balance of payments difficulties, Mexico would have the right under the United States-Mexico-Canada Agreement (USMCA) to impose foreign exchange controls on investments made in Mexico, including those made by U.S. investors. Any such measures could restrict our ability to access U.S. dollars to meet our U.S. dollar-denominated obligations and could materially and adversely affect our business, financial condition, results of operations, cash flows, or prospects.

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We cannot predict the nature or extent of any future legal or constitutional reforms or whether they will be enacted. However, further measures that challenge the autonomy of governmental institutions or the independence of the judicial system could negatively impact the Mexican economy, undermine investor confidence, and disrupt our business operations and financial results in Mexico. We cannot assure you that any changes to laws, policies, or regulations may not adversely affect our business, financial condition, and results of operations in Mexico.

For several years Mexico has experienced and continues to experience significant violence relating to illegal drug trafficking and organized crime, particularly in Mexico’s northern states near the U.S. border. On January 20, 2025, cartels, including those operating in Mexico, were designated as foreign terrorist organizations and specially designated global terrorist. This increase in violence has had an adverse impact on the economic activity in Mexico and may continue to do so. In addition, social instability in Mexico and adverse social or political developments in or affecting Mexico could adversely affect us and our financial performance. Also, violent crime may increase our insurance and security costs. We cannot assure you that the levels of violent crime in Mexico or its expansion to a larger portion of Mexico, over which we have no control, will not increase. Corruption and links between criminal organizations and government authorities also create conditions that affect our business operations, as well as extortion and other acts of intimidation, which may have the effect of limiting the level of action taken by federal and local governments in response to such criminal activity. An increase in violent crime or social unrest could adversely affect our business, financial condition, results of operations and prospects.

We cannot predict the impact that political, economic and social conditions will have on the Mexican economy. Furthermore, we cannot provide any assurances that political, economic or social developments in Mexico, over which we have no control, will not have an adverse effect on our business, financial condition, results of operations and prospects.

Mexico’s relationship with the United States may adversely change following the results of the U.S. presidential election.

On January 20, 2025, President Donald J. Trump was inaugurated for his second term as the 47 th President of the United States. The Republican Party also regained control of the Senate. Since taking office, President Trump’s administration has implemented several significant measures, including the enforcement of stringent immigration policies, such as mass deportations of undocumented migrants, and the strengthening of border security.

The U.S. administration has also begun implementing new and stricter immigration enforcement policies, including a significant increase in deportations and other measures designed to deter immigration to the United States. These policies may have the effect of reducing remittances in Mexico, which could have a negative adverse impact on the Mexican economy and, consequently, our business, financial condition, results of operations, cash flows or prospects. We cannot guarantee that the future political environment in Mexico and the United States, over which we have no control, will not have a material adverse effect on our business, results of operations or financial condition. Moreover, we cannot assure you that the changes in policies and legislation by the administrations in office in the United States and Mexico, may not affect the Mexican economy, causing a significant adverse effect on our business, financial condition, results of operations or prospects.

These policies adopted by the United States may introduce uncertainties in regulatory frameworks and could lead to increased operational costs for businesses reliant on international trade and immigrant labor. As the United States’ primary trading partner and southern neighbor, Mexico is particularly vulnerable to the Trump administration’s new immigration policies and intended trade actions, which could disrupt trade relations, labor markets, and trade stability. Furthermore, if the Mexican economy falls into recession, there could be a rise in unemployment or a decline in formal employment which would negatively impact our sales of insurance plans in Mexico. There can be no assurance as to what the new United States’ administration will do nor the impact any such measures or any others may have on Mexico. The economic and political consequences may have an adverse effect on the Mexican economy, which in turn could affect our business, financial condition, results of operations and prospects in Mexico. We cannot assure you that developments in other emerging market countries, the United States or elsewhere will not have a material adverse effect on our business, financial condition, results of operations and prospects in Mexico.

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Economic, social and political developments in Peru, including political instability, social unrest, inflation and unemployment, could have a material adverse effect on our businesses and our results of operations may be negatively affected by recent political instability in Peru.

We derived 44% and 40% of our revenues from contracts with customers in Peru for the years ended December 31, 2025 and 2024, respectively. As such, our results of operations are dependent on the ability of patients in Peru to pay for services at our hospitals and clinics and our oncology plans. Our business, financial condition and results of operations could be affected by changes in economic and other policies of the Peruvian government (which has exercised and continues to exercise substantial influence over many aspects of the private sector) and by other economic and political developments in Peru, including devaluation, currency exchange controls, inflation, economic downturns, corruption scandals, social unrest and terrorism.

Peru has experienced political instability from time to time, spanning a succession of regimes with differing economic policies and programs. Although Peru has been widely considered a stable democracy in recent years, on September 30, 2019, President Martín Vizcarra took executive action to dissolve the Peruvian Congress and called for a new election of congressional members, giving rise to a protracted period of political crisis, including the impeachment of Mr. Vizcarra and several subsequent changes of president prior to the next election. On December 7, 2022, then-President Pedro Castillo Terrones undertook an illegal executive action to dissolve the Peruvian Congress. On that same day, with the support of all major political institutions, Mr. Castillo was removed from office by Congress and arrested under the alleged charges of rebellion and conspiracy. On November 27, 2025, the Special Criminal Chamber of the Supreme Court sentenced Mr. Castillo to eleven years of imprisonment for conspiracy to commit rebellion in connection with the 2022 events, and he has been barred from holding public office.

Following the removal of Mr. Castillo, the then-Vice President, Dina Boluarte, assumed the position of President of Peru in accordance with the Peruvian Constitution, which resulted in multiple protests and social unrest across the country claiming for new elections to be called. In contrast to Mr. Castillo, Ms. Boluarte pursued more business-friendly and open-market economic policies, to stimulate economic growth and stability, a key feature of the Peruvian economy over the past 30 years. On October 10, 2025, Ms. Boluarte was removed from office by Congress on grounds of “permanent moral incapacity” amidst claims of corruption and social unrest and the then President of Congress, Jose Jerí, assumed the position of President of Peru in accordance with the Peruvian Constitution.

On February 17, 2026, Congress removed Mr. Jerí as President of Congress, consequently, also ceasing his role as acting President of the Republic. On February 18, 2026, Congress elected Jose Maria Balcazar Zelada as President of Congress, who, pursuant to the constitutional line of succession, has assumed the position of acting President of the Republic until July 28, 2026, the date on which the new president is expected to be appointed following the April 2026 general elections.

Peru is currently governed by an interim administration and has a highly fragmented Congress in which no single political party holds a majority. Legislative fragmentation may limit the government’s ability to approve structural reforms or address key public policy challenges and may increase the likelihood of legislative gridlock, ministerial censures, impeachment proceedings or the approval of populist measures that could adversely affect the business environment.

On April 12, 2026, Peru held the first round of general elections to elect a new President, two Vice Presidents and a new bicameral Congress (comprised of a Chamber of Deputies and a reinstated Senate) for a five-year term. Based on the official preliminary results published by the Peruvian electoral authorities, no presidential candidate obtained the required majority to be elected in the first round. Former congresswoman Keiko Fujimori secured first place and will advance to a second-round runoff election scheduled for June 2026; however, as of the date of this report, it remains uncertain which candidate will compete against her in the runoff.

The electoral process has been affected by operational disruptions at certain polling stations, delays in the counting of votes and public allegations of irregularities made by various political actors, some of which remain subject to review or investigation by the relevant electoral authorities. While the official electoral bodies have stated that the process is ongoing and that challenges are being addressed pursuant to applicable legal procedures, these developments have contributed to heightened political uncertainty.

In parallel, the elections have resulted in a highly fragmented Congress, with representation from multiple political parties and no single party expected to hold an absolute majority. This political fragmentation, together with continued electoral disputes, could limit the ability of the executive branch to enact legislation and may increase the risk of political instability, legislative gridlock or abrupt changes in public policy.

Although most Peruvian governments and members of Congress elected in the last 30 years have generally maintained economic policies based on free market and contractual liberty, a new administration may pursue policies that are detrimental to the Peruvian economy and/or negatively affect our industry in general, and our results of operations.

The pending outcome of the presidential runoff election, the composition of the new Congress, and the challenges associated with the political transition may result in changes to laws, regulations, tax regimes, labor rules, healthcare policy, and other government actions, as well as increased social unrest or weakened institutional effectiveness, any of which could materially and adversely affect our operations in Peru, our industry, our financial condition, or our results of operations.

In addition, the economic contraction in Peru in the last few years, particularly in 2023, along with inflation, growing public deficit, and the weakening of economic growth in Peru’s trading partners have adversely impacted Peru’s economy and may continue to do so. Furthermore, economic conditions in the region may affect the Peruvian economy. For example, Venezuela, under the rule of President Nicolás Maduro, has suffered economic collapse and mass emigration since 2015, including to Peru. The influx of migrants to Peru has put a strain on the country and threatens to increase political and economic instability, insecurity levels and social conflict in the region. Despite a trend toward reduced 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, suspension of 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 results of operations.

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A deterioration of political stability 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 condition and results of operations.

Economic, social and political developments in Colombia, including political and economic instability, violence, inflation and unemployment, could impact Colombian economic policy and legislation, and thus have a material adverse effect on our businesses, financial condition and results of operations.

We derived 33% and 33% of our revenues from contracts with customers in Colombia for the years ended December 31, 2025 and 2024, respectively. As such, our results of operations are dependent on the ability of patients in Colombia to pay for services at our hospitals and clinics. Decreases in the economic growth rate, periods of negative growth, increases in inflation, changes in law, regulation, policy or future judicial rulings and interpretations of policies involving exchange controls and other matters such as (but not limited to) currency depreciation, inflation, interest rates, taxation, banking laws and regulations and other political or economic developments in or affecting Colombia may affect the overall business environment and may, in turn, impact our financial condition and results of operations. Colombia’s central government fiscal deficit and growing public debt could adversely affect the Colombian economy. The Colombian fiscal deficit was 8.0% in 2025, 6.7% in 2024, 4.2% of GDP in 2023 and 5.3% of GDP in 2022. In 2025, Colombia’s inflation moderated from the 2024 levels, but remained above the Colombian Central Bank’s (or BanRep) 3.0% target, with BanRep maintaining a cautious stance and keeping the benchmark interest rate at 9.25% since May 2025 to support disinflation.

Additionally, economic conditions in the region may affect the Colombian economy. For example, Venezuela, has suffered economic collapse and mass emigration since 2015, including to Colombia. The influx of migrants to Colombia has put a strain on the country and threatens to increase political and economic instability and social conflict in the region. If the Colombian economy continues to deteriorate as a result of these or other factors, our business, results of operations and financial condition could be adversely affected. The Colombian government frequently intervenes in Colombia’s economy and from time to time makes significant changes in monetary, fiscal and regulatory policy.

President Gustavo Petro, who took office in August 2022, inherited high government spending levels, and measures to meet fiscal targets led to protests around the country. Furthermore, although in recent history Colombian administrations have pursued free market economic policies with minimal economic interventions, the current government and its supporting parties in the Colombian Congress have pursued a series of reforms aimed at intervening in Colombia’s economy by proposing significant changes to fiscal, regulatory, health, education, pension, and labor policies.

For example, the House of Representatives ( Cámara de Representantes ) of the Colombian Congress approved a pension reform bill on June 28, 2025, amid an extraordinary session so as to correct procedural flaws previously identified by the Constitutional Court. Congress gave its final endorsement to the proposed reform, adopting without changes the version previously passed by the Senate. The approved reform has not yet been sanctioned or enacted, since the Constitutional Court must still determine whether the procedural flaws were corrected and are in line with the Colombian Constitution. Once the Constitutional Court has finished its review provided that it finds it is compliant with Colombian law, the reform will formally enter into force. The reform provides for a system structured around four pillars: the solidarity pillar, which provides a basic income to elderly individuals in vulnerable conditions; the semi-contributory pillar, which grants a lifetime income to those who did not qualify for a pension but have contributed weeks (i.e., weeks for which contributions have been made to the Colombian social security fund) or savings; the contributory pillar, which combines contributions to the Colombian public pension fund ( Colpensiones ) and private pension funds into a single pension; and the voluntary savings pillar, for those who wish to enhance their pension. The reform also includes the creation of a new savings fund managed by the Central Bank ( Banco de la República ), a transition regime for individuals with previously accumulated weeks under Law 100 of 1993, and adjustments to contribution rates based on income levels.

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Furthermore, on June 25, 2025, the Colombian President signed into law Law 2466 of 2025, which was previously approved by the Colombian Congress on June 20, 2025. This law provides for a comprehensive labor reform, and further regulation is expected for certain key aspects. Law 2466 of 2025 introduced significant changes to the country’s labor regulations which are expected to have a material impact on the employment framework applicable to companies operating in Colombia, as employers and an increase in the compensation system for employees. Key aspects of the reform include, among others: (i) stricter limitations on the use of fixed-term and temporary contracts, (ii) increased requirements and costs associated with overtime, night work, and work on Sundays and holidays, (iii) a stricter procedure for disciplinary sanctions, (iv) an eight hour per day working hour limit, and (v) labor rights for SENA apprentices, who are now considered to have a special fixed term employment agreement, that are consistent with the labor rights of other employees. In addition, on December 29, 2025, Colombia’s government issued a decree that the country’s minimum wage beginning on January 1, 2026, would be COP 1.75 million per month, a 22.7% increase, which may impact our operating expenses, as well as put pressure on inflation, public spending and interest rates in Colombia. Currently, this decree is subject to review by Administrative Court. Also, from July 2026, the maximum legal work schedule will be 42 hours per week, which could require changes to the shift structure and increase labor costs. Additional reforms remain under discussion and outcomes are uncertain, including with respect to health care and tax policy. We cannot predict what policies will be adopted by the Colombian government and whether those policies will adversely affect the Colombian economy and, consequently, our business, results of operations, and financial condition.

Furthermore, Colombia has suffered from periods of widespread criminal violence over the past four decades, primarily due to the activities of guerrilla groups such as the Fuerzas Armadas Revolucionarias de Colombia (the “FARC”) and the National Liberation Army (“ELN”), paramilitary groups and drug cartels. In regions of the country with limited governmental presence, these groups have exerted influence over the local population and funded their activities by protecting and rendering services to drug traffickers. Despite efforts by the Colombian government, drug-related crime, guerrilla paramilitary activity and criminal bands subsist in Colombia, and allegations have surfaced regarding members of the Colombian Congress and other government officials having ties to guerilla and paramilitary groups. In November 2016, former President Juan Manuel Santos signed a peace deal with the FARC, and FARC guerillas began a process of disarming, which was completed in June 2017. Although the Colombian Congress has approved certain regulations to implement the peace deal, certain FARC members announced their return to arms. On February 16, 2023, at a public hearing convened by the Peace Commission of the House of Representatives ( Comisión de Paz de la Cámara de Representantes ), the Director of the Peace Accord Implementation Unit ( Unidad de Implementación del Acuerdo de Paz ) reiterated the national government’s willingness to comply with the agreements, highlighting, among other issues, the coordinated work with all entities to recover the spirit of the peace deal, the allocation of 50.4 billion Colombian pesos in the National Development Plan ( Plan Nacional de Desarrollo ), as well as the actions that are being carried out to strengthen security guarantees. However, it is unclear if this will result in the full implementation of the peace deal. If the peace deal is only partially implemented, violence associated with the FARC may escalate. In addition, the Colombian government has attempted many rounds of negotiations with the ELN to end a five-decade war. However, more recently the government has decided to suspend the negotiations because, according to President Petro, the ELN lacks the willingness to engage in dialogue to achieve peace, which has triggered waves of violence and the continuation of attacks by the ELN. The continuation or escalation in the violence associated with the FARC or the ELN may have a negative impact on the Colombian economy or on us, which may affect our patients, employees, assets and projects in the region, as well as our ability to acquire new assets, which could have a material adverse effect on our business, financial condition and results of operations.

Our operations could be adversely affected by adverse climate conditions and other natural disasters.

Mexico, Peru and Colombia are affected by El Niño, an oceanic and atmospheric phenomenon that causes a warming of temperatures in the Pacific Ocean, resulting in heavy rains off the coast of Mexico, Peru and Colombia and various other effects in other regions in these countries and other parts of the world. The effects of El Niño, which typically occurs every two to seven years, include flooding and the destruction of fish populations and agriculture, and it accordingly can have a negative impact on the Mexican, Peruvian and Colombian economies. For example, in early 2017, El Niño adversely affected agricultural production, transportation services, tourism and commercial activity in Peru, caused widespread damage to infrastructure and displaced people and resulted in a 1.5% drop in GDP growth in 2017 relative to 2016 figures. The Peruvian government estimated that El Niño caused US$3.1 billion in damages in affected regions. Although El Niño did not have a material adverse effect on our business, we were forced to temporarily close certain facilities in the northern part of Peru.

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Mexico, Peru and Colombia are also located in areas that experience seismic activity and occasionally are affected by earthquakes. For example, on May 26, 2019, an earthquake of 8.0 magnitude struck a remote part of the Amazon in Peru, resulting in collapsed buildings, certain power failures and two reported deaths. In addition, in 2017, an earthquake of 7.4 magnitude struck Mexico, resulting in a significant number of deaths and material losses across the country. Although none of our hospitals and clinics in Mexico, Peru and Colombia have been materially affected by natural disaster to date, a major earthquake, volcanic eruption, hurricane, flood or other natural disaster caused by El Niño or otherwise could damage the infrastructure necessary to their operations.

Our insurance may not be adequate to cover the damages our infrastructure experiences and the occurrence of an earthquake in particular and any other natural disasters could adversely affect our business, results of operations and financial condition. See “—Our insurance policies may be insufficient to cover potential losses.”

Furthermore, limited access to water in water-scarce regions, such as Lima, Arequipa, northern Peru and Monterrey, represents a significant risk to the operational continuity of our clinics. Restricted water availability can affect hygiene, sanitation and equipment sterilization, compromising service quality and patient safety.

In addition, natural disasters, accidents and other similar events, including power loss, may discontinue the normal operations of our hospitals. Any such event could adversely affect our ability to provide services to patients and result in loss of lives and injury. Any of these events and other factors beyond our control could have an adverse effect on the overall business sentiment and environment, our reputation and materially and adversely impact our business, financial conditions and results of operations.

Any future pandemic, epidemic or outbreak of a contagious disease in the markets in which we operate or that otherwise impacts our facilities could adversely impact our business.

The operation of a hospital involves the treatment of patients with a variety of infectious diseases. Previously healthy or uninfected people may contract serious communicable diseases in connection with their stay or visit at hospitals. In addition, these germs or infections could also infect employees and thus significantly reduce the treatment and care capacity at the medical facilities involved in the short, medium and long term.

Any future pandemic, epidemic, outbreak of a contagious disease or other public health crisis could similarly disrupt our operations, diminish the public trust in our healthcare services, especially if we fail to accurately or timely diagnose any future contagious diseases and adversely affect our business, financial condition and results of operations. For example, although our hospitals are essential businesses, we were ordered to cancel all elective, non-emergency procedures and outpatient consultations in Peru and Colombia as a result of the COVID-19 pandemic, restricting our services to emergency care only for the duration of the lockdowns. As a result, revenue from our Healthcare Services in Peru and Healthcare Services in Colombia segments presented a low level of growth in 2020. We also saw a significant increase in the cost of sales and services throughout 2020 due to an increase in the prices of personal protective equipment and experienced staffing shortages at our hospitals and clinics. In addition, the introduction of new laws and regulations, or changes to existing ones, as a response to a future pandemic, epidemic or public health crisis is difficult to predict and could materially affect our business. For example, we may be required to enter into unprofitable arrangements to treat victims of a pandemic or epidemic due to a widespread health emergency, which could negatively impact our results. Our facilities could also be affected by the withdrawal of licenses, permits or authorizations as a result of a pandemic, epidemic or outbreak. Although we have disaster plans in place and operate pursuant to infectious disease protocols, the potential impact of a pandemic, epidemic or outbreak of a contagious disease with respect to our markets or our facilities is difficult to predict and could adversely impact our business.

Our operations are highly concentrated in Lima, Monterrey and Medellín.

For the year ended December 31, 2025, 37.3%, 20.9% and 18.0% of our revenues from contracts with customers were derived from operations in Lima, Monterrey and Medellín, respectively. As such, our results of operations are particularly dependent on economic, social and political developments in these cities and the ability of customers in these cities to afford our healthcare services or purchase our healthcare plans, as applicable. In addition, any earthquakes or other natural disasters, or any other disruptive occurrences such as political or social unrest, sustained power failures or outbreaks of epidemics or pandemics, such as the novel coronavirus outbreak, that have a negative impact on our infrastructure in these cities could have a disproportionate impact on our ability to provide healthcare services to our patients. As a result, if Lima, Monterrey or Medellín experience a decline in economic, social or political conditions or a serious natural disaster, it could have a material adverse effect on our business, financial condition and results of operations.

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Developments and the perception of risk in other countries, especially emerging market countries, may adversely affect the market price of many Latin American securities.

The market value of securities issued by companies with operations in the Latin American region, such as ours, may be affected to varying degrees by economic, political and market conditions in other countries, including other Latin American and emerging market countries. Although macroeconomic conditions in such Latin American and other emerging market countries may differ significantly from macroeconomic conditions in Mexico, Peru and Colombia, investors’ reactions to developments in these other countries may have an adverse effect on the market values of our securities. For example, political and social unrest in Latin American countries, including Ecuador, Chile, Bolivia and Colombia has sparked political demonstrations and, in some instances, violence. Similarly, economic problems in emerging market countries outside of Latin America have also caused investors to view investments in emerging markets more generally with heightened caution. Unforeseen production shortages, interruptions to business operations and supply chain disruptions as a result of the military conflict between Russia and Ukraine could adversely impact our business. Crises in world financial markets could also affect investors’ views of securities issued by companies that operate in emerging markets. Crises in other emerging market countries may hamper investor enthusiasm for securities of issuers with operations in Latin America which could adversely affect the market price of the class A shares. This could also make it more difficult for us and our subsidiaries to access the capital markets and finance our operations in the future on acceptable terms, or at all.

Increased inflation in Mexico, Peru or Colombia could have an adverse effect on the Mexican, Peruvian and Colombian economies generally and, therefore, on our business, financial condition and results of operations.

In the past, Mexico, Peru and Colombia all have suffered through periods of high inflation and hyperinflation, which has materially undermined their economies and their respective governments’ ability to create conditions that support economic growth. High inflation and hyperinflation have the effect of making our services more expensive for our patients and decreasing their ability to afford our services. Any such impact on the Mexican, Peruvian or Colombian economy from inflation may have a material adverse effect on our business, financial condition and results of operations.

Corruption in the countries where we operate could have an adverse effect on our business and operations.

We are subject to anti-corruption laws, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the FCPA, the Ley General de Responsabilidades Administrativas in Mexico and other anti-corruption laws that apply in countries where we do business. Our internal policies provide for compliance with all applicable anti-corruption laws. Despite our training and compliance programs, we cannot assure you that our internal control policies and procedures will always protect us from unauthorized reckless or criminal acts committed by our employees or agents. In the event that we believe or have reason to believe that our employees or agents have or may have violated applicable anti-corruption laws, including the FCPA, we may be required to investigate or have outside counsel investigate the relevant facts and circumstances, which can be expensive and require significant time and attention from senior management. Violations of these laws may result in severe criminal or civil sanctions, which could disrupt our business and result in a material adverse effect on our reputation, financial condition, results of operations and cash flows. Corruption in the countries where we operate could result in our competitors having an unfair advantage over us in securing business. In addition, false accusations of corruption or other alleged wrongdoing by us or our officers or directors may be spread by newspapers, competitors or others to gain a competitive advantage over us or for other reasons. In the event we become the target of corruption allegations, we may need to cease or alter certain activities or embark on expensive litigation to protect our business and employees, which could adversely affect our business, financial condition, results of operations and prospects.

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Variations in foreign exchange rates may adversely affect our financial condition and results of operations.

The Mexican, Peruvian and Colombian currencies have fluctuated against the U.S. dollar, each other and other foreign currencies over the last four decades. For the year ended December 31, 2025, we generated 44% of our revenues in Peruvian soles , 33% of our revenues in Colombian pesos and 24% of our revenues in Mexican pesos . Our consolidated statement of income and other comprehensive income is presented in Peruvian soles and is impacted by the translation of income and expenses of transactions in Colombian pesos and Mexican pesos to Peruvian soles . The Mexican peso , Peruvian sol and Colombian peso have been volatile in recent years, which in turn creates volatility in our results of operations. Fluctuations in the exchange rates of the Colombian peso and Mexican peso to the Peruvian sol could impair the comparability of our results from period to period and depreciation in such exchange rate could have a material adverse effect on our results of operations and financial condition.

Global political events and developments, fluctuating commodity prices and trade tariff developments have caused global economic uncertainty, which could amplify the volatility of currency fluctuations. Fluctuations in the exchange rates of the currencies in the markets in which we operate to the U.S. dollar impacts our cash flows. We purchase our pharmaceuticals from local distributors in local currency; however, prices are impacted by the price of such pharmaceuticals globally in U.S. dollars and fluctuations in the exchange rates of the Mexican peso , Peruvian sol and Colombian peso to the U.S. dollar could increase our costs. Furthermore, some of our capital expenditures, such as the purchase of medical equipment, are paid for in U.S. dollars and depreciation of the Mexican peso , Peruvian sol and Colombian peso against the U.S. dollar could reduce or delay the availability of our cash flow to fund such capital expenditures.

We are also exposed to the foreign exchange rate risk associated with our U.S. dollar-denominated debt. As of December 31, 2025, 31.1% of our liabilities were denominated in U.S. dollars. Although we have entered into hedging arrangements with respect to all of our material U.S. dollar-denominated debt, 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. For more information see Note 29 to our audited consolidated financial statements.

Depreciation of the Colombian peso or Mexican peso against the Peruvian sol or the Mexican peso , Peruvian sol or Colombian peso against the U.S. dollar and/or other currencies may therefore adversely affect our business, financial condition and results of operations.

Changes in tax laws in Mexico, Peru, Colombia, Luxembourg or any other relevant jurisdiction may increase our tax liabilities and, as a result, have a material and adverse effect on us.

The tax regimes we are subject to or operate under may be subject to significant change. Changes in tax laws or tax rulings or changes in interpretations of existing laws, in Luxembourg and in other countries where we have significant operations could materially affect our results of operations and financial condition.

The Peruvian government regularly implements changes to its tax regulations and interpretations. Potential changes may include modifications in the taxable events, the taxable bases or the tax rates or the enactment of temporary taxes that, in some cases, could become permanent taxes. These changes could, if enacted, indirectly affect us. For instance, in recent years the Peruvian government introduced several changes related, among others, to interest expense deduction limits, mandatory use of the banking system, indirect transfer of shares and the concept of permanent establishment.

On May 7, 2019, the Peruvian government approved regulations establishing substantive and procedural provisions for the application of the General Anti-Avoidance Rule (“GAAR”). GAAR gives the Superintendencia Nacional de Aduanas y de Administración Tributaria (“SUNAT”) the power to reclassify certain transactions that are exclusively performed in a manner solely driven by tax reasons, resulting in tax savings or advantages that otherwise would not have been available. As a result, GAAR may have an impact on our taxable base.

We are currently unable to estimate the impact that such reforms may have on our business. The effects of any tax reform that could be proposed in the future and any other changes that could result from the enactment of additional reform or changes in interpretation have not been, and cannot be, quantified. Any changes to the Peruvian tax regime may increase our and our subsidiaries’ tax liabilities or overall compliance costs, which could have a material adverse impact on our business, financial condition and results of operations.

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The Colombian government also regularly implements changes to its tax regulations and interpretations. Colombia has gone through five tax reforms in the last six years, but the Colombian government continues to face serious budgetary constraints and pressure from rating agencies that could lead to future tax reforms, with potential adverse consequences on our financial results.

For example, on December 13, 2022, the Colombian government enacted Law 2277 of 2022. This reform maintained the general corporate income tax rate at 35% and established, as a general rule, a 20% withholding tax on payments made abroad. However, interest derived from foreign indebtedness with a term exceeding one year is subject to a 15% withholding tax.

Dividends distributed out of profits previously subject to corporate income tax are subject to a 20% withholding tax. Dividends distributed out of profits that were not previously taxed are subject, as from 2023, to a 35% withholding tax, plus an additional 20% on the remaining amount, resulting in a combined effective rate of 48%.

The reform also introduced a minimum effective tax rate of 15% calculated on taxable income after certain adjustments. If the effective tax rate is lower than this threshold, taxpayers must increase their income tax liability up to the 15% minimum.

The Colombian government enacted Decree 175 of 2025, which established temporary emergency taxes, including a 1% stamp tax on contracts entered by local entities exceeding approximately US$72,000. This measure remained in force until December 31, 2025 and was not renewed.

In 2026, through Legislative Decree 0150, the Government declared a State of Economic Emergency, granting it extraordinary legislative powers, including the authority to amend taxes. Pursuant to such powers, the Government issued Decree 0173 of 2026, which temporarily established a wealth tax applicable to legal entities and de facto partnerships subject to income tax whose net equity as of March 1, 2026, is equal to or greater than approximately US$2,785,851. The general tax rate is 0.5%, and a special 1.6% rate applies to entities in the financial, insurance and extractive sectors. Subsequently, the National Government issued Decree 0240 of 2026, clarifying that this wealth tax also applies to branches and permanent establishments of foreign entities carrying out activities in Colombia, provided that their net equity as of March 31, 2026, is equal to or greater than approximately US$2,785,851.

The constitutionality of Legislative Decrees 0150 of 2026, 0173 of 2026 and Decree 0240 of 2026 is subject to automatic review by the Constitutional Court. In the context of such review, the court may temporarily suspend the law pending a final decision on the validity of the measures adopted.

In December 2019, the Mexican government published several amendments to the Income Tax Law ( Ley del Impuesto sobre la Renta ), the Value Added Tax Law ( Ley del Impuesto al Valor Agregado ), the Excise Tax Law ( Ley del Impuesto Especial sobre Producción y Servicios ) and the Mexican Federal Tax Code ( Código Fiscal de la Federación ), most of which became effective on January 1, 2020. This set of tax reforms is one of the most important in recent years and its main objective is to address tax evasion by strengthening the control mechanisms available to the tax authorities. Among the principal modifications that could affect our results of operations are strict restrictions on the deductibility of certain expenses, such as a new limitation on the deduction of net interest that exceeds 30% of taxpayers’ adjusted income, the non-deductibility of certain payments to related parties or through structured agreements with respect to income that is considered subject to preferential tax regimes, or that is subject to hybrid mechanisms. Likewise, important amendments were introduced with respect to the tax regime applicable to foreign entities or legal entities that are transparent for tax purposes, as well as to foreign entities or legal entities whose income is considered subject to preferential tax regimes.

The 2020 tax reform also introduced a new mandatory disclosure regime for transactions that are considered reportable transactions in terms of the provisions of Title VI, Sole Chapter of the Mexican Federal Tax Code ( Código Fiscal de la Federación ), mainly directed to tax advisors of taxpayers.

Due to a tax reform that came into force on January 1, 2022, various modifications were introduced that may affect our operating results; among them are changes in the parameters for determining foreign exchange gains or losses, limitations on the application of preferential withholding rates in the context of financing entered into with related parties, additional obligations regarding transfer prices and the establishment of additional requirements for crediting the value added tax.

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In Mexico, recent tax interpretations and regulatory changes may affect the ability of insurance companies to credit VAT, which could increase the effective cost of healthcare services for such payers and adversely affect demand and/or pricing for our services.

In Luxembourg, changes in statutory, tax and regulatory regimes may have an adverse effect on our business, financial condition and result of operations. The pace of evolution of fiscal policy and practice has recently been accelerated due to a number of developments.

In particular, the Organization for Economic Co-operation and Development (the “OECD”) together with the G20 countries have committed to addressing abusive global tax avoidance, referred to as base erosion and profit shifting (“BEPS”) through 15 actions detailed in reports released on October 5, 2015 and through the Inclusive Framework on a global consensus solution to reform the international corporate tax system via a two-pillar plan agreed in 2021 (BEPS 2.0).

As part of the BEPS project, new rules have been introduced in Luxembourg to address abusive global tax avoidance. In particular:

• The Council of the European Union adopted two Anti-Tax Avoidance Directives (Council Directive (EU) 2016/1164 of July 12, 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market (“ATAD I”) and Council Directive (EU) 2017/952 of May 29, 2017 amending ATAD I as regards hybrid mismatches with third countries (“ATAD II”)) that address many of the above-mentioned issues. The measures included in ATAD I and ATAD II have been implemented into Luxembourg domestic law by the law of December 21, 2018 and the law of December 20, 2019. Most of the measures have been applicable since January 1, 2019 and January 1, 2020, respectively, while the reverse hybrid rules have been applicable as from tax year 2022.

• The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the “MLI”) was published by the OECD on November 24, 2016. The aim of the MLI is to update international tax rules and lessen the opportunity for tax avoidance by transposing results from the BEPS project into more than 2,000 double tax treaties worldwide. A number of jurisdictions (including Luxembourg) have signed the MLI. The MLI entered into force for Luxembourg on August 1, 2019.

The above-mentioned rules may adversely affect the tax exposure of Auna S.A. in Luxembourg.

With respect to the two-pillar plan, the Luxembourg bill of law no. 8292 has been adopted on December 20, 2023 (the “Pillar 2 Law”) implementing Council Directive (EU) 2022/2523 of December 14, 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the European Union. Most of the measures of the Pillar 2 Law are applicable as from tax years starting on or after December 31, 2023 and may affect the tax position of multinational or large scale-domestic enterprise groups that fall under its scope.

Further, following the adoption of the Luxembourg law of March 25, 2020, as amended from time to time (the “DAC 6 Law”) implementing Council Directive (EU) 2018/822 of May 25, 2018 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (“DAC 6”), certain intermediaries and, in certain cases, taxpayers have to report to the Luxembourg tax authorities within a specific timeframe certain information on reportable cross-border arrangements. The reported information will be automatically exchanged by the Luxembourg tax authorities with the competent authorities of all other EU Member States. As the case may be, the Issuer may take any action that it deems required, necessary, advisable, desirable or convenient to comply with the reporting obligations imposed on intermediaries and/or taxpayers pursuant to the DAC 6 Law. Failure to provide the necessary information under DAC 6 may result in the application of fines or penalties in the relevant EU jurisdiction(s) involved in the cross-border arrangement at stake. Under the DAC 6 Law, late reporting, incomplete or inaccurate reporting, or non-reporting may be subject to a fine of up to EUR 250,000.

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We cannot assure you that Mexican, Peruvian, Colombian and Luxembourg tax laws or/and the laws of any other relevant jurisdiction will not change or may be interpreted differently by authorities, and any change could result in the imposition of significant additional taxes or increase our current tax liabilities. Differing interpretations could result in future tax litigation and associated costs. Moreover, the Mexican, Peruvian and Colombian governments have significant fiscal deficits that may result in future tax increases. Additional tax regulations could be implemented requiring additional tax payments, negatively affecting our business, financial condition and results of operations.

We are exposed to the risk of potential expropriation or nationalization of our assets in some of the countries where we operate.

We are exposed to the risk of potential expropriation and nationalization of our assets that are located in the various countries in which we operate; therefore, we cannot assure you that the local governments will not impose retroactive changes that could affect our business, or that would force us to renegotiate our current agreements with such governments. The occurrence of such events could materially affect our financial condition, results of operations and prospects.

A downgrade, suspension or withdrawal of any credit rating assigned by a rating agency to us could cause the liquidity or market value of the class A shares to decline significantly, and could also adversely affect our cost of funding and access to financing.

Any credit rating is an assessment by rating agencies of our ability to pay our debts when due. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Any rating assigned to our debt could be lowered or withdrawn entirely by a rating agency if, in that rating agency’s judgment, future circumstances relating to the basis of the rating, such as adverse changes, so warrant. Any future lowering of our ratings likely would make it more difficult or more expensive for us to obtain additional debt financing. Consequently, real or anticipated changes in any credit ratings could affect our results of operations and the value of the class A shares. There can be no assurance that any credit ratings will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by the rating agencies if in their judgment future circumstances relating to the basis of the credit ratings, such as adverse changes in our Company, so warrant.

Risks Relating to Our Class A Shares

The market price of our class A shares may fluctuate significantly, and you could lose all or part of your investment.

Volatility in the market price of our class A shares may prevent you from being able to sell your class A shares at or above the price you paid for them. The market price and liquidity of the market for our class A shares may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, among others:

• actual or anticipated changes in our results of operations, or failure to meet expectations of financial market analysts and investors;

• investor perceptions of our prospects or our industry;

• operating performance of companies comparable to us and increased competition in our industry;

• new laws or regulations or new interpretations of laws and regulations applicable to our business;

• general economic trends in Mexico, Peru, Colombia and Latin America in general;

• catastrophic events, such as earthquakes and other natural disasters; and

• developments and perceptions of risks in Mexico, Peru, Colombia and other emerging markets.

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Enfoca, our controlling shareholder, owns approximately 72.9% of our class B shares and certain of our officers and a majority of our directors are employed by or otherwise affiliated with Enfoca, which could give rise to potential conflicts of interest with them and certain of our other shareholders.

As of December 31, 2025, Enfoca, our controlling shareholder, held approximately 72.9% of our class B shares representing 68.3% of our combined voting power, and as such, continues to be our controlling shareholder. As a holder of class A shares, you will be entitled to one vote per class A share. As a result of its ownership of the majority of our voting power, Enfoca will have the ability to control the outcome of, among other matters, the election of our board of directors and, through our board of directors, decision-making with respect to our business direction; policies, including the appointment and removal of our officers and the fixing of directors’ compensation; major corporate transactions, such as mergers and acquisitions; changes to our articles of association; and our capital structure. Enfoca will retain this control over significant corporate matters for as long as it, either by itself or together with Mr. Pinillos, directly or indirectly holds in the aggregate at least 10% of the voting power of our issued and outstanding share capital. See “Item 10. Additional Information—B. Memorandum and Articles of Association.” As a result, Enfoca may use its significant influence over our business without regard to the interests of other shareholders, including in ways that could have a negative impact on your investment in the class A shares.

On October 5, 2022, we acquired 100% of the outstanding share capital of Hospital y Clínica OCA, S.A. de C.V. (“OCA”) DRJ Inmuebles, S.A. de C.V. (“DRJ”), Inmuebles JRD 2000, S.A. de C.V. (“Inmuebles JRD 2000”) and Tovleja HG, S.A. de C.V. (“Tovleja” and together with OCA, DRJ and Inmuebles JRD 2000, “Grupo OCA”), a leading healthcare group in Monterrey, Mexico. The aggregate purchase price was US$677.0 million, subject to purchase price adjustments. We funded our purchase of Grupo OCA through the incurrence of indebtedness, as well as a capital contribution by certain of our shareholders, which they financed through the incurrence of indebtedness (the “Sponsor Financing”). Enfoca, our controlling shareholder, Luis Felipe Pinillos, a member of our board of directors and shareholder, and our other pre-IPO Class B Shareholders are parties to the Sponsor Financing. We are not a party to nor do we guarantee, nor are we otherwise liable with respect to the debt under, the Sponsor Financing. Furthermore, the lenders under the Sponsor Financing do not have recourse against us for the debt or any other amounts owed under the Sponsor Financing, nor do we have any obligation to repay the debt under the Sponsor Financing. On June 26, 2025, Enfoca, Mr. Pinillos and the pre-IPO Class B Shareholders refinanced the Sponsor Financing. As of December 31, 2025, US$177.2 million aggregate principal amount of indebtedness remains outstanding under the Sponsor Financing. The indebtedness under the Sponsor Financing has a final maturity of June 25, 2027. The documents governing the Sponsor Financing contain various covenants and other obligations applicable to the shareholders party thereto, including obligations requiring such shareholders to cause us to comply with certain covenants set forth in the Credit Agreement and, in addition, imposing certain restrictions on what such shareholders will permit us to do with certain of our immaterial subsidiaries. For additional information on the covenants in the Credit Agreement, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Contractual Obligations and Commitments—Credit Facilities—Credit and Guaranty Agreement.” Furthermore, the documents governing the Sponsor Financing contain various events of default, including an event of default that will occur if there is an event of default under the Credit Agreement or the 2029 Notes Indenture. If we experience a change of control, the lenders under the Sponsor Financing can force our shareholders who are party to the Sponsor Financing to repay them. If our shareholders default on their obligations under the terms of the Sponsor Financing, including if they fail to cause us to comply with the covenants set forth in the Credit Agreement, the lenders under the Sponsor Financing will be entitled to certain remedies, including declaring all outstanding principal and interest to be due and payable and ultimately, foreclosing on the pledged shares. Foreclosing on the pledged shares may cause the lenders under the Sponsor Financing to sell securities of our company or the market to perceive that they intend to do so, and could lead to a change of control in Auna. Following the repayment in full of the Sponsor Financing, the pledges on the shares securing the Sponsor Financing will be released. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Class A Shares—Substantial sales of class A shares could cause the price of our class A shares to decrease.” The exercise of any of these remedies could conflict with your interests which may impact your investment in the class A shares and may subject us to additional risks and uncertainties. For a complete description of the terms of the Sponsor Financing, including the covenants and events of default contained therein, please refer to copies of the Note Purchase Agreements, which are filed as Exhibits 4.24 and 4.25, respectively, to this annual report.

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Furthermore, our Executive Chairman of the Board and President, Jesús Zamora (“Suso Zamora”), and some of our directors, including Suso Zamora, Jorge Basadre and Leonardo Bacherer, are employed by or otherwise affiliated with Enfoca as directors on their board of directors. Although these directors and officers attempt to perform their duties within each company independently, such employment relationships and affiliations could give rise to potential conflicts of interest when a director or officer is faced with a decision that could have different implications for the two companies. These potential conflicts could arise, for example, over matters such as the desirability of changes to our business and operations, funding and capital matters, regulatory matters, matters arising with respect to agreements with Enfoca, board composition, employee retention or recruiting, labor, tax, employee benefit, indemnification and our dividend policy and declarations of dividends, among other matters.

You may not be able to sell class A shares you own at the time or the price you desire because an active or liquid market for these securities may not develop.

If an active trading market for our class A shares does not develop, you may have difficulty selling any of our class A shares that you buy. Our class A shares are listed on the NYSE and on the Lima Stock Exchange (“BVL”) under the symbol “AUNA.” We cannot predict whether an active, liquid public trading market for our class A shares will develop or be sustained. Active, liquid trading markets generally result in lower price volatility and respond more efficiently to orders from investors to purchase or sell securities. Liquidity of a securities market is often a function of the volume of the underlying shares that are publicly held by unrelated parties. As a result, any purchase of class A shares by affiliates may reduce the liquidity of our class A shares relative to what it would have been if such shares were purchased by non-affiliates. As a result of these and other factors, you may be unable to resell your class A shares at a price you desire.

Substantial sales of class A shares could cause the price of our class A shares to decrease.

As of December 31, 2025, US$177.2 million aggregate principal amount of indebtedness remains outstanding under the Sponsor Financing. The indebtedness under the Sponsor Financing has a final maturity of June 25, 2027. If our shareholders default on their obligations under the terms of the Sponsor Financing, including if they fail to cause us to comply with the covenants set forth in the Credit Agreement as described above, the lenders under the Sponsor Financing will be entitled to certain remedies, including declaring all outstanding principal and interest to be due and payable and ultimately, foreclosing on the pledged shares. Foreclosing on the pledged shares may cause Enfoca to lose its voting control and the lenders under the Sponsor Financing to sell the pledged shares or the market to perceive that they intend to do so, which may cause the market price of our class A shares to decline significantly. For a complete description of the terms of the Sponsor Financing, including the covenants and events of default contained therein please refer to copies of the Note Purchase Agreements, which are filed as Exhibits 4.24 and 4.25, respectively, to this annual report.

In addition, pursuant to the Registration Rights Agreement (as defined herein), subject to several exceptions, certain of our existing shareholders have the right, subject to certain conditions, to require us to register the sale of their ordinary shares under the Securities Act. See “Related Party Transactions—Registration Rights Agreement.” The shares covered by demand registration rights represent approximately 43.3% of our outstanding ordinary shares. If these existing shareholders exercise their registration rights, the market price of our class A shares could decline significantly if they sell class A shares or the market perceives that they intend to do so.

Furthermore, in lieu of selling class A shares, Enfoca may elect to convert its class B shares into class A shares and distribute those class A shares to its fund investors as part of an in-kind distribution, which may cause Enfoca to lose its voting control. In such an event, if the recipients of these shares are not affiliates of the Company, they will be able to sell their shares freely in the public market without restriction. Sales of substantial amounts of our class A shares by these investors over a short period of time, or the perception that such sales may occur, could materially and adversely affect the market price of our class A shares.

Finally, we may also seek additional capital through a combination of private and public equity offerings, debt financings and other strategic initiatives. To the extent that we raise additional capital through the issuance of equity or otherwise including through convertible debt securities, your ownership interest will be diluted, and the terms of these new securities may include liquidation or other preferences that adversely affect your rights as a shareholder. Future sales of our class A shares or of securities convertible into our class A shares, or the perception that such sales may occur, could cause immediate dilution and materially and adversely affect the market price of our class A shares.

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The dual-class structure of our shares, as well as the classified structure of our board of directors, have the effect of concentrating voting control with Enfoca or its shareholders and limiting our other shareholders’ ability to influence corporate matters.

Our class B shares, with a nominal value of US$0.10 each, have ten votes per share, and our class A shares, with a nominal value of US$0.01 each, have one vote per share. Enfoca owns directly or indirectly approximately 72.9% class B shares, which represent approximately 68.3% of the voting power of our issued and outstanding share capital.

This voting control and influence may discourage transactions involving a change of control of the Company, including transactions in which you as a holder of our class A shares might otherwise receive a premium for your shares.

In addition, Enfoca may continue to be able to control the outcome of most matters submitted to our shareholders for approval even if their shareholdings represent less than 50% of all issued shares. Because of the ten-to-one voting ratio between our class B and class A shares, Enfoca will continue to control a majority of the combined voting power of our issued and outstanding share capital even when class B shares represent substantially less than 50% of all issued and outstanding share capital. This concentrated control will limit the ability of holders of our class A shares to influence corporate matters for the foreseeable future, and, as a result, the market price of our class A shares could be adversely affected. Furthermore, any future issuances of class B shares may dilute the voting power of our class A shares which could further exacerbate the risks associated with the dual class structure of our shares.

Additionally, our articles of association provide a classified board, which means that our board of directors will be classified into three classes of directors that are, as nearly as possible, of equal size. (i) The class A directors shall serve for an initial three-year term of office until the annual general meeting of the shareholders approving the annual accounts for the financial year ending on December 31, 2026, (ii) the class B directors shall serve for an initial four-year term of office until the annual general meeting of the shareholders approving the annual accounts for the financial year ending on December 31, 2027 and (iii) the class C directors shall serve for an initial five-year term of office until the annual general meeting of the shareholders approving the annual accounts for the financial year ending on December 31, 2028. Following the expiry of their initial term, each class of directors will be elected for a three-year term of office, but the terms are staggered so that the term of only one class of directors expires at each annual general meeting. In addition to Enfoca’s majority ownership of our voting power, the existence of a classified board could impede a proxy contest or delay a successful tender offeror from obtaining majority control of the board of directors, and the prospect of that delay might deter a potential offeror.

The dual-class structure of our ordinary shares may adversely affect price and liquidity of class A shares.

S&P Dow Jones and FTSE Russell have announced changes to their eligibility criteria for inclusion of shares of public companies in certain indices, including the S&P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of total voting power from being added to such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class capital structures. As a result, the dual-class structure of our ordinary shares may prevent the inclusion of the class A shares in such indices and may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for the class shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of the class A shares.

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Luxembourg has different corporate disclosure and accounting standards than those you may be familiar with in the United States.

Financial reporting and securities disclosure requirements in Luxembourg differ in certain significant respects from those required in the United States. There are also material differences among IFRS Accounting Standards and U.S. GAAP. Accordingly, the information about us available to you will not be the same as the information available to holders of shares issued by a U.S. company. Although Luxembourg law imposes restrictions on insider trading and price manipulation, applicable Luxembourg laws are different from those in the United States, and the Luxembourg securities markets may not be as highly regulated and supervised as the U.S. securities markets.

As a foreign private issuer and “controlled company” within the meaning of the NYSE corporate governance rules, we are permitted to follow alternate standards to the corporate governance standards of the NYSE, which may limit the protections afforded to investors.

We are a “foreign private issuer” within the meaning of the rules under the Securities Act. Under NYSE rules, a foreign private issuer may elect to comply with the practices of its home country and not to comply with certain corporate governance requirements applicable to U.S. companies with securities listed on the exchange. We currently follow certain Luxembourg practices concerning corporate governance (which are not mandatory under Luxembourg regulations) and intend to continue to do so. Accordingly, holders of our class A shares may not have the same protections afforded to shareholders of companies that are subject to all NYSE corporate governance requirements. For example, NYSE listing standards provide that the board of directors of a U.S.-listed company must have a majority of independent directors at the time the company ceases to be a “controlled company.” Under Luxembourg corporate governance practices, a Luxembourg company is not required to have a majority of independent members on its board of directors. The listing standards for NYSE also require that U.S.-listed companies, at the time they cease to be “controlled companies,” have a nominating/corporate governance committee and a compensation committee (in addition to an audit committee). Each of these committees must consist solely of independent directors and must have a written charter that addresses certain matters specified in the listing standards. Under Luxembourg law, a Luxembourg company may, but is not required to, form special governance committees, which may be composed partially or entirely of non-independent directors. In addition, NYSE rules require the independent non-executive directors of U.S.-listed companies to meet on a regular basis without management being present. There is no similar requirement under Luxembourg law.

Our controlling shareholder controls a majority of the combined voting power of our outstanding ordinary shares, making us a “controlled company” within the meaning of the NYSE corporate governance rules. As a controlled company, we are also be eligible to, and, in the event we no longer qualify as a foreign private issuer and for as long as we qualify as a controlled company, we intend to, elect not to comply with certain requirements of the NYSE corporate governance standards, including (i) the requirement that a majority of the board of directors consist of independent directors, (ii) the requirement that we have a compensation committee that is composed entirely of independent directors and (iii) the requirement that our director nominations be made, or recommended to our full board of directors, by our independent directors or by a nominations committee that consists entirely of independent directors.

Accordingly, our shareholders will not have the same protection afforded to shareholders of companies that are subject to all of the NYSE corporate governance standards, and the ability of our independent directors to influence our business policies and affairs may be reduced.

As a foreign private issuer, we are exempt from certain provisions applicable to U.S. domestic public companies.

As a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including the requirements to prepare and issue quarterly reports on Form 10-Q or to file current reports on Form 8-K upon the occurrence of specified significant events, the proxy rules applicable to domestic U.S. registrants under Section 14 of the Exchange Act or the short-swing profit rules applicable to domestic U.S. registrants under Section 16 of the Exchange Act. The information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, holders of our class A shares may not be afforded the same protections or information that would be made available to our shareholders if we were a U.S. company.

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Minority shareholders in Luxembourg are not afforded equivalent protections as minority shareholders in other jurisdictions, such as the United States, and investors may face difficulties in commencing judicial and arbitration proceedings against our company or our controlling shareholder.

Our company is organized and existing under the laws of Luxembourg, our controlling shareholder is organized and existing under the laws of Peru, and a majority of our directors and all of our officers reside in Mexico, Peru or Colombia. Accordingly, investors may face difficulties in serving process on our company, our directors and officers or our controlling shareholder in other jurisdictions, and in enforcing decisions granted by courts located in other jurisdictions against our company, our directors and officers or our controlling shareholder that are based on the laws of certain jurisdictions.

In Luxembourg, there are no proceedings to file class action suits or shareholder derivative actions with respect to issues arising between minority shareholders and an issuer, its controlling shareholders or directors and officers. Furthermore, the procedural requirements to file actions by shareholders differ from those of other jurisdictions, such as in the United States. As a result, it may be more difficult for our minority shareholders to enforce their rights against us, our directors, officers or controlling shareholder as compared to the shareholders of a U.S. company.

Judgments of Luxembourg courts with respect to our class A shares will be payable only in euros.

If proceedings are brought in the courts of Luxembourg seeking to enforce our obligations in respect of the class A shares, we will have the right to discharge our obligations in euros. In the event of any proceedings being brought in a Luxembourg court in respect of a monetary obligation expressed to be payable in a currency other than euros, a Luxembourg court would have power to give judgment expressed as an order to pay in a currency other than euros. However, enforcement of a judgment against any party in Luxembourg would be available only in euros and for such purposes all claims or debts would be converted into euros.

Our ability to pay dividends is restricted under Luxembourg law.

Our articles of association and the Luxembourg law of August 10, 1915 on commercial companies, as amended (the “1915 Act”), require a general shareholders meeting to approve any dividend distribution, except as set forth below.

Our ability to declare dividends under Luxembourg corporate law is subject to strict conditions such as, most notably, no distribution to the shareholders may exceed the amount of the results of the past financial year (i) plus any carried forward profits and distributable reserves (e.g. share premium or merger premium), (ii) minus carried forward losses and sums to be allocated to an undistributable reserve pursuant to the law or the articles of association. Moreover, we may not be able to declare and pay dividends more frequently than annually. As permitted by Luxembourg corporate law, our articles of association authorize the declaration of dividends more frequently than annually by the board of directors in the form of interim dividends so long as (i) interim financial statements evidence that the company has sufficient distributable amounts to proceed with the contemplated distribution, (ii) the amount of such interim dividends does not exceed total net profits made since the end of the last financial year for which the annual accounts have been approved, plus any profits carried forward and sums drawn from reserves available for this purpose, less losses carried forward and any sums to be placed to reserve pursuant to the requirements of the law or the articles of association, (iii) the relevant decision of the board of directors is adopted no more than two months following the date of the relevant interim financial statements and (iv) the statutory auditor, in its report to the board of directors, verifies that the above-mentioned conditions are duly fulfilled.

Item 4. Information on the Company

General

Prior to July 6, 2023, we were incorporated in Peru as an openly held corporation ( sociedad anónima abierta ) named Auna S.A.A. On July 6, 2023, we redomiciled to Luxembourg by way of a merger with Auna S.A., a public limited liability company ( société anonyme ) incorporated and existing under the laws of the Grand Duchy of Luxembourg, with its registered office located at 6, rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register ( Registre de Commerce et des Sociétés, Luxembourg ) under number B267590, with Auna S.A. continuing as the surviving entity. Our general telephone and fax numbers is +51 1-205-3500. Our website is www.aunainvestors.com. In addition, the SEC maintains a website that contains information which we have filed electronically with the SEC, including our annual reports, periodic reports and other filings, which can be accessed at https://www.sec.gov. The information contained on our website, any website mentioned in this annual report or any website directly or indirectly linked to these websites, is not part of, and is not incorporated by reference in, this annual report and you should not rely on such information.

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A. History and Development of the Company

Our company was originally founded to address an unmet need in the quality and accessibility of treatment for cancer in Peru. At the end of the 1980s, even though science continued to make advancements with respect to cancer treatment, Peru faced a deep economic crisis and most of the population could not access advanced care for cancer. Patients were usually treated by generalist physicians or specialists in other areas and therefore did not receive adequate treatments. To make matters worse, insurance companies did not provide coverage for cancer.

In 1989, Dr. Luis Pinillos and Dr. Carlos Vallejos, both former directors of INEN (National Institute of Neoplastic Diseases of Peru) and Ministers of Health of Peru, founded Oncosalud to address this unmet need. Oncosalud began as a healthcare coverage program covering oncology services, which at the time cost US$1 per member per month with no deductibles or copayments. The program provided unlimited coverage for cancer treatment through the end of the disease’s cycle, including medicines, surgeries and other treatments, in all cases provided by specialists. With the help of Victor Hugo Gonzales and Juan Serván, renowned experts in healthcare coverage, and the medical leadership of Dr. Pinillos and Dr. Vallejos, Oncosalud quickly began to gain members at a rapid pace. Starting in 1997, we began developing a dedicated network of facilities for preventing and treating cancer, and in 2014 we opened Clínica Oncosalud, a specialized oncology hospital and one of the most renowned oncology centers in Peru, offering a fully integrated platform for the prevention, detection and treatment of cancer.

Our controlling shareholder, Enfoca, one of Latin America’s foremost investment firms, formed a partnership with Oncosalud’s original partners in 2008, and together they launched Grupo Salud del Perú, which became the holding company of Oncosalud. In 2011, Grupo Salud del Perú launched the Auna brand and began its transformation into a full-fledged healthcare company. This transformation began with a series of seven acquisitions to expand our national footprint in Peru. In October 2011, we acquired Servimédicos, a clinic, in Chiclayo, one of Northern Peru’s key economic hubs with a population of more than 550,000 people. In November 2011, we acquired Clínica Camino Real, a hospital, in Trujillo, Peru’s third-largest city with a population of more than 900,000 people. In the following month, we acquired Clínica Bellavista, a hospital, in Callao, a province located next to Lima with a population of more than one million people. In the beginning of 2012, we completed four acquisitions: (i) a stake in Clínica Miraflores, a hospital, in Piura, another key hub in Northern Peru with a population of more than 470,000 people; (ii) a stake in Clínica Vallesur, a hospital, in Arequipa, Peru’s second-largest city with a population of more than one million people; (iii) RyR Patólogos, a medical laboratory; and (iv) Cantella, a clinic in Lima.

Following these acquisitions, in 2014, we completed the construction of Clínica Delgado, our network’s flagship facility in Peru, and one of the leading high-complexity hospitals in Latin America, with over 40 specialties and state-of-the-art technology.

By 2017, we had built a unique integrated healthcare platform in Peru with national reach.

The success of our integrated healthcare platform in Peru led us to start our regional expansion. At the end of 2018, we launched our international expansion plan in the SSLA region, which represented a significant milestone in our growth strategy and key point for the model we use today as we aim to transform healthcare in the region.

Our first acquisition was of Grupo Las Américas, one of the leading private healthcare groups in Medellín, Colombia. In September 2020, we expanded our regional presence in Colombia through the acquisition of Clínica Portoazul. In 2022, we completed the construction of Clínica del Sur. In addition, in 2022 we acquired 70% of IMAT Oncomédica in Montería.

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By 2022 we had completed the integration of our Colombia healthcare network successfully which helped propel us to the most important expansion of Auna to date. In October 2022, we entered Mexico through the landmark acquisition of Grupo OCA, a private healthcare group located in Monterrey, Mexico operating three high-complexity hospitals with 708 beds and an estimated market share of 35% in Monterrey. Similar to what we did in Colombia, we entered Mexico with scale and market power in one of the largest cities, which will help us to further expand our network and brand in the country.

Our expertise in selecting targets and incorporating assets into our platform allowed us to integrate Grupo OCA in record time. In February 2023, we acquired Auna Seguros, formerly known as “Dentegra Seguros Dentales,” a dental and visual insurer with nationwide coverage across Mexico and the only specialized insurer to be ranked among the top five insurance providers in Mexico by the Asociación Mexicana de Instituciones de Seguros in 2022.

In August 2025, we entered into an arrangement (the “IMAT Oncomédica Arrangement”) with the minority shareholders of IMAT Oncomédica. Under the IMAT Oncomédica Arrangement, we agreed to acquire, in 2031, the remaining 18% interest in IMAT Oncomédica from the minority shareholders pursuant to a valuation mechanism based on a future calculation of IMAT Oncomédica’s EBITDA 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 financial results.

Mexico represents a major milestone for Auna given the size of the market as the biggest country in the SSLA region. We believe our Mexican assets and operations position us well for significant upside in the near future as Mexico’s market is over twice the size of both Peru’s and Colombia’s markets combined, tripling our total addressable market, and benefits from favorable demographic trends and secular macroeconomic forces such as the ongoing nearshoring boom, which Monterrey is expected to be one of the major winners of due to its privileged location and attractive fundamentals. Additionally, we have launched our oncological plans in Mexico which we believe has significant potential as the existing private healthcare plans available in the oncology-focused market are limited and there is no dominant player that has an integrated healthcare platform such as Auna has in Peru. Through partnerships with leading healthcare institutions, including Médica Sur in Mexico City, San Javier in Guadalajara, Simnsa in Tijuana, Centros Médicos de Especialidades Cd Juárez in Ciudad Juárez, and with four additional medical centers in León, Mérida, Querétaro, and Puebla, Auna now can provide its Auna Seguros members integrated, high-quality care across Mexico’s most economically dynamic urban centers. In addition, Auna has also partnered with Welbe, a nationwide digital platform that enables patients to easily manage preventive care appointments, further enhancing access and strengthening patient engagement across Mexico. To further expand Auna’s operations in Mexico, the Company plans to invest approximately US$500 million in Mexico’s principal cities during the next three to five years, building additional capacity and deepening the integration of its healthcare services to better serve local communities.

We also entered into a memorandum of understanding with Sojitz Corporation of America, a global investment and trading group headquartered in Japan, to explore joint business opportunities in the healthcare sector across Latin America, with an initial focus on Mexico, one of the region’s largest and fastest-growing healthcare markets.

Auna’s growth has been a combination of inorganic growth, as described above, and organic expansion. With a focus on steady and deliberate growth, Auna has demonstrated a robust capacity to execute inorganic and continuous organic growth strategies through the expansion of our healthcare services and specialties, our hospitals and geographic infrastructure.

Since the beginning of our international expansion in 2018, the Company has increased the number of available beds by a multiple of 6.6x, from 359 to 2,333 as of December 31, 2025. During the same period, total capacity utilization, which accounts for the number of days in which any of our beds had a hospitalized patient during the period, relative to the total number of beds and days in such period, grew at a compound annual growth rate (“CAGR”) of 2.3%. To promote and execute our inorganic growth strategy, we have an internal team focused on new businesses and acquisitions responsible for studying potential regions, selecting target hospitals, start-ups and healthtechs, and executing such transactions. A substantial majority of our growth since 2019 is attributable to acquisitions.

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Initial Public Offering

On March 26, 2024, we completed our U.S. initial public offering of 30,000,000 class A shares, at a price of US$12.00 per class A share. The class A shares have been listed on the NYSE since March 22, 2024 under the symbol “AUNA.” The initial public offering generated net proceeds to us of approximately US$336.5 million after the underwriting commissions and estimated offering expenses payable by us.

The SEC maintains an internet site that contains reports and information regarding issuers, such as ourselves, that we file electronically, with the SEC at www.sec.gov. Our website address is www.aunainvestors.com. The information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this annual report. We have included our website address as inactive textual references only.

For a description of our principal expenditures and divestitures for the years ended December 31, 2025 and 2024, see Item 5. “Operating and Financial Review and Prospects.”

BVL Listing

On July 16, 2025 our class A shares began trading on the BVL under the ticker symbol “AUNA.” This listing is aligned with our strategy to improve stock liquidity, strengthen our presence in Latin America´s capital markets, and expand access to local and regional investors. We are the only healthcare company currently listed on the BVL.

Capital Expenditures

Please refer to Item 5.B. “Operating and Financial Review and Prospects—Liquidity and Capital Resources—Capital Expenditures” for description of our capital expenditures.

B. Business overview

The Auna Way

Our mission is to lead the transformation of healthcare throughout SSLA by expanding access to millions of Latin Americans and delivering high-quality, value-based, high-complexity, and affordable care, providing lifelong engagement for our population through both digital and physical channels.

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We operate hospitals and clinics in Mexico, Peru and Colombia and provide prepaid healthcare plans in Peru and Mexico. Our focus lies in providing access to healthcare, prioritizing prevention and concentrating on some of the high-complexity diseases that contribute the most to healthcare expenditures, such as oncology, traumatology and orthopedics, cardiology and neurological procedures. Our model offers an accessible and integrated healthcare experience to a broad segment of the population in the markets we serve. We offer an end-to-end healthcare ecosystem that provides our members and patients with 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 reflects our 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 for patients, families and our staff. It is our corporate DNA, our organization’s spirit and our deeper meaning; the one we revert to for clarity of action.

Our mission is underpinned by the Auna Way’s key 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 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-end solutions and attend to the robust market demand for superior healthcare solutions in the markets where we operate.

(iv) We drive digital transformation to accelerate innovation, optimize efficiency and deliver agile services that enhance the patient-centric experience. Through the strategic use of technology and data, we strengthen our care model, enable process integration and operational excellence, and support sustainable growth in a constantly evolving environment.

(v) 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.

(vi) 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.

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(vii) 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 practices put in place within our organization is what truly defines the Auna Way. See “Item 3. Key Information—D. Risk Factors” for the risks and challenges we face as we operate in pursuit of the Auna Way.

Our Model

Our business model closely reflects the key tenets of the Auna Way and is integrated both horizontally and vertically. Over the past five years, we have built one of SSLA’s largest modern healthcare platforms that consists of two key components: a horizontally integrated network of healthcare facilities across SSLA (our “healthcare network”) and a vertically integrated portfolio of oncological plans and selected general healthcare plans (our “healthcare plans”). Our healthcare network provides a range of in-person services through our network of medium- to high-complexity focused hospitals, clinics and outpatient facilities as well as complementary virtual care and at-home care.

Our healthcare plans include complementary oncology plans, which are plans focused solely on cancer in Peru and Mexico, and general healthcare plans in Peru, which are plans covering a range of basic healthcare needs and also include coverage for cancer. Our complementary plans generally target consumers that are seeking to supplement the oncology coverage in their existing third-party private or public general healthcare plan with better-quality care, or that are seeking to supplement another existing healthcare plan that does not offer such coverage. Our general healthcare plans generally target consumers that either do not have an existing private healthcare plan or have an existing private or public healthcare plan that is inadequate for their needs. Our complementary oncology plans are not available for consumers with pre-existing conditions other than those who may gain coverage through a group plan which is priced based on projected active patient treatment costs. Both our complementary and general healthcare plans focus on preventative care (including early detection services, early treatment and complex care), and are moderately priced, with our complementary oncology plans starting in Peru as low as S/41.8 per month and the general healthcare plans starting at S/25.5 per month. As the average monthly income and minimum wage in Peru were S/1,130 and S/2,287, respectively, as of December 31, 2025, our plans are generally within reach of many Peruvians. While nascent, our strategy in Mexico is similar to the one in Peru, offering affordable plans focusing on early detection services, early treatment and complex care at affordable prices.

We believe that our platform has the only truly regional footprint in SSLA. We seek to operate in under-penetrated markets, characterized by limited access to medical care, a poor quality of clinical services and deficient public healthcare infrastructure. We believe that the Auna Way provides us with a differentiated operating ability to serve these markets, which is further complemented by our robust platform that can efficiently scale to serve all segments of the population and unlock operating efficiencies. We have implemented this business model throughout our regional network, and it is currently in different stages of completion in each of our markets.

Highlights of our integrated platform include:

• Horizontally integrated healthcare network facilities : We own and operate networks of premium hospitals and clinics providing care at all levels of complexity and focus on higher complexity procedures in the three markets in which we operate. As of December 31, 2025, our network of facilities included 15 hospitals with 2,333 beds and 16 outpatient, prevention and wellness facilities in Mexico, Peru and Colombia. Each component of our healthcare ecosystem is integrated through our scaled platform, standardized clinical best practices and protocols, and centralized operational and administrative support function. This cohesive approach improves our operating efficiency by better supporting providers and employees as they deliver exceptional care and exceptional experience to our patients. During the year ended December 31, 2025, our medical staff carried out over 88,000 procedures, of which 42.7% were from high-complexity related specialties, while maintaining a net promoter score (“NPS”) of 85 in Mexico, 86 in Peru and 90% in Colombia as of December 31, 2025. These scores compare favorably with other large healthcare networks in Latin America, such as Rede D’Or and DASA, with scores of 59 and 83.7, respectively, as of 2024.

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• Vertically integrated portfolio of complementary plans and selected general healthcare plans : Fully vertically integrated with our healthcare provider network in Peru, we provide prepaid health plans in Peru and Mexico. We are the leading private healthcare plan provider in Peru, with a 25.5% market share. Oncosalud, which was founded in 1989, provides a variety of complementary plans focused on oncology and had over 991,000 memberships as of December 31, 2025. Our general healthcare plan business which was launched in 2019, had over 433,000 memberships as of December 31, 2025. Our patients with an Auna health plan utilize the Auna healthcare facilities in Peru. As a fully integrated payer and provider of care, we are able to take a long-term, value-based approach to healthcare and focus on prevention, early detection and treatment, which we believe contributes to positive medical outcomes as demonstrated by the 74% five-year survival rate for our oncology plans and a differentiated ability to manage costs. For example, approximately 96% of our costs related to prevention and treatments are incurred within Auna healthcare facilities, allowing us to closely monitor and control costs. In addition, in February 2023, we acquired Auna Seguros, formerly known as Dentegra, a small insurance platform that provides dental, vision and oncological plans to over 3.5 million memberships in Mexico. We leverage off Dentegra’s insurance licenses, established commercial capabilities, dedicated commercial teams, distribution platforms, regulatory and commercial relationships and membership base to offer our complementary healthcare plans, particularly our oncology plans, in Mexico. In July 2024, we launched Auna Seguros, our Mexican complementary oncology insurance product. Our launch of our complementary oncology plans, as well as potential complementary plans for other high-complexity diseases, along with partnerships with leading healthcare institutions in Mexico would create a fully integrated payer and provider ecosystem in Mexico.

• Technologically enabled : Our platform serves patients, their families, members, caregivers and administrative staff and focuses on scaling our clinical, administrative and operational performance. We have leveraged tools from best-in-class vendors to create a solid, scalable platform. Patients, members and caregivers benefit from electronic health records, online appointment scheduling, appointment management, insurance management and membership verification, telehealth services and access to a digital pharmacy. Our platform is accessible through a smartphone app, the Auna App and via desktop in Peru and is being rolled out in other geographies. Internally, our technology supports medical insights, medical record management, administrative functions and revenue cycle management. We believe that by continuing to invest in our technology solutions, we can provide accessible, immediate and timely access to healthcare to, and more effectively reach, broader and underserved segments of the population.

Our Products and Services

Today, we operate our business through four segments: (i) Healthcare Services in Mexico, which consists of our Auna Mexico network and Auna Seguros, (ii) Healthcare Services in Peru, which consists of our Auna Peru network, (iii) Healthcare Services in Colombia, which consists of our Auna Colombia network, and (iv) Oncosalud Peru, which consist of our prepaid healthcare plans and oncology services.

Healthcare Services in Mexico

Auna Mexico

We provide healthcare services in Mexico through our Auna Mexico network, which we launched through the acquisition of Grupo OCA, a leading healthcare group in Monterrey, Nuevo León, Mexico. Our Auna Mexico network consists of three high-complexity hospital facilities: (i) OCA Hospital, (ii) Doctors Hospital and (iii) Doctors Hospital East. As of December 31, 2025, our network in Mexico included 708 beds and 18,985 surgeries were performed at our facilities during the year ended December 31, 2025. Unlike in Peru and Colombia, a majority of the services provided at our facilities in Mexico are performed by unaffiliated physicians and we charge fees for healthcare services provided at our facilities by unaffiliated physicians.

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Our hospitals are ranked among the best hospitals in northern Mexico. OCA hospital was ranked among the top ten hospital networks in northern Mexico for oncology and gastrointestinal surgery and Doctors Hospital, a private hospital in Monterrey specializing in high-complexity services, was ranked among the top five hospital networks in northern Mexico for cardiology, heart surgery and gastrointestinal surgery by Fundación Mexicana para la Salud in 2025. Our Auna Mexico network has an existing occupancy rate of 38.6%, allowing for plenty of room for growth in our existing facilities. OCA Hospital targets the middle market segment and was founded over 50 years ago with only 30 beds. As of December 31, 2025, it had 261 beds, 14 surgery rooms, 23 emergency rooms and 78 outpatient rented offices. Doctors Hospital, founded in 2011 as the network’s premium and largest facility, targets the premium market. Its installed capacity had 301 beds, 16 surgery rooms, 25 emergency rooms and 200 outpatient rented offices as of December 31, 2025. Doctors Hospital East, the network’s newest facility, opened in late 2019 and targets the value market segment. Its installed capacity had 146 beds, 11 surgery rooms, 17 emergency rooms and 49 outpatient rented offices as of December 31, 2025.

Our Healthcare Services in Mexico segment aims to work with renowned doctors who value flexibility in their medical practice by offering them a level of autonomy in the medical treatments they choose for their patients. The doctors have access to the resources they need in their practice at the discretion of their schedule, as our network operates with a significant installed capacity and access to a wide repertoire of medicines. All of these accommodations are offered within an extensive infrastructure, a premium location and amenities convenient to them. The value proposition for patients includes the premium facilities and high-quality medical practice The hospitals’ general areas and hospitalization rooms are maintained with our patients’ comfort in mind, and our infrastructure is designed to be easy to access and navigate. Our network’s premium service goes beyond the quality of its healthcare services as it strives for premium service at all stages through a patient-centered and friendly service, distinguishing its level of service from other hospitals as demonstrated by an NPS of 85 as of December 31, 2025. Lastly, patients benefit from having the hospitals in strategic locations serving populations from the premium, middle and value market segments in Monterrey.

The following table sets forth additional information with respect to the main facilities in our Mexican network as of December 31, 2025:

Facility — OCA Hospital	Monterrey	Owned	Hospital	High	261	149	14	23	36
Doctors Hospital	Monterrey	Owned	Hospital	High	301	225	16	25	37
Doctors Hospital East	Monterrey	Owned	Hospital	High	146	50	11	17	25

Auna Seguros

Our HC Plans in Mexico operating under the registered name Auna Seguros, currently offers dental and vision plans through a nationwide provider network that includes over 4,598 dentists, 139 dental clinics and 1,294 optical locations. It operates the largest dental plan network in Mexico and serves over 3.5 million memberships nationwide. We have a dedicated workforce of approximately 248 full-time employees and, in addition to its headquarters in Mexico City, its commercial network has a physical presence in 9 regional offices. Below is a map depicting our presence in Mexico by providers covered by insurance plans from our dental and vision division:

Auna Seguros is registered as an insurance provider with the Mexican Insurance and Surety Commission, and as part of our expansion strategy in Mexico, we are leveraging its existing nationwide insurance license and the infrastructure of our dental and vision business to market our oncology plans in Mexico. In July 2024, we sold our first Auna Seguros oncological plans, OncoMexico. Since then, we continue scaling our oncology insurance products through B2B and B2C channels. We have also developed a nationwide network of physicians as well as an asset-light network of providers, including clinics and hospitals, to service our OncoMexico plans outside of Monterrey.

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Healthcare Services in Peru

We provide healthcare services in Peru through our Auna Peru network, a horizontally integrated network of hospitals, clinics, diagnostic imaging centers and clinical laboratories, making us one of the country’s largest horizontally integrated private healthcare networks.

Our Auna Peru network is primarily centered around six hospitals and three clinics in Lima, Arequipa, Chiclayo, Piura and Trujillo, which are the principal cities in the five most populated departments in Peru, with each department having a population above one million. As of December 31, 2025, our Auna Peru network included 385 beds with an occupancy rate of 74.1%.

Our Healthcare Services in Peru segment generated S/1,084.3 million (US$322.4 million) in revenue in the year ended December 31, 2025, 49.9% of which was paid by third-party private insurers and 27.5% of which was paid out-of-pocket by our patients, with the remainder of payments generated by intersegment transactions involving medical services performed at facilities within our network.

Through our Auna Peru network of facilities, we are focused on providing a seamless, integrated healthcare experience for our patients at varying levels of complexity. Our high-complexity services are centered at our flagship hospital in this network, Clínica Delgado, which we built from the ground up between 2011 and 2014 and which was designed by Gresham Smith & Partners, one of the leading architecture firms for healthcare facilities in the United States. Clínica Delgado has a Diamond accreditation from ACI and is ranked among the best hospitals in Peru in a wide range of categories by Global Health Intelligence’s Hospirank Peru 2024 report, such as #4 on best installed base for treating cancer by number of oncology equipment and #6 for most diagnostic imaging equipment by number of diagnostic imaging equipment. Notably, it is one of only two private hospitals in Peru licensed to perform organ transplants and owns a well-equipped neonatal intensive care unit and maternity wards. Clínica Delgado physicians also performed the first ever thorax abdominal aorta endoprosthesis implant in Peru, and only the third in Latin American history. In addition, we provide a wide variety of medium-complexity services at our regional hospitals and clinics outside of Lima, with our hospitals in Chiclayo and Arequipa serving as our two key regional hubs with a focus on medium-complexity treatments in northern and southern Peru, respectively.

Our Auna Peru network is horizontally integrated, meaning that our patients are provided with a seamless experience regardless of which of our facilities they access. We cover all of our patients’ healthcare needs in a coordinated manner by offering all of the treatments they require in addition to diagnostic imaging, pharmaceuticals and laboratory services. In addition, our data management allows us to monitor patient healthcare needs, efficiently manage costs across our patient population and improve medical outcomes and the quality of our services. Our HIS includes our EMR system, which was the first of its kind in Peru when we implemented it in 2013, and is implemented in all of our hospitals in Peru, allows doctors and medical staff at any of our facilities to work with the most complete information on each patient and makes it easy for patients to transfer between facilities if needed. We also have kiosks and a mobile app, which allow our patients to make and pay for appointments in a convenient manner. By covering all of our patients’ healthcare needs in a coordinated manner, we enhance customer satisfaction, incentivize patients to remain within our networks and bolster our reputation for quality and our brand awareness.

The following table sets forth additional information with information of the hospitals and clinics in our Auna Peru network as of December 31, 2025:

Facility — Clínica Delgado	Location — Lima	Owned	Hospital	Complexity Level — High	181	77		8	27	57
Clínica Chiclayo	Chiclayo	Owned	Hospital	Medium	43	30		2	12	40
Clínica Vallesur	Arequipa	Owned	Hospital	Medium	67	24		3	20	42
Clínica Miraflores	Piura	Owned	Hospital	Medium	64	31	(2)	3	12	33
Clínica Bellavista	Callao	Owned	Hospital	Medium	24	13		2	9	30
Clínica Camino Real	Trujillo	Owned	Hospital	Medium	6	13		1	—	33
Servimédicos	Chiclayo	Owned	Clinic	Low	—	15		—	—	26
Cantella	Lima	Owned	Clinic	Low	—	4		—	—	1
Auna Benavides	Lima	Owned	Clinic	Low	—	3		—	—	1
Laboratorio Guardia Civil	Lima	Leased	Laboratory	Low	—	—		—	—	1

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(1) We own the facility and have the right to use, enjoy and encumber the surface of the land on which Clínica Delgado sits via a surface rights agreement. See Item 10C. “Material Contracts—Surface Rights Agreement.”

(2) Includes outpatient offices at Centro de Consulta Monteverde.

Throughout our network we provide more than 40 medical specialties and subspecialties, and we specialize in medium- and high-complexity medical services, such as oncology, cardiology, neonatal care, neurology, trauma and organ and bone-marrow transplants. Notably, Clínica Delgado is the only private hospital in Peru providing all cardiology-related subspecialties, such as clinical cardiology, cardiovascular surgery, electrophysiology and pacemakers, hemodynamics and cardiological intervention, intensive cardiology, cardiology imaging and pediatric cardiology, including congenital anomalies.

Healthcare Services in Colombia

We provide healthcare services in Colombia through our Auna Colombia network, which we launched through the acquisition of Grupo Las Américas, one of Colombia’s leading healthcare groups located in the country’s second-largest market and key economic hub, Medellín. We further expanded our network in Colombia through the acquisition of Clínica Portoazul, a healthcare services provider with state-of-the-art facilities and a premium customer portfolio located in Barranquilla, the fourth-largest city in Colombia. In early 2022, we completed the construction of Clínica del Sur, in Medellín, and the acquisition of IMAT Oncomédica, a high-complexity hospital with a dominant position in Montería due to its unique healthcare service offering strongly focused on oncological treatment, adding a combined total of 580 beds.

Our Auna Colombia network consists of three hospitals, Clínica Las Américas, Clínica del Sur and IDC, and three clinics in Medellín; one hospital, Clínica Portoazul, in Barranquilla and one hospital, IMAT Oncomédica, in Montería. As of December 31, 2025, our network included 1,131 beds with an occupancy rate of 76.6%.

Like in our Auna Peru network, our Auna Colombia network is focused on providing a seamless experience for our patients at varying levels of complexity through a horizontally integrated network of facilities with premium clinical capabilities. Our high-complexity services are centered at our flagship hospitals in this network, Clínica Las Américas and IDC. Clínica Las Américas is the leading private hospital in the city, specializing in cardiology and bone-marrow transplants, was ranked in the top 10 best hospitals in Colombia by Intellat 2025 Best Hospital Ranking. IDC is also renowned as one of the top oncology hospitals in the country and is the only healthcare institution in Colombia that is a sister institution of MD Anderson. To attain this relationship with MD Anderson, a cancer-fighting institution must be deemed by MD Anderson to have research- and education-based capabilities meeting certain of MD Anderson’s quality standards after undergoing an application process. Through an annual fee, we have access to educational tools, participate in collaborative research with MD Anderson and its global network of sister institutions and are able to send our IDC patients to MD Anderson’s facilities. IDC is also affiliated with the Union for International Cancer Control. These affiliations allow IDC to share best practices and new treatments with a wide range of institutions around the world.

IMAT Oncomédica is focused on offering healthcare services for all patients in the region of Montería and holds a dominant position due to its unique medical offering. The original infrastructure is a mature building with 131 beds focused on providing high-complexity services, mainly oncology. In 2020, a new tower with an additional capacity of 294 beds was inaugurated, specializing in oncology complementary services and general health procedures, mainly procedures related to cardiology. Similarly, Clínica Portoazul is a reference point for high-complexity healthcare services, which comprises the surgical procedures of oncology, traumatology and orthopedics, cardiology and neurology, in Barranquilla, Colombia’s fourth-largest city, with premium infrastructure and a suite of medical specialties, including oncology.

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The following table sets forth additional information with respect to the main facilities in our Colombian network as of December 31, 2025:

Facility — Clínica Las Américas	Location — Medellín	Owned / Leased — Owned	Type — Hospital	Complexity Level — High	379	22	10	107	38
Instituto de Cancerología (1)	Medellín	Owned	Clinic	High	—	39	—	—	24
Clínica del Sur	Medellín	Owned	Hospital	High	154	12	6	42	19
Clínica Portoazul	Barranquilla	Owned	Hospital	High	184	18	11	43	54
Clínica IMAT Oncomédica	Montería	Owned	Hospital	High	425	39	7	35	56
Centro Médico Arkadia	Medellín	Owned	Clinic	Low	—	36	—	—	46
Centro Médico City Plaza	Envigado	Owned	Clinic	Low	—	4	—	—	7
Centro Mastologia San Fernando	Medellín	Owned	Clinic	Low	—	1	—	—	3
LMLA—San Fernando	Medellín	Owned	Laboratory	Low	—	—	—	—	1
LMLA—Platinum	Medellín	Owned	Laboratory	Low	—	—	—	—	1
LMLA—Viscaya	Medellín	Leased	Laboratory	Low	—	—	—	—	1
LMLA—Laureles	Medellín	Leased	Laboratory	Low	—	—	—	—	1
LMLA—Llanogrande	Llanogrande	Leased	Laboratory	Low	—	—	—	—	1

(1) Overnight stays for Instituto de Cancerología patients are provided at Clínica Las Américas

(2) Considers Torre Médica (21) and Centro Médico City Plaza (5)

Oncosalud Peru

Healthcare plans in Peru, Oncosalud, is a vertically integrated healthcare plan platform through which we are both a healthcare payer and a provider of oncology and general healthcare services.

We sell oncology plans that provide healthcare coverage for the prevention, detection and treatment of cancer and provide oncology healthcare services to those covered by our plans as well as patients with other forms of private healthcare coverage, including traditional insurance and other prepaid plans, mostly through our network of Oncosalud-dedicated facilities. Through this vertically integrated model, we offer our plan members a full range of services at an affordable cost.

Oncology plans

We believe that our vertically integrated oncology structure has been very effective at preventing, detecting and treating cancer while also managing the more serious and high-cost medical cases. Although only a small portion of our plan members are diagnosed with cancer each year, we provide regular screenings under each plan, which allows us to detect cancer at earlier stages and lowers the cost of treatment than if the cancer had been caught later. We treat patients at our facilities in Peru, with some cases of patients being treated at IDC in Colombia due to its expertise in hematological cancer treatments such as leukemias and myelomas, not available in Peru’s facilities.

As a result, we have been able to achieve three-year and two-year cancer survival rates for the cohort of patients diagnosed between 2006 and 2016 of 79.5% and 82.9%, respectively. This cohort only includes patients covered by our oncology individual plans and, in connection with our access to governmental records, is limited to Peruvian nationals, which represented 97% of applicable patients diagnosed with cancer between 2006 and 2016. We define our cancer survival rates as the proportion of patients alive at two, three or five years, as applicable, following the diagnosis of their cancer based on follow-up of patients for the applicable period, based on internal records and supplemented by governmental records in Peru. This method of calculating survival rates is the recommended method by the National Cancer Institute and generally used by the industry in the United States.

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Our oncology plans are prepaid healthcare plans, meaning that plan members pay a fixed amount per year which covers any service covered by the type of plan a member has.

On a combined basis across our eight different oncology plans, we have 991,181 memberships as of December 31, 2025, representing 69.6% of the total number of healthcare plan memberships in Peru. Two of our oncology plans represent 72.5% of our oncology plan membership: (i) OncoPlus, our premium plan with 459,478 plan memberships and (ii) Oncoclásico Pro, our mid-level plan with 259,205 plan memberships. The main coverage details for our principal plans are as follows:

Type of Service	Level of Coverage (%) — OncoPlus	Oncoclásico Pro
Outpatient appointments, surgery procedures, home visits and anesthesia	100%	100%
Chemotherapy	100%	100%
Specialized biological therapy, including monoclonal antibodies, white cell stimulants, enzyme inhibitors and immunotherapy	100%	70%
Non-biopsiable invasive cancer treatment	100%	100%
Bone marrow transplants	100%	100%
Osteosynthesis	100%	70%
Breast reconstruction	100%	70%
Breast prosthesis	100%	70%
Annual screenings	2 every year	2 every year

Monthly fees for each of our oncology plans increase with a plan member’s age, and as of December 31, 2025, the average age of our oncology plan members was 37.7. The monthly fees for OncoPlus vary from S/51 to S/701, and for Oncoclásico Pro it varies from S/42 to S/641. In 2021, we began offering a lower-cost plan, Oncovital, covering the most common and treatable cancers, which is within the economic reach of a larger segment of Peru’s population. Oncovital had 114,450 memberships as of December 31, 2025.

During the year ended December 31, 2025, while 59.5% of Oncosalud’s covered oncology plan services were provided at Oncosalud facilities, 37.3% of oncology plan services were provided at other facilities in our Auna Peru network and only 3.2% were provided at third-party facilities.

Oncology healthcare services

We provide healthcare services for the prevention, detection and treatment of cancer through a network of dedicated Oncosalud facilities to those covered by our plans as well as patients with third-party healthcare coverage. We operate two specialized oncology hospitals and three oncology clinics to provide our oncology services to our plan members and patients with third-party healthcare coverage. Our facilities have premier clinical capabilities. We believe Clínica Oncosalud is one of the best radiotherapy centers in Peru, as we are one of the only providers with a private PET scan and cyclotron and one of the only private providers in the country providing intraoperative radiotherapy, all of which has allowed us to obtain a Diamond accreditation from ACI. Supported by some of Peru’s best cancer specialists, we treated 120,875 patients at our Oncosalud facilities during the year ended December 31, 2025.

The following table sets forth additional information with respect to our Oncosalud facilities as of December 31, 2025:

Facility — Clínica Oncosalud (1)	Lima	Owned / Leased — Owned	Type — Hospital	Complexity Level — High	75	—	3	4	23
Clínica Guardia Civil	Lima	Leased	Hospital	Medium	34	24	3	8	40
Oncosalud San Borja (1)	Lima	Owned	Clinic	Low	—	22	—	—	23
Oncosalud San Isidro (1)	Lima	Owned	Clinic	High	—	3	—	—	1
Centro de Bienestar Auna	Lima	Owned	Clinic	Low	—	25	—	—	1

(1) Radiotherapy treatments and outpatient consultations for Clínica Oncosalud are provided at Oncosalud San Borja and Oncosalud San Isidro.

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We are also one of the few providers in Peru with a dedicated palliative homecare unit, which allows us to remain in close contact with our patients until the very end of the disease’s cycle even when that outcome is not remission. This is an integral part of the Oncosalud value proposition, and something that we believe distinguishes us from competing services in the market.

General healthcare plans

In 2020, we began offering general healthcare plans with broader coverage that includes all specialties and services in our hospitals and clinics in Peru. We replicated the integrated model we have for our oncology plans for the general healthcare plans and provide services through our network of facilities, including through our network of Oncosalud-dedicated facilities.

Our general healthcare plans are prepaid healthcare plans, meaning that plan members pay a fixed amount per year which covers any service covered by their plan.

On a combined basis across our six different general healthcare plans (including Auna Salud, Auna Preventivo and other general healthcare products), we had 177,813 memberships as of December 31, 2025, representing 12.5% of the total number of healthcare plan memberships. Among these memberships, approximately 39% correspond to our Salud Classic and Salud Premium plans, which are described in the table below:

Type of Service	Level of Coverage (%) as of 2025 — Salud Classic	Salud Premium
Outpatient appointments	75-80 %	70-80 %
Telemedicine	75-80 %	70-80 %
Non-accident emergency care	75-80 %	70-80 %
Accident emergency care	100 %	100 %
Annual checkup	100 %	100 %
Hospitalization	80 %	80 %
Maternity care	75-80 %	70-80 %
Internal prosthesis, internal implants and osteosynthesis material	80 %	80 %

Monthly fees for each of our general healthcare plans increase with a plan member’s age, and as of December 31, 2025 the average age of our general healthcare plan membership was 29.9. The monthly fees for Salud Classic vary from S/127 to S/906, and for Salud Premium it varies from S/227 to S/1,180.

During the year ended December 31, 2025, while 23.6% of our general healthcare plan covered services were provided at Oncosalud facilities, 74.9% of these services were provided at other facilities in our Auna Peru network and only 1.5% were provided at third-party facilities.

Telemedicine plans

We began offering group plans for telemedicine services on a business-to-business basis in 2020. All of the telemedicine services are provided by our existing network. These plans are designed to introduce customers to our products and services as a way of expanding our reach and deepening existing relationships.

Our telemedicine plans are prepaid group healthcare plans, meaning that employers of the plan members pay a fixed amount of US$0.8 per month per plan member as of December 31, 2025. Each plan member has access to up to 12 telemedicine consultations per year and discounted access to certain healthcare services in our Auna Peru network. We have 255,701 memberships as of December 31, 2025, representing 17.9 % of the total number of healthcare plan memberships.

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Our Market

We currently operate in Mexico, Peru and Colombia, which had an aggregated GDP of approximately US$2,631 billion in 2025, a total population above 220 million, and a healthcare services expenditure of over $154 billion, and collectively account for 44%, and 54% of SSLA’s healthcare spending and population, respectively. These countries also have some of the largest groups of young populations in the region, which translates into favorable aging expectations, and have experienced rapid economic growth and improvements in per capita income, growing the middle classes in recent years, which we expect will increase healthcare spending in these markets over time. We also believe that the regulatory frameworks in these countries are conducive to further growth in the private healthcare provider segment for an integrated player like us. We believe that our integrated networks and operational model in each market provide us with a significant competitive advantage to capitalize on this growth. Through our operating model, we strive to achieve regional scale and a high degree of both horizontal and vertical integration in all of the markets where we operate, adapting to the specific characteristics and regulatory framework of each market.

The healthcare market in SSLA has several key characteristics that make it ripe for disruption and significant growth:

• Lack of access : According to BMI, a Fitch Solutions company, healthcare spending in SSLA is expected to reach US$463 billion by 2028, in a market covering over 400 million people, yet more than 350 million individuals have restricted or no timely access to healthcare services. As a means of comparison, total healthcare spending in the United States amounts to more than US$5,600 billion in a market covering only approximately 342 million people. Average waiting times in SSLA are four to five times those of the United States and other advanced markets, while existing beds, outpatient rooms and related infrastructure is significantly below the WHO minimum recommended standards. For example, hospital beds per 1,000 inhabitants reach 1.0, 1.6, and 1.9 in Mexico, Peru and Colombia compared to the minimum recommended of 3.0 by the WHO and 4.2 by the OECD. The healthcare markets in many regions in SSLA remain significantly underpenetrated as compared to developed economies, despite the SSLA market as a whole growing at 1.2 times the U.S. market, from 2022 to 2025, according to BMI.

Notes: Not to scale. Healthcare expenditure excludes pharmaceuticals spending. SSLA is defined as Latam country minus Brazil.

• Evolving demographics : As the region’s main economies continue to transition toward becoming middle-income countries aided by improving living standards, the growing populations will feature an increased representation of the elderly segment and this is expected to increase spending on healthcare needs, thus providing favorable tailwinds for the industry. The percentage of the population above 50 years old is expected to increase from 23.9% to 39.1% in Mexico, 23.4% to 35.2% in Peru and 26.3% to 43.8% in Colombia by 2050.

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• Deficient public and private healthcare : Public healthcare systems throughout the region have been negatively impacted by pervasive, long-term lack of investment, leading to deficiencies in infrastructure and care. While private healthcare options exist, they are often unaffordable, making them inaccessible for most of the population and resulting in high out-of-pocket spending across the board. Private healthcare insurance penetration levels in SSLA remain substantially below those of the United States and even Brazil. The expected healthcare expenditure as a percentage of GDP excluding pharmaceutical sales in 2025 was 5.7%, 4.5% and 7.3% in Mexico, Peru and Colombia, respectively, compared to 9.3% in Brazil and a National Health Expenditure of 18.5% in the United States.

• Lack of transparency : Throughout the region, conflicts of interest between insurers and providers result in poor client experience: asymmetries of information lead insurers to provide low or no coverage and demand high copayments to minimize costs, while hospitals and doctors frequently perform unnecessary procedures to maximize revenue. Patients thus face opaque cost structures and uncertain outcomes.

• Fragmentation and lack of coordination : The provider landscapes for healthcare services are often fragmented, with many independently owned hospitals and clinics, independent practitioners and overlapping and uncoordinated diagnostic labs, imaging providers and other services, leading to poor patient experiences, deficient medical outcomes and high costs due to lack of scalability. Patients are often forced to maneuver through various systems to receive care that could otherwise be provided by one provider. Patients also struggle to receive consistent and reliable healthcare services, as providers typically lack standardized and protocolized practices.

• Limited investments in technology : Digital solutions are critical to scaling healthcare delivery in the region, yet they represent only a small fraction of capital invested into emerging technologies in the region. The number of OECD countries that have implemented EMRs has increased over time, where on average, 93% of primary care practices use EMRs across 24 OECD countries in 2021. Additionally, most patients are able to view and interact with their information on EMRs as well as to access to teleconsultations or video-conferencing. In Mexico, the largest country where we operate by GDP, the percentage of primary care practices that use EMRs does not reach more than 40%.

• Differing regulatory frameworks : Across the region, multiple frameworks add an additional layer of complexity as they provide private companies with widely different incentives and margins of action. However, we believe that the regulatory frameworks in our markets are conducive to further growth for regional integrated players as they have a similarity of investor-friendly features, welcoming imported best-practices, therefore allowing us to establish standardized protocols and practices that allow us to manage and control costs.

Our Competitive Strengths

Our key strengths closely reflect the Auna Way and include:

Vertical integration in Peru provides healthcare at an affordable cost and empowers our users to be in control of their own health journeys

We believe our vertically integrated approach in Peru allows us to offer a large part of the populations we serve access to healthcare plans (from traditional insurance products to complementary coverage of certain complex diseases and to service packages) that foster a seamless patient experience. Given that these plans are integrated to our horizontally integrated network, we believe they provide patients with confidence in the quality of patient experience and medical treatment they will receive as well as cost predictability. We believe this is a competitive advantage, in particular when compared to the baseline in the SSLA market, where patient options are often affected by market fragmentation, lack of industry standards and providers whose incentives are not aligned with the goals of their patients.

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Through our Oncosalud network in Peru, we operate Latin America’s only fully vertically integrated oncology program where coverage and virtually all diagnostic and treatment services are provided by a single company. As of December 31, 2025, Oncosalud had over 991,181 oncological memberships and a market share of 24.7%, making it the top healthcare plan operator in Peru, according to SUSALUD, a position it has consistently maintained over the last decade. Our vertical integration has allowed us to be highly efficient while also providing effective patient results, as evidenced by Oncosalud’s 54.2% MLR as of December 31, 2025 and 74.6% five-year cancer survival rate as of June 2022. Our plan members include healthcare consumers who do not have any other healthcare coverage, members who are covered by EsSalud but want supplemental coverage for cancer and individuals who have healthcare coverage from another private payer but want access to our leading expertise in oncology and our integrated care platform. We believe our prepaid oncology plans meet an important need in the Peruvian market, where the vast majority of the population either lacks health insurance or is reliant on the public sector for healthcare coverage.

We believe that our ability to offer a vertically integrated plan, which can be sold as oncology complementary coverage or as part of a general healthcare plan that is integrated into our horizontal network, provides a desirable alternative in the Peruvian market to consumers who seek to replace or supplement their other existing private or public healthcare coverage, as evidenced by the growth in our Oncosalud membership from 266,000 in 2008 to over 991,181 as of December 31, 2025, and the growth of our general healthcare and telemedicine plan members from launch to over 433,514 as of December 31, 2025. Further, our ability to offer standardized care across our network through an integrated solution that covers all aspects of patient care (from preventative care to treatment) in contrast to the fragmented services that are offered by our competitors, combined with the efficiencies from vertical integration, allow us to more competitively price our plans and deliver a more seamless experience to our customers.

In 2019, we expanded our portfolio to include selected general healthcare plans aiming to provide first-class services at more competitive prices than traditional insurance plans, leveraging our highly successful oncological model. As of December 31, 2025, we had a total of over 433,514 memberships for our general healthcare plans, which represented a 1.3% market share according to SUSALUD. Just in the year ended December 31, 2025, net additions to our membership base of the selected general healthcare plans reached over 66,836 new memberships or a growth of 18.3% in the year. We believe we can leverage our deep expertise and extensive know-how developed in Peru across other similarly situated regions, particularly in Mexico.

Horizontally integrated regional healthcare networks provide seamless patient experiences and significant network-level efficiencies

We believe our horizontally integrated approach allows us to foster a seamless patient experience. Across our integrated network of facilities, we are able to care for our patients in an efficient and coordinated way. For example, the medical providers, including physicians and other medical staff, in our healthcare network access the same patient health records. We have also established a variety of standardized protocols for treating particular diseases based on internationally recognized standards and medical practices, which we are in the process of rolling out across our facilities. We hold regular meetings with medical providers, including physicians and other medical staff, in our healthcare network to educate them on these protocols and encourage their use. This allows us to work at any time with the information for each patient, at each stage of their treatments, and enables seamless transitions across sites of care within the Auna network. Our integrated approach also allows us to pursue a long-term, value-based approach to care, which in turn allows us to provide care at competitive costs. Given that we are the principal payers for the patients that benefit from this integration, we promote preventative medicine and practice longitudinal population health management. We can closely monitor and anticipate patient health requirements, then offer patients expedited treatment. By covering all our patients’ healthcare needs in a preventative and coordinated manner, we enhance customer satisfaction and clinical outcomes, which drive positive brand awareness, resulting in greater customer loyalty and demand for our services.

In addition, our healthcare network provides us with multiple network-level efficiencies that we believe would be difficult for competitors to replicate. We operate one of SSLA’s largest healthcare platforms, which we believe is the only platform with a truly regional footprint. Due to our scale, we have become a “must carry” provider for major private health insurers in the three countries where we operate, meaning that including our Auna Mexico, Auna Peru and Auna Colombia facilities in their in-network coverage has become important for their plans to be competitive within their markets. This provides increased negotiating power with third-party payers, particularly private insurance companies and other healthcare payers. We also have the ability to reduce costs through the negotiation of favorable rates for the procurement of medicines and medical equipment and through the ability to make long-term investments in technology systems, data analytics and research on a centralized basis. The scale and quality of our network also allows us to attract the best doctors and management talent in the market. However, if we are unable to maintain the scale of our network and the demand for care, we may lose the benefits of our competitive position and negotiating power. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—We face competition in fragmented markets like Mexico, Peru and Colombia, from our current competitors and other competitors that might enter the sector.”

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Standardization of best practices across our networks through information sharing and normalized protocols

Our strategy continues to result in the roll-out of standardized protocols across medical, operational and administrative areas of our business. This strategy is further enhanced through our digitalized and integrated information systems. We have developed robust reporting processes to track treatment stages and outcomes across these areas and are able to share best practices across our networks to improve outcomes. We have implemented over 1,300 protocols and over 450 standardized clinical practice guidelines. Our doctors and patients have access to a cross-border, comprehensive network of medical expertise. For example, we are able to share the more than 30 years of experience and know-how that Oncosalud possesses with IDC and Oncomédica in Colombia. Likewise, Oncosalud has greatly benefitted from IDC’s and Oncomédica’s impeccable track-record as one of the top cancer care institutions in Colombia. These types of collaborations provide us with formidable oncology capabilities in the region.

Premium clinical capabilities at all levels of complexity, with emphasis on high-complexity

We operate 15 hospitals with 2,333 beds and 16 outpatient, prevention and wellness facilities across Mexico, Peru and Colombia, including three hospitals specializing in oncology. While we provide services at all levels, our facilities specialize in medium and high-complexity medical services, such as oncology, cardiology, neurology, trauma and organ and bone-marrow transplants. The flagship hospital in our Auna Peru network, Clínica Delgado, which has a Diamond accreditation from Accreditation Canada International (“ACI”), is one of only two private hospitals in the country that are licensed to perform organ transplants and owns a well-equipped neonatal intensive care unit and maternity wards. Our flagship hospital in our Auna Colombia network, Clínica Las Américas, is a private hospital in Medellín specialized in high-complexity services and was ranked in the top 10 best hospitals in Colombia by Intellat 2025 Best Hospital Ranking and the 24 th best hospital in Latin America by IntelLat 2025 Best Hospital Ranking. Our flagship hospital in our Auna Mexico network, Doctors Hospital, is a private hospital in Monterrey specializing in high-complexity services, was ranked among the top five hospital networks in northern Mexico for cardiology, heart surgery, neurosurgery and gastrointestinal surgery by Fundación Mexicana para la Salud in 2025. Our premium clinical capabilities are central to the strength of our reputation and our brand, our “must carry” status with health insurers and our ability to attract the best doctors. While we are strongly committed to maintaining our standard of care and offering state-of-the-art equipment, any failure to provide these capabilities may have an adverse effect on our business. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—If we are unable to provide advanced care for a broad array of medical needs, demand for our healthcare services may decrease.”

Successful inorganic and organic growth

Establishing scale in each of our markets has been a key component of our success to date, and we believe increasing our overall network scale will increase our efficiency and competitiveness in the future. We have built our healthcare network through a combination of organic facilities and through acquisitions of other facilities, and we continue to routinely evaluate acquisition and investment opportunities that are aligned with our strategic goals. We have leveraged our deep experience and proven track record to create a replicable “playbook” that we believe we can use to continue to successfully expand our reach. When we enter a new market, we employ our “land, expand and integrate” strategy, focusing on targets that allow us to immediately acquire a significant market share. This allows us to have scale in the new markets where we operate, providing significant benefits, such as bargaining power with suppliers and insurance companies.

When we acquire or build new facilities, we invest in standardizing the layout, equipment and operations. While integrating new facilities into our networks, whether organic or inorganic, comes with its challenges, such as increased costs from new organizational structures, changes or upgrades in processes and information systems, changes to our operating model, building and maintaining our brand’s reputation and financing such acquisitions, we have a dedicated integration team with more than ten years of experience, which works to implement best practices. The successful execution of organic and inorganic initiatives has allowed us to increase the number of beds in our networks on an aggregate basis from 112 in 2012 to 2,333 as of December 31, 2025. A substantial majority of our revenue growth since 2019 is attributable to acquisitions. However, there can be no assurance that any future acquisitions that we make will be beneficial to our business. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—Any acquisitions, partnerships or joint ventures that we make or enter into could disrupt our business and harm our financial condition.”

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Comprehensive digital platform with robust data and technology architecture that enables us to deliver immediate, digitally enabled end-to-end patient experiences

We take a technology-intensive approach to healthcare to improve access and affordability. We have built an integrated HIS and HCP Core upon which the operations of our healthcare network and healthcare plan businesses, respectively, are run. The HIS and HCP Core systems are composed of commercially available and proprietary modules integrated via a reliable and scalable middleware, providing us with fundamental capabilities to securely exchange data throughout our system, enhance cost-efficiency, monitor and manage our activities, provide interfaces with our healthcare and administrative professionals and, through web-enabled and smartphone apps, provide a portal for our patients and plan members. A central element of our HIS is our EMR system, which has been implemented across Peru and is currently being implemented in Colombia and Mexico. Because our technology is an integral part of our operations, any failure of our core information platforms to function properly could adversely impact our business. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—A failure of our IT systems could adversely impact our business.” In addition to our core information platforms, we have developed the Auna App, which provides our members and patients in Peru with secure access to certain information in our system and an immediate, convenient and personalized way to manage all their healthcare needs. The Auna App allows patients and members to purchase healthcare plans, book and pay for medical appointments, check their medical records, receive reminders for upcoming appointments and procedures and obtain medical prevention tips, among other capabilities.

Solid financial growth backed by strong operating fundamentals

We believe that our wide array of services, the scale of our networks and our focus on cost efficiency has allowed us to achieve market-leading financial performance. On a consolidated basis, giving effect to our acquisitions in Colombia and Mexico, for the year ended December 31, 2025, we generated revenue of S/4,385.3 million (US$1,304.0 million), with profit of S/110.9 million and a profit margin of 2.5%, compared to profit of S/124.0 million and a profit margin of 2.8% in 2024. The decrease in profit and profit margin was primarily driven by higher net finance costs, including non-recurring refinancing costs incurred in 2025, partially offset by favorable foreign exchange effects and stable operating performance.

In 2024 and 2025, we achieved EBITDA margins of 23.1% and 19.6%, respectively, reflecting the strength of our operating model. In addition, in 2024 we delivered 26% EBITDA growth compared to 2023. Profit for 2025 was S/110.9 million (US$33.0 million), consistent with the trends described above, while EBITDA for 2025 was S/858.1 million (US$255.2 million), and Adjusted EBITDA for 2025 was S/916.5 million (US$272.5 million).

Our indebtedness decreased by S/111.6 million from S/3,767.7 million as of December 31, 2024 to S/3,656 million as of December 31, 2025. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—Our significant indebtedness could adversely affect our financial health, prevent us from fulfilling our obligations under our existing debt and raise additional capital to fund our operations and limit our ability to react to changes in the economy or the healthcare industry.” Our EBITDA Margin may not be comparable to that of other companies; for further information see “Presentation of Financial and Other Information—Non-GAAP Financial Measures.”

Management team, board of directors and shareholders with industry know-how and strategic vision

We believe that the combined strengths and proven experience of our management team, board of directors and shareholders have succeeded in making Auna one of the premier companies in the healthcare industry in SSLA. In addition, we believe the track record and depth of knowledge of our management team provide us with a distinct competitive advantage. Together these executives bring a wealth of expertise in our three national markets and provide broad experience to our pan-regional integrated business. Our seasoned board of directors has more than 200 years of cumulative experience, providing us with a set of diverse and complementary capabilities. Our board of directors currently features a majority of independent members with a diverse range of expertise in healthcare, law, investment banking, digital and sales and marketing. Moreover, Auna continues to adapt its organizational structure to the needs of the business and the markets where we operate, focusing on scaling and integrating its established regional capabilities in medical resolution and patient experience.

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Our controlling shareholder, Enfoca, is one of Latin America’s foremost investment firms and has a proven track record of more than 16 years as an active investor in private equity, contributing to our and other consumer-facing companies’ growth in the region. Enfoca has introduced strategic initiatives aimed at accelerating growth, enhancing profitability, fostering innovation, developing talent, increasing efficiencies and implementing best-in-class corporate governance practices that we believe position us well for sustainable long-term growth. In addition, Enfoca actively participates in many of our management-level committees, including our executive and human talent committees and helps drive the execution of our growth strategy. We believe that our controlling shareholder’s continuing support, engagement with management and long-term vision for growth gives us a competitive advantage, notwithstanding the potential conflict of interest it may also present. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Class A Shares—Enfoca, our controlling shareholder, owns approximately 72.9% of our class B shares and certain of our officers and a majority of our directors are employed by or otherwise affiliated with Enfoca, which could give rise to potential conflicts of interest with them and certain of our other shareholders.”

Our Operations

Suppliers

Our primary suppliers are contracted through purchase orders for the provision of the medicine, medical supplies and medical equipment necessary for our services. Although the procurement of medicine and medical supplies for our networks is currently centralized at each country’s corporate level, it also benefits from the regional scale of Auna.

We are in the process of establishing systems and procedures that will allow us to coordinate our procurement process across countries. Our Quality Control Committee and, in the case of technology products, our Technology Evaluation Committee prepare an approved list of suppliers and products in Peru, Colombia and Mexico. From this list, our procurement department evaluates potential suppliers and products and selects which suppliers and/or products to use. As of December 31, 2025, we had 152 medicine suppliers in Peru, 154 in Colombia and 50 in Mexico. For the year ended December 31, 2025, we purchased 73%, 73% and 93% of our medicines from our 10 largest suppliers in Peru, Colombia and Mexico, respectively. For more information on our suppliers, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—We rely on a limited number of suppliers of medical equipment and supplies needed to provide our medical services.”

In addition, we have an ESG annex for our contracts outlining our ESG guidelines for critical suppliers to ensure their awareness and compliance. This forms part of our ESG supplier program, which has recently been launched with four suppliers across all countries in which we operate.

Procurement of medical equipment is also centralized at the corporate level and is principally managed by our Clinical Engineering Department. This department assesses the equipment needs at all of our facilities, evaluates various suppliers and selects which suppliers to purchase from. This department also oversees the installation of all purchased equipment and the ongoing maintenance of such equipment throughout its useful life.

Sales & Marketing Channels

We sell our healthcare plans in Peru through a variety of channels, including:

• Our in-house sales force, which we employ directly and accounted for 17.4% of plan sales in the year ended December 31, 2025;

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• Telemarketing, which is done by a third-party vendor and accounted for 22.2% of plan sales in the year ended December 31, 2025;

• Corporate channel, as some employers provide coverage to employees, which is done by an in-house team and accounted for 15% of plan sales in the year ended December 31, 2025;

• Partnerships with third parties, such as banks, through which plans are sold directly in bank branches and via call centers, and credit card companies, which accounted for 8.3% of plan sales in the year ended December 31, 2025;

• Independent brokers, which accounted for 30.7% of plan sales in the year ended December 31, 2025; and

• Digital advertising, which accounted for 6.4% of plan sales in the year ended December 31, 2025.

We sell our dental, vision and oncological insurance plans in Mexico through:

• Partnerships with third parties, such as major medical insurance companies, through which plans are sold directly or with brokers which accounted for 63% of plan sales in the year ended December 31, 2025; and

• Independent brokers, which accounted for 36% of plan sales in the year ended December 31, 2025.

As of December 31, 2025, 91%, 52% and 97% of the total revenue from contracts with customers in our Healthcare Services in Mexico, Healthcare Services in Peru and Healthcare Services in Colombia segments, respectively, were generated by payments from third-party payers, including private insurers and institutional providers, during the year ended December 31, 2025. As a result, we focus primarily on negotiating contracts with private insurers to ensure that our hospitals and clinics are on their list of approved facilities. We have a dedicated commercial team to handle negotiations with insurance providers, with the objective of building and maintaining close relationships with them and ensuring that our network of hospitals and clinics is included in all their insurance plans.

As part of our integrated sales and marketing strategy, we focus on optimizing our customer acquisition cost while offering a strong and proven portfolio. As part of this strategy, we offer an omnichannel solution portfolio.

Technology

Our Information Technology (IT) strategy is designed to support our core philosophy, the “Auna Way,” as we focus on advancing IT solutions within our healthcare and insurance operations in Latin America. This philosophy—built on patient-centricity, medical excellence, integrated operations, and sustainable growth—guides our operations across Mexico, Peru, and Colombia. Our IT initiatives operationalize these pillars, enhancing patient care, streamlining operations, and supporting scalable growth while ensuring compliance and innovation.

Patient-Centricity and Medical Excellence

Our IT strategy prioritizes patients and clinical quality through a comprehensive Hospital Information System (HIS) integrating Electronic Medical Records (EMR) and Revenue Cycle Management (RCM). By 2025, our transition to a Regional ERP based on SAP S/4HANA will replace legacy systems with a unified platform that aims to provide real-time patient data access, reduce clinical errors, and support personalized care delivery. Additionally, Clinical Decision Support Systems (CDSS) empower healthcare professionals with evidence-based tools, improving diagnostic accuracy and outcomes.

Integrated Operations

Our implementation of Laboratory Information Systems (LIS) and Vendor Neutral Archiving (VNA) and new RIS- PACS regional solution, enhances operational interoperability, standardizing lab processes, and centralizing medical imaging for seamless collaboration across borders. This fosters cohesive patient care, eliminates redundancies, and promotes efficiency across our regional network.

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Supporting Healthcare and Insurance Integration

As a leading oncology and health insurer with more than 35 years of experience in Peru, we leverage IT to improve insurance services in Mexico and Colombia. Our technology initiatives support the full insurance lifecycle—from enrollment and claims management to integrated patient care services—embedding insurance solutions within our healthcare ecosystem in a cohesive manner. This holistic integration strengthens our value proposition, facilitating continuous and comprehensive care that aligns with the “Auna Way.”

Sustainable and Scalable Growth

Our digital platform is strategically decoupled to facilitate integration and scalability, critical to our continued inorganic growth strategy. This modular architecture enables rapid integration of new acquisitions and partners without fragmenting the user experience or diluting service quality. By maintaining a cohesive digital ecosystem, we mitigate fragmentation risks, supporting smooth patient journeys and robust operational continuity across all markets.

Technological Innovation and Compliance

Innovation remains central to our strategy, supported by a continuous commitment to operational excellence. We are currently executing a comprehensive, multi-year strategic plan aimed at strengthening our IT General Controls (ITGC) framework across the region.

This initiative focuses on standardizing our technology environment and enhancing oversight mechanisms to ensure long-term sustainability and alignment with global compliance standards. While this transformation is being implemented through a phased approach, our regional Security Operations Center (SOC) provides a robust layer of immediate monitoring, safeguarding our digital assets and ensuring compliance with SOX and data protection regulations, such as Habeas Data, in Mexico, Peru, and Colombia. By integrating these governance enhancements with the “Auna Way,” we reinforce our leadership in regional healthcare transformation through a secure and resilient infrastructure.

Competition

In Mexico and Peru, we face competition primarily from other privately operated hospitals, clinics and healthcare networks for the provision of healthcare services. Our Auna Colombia network faces competition in Colombia from both public and private healthcare services providers. We face competition from these facilities on key factors such as (1) range of services offered to patients and physicians, (2) level of specialization of medical staff, and (3) reputation in the community.

Our strategy is designed to ensure our business is competitive, by focusing efforts on the quality of care, ability to attract and retain quality physicians, skilled clinical personnel and other health care professionals, location, breadth of services, technology offered, prices charged and our verticalized integrated business model.

The healthcare markets in Mexico, Peru and Colombia have historically been fragmented, and part of our competitive edge has been the reach of our networks. In recent years, new market entrants are seeking to consolidate their positions and increasingly compete with us.

Mexico

In Mexico, we face competition from other privately operated hospitals, clinics and healthcare networks for the provision of healthcare services. Main players have increased their offerings in recent years mainly through the construction of new facilities. In the same line, their renovation plans aim to add capacity and new technologies to keep up with the competition.

According to the Hospirank Mexico 2025 Report issued by Global Health Intelligence, Doctors Hospital and OCA Hospital, two of our three facilities in Mexico, are ranked among the best equipped private hospitals in Mexico, with OCA Hospital recognized among the leading facilities for cancer treatment, supported by its oncology infrastructure, which includes one of the highest numbers of linear accelerators and radiotherapy machines in Mexico.

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Our Auna Mexico network faces competition from other high-complexity hospitals in Monterrey. In Nuevo León more specifically, Grupo OCA, with our three healthcare facilities, is positioned as the leader in terms of the number of beds in the private healthcare sector. However, our network still faces competition from other high-complexity hospitals in the region, such as Christus Muguerza, Hospital Angeles, TecSalud and Swiss Hospital.

Moreover, we also face competition in the private healthcare plan market. There is a significant concentration in the Mexican private healthcare insurance market with the top 4 providers accounting for more than 81% of health plan providers premiums market in 2024.

Peru

In Peru, we also face competition from other privately operated hospitals, clinics and healthcare networks for the provision of healthcare services. The market in Peru is generally fragmented. According to SUSALUD, as of December 2025, there were 26,634 healthcare facilities in Peru, which include hospitals, private clinics, medical centers, private consultation facilities and dental hospitals. We are currently one of the few private healthcare networks in the country with broad geographic reach.

Well-established global players such as Quirónsalud have strongly positioned themselves through the acquisitions of Clínica San Felipe and Clínica Ricardo Palma, respectively, although Quirónsalud recently announced the sale of its operations in Peru and Colombia, while local groups such as Pacífico (through the Sanna network) and Rímac (through the Clínica Internacional network) have established horizontally integrated operations similar to ours in terms of coverage and structure.

Our flagship hospital, Clínica Delgado, faces competition from other high-complexity hospitals in Lima. Our regional hospitals outside Lima face competition primarily from Sanna and Clínica Internacional, the hospital networks of Grupo Pacífico and Rímac, respectively.

Peru’s capital and most populated city, Lima, and its metropolitan area, have the highest concentration of individuals with some type of healthcare coverage and is home to most of the country’s largest and most sophisticated hospitals.

While we are the only provider of a vertically integrated oncology plan in Peru, Oncosalud also faces competition from companies that offer general healthcare plans covering oncology services, including from traditional insurance providers and other companies offering prepaid plans covering oncology services. We believe Oncosalud’s main competitors are Rímac and Pacífico, the two main insurance providers in Peru, both of which have substantial financial resources and provide both complementary oncology plans and general healthcare coverage covering oncology.

There is significant concentration in the private healthcare plan market, with the top 10 providers accounting for more than 98% of the market since 2014. Oncosalud has consistently maintained a strong position in the market, and as of September 30, 2025, it held 26.0% of market share in the industry based on number of total plan members, including Auna’s general healthcare plans, which have been growing since 2020, when we expanded our portfolio to offer this kind of plans.

In Peru, we face limited competition from government providers, such as EsSalud and SIS, as a result of capacity limitations and deficiencies related to the standard of care despite their substantial financial resources.

Colombia

In Colombia, the market has seen increasing consolidation in recent years as both global and local players vie to integrate horizontal platforms in a sector where many top institutions are still owned by foundations and non-profit entities. We face competition from other privately operated hospitals, clinics and healthcare networks for the provision of healthcare services. The infrastructure gap between privately owned and state-owned facilities is smaller in Colombia compared to Peru and we face competition from state-owned facilities as well.

Clínica Las Américas, our hospital located in Medellín, is positioned within Medellín’s premium hospital segment, due to its infrastructure, medical service capabilities and offered specialties.

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However, in Medellín, we face competition from other hospital networks with premium facilities, including San Vicente de Paul, Pablo Tobón Uribe and El Rosario. Although they have smaller installed capacity, Clínica IPS Universitaria and Clínica Medellín, operated by Quirónsalud, are also competitors with strong brand awareness in Colombia.

In Montería, we face competition from other hospital networks with premium facilities, including San Jeronimo and Clínica Montería. We also face a heightened competitive risk in Montería as a result of the concentration of control of the market in a few individuals.

In Barranquilla, we also face competition from other hospital networks, including Clínica Iberoamerica (Grupo Keralty/Sanitas), Clínica del Caribe, Organización Clínica General del Norte y Bonnadona. Certain of our competitors may have greater financial resources, be better equipped and offer a broader range of healthcare services than we do.

Regulation of the Mexican Healthcare Sector

The Mexican healthcare system is a complex mix of public and private services based on the constitutional right to healthcare access. The right to healthcare access is implemented through the Ley General de Salud (the “LGS”), which outlines the roles of federal and local authorities as well as of public and private institutions in the provision of healthcare. Below are the key aspects of the Mexican healthcare system:

Health Ministry : The Health Ministry (“SSA”) is the federal authority in charge of executing and conducting public policy on health services and sanitary matters.
Social Security : The majority of the population relies on public healthcare services provided by the IMSS and the Institute for Social Security and Services for State Workers (“ISSSTE”), as well as similar state-level institutions that provide social security and healthcare to state and municipal workers.
IMSS-Bienestar : IMSS-Bienestar was established to centralize public healthcare services to the uninsured population. IMSS-Bienestar originated as a subprogram of IMSS and was later transformed into a decentralized entity ( organismo público descentralizado ) assuming control of all public healthcare services for the uninsured population, including the functions previously performed by the INSABI ( Instituto de Salud para el Bienestar ).
Private Healthcare : Mexico has a thriving private healthcare sector, which provides high-quality services to those who can afford them. Many Mexicans have private healthcare plans or pay out-of-pocket for private medical care. The availability and level of specialization of private healthcare overall surpasses the scope of IMSS, ISSSTE and IMSS-Bienestar, particularly due to insufficient number of clinics and hospitals to address the needs of the population.
Healthcare Financing : The healthcare system in Mexico is funded through a combination of contributions from employers, employees and the government; IMSS and ISSSTE generally struggle to maintain healthy finances due to the number of people covered under the respective institute as well as previous pension programs. Private healthcare plans and out-of-pocket payments also play a significant role in financing healthcare.

In summary, the Mexican healthcare system is characterized by a dual system of public and private healthcare services, with significant disparities in quality and accessibility. While there have been efforts to expand coverage and improve healthcare access, challenges such as regional disparities and funding issues continue to impact the effectiveness of the system.

Generally, all healthcare facilities in Mexico are subject to a wide range of regulations, as well as permits, licenses, authorizations and concessions, which vary depending on the location of the facility and its level of specialization, scope of services and size.

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Pricing and Quality of Services

Pricing . Most healthcare services in Mexico are not subject to price controls. However, there are specific restrictions applicable to the public sector—IMSS and ISSSTE—related to the supply of medicines, medical devices or other equipment to these institutions, which are subject to governmental controls.

Quality . Healthcare services quality is regulated by the SSA and the Comisión Federal para la Protección contra Riesgos Sanitarios (“COFEPRIS”) through the relevant licenses and registries, as well as through vigilance of the application of the relevant regulations, as described in the Sanitation Standards section below.

Competition

The Ley Federal de Competencia Económica (“LFCE”) and its related regulations regulate free competition, antitrust matters, monopolies and monopolistic practices, and require Mexican Government approval for certain mergers and acquisitions. The LFCE grants the government the authority to establish price controls for products and services of national interest through presidential decree.

The Federal Economic Competition Commission (“COFECE” or Comisión Federal de Competencia Económica ) was an autonomous constitutional body of the Mexican government with authority to monitor, promote, and guarantee competition in Mexico in relation to various economic activities, including those related to the hydrocarbons sector and the electricity industry. Its functions included the analysis and authorization of mergers and the prevention and sanctioning of anti-competitive practices.

On December 20, 2024, the Mexican President published in the Mexican Federal Official Gazette a decree that reforms the Political Constitution of the United Mexican States in respect of administrative simplification. On March 4, 2025, the reform was approved by the Mexican Senate. The stated objective of such reform is to simplify the structure of the government, eliminate administrative redundancies that increase operating costs and to simplify governmental processes by eliminating seven autonomous government bodies, including the COFECE.

Following the enactment of such constitutional reform, the transition to replace COFECE began. In compliance with this reform, on July 16, 2025, the reform to the Federal Economic Competition Law (“LFCE”) was published in the Mexican Federal Official Gazette, designating the creation of the National Antitrust Commission (“CNA”), a decentralized public body under the Ministry of Economy, with legal personality and its own assets, management autonomy, and technical and operational independence in its decisions, organization, and operation, which will assume the functions of COFECE and IFT in matters of antitrust regulation. The amendment to the LFCE has come into force as all of the commissioners of the CNA have been appointed by the head of the executive branch and ratified by the Senate.

Data Protection

On March 20, 2025, the new Ley Federal de Protección de Datos Personales en Posesión de los Particulares (“LFPDP”), was published in the Mexican Federal Official Gazette and it became effective on the next day. The purpose of the new LFPDP is to protect personal data collected, held or provided by individuals, and to enforce controlled and informed processing of personal data in order to ensure data subjects’ privacy and the right to consent with respect to the use or deletion of protected information consistent with the purpose of the prior existing data protection law that became repealed.

The LFPDP requires companies to inform data subjects about the information being collected, used, disclosed or stored and the purpose of such collection, use, disclosure or storage via a privacy notice and provides special requirements for processing sensitive personal data (which is defined as data relating to race, physical condition, religious, moral or political affiliation, and sexual preferences). The LFPDP gives data subjects the right to: (1) access their data; (2) have inaccuracies in their data corrected or completed; (3) deny transfers of their data; and (4) oppose use of their data or have it deleted from a company’s system (other than in certain circumstances expressly set forth in the LFPDP, such as the exercise of a right or holding information required under applicable law). The LFPDP requires that, if disclosure of data is permitted, the transferee agrees to the same restrictions as those set forth in the documentation permitting the original receipt and subsequent disclosure of information. The LFPDP also provides that data may be disclosed without the consent of the data subject in certain limited circumstances: (1) a law requires or permits disclosure; (2) disclosure is required in connection with medical treatment; or (3) disclosure is required in connection with a legal action. The LFPDP requires immediate notice to a data subject, of any security breach that significantly affects his/her property or moral rights.

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The newly created Ministry of Anti-Corruption and Good Governance (Secretaría de Anticorrupción y Buen Gobierno) is the entity authorized to monitor and enforce compliance with the LFPDP by private entities processing personal data. Such entities will be held liable for interfering with a data subjects’ exercise of their rights under the LFPDP and for failing to safeguard their personal data. Data subjects who believe that a company is not processing their personal data in accordance with the LFPDP may request an investigation by the ministry. Following an investigation, the ministry may: (i) dismiss the data subject’s claim or (ii) affirm, reject or modify a company’s answer to a data subject’s claim. Penalties for violating the LFPDP’s provisions include a fine up to the equivalent of 36.0 million Mexican pesos (approximately US$2.1 million) a prison sentence of up to five years or double the applicable fine or sentence for violations related to sensitive personal data.

Environmental Regulations

The General Law for the Ecologic Balance and Environmental Protection ( Ley General del Equilibrio Ecol ó gico y la Protecci ó n al Ambiente ) sets forth the baseline of all environmental obligations for the development, construction and operation of any project in Mexico. Depending on the aspects of any particular project, it may require different permits, licenses and authorizations to be issued by the Secretar í a de Medio Ambiente y Recursos Naturales (the “SEMARNAT”), which is the federal authority in charge of environmental policy in Mexico, and/or from local, state-level, environmental authorities, in terms of environmental impact, waste management, wastewater discharge and air emissions, among others. The base permit for the development of a project in Mexico is the environmental impact authorization, which is the initial assessment of all impacts to the environment derived from the construction and operation of any project, and the mitigation measures required to offset any such impacts. In general terms, all health sector projects, such as hospitals and clinics, are subject to securing an environmental impact authorization from the local environmental authority. Fines and other administrative measures may be applied by federal or local environmental authorities for any identified non-compliance. As a general matter, sanctions may include fines for up to between 1.7 to 5.4 million Mexican pesos (approximately US$98,500 to US$314,000), temporary or permanent, total or partial closure of facilities, revocation of relevant environmental permits, licenses, authorizations, concessions and/or registries, and/or reparation or compensation of environmental damages caused.

Wastewater Discharge

All wastewater discharges must comply with the relevant Mexican Official Standard (“NOM”) and the concentration of parameters set for therein. As a general matter, wastewater that is discharged into a sewage system operated by a local public utility must be in compliance with NOM-002-SEMARNAT-1996, which establishes the maximum permissible limits of contaminants in the discharges of wastewater into urban or municipal sewage system, whereas wastewater discharged into federal receiving bodies such as rivers, lakes or the ground, must comply with NOM-001-SEMARNAT-2021, which establishes the permissible limits of contaminants in wastewater discharges into bodies of water owned by the nation.

In addition, discharging wastewater into a federal receiving body requires a wastewater discharge permit issued by the National Waters Commission ( Comisión Nacional del Agua ), whereas discharges into sewage system operated by the local public utility may be subject to different permits, registries or licenses, depending on the particular state and municipality on which the relevant facility is located.

Hazardous Waste Management

The Ley General para la Prevención y Gestión Integral de los Residuos (the “LGPGIR”), alongside NOM-052-SEMARNAT-2005, which establishes the characteristics, identification procedure, classification and lists of hazardous waste and NOM-087-SEMARNAT-SSA1-2002, which establishes the requirements for the separation, packaging, storage, collection, transportation, treatment and final disposal of biological-infectious hazardous waste generated in healthcare facilities, set forth the basic classification of hazardous wastes, which include all wastes with a hazardousness trait (i.e., corrosiveness, toxicity, reactiveness, explosiveness, flammability) as well as all wastes from healthcare services (i.e., blood, tissue, biologic samples, used health equipment).

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Any facility on which hazardous wastes are generated in an amount greater than 400 kg per year require a hazardous waste generator registry to be filed before SEMARNAT. In addition, facilities that generate at least 10 tons of hazardous wastes per year, as well as those that generate certain hazardous wastes such as used or expired medicines, blood and its components, tissue and organs, sharp tools that have been in contact with humans or animals (i.e., scalpel, syringes), and the strains and cultures of pathogenic agents generated in diagnostic and research procedures, require a hazardous waste handling plan authorization where the facility’s procedures for handling hazardous wastes are described.

Special Management Waste

Wastes that are not considered hazardous, but are listed as special management waste under LGPGIR or NOM-161-SEMARNAT-2011, which establishes the criteria for classifying Special Handling Waste ( Residuo de Manejo Especial ) and determining which ones are subject to a Management Plan ( Plan de Manejo ); the list of such waste, the procedure for inclusion or exclusion from this list, as well as the elements and procedures for the formulation of management plans, including plastic, paper and cardboard in large quantities, metal, electronic wastes, among others, must be covered under a special management waste generator registry filed before the local environmental authority, as well as under a special management waste handling plan, depending upon the local regulations on special management wastes.

Radioactive Substances

The acquisition, storage, use and disposal of radioactive sources in medical and diagnostic procedures is subject to authorization from the SSA in coordination with the National Nuclear Safety and Safeguards Commission ( Comisión Nacional de Seguridad Nuclear y Salvaguardias ), as well as subject to various NOMs that regulate safety and preventive measures, including NOM-040-NUCL-2016, Radiological Safety Requirements for the Practice of Nuclear Medicine, and NOM-229-SSA1-2002, Environmental Health. Technical Requirements for Facilities, Sanitary Responsibilities, Technical Specifications for X-ray Equipment, and Radiological Protection in Medical Diagnostic X-ray Facilities.

Sanitation Standards

As set forth in the LGS, all hospitals and clinics are subject to various sanitation standards set forth under relevant NOMs such as NOM-016-SSA3-2012, which establishes the minimum infrastructure and equipment characteristics for hospitals and specialized medical care clinics, and must secure the relevant sanitary licenses for each facility.

Construction Licenses

A construction license must be obtained from the applicable municipal authority to develop any healthcare facility. Construction of new healthcare facilities and expansion or major modification of existing healthcare facilities are subject to prior authorization by the municipal authority. In addition, the construction of any hospital or clinic requires a prior review of whether the project is compatible with local zoning regulations, including urban development plans. Specific requirements may vary from municipality to municipality, but are generally focused on reviewing zoning restrictions, and all technical documents detailing the specifics of any project.

Regulation of Mexican Insurance Sector

Healthcare Insurance plan providers in Mexico, such as Auna Seguros (formerly known as Dentegra), are regulated and supervised by the CNSF. As a result of the interaction of the providers with their clients, the National Commission for the Protection and Defense of the Users of Financial Services ( Comisión Nacional Para la Protección y Defensa de los Usuarios de Servicios Financieros ) also regulate and supervise healthcare plan providers in Mexico.

Some of the most relevant regulations applicable to providers are (i) the Ley de Instituciones de Seguros y Fianzas (“Insurance Law”), (ii) the Circular Única de Seguros y Fianzas (“Insurance Regulations”) and (iii) the Insurance Contract Law ( Ley Sobre El Contrato De Seguro ).

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Healthcare plan providers have minimum capital requirements required based on the company’s risk and exposure. The Insurance Law and Insurance Regulations set forth the obligation of the insurance companies to carry out stress tests on a regular basis to evaluate their capital adequacy. The results of such tests shall be reviewed by the board of directors of each insurance company and submitted to the CNSF on a regular basis.

The CNSF has the authority to settle regulations defining the form in which the healthcare plan providers will report and provide evidence of compliance with the solvency capital requirements mentioned above, as well as the procedure to provide the CNSF the information regarding the particular technical characteristics of the internal calculation model adopted by the company.

CNSF’s principal activities in regulating and supervising providers in Mexico include reporting obligations. The main obligations of an insurance company vis-à-vis its regulator are divided within two: (i) the financial obligations, specifically the minimum solvency or liquidity ratios and the technical reserves, and (ii) the reporting obligations to the CNSF.

Healthcare plan providers are required to file before the CNSF certain reports on a monthly, quarterly and annual basis.

Healthcare plan providers must file on a monthly basis the rates charged for the basic insurance products offered to their clients.

The main quarterly regulatory reports include: (i) corporate information including a description of ESG criteria incorporated into the corporate governance system, (ii) technical reserves, (iii) capital requirements, (iv) assets and investments, (v) reinsurance and underwriting (if applicable), (vi) financial statements, (vii) statistical information and (viii) third-party transactions.

The main annual regulatory reports include: (i) corporate governance, (ii) reinsurance and underwriting (if applicable), (iii) financial statements, (iv) statistical information related to individual and collective medical expenses insurances regarding accidents and illness, (v) statistical information related to annual statistical information by transaction, line of business and type of insurance, together with reassurance transactions (if applicable) and (vi) third-party transactions.

Regulation of the Peruvian Healthcare Sector

The Peruvian Constitution of 1993 (the “Peruvian Constitution”) recognized a number of rights and guarantees for Peruvian citizens, including, among others, the right to healthcare. The Peruvian Constitution also guaranteed free access to healthcare services through public and private entities. According to the Peruvian Constitution, the government is also responsible for establishing the rules and regulations governing healthcare providers and for supervising the effective functioning of the healthcare system overall. MINSA is the main governmental entity responsible for such oversight.

MINSA primarily carries out such oversight through SUSALUD, a decentralized, technical entity that is a part of MINSA. SUSALUD is responsible for regulating and supervising the activities of all healthcare providers, whether public or private, including IPRESSs and IAFASs.

All IPRESSs must be registered at SUSALUD and then obtain an authorization (categorization of the health facility according to the healthcare services provided) issued by the health authority of their jurisdiction in order to conduct their healthcare services according to complexity level.

All IPRESSs, including Auna’s facilities, must be registered with SUSALUD in the National Registry of IPRESSs and must obtain the categorization issued by the health authority of their jurisdiction. Such categorizations are valid for a period of three years.

Private IAFASs, such as Oncosalud, must obtain regulatory authorization from SUSALUD for purposes of their corporate organization, which is valid for two years. Once incorporated, private IAFASs must register with and obtain a second regulatory authorization from SUSALUD prior to commencing operations. Such regulatory authorizations are valid for an indefinite term, subject to the recipient’s compliance with the applicable regulations.

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Each of the facilities in our Auna Peru and Oncosalud networks is registered as an IPRESS and Oncosalud, as a provider of prepaid oncology plans, is registered as an IAFAS.

SUSALUD’s principal activities in regulating and supervising IPRESSs and IAFASs include:

• Managing the National Registry of IPRESSs and the Registry of IAFASs;

• Providing authorization to IPRESSs and IAFASs to operate;

• Monitoring compliance by IPRESSs and IAFASs with applicable rules and regulations;

• Identifying unfair terms in the contracts and agreements between IAFASs and their plan members;

• Conducting administrative proceedings and issuing sanctions against any IPRESS or IAFAS that is not in compliance with applicable rules and regulations; and

• Instructing the prosecutor’s office to commence civil and/or criminal prosecution of any IPRESS in case of violations of the citizens’ health rights.

In addition to MINSA and SUSALUD, certain other Peruvian authorities have authority over healthcare providers if the activities of such providers fall within their jurisdiction, including regional and local governments in Peru, INDECOPI and the Justice Ministry.

We are subject to extensive laws and regulations, including those related to: the quality and suitability of healthcare facilities and the services provided by healthcare providers; environmental protection and licensing matters; and the protection of personal data and consumer protection, among others, as enacted by various Peruvian authorities.

Quality of Services

IPRESSs. SUSALUD is charged with oversight of IPRESSs and their compliance with legally mandated standards of service and applicable service offering limitations in accordance with their corresponding classification. SUSALUD may also sanction any noncompliant IPRESS. Such sanctions may vary depending on the degree of the infraction and related fines may be up to 500 Tax Units. The applicable Tax Unit for fiscal year 2026 is S/5,500. In addition to imposing monetary penalties, SUSALUD may suspend or revoke a noncompliant facility’s registration and order its closure.

The Dirección General de Medicamentos, Insumos y Drogas (“DIGEMID”) under MINSA is charged with oversight of pharmacies and their compliance with legally mandated standards of service and obligations to carry certain essential generic medicines. Noncompliant IPRESSs may be sanctioned.

IAFASs . SUSALUD is charged with oversight of IAFASs and their compliance with legally mandated standards of service and obligations under applicable regulations. In addition, SUSALUD may impose sanctions, including fines of up to 500 Tax Units on, and suspend or revoke the regulatory authorization of, any noncompliant IAFAS. SUSALUD may also establish heightened monitoring regimes and recovery plans on noncompliant IAFASs in order to more closely monitor their liquidity levels and encourage the stable management of the funds.

Economic and Financial Related Regulations Applicable to IAFASs

Each IAFAS must comply with the Regulations of Financial Solvency, Technical Obligations and Support Coverage for IAFASs, approved by Superintendence Resolution N° 020-2014-SUSALUD/S as amended by Superintendence Resolution N° 089-2016-SUSALUD/S. This and other regulations establish various requirements, including minimum capital requirements, investment requirements and limitations on asset allocations and indebtedness, among others, in an effort to protect an IAFAS’s assets and financial equilibrium. Under these requirements, Oncosalud must maintain minimum capital reserves of 459 Tax Units. In addition, as of December 31, 2025, Oncosalud is limited from holding more than S/1,238 million (US$361.9 million) of debt. To monitor compliance with these obligations, SUSALUD requires IAFASs to provide certain relevant information relating thereto, including financial indicators, solvency margins and information on indebtedness, on a monthly, quarterly or annual basis, as applicable.

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As of December 31, 2025, Oncosalud is in full compliance with all solvency, capital obligations and reporting requirements as provided by the applicable regulations.

Processing of Personal Data

The Peruvian Personal Data Protection Law, enacted by Law N° 29733, applies to personal data stored or intended to be stored in a public or private personal database processed in Peru.

Under these regulations, health data is considered sensitive information and as such, there are a series of requirements that data controllers must comply with in processing, which includes any procedure that facilitates access to, or allows for the sharing and interconnection of, personal health data. Among others, these requirements include:

• Obtaining the prior written express consent of the individual whose data is being processed;

• Registering their databases containing personal data and reporting cross-border transfers of such data to the Peruvian National Authority for Personal Data Protection. The creation of such databases must be justified by legitimate purposes;

• Adopting technical, organizational and legal measures to protect the security of the personal data they hold, which must be appropriate to the nature and purpose of the personal data involved; and

• Maintaining the confidentiality of the personal data.

Notwithstanding the foregoing, consent of the individual whose data is collected is not required when, under emergency circumstances, the data is processed within the healthcare network for the rendering of healthcare services to such individual, including prevention, diagnosis or appropriate treatment. In addition, such consent is not required when processing is needed for: compelling reasons in the public interest contemplated by law; treatment for public health reasons; or epidemiological or similar studies.

In addition, according to the General Health Law (Law N° 26842) and the Health Records Technical Norms (Ministry Resolution N° 214-2018/MINSA), data related to the provision of healthcare services, including printed or electronic health records, is protected and healthcare facilities and professionals may face administrative, civil or criminal liability for disclosing such information to third parties, subject to certain exceptions. In cases of unauthorized disclosure, the Peruvian National Authority for Personal Data Protection may impose fines against the breaching entity between 0.5 Tax Units and 100 Tax Units depending on the specific violation. In addition, the individual whose data was disclosed may file a claim for damages.

We are in full compliance with personal data protection requirements as provided by the applicable regulations.

Environmental Regulations

Environmental Certification

The Law on the National System for Environmental Impact Assessment (Law N° 27446) and its regulation, approved by Supreme Decree N° 019-2009-MINAM, provides that any public or private investment project that may generate negative environmental impacts is required to have an environmental certification from the corresponding governmental authority approving the Instrumentos de Gestión Ambiental (“IGAs”) used to mitigate the environmental impacts of such investment project. Healthcare facilities are one of the types of investment projects that must have an environmental certification. MINSA is the governmental authority in charge of evaluating and approving IGAs for investments in healthcare facilities. IGAs available to healthcare facilities are Estudio Impacto Ambiental detallado (“EIA-d”) for operations with a significant negative environmental impact, Estudio Impacto Ambiental semi detallado (“EIA-sd”) for operations with a moderate negative environmental impact, or Declaracion Impacto Ambiental (“DIA”) for operations with a minimal negative environmental impact. Under applicable Peruvian law, IGAs must be updated every five years after the start of the project.

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Currently, we have DIAs in place for our investment projects subject to Law N° 27446.

Environmental Administrative Liability

Under Council Resolution Nº 006-2018-OEFA-CD, and Supreme Decree N° 019-2025-SA, the Dirección General de Salud Ambiental e Inocuidad Alimentaria (“DIGESA”) under MINSA can impose sanctions for infractions, including engaging in development activities without obtaining the approval of the corresponding IGA or that do not comply with a development project’s approved IGAs, among others. Sanctions vary from 10 to 30,000 Tax Units and will depend on the potential or real damage to the environment resulting from these infractions. In addition, DIGESA can impose other administrative measures, including the suspension of the development, demolition of the project or requiring an update of the IGA.

Radioactive Substances

Article 8 of the Regulations of the Law for the Use of Sources of Ionizing Radiation, approved by Supreme Decree N° 039-2008-EM, provides that IPRESSs that use X-ray equipment need to obtain prior regulatory authorization from the Oficina Técnica de la Autoridad Nacional . In addition, under applicable Peruvian law, each employee involved in operating X-ray equipment must have an operator license, radiological officer license and/or physicist license, as applicable, and must comply with the limits and conditions set forth in their licenses, including the applicable norms related to radiation safety, thereunder. As of the date hereof, we are in compliance with all applicable requirements for the operation of X-ray equipment.

Management of Solid Waste

Article 19 of the Solid Waste Management Law, approved by Legislative Decree N° 1278, modified by Legislative Decree 1501, establishes that DIGESA under MINSA oversees the regulation, supervision and control of solid waste management by IPRESSs.

Solid waste generated in connection with the operations of IPRESSs can be classified according to its composition and characteristics as: (a) Class A—bio contaminated waste (waste generated as a result of medical treatment and scientific investigation); (b) Class B—special waste (waste with corrosive, flammable, toxic, explosive and/or radioactive characteristics) and (c) Class C—common waste (waste which has not been in contact with patients or with contaminated materials or substances). Under current conditions, food remains from patients with COVID-19 are considered biocontaminated waste.

According to the provisions of the Law on Integral Solid Waste Management, Legislative Decree No. 1278, modified by Legislative Decree 1501, and its regulation Supreme Decree No. 014-2017-MINAM and NTS No. 144-MINSA/2018/DIGESA, modified by Ministerial Resolution No. 250-2022-MINSA, and Ministerial Resolution No. 901-2024/MINSA, “Integral Management and Handling of Solid Waste from Health Facilities, Medical Support Services and Research Centers,” it is up to the solid waste operating company (“EO-RS”) contracted by the generator to provide external collection, transportation and final disposal service.

Under Peruvian law, IPRESSs are required to separate solid waste according to its characteristics and conditions. Additionally, healthcare facilities have to designate appropriate areas for the adequate storage of solid waste and ensure its treatment and final disposal adheres to applicable regulations, including the hiring of authorized waste disposal companies. Failure to comply with these obligations can lead to the imposition of fines, which can range from 1,000 to 1,500 Tax Units.

Each IPRESS also needs to establish a committee for the integrated management of solid waste and develop and document, among others, the following:

• Initial diagnostic assessment, including a study of the quantity, characteristics, composition, class and technical conditions of the IPRESS’s management of solid waste;

• Solid waste management plan, which is a part of the IGA and should include actions related to the minimization and management of solid waste;

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• Maintain and/or manage an internal record of the generation and management of solid waste at its facilities;

• Annual declaration certifying the management of solid waste under its responsibility; and

• Hazardous solid waste manifest tracking hazardous waste from the point of generation to ultimate disposal.

Failure to maintain the internal record, or submit the annual declaration and the hazardous solid waste manifest through the SIGERSOL ( Sistema de Información para la Gestión de Residuos Sólidos ) platform can be sanctioned to DIGESA with an official warning or a fine of up to three Tax Units.

We follow the applicable solid waste management procedures for the collection, transportation and final disposal of each type of solid waste established by DIGESA, including through the hiring of authorized waste disposal companies.

Criminal Liability Under Peruvian Law—Healthcare Service Providers

Under the provisions of Law N° 30424, legal entities can be found criminally liable for certain crimes involving public corruption, influence peddling, money laundering, terrorism, financing of terrorism, tax crimes, custom crimes, crimes against archeological monuments, parallel accounting , among others, if the crime in question is committed by an employee, administrator or agent of the legal entity acting in such capacity on behalf of the company.

In addition, under Peruvian law, if the individual responsible for the commission of certain other crimes has been sentenced by a criminal court, legal entities playing an instrumental role in such criminal activity can be subject to criminal proceedings if the relevant crime was committed as part of its business activities or if it was used in the furtherance or concealment of the relevant crime.

For example, Peruvian criminal law provides that an individual who deliberately spreads dangerous or contagious diseases may face a penalty of three to 10 years of imprisonment and if such act results in severe injury or death, the penalty is increased to 10 to 20 years of imprisonment. In addition, the deliberate violation of sanitary regulations established by law or by a public authority is punishable by six months to three years of imprisonment and a fine.

If found guilty during criminal proceedings related to crimes under the provision of Law N° 30424, legal entities may be subject to sanctions, including: temporary or permanent closure of the legal entity’s business establishments; dissolution and liquidation of the legal entity; suspension of the legal entity’s business activities for up to two years; a permanent ban from the business activity related to the applicable crime; and fines.

Construction Licenses

A construction license must be obtained from the applicable local municipal government to build any healthcare facilities. Regulations relating to infrastructure, accessibility, safety, seismic resistance, and equipment of healthcare facilities issued by MINSA and the provisions of Chapters A.050, A.120, A.130 and E.030 of the National Regulations for Construction, approved by Supreme Decrees N° 011-2006-VIVIENDA, N° 010-2009-VIVIENDA N° 011-2012-VIVIENDA, N° 017-2012-VIVIENDA and N° 002-2014-VIVIENDA, N° 003-2016-VIVIENDA, N° 015-2018-VIVIENDA and complementary provisions as amended, will apply to such process. The applicable requirements vary depending on the type of healthcare facility being built. These requirements generally focus on the location of the proposed facility, including the related risk of natural disasters in the area, adequate architectural design and structure, access to utilities and adequate backup systems, protection systems against fires, floods and power outages, access conditions for disabled people, and other factors that may have a negative impact in the provision of healthcare services.

Regulation of the Colombian Healthcare Sector

Law 100 of 1993 established a mandatory healthcare insurance coverage system, the SGSSS.

The SGSSS is governed by MinSalud and supervised by SUPERSALUD. In addition, the following governmental entities have the power to enact regulations applicable to IPSs:

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• Congress through the enactment of laws;

• the President of the Republic through the issuance of regulatory decrees;

• MinSalud through the issuance of regulatory decrees, resolutions and circulars; and

• local governmental entities through the issuance of resolutions and circulars.

• All IPSs must obtain (i) registration before the Special Registry of Health Services Providers ( Registro Especial de Prestadores de Servicios de Salud ) that is managed by MINSALUD and (ii) clearance ( habilitación ) for the health services they aim to provide. The departmental or municipal government in the jurisdiction in which the IPS is located are the authorities with the authority to grant clearance in compliance with nationally defined standards.

• The Special Register of Health Service Providers acts as the operating license for each IPS and must be renewed every 4 years.

• MinSalud’s Resolution 3100 of 2019 (“Resolution 3100”) sets forth the national standards IPSs must comply with. Resolution 3100 includes new requirements for infrastructure of healthcare facilities, medical personnel, minimum solvency ratio and limits on overdue commercial debt and unpaid wages. These new national standards went into effect on May 29, 2020, providing IPSs with a 6-month transition period to be in compliance with Resolution 3100. The Resolution 3100 has been amended over time, most recently by Resolution 465 of 2025, which modified Articles 4,5,7,19 and 20 introducing technical adjustments to registration and self-assessment requirements, infrastructure standards, priority processes, human talent qualifications and assisted transport.

• IPSs are classified based on geographic coverage and the degree of complexity in the healthcare services they provide. Based on geographic coverage, IPSs are classified as:

○ Local: applicable to IPSs providing healthcare services at the municipal, district or metropolitan level;

○ Sectional: applicable to IPSs providing healthcare services at the departmental level; or

○ National: applicable to IPSs providing healthcare services in more than one department.

• Based on the degree of complexity in the healthcare services they provide, IPSs are classified as:

○ Low: applicable to IPSs providing low-complexity care by general, technical and auxiliary professional medical staff;

○ Medium: applicable to IPSs providing medium-complexity care by specialized medical professionals; or

○ High: applicable to IPSs providing high-complexity care by specialized and subspecialized medical professionals.

• Our facilities in Colombia, as IPSs, are subject to extensive laws and regulations, including those related to: market entry; the quality and suitability of healthcare facilities and the services provided by IPSs; accounting and financial matters; public health matters; and business crisis resolution and market exit, among others.

• SUPERSALUD is also responsible for supervising the activities of all IPSs, whether public or private, including our facilities in Colombia. SUPERSALUD has the power to intervene and take possession of the business of the IPS, either with the purpose of administering or liquidating it when:

○ it has suspended payment of its obligations;

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○ it has refused the demand made in due form to submit its files, accounting books and other documents to the inspection of SUPERSALUD;

○ it has refused to be interrogated under oath in connection with its business;

○ it repeatedly fails to comply with the orders and instructions duly issued by SUPERSALUD;

○ it persists in violating its by-laws or any law;

○ it persists in handling business in an unauthorized or unsafe manner, and

○ its net worth is reduced below 50% of its subscribed capital.

• It should be noted that the entry and permanence of IPSs in the SGSSS requires that IPSs comply with certain conditions of equity and financial sufficiency including, among others:

○ that the total equity of the IPS be above 50% of the capital stock;

○ in the event of non-compliance with mercantile obligations overdue for more than 360 days, the accumulated value of such obligations should not exceed 50% of current liabilities; and

○ in the event of non-compliance with labor obligations overdue for more than 360 days, the accumulated value of such obligations must not exceed 50% of the current liabilities.

Pricing and Quality of Services

Pricing . The majority of healthcare services in Colombia are not subject to price controls, and IPSs are free to negotiate the prices paid for different services with payers. However, in some cases, such as traffic accidents, natural disasters, terrorist attacks and other catastrophic events, rates are mandated by regulation. Such rates serve as a point of reference for the pricing of healthcare services generally.

In addition, the sale of medicines is subject to price controls under Circular 3 of 2013 of the Comisión Nacional de Precios de Medicamentos y Dispositivos Médicos (National Commission for Prices of Medicines and Medical Devices) in Colombia.

Quality . The Colombian regulatory framework also provides incentives for IPS to implement voluntary mechanisms to monitor and supervise the quality of services that they provide, such as audits, an accreditation relating to compliance with scientific, financial and other technical requirements applicable to IPSs and participation in a public database used to provide disclosure about individual IPSs and the SGSSS as a whole. Although implementation of these measures is voluntary, IPSs are incentivized to incorporate them into their operations because applicable regulations provide that they in doing so they will be considered a preferred provider by EPSs when contracting for healthcare services.

Financial Matters and Competition

Financial matters . Any modifications to an IPS’s by-laws related to the decrease of capital or expansion of the corporate purpose to activities not related to the provision of health services must be approved by SUPERSALUD. SUPERSALUD also has the authority to force an insolvent IPS into liquidation and apply other measures through forced administrative intervention when such IPS materially fails to comply with the applicable SGSSS regulation or upon an institutional crisis amounting to severe financial or operational consequences threatening the continuity and quality of the healthcare services it provides.

Competition . Article 333 of the Colombian Constitution, Law 155 of 1959, Decree 2153 of 1992, Law 296 of 1996, Law 1340 of 2009 and Resolution SIC No. 2751 of 2021 regulates competition in the Colombian market. In addition to this framework, IPSs are also regulated by Decree 780 of 2016 (“Decree 780”), which regulates competition in the healthcare services market. Pursuant to these laws, IPSs are prohibited from entering into agreements or otherwise acting in a manner that has the purpose or effect of preventing, restricting or distorting free competition within the healthcare services market. In addition, IPSs are prohibited from abusing a dominant position in the market through predatory pricing, discrimination or bundling. An IPS which has the capacity to unilaterally determine, directly or indirectly, market conditions is deemed to have a dominant position.

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Data Protection

IPSs are subject to various personal data protection laws and regulations in Colombia. Law 1581 of 2012 (“Law 1581”) includes obligations relating to the collection and processing of personal data. Under Law 1581, IPSs must obtain prior, express and informed consent from individuals whose data is collected and qualified consent for processing sensitive personal data. In addition, under Decree 1074 of 2015, IPSs with total assets above 100,000 Tax Value Units (“TVU”) must register their databases in the National Database Registry before the SIC, the national data protection authority in Colombia. This assessment is made based on the total assets reported in the financial statements of the immediately preceding fiscal year. As the applicable TVU for 2025 was 49.799, IPSs with total assets above COP4,979,900,000 must register their databases IPSs – including its administrators – must also implement a privacy policy setting guidelines for data processing and ensure all data subjects have access to the policy, adopt internal controls for processing and safekeeping personal data and follow certain guidelines for personal data transfers and transmissions. IPSs are also required to report security breaches when personal information is involved before the SIC. In case IPSs use artificial intelligence tools, they must ensure that such tools are transparent, allowing users to understand how their data is used. Likewise, IPSs must carry out privacy impact assessments before implementing AI systems, ensuring that there is no discrimination or bias in the processing of information.

Law 1266 of 2008 regulates the processing of credit and financial data. It requires data controllers to maintain such data pursuant to strict security measures and confidentiality standards, obtain consent prior to modifications and disclosure of the data and only use data for purposes identified in a privacy policy or notice.

Additionally, in their administration of medical records, IPSs must comply with sector-specific rules for processing health data, including Resolution 839 of 2017, Law 1438 of 2011, Decree 780 of 2016 and Resolution 1995 of 1999. These include rules related to minimum information requirements for medical records, such as the patient’s name and date of birth; limits on when and how such records may be accessed and by whom; and the length of time IPSs must maintain these records. In addition, in an effort to promote the authenticity, integrity, availability and preservation of the data, IPSs are obligated to use a unified electronic medical records system managed by the Colombian government for processing medical records.

Environmental Regulations

IPSs are subject to various international, national and local environmental regulations, including those related to the use of natural resources, consumption of water, radioactive substances, disposal of waste and medicines. Fines and other administrative measures may be imposed on noncompliant IPSs. Depending on the severity of the breach, according to Law 2387 of July 25, 2024, sanctions may include fines of up to 100,000 times the Colombian minimum wage (approximately US$46 million taking into account the Colombian minimum wage for 2026) temporary or permanent closure of the facility, revocation of the applicable environmental license, authorization, concession, permit or registration, seizure of property used for the environmental breach, community service and/or if applicable, demolition of construction sites.

Management of non-domestic wastewaters

IPSs connected to the public sewage usually discharge their non-domestic wastewaters to the sewage network, which requires physically and chemically treating such waters before they are discharged to the network to be able to comply with the standards set forth in the Resolutions issued by the Ministry of Environment and Sustainable Development and the competent regional authorities. Failure to comply with such standards may trigger the imposition of preventive measures, such us the suspension of the activities relating to the discharges and/or the imposition of sanctions as described above .

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Management of hazardous waste

IPSs must comply with regulations establishing procedures for the management and disposal of hazardous wastes generated by its activities. Such regulations include: (i) Law 430 of 1998, which includes provisions regulating the collection, storage, transport and final disposal of hazardous wastes, (ii) Law 1252 of 2008, which provides prohibitive environmental regulations concerning hazardous wastes, (iii) Decree 1076 of 2015, which further regulates the collection, generation, management and disposal of hazardous wastes, and (iv) Resolutions issued by the Ministry of Environment and Sustainable Development, which specify the requirements, times and procedures related to the management of hazardous wastes. Under Colombian law, IPSs may be held liable for environmental damages caused by their improper management, transportation and/or disposal of hazardous wastes. IPSs, as producers of hazardous wastes, must categorize wastes using special laboratories authorized for this purpose by the Colombian government and communicate the category attributable to waste to those responsible for the storage, collection, transportation, treatment or final disposal of such waste. IPSs must also ensure that the third parties they contract to dispose of their hazardous waste are duly authorized to handle and manage the relevant types of waste. Any breach committed by such third parties in connection with the management and/or disposal of the hazardous wastes generated by IPSs may imply the joint liability of the latter.

Environmental liabilities

Law 2327 of 2023 establishes that any person or company will be required to remediate the environmental liabilities it generates. The law defines environmental liabilities as “the environmental impacts caused by anthropic activities, whether directly or indirectly by a person or company, authorized or not, cumulative or not, that can be measured, located and geographically delimited, that generate an unacceptable level of risk to life, human health or the environment, as established by the Ministry of Environment and Sustainable Development and the Ministry of Health, and for whose control there is no environmental or sectoral instrument.” The Ministry of Environment and Sustainable Development is further regulating the provisions of this law to set forth a specific procedure for the remediation and/or correction of environmental liabilities. Therefore, Law 2327 of 2023 is not yet applicable.

Corporate tree-planting obligation

Pursuant to Law 2173 of 2021, medium and large companies (such as Auna) registered in Colombia must implement, on an annual basis, a tree-planting program aimed at contributing to ecological restoration, including the planting of at least two (2) trees per employee. Tree plantings must be performed within areas previously chosen by municipal authorities, following the guidelines of the relevant environmental authority, and the trees to be planted must correspond to native species that comply with technical criteria of species, thermal floor, phytosanitary conditions, soil, and any other requirements defined by the authorities. The costs of the program must be borne by the company, and the planting sessions are considered internal work-related activities that must be conducted during working days and in compliance with health and safety requirements. Additionally, the Ministry of Environment and Sustainable Development issued Resolution 1491 of 2025, which further develops the criteria and guidelines for the effective implementation of these programs and for the consolidation of designated “Areas of Life” ( Áreas de Vida ). Resolution 1491 of 2025 clarifies that restoration is not limited to planting, but also includes maintenance, monitoring, and follow-up actions —including the survival of the plant material— during the first two (2) years. It also provides that planting must take place within Areas of Life, understood as zones defined and designated by municipalities or districts, in coordination with the competent environmental authorities for their identification and management. However, since the Areas of Life have not yet been designated by the competent authorities, the tree-planting obligation under Law 2173 of 2021 has not yet come into force.

Radioactive substances

The acquisition, storage, use and disposal of radioactive sources in medical and diagnostic procedures is subject to regulation enacted by the Ministry of Mines and Energy. This includes regulations related to the operation of X-ray equipment and the dosimetry of radioactive substances for medical treatment. As of the date hereof, we are in compliance with all applicable requirements for the operation of X-ray equipment and the dosimetry of radioactive substances for medical treatment.

Sanitation standards

As set forth in Law 9 of 1979, IPSs must comply with sanitation standards provided by the National Health Code. Additionally, Decree 780 sets forth regulations related to public health matters applicable to IPSs in their capacities as actors within the SGSSS, including regulations related to the sterilization of operating rooms and medical instruments.

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Failure to comply with the National Health Code and Decree 780 may result in administrative sanctions, including fines and temporary or permanent closure of noncompliant IPS facilities.

Construction Licenses

A construction license must be obtained from the applicable local municipal government to build and operate any healthcare facility. The construction of new healthcare facilities and expansion or modifications of existing healthcare facilities (including structural matters and reinforcements) are subject to prior authorization by the applicable local planning office or Curaduría Urbana (depending on its location) based on local urban plans and zoning regulation. The applicable requirements vary depending on the local jurisdiction but generally focus on the location of the proposed facility, including zoning restrictions on type of facilities, mitigation measures, mandatory areas for public spaces and adequate architectural design and structure.

C. Organizational Structure.

A simplified organizational chart showing our corporate structure is set forth below.

See also Exhibit 8.1 to this annual report, which contains a list of our subsidiaries.

D. Property, Plants and Equipment.

Properties

We own and operate hospitals and clinics in Mexico, Peru and Colombia.

The following table sets forth additional information with respect to the main facilities in our Mexican network as of December 31, 2025:

Facility — OCA Hospital	Location — Monterrey	Owned / Leased — Owned	Type — Hospital	Complexity Level — High	261	149	14	23	36
Doctors Hospital	Monterrey	Owned	Hospital	High	301	225	16	25	37
Doctors Hospital East	Monterrey	Owned	Hospital	High	146	50	11	17	35

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The following table sets forth additional information with information of the hospitals and clinics in our Auna Peru network as of December 31, 2025:

Facility — Clínica Delgado	Location — Lima	Owned / Leased — Owned (1)	Type — Hospital	Complexity Level — High	181	77		8	27	57
Clínica Chiclayo	Chiclayo	Owned	Hospital	Medium	43	30		2	12	40
Clínica Vallesur	Arequipa	Owned	Hospital	Medium	67	24		3	20	42
Clínica Miraflores	Piura	Owned	Hospital	Medium	64	31	(2)	3	12	33
Clínica Bellavista	Callao	Owned	Hospital	Medium	24	13		2	9	30
Clínica Camino Real	Trujillo	Owned	Hospital	Medium	6	13		1	—	33
Servimédicos	Chiclayo	Owned	Clinic	Low	—	15		—	—	26
Cantella	Lima	Owned	Clinic	Low	—	4		—	—	1
Auna Benavides	Lima	Owned	Clinic	Low	—	3		—	—	1
Laboratorio Guardia Civil	Lima	Leased	Laboratory	Low	—	—		—	—	1

(2) Includes outpatient offices at Centro de Consulta Monteverde.

The following table sets forth additional information with respect to the main facilities in our Colombian network as of December 31, 2025:

Facility — Clínica Las Américas	Location — Medellín	Owned / Leased — Owned	Type — Hospital	Complexity Level — High	379	22	10	107	38
Instituto de Cancerología (1)	Medellín	Owned	Clinic	High	—	39	—	—	24
Clínica del Sur	Medellín	Owned	Hospital	High	154	12	6	42	19
Clínica Portoazul	Barranquilla	Owned	Hospital	High	184	18	11	43	54
Clínica IMAT Oncomédica	Montería	Owned	Hospital	High	425	39	7	35	56
Centro Médico Arkadia	Medellín	Owned	Clinic	Low	—	36	—	—	46
Centro Médico City Plaza	Envigado	Owned	Clinic	Low	—	4	—	—	7
Centro Mastologia San Fernando	Medellín	Owned	Clinic	Low	—	1	—	—	3
LMLA—San Fernando	Medellín	Owned	Laboratory	Low	—	—	—	—	1
LMLA—Platinum	Medellín	Owned	Laboratory	Low	379	22	10	107	38
LMLA—Viscaya	Medellín	Leased	Laboratory	Low	—	39	—	—	24
LMLA—Laureles	Medellín	Leased	Laboratory	Low	154	12	6	42	19
LMLA—Llanogrande	Llanogrande	Leased	Laboratory	Low	184	18	11	43	54

(1) Overnight stays for Instituto de Cancerología patients are provided at Clínica Las Américas

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(2) Considers Torre Médica (21) and Centro Médico City Plaza (5)

The following table sets forth additional information with respect to our Oncosalud facilities as of December 31, 2025:

Facility — Clínica Oncosalud (1)	Location — Lima	Owned / Leased — Owned	Type — Hospital	Complexity Level — High	75	—	3	4	23
Clínica Guardia Civil	Lima	Leased	Hospital	Medium	34	24	3	8	40
Oncosalud San Borja (1)	Lima	Owned	Clinic	Low	—	22	—	—	23
Oncosalud San Isidro (1)	Lima	Owned	Clinic	High	—	3	—	—	1
Centro de Bienestar Auna	Lima	Owned	Clinic	Low	—	25	—	—	1

(1) Radiotherapy treatments and outpatient consultations for Clínica Oncosalud are provided at Oncosalud San Borja and Oncosalud San Isidro.

Intellectual Property

Trademarks

In Mexico, ownership of trademarks can be acquired only through a validly approved registration with the Instituto Mexicano de la Propiedad Industrial. A trademark registration is granted for a term of 10 years from the date on which the grant becomes enforceable and can be renewed for successive 10-year periods.

As of December 31, 2025, we own 89 valid, registered trademarks in Mexico. The main trademarks we use in our operations are “Doctors Hospital Auna,” “OCA Hospital Auna,” “Doctors Hospital East Auna,” “Auna” and “Dentegra Seguros Dentales,” noting that “Dentegra Seguros Dentales” is used under a license.

In Peru, ownership of trademarks can be acquired only through a validly approved registration with INDECOPIA trademark registration is granted for a term of 10 years from its grant date and can be renewed for successive 10-year periods.

As of December 31, 2025, we own 163 valid, registered trademarks in Peru. The main trademarks we use in our operations are “Auna,” “Oncosalud” and “Clínica Delgado Auna.”

In Colombia, ownership of trademarks can be acquired only through a validly approved registration with the SIC. A trademark registration is granted for a term of 10 years from the date on which the grant becomes enforceable and can be renewed for successive 10-year periods.

As of December 31, 2025, we own 161 valid, registered trademarks in Colombia. The main trademarks we use in our operations are “Clínica Las Américas,” “Clínica Portoazul,” “Instituto de Cancerología Las Américas” and “Clínica IMAT Oncomédica Auna.”

Environmental, Social and Governance Matters

At Auna, we care and take care. We apply this not only to our employees and patients, but also to the communities in which we operate, contributing to their development and well-being while keeping in mind each country’s unique environmental, social and governance (“ESG”) needs. We are aware that transforming health in Latin America is a challenge that involves the growth of companies in an interdependent manner with society and the environment. We are convinced that the challenge is not limited to taking care of health from a medical and scientific point of view, but also involves contributing to the comprehensive well-being of society, supporting the development of the communities in the regions where we operate and protecting the environment.

In 2025, we continued our commitment to ESG management by assessing and identifying ESG issues, including compliance, anti-bribery procedures, occupational health and safety, data privacy, diversity and inclusion, supplier ESG evaluations, social impact, waste management, carbon footprint measurement, and eco-efficiency. We also completed our first Double Materiality Assessment, a key milestone in strengthening our sustainability governance and strategic focus. The process identified the ESG topics most material to our business, long-term value creation, and stakeholder expectations. It provides clear visibility into sustainability-related risks and opportunities, as well as the impacts of our operations. These insights strengthen our ability to track material indicators and integrate sustainability into core business strategy. Our ESG Regional Committee, with members representing various areas across Peru, Colombia, and Mexico, supported the development of our ESG strategy. Additionally, in 2024 we implemented ESG criteria for a group of critical suppliers, establishing guidelines focused on human rights, pollution prevention, and personal data management. We concluded the year with the deployment of virtual training on ESG management for a select group of critical suppliers. This initiative will continue to scale in 2026.

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Environmental

We care and take care of our environment. As a healthcare company, we are aware of the effects that climate change can have on the health of our employees, patients, members and communities, and we acknowledge the crucial role that businesses play in the fight against climate change. Consequently, we are committed to managing our environmental impacts responsibly. In line with that commitment, our sustainability strategy focuses on addressing our environmental governance, waste management, eco-efficiency and carbon footprint. In 2026, we measured the 2025 carbon footprint across 100% of our operations in Peru, Mexico, and Colombia, consistent with the approach taken in the previous year. This assessment, benchmarked against our 2024 baseline, will provide a solid foundation for defining future emission reduction targets and strengthening our environmental roadmap. establishing a standardized tool to track and measure our greenhouse gas emissions and set the baseline for future reduction plans. Additionally, in most of our facilities we have implemented eco-efficiency initiatives, water quality monitoring processes (including water treatment, sample evaluations, and tank cleaning), and waste management programs that focus on both non-hazardous and hazardous waste, ensuring proper handling, segregation, and disposal.

Social and Governance

We care and take care of developing health and promoting well-being in our communities. We promote healthcare and prevention supported by scientific knowledge and medical research to help people live longer and healthier lives.

Auna is also committed to expanding quality access to healthcare in the countries in which we operate. In 2025, we were able to bring this promise to Peru, Mexico and Colombia by impacting over 20,319 individuals through the various social projects we deployed, including by providing blood donations, mammograms, and healthcare education through campaigns, among others.

We are also committed to ensuring that all of our employees, patients, members and users are treated with the same degree of respect, empathy and compassion. To this end, we began our diversity initiative in 2022 by laying the groundwork with the approval of our diversity and inclusion policy and the formation of our diversity committee. We have continued our efforts throughout 2025 and 2026 with different trainings and campaigns covering a wide range of topics such as diversity, inclusion and sexual harassment prevention, which have helped us bring our diversity and inclusion management to life at all levels of our organization.

Employees and Medical Staff

As of December 31, 2025, we had 15,254 employees in Peru, Colombia and Mexico, including 9,280 medical personnel, which includes physicians, nurses and technicians. Approximately 3% of our employees were part-time employees, the majority of which are physicians that are hired on a fee-for-service basis. We are subject to various laws that regulate wages, hours, benefits and other terms and conditions relating to employment. As of December 31, 2025, 1,318 and 437 of our employees were members of labor unions in Mexico and Colombia, respectively, and none of our employees were members of labor unions in Peru. For more information, see “Item 6. Directors, Senior Management and Employees—D. Employees.”

Our hospitals and clinics, like most institutions in the industry, have experienced rising labor costs. In Peru, Colombia and Mexico, attracting and retaining qualified medical personnel, in particular nurses, has become a significant operating issue for healthcare providers. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—Our performance depends on our ability to recruit and retain quality medical professionals, and we face a great deal of competition for these professionals, which may increase our labor costs and negatively impact our results of operations.” To address this challenge, we have implemented several initiatives to improve retention, recruiting, compensation programs and productivity, including:

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• Flexible and highly competitive compensation mechanisms for physicians;

• A new training and support plan for nurses that includes professional development, a mental health program, and wellness courses; and

• A corporate professional growth and development program called CRESER, which aims to develop talent within our corporate and administrative unit by providing a clear, structured career path for high-potential employees.

Our hospitals and clinics are staffed by licensed physicians, including physicians employed by us, physicians working as independent contractors and physicians who are hired through contracts that we have with certain medical groups or doctors’ associations in Peru, Colombia and Mexico. Any licensed physician may apply to be accepted to the medical staff of any of our hospitals or clinics, but each facility’s medical staff and the appropriate governing board of such facility, in accordance with established credentialing criteria, must approve the addition of each physician to the staff.

Item 4A. Unresolved Staff Comments

Not applicable.

Item 5. Operating and Financial Review and Prospects

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements, and the notes thereto included elsewhere in this annual report and the information presented under “Presentation of Financial and Other Information.”

This annual report contains forward-looking statements that reflect our plans, estimates and beliefs, and involve risks, uncertainties and assumptions. Our actual results could differ materially 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 elsewhere in this annual report, particularly under “Risk Factors” and “Special Note Regarding Forward-Looking Statements.”

A. Operating Results

Overview

Our mission is underpinned by the Auna Way’s key pillars:

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(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 person-centered care 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.

(v) Through our integrated operational strategy 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.

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This combination of mission, values and practices put in place within our organization is what truly defines the Auna Way. See “Item 3. Key Information—D. Risk Factors” For the risks and challenges we face as we operate in pursuit of the Auna Way.

Segment Reporting

Operating segments are components of a company about which separate financial information is available that is regularly evaluated by the chief operating decision maker(s) in deciding how to allocate resources and assess performance. We have determined that our reportable segments are: (i) Oncosalud Peru, (ii) Healthcare Services in Peru, (iii) Healthcare Services in Colombia and (iv) Healthcare Services in Mexico. Our Oncosalud Peru segment consists of our prepaid healthcare plans and oncology services provided at our Oncosalud Peru segment facilities, including services provided under our prepaid plans and third-party healthcare plans and paid for out-of-pocket by our patients. Our Healthcare Services in Peru segment consists of healthcare services provided at any of our facilities in Peru other than those in the Oncosalud network. Oncosalud Peru is a payer to Healthcare Services in Peru, as are other third-party payers, for oncology and general healthcare services provided to it by our Healthcare Services in Peru segment, and the cost of such services are reflected as a cost to our Oncosalud Peru segment and a revenue to our Healthcare Services in Peru segment in our segment reporting. Our Healthcare Services in Colombia segment consists of healthcare services provided at any of our facilities in Colombia. Our Healthcare Services in Mexico segment consists of healthcare services provided at any of our facilities in Mexico and dental, vision insurance plans and oncology 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 accounting policies we follow for these segments are the same as those for the Company on a consolidated basis.

Factors Affecting Our Results of Operations

We believe that the most significant factors affecting our 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, among other services, that we provide in a period, as well as our ability to adequately cross-sell complementary services such as pharmaceutical, diagnostic imaging and clinical laboratory services. We calculate utilization as (i) (x) the total number of days in which any of our beds had a hospitalized patient during the period divided by (y) the total number of beds, times (ii) the total number of days during the period. Our utilization rates are also affected by the number of third-party payers for which our facilities are considered in network. As the number of third-party payers for which we are in network for increases, so does our patient population and consequently our utilization rates. As our utilization rates increase, so does our revenue and our margins because it allows us to increase our economies of scale, as our asset base is largely a fixed cost. Likewise, if utilization rates decrease, so do our margins, and because a portion of our costs are essentially fixed, higher utilization 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.

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• 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 December 31, 2025, the average age of our oncology plan members was 37.7 years, and the average age of our general healthcare plan members was 29.9 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, vision plans and oncology 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 becoming profitable, and it takes time and resources to integrate new hospitals acquired from third parties into our existing networks.

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• 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 year ended December 31, 2025, we generated 23.5%, 43.9% and 32.6% 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 Operations

Total Revenue from Contracts with Customers

Total 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 also occurs in all of our segments, (iii) insurance revenue on our healthcare plans in our Oncosalud Peru segment and (iv) insurance revenue earned on our dental, vision insurance plans and oncology plans in our Healthcare Services in Mexico segment.

Healthcare services . The revenue we generate from the sale of healthcare services is recognized as services rendered to our patients and includes amounts related to the services provided as well as the products and supplies used in providing such services. The price of healthcare services is determined by the rates set forth in reimbursement arrangements that we have with individual healthcare providers for patients that have healthcare coverage or by reference 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 generate from 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 prepaid healthcare plans in Peru to plan members for one-year terms, which are automatically renewed and adjusted for price increases at the end of the term, unless terminated by either party. Most of our plan members make payments pursuant to these plans on a monthly basis, while a smaller percentage of them make payments on an annual basis. The insurance revenue we receive from the sales of healthcare plans is recognized as revenue proportionally during the period in which a patient is entitled to healthcare services under his or her plan. Insurance revenue related to the unexpired contractual coverage period under a healthcare plan is recognized in the accompanying statement of financial position as unearned insurance revenue reserve.

Healthcare plans in Mexico. We sell oncological insurance plans in Mexico through our insurance subsidiary, Auna Seguros (formerly known as Dentegra). These plans are marketed under two primary models: Oncosalud, a comprehensive oncology insurance product centered on prevention and full cancer treatment, and Oncocomplemento, which provides specialized cancer coverage as a supplement to existing major medical insurance policies.

Dental and vision plans . We sell dental and vision insurance plans in Mexico. Most of our plan members make payments pursuant to these plans on a monthly basis. The insurance revenue we receive from the sales of dental and vision insurance plans are recognized when they are contracted by the insured. Insurance revenue related to the unexpired contractual coverage period under a dental and vision insurance plan is recognized in the accompanying balance sheet as part of reserves.

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Cost of Sales and Services and Gross Profit

Cost of sales and services . Our cost of sales and services is primarily comprised of costs incurred in providing healthcare services, including the cost of medicines; personnel expenses for medical staff; medical consultation fees; surgery fees; depreciation of medical equipment; depreciation of buildings and facilities; amortization of software; cost of services provided by third parties, primarily lease payments to 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 services provided by dental and vision healthcare providers for services rendered to our dental and vision members.

Gross profit . Our gross profit is the difference between the revenue generated by the sale of our healthcare and insurance plans, healthcare services and medicines and the cost of sales and services.

Operating Expenses, Loss for Impairment of Trade Receivables, Other Expenses and Other Income

Selling expenses . Our selling expenses include 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 that assist with our sales efforts, as well as advertising costs; and other management charges, such as office rental for our sales team, advisory fees for market studies and sales team recruiting fees.

Administrative expenses. Administrative expenses consist primarily of costs incurred at the administrative level at each of our facilities, including personnel expenses for administrative staff; cost of services provided by third parties, primarily advisory and consulting fees and lease payments to third parties for office space; 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 consists of provisions for services to patients who, after a certain period of time and in accordance with our impairment policy, do not pay for those services provided, either by themselves or through insurance companies. We calculate the estimate for impairment of trade receivables using an expected loss model whereby we estimate expected losses on our trade receivables based on our historical experience of impairment and other circumstances known at the time of assessment in accordance with IFRS 9.

Financial Instruments . We record a gain for 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 expectation of cash recovery.

Other expenses. Other expenses consist of 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 the parking lots at our facilities, (iii) the increase in fair value of our investment properties, (iv) rental income from property owned and rented by us for use by medical professionals in our Healthcare Services in Mexico segment and (v) any recovery receivables that were registered as uncollectable by acquired entities before being consolidated into our results.

Net Finance Cost

Finance income and finance cost consist of interest income, interest expense, net gain (loss) on financial assets, foreign currency gain (loss) on financial assets and financial liabilities and the reclassification of net gains (losses) on instruments used to hedge interest rate and foreign currency exchange rate risk previously recognized in other comprehensive income.

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Income Tax Expense

Income tax expense consists of taxes on income generated during the period. The current statutory income tax rates are 29.5% in Peru, 30.0% in Mexico and 35.0% in Colombia, calculated based on taxable income. Reconciliation of income tax effective rate to statutory tax rate considers the following effects: (i) non-deductible expenses, (ii) tax rates of a subsidiary abroad, (iii) tax losses for which deferred tax asset was not recognized and (iv) annual adjustment for inflation in Mexico, Peru and Colombia, among others.

In Colombia, the latest tax reform introduced a minimum tax rate of 15% calculated based on profits minus certain deductions. If the effective tax rate is less than 15%, taxpayers are obliged to add their income tax up to this limit.

Results of Operations

We have derived the information included in the following discussion from our consolidated financial statements included elsewhere in this annual report. You should read this discussion along with such financial statements.

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

The following table summarizes our results of operations for the year ended December 31, 2025 and 2024:

2025		2024		2025 vs. 2024
(in millions of soles )
Revenue
Insurance revenue	S/1,131.5		S/1,053.0		7.5	%
Health care services revenue	2,918.9		3,012.5		(3.1	%)
Sales of medicines	335.0		320.7		4.4	%
Total Revenue from contracts with customers	4,385.3		4,386.1		(0.02	%)
Cost of sales and services	(2,721.6	)	(2,660.8	)	2.3	%
Gross profit	1,663.7		1,725.3		(3.6	%)
Selling expenses	(220.9	)	(197.5	)	11.8	%
Administrative expenses	(812.7	)	(788.7	)	3.0	%
(Loss) for impairment of trade receivables	(48.1	)	(40.9	)	17.6	%
Other expenses	—		(2.1	)	(100	%)
Other income	43.2		87.6		(50.7	%)
Operating profit	625.3		783.8		(20.2	%)
Finance income	21.8		24.8		(12.0	%)
Finance income from exchange difference	193.0		—		100	%
Finance costs	(651.3	)	(591.9	)	10.0	%
Finance costs from exchange difference	—		(41.7	)	(100	%)
Net finance cost	(436.5	)	(608.8	)	(28.3	%)
Share of profit of equity-accounted investees	10.4		8.8		18.3	%
Income (loss) before tax	199.3		183.8		8.4	%
Income tax expense	(88.4	)	(59.8	)	47.4	%
Profit (loss) for the year	S/ 110.9		S/124.0		(10.5	%)

Revenue

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2025		2024		2025 vs. 2024
(in millions of soles )
Total revenue from contracts with customers
Oncosalud Peru	S/1,164.2		S/1,070.6		8.7	%
Healthcare Services in Peru	1,084.3		995.8		8.9	%
Healthcare Services in Colombia	1,440.1		1,443.0		(0.2	%)
Healthcare Services in Mexico	1,038.8		1,194.6		(13.0	%)
Holding and Eliminations	(342.1	)	(317.9	)	(7.6	%)
Total	S/4,385.3		S/4,386.1		(0.02	%)

Our total revenue from contracts with customers was S/4,385.3 million for the year ended December 31, 2025, representing a decrease of S/0.8 million, or 0.02%, from S/4,386.1 million for the year ended December 31, 2024. This decrease was partially attributed to lower revenues in the Mexican network due to softer demand for services, partially offset by higher revenues in Peru driven by increased demand for healthcare services and continued expansion of the Oncosalud membership base, as well as relatively stable revenue in Colombia.

Revenue from our Oncosalud Peru segment was S/1,164.2 million for the year ended December 31, 2025, representing an increase of S/93.6 million, or 8.7%, from S/1,070.6 million for the year ended December 31, 2024. This increase was primarily driven by a 4.4% net increase in the average number of Oncosalud plan members and by a 3.7% increase in average monthly revenue per plan member.

Revenue from our Healthcare Services in Peru segment was S/1,084.3 million for the year ended December 31, 2025, representing an increase of S/88.5 million, or 8.9%, from S/995.8 million for the year ended December 31, 2024. This increase was primarily driven by higher service volumes in surgeries, emergency visits and ambulatory care, including chemotherapy services, as well as higher ticket prices across our network. Service volumes were supported by new medical equipment, additional hospitalization beds, including the addition of 10 operating beds during the year, and marketing efforts across the network.

Revenue from our Healthcare Services in Colombia segment was S/1,440.1 million for the year ended December 31, 2025, representing a decrease of S/2.9 million, or 0.2%, from S/1,443.0 million for the year ended December 31, 2024. This decrease resulted primarily from lower volumes of surgeries and emergency treatments due to restrictions on services provided to government-intervened payors, partially offset by higher average tickets in key services and increased activity in higher-complexity services.

Revenue from our Healthcare Services in Mexico segment was S/1,038.8 million for the year ended December 31, 2025, representing a decrease of S/155.8 million, or 13%, from S/1,194.6 million for the year ended December 31, 2024. This decrease was primarily supported by lower service volumes in surgeries and emergency visits, as well as the continued impact of legacy physician and supplier relationships, partially offset by the expansion of oncology services.

Cost of Sales and Services

2025		2024		2025 vs. 2024
(in millions of soles )
Cost of Sales and Services
Oncosalud Peru	(611.7	)	(586.4	)	4.3	%
Healthcare Services in Peru	(765.9	)	(708.0	)	8.2	%
Healthcare Services in Colombia	(1,054.2	)	(1,040.6	)	1.3	%
Healthcare Services in Mexico	(620.4	)	(641.8	)	(3.3	%)
Holding and Eliminations	330.5		315.9		4.6	%
Total	(2,721.6	)	(2,660.8	)	2.3	%

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Our total cost of sales and services was S/2,721.6 million for the year ended December 31, 2025, representing an increase of S/60.8 million, or 2.3%, from S/2,660.8 million for the year ended December 31, 2024. This increase was partially attributable to higher healthcare services utilization in Peru and higher medicines costs in Colombia, partially offset by lower surgery and emergency volumes in Mexico.

In our Oncosalud Peru segment, cost of sales and services was S/611.7 million for the year ended December 31, 2025, representing an increase of S/25.3 million, or 4.3%, from S/586.4 million for the year ended December 31, 2024. This increase was mainly due to higher variable medical costs driven by increased utilization of healthcare services and a higher number of patients treated as plan memberships continued to grow.

In our Healthcare Services in Peru segment, cost of sales and services was S/765.9 million for the year ended December 31, 2025, representing an increase of S/58.0 million, or 8.2%, from S/708.0 million for the year ended December 31, 2024. This increase was primarily attributable to higher medical variable costs driven by increased volumes in surgeries, emergency services and ambulatory care, including chemotherapy services, as well as higher utilization of hospitalization capacity across the network.

In our Healthcare Services in Colombia segment, cost of sales and services was S/1,054.2 million for the year ended December 31, 2025, representing an increase of S/13.5 million, or 1.3%, from S/1,040.6 million for the year ended December 31, 2024. The increase in costs was mainly driven by higher fees for medical services and higher pharmaceutical costs, primarily associated with increased activity in services that require a higher consumption of drugs and medical supplies, such as chemotherapy.

In our Healthcare Services in Mexico segment, cost of sales and services was S/620.4 million for the year ended December 31, 2025, representing a decrease of S/21.4 million, or 3.3%, from S/641.8 million for the year ended December 31, 2024. This decrease was primarily attributable to lower volumes of surgeries and emergency treatments, which reduced hospitalization days, ICU utilization and overall capacity usage.

Gross Profit and Gross Margin

For the foregoing reasons, our gross profit was S/1,663.7 million for the year ended December 31, 2025, representing a decrease of S/61.6 million, or 3.6%, from S/1,725.3 million for the year ended December 31, 2024. Our gross margin for the year ended December 31, 2025 was 37.9%. By segment, our gross margin was 47.5% in Oncosalud Peru, 29.4% in Healthcare Services in Peru, 26.5% in Healthcare Services in Colombia and 40.3% in Healthcare Services in Mexico. Overall, our gross margin decreased by 1.4% for the year ended December 31, 2025 from 39.3% for the year ended December 31, 2024.

Selling Expenses

Our total selling expenses were S/220.9 million for the year ended December 31, 2025, representing an increase of S/23.4 million, or 11.8%, from S/197.5 million for the year ended December 31, 2024. This increase was primarily attributable to higher advertising expenses and higher variable selling expenses, such as commissions to sales channels and variable commissions for credit card payments.

In our Oncosalud Peru segment, selling expenses were S/180.3 million for the year ended December 31, 2025, representing an increase of S/20.7 million, or 13%, from S/159.6 million for the year ended December 31, 2024. The increase in selling expenses was primarily driven by a S/14.9 million increase in sales channel commissions, a S/2.8 million increase in variable commissions for credit card payments and a S/0.8 million increase in personnel expenses.

In our Healthcare Services in Peru segment, selling expenses were S/22.7 million for the year ended December 31, 2025, representing an increase of S/3.1 million, or 15.9%, from S/19.6 million for the year ended December 31, 2024. The increase in selling expenses was primarily supported by a S/0.9 million increase in advertising expenses and a S/0.7 million increase in variable commissions for credit card payments and a S/0.1 million increase in advisory and administrative consulting expenses.

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In our Healthcare Services in Colombia segment, selling expenses were S/5.4 million for the year ended December 31, 2025, representing a decrease of S/0.3 million, or 5.6%, from S/5.7 million for the year ended December 31, 2024. The decrease in selling expenses was mainly due to S/0.2 million reduction in third-party promotion and advertising expenses, as well as lower personnel expenses.

Healthcare Services in Mexico segment, selling expenses were S/13.8 million for the year ended December 31, 2025, representing an increase of S/1.9 million, or 15.9%, from S/11.9 million for the year ended December 31, 2024. The increase in selling expenses was primarily a result of a S/2.9 million increase in advertising expenses and a S/1.5 million increase in advisory expenses, partially offset by a S/2.5 million decrease in sales channel commissions.

Administrative Expenses

Our total administrative expenses were S/812.7 million for the year ended December 31, 2025, representing an increase of S/24 million, or 3%, from S/788.7 million for the year ended December 31, 2024. This increase was mainly attributable to higher personnel and corporate expenses associated with the growth of operations and the regular annual increase in services.

For our Oncosalud Peru segment, administrative expenses were S/156.1 million for the year ended December 31, 2025, representing an increase of S/12.3 million, or 8.5%, from S/143.9 million for the year ended December 31, 2024. This increase was primarily driven by a S/14.6 million increase in personnel expenses and a S/11.1 million increase in corporate expenses, partially offset by lower other service expenses, mainly due to a S/6.1 million reduction in cleaning services and a S/3.5 million decrease in building maintenance and repair expenses, both as a result of a reclassification to cost of sales.

For our Healthcare Services in Peru segment, administrative expenses were S/194.2 million for the year ended December 31, 2025, representing an increase of S/17.5 million, or 9.9%, from S/176.7 million for the year ended December 31, 2024. This increase was primarily driven by higher personnel expenses of S/10.9 million related to the growth of operations and S/1.4 million in corporate expenses associated with the regular annual increase in services.

For our Healthcare Services in Colombia segment, administrative expenses were S/216.4 million for the year ended December 31, 2025, representing an increase of S/6.9 million, or 3.3%, from S/209.4 million for the year ended December 31, 2024. This increase was primarily driven by a S/2.8 million increase in corporate expenses associated with the regular annual increase in services and a S/3.2 million increase in maintenance and repair expenses related to various equipment and facilities, among other factors.

For our Healthcare Services in Mexico segment, administrative expenses were S/250.1 million for the year ended December 31, 2025, representing a decrease of S/5.7 million, or 2.2%, from S/255.8 million for the year ended December 31, 2024. This decrease was primarily driven by a S/15.4 million reduction in personnel expenses, partially offset by a S/6.1 million increase in corporate expenses and a S/6.6 million increase in advisory and consulting expenses.

(Loss) Reversal for Impairment of Trade Receivables

Loss for impairment of trade receivables was S/48.1 million for the year ended December 31, 2025, representing an increase of S/7.2 million, from S/40.9 million for the year ended December 31, 2024.

For our Oncosalud Peru segment, loss for impairment of trade receivables was S/2.6 million for the year ended December 31, 2025, representing an increase of S/2.1 million, from S/0.5 million loss for impairment of trade receivables for the year ended December 31, 2024. This increase was primarily driven by higher provisions for doubtful accounts.

For our Healthcare Services in Peru segment, loss for impairment of trade receivables was S/16.8 million for the year ended December 31, 2025, representing an increase of S/8.9 million, from S/7.9 million loss for impairment of trade receivables for the year ended December 31, 2024. This increase was mainly attributable to delayed payments of accounts receivable from third-party insurance providers.

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For our Healthcare Services in Colombia segment, loss for impairment of trade receivables was S/24.9 million for the year ended December 31, 2025, representing a decrease of S/3.5 million, from S/28.4 million loss for impairment of trade receivables for the year ended December 31, 2024. This decrease was primarily due to improved collection levels and lower provisioning requirements.

For our Healthcare Services in Mexico segment, loss for impairment of trade receivables was S/4.1 million for the year ended December 31, 2025, representing an increase of S/0.2 million from, a S/4.0 million loss for the year ended December 31, 2024. This increase was mainly attributable to delayed payments of accounts receivable from individual customers.

Other Income

Other income was S/43.2 million for the year ended December 31, 2025, representing a decrease of S/44.4. million, or 50.7%, from S/87.6 million for the year ended December 31, 2024. This decrease was primarily attributable to the absence of the income recognized in 2024 from the liquidation of the holdback amount related to the acquisition of Grupo OCA in Mexico.

In our Oncosalud Peru segment, other income was S/15.6 million for the year ended December 31, 2025, representing an increase of S/1.5 million, or 10.9%, from S/14.1 million for the year ended December 31, 2024. This increase was primarily driven by a S/0.6 million increase in royalty income and a S/0.2 million increase in income from the lease of medical equipment, among other factors.

In our Healthcare Services in Peru segment, other income was S/7.9 million for the year ended December 31, 2025, representing a decrease of S/0.4 million, or 4.7%, from S/8.3 million for the year ended December 31, 2024.

In our Healthcare Services in Colombia segment, other income was S/8.9 million for the year ended December 31, 2025, representing a decrease of S/0.5 million, or 5.3%, from S/9.4 million for the year ended December 31, 2024. This decrease was primarily attributable to lower rental income recorded at Promotora Médica Las Américas and Oncomédica.

In our Healthcare Services in Mexico segment, other income was S/29.9 million for the year ended December 31, 2025, representing a decrease of S/38.9 million, or 56.6%, from S/68.8 million for the year ended December 31, 2024. This decrease was primarily attributable to the absence of the S/46.6 million one-time income recognized in 2024 from the liquidation of the holdback amount related to the acquisition of Grupo OCA.

Operating Profit

2025		2024		2025 vs. 2024
(in millions of soles )
Operating Profit
Oncosalud Peru	S/218.0		S/194.3		12.2	%
Healthcare Services in Peru	91.4		91.9		(0.5	%)
Healthcare Services in Colombia	148.2		168.3		(11.9	%)
Healthcare Services in Mexico	180.2		350.0		(48.5	%)
Holding and Eliminations	(12.2	)	(20.7	)	(39.4	%)
Total	S/625.3		S/783.8		(20.2	%)

For the foregoing reasons, our operating profit was S/625.3 million for the year ended December 31, 2025, representing a decrease of S/158.5 million, or 20.2%, from S/783.8 million for the year ended December 31, 2024.

Net Finance Cost

Finance income was S/21.8 million for the year ended December 31, 2025, representing a decrease of S/3.0 million, or 12%, from S/24.8 million for the year ended December 31, 2024. This decrease was primarily attributable to lower interest income generated from cash balances and financial assets, mainly reflecting lower market interest rates during 2025 compared to 2024.

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Finance cost was S/458.3 million for the year ended December 31, 2025, representing a decrease of S/175.3 million, or 27.7%, from S/633.6 million for the year ended December 31, 2024. This decrease was primarily attributable to favorable non-cash foreign exchange effects resulting from the appreciation of the sol against the U.S. dollar during 2025, which generated a positive impact of S/193.0 million, compared to a negative foreign exchange impact of S/41.7 million in 2024. Excluding foreign exchange effects as well as non-recurring refinancing costs, finance cost would have been S/481.2 million in 2025 compared to S/586.3 million in 2024, representing a decrease of S/105.1 million, primarily reflecting lower underlying interest expenses due to lower benchmark interest rates.

Income Tax Expense

We recognized income tax expense of S/88.4 million for the year ended December 31, 2025, representing an increase of S/28.5 million, or 47.7%, from an income tax expense of S/59.8 million for the year ended December 31, 2024. This represented an effective tax rate of 44.3% and 32.5% for the years ended December 31, 2025, and 2024, respectively. The effective tax rate for the year ended December 31, 2025 was mainly impacted by the absence of the recognition of a S/25.7 million deferred tax asset recorded in 2024, which reduced the effective tax rate in that year.

Profit (Loss) for the Period

For the foregoing reasons, profit (loss) for the year ended December 31, 2025, was S/110.9 million, compared to a profit (loss) of S/124.0 million for the year ended December 31, 2024, representing a decrease of S/13.1 million, or 10.5%.

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

This analysis can be found in “Part I—Item 5. Operating and Financial Review and Prospects,” in our Annual Report on Form 20-F for the fiscal 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.

Key Performance Indicators

The following table sets forth certain selected non-IFRS Accounting Standards measures relating to our business as of the dates and for each of the periods indicated:

Non-IFRS Accounting Standards Measures

	Year Ended December 31, — 2025		2025		2024		2023
	(in millions of US$)(1)		(in millions of soles )
EBITDA(2)	US$	255.2	S/	858.1	S/	1,011.7	S/	802.4
Segment EBITDA(3)
Oncosalud Peru	US$	76.4	S/	257.0	S/	230.3	S/	170.0
Healthcare Services in Peru	US$	41.6	S/	140.0	S/	134.7	S/	75.4
Healthcare Services in Colombia	US$	58.5	S/	196.6	S/	216.2	S/	177.0
Healthcare Services in Mexico	US$	79.2	S/	266.5	S/	442.0	S/	383.5
Adjusted EBITDA(4)	US$	272.5	S/	916.5	S/	993.3	S/	824.8

Operational Measures

The following table sets forth certain selected operating measures relating to our business as of the dates and for each of the periods indicated:

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	Year Ended December 31, — 2025		2024		2023
Healthcare Plans:
Number of plan memberships(5)(6)		1,424,695		1,365,028		1,270,930
Average monthly revenue per plan membership(7)	S/	61.1	S/	58.9	S/	58.3
Number of preventive check-ups		120,875		106,457		120,258
Number of patients treated(8)		74,097		58,559		57,022
Medical loss ratio(9)		54.2%		57.3%		53.8%
% of cost of services related to preventive check-ups		4.4%		4.2%		5.4%
% of cost of services related to treatment provided by Oncosalud network facilities(10)		46.8%		46.7%		48.9%
% of cost of services related to treatment provided by Auna Peru network facilities(10)		46.1%		45.4%		42.1%
% of cost of services related to treatment provided outside our networks		2.8%		3.7%		3.6%
Healthcare Services:
Number of beds(5)
In Mexico		708		708		708
In Peru		385		375		375
In Colombia		1,131		1,131		1,116
Total number of emergency treatments
In Mexico		31,499		37,114		37,248
In Peru		182,402		178,262		180,654
In Colombia		145,050		150,566		135,401
Total number of days hospitalized(13)
In Mexico		99,741		109,886		108,904
In Peru		104,176		98,221		92,205
In Colombia		316,362		329,626		310,738
Total number of surgeries
In Mexico		18,985		21,033		20,641
In Peru		20,805		20,451		20,418
In Colombia		42,789		47,184		47,798
% of utilization of beds(14)
In Mexico		38.6%		42.4%		42.1%
In Peru		74.1%		71.6%		67.4%
In Colombia		76.6%		79.6%		76.3%

(1) Calculated based on an exchange rate of S/3.363 to US$1.00 as of December 31, 2025. See “Presentation of Financial and Other Information—Currency Translations.”

(2) EBITDA and EBITDA Margin are non-GAAP financial measures. See “Presentation of Financial and Other Information—Non-GAAP Financial Measures.”

(3) Segment EBITDA is a non-GAAP financial measure. See “Presentation of Financial and Other Information—Non-GAAP Financial Measures.”

(4) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. See “Presentation of Financial and Other Information—Non-GAAP Financial Measures.”

(5) As of period-end.

(6) Includes active plan memberships as well as plan memberships that have not paid monthly fees due on their plans for up to three months, during which time their plans remain active. Once such three-month period has passed, the plans are terminated and they are not included in our total number of plan memberships. As of December 31, 2025, we had 1,325,062 active members and 99,633 inactive members.

(7) Total revenue for the period corresponding to insurance revenue in the Oncosalud Peru segment divided by the average number of plan members during the period, divided by the number of months in the period.

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(8) Number of individual plan members receiving treatment for cancer during the period, which may include multiple instances of treatment per plan member.

(9) MLR is calculated as (i) claims for medical treatment generated by our prepaid oncology and general healthcare plans plus (ii) technical reserves relating to plan members treated pursuant to such plans, whether at our facilities or third-party facilities, divided by revenue generated by our prepaid oncology and general healthcare plans.

(10) We introduced general healthcare plans in 2020, which increased the percentage of services rendered under our plans in our Healthcare Services in Peru segment.

(11) Number of individual patients that received healthcare treatment during the period, which may include multiple instances of treatment per plan member.

(12) We do not perform outpatient consultation in our Auna Mexico network. We lease medical office space at our facilities in our Auna Mexico network to third-party physicians, which perform outpatient consultations.

(13) Total number of days in which any of our beds had a hospitalized patient during the period.

(14) Utilization is calculated as (i) (x) total number of days in which any of our beds had a hospitalized patient during the period divided by (y) total number of beds, times (ii) total number of days during the period.

Reconciliation of EBITDA, Segment EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin and Adjusted Leverage Ratio

The tables below set forth reconciliations of EBITDA, Segment EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin and Adjusted Leverage Ratio to the nearest IFRS Accounting Standards measures.

We calculate EBITDA as profit (loss) for the period plus income tax expense, net finance cost and depreciation and amortization. EBITDA is a key metric used by management and our board of directors to assess our financial performance. We calculate Segment EBITDA as segment profit before tax plus net finance cost and depreciation and amortization. We calculate Adjusted EBITDA as profit (loss) for the period plus income tax expense, net finance cost, depreciation and amortization, pre-operating expenses for projects under construction, business development expenses for expansion into new markets, change in fair value of earn-out liabilities and stock-based consideration. We calculate EBITDA Margin as EBITDA divided by total revenue from contracts with customers. We calculate Adjusted Net Income as profit (loss) for the period plus pre-operating expenses for projects under construction, business development expenses for expansion into new markets as well as a one-time reversal of the holdback from the acquisition of Grupo OCA in Mexico, change in fair value of earn-out liabilities and investments, stock-based consideration, personnel non-recurring compensation, non-cash and non-recurring financial costs and allocated tax effects. We calculate Adjusted Net Income Margin as Adjusted Net Income divided by total revenue from contracts with customers. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue from contracts with customers. We calculate Adjusted Leverage Ratio as (i)(x) current and non-current loans and borrowings plus (y) current and non-current lease liabilities minus (ii) cash and cash equivalents, divided by (iii) Adjusted EBITDA.

EBITDA, Segment EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin and Adjusted Leverage Ratio are not measures of operating performance under IFRS Accounting Standards and have limitations as analytical tools. You should not consider such measures either in isolation or as substitutes for analyzing our results as reported under IFRS Accounting Standards. Additionally, our calculations of EBITDA, Segment EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin and Adjusted Leverage Ratio may be different from the calculations used by other companies for similarly titled measures, including our competitors, and therefore may not be comparable to those of other companies.

The following table shows a reconciliation of EBITDA and EBITDA Margin to profit (loss) for the period for each of the periods.

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	Year Ended December 31, — 2025		2025		2024		2023
	(in millions of US$)(a)		(in millions of soles )
Profit (Loss) for the period	US$	33.0	S/	110.9	S/	124.0		S/(214.3)
Income tax expense		26.3		88.4		59.8		90.2
Net finance cost		129.8		436.5		608.8		690.8
Depreciation and amortization		66.1		222.4		219.1		235.8
EBITDA	US$	255.2	S/	858.1	S/	1,011.7	S/	802.4
EBITDA Margin		19.6 %		19.6 %		23.1 %		20.7 %

(a) Calculated based on an exchange rate of S/3.363 to US$1.00 as of December 31, 2025. See “Presentation of Financial and Other Information—Currency Translations.”

The following tables show a reconciliation of segment profit (loss) before tax to Segment EBITDA for each of our segments.

	Year Ended December 31, 2025
	Oncosalud Peru		Healthcare Services in Peru			Healthcare Services in Colombia			Healthcare Services in Mexico			Total Reportable Segments(a)
	(in millions of soles )
Segment profit (loss) before tax	S/	206.1	S/	57.9		S/	133.8		S/	(49.5)		S/	348.2
Net finance cost(b)		15.2		33.5			21.6			229.8			300.0
Depreciation and amortization		35.7		48.5			41.2			86.2			211.7
Segment EBITDA	S/	257.0	S/	140.0		S/	196.6		S/	266.5		S/	860.1
	Year Ended December 31, 2024
	Oncosalud Peru		Healthcare Services in Peru			Healthcare Services in Colombia			Healthcare Services in Mexico			Total Reportable Segments(a)
	(in millions of soles )
Segment profit (loss) before tax	S/	165.1	S/	44.4		S/	(2.1	)	S/	64.8		S/	272.2
Net finance cost(b)		32.5		47.5			175.9			285.2			541.1
Depreciation and amortization		32.7		42.8			42.4			92.1			209.9
Segment EBITDA	S/	230.3	S/	134.7		S/	216.2		S/	442.0		S/	1,023.2
	Year Ended December 31, 2023
	Oncosalud Peru		Healthcare Services in Peru			Healthcare Services in Colombia			Healthcare Services in Mexico			Total Reportable Segments(a)
	(in millions of soles )
Segment profit (loss) before tax	S/	107.4	S/	(11.2	)	S/	147.2		S/	(43.7	)	S/	199.6
Net finance cost(b)		30.7		47.6			(10.4	)		311.6			379.4
Depreciation and amortization		32.0		39.0			40.2			115.7			226.8
Segment EBITDA	S/	170.0	S/	75.4		S/	177.0		S/	383.5		S/	805.8

(a) Does not include the elimination of intra-group balances and transactions.

(b) Represents exchange difference, net, and interest expense, net.

The following table shows a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to profit (loss) for the period for each of the periods presented.

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	Year Ended December 31,
	2025		2025		2024		2023
	(in millions of US$)(a)		(in millions of soles )
Income (loss) for the period	US$	33.0	S/	110.9	S/	124.0	S/	(214.3	)
Income tax expense		26.3		88.4		59.8		90.2
Net finance cost		129.8		436.5		608.8		690.8
Depreciation and amortization		66.1		222.4		219.1		235.8
Pre-operating expenses(b)		0.1		0.5		2.3		1.4
Business development expenses(c)		12.2		41.0		(39.9	)	0.0
Change in fair value of earn-out liabilities(d)		—		—		—		17.3
Stock-based consideration(e)		3.3		11.2		9.1		3.7
Personnel non-recurring compensation(f)		1.7		5.7		10.1		—
Adjusted EBITDA	US$	272.5	S/	916.5	S/	993.3	S/	824.8
Adjusted EBITDA Margin		20.9 %		20.9 %		22.6	%	21.3	%

(a) Calculated based on an exchange rate of S/3.363 to US$1.00 as of December 31, 2025. See “Presentation of Financial and Other Information—Currency Translations.”

(b) Pre-operating expenses consist of legal and administrative expenses incurred in connection with projects under construction, such as Clínica Chiclayo, costs relating to the Centro Ambulatorio Trecca PPP and legal and administrative expenses incurred in connection with the acquisition of land banks for future projects.

(c) Business development expenses consist of expenses incurred in connection with projects to expand into new markets, including through greenfield projects and M&A activity, as well as a one-time reversal of the holdback from the acquisition of Grupo OCA in Mexico.

(d) Change in fair value of earn-out liabilities related to the acquisition of IMAT Oncomedica.

(e) Stock-based consideration includes share-based payments plans for non-executive members of the Board of Directors and other Auna management including executives and employees.

(f) Personnel non-recurring compensation related to the implementation of an efficiency program across business units aimed at streamlining processes and capturing synergies on the local and regional levels.

The following table shows a reconciliation of Adjusted Net Income and Adjusted Net Income Margin for the period for each of the periods presented.

	Year Ended December 31,
	2025		2025		2024		2023
	(in millions of US$)(a)		(in millions of soles )
Profit / (Loss) for the period	US$	33.0	S/	110.9	S/	124.0	S/	(214.3	)
Pre-operating expenses(b)		0.1		0.5		2.3		1.4
Business development expenses(c)		12.2		41.0		(39.9	)	0.0
Change in fair value of earn-out liabilities(d)		—		—		—		17.3
Stock-based consideration(e)		3.3		11.2		9.1		3.7
Personnel non-recurring compensation(f)		1.7		5.7		10.1		—
Non-cash and non-recurring financial costs(g)		56.2		188.9		35.2		234.1
Allocated tax effects(h)		(6.5	)	(21.7	)	5.7		(28.2	)
Adjusted Net Income	US$	100.1	S/	336.5	S/	146.4	S/	13.9
Adjusted Net Income Margin		7.7	%	7.7	%	3.3	%	0.4	%

(a) Calculated based on an exchange rate of S/3.363 to US$1.00 as of December 31, 2025. See “Presentation of Financial and Other Information—Currency Translations.”

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(d) Change in fair value of earn-out liabilities related to the acquisition of IMAT Oncomedica.

(e) Stock-based consideration includes share-based payments plans for non-executive members of the Board of Directors and other Auna management including executives and employees.

(g) Non-cash and non-recurring financial costs include (1) one-time non-recurring costs of refinancing activities in 2023, (2) non-cash derivative costs related to mark to market of legacy derivatives related to extinguished financings in 2023, 2024 and 2025, and (3) non-cash effects related to early extinguishment of financings in 2023, 2024 and 2025.

(h) Allocated tax effects neutralize the tax shield that the items considered as adjustment have generated in the taxable profit.

The following table shows a reconciliation of Adjusted Leverage Ratio to current and non-current loans and borrowing.

	Year Ended December 31, 2025
	(in millions of soles )
Current and non-current loans and borrowings	S/	3,532.5
Current and non-current lease liabilities		123.5
Cash and cash equivalents		335.4
Adjusted Leverage Ratio(a)		3.62	x

(a) Adjusted Leverage Ratio is non-GAAP financial measure. See “Presentation of Financial and Other Information—Non-GAAP Financial Measures.”

B. Liquidity and Capital Resources

Our financial condition and liquidity is, and will 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.

Overview

Our primary source of liquidity is our operating cash flow from insurance revenue on healthcare plans and the sale of healthcare services and medicines. Our healthcare plans are prepaid plans 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 smaller percentage of them make payments on an annual basis. Our dental and vision plans are insurance plans pursuant to which plan members typically pay us a fixed amount per month over the course of a year. During the year ended December 31, 2025, in the Healthcare Services in Peru segment, 51.8% of payments in our healthcare services business came from third-party insurance and institutional providers, including the Peruvian government, 24.8% are payments made by the Oncosalud segment and 23.4% were paid out-of-pocket by our patients, including co-payments and non-covered expenses. In the Healthcare Services in Colombia segment, 96.5% of payments came from third-party insurance and institutional providers, including the amounts transferred by ADRES directly, and 3.5% were paid out-of-pocket by our patients, including co-payments and non-covered expenses. In our Healthcare Services in Mexico segment, 90.7% of payments came from third-party insurance and institutional providers, including the Mexican government, and 9.3% were paid out-of-pocket by our patients, including co-payments and non-covered expenses. Our accounts receivable for payments from the third-party insurance and institutional providers previously mentioned are typically collected on an average of 52 days in Mexico, 161 days in Peru and 165 days in Colombia; this average is calculated from the average billed revenue and accounts receivables of third-party insurance and institutional providers of each segment, during the year ended December 31, 2025. The average collection days in each country, including out-of-pocket revenue and accounts receivables are 49 days in Mexico, 114 days in Peru and 165 days in Colombia; this average is calculated from the average total billed revenue and accounts receivables of each segment, during the year ended December 31, 2025.

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As of December 31, 2025, our cash and cash equivalents were S/335.4 million, and we had a positive working capital (defined as current assets minus current liabilities) of S/177.5. million. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—We may not have sufficient funds to settle current liabilities and as a result we may continue to have negative working capital from time to time.”

We believe that our available cash and cash equivalents and cash flows expected to be generated from operations and borrowings available to us under our revolving credit lines will be adequate to satisfy our capital expenditure and liquidity needs for the foreseeable future. Our principal economic activities provide predictable cash flows, as they consist primarily of the sale of prepaid plans that have monthly prepayments agreed for one-year terms or annual payments that are automatically renewed unless canceled by the plan members, and the provision of healthcare services, for which we are reimbursed by third-party healthcare providers under agreements that typically also have one-year terms and automatically renew each year, unless renegotiated. Given the predictability of these cash flows, we can operate with negative working capital.

We continually evaluate additional alternatives to 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 equity securities, our existing stockholders could be diluted. We can give no assurances that we will be able to obtain additional financing on terms acceptable to us, or at all.

Our ability to expand and grow our business in accordance with management’s current plans and to meet our long-term capital requirements will depend on many factors, including those mentioned above. To the extent we pursue one or more significant strategic acquisitions, we may be required to incur additional debt or sell additional equity to finance those acquisitions.

Comparative Cash Flows

The following table sets forth our cash flows for the periods indicated:

	Year Ended December 31,
	2025		2024		2023
	(in millions of soles )
Net cash from operating activities	S/	662.5	S/	668.5	S/	582.4
Net cash used in investing activities		(80.3	)	(236.8	)	(173.2	)
Net cash (used in) financing activities		(487.1	)	(418.1	)	(370.0	)
Net increase in cash and cash equivalents		95.2		13.6		39.3
Cash and cash equivalents at beginning of period		235.7		241.1		208.7
Effect of movements in exchange rates on cash held		4.5		(18.9	)	(6.8	)
Cash and cash equivalents at end of period	S/	335.4	S/	235.7	S/	241.1

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

Net cash from operating activities for the year ended December 31, 2025 was S/662.5 million compared to S/668.5 million for the year ended December 31, 2024, a decrease of S/6.0 million. This decrease was primarily due to a S/6.0 million decrease in net interest received and a S/15.0 million increase in income taxes paid, partially offset by a S/15.0 million increase in cash generated from operating activities, even in the context of S/12.0 million in performance-based bonuses paid to Opción Oncología doctors and the impacts related to the information system migration in Mexico.

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Net cash used in investing activities for the year ended December 31, 2025 was S/(80.3) million, compared to S/(236.8) million for the year ended December 31, 2024. This decrease was primarily due to inflows of S/75.6 million generated from Auna Seguros portfolio rebalancing toward more liquid securities, lower payments to former shareholders related to prior acquisitions, and proceeds of S/6.5 million from the disposal of a property in Mexico, while capital expenditures remained relatively stable compared to 2024.

Net cash used in financing activities for the year ended December 31, 2025, was S/(487.1) million, compared to S/(418.1) million for the year ended December 31, 2024. The increase in cash used was primarily driven by higher payments for the extinguishment of debt of S/64.8 million in 2025 compared to S/16.6 million in 2024, as well as lower net proceeds from borrowings of S/31.4 million in 2025 compared to S/68.3 million in 2024, partially offset by lower interest payments and lower payments related to derivatives premiums during the year. The comparable 2024 period also benefited from net IPO proceeds of S/18 million and related refinancing activities.

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

Net cash from operating activities for the year ended December 31, 2024 was S/668.5 million compared to S/582.4 million for the year ended December 31, 2023, an increase of S/86.1 million. This increase was primarily due the increase in revenue in all of our segments, which resulted in additional S/76.7 million in cash collected as compared to the year ended December 31, 2023, and an increase in our cash conversion rate (which is calculated by dividing our net cash from operating activities by our total revenue from the same period) from 15.0% to 15.2%, which resulted in an increase of S/9.4 million in cash as compared to the year ended December 31, 2023.

Net cash used in investing activities for the year ended December 31, 2024 was S/(236.8) million, compared to S/(173.2) million for the year ended December 31, 2023. This increase was primarily due to an investment amounting to S/141.8 million we made during the year ended December 31, 2024 with a focus on maintenance, replacements and standardization improvements of our facilities and medical equipment and for software and other intangibles. We also had (i) the non-recurring inorganic impact of a S/47 million payment for the IMAT Oncomedica earnout obligation and (ii) S/30.0 million related to the compensation of the advance payment made for the acquisition of the Monterrey healthcare business.

Net cash used in financing activities for the year ended December 31, 2024, was S/(418.1) million, compared to net cash from financing activities of S/(370.0) million for the year ended December 31, 2023. Net cash used in financing activities for the year ended December 31, 2024 included S/502 million in interest and hedge premium payments, partially offset by net IPO proceeds of S/18 million and related refinancing activities. The comparable 2023 period included S/255 million from proceeds from a repayment of certain indebtedness and financial obligations, S/618 million in interest payments associated with bridge loans and private placement notes, as well as payments for hedge premiums.

Capital Expenditures

We define capital expenditures as the acquisition of intangible assets and property, furniture and equipment.

Our capital expenditures for the year ended December 31, 2025 were S/141.1 million, 22.0% of which was for the acquisition of land, buildings and facilities, 38.8% of which was for medical equipment, furniture and vehicles and 39.2% of which was for intangibles, mainly software.

Our capital expenditures for the year ended December 31, 2024 were S/178.7 million, 37.9% of which was for the acquisition of land, buildings and facilities, 32.8 % of which was for medical equipment, furniture and vehicles and 29.4% of which was for intangibles, mainly software.

Our capital expenditures for the year ended December 31, 2023 were S/199.9 million, 38.4% of which was for the acquisition of land, buildings and facilities, 32.1% of which was for medical equipment, furniture and vehicles and 29.5% of which was for intangibles, mainly software.

For 2026, we have a capital expenditures budget of S/ 192.6 million, which we expect to use primarily for maintenance. We intend to finance these capital expenditures with a combination of cash from operations and additional indebtedness.

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Contractual Obligations and Commitments

The following table presents information relating to our contractual obligations as of December 31, 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)	S/	3,532.5	S/	0.0	S/	307.1	S/	226.2	S/	255.6	S/	717.0	S/	758.8	S/	1,267.7
Lease liabilities(1)		47.2		0.0		14.6		18.7		3.5		2.6		2.7		5.1
Operating leases(1)		76.3		76.3		0.0		0.0		0.0		0.0		0.0		0.0
Total	S/	3,656.0	S/	76.3	S/	321.7	S/	244.9	S/	259.2	S/	719.6	S/	761.5	S/	1,272.8

(1) Excludes interest.

Notes

Senior Notes due 2025

On November 20, 2020, we issued US$300.0 million aggregate principal amount of 6.500% Senior Notes due 2025 (the “2025 Notes”). We used the net proceeds from the issuance of the 2025 Notes to repay US$255.9 million of indebtedness outstanding and for general corporate purposes. On December 23, 2024, we fully redeemed the US$57.8 million in aggregate principal amount outstanding of the 2025 Notes at a redemption price of 101.625% of the principal amount thereof plus interest to, but excluding, the redemption date.

Senior Secured Notes due 2028

On April 11, 2023, we issued US$505.0 million aggregate principal amount of Senior Secured Notes due 2028 (the “2028 Notes”). The 2028 Notes were repaid in full on December 18, 2023 using the net proceeds from the borrowings of term loans under a credit we entered into on November 10, 2023 (the “2028 Term Loans”).

Senior Secured Notes due 2029

On December 18, 2023, we issued US$253.0 million aggregate principal amount of the 10.000% senior secured notes due 2029 (the “2029 Notes”) in exchange for $243.4 million aggregate principal amount of 2025 Notes (the “Exchange”), which were cancelled upon the Exchange. We did not receive any cash proceeds from the issuance of the 2029 Notes.

The 2029 Notes were issued pursuant to the indenture, dated as of December 18, 2023, among Auna S.A., the guarantors party thereto, Citibank, N.A. as trustee, paying agent, registrar and transfer agent (as amended and supplemented, the “2029 Notes Indenture”). The 2029 Notes bear interest at a rate of 10.000% per year and interest on the 2029 Notes is payable semi-annually in arrears on June 18 and December 18 of each year. The 2029 Notes will mature on December 18, 2029. The 2029 Notes are senior secured obligations and secured on a first-priority basis by security interests in the same collateral securing the Term Loans and the 2032 Notes (as defined below) on a pari passu basis therewith. The 2029 Notes are guaranteed by certain of our subsidiaries. We are entitled to redeem some or all of the 2029 Notes at any time at the redemption prices set forth in the 2029 Notes Indenture. Additionally, in connection with the Tender Offer (as defined below), we received consents from a majority of holders of the 2029 Notes to eliminate substantially all of the covenants as well as certain events of default and related provisions, and as such, the 2029 Notes do not benefit from any restrictive covenants.

On December 23, 2024, we closed a private placement of US$57.8 million aggregate principal amount of additional 2029 Notes (the “First Additional 2029 Notes”). The proceeds from the First Additional 2029 Notes were used to fully redeem the US$57.8 million in aggregate principal amount outstanding of the 2025 Notes, as discussed above. On May 12, 2025, we closed an offering of US$62.1 million aggregate principal amount of additional 2029 Notes (the “Second Additional 2029 Notes”). The proceeds from the Second Additional 2029 Notes were used to prepay certain indebtedness outstanding under the 2028 Term Loans. The First Additional 2029 Notes and the Second Additional 2029 Notes were issued as additional notes under the 2029 Notes Indenture.

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On November 21, 2025 we closed a tender offer and consent solicitation (the “Tender Offer”) pursuant to which we purchased for cash 2029 Notes in an aggregate principal amount of US$274.3 million. As a result, the total aggregate principal amount outstanding of our 2029 Notes is US$98.7 million.

Senior Secured Notes due 2032

On November 6, 2025, we, together with our subsidiary, Oncosalud, as co-issuers, issued US$365 million aggregate principal amount of 8.750% Senior Secured Notes due 2032 (the “2032 Notes”), which included (i) US$328.5 million sold in an offering to investors and (ii) $36.5 million sold in a private placement to International Finance Corporation, or IFC, a member of the World Bank Group. We used the net proceeds from the issuance of the 2032 Notes, together with the net proceeds under the Term Loans, to repurchase the 2029 Notes pursuant to the Tender Offer, prepay all of our obligations under the 2028 Term Loans, and to pay related fees and expenses.

The 2032 Notes were issued pursuant to the indenture, dated as of November 6, 2025, among Auna S.A. and Oncosalud, as co-issuers, the guarantors party thereto, Citibank, N.A. as trustee, paying agent, registrar and transfer agent (as amended and supplemented, the “2032 Notes Indenture”). The 2032 Notes bear interest at a rate of 8.750% per year and interest on the 2032 Notes is payable semi-annually in arrears on May 6 and November 6 of each year. The 2032 Notes will mature on November 6, 2032. The 2032 Notes are senior secured obligations and secured on a first-priority basis by security interests in the same collateral securing the Term Loans and the 2029 Notes on a pari passu basis therewith. The 2032 Notes are guaranteed by certain of our subsidiaries. We are entitled to redeem some or all of the 2032 Notes at any time at the redemption prices set forth in the 2032 Notes Indenture.

The 2032 Notes Indenture contains a covenant that limits our ability and the ability of our Restricted Subsidiaries (as such term is defined in the 2032 Notes Indenture) to incur debt unless (x) our Net Leverage Ratio (as such term is defined in the 2032 Notes Indenture) is less than (i) 4.00:1.00 during the first year after the issue date of the 2032 Notes and (ii) 3.60:1.00 thereafter and (y) our Interest Coverage Ratio (as such term is defined in the 2032 Notes Indenture) is at least (i) 1.75:1.00 on or before September 30, 2026 and (ii) 2.00:1.00 thereafter, in each case calculated on a pro forma basis giving effect to the applicable incurrence of debt subject to certain customary exceptions, such as, among others, indebtedness of an entity existing at the time such entity became a Restricted Subsidiary or we acquired such entity, indebtedness under hedging obligations, indebtedness incurred to finance certain joint ventures in an amount not to exceed the greater of US$50.0 million or 3% of our Total Assets (as such term is defined in the 2032 Notes Indenture), indebtedness incurred to finance the purchase, lease, construction or improvement of any property, plant or equipment not to exceed the greater of US$90.0 million or 5% of our Total Assets, indebtedness incurred to finance certain projects in Peru not to exceed US$150.0 million and indebtedness incurred to finance certain permitted acquisitions. As of December 31, 2025, our Leverage Ratio was 3.62:1.00 and our Interest Coverage Ratio was 1.81:1.00. The 2032 Notes Indenture also contains covenants that, among other things, limit our ability and the ability of our Restricted Subsidiaries to:

• make certain payments and investments including any investment other than investments in a Restricted Subsidiary or an entity engaged in a similar business as our business and that becomes a Restricted Subsidiary, hedging obligations, joint ventures not to exceed the greater of US$50.0 million or 3% of our Total Assets, certain acquisitions not to exceed US$100 million and other investments in the ordinary course of our business, subject to certain customary exceptions, such as, among others, payments not to exceed the greater of US$100.0 million or 10% of our Total Assets in the aggregate;

• incur certain liens, subject to certain customary exceptions, such as, among others, liens securing hedging obligations in the ordinary course of business, liens securing capitalized lease obligations, liens on property at the time we acquired the property, liens on certain projects in Peru, liens on certain permitted acquisitions and liens securing indebtedness at any one time not to exceed the greater of US$100.0 million or 10% of our Total Assets;

• transfer or sell assets, subject to certain customary exceptions, such as, among others, dispositions under which we receive consideration equal to the fair market value of the applicable assets, at least 75% of such consideration is received in cash or cash equivalents or certain assets and to the extent that the applicable assets do not constitute collateral, we use proceeds thereof to repay certain debt, invest in certain assets or a combination thereof;

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• merge or consolidate, subject to certain customary exceptions, such as, among others, the surviving entity assumes all of the obligations under the 2032 Notes and after giving pro forma effect to such transaction and any related financing transactions, our Leverage Ratio would not be higher and the Interest Coverage Ratio would be the same or higher, in each case, than the corresponding ratio immediately prior to such transaction;

• enter into transactions with our affiliates unless the terms of such transaction are no less favorable that could reasonably be expected to have been obtained on an arms’-length basis with a third party, in the case of transactions in excess of US$10.0 million, the terms of such transaction have been approved by our board, and, in the case of transactions in excess of US$25.0 million, we obtain a fairness opinion from an independent financial advisor, subject to certain customary exceptions, such as, among others, certain transactions related to compensation plans and transactions under agreements in effect as of the date of the 2032 Notes Indenture; and

• cause or permit a restriction on our subsidiaries’ ability to pay dividends or make any other distributions on their capital stock to us, subject to certain customary exceptions, such as, among others, contractual encumbrances and restrictions existing as of the date of the 2032 Notes Indenture.

In addition, upon the occurrence of certain change of control events, we will be required to offer to repurchase all outstanding 2032 Notes under the 2032 Notes Indenture.

The 2032 Notes Indenture also contains customary events of default, including (i) failure to pay principal or interest on the 2032 Notes when due and payable, (ii) failure to comply with certain covenants or agreements in the 2032 Notes Indenture if not cured or waived as provided therein, as applicable, (iii) failure to pay our indebtedness or indebtedness of any Restricted Subsidiary in excess of US$35.0 million, (iv) certain events of bankruptcy, insolvency or reorganization, (v) failure to pay any judgment or decree for an amount in excess of US$35.0 million, (vi) cessation of any guarantee of any guarantor that is a Significant Subsidiary (as such term is defined in the 2032 Notes Indenture) or group of guarantors that, taken together, would constitute a Significant Subsidiary, to be in full force and effect and (vii) certain events related to perfection of the liens on the collateral. In the case of an event of default, the principal amount of the 2032 Notes plus accrued and unpaid interest would be accelerated.

Credit Facilities

Chiclayo Hospital Financing Agreement

On February 3, 2020, Oncosalud entered into a financing agreement (the “Chiclayo Hospital Financing Agreement”) with Scotiabank for S/70.0 million. The proceeds of the financing were used to build a new hospital in Chiclayo.

The Chiclayo Hospital Financing Agreement contains a financial covenant requiring us to maintain a consolidated debt service ratio equal to or higher than 1.2. As of December 31, 2025, Oncosalud was in compliance with the consolidated debt service ratio under the Chiclayo Financing Agreement. In addition, the related assignment agreement requires Oncosalud and GSP Trujillo S.A.C. to maintain a minimum debt service ratio, defined as the ratio of assigned rights to long-term debt plus financial expenses, of 1.0x during 2021 and 2022 and 1.2x during 2023 to 2027.

The Chiclayo Hospital Financing Agreement contains consent requirements for certain transactions, including a merger, consolidation or internal reorganization, as well as certain restrictions, such as restrictions from transferring or encumbering assets located in Auna Chiclayo. An equity offering does not require consent under the Chiclayo Hospital Financing Agreement.

The Chiclayo Hospital Financing Agreement is secured by a mortgage over Oncosalud’s real estate property located in Chiclayo.

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2030 Credit and Guaranty Agreement

On October 28, 2025, we entered into a credit and guaranty agreement (the “Credit Agreement”) with a syndicate of commercial banks and International Finance Corporation (“IFC”) and a parallel loan agreement with IFC (the “IFC Loan”), each as amended and restated on October 31, 2025, under which we borrowed, on November 6, 2025, term loans in an aggregate principal amount in Mexican pesos equivalent to US$400.0 million (the “Original Term Loans”) . On December 17, 2025 we entered into an incremental joinder agreement under which we borrowed, on December 19, 2025 term loans in an aggregate principal amount in Peruvian soles equivalent to US$60.0 million (the “Incremental Term Loans”, together with the Original Term Loans, the “Term Loans”). We applied the net proceeds from the Term Loans, together with the proceeds from the 2032 Notes, to repurchase the 2029 Notes pursuant to the Tender Offer, prepay all of our obligations under the 2028 Term Loans, repay other short term debt and to pay related fees and expenses.

The Term Loans mature in October 2030 and are payable in quarterly installments that amortize 12% of the aggregate principal amount in 2027, 16% in 2028, 24% in 2029 and 48% in 2030.

Interest on the Mexican peso -denominated Term Loans is calculated based on TIIEF as published by the Mexican Central Bank plus an applicable margin. In each case, the applicable margin is determined as specified in the Term Loans. The Term Loans are secured by certain of our assets, including shares of certain of our material subsidiaries as well as certain of our real estate assets in Mexico, Peru and Colombia, and guaranteed by certain of our subsidiaries.

The Term Loans contain financial covenants requiring us to maintain (for the period of four fiscal quarters ending on the applicable calculation date) (A) a Consolidated Leverage Ratio (as such term is defined in the Credit Agreement) of not greater than (i) 3.90:1.00 for the fiscal quarters ending December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, (ii) 3.50:1.00 for the fiscal quarters ending December 31, 2026, March 31, 2027, June 30, 2027 and September 30, 2027, (iii) 3.00:1.00 for the fiscal quarter ending December 31, 2027 and as of the end of each fiscal quarter thereafter and (B) a Consolidated Interest Coverage Ratio (as such term is defined in the Credit Agreement) of not less than (i) 1.75:1.00 for the fiscal quarters ending December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, (ii) 2.00:1.00 for the fiscal quarters ending December 31, 2026, March 31, 2027, June 30, 2027 and September 30, 2027 and (iii) 2.25:1.00 for the fiscal quarter ending December 31, 2027 and as of the end of each fiscal quarter thereafter. As of December 31, 2025, our Consolidated Leverage Ratio was 3.64:1.00 and our Consolidated Interest Coverage Ratio was 2.07:1.00.

The Term Loans contain a covenant that limits our ability and the ability of the other Loan Parties (as such term is defined in the Credit Agreement) to incur debt, subject to certain customary exceptions, such as, among others, indebtedness not to exceed the greater of US$70.0 million in the aggregate or 3% of our Total Assets, indebtedness in respect of capital lease obligations and purchase money obligations not to exceed US$120.0 million and indebtedness under hedging obligations. The Term Loans also contain covenants that, among other things, limit our ability and the ability of the other Loan Parties to:

• make certain investments, subject to customary exceptions, such as, among others, investments in a Loan Party or an entity engaged in a similar business as our business and that becomes a Loan Party, hedging obligations, extensions of short-term credit to suppliers in the ordinary course of business, and other investments in similar business not to exceed the greater of US$80.0 million in the aggregate or 4% of Total Assets in any fiscal year;

• incur certain liens, subject to certain customary exceptions, such as, among others, existing liens, liens securing hedging obligations in the ordinary course of business, liens on property at the time we acquired the property and liens securing indebtedness at any one time not to exceed the greater of US$50 million and 3% of our Total Assets provided that at the time of creation of such liens our Consolidated Leverage Ratio is less than 3.60:1:00 as of the two consecutive fiscal quarters most recently ended prior to such creation and provided further that there is no default or event of default that has occurred and is continuing;

• transfer, sell or otherwise dispose of assets, subject to certain customary exceptions, such as, among others, dispositions of obsolete or worn-out property, dispositions of certain collateral not to exceed US$10.0 million in the aggregate, and dispositions the aggregate book value of which does not exceed US$10.0 million in any fiscal year;

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• merge or consolidate with any other person, subject to certain customary exceptions, such as, among others, mergers with another Loan Party;

• enter into transactions with our affiliates, subject to certain customary exceptions, such as, among others, transactions on fair and reasonable terms consistent with those obtainable in comparable arms’-length transactions with a third party; and

• make certain restricted payments, subject to certain customary exceptions, such as, among others, dividend payments by any of our subsidiaries to us and any other dividend payment or distribution, subject to graduated limitations based on our Consolidated Leverage Ratio, including a complete prohibition if our Consolidated Leverage Ratio is greater than 3.60:1.00 and unlimited capacity when such ratio is less than or equal to 2.50:1.00, calculated on the basis of the most recently ended fiscal quarter.

In addition, the IFC Loan contains certain covenants, for the benefit of IFC, including in relation to environmental and social requirements, annual monitoring, development impact indicators and climate-related governance. The Term Loans also include customary events of default, including: (i) failure to pay principal or interest when due and payable, (ii) failure to comply with certain covenants or agreements if not cured or waived as provided therein, as applicable, (iii) the breach of any representations and warranties made by the Loan Parties, (iv) failure to pay other indebtedness in excess of US$35 million, (v) certain events of bankruptcy, insolvency or reorganization relating to the Loan Parties and any of their subsidiaries, (vi) the inability to pay debts as they become due, (vii) judgments against any Loan Party (or any subsidiary thereof) in excess of US$35.0 million, (viii) the invalidity of certain documents related to the Term Loans, (ix) certain government condemnations, seizures, nationalizations or moratoriums on the payment of principal and interest, (x) certain events related to perfection of the liens on the collateral, (xi) the imposition of certain exchange controls and (xii) a change of control; subject, in each case, to customary grace and/or cure periods.

Credit Lines

We have access to revolving credit facilities with several recognized financial institutions for an aggregate amount of up to S/549 million, which we use to meet our short-term working capital requirements. These facilities bear interest at fixed rates that vary by currency, ranging from 4.90% to 5.40% in soles , from 9.25% to 10.31% in Mexican pesos , and from 11.53% to 15.91% in Colombian pesos . As of December 31, 2025, we had drawn S/239 million under these facilities, with S/310 million remaining available.

Our revolving credit facilities were subject to customary covenants, including financial reporting obligations, limitations on the incurrence of additional indebtedness, and consent requirements for certain transactions such as mergers, consolidations, or internal reorganizations. As of December 31, 2025, we were in compliance with all such covenants.

The lenders were entitled to terminate these facilities upon the occurrence of certain events, including, among others, non-payment of financial obligations, the incurrence of debt ranking senior to the obligations under these facilities, failure to maintain corporate existence, material changes to our corporate purpose, or a direct or indirect change of control.

Off-Balance Sheet Arrangements

As of December 31, 2025, we did not have any off-balance sheet arrangements.

C. Research and Development, Patents and Licenses, etc.

We have consolidated the largest clinical trials hub in Latin America, an unprecedented innovation ecosystem that currently operates 136 ongoing trials and is transforming the lives of more than 3,000 patients across the region. Our network, comprised of nine research centers of excellence certified in Good Clinical Practice and authorized by the health agencies of Colombia, Mexico, and Peru, allows us to address the most relevant pathologies for regional health. As evidenced by our portfolio, we are leaders in critical areas such as oncology, where studies in breast (39), lung (13), and bladder (12) cancers reflect our commitment to the most prevalent diseases, as well as in cardiology, hematology, and other specialties that comprise more than 71% of our research activity.

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Auna Ideas is complemented by the premier research capabilities of our Auna Colombia network oncology-focused hospitals: IDC physicians are regular contributors to some of the medical profession’s top journals, such as The Lancet and the Journal of Clinical Oncology, while Oncomédica has been the recipient of multiple research awards in the recent past distinguishing it as one of the top cancer care institutions in Colombia.

D. Trend Information

Since 2019, we have completed six acquisitions, including the acquisition of a controlling stake in Clínica Portoazul in Colombia in September 2020, the acquisitions of OncoGenomics and Posac in Peru in October 2021, the acquisition of IMAT Oncomédica in Colombia in April 2022, the acquisition of Grupo OCA in 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. In addition, in August 2021, we launched operations at Clínica Chiclayo and in January 2022, we expanded capacity at Clínica Vallesur. In all of our networks, we expect to benefit from these expanded and new facilities as our greater capacity will allow us to treat additional patients and generate additional revenue. However, these expansions have, in certain cases, resulted in temporary increases in costs, including integration costs to bring acquired operations up to our standards and costs related to the ramp-up of expanded facilities. We expect any future expansions to result in similar temporary increases in costs.

Our Oncosalud membership base increased 4.4% for the year ended December 31, 2025 primarily as a result of the growth in our general healthcare plans and continued commercial initiatives across our Oncosalud platform. In our Healthcare Services in Peru segment, the utilization of beds during the year ended December 31, 2025 increased by 2.6pp compared to the year ended December 31, 2024, as a result of higher demand for healthcare services and increased service volumes across our network. In our Healthcare Services in Colombia segment, the utilization of beds during the year ended December 31, 2025 decreased by 3.0pp compared to the year ended December 31, 2024, as a result of our proactive management of contracted services with government-intervened payors as part of our strategy to prioritize cash generation and improve the quality of our payor mix. In our Healthcare Services in Mexico segment, the utilization of beds during the year ended December 31, 2025 decreased by 3.8pp compared to the year ended December 31, 2024, as a result of the slower recovery in surgery and emergency volumes and the continued transition of legacy physician and supplier relationships, partially offset by the expansion of oncology services.

In our Auna Peru network, we aim to continue to grow organically by expanding our network’s installed capacity. We are also evaluating additional opportunities to expand our Auna Peru network beyond these current projects. In addition, we expect to continue to expand the healthcare plans offered under our Oncosalud Peru segment. In Colombia, we plan to focus on expanding the range of services offered in our existing facilities. In Mexico, we focused on expanding the range of services offered in our existing facilities and the insurance plans offered. Throughout 2025, we invested in the expansion of our existing facilities and the development of new plan products. For instance, on March 7, 2025, we announced the signing of an exclusive five-year agreement with Opción Oncología, a leading ambulatory clinic specialized in oncology in Monterrey. This strategic partnership reinforces Auna’s commitment to becoming a leading oncology provider in Mexico. Looking ahead to 2026, we expect continued growth in our markets, supported by sustained commercial momentum and strong operating execution, while focusing on increasing efficiencies across our network, maintaining disciplined cost management and expanding access to high-quality healthcare. Our pharmaceutical costs represented 45.1%, 38.9% and 45.9% of our cost of services in Mexico, Peru and Colombia, respectively for the year ended December 31, 2025. We plan to implement strategies to further create synergies in our pharmaceutical costs.

For more information, see “Item 3. Key Information—D. Risk Factors.”

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E. Critical Accounting Estimates

The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with IFRS Accounting Standards. The preparation of our financial statements requires us to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and significant assumptions. We base these estimates on our historical experience and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results experienced may vary materially and adversely from our estimates. Revisions to estimates are recognized prospectively. To the extent there are material differences between our estimates and the actual results, our future results of operations may be affected. We consider the accounting policies that govern revenue recognition, insurance contracts and income taxes to be the most critical in relation to our consolidated financial statements. These policies require the most complex and subjective estimates of management.

Business Combinations

We account for business combinations using the acquisition method when control is transferred to the Company. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on bargain purchase is recognized in profit or loss immediately. Transactions costs are expensed as incurred.

Subsidiaries are entities that we control. We control an entity when we are exposed to, or have rights to, variable returns from our involvement with the entity and have the ability to affect those returns through our power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. We eliminate all transactions between subsidiaries upon consolidation in the consolidated financial statements.

For each business combination, we elect whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets as of the date of acquisition. Changes in our interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Goodwill

Goodwill arises from the acquisition of subsidiaries and represents the excess between the cost of an acquisition and the fair value of our interest in the net identifiable assets at the date of the acquisition. Goodwill arising from a business combination is allocated to each cash-generating unit (“CGU”) or group of CGUs that are expected to benefit from the synergies of the combination. Each CGU or group of CGUs to which goodwill is allocated represents the lowest level of cash-flow generating assets within the entity at which goodwill is monitored by management. Goodwill is tested for impairment at least annually and recorded at cost less accumulated impairment losses. The carrying amount of goodwill is compared to the recoverable amount, which is the greater of value in use and fair value less costs to sell. Any impairment is recognized immediately as an expense and cannot be reversed.

Revenue Recognition

We generate revenue primarily from insurance revenue on healthcare plans and the sale of healthcare services and medicines. Revenue we generate from the sale of healthcare services is recognized as such healthcare services are provided to our patients. Similarly, the revenue we generate from 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.

Our revenue recognition standard for revenue related to the insurance revenue on healthcare plans is recognized as revenue proportionally during the period in which a patient is entitled to healthcare services under his or her plan. Insurance revenue related to the unexpired contractual coverage period is recognized in the accompanying balance sheet as liability for remaining coverage.

Liability for Incurred Claims from Insurance Contracts

We recognize the liability for incurred claims of a group of contracts at the amount of the fulfillment of cash flows relating to incurred claims. Since the future cash flows are expected to be paid in one year or less from the dates the claims are incurred, we do not discount the cash flows.

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Income Taxes

Current income taxes are provided on the basis of our financial report and the financial reports of each of our subsidiaries, including adjustments in accordance with the regulations of the relevant tax jurisdiction. As such, we must make critical judgments in interpreting tax legislation in the jurisdictions in which we operate in order to determine our income tax expenses.

Deferred income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used.

Recent Accounting Pronouncements

The International Accounting Standards Board, or other regulatory bodies, periodically introduce modifications to the financial accounting and reporting standards under which we prepare our consolidated financial statements. Recently, a number of new accounting standards and amendments and interpretations to existing standards have been issued and were effective as of January 1, 2023, including the new standard IFRS 17—Insurance contracts and the amendments to IAS 1—Disclosure of Accounting Policies, IAS 8— Definition of Accounting Estimates, IAS 12—Deferred Tax related to Assets and Liabilities arising from a Single Transaction and IAS 12—International Tax Reform – Pillar Two Model Rules. The amendments to IAS 1—Non-current Liabilities with Covenants and Classification of Liabilities as Current or Non-current, IFRS 16—Lease Liability in a Sale and Leaseback and IAS 7 and IFRS 7—Supplier Finance Arrangements became effective on January 1, 2024.

In addition, the amendments to IAS 21—Lack of Exchangeability became effective on January 1, 2025, the amendments to IFRS 9 and IFRS 7—Classification and Measurement of Financial Instruments will become effective on January 1, 2026, and the new standards IFRS 18— Presentation and Disclosure in Financial Statements, IFRS 19— Subsidiaries without Public Accountability: Disclosures will become effective on January 1, 2027. Other than as described below, we do not expect these amendments to have a material impact on our consolidated financial statements.

Presentation and Disclosure in Financial Statements (IFRS 18)

In April 2024, the International Accounting Standards Board issued IFRS 18, which provides a more structured income statement and introduces a newly defined ‘operating profit’ subtotal and a requirement for all income and expenses to be classified into five new distinct categories based on a company’s main business activities.

The key principles of IFRS 18 are that:

• Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not change.

• Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.

• Enhanced guidance is provided on how to group information in the financial statements.

In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.

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Item 6. Directors, Senior Management and Employees

This section sets forth information regarding our directors, officers and other managers. Unless otherwise stated, the business address of our directors, officers and other managers is 6, rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg.

A. Directors and Senior Management.

Board of Directors

Our business and affairs are managed by our board of directors in accordance with our articles of association and the 1915 Act.

Our board of directors consists of nine members divided into three classes of directors: (i) the class A directors, (ii) the class B directors and (iii) the class C directors. Directors are elected and removed in accordance with the provisions of our articles of association. Our class A directors were appointed for three-year terms until the annual general meeting of the shareholders approving the annual accounts for the financial year ending on December 31, 2026, our class B directors were appointed for four-year terms until the annual general meeting of the shareholders approving the annual accounts for the financial year ending on December 31, 2027 and our class C directors were appointed for five-year terms until the annual general meeting of the shareholders approving the annual accounts for the financial year ending on December 31, 2028. Following their initial terms, all of our directors will subsequently be eligible to be up for reelection for three-year terms thereafter.

The following table presents the current members of our board of directors.

Name	Age	Position	Class
Jesús Zamora	64	Executive Chairman of the Board	Class C
Leonardo Bacherer	50	Director	Class C
Jorge Basadre	57	Director	Class C
Teresa Gutierrez	44	Director	Class B
Robert W. Oberrender	66	Director	Class A
Guadalupe Phillips	56	Director	Class A
Luis Felipe Pinillos	49	Vice Chairman of the Board	Class A
Andrew Soussloff	72	Director	Class B
John Wilton	71	Director	Class B

The following is a brief summary of the business experience of each of our directors. The current business address for our directors is 6, rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg.

Jesús Zamora (Suso Zamora) is a founder of Auna and has been a member of our board of directors since 2008 and Executive Chairman since 2022. Mr. Zamora is Co-Founder, Chief Executive Officer and Chairman of the board of directors of Enfoca, one of Latin America’s foremost investment firms founded in 2000. He has more than 32 years of investment experience. Prior to founding Enfoca, he held various senior executive positions in banking and asset management, including Banco de Crédito del Perú from 1994 to 1999, BEA Associates from 1992 to 1993, and Salomon Brothers Inc. from 1988 to 1992. Mr. Zamora holds an MBA from Columbia Business School and a bachelor’s degree in Industrial Engineering from Universidad Nacional Autónoma de México.

Leonardo Bacherer has been a member of our board of directors since 2018. Mr. Bacherer serves as Managing Partner at Enfoca since 2023 and previously served in different executive roles since joining the firm in 2015. Prior to joining Enfoca, he served as CEO of Maestro (formerly an Enfoca portfolio company) from 2010 to 2014, deputy CEO during 2009 and CFO from 2007 to 2008. He has more than 20 years of experience in the healthcare, education, retail and banking industries. Mr. Bacherer holds an MBA from the Rotterdam School of Management, a certification in advanced management from The Wharton School of the University of Pennsylvania and a bachelor’s degree in Industrial Engineering from the Military School of Engineering in Bolivia.

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Jorge Basadre has been a member of our board of directors since 2008. Mr. Basadre is a Co-Founder and Partner of Enfoca, where he is responsible for the investment and management of Enfoca’s funds. He has more than 25 years of investment experience. Prior to founding Enfoca in 2000, he worked in management consulting at Booz & Co. from 1996 to 2000, and in banking at Banco de Crédito del Perú from 1991 to 1993. Mr. Basadre holds an MBA from Harvard Business School and a bachelor’s degree in Business Administration from Universidad del Pacífico in Lima.

Teresa Gutierrez has been a member of our board of directors since 2025. Ms. Gutierrez is responsible for Tesla in Mexico. Prior to that, she held positions at Rappi, Mattel, Nestle, McKinsey, and Procter and Gamble. She serves on the boards of several public and private companies, including Traxion, DIRI, Vetalia, and Timser and is recognized for her commitment to gender equity and workplace inclusivity. She holds a Bachelor’s degree in Chemical Engineering from Universidad Iberoamericana and a Master’s in Business Administration from IPADE Business School.

Robert W. Oberrender has been a member of our board of directors since 2020. Mr. Oberrender has been an independent investor and advisor since September 2018. From 2002 until his retirement in 2018, he served at UnitedHealth Group, Incorporated for 16 years, most recently as its Chief Investment Officer and Treasurer and the Chief Executive Officer of its Optum Bank unit from 2016-2017. Prior to that, he was Chief Administrative and Financial Officer at Canadian Imperial Bank of Commerce’s Amicus Financial unit, Vice President and Global Treasurer at Sara Lee Corporation and Chief Financial Officer at Metris Companies Inc. He began his career at J.P. Morgan in the Corporate Finance and Banking Group at the legacy Chemical Bank organization. Mr. Oberrender holds an MBA from the University of Chicago’s Booth School of Business and a bachelor’s degree in Economics from Hamilton College.

Guadalupe Phillips has been a member of our board of directors since 2025. Ms. Phillips serves as Chief Executive Officer of Empresas ICA, a leading construction and infrastructure company in Mexico. Prior to joining ICA, she served as Vice-President of Finance and Risk of Grupo Televisa and its subsidiaries. She holds board positions at ICA, Grupo Televisa, Openbank, Volaris, and Grupo Axo. She holds a law degree from the Instituto Tecnológico Autónomo de México (ITAM) and earned both her master’s and Ph.D. degrees from The Fletcher School of Law and Diplomacy at Tufts University.

Luis Felipe Pinillos was a founder of Auna and assumed the role of Vice Chairman of our board of directors in 2022 and has been a member of our board of directors since 2009. Mr. Pinillos served in various senior roles at the Company since 2002, including as chief executive officer from 2009 to 2015 and from 2019 to 2022 and as executive director from 2015 to 2020. Mr. Pinillos has been a member of the board of directors of Oncosalud since 2008 and Textil del Valle, a garment manufacturing company, since 2011. He holds a degree in Business Administration from Universidad de Lima and completed management and corporate governance executive courses at the Kellogg School of Management at Northwestern University and insurance courses at the MAPFRE Foundation in Spain.

Andrew Soussloff has been a member of our board of directors since 2020. Mr. Soussloff was formerly a member of the board of directors of Enfoca Investments Ltd. Prior to joining Enfoca, he practiced law as a partner of the international law firm Sullivan & Cromwell LLP for more than 30 years, where he focused on capital markets, mergers and acquisitions, financial regulation and corporate governance, and advised businesses and governments in the United States, Latin America, Europe, Canada and Asia. Mr. Soussloff holds a J.D. from the University of Pennsylvania Law School, and a bachelor’s degree in History and a master’s degree in History from the University of Pennsylvania.

John Wilton has been a member of our board of directors since 2020. He is also currently a Senior Advisor to BCG and the Government of Japan. He began his career at the World Bank becoming the Vice president of Strategy, Finance and Risk, before leaving to join Farallon Capital in San Francisco (a multi-strategy hedge fund) as Managing Director and Head of International Research. During this period he became a member of the Board of Enfoca and worked for Hellman and Friedman as a Senior Advisor. He then became the Vice Chancellor of Administration and Finance at the University of California, Berkeley from 2011 to 2016 and managing director and head of international research at Farallon Capital Management from 2006 to 2011. He was also a senior advisor to Hellman and Friedman from 2008 to 2011. Before his role at Farallon Capital Management, he served in several positions at The World Bank, in Washington D.C., from 1983 to 2006, including as CFO and Vice President for Strategy, Finance and Risk from 2002 to 2006. Mr. Wilton was formerly a member of the board of directors of Enfoca Investments Ltd. and has been a member of the board of directors of Leblon Equities, in Brazil, since 2010. Mr. Wilton holds a bachelor’s degree in Economics from the University of Cambridge and a master’s degree in Economics and Statistics from the University of Sussex.

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Executive Officers

Our executive officers are responsible for the management and representation of our company. Suso Zamora leads an experienced management team designed to focus on line accountability and the development of regional capabilities. Many of the members of our management team have worked together as a team for many years. Our executive officers were appointed by our board of directors for an indefinite term.

The following table lists our current executive officers:

Name	Age	Position	Initial Year of Appointment
Jesús Zamora	64	President	2023
Gisele Remy	46	Chief Financial Officer and Executive Vice President	2023
Rayet Harb	53	Executive Vice President Operations	2024
Lorenzo Massart	58	Executive Vice President Equity and Capital Markets	2024

The following is a brief summary of the business experience of our executive officers.

Jesús Zamora (Suso Zamora). See “—Board of Directors.”

Gisele Remy joined us as Chief Financial Officer and Executive Vice President in 2023. Prior to this, Ms. Remy worked at Alicorp, a leading consumer goods company in Latin America from 2019 to 2023 as Managing Director of Finance and Productivity, having been responsible for financial planning, efficiency, costs, treasury and investor relations. Prior to this Ms. Remy worked at Belcorp, a leading direct sales beauty company in Latin America, for 10 years, where she led corporate strategy, treasury and financial planning. Ms. Remy started her career in investment banking in HSBC in London and UBS in New York. She has a bachelor of science in business administration with a concentration in finance from the Wharton School of the University of Pennsylvania and has completed executive education programs at Stanford Business School and Harvard Business School.

Rayet Harb joined us in May 2024 as Executive Vice President of Operations, bringing extensive leadership experience in the healthcare industry. Prior to this, she served as CEO of Steward Health Care Colombia and COO of Patria Health Care Colombia, managing the largest healthcare delivery service network in the country. Ms. Harb Gasi also held several executive roles at Keralty Group, including Vice President of Operations, Vice President of Public and Private Insurance Plans, and, President of Keralty Mexico and Sanitas USA. Through these positions, she acquired expertise in healthcare operations, both in the health insurance and healthcare delivery segments, including with respect to corporate integration, organizational development, procurement management, financial and operational performance, quality and patient experience, infrastructure and clinical management. She holds a Bachelor’s degree in Systems Engineering from Universidad del Norte in Colombia, a Specialization in Technology Management in Organizations, from Escuela de Administración de Negocios in Colombia, Management Development studies from INALDE Business School in Colombia, and Master in Digital Transformation in Health from ESDEN Business School in Spain.

Lorenzo (Laurent) Massart joined us as Executive Vice President, Strategy and Equity Capital Markets in 2024. He brings more than 25 years of experience in strategic consulting and investment banking in the United States and Latin America. He also spent more than two decades in leadership roles in investment banking, including at Citigroup, Bank of America, Morgan Stanley, and SBC Warburg. Prior to that, Mr. Massart worked 4 years at McKinsey & Co providing management consulting to multinationals. He started his career with Arthur Andersen. Mr. Massart holds an MBA from The Wharton School of the University of Pennsylvania, and a bachelor´s degree of Science and Master of Science in Business and Economics from the Hautes Etudes Commerciales (HEC) from the University of Lausanne.

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Family Relationships

There are no family relationships among any of our executive officers or directors.

Shareholders Agreement

On September 8, 2020, Enfoca, our controlling shareholder, and Luis Felipe Pinillos entered into a shareholders agreement (the “Shareholders Agreement”). See “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Shareholders Agreement.”

B. Compensation of Directors and Executive Officers

Compensation of Directors and Officers

Director compensation must be ratified by a majority of shareholders at our annual shareholders’ meeting. For the year ended December 31, 2025, the aggregate compensation accrued or paid to the members of our board of directors and our executive officers for services in all capacities was S/ 27.2 million in the aggregate.

During 2025, our performance-based compensation programs included cash bonuses based on the individual performance of our executive officers as approved by our board of directors.

Equity Incentive Plan

We have adopted an equity incentive plan (the “Equity Incentive Plan”) for the purpose of motivating and rewarding our President, key senior management, employees, directors, consultants and advisors to perform at the highest level and to further our best interests and the best interests of our shareholders. The Equity Incentive Plan governs the issuance of equity incentive awards or share equivalents. Our Equity Incentive Plan provides that a total of 10% of our outstanding share capital is reserved for issuance in any combination of class A shares and/or class B shares to be determined by the Compensation and Talent Committee. Awards under our Equity Incentive Plan are subject to vesting and attainment of certain performance metrics, and in an amount, to be determined by the Compensation and Talent Committee.

Equity incentive awards may be granted to our employees, directors, consultants or advisors, as well as to holders of equity compensation awards granted by a company that is acquired by us in the future. Awards under the Equity Incentive Plan may be granted in the form of options, share appreciation rights, restricted shares, restricted share units, performance awards or other share-based awards, including awards that are settled in cash.

The vesting conditions for grants under the Equity Incentive Plan are determined by the Compensation and Talent Committee and are set forth in the applicable award documentation. For options and share appreciation rights, the Compensation and Talent Committee determines the exercise price, the term (which may not exceed 10 years from the date of grant) and the time or times at which the option or a share appreciation right may be exercised in whole or in part. Performance awards are subject to performance conditions as specified by the Compensation and Talent Committee and are settled in cash, shares or any combination thereof, as determined by the Compensation and Talent Committee in its discretion, following the end of the relevant performance period.

The Equity Incentive Plan is administered by the Compensation and Talent Committee or such other committee as may be designated by the board of directors in the future.

Indemnification of Directors and Officers

Our articles of association provide that we will indemnify our directors and executive officers. We intend to establish directors’ and officers’ liability insurance that insures such persons against any liability or loss incurred by them arising out of their position at the company. We intend to enter into customary indemnification agreements with our directors and executive officers. See “Related Party Transactions—Indemnification Agreements.”

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C. Committees of the Board of Directors

Audit and Risk Committee

The audit and risk committee, which consists of Robert W. Oberrender, Andrew Soussloff and John Wilton, assists the board of directors in overseeing our accounting and financial reporting processes and the audits of our financial statements. In addition, the audit and risk committee is directly responsible for the appointment, compensation, retention and oversight of the work of our independent registered public accounting firm. The board of directors has determined that Robert W. Oberrender qualifies as an “audit committee financial expert,” as such term is defined in the rules of the SEC.

Our board of directors has determined that Robert W. Oberrender, Andrew Soussloff and John Wilton satisfy the “independence” requirements set forth in Rule 10A-3 under the Exchange Act.

Compensation and Talent Committee

The compensation and talent committee, which consists of John Wilton, Guadalupe Phillips, Robert W. Oberrender and Teresa Gutierrez, assists the board of directors in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. The committee reviews the total compensation package for our executive officers and directors, recommends to the board of directors for determination of the compensation of each of our directors and executive officers, and periodically reviews and approves any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, and employee pension and benefits plans.

Executive Committee

The executive committee, which consists of Suso Zamora, Luis Felipe Pinillos, Leonardo Bacherer and Jorge Basadre, has been delegated by the board of directors the authority to exercise certain functions of the board of directors. The executive committee is also in charge of all general administrative affairs of the Company, subject to any limitations prescribed by the board of directors, the articles of association of the Company or the 1915 Act.

Governance Committee

The governance committee, which consists of Andrew Soussloff, Robert W. Oberrender, Jorge Basadre and Luis Felipe Pinillos, assists the board of directors in reviewing and evaluating the size, composition, function and duties of the board. The governance committee also assists in the selection of candidates, make recommendations as to determinations of director independence and oversees the review of certain policies.

Information Technology Committee

The Information Technology committee, which consists of Leonardo Bacherer, Teresa Gutierrez and John Wilton, assists the board of directors in overseeing the Company’s technology, data and cyber security strategies and their implementation. The Information Technology committee reviews and makes recommendations on major technology investments and projects, oversees the management of technology and cyber security risks, monitors current and emerging technology trends and oversees the Company’s data governance arrangements and IT innovation initiatives.

D. Employees.

The following table contains a breakdown of the average number of our employees, by region, as of the dates indicated:

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2025	2024	2023
Region
Mexico	3,001	3,024	3,222
Peru	6,156	5,711	5,612
Colombia	6,097	6,107	5,757
Total	15,254	14,842	14,591

E. Share Ownership.

See “Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders” for information about the share ownership of directors and officers.

See “Item 6. Directors, Senior Management and Executive Officers—B. Compensation of Directors and Executive Officers” for information about our equity incentive plans.

F. Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation.

Not applicable.

Item 7. Major Shareholders and Related Party Transactions

A. Major Shareholders.

The number of our class A shares and class B shares beneficially owned by each entity, person, director or officer is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any class A and class B shares over which the individual has sole or shared voting power or investment power as well as any class A and class B shares that the individual has the right to acquire within 60 days through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable community property laws, we believe that each shareholder identified in the table below possesses sole voting and investment power over all the class A and class B shares shown as beneficially owned by such shareholder in the table. Percentages in the table below are based on 30,095,388 outstanding class A shares and 43,917,577 outstanding class B shares as of December 31, 2025.

According to our transfer agent, as of April 9, 2026, we had 30,138,747 class A shares held by 3 registered U.S. shareholders. Since some of the shares are held by nominees, the number of shareholders may not be representative of the number of beneficial owners.

Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Auna S.A., 6, rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg.

Shareholder	Class A Shares — Number of Shares	Percentage Owned	Class B Shares — Number of Shares	Percentage Owned
5% Shareholders
Entities affiliated with Enfoca(2)	—	—	32,029,016	72.9 %	68.3 %
AFP Integra S.A.(3)	9,013,333	30.0 %			1.9 %
Juan Rafael Serván Rocha	—	—	2,671,878	6.1 %	5.7 %
Teacher Retirement System of Texas(4)	1,884,000	6.3 %	—	—	0.4 %
RWC Asset Management LLP(5)	1,523,942	5.0 %	—	—	0.3 %
Executive Officers and Directors
Jesús Zamora (6)	30,710	*	—	—	*
Luis Felipe Pinillos (7)	1,500	*	4,007,817	9.1 %	8.5 %
Jorge Basadre	—	—	—	—	—
Leonardo Bacherer	—	—	—	—	—
Robert W. Oberrender	46,249	*	—	—	*
Andrew Soussloff	46,249	*	—	—	*
John Wilton	46,249	*	—	—	*
Teresa Gutierrez	—	—	—	—	—
Guadalupe Phillips	—	—	—	—	—
Gisele Remy	—	—	—	—	—
Rayet Harb	—	—	—	—	—
Lorenzo Massart	—	—	—	—	—

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Less than 1% ownership.

(1) Percentage of total voting power represents voting power with respect to all of our class A shares and class B shares, as a single class. Holders of our class B shares are entitled to 10 votes per share, whereas holders of our class A shares are entitled to one vote per share. For more information about the voting rights of our class A shares and class B shares, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Class A Shares—The dual-class structure of our shares, as well as the classified structure of our board of directors, have the effect of concentrating voting control with Enfoca or its shareholders and limiting our other shareholders’ ability to influence corporate matters.”

(2) Includes (i) 25,585,539 class B shares held of record by Enfoca Discovery 2, L.P. (“Enfoca Discovery 2”), (ii) 3,198,192 class B shares held of record by Enfoca Descubridor 1, Fondo de Inversión (“Enfoca Descubridor 1”), (iii) 3,198,192 class B shares held of record by Enfoca Descubridor 2, Fondo de Inversión (“Enfoca Descubridor 2”), (iv) 46,820 class B ordinary shares held of record by Enfoca Asset Management Ltd. (“Enfoca Asset Management”) and (v) 273 class B ordinary shares held of record by Enfoca Sociedad Administradora de Fondos de Inversión S.A. (“ESAFI” and, together with Enfoca Discovery 2, Enfoca Descubridor 1, Enfoca Descubridor 2 and Enfoca Asset Management, the “Enfoca Entities”). The Enfoca Entities are indirectly controlled by Jesús Zamora. In connection with the Sponsor Financing for a capital contribution to us in October 2022, to fund, in part, our purchase of Grupo OCA, Enfoca pledged all of its shares for the benefit of the lenders under the Sponsor Financing. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Class A Shares—Enfoca, our controlling shareholder, owns approximately 72.9% of our class B shares and certain of our officers and a majority of our directors are employed by or otherwise affiliated with Enfoca, which could give rise to potential conflicts of interest with them and certain of our other shareholders.” The information herein is based solely on the Schedule 13G filed on November 12, 2024 by the reporting persons.

(3) Includes 9,013,333 class A shares collectively held by IN-Fondo 1, IN-Fondo 2 and IN-Fondo 3. Their address is Av. Canaval y Moreyra 522, piso 5 y 6, San Isidro, Lima, Peru. The information herein is based solely on the Schedule 13G filed on December 18, 2024 by AFP Integra S.A. acting on behalf of IN-Fondo 1, IN-Fondo 2 and IN-Fondo 3.

(4) The address for the Teacher Retirement System of Texas is 1000 Red River Street, Austin, Texas 78701. The information herein is based solely on the Schedule 13G filed on November 13, 2024 by the reporting person.

(5) The address for RWC Asset Management LLP is Verde, 10 Bressenden Place, London, SW1E 5DH, United Kingdom. The information herein is based solely on the Schedule 13G/A filed on January 5, 2026 by the reporting person.

(6) Mr. Zamora, our Executive Chairman of the Board and President, owns 71% of the shares of Enfoca Investment Ltd. and may be deemed to have voting and dispositive power over the ordinary shares held by the entities affiliated with Enfoca.

(7) In connection with the Sponsor Financing for a capital contribution to us in October 2022, Mr. Pinillos, a member of our board of directors, pledged all of his class A shares and class B shares for the benefit of the lenders under the Sponsor Financing.

Voting Rights

Each class A share will be entitled to one vote per class A share. Each class B share will be entitled to ten votes per class B share.

Holders of class A shares and class B shares will vote together on all matters unless otherwise required by our articles of association or by the 1915 Act.

Sponsor Financing

Enfoca, our controlling shareholder, Luis Felipe Pinillos, a member of our board of directors and shareholder, and our other pre-IPO Class B Shareholders are parties to the Sponsor Financing. The proceeds, net of taxes, fees and expenses of US$18.0 million, were used, through a special purpose vehicle, for a capital contribution of US$342.0 million to our subsidiary, Auna Salud S.A.C., in October 2022 to fund, in part, our purchase of Grupo OCA. Auna Salud S.A.C. determined that the capital contribution was at fair value. This capital contribution was recorded in our consolidated financial statements as (i) an increase of S/402.4 million to “non-controlling interest” representing 21.2% of Auna Salud S.A.C.’s total net assets after giving effect to the capital contribution from the special purpose vehicle of S/1,352.6 million and (ii) an increase of S/950.2 million to “merger and other reserves” representing the remaining portion of Auna Salud S.A.C.’s total net assets after giving effect to the capital contribution from the special purpose vehicle of S/1,352.6 million, which corresponded to our 78.8% interest in Auna Salud S.A.C. The Sponsor Financing is secured by substantially all the Auna shares held by Enfoca, Mr. Pinillos and our other pre-IPO Class B Shareholders. See “Related Party Transactions—Contribution and Capital Reduction.”

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On June 26, 2025, Enfoca, Mr. Pinillos and the other pre-IPO Class B Shareholders refinanced the Sponsor Financing. As of December 31, 2025, US$177.2 million aggregate principal amount of indebtedness remains outstanding under the Sponsor Financing. The indebtedness under the Sponsor Financing has a final maturity of June 25, 2027. The documents governing the Sponsor Financing contain various covenants and other obligations applicable to the shareholders party thereto, including obligations requiring such shareholders to cause us to comply with certain covenants set forth in the Credit Agreement and, in addition, imposing certain restrictions on what such shareholders will permit us to do with certain of our immaterial subsidiaries. For additional information on the covenants in the Credit Agreement, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Contractual Obligations and Commitments—Credit Facilities—Credit and Guaranty Agreement.” Furthermore, the documents governing the Sponsor Financing contain various events of default, including an event of default that will occur if there is an event of default under the Credit Agreement or the 2029 Notes Indenture. If we experience a change of control, the lenders under the Sponsor Financing can force our shareholders who are party to the Sponsor Financing to repay them. If our shareholders default on their obligations under the terms of the Sponsor Financing, including if they fail to cause us to comply with the covenants set forth in the Credit Agreement, the lenders under the Sponsor Financing will be entitled to certain remedies, including declaring all outstanding principal and interest to be due and payable and ultimately, foreclosing on the pledged shares. Foreclosing on the pledged shares may cause the lenders under the Sponsor Financing to sell securities of our company or the market to perceive that they intend to do so, and could lead to a change of control in Auna. Following the repayment in full of the Sponsor Financing, the pledges on the shares securing the Sponsor Financing will be released. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Class A Shares—Substantial sales of class A shares could cause the price of our class A shares to decrease.”

We are not a party to, nor do we guarantee, nor are we otherwise liable with respect to the debt under, the Sponsor Financing. Furthermore, the lenders under the Sponsor Financing do not have recourse against us for the debt or any other amounts owed under the Sponsor Financing, nor do we have any obligation to repay the debt under the Sponsor Financing.

For a complete description of the terms of the Sponsor Financing, as amended by the Sponsor Financing Amendment, including the covenants and events of default contained therein, please refer to copies of the Note Purchase Agreements, which are filed as Exhibits 4.24 and 4.25, respectively, to this annual report. For additional information, see Item 4. Information on the Company—A. History and development of the company—Initial Public Offering” “-Contribution and Capital Reduction.”

B. Related Party Transactions.

In the ordinary course of business, we and our subsidiaries engage in a variety of transactions among ourselves and with certain of our affiliates and related parties on an arm’s-length basis. All material transactions between us or our subsidiaries and our other affiliates or related parties are evaluated by our senior management and our board in accordance with specific regulations and internal rules applicable to all related party transactions. These transactions are subject to prevailing market conditions and transfer pricing regulations, as described below. The internal regulations of our board of directors establishes a review procedure for identifying, approving and accounting for related party transactions.

Related Person Transaction Policy

Pursuant to our related person transaction policy, any related person transaction must be approved or ratified by our audit and risk committee or another designated committee of our board of directors. The related party transaction policy sets out a number of exemptions pursuant to which certain related person transactions will be deemed not to create or involve a material interest and thereby not subject to such approval or ratification requirements. In determining whether to approve or ratify a transaction with a related person, our audit and risk committee or another designated committee of our board of directors will consider all relevant facts and circumstances, including without limitation the commercial reasonableness of the terms of the transaction, the benefit and perceived benefit, or lack thereof, to us, opportunity costs of alternate transactions, the materiality and character of the related person’s direct or indirect interest and the actual or apparent conflict of interest of the related person. Our audit and risk committee or any other designated committee of our board of directors will not approve or ratify a related person transaction unless it has determined that, upon consideration of all relevant information, such transaction is in, or not inconsistent with, our best interests and the best interests of our shareholders.

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Luxembourg Law Concerning Related Party Transactions

Luxembourg law sets forth certain restrictions and limitations on transactions with related parties.

From a tax standpoint, the value of such related party transactions must be equal to the fair market value assessed under transfer pricing rules, i.e., the value agreed to by non-related parties under the same or similar circumstances.

Contribution and Capital Reduction

In 2024 we contributed US$329.0 million of the proceeds from our initial public offer to Auna Salud S.A.C., who in turn used those funds to effect a capital reduction which resulted in the cancellation of all the shares of Auna Salud S.A.C. previously held by our pre-IPO Class B Shareholders through a special purpose vehicle, and thus, increased our ownership interest in Auna Salud S.A.C. from 79% to 100%. On June 26, 2025, Enfoca, Mr. Pinillos and our other pre-IPO Class B Shareholders refinanced the Sponsor Financing. As of December 31, 2025, US$177.2 million aggregate principal amount of indebtedness remains outstanding under the Sponsor Financing. The documents governing the Sponsor Financing, contain various covenants and other obligations applicable to the shareholders party thereto, including obligations requiring such shareholders to cause us to comply with certain covenants set forth in the Credit Agreement and, in addition, imposing certain restrictions on what such shareholders will permit us to do with certain of our immaterial subsidiaries.

Enfoca, our controlling shareholder, Luis Felipe Pinillos, a member of our board of directors and shareholder, and our other pre-IPO Class B Shareholders are parties to the Sponsor Financing. Our Executive Chairman of the Board and President, Suso Zamora, and some of our directors, including Suso Zamora, Jorge Basadre and Leonardo Bacherer, are employed by or otherwise affiliated with Enfoca as directors on their board of directors. For additional information, see “Presentation of Financial and Other Information—Financial Statements,” “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Class A Shares—Enfoca, our controlling shareholder, owns approximately 72.9% of our class B shares and certain of our officers and a majority of our directors are employed by or otherwise affiliated with Enfoca, which could give rise to potential conflicts of interest with them and certain of our other shareholders” and “Item 7. Major Shareholders and Related Party Transactions—A. Major shareholders—Sponsor Financing.”

Management Services

We reimbursed our controlling shareholder for administrative expenses for certain management services provided in the amount of S/1.2 million for 2023. We have also reimbursed our controlling shareholder for certain travel and other expenses they have incurred, in the amount of S/0.4 million for 2023. We paid no management service nor any reimbursement for expenses to our controlling shareholder in 2024 or 2025.

Medical Services

Dr. Pinillos and Dr. Carlos Vallejos, the founders of Oncosalud in 1989 and current directors of Oncosalud, are both top physicians that have been providing medical services at our facilities for several years. For their services, they have received customary compensation and benefits commensurate with their expertise and clinical acumen in healthcare coverage and aligned with the compensation paid to other physicians and medical professionals of similar stature employed by us.

During the past three years, we have also reimbursed Dr. Vallejos for certain out-of-pocket expenses, including rent for office space used by Oncosalud for back-office operations and certain property taxes payable by him in connection thereto, as well as de minimis phone expenses, the purchase of inexpensive medical literature and minor travel expenses incurred in connection with his attendance at conferences on behalf of Oncosalud. These reimbursements amounted to S/0.5 million, S/0.5 million and S/0.5 in 2023, 2024 and 2025, respectively.

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Registration Rights Agreement

We have entered into a registration rights agreement (the “Registration Rights Agreement”) with certain of our shareholders.

Subject to several exceptions, including waiver of the lockup period, underwriter cutbacks and our right to postpone a demand registration under certain circumstances, Enfoca may require that we register for public resale under the Securities Act all ordinary shares constituting registrable securities that they request be registered so long as the securities requested to be registered in each registration statement have an aggregate estimated market value of at least US$20 million or represent all of the remaining registrable securities held by Enfoca or that would be owned upon conversion of all of the class B shares held by Enfoca. We will not be required to effect more than two demand registrations in any 12-month period. If we are eligible to register the sale of our securities on Form F-3, Enfoca has the right to require us to register the sale of the registrable securities held by them on Form F-3, subject to offering size and other restrictions.

If we propose to register any of our class A shares under the Securities Act for our own account or the account of any other holder (excluding any registration related to an employee benefit plan, a corporate reorganization, other Rule 145 transactions, in connection with a dividend reinvestment plan or for the sole purpose of offering securities to another entity or its security holders in connection with the acquisition of assets or securities of such entity), Enfoca, Mr. Pinillos and Mr. Zamora are entitled to notice of such registration and to request that we include their registrable securities for resale on such registration statement, and we are required, subject to certain exceptions, to include such registrable securities in such registration statement. In connection with the transfer of their registrable securities, the parties to the Registration Rights Agreement may assign certain of their respective rights under the Registration Rights Agreement under certain circumstances. In connection with the registrations described above, we will indemnify any selling shareholders and we will bear all fees, costs and registration expenses (except underwriting discounts and spreads).

Shareholders Agreement

On September 8, 2020, Enfoca, our controlling shareholder, and Luis Felipe Pinillos entered into the Shareholders Agreement. Among other things, the Shareholders Agreement provides that (i) so long as Mr. Pinillos owns shares representing at least 2% of all of our issued and outstanding class A shares, he shall be nominated and elected as a member of our board of directors by Enfoca and as a member of the executive committee of the board of directors; (ii) so long as Mr. Pinillos owns shares representing at least 4% of all of our issued and outstanding class A shares, he shall have the right to nominate two independent directors if our board of directors includes at least nine members or one independent director if our board of directors includes less than nine members, in each case subject to the consent of Enfoca; and (iii) so long as Mr. Pinillos owns shares representing at least 3% of all of our issued and outstanding class A shares, he shall have the right to nominate one independent director if our board of directors includes at least nine members subject to the consent of Enfoca. Mr. Pinillos will not have the right to nominate any independent director if our board of directors includes less than nine members.

In addition, the Shareholders Agreement provides that, if Enfoca intends to privately sell some or all of its shares of our common stock to non-affiliates, in certain cases, they must notify us and Mr. Pinillos of the intended sale. In such cases, Mr. Pinillos has tag-along rights to participate, on a pro rata basis, in such proposed sale at the same price per share and under the same terms and conditions.

Indemnification Agreements

We intend to enter into indemnification agreements with our directors and executive officers that will require us to indemnify our directors and executive officers to the fullest extent permitted by law. See “Management—Indemnification of Directors and Officers.”

C. Interests of Experts and Counsel.

Not applicable.

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Item 8. Financial Information

A. Consolidated Statements and Other Financial Information.

See Item 18. “Financial Statements.”

Dividends and Dividend Policy

The class A shares and class B shares will be entitled to participate equally in distributions made by us, with economic entitlement proportionate to the number of shares held (and not the voting power of a shareholder).

Any future determination regarding the declaration and payment of dividends, if any, will be subject to approval by holders of our class A shares and class B shares voting together at our annual shareholders’ meeting. Any determination by our board of directors to recommend for approval the declaration and payment of dividends will depend on then-existing conditions, including our financial condition, operating results, contractual restrictions, capital requirements, business prospects and other factors our board of directors may deem relevant. See “Item 3. Key Information—D. Risk Factors—Our ability to pay dividends is restricted under Luxembourg law.”

Because we are a holding company and all of our business is conducted through our subsidiaries, and as such, if we pay any dividends in the future, such dividends will be paid from funds we receive from our subsidiaries. Accordingly, our ability to pay dividends to shareholders is dependent on the earnings of, and dividends and other distributions from, our subsidiaries. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—We are a holding company and all of our operations are conducted through our subsidiaries. Our ability to pay dividends to you will depend on the ability of our subsidiaries to pay dividends and make other distributions to us.”

In 2023, 2024 and 2025, we did not pay dividends to our shareholders.

Legal Proceedings

We are party to a number of legal and administrative proceedings arising in the ordinary course of our business, including medical malpractice, employment and labor and tax lawsuits. We categorize our risk of loss in these proceedings as probable, possible and remote. We record provisions only for those proceedings that have a risk of loss deemed to be probable. As of December 31, 2025, we had provisions for outstanding claims and others in the amount of S/10.2 million (US$3.0 million), which cover all losses resulting from claims filed against us that have a risk of loss deemed to be probable. For more information, see note 18 to our audited consolidated financial statements.

B. Significant Changes.

Not applicable.

Item 9. The Offer and Listing.

A. Offer and Listing Details.

Not applicable.

B. Plan of Distribution.

Not applicable.

C. Markets.

The class A shares have been listed on the NYSE since March 22, 2024 under the symbol “AUNA.”

On July 16, 2025 our class A shares also began trading on the Lima Stock Exchange (BVL) under the ticker symbol “AUNA.”

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D. Selling Shareholders

Not applicable.

E. Dilution.

Not applicable.

F. Expenses of the Issue.

Not applicable.

Item 10. Additional Information.

A. Share Capital.

Not applicable.

B. Memorandum and Articles of Association.

See Exhibit 2.1 filed with this annual report.

C. Material Contracts.

Surface Rights Agreement

On July 8, 2009, Medicser entered into an agreement (the “Surface Rights Agreement”) for the surface rights of a tract of land with the Peruvian Red Cross Society. Under the Surface Rights Agreement, Medicser has ownership of the buildings on the land and the right to use, enjoy and for certain purposes encumber the surface of the land. The sole and exclusive purpose of the Surface Rights Agreement is the construction of Clínica Delgado and its operation. The Surface Rights Agreement will terminate 40 years after the second anniversary of the registration of the surface rights in the property register by the Peruvian Red Cross Society, which took place on September 2, 2011. The rights are amortized during the forty-year lease period. Pursuant to the Surface Rights Agreement, we are obligated to make monthly payments of US$7,500 in favor of the Peruvian Red Cross Society until the twentieth month after the execution of the Surface Rights Agreement. From that date onwards, and for a 10-year and four-month period and three 10-year periods, we are obligated to make monthly payments of (i) US$15,000; (ii) US$25,000; (iii) US$35,000; and (iv) US$45,000, respectively, and in each case, as adjusted by 1.5% annually.

On August 30, 2009, Medicser and the Peruvian Red Cross Society entered into an amendment to the Surface Rights Agreement primarily to amend the area of the land for construction of Clínica Delgado.

Oncosalud San Borja Lease Agreement

On August 28, 2019, Oncocenter entered into a lease agreement with Promotora Asistencial S.A.C. Clínica Limatambo (the “Oncosalud San Borja Lease Agreement”) for our hospital, Oncosalud San Borja, located in Lima, Peru. The Oncosalud San Borja Lease Agreement was amended on June 5, 2023. The Oncosalud San Borja Lease Agreement has a 10-year term and includes a right of first refusal in favor of Oncocenter for any offer to purchase the property for the duration of the agreement. Pursuant to the Oncosalud San Borja Lease Agreement, monthly lease payments are US$120,000 (S/425,244) and increase by US$10,000 (S/35,437) every six months for the first three years of the agreement. For the remaining six years of the term, monthly lease payments increase annually to reflect increases in Lima’s consumer price index.

Centro Ambulatorio Trecca Public-Private Partnership Agreement

In August 2010, our subsidiary Consorcio Trecca S.A.C. (“Consorcio Trecca”) entered into a public-private partnership agreement (the “Centro Ambulatorio Trecca PPP Agreement”) with EsSalud, the state agency tasked with overseeing the Peruvian public health insurance system, for the remodeling, implementation, operation and maintenance of Centro Ambulatorio Trecca, an outpatient healthcare facility located in Lima, Peru. The project involves the development of a high-rise ambulatory healthcare center designed to provide specialized outpatient services to EsSalud-insured patients.

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Under the Centro Ambulatorio Trecca PPP Agreement, Consorcio Trecca is responsible for the design, construction, financing, equipment, implementation of healthcare systems and applications during the investment phase, and the operation and maintenance of the facility during the operational phase. In consideration for these services and investments, EsSalud will pay contractual compensation structured through payments related to the investment phase and payments associated with the operation and maintenance of the facility, subject to the terms and conditions set forth in the Centro Ambulatorio Trecca PPP Agreement.

The original Centro Ambulatorio Trecca PPP Agreement was executed on August 27, 2010 and was subsequently amended in April 2011. In February 2026, the parties entered into a second amendment, which updated the economic conditions of the project, provided for additional investments and services and established the contractual framework required to commence construction and proceed with the investment phase. Subject to approvals, project’s financial closing and the start of the investment phase are expected to occur during 2026.

D. Exchange Controls.

There are currently no exchange controls in Peru, Colombia and Mexico; however, these countries have imposed foreign exchange controls in the past. See “Item 3. Key Information—D. Risk Factors— Political, economic and social conditions in Mexico, could materially and adversely affect Mexican economic policy and, in turn, our business, financial condition, results of operations and prospects,” “Item 3. Key Information—D. Risk Factors—Economic, social and political developments in Peru, including political instability, social unrest, inflation and unemployment, could have a material adverse effect on our businesses and our results of operations may be negatively affected by recent political instability in Peru” and “Item 3. Key Information—D. Risk Factors—Economic, social and political developments in Colombia, including political and economic instability, violence, inflation and unemployment, could have a material adverse effect on our businesses, financial condition and results of operations.”

E. Taxation.

The following summary contains a description of certain Luxembourg and U.S. federal income tax consequences of the acquisition, ownership and disposition of class A shares, but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase class A shares. The summary is based upon the tax laws of and regulations thereunder and on the tax laws of the United States and Luxembourg and regulations thereunder as of the date hereof, which are subject to change.

Material U.S. Federal Income Tax Considerations for U.S. Holders

The following section is a summary of the material U.S. federal income tax consequences to U.S. Holders, as defined below, of owning and disposing of class A shares. It does not set forth all tax considerations that may be relevant to a particular person’s decision to acquire class A shares.

This section applies only to a U.S. Holder that holds class A shares as capital assets for U.S. federal income tax purposes. This section does not include a description of the state, local or non-U.S. tax consequences that may be relevant to U.S. Holders, nor does it address U.S. federal tax consequences (such as gift and estate taxes) other than income taxes. In addition, it does not set forth all of the U.S. federal income tax consequences that may be relevant in light of the U.S. Holder’s particular circumstances, including any minimum tax consequences, rules conforming the timing of income accruals with respect to the class A shares to financial statements under Section 451(b) of the Internal Revenue Code of 1986, as amended (the “Code”), the potential application of the provisions of the Code known as the Medicare contribution tax and tax consequences applicable to U.S. Holders subject to special rules, such as:

• certain financial institutions;

• dealers or traders in securities who use a mark-to-market method of tax accounting;

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• persons holding class A shares as part of a hedging transaction, straddle, wash sale, conversion transaction or other integrated transaction or persons entering into a constructive sale with respect to the class A shares;

• persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

• entities classified as partnerships or S corporations for U.S. federal income tax purposes;

• persons who acquire our class A shares through the exercise of an option or otherwise as compensation;

• tax-exempt entities, including an “individual retirement account” or “Roth IRA”;

• real estate investment trusts or regulated investment companies;

• persons that own or are deemed to own 10% or more of our shares (by vote or value); or

• persons holding class A shares in connection with a trade or business conducted outside of the United States.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds class A shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding class A shares and partners in such partnerships should consult their tax advisers as to the particular U.S. federal income tax consequences of owning and disposing of the class A shares.

This section is based on the Code, administrative pronouncements, judicial decisions, final and temporary and proposed Treasury regulations and the U.S.—Luxembourg income tax treaty (the “Treaty”), all as of the date hereof, any of which is subject to change or differing interpretations, possibly with retroactive effect. Any change or different interpretation could alter the tax consequences to U.S. Holders described in this section. In addition, there can be no assurance that the Internal Revenue Service (the “IRS) will not challenge one or more of the tax consequences described in this section.

You are a “U.S. Holder” if you are, for U.S. federal income tax purposes, a beneficial owner of class A shares and:

• a citizen or individual resident of the United States;

• a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or

• an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

U.S. Holders should consult their tax advisers concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of class A shares in their particular circumstances.

Taxation of Distributions

Subject to the discussion under “—Passive Foreign Investment Company Rules” below, distributions paid on class A shares, other than certain pro rata distributions of ordinary shares, made to U.S. Holders will be treated as taxable dividends to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), such excess amount will be treated first as a tax-free return of a U.S. Holder’s tax basis in the class A shares, and then, to the extent such excess amount exceeds such holder’s tax basis in the class A shares, as capital gain, and will be long-term capital gain if the U.S. Holder held the class A shares for more than one year at the time the distribution is actually or constructively received. However, we currently do not, and we do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that any distribution will generally be reported as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

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Subject to applicable limitations, for so long as our class A shares are listed on NYSE or another established securities market in the United States, dividends paid to certain non-corporate U.S. Holders will generally be eligible for taxation as “qualified dividend income,” which is taxable at rates not in excess of the long-term capital gain rate applicable to such U.S. Holders. In order to qualify for qualified dividend income treatment, a U.S. Holder must meet certain holding period and other requirements, and we must not be a passive foreign investment company (a “PFIC”) for the taxable year in which dividends are paid or the immediately preceding taxable year. Non-corporate U.S. Holders should consult their tax advisers regarding the availability of the reduced tax rate on dividends in their particular circumstances.

The amount of the dividend will be treated as foreign-source dividend income to U.S. Holders and will not be eligible for the dividends-received deduction available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder’s income on the date of the U.S. Holder’s receipt of the dividend.

For purposes of the foreign tax credit rules, dividends will be treated as foreign-source income. For U.S. federal income tax purposes, the amount of dividend income will include any amounts withheld in respect of Luxembourg taxes. Subject to applicable limitations that vary depending on a U.S. Holder’s particular circumstances and the discussion below regarding certain Treasury regulations, Luxembourg income taxes withheld from dividend payments (at a rate not exceeding the applicable rate provided in the Treaty if the U.S. Holder is eligible for Treaty benefits) generally will be creditable against the U.S. Holder’s U.S. federal income tax liability. The rules governing foreign tax credits are complex. For example, Treasury regulations provide that, in the absence of an election to apply the benefits of an applicable income tax treaty, in order for non-U.S. income taxes to be creditable, the relevant non-U.S. income tax rules must be consistent with certain U.S. federal income tax principles, and we have not determined whether the Luxembourg income tax system meets this requirement. However, the U.S. Internal Revenue Service (the “IRS”) has released notices that provide relief from certain of the provisions of the Treasury regulations described above for taxable years ending before the date that a notice or other guidance withdrawing or modifying this temporary relief is issued (or any later date specified in such notice or other guidance). The notices also indicate the U.S. Treasury Department and the IRS are considering whether, and in what conditions, to provide additional temporary relief in later taxable years. In lieu of claiming foreign tax credits, a U.S. Holder may be able to elect to deduct non-U.S. income taxes, including Luxembourg income taxes, in computing their taxable income, subject to applicable limitations under U.S. law. An election to deduct non-U.S. taxes instead of claiming foreign tax credits applies to all creditable non-U.S. taxes paid or accrued in the taxable year. U.S. Holders should consult their tax adviser regarding the creditability or deductibility of any foreign tax credits in their particular circumstances.

Sale or Other Disposition of Class A Shares

Subject to the discussion under “—Passive Foreign Investment Company Rules” below, gain or loss realized on the sale or other taxable disposition of class A shares will be subject to U.S. federal income taxation as capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder held the class A shares for more than one year. The amount of the gain or loss will equal the difference between the amount realized (including the gross amount of the proceeds before the deduction of any foreign tax) on the sale or other taxable disposition and the U.S. Holder’s adjusted tax basis in the class A shares, in each case as determined in U.S. dollars. Capital gains of non-corporate U.S. Holders derived with respect to capital assets generally are eligible for the preferential rates of taxation applicable to long-term capital gains. This capital gain or loss will generally be treated as U.S.-source gain or loss for foreign tax credit purposes. The deductibility of capital losses is subject to various limitations under the Code. U.S. Holders should consult their tax advisers regarding the proper treatment of capital gain or loss, if any, in their particular circumstances, including the effects of any applicable income tax treaties.

Passive Foreign Investment Company Rules

U.S. Holders will generally be subject to a special, generally adverse tax regime that would differ in certain material respects from the tax treatment described above if we are, or we are to become, a PFIC for U.S. federal income tax purposes for any taxable year in which a U.S. Holder owns our class A shares.

Under the Code, we will be a PFIC for any taxable year in which, after the application of certain “look-through” rules with respect to subsidiaries, either (i) 75% or more of our gross income consists of “passive income,” or (ii) 50% or more of the average quarterly value of our assets consist of assets that produce, or are held for the production of, “passive income” (including cash). For purposes of the above calculations, we will be treated as if we hold our proportionate share of the assets of, and receive directly our proportionate share of the income of, any other corporation in which we directly or indirectly own at least 25%, by value, of the shares of such corporation. Passive income generally includes, among other things, interest, dividends, certain non-active rents, certain non-active royalties and capital gains. Additionally, goodwill is treated as an active asset to the extent attributable to activities that produce active income.

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Based on the market price of our class A shares and the composition of our income and assets, including goodwill, we do not expect to have been a PFIC for U.S. federal income tax purposes for our 2025 taxable year. However, the determination of whether we are a PFIC is a fact-intensive determination that must be made on an annual basis applying principles and methodologies that are in some circumstances unclear, and whether we will be a PFIC in any taxable year is uncertain in several respects. Moreover, our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market price of our class A shares, which may fluctuate substantially over time). Accordingly, there can be no assurance that we will not be a PFIC for any taxable year. If we are a PFIC for any year during which a U.S. Holder holds class A shares, we would continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S. Holder holds class A shares, even if we ceased to meet the threshold requirements for PFIC status, unless the U.S. Holder makes a valid deemed sale election under the applicable Treasury regulations with respect to its class A shares.

If we were a PFIC for any taxable year during which a U.S. Holder held class A shares, gain recognized by a U.S. Holder on a sale or other disposition (including certain pledges) of the class A shares would be allocated ratably over the U.S. Holder’s holding period for the class A shares. The amounts allocated to the taxable year of the sale or other disposition and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed on the amount allocated to that taxable year. Similar rules apply to any distribution received by a U.S. Holder on its class A shares if it exceeds 125% of the average of the annual distributions on the class A shares received during the preceding three years or the U.S. Holder’s holding period, whichever is shorter. If we are a PFIC for any year, a U.S. Holder may be subject to the adverse consequences for any gain or excess distributions in respect of any lower-tier PFICs that we own.

A U.S. Holder can avoid certain of the adverse rules described above by making a mark-to-market election with respect to its class A shares, provided that the class A shares are “marketable.” Our class A shares will be marketable if they are “regularly traded” on a “qualified exchange” or other market within the meaning of applicable Treasury regulations. If a U.S. Holder makes the mark-to-market election, it will recognize as ordinary income any excess of the fair market value of the class A shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of the class A shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). Any gain recognized on the sale or other disposition of class A shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election, with any excess loss treated as a capital loss). A mark-to-market election is unlikely to be available in respect of any lower-tier PFICs that we own unless the shares of such lower-tier PFICs are considered “marketable.” Accordingly, if we are treated as a PFIC, a U.S. Holder will generally continue to be subject to the PFIC rules discussed above with respect to such holder’s indirect interest in any investments we hold that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

In addition, if a company that is a PFIC provides certain information to U.S. investors, a U.S. investor can then avoid certain adverse tax consequences described above by making a “qualified electing fund” election, or QEF Election, to be taxed currently on its pro rata share of the PFIC’s ordinary income and net capital gains. However, because we do not intend to provide the information necessary for U.S. Holders to make a QEF Election, such election will not be available to U.S. Holders.

In addition, if we were a PFIC or, with respect to a particular U.S. Holder, were treated as a PFIC for the taxable year in which we paid a dividend or for the prior taxable year, the preferential dividend rates discussed above with respect to dividends paid to certain non-corporate U.S. Holders would not apply.

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If a U.S. Holder owns class A shares during any year in which we are a PFIC or in which we hold a direct or indirect equity interest is a lower-tier PFIC, the U.S. Holder generally must file annual reports, containing such information as the U.S. Treasury may require on IRS Form 8621 (or any successor form) with respect to us, with the U.S. Holder’s federal income tax return for that year, unless otherwise specified in the instructions with respect to such form. U.S. Holders should consult their tax advisers concerning our potential PFIC status and the potential application of the PFIC rules.

Information Reporting and Backup Withholding

Distributions and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries are subject to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the holder’s U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

Reporting with Respect to Foreign Financial Assets

Certain U.S. Holders who are individuals (and, under U.S. Treasury Regulations, certain entities) may be required to report information relating to an interest in our class A shares, subject to certain exceptions (including an exception for ordinary shares held in accounts maintained by certain U.S. financial institutions), by filing IRS Form 8938 (Statement of Specified Foreign Financial Assets) with their federal income tax return. Such U.S. Holders who fail to timely furnish the required information may be subject to a penalty. Additionally, if a U.S. Holder does not file the required information, the statute of limitations with respect to tax returns of the U.S. Holder to which the information relates may not close until three years after such information is filed. U.S. Holders should consult their tax advisors regarding their reporting obligations with respect to their ownership and disposition of our class A shares and with respect to their possible obligation to file IRS Form 8938.

Luxembourg Tax Considerations

This section is the opinion of Stibbe Avocats on the Luxembourg taxation of the Company and on certain material Luxembourg tax considerations that may be relevant with respect to the ownership or disposition of the Company’s class A shares, on the assumption that the Company is exclusively a tax resident in Luxembourg. This summary is not intended to be a comprehensive description of all of the Luxembourg tax considerations that may be relevant to a decision by prospective investors to make an investment in the Company. In addition, it does not describe any tax consequences arising under the laws of any taxing jurisdiction other than Luxembourg.

Any reference in the present section to a tax, duty, levy, impost or other charge or withholding of a similar nature refers to Luxembourg tax law and/or concepts only. Also, please note that a reference to Luxembourg corporate income tax (“LCIT”) generally encompasses impôt sur le revenu des collectivités (“CIT”), impôt commercial communal (“MBT”) and a solidarity surcharge ( contribution au fonds pour l’emploi ).

Taxation of the Company

Luxembourg Corporate Income Tax

As a Luxembourg resident fully taxable company, the Company should be subject to LCIT on its worldwide basis. The LCIT rate amounts to 23.87% for fiscal year 2026 in Luxembourg City.

The Company is assessed on the basis of its world-wide profits on an annual basis, after deduction of allowable expenses and charges, determined in accordance with Luxembourg general accounting standards and subject to certain tax adjustments in accordance with Luxembourg tax law and applicable double tax treaties.

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Net Wealth Tax

As a Luxembourg resident fully taxable company, the Company is subject to impôt sur la fortune (“NWT”) on its unitary value (broadly speaking, net asset value) as of January 1 each year at a digressive rate starting at 0.5% (the “Standard NWT”). The NWT basis is calculated on the total estimated realization value of the Company’s assets held at each calendar year end, less related liabilities. In more detail, two rates of NWT apply depending on the amount of taxable net wealth and if the value of the taxable wealth is less or equal to EUR 500 million. If the value of the wealth exceeds such threshold, the NWT charge is calculated as follows:

• EUR 2.5 million (i.e., rate of 0.5% applied to the amount of EUR 500 million); plus

• 0.05% calculated on the taxable amount exceeding EUR 500 million.

The Company is also subject to a minimum NWT regime (the “Minimum NWT”). This Minimum NWT, when applicable, ranges from EUR 535 to EUR 4,815 (depending on the size of the balance sheet of the Company).

In practice, whether the Standard NWT or the Minimum NWT amount will be due depends on which amount is higher.

Withholding Tax on Dividend Distributions

Dividends distributed by the Company are as a rule subject to withholding tax (“WHT”) in Luxembourg at a rate of 15% (increased to 17.65% on a gross-up basis). However, such WHT rate could be reduced based on a Luxembourg domestic exemption or an exemption or reduced rate under an applicable double tax treaty.

Luxembourg Taxation of Luxembourg Non-Resident Shareholders

Taxation of Dividends

Luxembourg non-resident shareholders, who have neither a permanent establishment nor a permanent representative in Luxembourg, to which or whom the class A shares of the Company are attributable, are as a rule subject to the 15% WHT paid upon dividend distributions by the Company. However, such WHT rate could be reduced based on a Luxembourg domestic exemption or an exemption or reduced rate under an applicable double tax treaty.

Taxation of Capital Gains

Capital gains realized by a Luxembourg non-resident shareholder upon the redemption, repurchase, sale, disposal or exchange of the Company’s class A shares are not subject to LCIT or personal income tax provided that the Luxembourg non-resident shareholder has held its class A shares for an uninterrupted period of more than 6 months.

If a Luxembourg non-resident shareholder has held its class A shares for a period 6 months or less, such Luxembourg non-resident shareholder should not be subject to Luxembourg income taxation in Luxembourg provided that the Luxembourg non-resident shareholder has held a non-Substantial Participation (as defined herein) in the Company. A participation is deemed to be substantial (“Substantial Participation”) where a shareholder holds or has held, either alone or together with his or her spouse or partner and/or minor children, directly or indirectly at any time within the 5 years preceding the disposal, more than 10% of the share capital of the Luxembourg company or cooperative. An indirect participation should be understood as the holding of a participation via an intermediary company in which the shareholder holds the majority of voting rights. A shareholder is also deemed to alienate a substantial participation if he or she acquired free of charge, within the 5 years preceding the transfer, a participation that was constituting a substantial participation in the hands of the alienator (or the alienators in case of successive transfers free of charge within the same 5-year period).

However, capital gains realized upon redemption, repurchase, sale, disposal or exchange of the Company’s class A shares representing a Substantial Participation (generally speaking more than 10% in the share capital of the Company) which is either sold (i) within a 6-month period subsequent to the date of acquisition of such class A shares, or (ii) before the acquisition of such class A shares or (iii) by a Luxembourg non-resident shareholder that has been a Luxembourg resident for more than 15 years and has become a Luxembourg non-resident within the last five years preceding the realization of the gain, may be subject to Luxembourg taxation (unless an exemption applies based on an applicable double tax treaty) as follows:

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• if realized by a non-resident individual, the capital gain may be subject to Luxembourg personal income tax rates of up to 45.78% for fiscal year 2026; or

• if realized by a non-resident corporation, the capital gain may be subject to Luxembourg corporate income tax rates of up to 17.12% for fiscal year 2026.

Luxembourg Taxation of Luxembourg Resident Shareholders

Luxembourg Resident Individual Shareholders

Taxation of Dividends

Luxembourg resident individual shareholders are subject to the 15% WHT paid upon dividend distributions by the Company.

In addition, the dividend distributions received from the Company by the Luxembourg resident individual shareholders are as a rule subject to personal income tax in accordance with the provisions of the Luxembourg income tax law. However, a 50% tax exemption might be available under certain conditions. Luxembourg personal income tax is levied following a progressive income tax scale. The 15% WHT paid upon dividend distribution by the Company to the Luxembourg resident individual shareholders could be credited against any personal income tax liability of the Luxembourg resident individual shareholders.

Taxation of Capital Gains

Capital gains realized on the sale of any class A shares of the Company by Luxembourg resident individual shareholders who hold class A shares of the Company in their personal portfolios (and not as business assets) should generally not be subject to personal income tax except if one of the following conditions is met:

(i) the shares are sold within the six-month period subsequent to the date of the subscription or purchase; or

(ii) the shares are sold before their acquisition; or

(iii) if the shares held in the personal portfolio constitute a Substantial Participation.

Capital gains satisfying one of the three above conditions should be subject to Luxembourg personal income tax in accordance with the provisions of the Luxembourg income tax law. Luxembourg personal income tax is levied following a progressive income tax scale.

Luxembourg Resident Corporate/Permanent Establishment Shareholders

Taxation of Dividends

Luxembourg resident corporate shareholders or foreign entities which have a permanent establishment or a permanent representative in Luxembourg with which the holding of the class A shares is connected should be subject to the 15% WHT paid upon dividend distributions by the Company. However, such WHT rate could be reduced based on a Luxembourg domestic exemption.

In addition, the dividend distributions received from the Company by the Luxembourg resident corporate shareholders or the foreign entities which have a permanent establishment or a permanent representative in Luxembourg with which the holding of the class A shares is connected should be subject to LCIT in accordance with the provisions of the Luxembourg income tax law. However, a 50% tax exemption or a 100% tax exemption might be available under certain conditions. The LCIT rate should amount to up to 23.87% for fiscal year 2026 in Luxembourg City.

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Taxation of Capital Gains

Luxembourg resident corporate shareholders or foreign entities which have a permanent establishment or a permanent representative in Luxembourg with which the holding of the class A shares is connected should be subject to LCIT on capital gains realized upon disposal of class A shares of the Company, unless a Luxembourg domestic exemption applies.

Net Wealth Tax

Luxembourg tax resident fully taxable corporate shareholders or foreign entities which have a permanent establishment or a permanent representative in Luxembourg with which the holding of the class A shares is connected should annually be subject to NWT on the (market) value of their class A shares of the Company at a digressive rate starting at 0.5%, unless a NWT exemption applies.

F. Dividends and Paying Agents.

Not applicable.

G. Statement by Experts.

Not applicable.

H. Documents on Display.

We are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F within four months after the end of each fiscal year, which is December 31. The SEC also maintains a website at www.sec.gov that contains reports, proxy and information statements and other information regarding registrants that make electronic filings with the SEC using its EDGAR system. As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports and proxy statements, and officers, directors and principal shareholders are exempt from the short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

I. Subsidiary Information.

Not applicable.

J. Annual Report to Security Holders.

Not applicable.

Item 11. Quantitative and Qualitative Disclosures About Market Risk.

In the ordinary course of our business activities, we are exposed to market risks that are beyond our control and which may have an adverse effect on the value of our financial assets and liabilities, future cash flows and profit. The market risks that we are exposed to include foreign currency risks and interest rate risks.

The functional currency of our operations is based on the countries in which we operate, whereby in Mexico it is the Mexican peso , in Peru it is the Peruvian sol and in Colombia it is the Colombian peso , and we present our financial statements in Peruvian soles . However, the majority of our liabilities (primarily US$98.7 million of the 2029 Notes and US$365 million of the 2032 Notes) are denominated in U.S. dollars, which exposes us to exchange rate risk. As of December 31, 2025, 44% of our liabilities were denominated in U.S. dollars. To mitigate our U.S. dollar exposure, we use derivative financial instruments, such as call spreads and forwards, to hedge our exposure to these risks. As of December 31, 2025, 85% of our liabilities in U.S. dollars were hedged.

Interest rate risk is the risk that the fair value or future cash flows of our financial instruments may fluctuate as a result of changes in market interest rates. Our general policy is to hold financing at fixed rates, although certain of our borrowings accrue interest at floating rates. Because the majority of our financing is at fixed rates and we have hedging arrangements in place for all of our borrowings held at floating rates, we do not consider interest rate risk material to our business.

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Item 12. Description of Securities Other than Equity Securities.

A. Debt Securities.

Not applicable.

B. Warrants and Rights.

Not applicable.

C. Other Securities.

Not applicable.

D. American Depositary Shares.

Not applicable.

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PART II

Item 13. Defaults, Dividend Arrearages and Delinquencies.

None.

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds.

Not applicable.

Item 15. Controls and Procedures.

Disclosure Controls and Procedures

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, performed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, which are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosures.

Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures or our internal control over financial reporting may not prevent all errors and all fraud due to inherent limitations of internal controls. Because of such limitations, there is a risk that material misstatements will not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2025, our disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting described below.

Following identification of the material weaknesses and prior to filing this annual report, we performed additional analysis and other procedures to ensure that our consolidated financial statements included in this annual report have been prepared in accordance with IFRS Accounting Standards. Accordingly, management believes that the consolidated financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this annual report.

Management’s Annual Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting for our Company as such term is defined by Exchange Act rules 13(a)-15(f) and 15(d)-15(f).

Our system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards. These include those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS Accounting Standards, and that receipts and expenditures of the Company are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual consolidated financial statements will not be prevented or detected on a timely basis.

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, and under the oversight of the Audit Committee of the Board of Directors, evaluated the effectiveness of our internal control over financial reporting as of December 31, 2025, using the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal control over financial reporting was not effective as of December 31, 2025.

In making the assessment, we identified the following material weaknesses in our internal control over financial reporting:

• Our information technology general controls (ITGCs) including segregation of duties, user access, and change management, within our information technology (IT) systems that support the Company’s financial reporting processes, were not fully designed, implemented and operating effectively.

• Automated and manual process level controls across our financial reporting processes were not fully designed, implemented and operating effectively.

These deficiencies were due to the Company not being fully prepared to fulfill SOX requirements complicated by the pace of organic and inorganic growth and the diversity of the Company’s control processes and IT systems. The Company did not fully design controls responsive to risks of material misstatement, train personnel with respect to their ICFR responsibilities and accountability, and complete all actions necessary to fully assess the effectiveness of internal control over financial reporting and to remediate identified control deficiencies.

These deficiencies did not result in a misstatement to our annual financial statements. However, each of these control deficiencies could result in a material misstatement of our consolidated financial statements that would not be prevented or detected, and accordingly, we determined that these control deficiencies constitute material weaknesses.

Emmerich, Córdova y Asociados S. Civil. de R.L. (a member firm of KPMG), our independent registered public accounting firm, which audited and reported on the consolidated financial statements as of and for the year ended December 31, 2025, contained in this annual report on Form 20-F, has issued an adverse opinion on the effectiveness of our internal control over financial reporting. Emmerich, Córdova y Asociados S. Civil. de R.L.’s report appears on page F-3 of this annual report on Form 20-F.

Remediation Plan

In response to the material weaknesses mentioned above, management, with the oversight of the Audit & Risk Committee, continues to execute a comprehensive remediation program supported by dedicated internal resources and external advisors, to enhance the control framework and address our material weaknesses in internal controls. This project is designed to ensure a more robust, effective and sustainable control environment and information technology systems supporting our key financial reporting processes commensurate with our financial reporting requirements. Our efforts include the following actions:

• Strengthening the SOX compliance organization and governance structure , including enhancements to oversight mechanisms, clearer accountability across functions, and more robust coordination among control owners and process leaders.

• Enhancing the Company’s IT control framework , including a new enterprise resource planning (ERP) system, improvements to the design and operation of ITGCs and strengthening the reliability of controls dependent on information technology.

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• Completing the risk assessment process and implementation of internal controls over financial reporting for new, modified or previously incomplete processes, and remediating controls identified as ineffective through ongoing assessments and testing activities, including controls that ensure the accuracy of system-generated information used in the preparation of the financial statements.

• Reinforcing awareness, responsibilities and accountability across the organization , including targeted training and communication initiatives for control owners and key stakeholders to promote consistent execution and documentation of controls and SOX requirements.

• Reinforcing monitoring activities to assess, on an ongoing basis, the continued appropriateness of control design and level of documentation maintained to support control effectiveness.

Although we took extensive steps to design and implement the Company’s internal control standards, we were unable to fully complete this effort in 2025. We continue to implement and enhance controls related to design, support documentation, operation and monitoring of certain internal controls, including controls dependent on information technology and the implementation of new ERP systems across our geographies, which will be a multi-year project.

As we continue to evaluate our internal control over financial reporting, we may take additional actions to remediate the material weaknesses or modify the remediation actions described above.

Given the scope, complexity and multi-year nature of certain remediation initiatives, management expects that remediation efforts will continue beyond 2026 and may extend into future reporting periods. The Company will continue to monitor and assess our remediation activities to remediate these material weaknesses as soon as practicable.

Changes in Internal Control over Financial Reporting

Except for the ongoing implementation of remediation actions to address the material weaknesses identified, as described above, there have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 16. [Reserved]

Item 16A. Audit Committee Financial Expert.

Our board of directors has determined that Robert W. Oberrender qualifies as an “audit committee financial expert as defined in Item 16A of Form 20-F under the Exchange Act. Our board of directors has also determined that Robert W. Oberrender, Andrew Soussloff and John Wilton each satisfy the “independence” requirements set forth in Rule 10A-3 under the Exchange Act.

Item 16B. Code of Ethics.

We have adopted a Code of Conduct and a Whistleblower Policy that apply to all of our employees, as well as our officers and directors, including our President, Chief Financial Officer and Executive Vice President and other executive and senior financial officers. The full text of our Code of Ethics is attached as Exhibit 11.1 to this annual report. Information contained on, or that can be accessed through, our website is not part of, or incorporated by reference into, this 20-F, and inclusions of our website address in this 20-F are inactive textual references provided only for your informational reference.

Our Code of Conduct is designed to uphold the highest standards of integrity and to foster: (i) honest and ethical behavior, including the identification and resolution of conflicts of interest that may arise between personal and professional responsibilities; (ii) equitable and transparent treatment of our patients, members and other stakeholders, ensuring fairness in the services we provide and in our interactions with the communities and markets we serve; (iii) clear, accurate and timely communication, ensuring that all reports, documents and disclosures submitted to regulatory authorities, such as health agencies or financial oversight bodies and our public communications, are complete and understandable; (iv) compliance with applicable laws, regulations and standards, including those governing healthcare, insurance and corporate operations; and (v) accountability and responsibility for adhering to this Code, with clear consequences for violations to maintain trust and uphold our commitment to ethical practices.

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We have also adopted an Anti-Corruption Policy that applies to all of our employees, officers and directors and posted the full text of such policy on the governance section of our website, www.aunainvestors.com. Information contained on, or that can be accessed through, our website is not part of, or incorporated by reference into, this 20-F, and inclusions of our website address in this 20-F are inactive textual references provided only for your informational reference. We intend to disclose future amendments to our policies on our website or in public filings. The information on our website is not incorporated by reference into this annual report on Form 20-F, and you should not consider information contained on our website to be a part of this annual report on Form 20-F.

Item 16C. Principal Accountant Fees and Services.

The following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered by Emmerich, Córdova y Asociados, S. Civil de R.L., our independent registered public accounting firm, for the periods indicated.

2025	2024
(millions of US$)
Audit fees(1)	3.1	1.5
Tax fees	0.0	0.1
All other related fees	0.0	0.0
Total	3.1	1.6

(1) Audit fees for years ended December 31, 2025 and 2024 were related to professional services provided for the interim review procedures and the audit of our consolidated financial statements included in our annual reports on Form 20-F or services normally provided in connection with statutory engagements for those fiscal years.

Audit Fees

Audit fees are fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual consolidated financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. It includes the audit of our financial statements, interim reviews and other services that generally only the independent accountant reasonably can provide, such as comfort letters, statutory audits, consents and assistance with and review of documents filed with the SEC.

Tax Fees

Tax fees are fees billed for professional services for tax compliance.

All Other Fees

All other fees are fees for other non-audit services rendered to Auna, which include services such as the provision of attestation reports for our subsidiaries as required under applicable regulation.

Audit and Risk Committee Pre-Approval Policies and Procedures

Our Audit and Risk Committee is responsible for hiring, compensating and supervising the work of our external auditor. All services that our external auditor performs for us have to be authorized by our Audit and Risk Committee before the performance of those services begins. The Audit and Risk Committee obtains a detail of the particular services to be provided and assesses the impact of those services on the external auditor’s independence. In some instances, however, we may use the de minimis exception provided for in the SEC regulations for non-auditing services. In each such instance, we will inform our Audit and Risk Committee regarding, and present for ratification, such services at the next meeting of our Audit and Risk Committee.

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Item 16D. Exemptions from the Listing Standards for Audit Committees.

None.

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers.

None.

Item 16F. Change in Registrant’s Certifying Accountant.

None.

Item 16G. Corporate Governance.

Foreign Private Issuer Status

Because we are a foreign private issuer, the NYSE rules applicable to us are considerably different from those applied to U.S. companies. Accordingly, we are eligible to, and we intend to, take advantage of certain exemptions from the NYSE corporate governance requirements provided in the NYSE rules for foreign private issuers. Subject to the items listed below, as a foreign private issuer we are permitted to follow home country practice in lieu of the NYSE’s corporate governance standards. We rely on this “home country practice exemption” with respect to the following NYSE requirements:

• We follow home country practice that permits our board of directors to consist of less than a majority of independent directors, rather than the NYSE corporate governance rule 303A.01, which requires that a majority of the board be independent;

• We follow home country practice that permits us not to hold regular executive sessions where only non-management directors are present, rather than the NYSE corporate governance rule 303A.03, which requires an issuer to have regularly scheduled meetings at which only non-management directors attend;

• We follow home country practice that permits the Governance Committee of our board of directors not to consist entirely of independent directors, rather than the NYSE corporate governance rule 303A.04, which requires boards to have a nominating and corporate governance committee, similar to our Governance Committee, consisting entirely of independent directors;

• We follow home country practice that does not require our board of directors to be nominated by the Governance Committee, rather than the NYSE corporate governance rule 303A.04, which requires director nominees for the next annual general meeting of shareholders to either be selected, or recommended for the board’s selection, by a nominating and corporate governance committee, similar to our Governance Committee, comprised solely of independent directors;

• We follow home country practice that permits the Compensation and Talent Committee of our board of directors not to consist entirely of independent directors, rather than the NYSE corporate governance rule 303A.05, which requires boards to have a compensation committee, similar to our Compensation and Talent Committee, consisting entirely of independent directors;

• We follow home country practice that generally permits the board of directors, without shareholder approval, to establish or materially amend any equity compensation plans (to the extent that such equity compensation plans do not specifically foresee the issuance of new shares by the Company, for example, a phantom share plan or option plan with cash settlement only), rather than the NYSE corporate governance rule 303A.08, which requires that our shareholders approve the establishment or any material amendments to any equity compensation plan;

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• We follow home country practice, and not the NYSE corporate governance rules, relating to matters requiring shareholder approval. Luxembourg law and our articles of association generally permit us, without shareholder approval, to take the actions stated below.

Under Luxembourg corporate law, the board of directors of the Company is charged with managing and running the Company and is consequently authorized to take any decisions that are not reserved to the shareholders either by law or based on a list of reserved shareholder matters that may be contained in the articles of association and/or in a shareholders’ agreement. According to Luxembourg corporate law, the matters to be decided by the shareholders of the Company are the following: (i) in principle, amendments to the articles of association, (ii) approval of the annual accounts, (iii) decision to pay annual dividends, (iv) appointment and dismissal of directors and auditors and (v) merger, demerger, migration, change of legal form and dissolution.

Except as stated above, we intend to comply with the rules generally applicable to U.S. domestic companies listed on the NYSE. We may in the future decide to use other foreign private issuer exemptions with respect to some or all of the other NYSE listing requirements. Following our home country governance practices, as opposed to the requirements that would otherwise apply to a company listed on the NYSE, may provide less protection than is accorded to investors under the NYSE listing requirements applicable to domestic issuers. For more information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to our Class A Shares—As a foreign private issuer and “controlled company” within the meaning of the NYSE corporate governance rules, we are permitted to follow alternate standards to the corporate governance standards of the NYSE, which may limit the protections afforded to investors” and “Item 3. Key Information—D. Risk Factors—Risks Relating to our Class A Shares—As a foreign private issuer, we are exempt from certain provisions applicable to U.S. domestic public companies.”

Controlled Company Status

Enfoca controls a majority of the combined voting power of our outstanding ordinary shares. As a result, we are a “controlled company” within the meaning of the NYSE corporate governance rules. Under the NYSE corporate governance standards, a company of which more than 50% of the voting power is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance standards, including (i) the requirement that a majority of the board of directors consist of independent directors, (ii) the requirement that we have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities and (iii) the requirement that our director nominations be made, or recommended to our full board of directors, by our independent directors or by a nominations committee that consists entirely of independent directors and that we adopt a written charter or board resolution addressing the nominations process. To the extent we no longer qualify as a foreign private issuer and qualify as a controlled company in the future, we intend to take advantage of certain of these exemptions, and, as a result, you may not have the same protections afforded to shareholders of companies that are subject to all of the NYSE corporate governance requirements. For more information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to our Class A Shares—As a foreign private issuer and “controlled company” within the meaning of the NYSE corporate governance rules, we are permitted to follow alternate standards to the corporate governance standards of the NYSE, which may limit the protections afforded to investors.”

Principal Differences between Luxembourg and U.S. Corporate Law

We are incorporated under the laws of Luxembourg. The following discussion summarizes material differences between the rights of holders of our class A shares and the rights of holders of the ordinary shares of a typical corporation incorporated under the laws of the State of Delaware which result from differences in governing documents and the laws of Luxembourg and Delaware.

This discussion does not purport to be a complete statement of the rights of holders of our class A shares under applicable law in Luxembourg and our articles of association or the rights of holders of the ordinary shares of a typical corporation under applicable Delaware law and a typical certificate of incorporation and articles of association.

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Delaware	Luxembourg
Board of Directors
The board of directors shall consist of one or more members. A typical certificate of incorporation and by-laws would provide that the number of directors on the board of directors will be fixed from time to time by a vote of the majority of the authorized directors. Under Delaware law, a board of directors can be divided into classes and cumulative voting in the election of directors is only permitted if expressly authorized in a corporation’s certificate of incorporation.	Pursuant to the 1915 Act and our articles of association, our board of directors must be composed of at least three directors. They are appointed by the general meeting of shareholders (by proposal of the board of directors, the shareholders or a spontaneous candidacy) by a simple majority of the votes cast. Pursuant to our articles of association, directors may be reelected, but the term of their office may not, except for their initial term following our initial public offering, exceed three years. Under Luxembourg law, our articles of association may provide for different classes of directors. Our articles of association allow for the appointment of directors of different classes, and each director has one vote. Our articles of association provide that in case of an equality of votes, the chairman shall have the right to cast the deciding vote.
Limitation on Personal Liability of Directors
A typical certificate of incorporation provides for the elimination of personal monetary liability of directors for breach of fiduciary duties as directors to the fullest extent permissible under the laws of Delaware, except for liability (i) for any breach of a director’s loyalty to the corporation or its shareholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law (“DGCL”) (relating to the liability of directors for unlawful payment of a dividend or an unlawful stock purchase or redemption) or (iv) for any transaction from which the director derived an improper personal benefit. A typical certificate of incorporation would also provide that if the DGCL is amended so as to allow further elimination of, or limitations on, director liability, then the liability of directors will be eliminated or limited to the fullest extent permitted by the DGCL as so amended.	The 1915 Act provides that directors do not assume any personal obligations for commitments of the company. Directors are liable to the company for the performance of their duties as directors and for any misconduct in the management of the company’s affairs. Directors are further jointly and severally liable both to the company and to any third parties for damages resulting from violations of the law or the articles of association of the Company. Directors will only be discharged from such liability for violations to which they were not a party, provided no misconduct is attributable to them and they have reported such violations at the first general meeting after they had knowledge thereof. In addition, directors may under specific circumstances also be subject to criminal liability, such as in the case of an abuse of assets. Our articles of association provide that directors and officers, past and present, are entitled to indemnification from the Company to the fullest extent permitted by Luxembourg law against liability and all expenses reasonably incurred or paid by them in connection with any claim, action, suit or proceeding in which they are involved by virtue of their being or having been a director or officer and against amounts paid or incurred by them in the settlement thereof, subject to certain exceptions.

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Delaware	Luxembourg
Interested Shareholders
Section 203 of the DGCL generally prohibits a Delaware corporation from engaging in specified corporate transactions (such as mergers, stock and asset sales and loans) with an “interested shareholder” for three years following the time that the shareholder becomes an interested shareholder. Subject to specified exceptions, an “interested shareholder” is a person or group that owns 15% or more of the corporation’s outstanding voting stock (including any rights to acquire stock pursuant to an option, warrant, agreement, arrangement or understanding, or upon the exercise of conversion or exchange rights and stock with respect to which the person has voting rights only), or is an affiliate or associate of the corporation and was the owner of 15% or more of the voting stock at any time within the previous three years. A Delaware corporation may elect to “opt out” of, and not be governed by, Section 203 through a provision in either its original certificate of incorporation, or an amendment to its original certificate or by-laws that was approved by majority shareholder vote. With a limited exception, this amendment would not become effective until 12 months following its adoption.	Under Luxembourg law, no specific restrictions exist as to the transactions that a shareholder may engage in with us. The transaction must, however, be in our corporate interest and be made on arm’s-length terms.
Removal of Directors
A typical certificate of incorporation and by-laws provides that, subject to the rights of holders of any preferred shares, directors may be removed at any time by the affirmative vote of the holders of at least a majority, or in some instances a supermajority, of the voting power of all of the then outstanding shares entitled to vote generally in the election of directors, voting together as a single class. A certificate of incorporation could also provide that such a right is only exercisable when a director is being removed for cause (removal of a director only for cause is the default rule in the case of a classified board).	Under Luxembourg law, directors may be removed at any time, with or without cause, by the affirmative vote of a majority of the votes validly cast at the relevant shareholders’ meeting.
Filling Vacancies on the Board of Directors
A typical certificate of incorporation and by-laws provides that, subject to the rights of the holders of any preferred shares, any vacancy, whether arising through death, resignation, retirement, disqualification, removal, an increase in the number of directors or any other reason, may be filled by a majority vote of the remaining directors, even if such directors remaining in office constitute less than a quorum, or by the sole remaining director. Any newly elected director usually holds office for the remainder of the full term expiring at the annual meeting of shareholders at which the term of the class of directors to which the newly elected director has been elected expires.	Luxembourg law provides that in the event of a vacancy of a director seat, the remaining directors may, unless the articles of association of the Company provide otherwise, provisionally fill such vacancy until the next annual general meeting at which the shareholders(i) will be asked to confirm the appointment or (ii) may appoint a new director. The decision to fill a vacancy must be taken at a duly convened and quorate meeting of the board of directors. Our articles of association provide that to fill vacancies such directors must be appointed from nominations as provided for in the articles of association.

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Delaware	Luxembourg
Amendment of Governing Documents
Under the DGCL, amendments to a corporation’s certificate of incorporation require the approval of shareholders holding a majority of the outstanding shares entitled to vote on the amendment. If a class vote on the amendment is required by the DGCL, a majority of the outstanding stock of the class is required, unless a greater proportion is specified in the certificate of incorporation or by other provisions of the DGCL. Under the DGCL, the board of directors may amend by-laws if so authorized in the charter. The shareholders of a Delaware corporation also have the power to amend by-laws.	Under Luxembourg law, amendments to our articles of association require an extraordinary general meeting of shareholders held in front of a notary public at which at least one half (50%) of the share capital is represented. The notice of the extraordinary general meeting shall set out the proposed amendments to the articles of association. If such quorum is not reached, a second meeting may be convened by means of a notice published in the Luxembourg official electronic gazette ( Recueil Electronique des Sociétés et Associations ) and in a Luxembourg newspaper 15 days before the meeting. The second meeting shall be validly constituted regardless of the proportion of the share capital represented. At both meetings, resolutions will be adopted if approved by at least two-thirds of the votes cast by shareholders (unless otherwise required by Luxembourg law or the articles of association). Where classes of shares exist and the resolution to be adopted by the general meeting of shareholders changes the respective rights attaching to such shares, the resolution will be adopted only if the conditions as to quorum and majority set out above are fulfilled with respect to each class of shares. In very limited circumstances, the board of directors may be authorized by the shareholders to amend the articles of association, albeit always within the limits set forth by the shareholders at a duly convened shareholders’ meeting. This is the case in the context of our authorized share capital within which the board of directors is authorized to issue further ordinary shares or in the context of a share capital reduction and cancellation of ordinary shares. The board of directors is then authorized to appear in front of a notary public to record the capital increase or decrease and to amend the share capital set forth in the articles of association.
Meetings of Shareholders
Annual and Special Meetings	Annual and Special Meetings
Typical by-laws provide that annual meetings of shareholders are to be held on a date and at a time fixed by the board of directors. Under the DGCL, a special meeting of shareholders may be called by the board of directors or by any other person authorized to do so in the certificate of incorporation or the by-laws.	Pursuant to Luxembourg law, at least one general meeting of shareholders must be held each year within six months from the close of the financial year. The purpose of such annual general meeting is to approve the annual accounts, allocate the results, proceed to statutory appointments, and grant discharge to the directors. The annual general meeting must be held within six months of the end of each financial year. Additional meetings of shareholders may be convened. Pursuant to Luxembourg law, the board of directors is obliged to convene a general meeting so that it is held within a period of one month of the receipt of a written request of shareholders representing one-tenth of the issued capital. Such request must be in writing and indicate the agenda of the meeting.
Quorum Requirements	Quorum Requirements
Under the DGCL, a corporation’s certificate of incorporation or by-laws can specify the number of shares which constitute the quorum required to conduct business at a meeting, provided that in no event shall a quorum consist of less than one-third of the shares entitled to vote at a meeting.	Luxembourg law distinguishes ordinary resolutions and extraordinary resolutions. Extraordinary resolutions relate to proposed amendments to the articles of association and certain other limited matters. All other resolutions are ordinary resolutions.

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	Pursuant to Luxembourg law, there is no requirement of a quorum for any ordinary resolutions to be considered at a general meeting and such ordinary resolutions shall be adopted by a simple majority of votes validly cast on such resolution. Abstentions are not considered “votes.” Extraordinary resolutions are required for any of the following matters, among others: (i) an increase or decrease of the authorized or issued capital, (ii) a limitation or exclusion of preemptive rights, (iii) approval of a statutory merger or de-merger ( scission ), (iv) dissolution and (v) an amendment of the articles of association. Pursuant to Luxembourg law for any extraordinary resolutions to be considered at a general meeting, the quorum shall generally be at least one half (50%) of the issued share capital. If the said quorum is not present, a second meeting may be convened at which Luxembourg law does not prescribe a quorum. Any extraordinary resolution shall be adopted at a quorate general meeting (except as otherwise provided by mandatory law) by a two-thirds majority of the votes validly cast on such resolution by shareholders and holders of beneficiary certificates. Abstentions are not considered “votes.”
Indemnification of Officers, Directors and Employees
Under the DGCL, subject to specified limitations in the case of derivative suits brought by a corporation’s shareholders in its name, a corporation may indemnify any person who is made a party to any third-party action, suit or proceeding on account of being a director, officer, employee or agent of the corporation (or was serving at the request of the corporation in such capacity for another corporation, partnership, joint venture, trust or other enterprise) against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with the action, suit or proceeding through, among other things, a majority vote of a quorum consisting of directors who were not parties to the suit or proceeding, if the person: • acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation or, in some circumstances, at least not opposed to its best interests; and	Pursuant to Luxembourg law on agency, agents are entitled to be reimbursed any advances or expenses made or incurred in the course of their duties, except in cases of fault or negligence on their part. Luxembourg law on agency is applicable to the mandate of directors and agents of the Company. Our articles of association contain indemnification provisions setting forth the scope of indemnification of our directors and officers. These provisions allow us to indemnify directors and officers against liability (to the extent permitted by Luxembourg law) and expenses reasonably incurred or paid by them in connection with claims, actions, suits or proceedings in which they become involved as a party or otherwise by virtue of performing or having performed as a director or officer, and against amounts paid or incurred by them in the settlement of such claims, actions, suits or proceedings, subject to limited exceptions. The indemnification extends, among other things, to legal fees, costs and amounts paid in the context of a settlement.

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• in a criminal proceeding, had no reasonable cause to believe his or her conduct was unlawful. Delaware corporate law permits indemnification by a corporation under similar circumstances for expenses (including attorneys’ fees) actually and reasonably incurred by such persons in connection with the defense or settlement of a derivative action or suit, except that no indemnification may be made in respect of any claim, issue or matter as to which the person is adjudged to be liable to the corporation unless the Delaware Court of Chancery or the court in which the action or suit was brought determines upon application that the person is fairly and reasonably entitled to indemnity for the expenses which the court deems to be proper. To the extent a director, officer, employee or agent is successful in the defense of such an action, suit or proceeding, the corporation is required by Delaware corporate law to indemnify such person for reasonable expenses incurred thereby. Expenses (including attorneys’ fees) incurred by such persons in defending any action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of that person to repay the amount if it is ultimately determined that that person is not entitled to be so indemnified.	Pursuant to Luxembourg law, a company is generally liable for any violations committed by employees in the performance of their functions except where such violations are not in any way linked to the duties of the employee.
Shareholder Approval of Business Combinations
Generally, under the DGCL, completion of a merger, consolidation, or the sale, lease or exchange of substantially all of a corporation’s assets or dissolution requires approval by the board of directors and by a majority (unless the certificate of incorporation requires a higher percentage) of outstanding stock of the corporation entitled to vote. The DGCL also requires a special vote of shareholders in connection with a business combination with an “interested shareholder” as defined in section 203 of the DGCL. See “—Interested Shareholders” above.	Under Luxembourg law and our articles of association, the board of directors has the widest power to take any action necessary or useful to achieve the corporate objective. The board of directors’ powers are limited only by law and our articles of association. Any type of business combination that would require an amendment to the articles of association, such as a merger, de-merger, consolidation, dissolution or voluntary liquidation, requires an extraordinary resolution of a general meeting of shareholders. Transactions such as a sale, lease or exchange of substantial company assets require only the approval of the board of directors. Neither Luxembourg law nor our articles of association contain any provision specifically requiring the board of directors to obtain shareholder approval of the sale, lease or exchange of substantial assets of ours.

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Shareholder Action Without A Meeting
Under the DGCL, unless otherwise provided in a corporation’s certificate of incorporation, any action that may be taken at a meeting of shareholders may be taken without a meeting, without prior notice and without a vote if the holders of outstanding stock, having not less than the minimum number of votes that would be necessary to authorize such action, consent in writing. It is not uncommon for a corporation’s certificate of incorporation to prohibit such action.	A shareholder meeting must always be called if the matter to be considered requires a shareholder resolution under Luxembourg law or our articles of association. Pursuant to Luxembourg law, shareholders of a public limited liability company may not take actions by written consent. All shareholder actions must be approved at an actual meeting of shareholders held before a notary public or under private seal, depending on the nature of the matter. Shareholders may vote by proxy.
Shareholder Suits
Under the DGCL, a shareholder may bring a derivative action on behalf of the corporation to enforce the rights of the corporation. An individual also may commence a class action suit on behalf of himself or herself and other similarly situated shareholders where the requirements for maintaining a class action under the DGCL have been met. A person may institute and maintain such a suit only if such person was a shareholder at the time of the transaction which is the subject of the suit or his or her shares thereafter devolved upon him or her by operation of law. Additionally, under Delaware case law, the plaintiff generally must be a shareholder not only at the time of the transaction which is the subject of the suit, but also through the duration of the derivative suit. The DGCL also requires that the derivative plaintiff make a demand on the directors of the corporation to assert the corporate claim before the suit may be prosecuted by the derivative plaintiff, unless such demand would be futile.	Pursuant to Luxembourg law and our articles of association, the board of directors has the widest power to take any action necessary or useful to achieve the corporate object. The board’s powers are limited only by law. Luxembourg law does not require shareholder approval before legal action may be initiated on behalf of the Company. The board of directors has sole authority to decide whether to initiate legal action to enforce the Company’s rights (other than, in certain circumstances, in the case of an action against board members). Shareholders do not generally have authority to initiate legal action on the Company’s behalf. However, the general meeting of shareholders may vote to initiate legal action against directors on grounds that such directors have failed to perform their duties in accordance with the 1915 Act. If a director is responsible for a breach of the 1915 Act or of a provision of the articles of association, an action can be initiated by any third party including a shareholder having a legitimate interest. In the case of a shareholder, such interest must be different from the interest of the Company. Luxembourg procedural law does not recognize the concept of class actions.
Distributions and Dividends; Repurchases and Redemptions
Under the DGCL, any corporation may purchase or redeem its own shares, except that generally it may not purchase or redeem these shares if the capital of the corporation is impaired at the time or would become impaired as a result of the redemption. A corporation may, however, purchase or redeem out of capital shares that are entitled upon any distribution of its assets to a preference over another class or series of its shares if the shares are to be retired and the capital reduced. Under the DGCL, any corporation may purchase or redeem its own shares, except that generally it may not purchase or redeem these shares if the capital of the corporation is impaired at the time or would become impaired as a result of the redemption. A corporation may, however, purchase or redeem out of capital shares that are entitled upon any distribution of its assets to a preference over another class or series of its shares if the shares are to be retired and the capital reduced.	Pursuant to Luxembourg law, dividend distributions may be declared by shareholders (i) by the general meeting or (ii) by the board of directors in the case of interim dividends ( acomptes sur dividendes ). Dividend distributions may be made if the following conditions are met: • except in the event of a reduction of the issued share capital, only if net assets on the closing date of the preceding fiscal year are, or following such distribution would not become, less than the sum of the issued share capital plus reserves (which may not be distributed by law or under our articles of association); and

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• the amount of a distribution to shareholders may not exceed the sum of net profits at the end of the preceding fiscal year plus any profits carried forward and any amounts drawn from reserves which are available for that purpose, less any losses carried forward and with certain amounts to be placed in reserve in accordance with the law or our articles of association. Interim dividend distributions may only be made if the following conditions are met: • interim accounts indicate sufficient funds are available for distribution; • the amount to be distributed does not exceed the total amount of net profits since the end of the preceding fiscal year for which the annual accounts have been approved, plus any profits carried forward and sums drawn from reserves available for this purpose, less losses carried forward and any sums to be placed in reserves in accordance with the law or the articles of association; • the board declares such interim distributions no later than two months after the date at which the interim accounts have been drawn up; and • prior to declaring an interim distribution, the board must receive a report from the company’s auditors confirming that the conditions for an interim distribution are met. The amount of distributions declared by the annual general meeting of shareholders shall include (i) the amount previously declared by the board of directors (i.e., the interim distributions for the year of which accounts are being approved), and if proposed, (ii) the (new) distributions declared on the annual accounts. Where interim distribution payments exceed the amount of the distribution subsequently declared at the general meeting, any such overpayment shall be deducted from the next distribution. Pursuant to Luxembourg law, we (or any party acting on our behalf) may repurchase our own ordinary shares and hold them in treasury, provided that: • the shareholders at a general meeting have previously authorized the board of directors to acquire our ordinary shares. The general meeting shall determine the terms and conditions of the proposed acquisition and in particular the maximum number of shares to be acquired, the period for which the authorization is given (which may not exceed five years), and, in the case of acquisition for value, the maximum and minimum consideration, provided that the prior authorization shall not apply in the case of ordinary shares acquired by either us or by a person acting in his or her own name but on our behalf for the distribution thereof to our staff or to the staff of a company with which we are in a control relationship;

Delaware

• the amount of a distribution to shareholders may not exceed the sum of net profits at the end of the preceding fiscal year plus any profits carried forward and any amounts drawn from reserves which are available for that purpose, less any losses carried forward and with certain amounts to be placed in reserve in accordance with the law or our articles of association. Interim dividend distributions may only be made if the following conditions are met: • interim accounts indicate sufficient funds are available for distribution; • the amount to be distributed does not exceed the total amount of net profits since the end of the preceding fiscal year for which the annual accounts have been approved, plus any profits carried forward and sums drawn from reserves available for this purpose, less losses carried forward and any sums to be placed in reserves in accordance with the law or the articles of association; • the board declares such interim distributions no later than two months after the date at which the interim accounts have been drawn up; and • prior to declaring an interim distribution, the board must receive a report from the company’s auditors confirming that the conditions for an interim distribution are met. The amount of distributions declared by the annual general meeting of shareholders shall include (i) the amount previously declared by the board of directors (i.e., the interim distributions for the year of which accounts are being approved), and if proposed, (ii) the (new) distributions declared on the annual accounts. Where interim distribution payments exceed the amount of the distribution subsequently declared at the general meeting, any such overpayment shall be deducted from the next distribution. Pursuant to Luxembourg law, we (or any party acting on our behalf) may repurchase our own ordinary shares and hold them in treasury, provided that: • the shareholders at a general meeting have previously authorized the board of directors to acquire our ordinary shares. The general meeting shall determine the terms and conditions of the proposed acquisition and in particular the maximum number of shares to be acquired, the period for which the authorization is given (which may not exceed five years), and, in the case of acquisition for value, the maximum and minimum consideration, provided that the prior authorization shall not apply in the case of ordinary shares acquired by either us or by a person acting in his or her own name but on our behalf for the distribution thereof to our staff or to the staff of a company with which we are in a control relationship;

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• the acquisitions, including ordinary shares previously acquired by us and held by us and shares acquired by a person acting in his or her own name but on our behalf, may not have the effect of reducing the net assets below the amount of the issued share capital plus the reserves (which may not be distributed by law or under the articles of association); • the ordinary shares repurchased are fully paid-up; and • the acquisition offer must be made on the same terms and conditions to all the shareholders who are in the same position, except for acquisitions which were unanimously decided by a general meeting at which all the shareholders were present or represented. In addition, listed companies may repurchase their own shares on the stock exchange without an acquisition offer having to be made to our shareholders. No prior authorization by shareholders is required (i) if the acquisition is made to prevent serious and imminent harm to us, provided that the board of directors informs the next general meeting of the reasons for and the purpose of the acquisitions made, the number and nominal values or the accounting value of the ordinary shares acquired, the proportion of the subscribed capital which they represent, and the consideration paid for them and (ii) in the case of ordinary shares acquired by either us or by a person acting on our behalf with a view to redistributing the ordinary shares to our staff or our controlled subsidiaries, provided that the distribution of such shares is made within 12 months from their acquisition. Luxembourg law provides for further situations in which the above conditions do not apply, including the acquisition of shares pursuant to a decision to reduce our capital or the acquisition of shares issued as redeemable shares. Such acquisitions may not have the effect of reducing net assets below the aggregate of subscribed capital and reserves (which may not be distributed by law and are subject to specific provisions on reductions in capital and redeemable shares under Luxembourg law).

Delaware

• the acquisitions, including ordinary shares previously acquired by us and held by us and shares acquired by a person acting in his or her own name but on our behalf, may not have the effect of reducing the net assets below the amount of the issued share capital plus the reserves (which may not be distributed by law or under the articles of association); • the ordinary shares repurchased are fully paid-up; and • the acquisition offer must be made on the same terms and conditions to all the shareholders who are in the same position, except for acquisitions which were unanimously decided by a general meeting at which all the shareholders were present or represented. In addition, listed companies may repurchase their own shares on the stock exchange without an acquisition offer having to be made to our shareholders. No prior authorization by shareholders is required (i) if the acquisition is made to prevent serious and imminent harm to us, provided that the board of directors informs the next general meeting of the reasons for and the purpose of the acquisitions made, the number and nominal values or the accounting value of the ordinary shares acquired, the proportion of the subscribed capital which they represent, and the consideration paid for them and (ii) in the case of ordinary shares acquired by either us or by a person acting on our behalf with a view to redistributing the ordinary shares to our staff or our controlled subsidiaries, provided that the distribution of such shares is made within 12 months from their acquisition. Luxembourg law provides for further situations in which the above conditions do not apply, including the acquisition of shares pursuant to a decision to reduce our capital or the acquisition of shares issued as redeemable shares. Such acquisitions may not have the effect of reducing net assets below the aggregate of subscribed capital and reserves (which may not be distributed by law and are subject to specific provisions on reductions in capital and redeemable shares under Luxembourg law).

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Delaware	Luxembourg
	Any ordinary shares acquired in contravention of the above provisions must be resold within a period of one year after the acquisition or be cancelled at the expiration of the one-year period. As long as ordinary shares are held in treasury, the voting rights attached thereto are suspended. Further, to the extent the treasury shares are reflected as assets on our balance sheet a non-distributable reserve of the same amount must be reflected as a liability. Our articles of association provide that ordinary shares may be acquired in accordance with the law.
Transactions with Officers or Directors
Under the DGCL, some contracts or transactions in which one or more of a corporation’s directors has an interest are not void or voidable because of such interest provided that some conditions, such as obtaining the required approval and fulfilling the requirements of good faith and full disclosure, are met. Under the DGCL, either (i) the shareholders or the board of directors must approve in good faith any such contract or transaction after full disclosure of the material facts or (ii) the contract or transaction must have been “fair” as to the corporation at the time it was approved. If board approval is sought, the contract or transaction must be approved in good faith by a majority of disinterested directors after full disclosure of material facts, even though less than a majority of a quorum.	There are no rules under Luxembourg law preventing a director from entering into contracts or transactions with us to the extent that the contract or the transaction is in our corporate interest. Luxembourg law prohibits a director from participating in deliberations and voting on a transaction if (i) such director has a direct or indirect financial interest therein and (ii) the interests of such director conflict with our interests. The relevant director must disclose his or her personal financial interest to the board of directors and abstain from voting. The transaction and the director’s interest therein shall be reported to the next succeeding general meeting of shareholders.
Dissenters’ Rights
Under the DGCL, a shareholder of a corporation participating in some types of major corporate transactions may, under varying circumstances, be entitled to appraisal rights pursuant to which the shareholder may receive cash in the amount of the fair market value of his or her shares in lieu of the consideration he or she would otherwise receive in the transaction.	Neither Luxembourg law nor our articles of association provide for appraisal rights.
Cumulative Voting
Under the DGCL, a corporation may adopt in its by-laws that its directors shall be elected by cumulative voting. When directors are elected by cumulative voting, a shareholder has the number of votes equal to the number of shares held by such shareholder times the number of directors nominated for election. The shareholder may cast all of such votes for one director or among the directors in any proportion.	Luxembourg law does not provide for cumulative voting.

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Delaware	Luxembourg
Anti-Takeover Measures
Under the DGCL, the certificate of incorporation of a corporation may give the board the right to issue new classes of preferred shares with voting, conversion, dividend distribution and other rights to be determined by the board at the time of issuance, which could prevent a takeover attempt and thereby preclude shareholders from realizing a potential premium over the market value of their shares. In addition, Delaware law does not prohibit a corporation from adopting a shareholder rights plan, or “poison pill,” which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares.	Pursuant to Luxembourg law, it is possible to create an authorized share capital from which the board of directors is authorized by the shareholders to issue further ordinary shares and, under certain conditions, to limit, restrict or waive preferential subscription rights of existing shareholders. The rights attached to the ordinary shares issued within the authorized share capital will be equal to those attached to existing ordinary shares and set forth in our articles of association. The authority of the board of directors to issue additional shares is valid for a period of up to five years unless renewed by vote of the holders of at least two-thirds of the votes cast at a shareholders meeting where at least half of the issued share capital is present or represented. The authorized capital of the Company is US$11,500,000, divided into: • 500,000,000 class A shares; and • 65,000,000 class B shares.

Delaware

Luxembourg

Anti-Takeover Measures

Under the DGCL, the certificate of incorporation of a corporation may give the board the right to issue new classes of preferred shares with voting, conversion, dividend distribution and other rights to be determined by the board at the time of issuance, which could prevent a takeover attempt and thereby preclude shareholders from realizing a potential premium over the market value of their shares. In addition, Delaware law does not prohibit a corporation from adopting a shareholder rights plan, or “poison pill,” which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares.

Pursuant to Luxembourg law, it is possible to create an authorized share capital from which the board of directors is authorized by the shareholders to issue further ordinary shares and, under certain conditions, to limit, restrict or waive preferential subscription rights of existing shareholders. The rights attached to the ordinary shares issued within the authorized share capital will be equal to those attached to existing ordinary shares and set forth in our articles of association. The authority of the board of directors to issue additional shares is valid for a period of up to five years unless renewed by vote of the holders of at least two-thirds of the votes cast at a shareholders meeting where at least half of the issued share capital is present or represented. The authorized capital of the Company is US$11,500,000, divided into: • 500,000,000 class A shares; and • 65,000,000 class B shares.

Item 16H. Mine Safety Disclosure.

Not applicable.

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

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Item 16J. Insider Trading Policies.

We have adopted insider trading policies and procedures applicable to our directors, officers and employees, and have implemented processes for the Company that we believe are reasonably designed to promote compliance with insider trading laws, rules and regulations, and the NYSE Corporate Governance Standards. Our Insider Trading Policy prohibits our directors, officers, employees and related persons and entities from (i) trading in securities of Auna and other companies while in possession of material, nonpublic information, (ii) disclosing material, nonpublic information of Auna, or another publicly traded company, to others who may trade on the basis of that information. Our Insider Trading Policy also requires that our directors, officers, certain employees and related persons only transact in Auna securities during an open window period, subject to limited exceptions. Our executive officers and directors must also comply with additional trading restrictions and disclosure requirements. The foregoing summary of our insider trading policies and procedures does not purport to be complete and is qualified by reference to our Insider Trading Policy, a copy of which can be found as Exhibit 11.2 to this annual report on Form 20-F.

Item 16K. Cyber sec urity.

We have implemented an Information Security and Cybersecurity (IS-C) framework that is aligned with i ndus try best practices and standards, including ISO 27001, ISO 27031 and the NIST Cybersecurity Framework, with the objective of systematically addressing cyber risks across our organization. Cybersecurity is a core component of our overall business strategy, and our approach ensures that cybersecurity processes are integrated into the broader operational framework of the company, by fostering collaboration among departments and utilizing corporate and intra-company communication tools to mitigate risks. These processes are incorporated into our enterprise-wide risk management system.

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Our board of directors has overall responsibility for our risk management, including cybersecurity risks, and delegates specific oversight of cybersecurity risk management to the dedicated cybersecurity manager. The board receives regular updates on cybersecurity risks and incidents from the cybersecurity manager. The board receives cybersecurity reports annually, with additional updates as necessary following significant incidents or developments. The Audit and Risk Committee receives detailed annual reports from both the cybersecurity manager and the board of directors , which include information regarding our IS-C maturity level, emerging cyber risks, and the status of ongoing projects to strengthen our cybersecurity defenses. Our cybersecurity manager and the team of dedicated personnel are highly experienced information systems security professionals. The cybersecurity manager has over 20 years of experience in managing and designing processes and systems to detect, assess, and remediate cybersecurity threats. As of April 1, 2026, our cybersecurity management team will consist of 12 individuals, with 5 located in Peru, 2 in Mexico, and 5 in Colombia, all reporting directly to the cybersecurity manager.

Technology and process

To enhance our cybersecurity capabilities, we rely on third-party providers that offer preventive and protective solutions, including Security Operations Centers (SOC), firewall protection, Web Application Firewalls (WAF), Anti-DDoS measures, mail filtering, antimalware and vulnerability and penetration testing of our core systems. In addition, we have implemented a robust set of internal security controls, including password policies, access controls, and backup and restoration processes. Likewise, we are currently working on improving the internal control environment for user accounts with critical access, through the implementation of Privileged Access Management system. We regularly conduct internal assessments of third-party tools and evaluate security controls through reports from key providers, such as Service Organization Control (SOC) reports (e.g., SOC 1 Type II). We conduct internal assessments and periodically engage external consultants to review our cybersecurity strategy and provide feedback on its effectiveness.

Awareness

To further strengthen our cybersecurity posture, we have implemented a comprehensive IS-C awareness program designed to educate employees on identifying, mitigating, and preventing cybersecurity risks. This program includes periodic training sessions, for employees focused on confidentiality, security practices, and evolving threat landscapes. Furthermore, we conduct cybersecurity and risk assessments with our critical suppliers. Despite our proactive efforts, we recognize that cybersecurity threats remain a constant and evolving challenge, and we are committed to continually enhancing our defenses to address these risks effectively.

Incidents

In 2025, we did not identify any cybersecurity incidents that materially affected or are reasonably likely to materially affect our business strategy , results of operations, or financial condition. Materiality is determined by evaluating the severity of any potential breach and its ability to significantly affect our organization’s financial results or operations. However, despite our best efforts, we cannot eliminate all risks from cybersecurity threats and cannot provide assurance that no undetected cybersecurity incidents have occurred. For more information about these risks, please refer to “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business—A failure of our IT systems could adversely impact our business.”

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PART III

Item 17. Financial Statements.

We have elected to provide financial statements pursuant to Item 18.

Item 18. Financial Statements.

The audited consolidated financial statements as required under Item 18 are attached hereto starting on page F-1 of this annual report. The audit report of Emmerich, Córdova y Asociados, S. Civil de R.L., an independent registered public accounting firm, is included herein preceding the audited consolidated financial statements.

Item 19. Exhibits.

The following documents are filed as part of this annual report:

Exhibit No.	Exhibit
1.1*	English translation of Articles of Association of Auna S.A., dated January 30, 2026.
2.1*	Description of Securities registered under Section 12 of the Exchange Act.
4.1	English translation of Surface Rights Agreement dated as of July 9, 2009 among Medic Ser S.A.C. and the Peruvian Red Cross Society (incorporated herein by reference to Exhibit 10.1 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.2	English translation of the Public Deed of the First Amendment dated as of January 26, 2010 to the Surface Rights Agreement (incorporated herein by reference to Exhibit 10.2 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.3	English translation of Lease Agreement dated as of June 27, 2019 among Oncocenter Perú S.A.C. and Promotora Asistencial S.A.C. Clínica Limatambo (incorporated herein by reference to Exhibit 10.3 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.4	English translation of the First Amendment dated as of May 30, 2023 to the Lease Agreement among Oncocenter Perú S.A.C. and Promotora Asistencial S.A.C. Clínica Limatambo (incorporated herein by reference to Exhibit 10.4 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.5	Form of Indemnification Agreement with directors and officers (incorporated herein by reference to Exhibit 10.10 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.6	Form of Registration Rights Agreement among Auna S.A. and certain shareholders of Auna S.A. (incorporated herein by reference to Exhibit 10.11 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.7	English translation of Lease Agreement dated as of February 3, 2020 among Oncosalud S.A.C. and Scotiabank Perú S.A.A. (incorporated herein by reference to Exhibit 10.12 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.8	English translation of the First Amendment dated as of February 12, 2020 to the Lease Agreement among Oncosalud S.A.C. and Scotiabank Perú S.A.A. (incorporated herein by reference to Exhibit 10.13 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.9	English translation of Second Amendment dated as of August 13, 2021 to the Lease Agreement among Oncosalud S.A.C. and Scotiabank Perú S.A.A. (incorporated herein by reference to Exhibit 10.14 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.10	English translation of the Third Amendment dated as of August 13, 2021 to the Lease Agreement among Oncosalud S.A.C. and Scotiabank Perú S.A.A. (incorporated herein by reference to Exhibit 10.15 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).

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Exhibit No.	Exhibit
4.11	English translation of the Fourth Amendment dated as of April 19, 2022 to the Lease Agreement among Oncosalud S.A.C. and Scotiabank Perú S.A.A. (incorporated herein by reference to Exhibit 10.16 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.12	English translation of Loan-Backing Assignment Agreement dated as of February 3, 2020 among Oncosalud S.A.C. and Scotiabank Perú S.A.A. (incorporated herein by reference to Exhibit 10.17 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.13	English translation of Amendment dated as of July 21, 2020 to Loan-Backing Assignment Agreement among Oncosalud S.A.C. and Scotiabank Perú S.A.A. (incorporated herein by reference to Exhibit 10.18 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.14	Indenture dated as of December 18, 2023 among the Registrant, as issuer, the guarantors party thereto and Citibank N.A., as trustee, paying agent, registrar and transfer agent (incorporated herein by reference to Exhibit 10.25 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.15	First Supplemental Indenture dated as of October 18, 2024, among the Registrant, as issuer, the guarantors party thereto and Citibank N.A., as trustee, paying agent, registrar and transfer agent (incorporated herein by reference to Exhibit 4.32 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on April 10, 2025).
4.16*	Second Supplemental Indenture dated as of November 6, 2025, among the Registrant, as issuer, the guarantors party thereto and Citibank N.A., as trustee, paying agent, registrar and transfer agent.
4.17	English translation to the Share Purchase Agreement dated as of February 21, 2023, among the sellers party thereto, Grupo Salud Auna Mexico, S.A. de C.V., as purchaser, and Hospital y Clínica OCA, S.A. de C.V., DRJ Inmuebles, S.A. de C.V., Inmuebles JRD 2000, S.A. de C.V. and Tovleja HG, S.A. de C.V. (incorporated herein by reference to Exhibit 10.26 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.18	English translation of the First Amendment dated as of June 30, 2022 to the Share Purchase Agreement among the sellers party thereto, Grupo Salud Auna Mexico, S.A. de C.V., as purchaser, and Hospital y Clínica OCA, S.A. de C.V., DRJ Inmuebles, S.A. de C.V., Inmuebles JRD 2000, S.A. de C.V. and Tovleja HG, S.A. de C.V. (incorporated herein by reference to Exhibit 10.27 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.19	English translation of the Second Amendment dated as of August 24, 2022 to the Share Purchase Agreement among the sellers party thereto, Grupo Salud Auna Mexico, S.A. de C.V. and Jesús Antonio Zamora León, as purchasers, and Hospital y Clínica OCA, S.A. de C.V., DRJ Inmuebles, S.A. de C.V., Inmuebles JRD 2000, S.A. de C.V. and Tovleja HG, S.A. de C.V. (incorporated herein by reference to Exhibit 10.28 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.20	English translation of the Third Amendment dated as of September 22, 2022 to the Share Purchase Agreement among the sellers party thereto, Grupo Salud Auna Mexico, S.A. de C.V. and Jesús Antonio Zamora León, as purchasers, and Hospital y Clínica OCA, S.A. de C.V., DRJ Inmuebles, S.A. de C.V., Inmuebles JRD 2000, S.A. de C.V. and Tovleja HG, S.A. de C.V. (incorporated herein by reference to Exhibit 10.29 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.21	English translation of the Fourth Amendment dated as of September 30, 2022 to the Share Purchase Agreement among the sellers party thereto, Grupo Salud Auna Mexico, S.A. de C.V. and Jesús Antonio Zamora León, as purchasers, and Hospital y Clínica OCA, S.A. de C.V., DRJ Inmuebles, S.A. de C.V., Inmuebles JRD 2000, S.A. de C.V. and Tovleja HG, S.A. de C.V. (incorporated herein by reference to Exhibit 10.30 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).

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Exhibit No.	Exhibit
4.22	English translation of the Accession Agreement dated as of October 4, 2022 to the Share Purchase Agreement among the sellers party thereto, Grupo Salud Auna Mexico, S.A. de C.V. and Jesús Antonio Zamora León, as purchasers, and Hospital y Clínica OCA, S.A. de C.V., DRJ Inmuebles, S.A. de C.V., Inmuebles JRD 2000, S.A. de C.V. and Tovleja HG, S.A. de C.V. (incorporated herein by reference to Exhibit 10.31 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 9, 2024)).
4.23	Form of Heredia Merger Agreement among Auna Salud S.A.C. and Heredia Investments (incorporated herein by reference to Exhibit 10.33 to the Company’s Registration Statement on Form F-1 (File No. 333-276435 filed with the SEC on January 25, 2024)).
4.24*	Sponsor Financing: Note Purchase Agreement among Heredia Investments 1, Ltd., as issuer, and the purchasers party thereto, dated June 26, 2025.
4.25*	Sponsor Financing: Note Purchase Agreement among Heredia Investments 2, Ltd., as issuer, and the purchasers party thereto, dated June 26, 2025.
4.26*	Indenture dated as of November 6, 2025 among the Registrant and Oncosalud S.A.C., as issuers, the guarantors party thereto and Citibank N.A., as trustee, paying agent, registrar and transfer agent.
4.27*	Credit and Guaranty Agreement dated as of October 28, 2025, among Grupo Salud Auna México, S.A. de C.V., Hospital y Clinica OCA, S.A. de C.V., and Oncosalud S.A.C. as borrowers, the Registrant as guarantor, and the guarantors party thereto, Banco Citi México, S.A., Institución De Banca Múltiple, Grupo Financiero Citi México, División Fiduciaria, as administrative agent, International Finance Corporation, as parallel lender, and the lenders party thereto.
4.28*	Amendment to Credit and Guaranty Agreement dated as of October 31, 2025, among Grupo Salud Auna México, S.A. de C.V., Hospital y Clinica OCA, S.A. de C.V., and Oncosalud S.A.C. as borrowers, the Registrant as guarantor, and the guarantors party thereto, Banco Citi México, S.A., Institución De Banca Múltiple, Grupo Financiero Citi México, División Fiduciaria, as administrative agent, International Finance Corporation, as parallel lender, and the lenders party thereto.
4.29*	Loan Agreement dated as of October 28, 2025, among Grupo Salud Auna México, S.A. de C.V., Hospital y Clinica OCA, S.A. de C.V., and Oncosalud S.A.C. as borrowers, Banco Citi México, S.A., Institución De Banca Múltiple, Grupo Financiero Citi México, División Fiduciaria, as administrative agent, International Finance Corporation, as lender.
4.30*	Amendment to Loan Agreement dated as of October 30, 2025, among Grupo Salud Auna México, S.A. de C.V., Hospital y Clinica OCA, S.A. de C.V., and Oncosalud S.A.C. as borrowers, Banco Citi México, S.A., Institución De Banca Múltiple, Grupo Financiero Citi México, División Fiduciaria, as administrative agent, International Finance Corporation, as lender.
4.31*	Incremental Joinder Agreement dated as of December 17, 2025 to the Credit & Guaranty Agreement dated as of October 28, 2025, as amended and restated on October 31, 2025, among Grupo Salud Auna México, S.A. de C.V., Hospital y Clinica OCA, S.A. de C.V., and Oncosalud S.A.C. as borrowers, the Registrant as guarantor, and the guarantors party thereto, Banco Citi México, S.A., Institución De Banca Múltiple, Grupo Financiero Citi México, División Fiduciaria, as administrative agent, International Finance Corporation, as parallel lender, and the lenders party thereto, and Banco Interamericano de Finanzas S.A. and Scotiabank Perú S.A.A., as the incremental lenders.
4.32	English translation of Centro Ambulatorio Trecca PPP Agreement dated as of August 27, 2010 among Consorcio Trecca S.A.C. and the Social Health Insurance of Peru (incorporated herein by reference to Exhibit 10.03 to the Company’s Registration Statement on Form F-1 (File No. 333-249161 filed with the SEC on September 30, 2020)).
4.33	English translation of the First Addendum dated as of April 19, 2011 to the Centro Ambulatorio Trecca PPP Agreement (incorporated herein by reference to Exhibit 10.04 to the Company’s Registration Statement on Form F-1 (File No. 333-249161 filed with the SEC on September 30, 2020)).
4.34*	English translation of the Second Addendum dated as of February 16, 2026 to the Centro Ambulatorio Trecca PPP Agreement.
8.1*	List of the subsidiaries of the registrant.
11.1*	English translation of the Code of Ethics.

147

Table of Contents

Exhibit No.	Exhibit
11.2	English translation of the Insider Trading Policies and Procedures (incorporated herein by reference to Exhibit 11.2 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on April 10, 2025).
12.1*	Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Executive Officer.
12.2*	Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Financial Officer.
13.1*	Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Executive Officer.
13.2*	Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Financial Officer.
15.1*	Consent of Emmerich, Córdova y Asociados S. Civil de R.L.
97.1	Clawback Policy (incorporated herein by reference to Exhibit 97.1 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on April 10, 2025).

Filed herewith

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Table of Contents

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration statement annual report on its behalf.

AUNA S.A.
By:	/s/ Gisele Remy Ferrero
	Name: Gisele Remy Ferrero
	Title: Chief Financial Officer and Executive Vice President

Date: April 22, 2026

149

Table of Contents

Auna S.A. and Subsidiaries

Consolidated Financial Statements

December 31, 2025

(Including Independent Auditors’ Report)

F-1

Table of Contents

Report of Independent Registered Public

Accounting Firm

To the Stockholders and Board of Directors

Auna S.A.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Auna S.A. and subsidiaries (the “Company”) as of December 31, 2025, 2024 and 2023 the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IFRS Accounting Standards).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated April 22, 2026 expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of the recoverable amount of goodwill and long-lived assets

As discussed in Notes 3 and 12 to the consolidated financial statements, the carrying amount of goodwill as of December 31, 2025 was S/ 1,802,510 thousand, of which S/ 1,340,056 thousand, S/ 272,890 thousand and S/ 148,187 thousand related to Hospital y Clínica OCA S.A. de C.V. (the “Mexican CGU”), Oncomedica S.A.S. and Promotora Médica Las Américas S.A. (collectively, the “Colombian CGUs”), respectively. The Company performs goodwill impairment testing annually and whenever events or changes in circumstances indicate that the carrying value of a reporting unit likely exceeds its recoverable amount. The carrying amount of goodwill is compared to the recoverable amount, which is the greater of value in use and fair value less costs to sell. This process involves estimating the value in use of the cash-generating unit (CGU) using a discounted cash flow model.

We identified the evaluation of the goodwill impairment analysis for the Mexican CGU and Colombian CGUs as a critical audit matter. The estimation of value in use of the Mexican CGU and Colombia CGUs involved a high degree of complex auditor judgment. We performed a sensitivity analysis as a risk assessment procedure over the assumptions used to estimate the value in use and determined the EBITDA growth rates, the discount rates and the terminal value growth rates represented the significant assumptions. The EBITDA growth rate, the discount rate and the terminal value growth rate assumptions used to estimate the value in use amount of the CGUs were challenging to test as they represented subjective determinations of future market and economic conditions that were also sensitive to variation. Changes to those assumptions could have had a significant effect on the Company’s assessment of the carrying value of the goodwill. Additionally, the audit effort associated with this estimate required specialized skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter. We compared the Company’s historical revenue forecasts for the Mexican CGU and the Columbian CGUs to actual results to assess the Company’s ability to accurately forecast.

We also involved a valuation professional with specialized skills and knowledge, who assisted in:

• evaluating the method used and the mathematical accuracy of the discounted cash flow model.

• evaluating the EBITDA growth rates by comparing it to peer companies’ analyst reports

• evaluating the discount rates used by management in the valuation by comparing it against discount rate ranges that were independently developed using publicly available market data for comparable entities

• evaluating the terminal value growth rates used in the valuation by comparing it to publicly available data for comparable entities

• developing estimates of the Mexican and Colombian CGUs’ value in use based on the CGUs’ cash flow projections and independently developed EBITDA growth rates, discount rates and terminal value growth rates and comparing the results of our estimates to the Company’s estimates

We also evaluated the appropriateness of the related disclosures included in the consolidated financial statements.

/s/ Emmerich, Cordova y Asociados S. Civil de R.L.

We have served as the Company’s auditor since 2016.

Lima, Peru

April 22, 2026

F-2

Table of Contents

Report of Independent Registered Public

Accounting Firm

To the Stockholders and Board of Directors

Auna S.A.:

Opinion on Internal Control Over Financial Reporting

We have audited Auna S.A. and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, because of the effect of the material weaknesses, described below, on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2025, 2024 and 2023, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for each of the years in the three year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated April 22, 2026 expressed an unqualified opinion on those consolidated financial statements.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weaknesses have been identified and included in management’s assessment:

• The Company’s information technology general controls (ITGCs) including segregation of duties, user access, and change management, within the Company´s information technology (IT) systems that support the Company’s financial reporting processes, were not fully designed, implemented and operating effectively.

• The Company’s automated and manual process level controls across financial reporting processes were not fully designed, implemented and operating effectively.

These deficiencies were due to the Company not being fully prepared to fulfill SOX (Sarbanes-Oxley Act) requirements complicated by the pace of organic and inorganic growth and the diversity of the Company’s control processes and IT systems. The Company did not fully design controls responsive to risks of material misstatement, train personnel with respect to their ICFR (Internal Control over Financial Reporting) responsibilities and accountability, and complete all actions necessary to fully assess the effectiveness of internal control over financial reporting and to remediate identified control deficiencies.

The material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and this report does not affect our report on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

/s/ Emmerich, Cordova y Asociados S. Civil de R.L.

Lima, Peru

April 22, 2026

F-3

Table of Contents

Auna S.A. and Subsidiaries

Consolidated Financial Statements

December 31, 2025

Contents
Consolidated Statement of Financial Position	F-5
Consolidated Statement of Profit or Loss and Other Comprehensive Income	F-6
Consolidated Statement of Changes in Equity	F-7
Consolidated Statement of Cash Flows	F-8
Notes to the Consolidated Financial Statements	F-9 - F-119

F-4

Table of Contents

Auna S.A. and Subsidiaries

Consolidated Statement of Financial Position

As of December 31, 2025, 2024 and 2023

In thousands of soles	Note
Assets
Current assets
Cash and cash equivalents	4	335,441	235,745	241,133
Trade accounts receivable	5	1,042,792	961,886	860,916
Other assets	6	258,511	253,283	222,728
Inventories	7	164,798	143,764	130,521
Derivative financial instruments	8	—	8,962	721
Other investments	9	30,237	100,228	93,132
Insurance contract assets	32	12,778	—	—
Total current assets		1,844,557	1,703,868	1,549,151
Non-current assets
Trade accounts receivable	5	486	571	420
Other assets	6	26,910	24,433	21,573
Investments in associates and joint venture	10	29,848	25,405	20,584
Property, furniture, and equipment	11	2,287,002	2,280,123	2,573,140
Intangible assets	12	2,704,351	2,656,888	3,129,187
Right-of-use assets	13	113,116	131,062	139,386
Investment properties		6,340	6,058	6,959
Derivative financial instruments	8	54,036	58,510	81,492
Deferred tax assets	14	230,716	193,520	167,371
Other investments	9	702	282	289
Total non-current assets		5,453,507	5,376,852	6,140,401
Total assets		7,298,064	7,080,720	7,689,552

In thousands of soles
Liabilities
Current liabilities
Loans and borrowings	15	316,339		654,233		385,300
Lease liabilities	13	29,282		32,459		31,867
Trade accounts payable	16	1,053,395		931,265		749,349
Other accounts payable	17	225,465		289,563		463,600
Provisions	18	10,161		12,246		19,074
Derivative financial instruments	8	22,903		15,273		—
Insurance contract liabilities	32	9,447		10,098		39,853
Deferred income		98		138		267
Total current liabilities		1,667,090		1,945,275		1,689,310
Non-current liabilities
Loans and borrowings	15	3,216,171		2,965,541		3,376,282
Lease liabilities	13	94,237		115,429		126,178
Trade accounts payable	16	1,450		2,741		3,906
Other accounts payable	17	221,940		73,150		221,132
Derivative financial instruments	8	39,647		27,097		—
Deferred tax liabilities	14	291,086		328,370		495,826
Deferred income		87		177		352
Total non-current liabilities		3,864,618		3,512,505		4,223,676
Total liabilities		5,531,708		5,457,780		5,912,986
Equity	19
Share capital		17,389		17,387		8,820
Share premium		1,209,715		1,208,586		—
Reserves		566,271		524,776		1,823,364
Retained losses		( 192,615	)	( 273,533	)	( 366,899	)
Equity attributable to the owner of the Company		1,600,760		1,477,216		1,465,285
Non-controlling interest		165,596		145,724		311,281
Total equity		1,766,356		1,622,940		1,776,566
Total liabilities and equity		7,298,064		7,080,720		7,689,552

The accompanying notes on pages F-9 to F-119 are an integral part of these consolidated financial statements.

F-5

Table of Contents

Auna S.A. and Subsidiaries

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the years ended December 31, 2025, 2024 and 2023

In thousands of soles
Revenue
Insurance revenue	20	1,131,455		1,052,958		914,182
Healthcare services revenue	20	2,918,881		3,012,454		2,695,860
Sales of medicines	20	334,962		320,700		265,865
Total revenue from contracts with customers		4,385,298		4,386,112		3,875,907
Cost of sales and services	21	( 2,721,585	)	( 2,660,819	)	( 2,440,561	)
Gross profit		1,663,713		1,725,293		1,435,346
Selling expenses	21	( 220,859	)	( 197,475	)	( 193,943	)
Administrative expenses	21	( 812,672	)	( 788,677	)	( 704,565	)
Loss for impairment of trade receivables	5	( 48,054	)	( 40,855	)	( 5,684	)
Other expenses	23	—		( 2,112	)	( 20,927	)
Other income	22	43,164		87,586		50,113
Operating profit		625,292		783,760		560,340
Finance income	24	21,833		24,810		17,126
Finance income from exchange difference	24	193,004		—		75,852
Finance costs	24	( 651,290	)	( 591,884	)	( 783,782	)
Finance costs from exchange difference	24	—		( 41,709	)	—
Net finance cost		( 436,453	)	( 608,783	)	( 690,804	)
Share of profit of equity-accounted investees	10	10,414		8,800		6,290
Income (loss) before tax		199,253		183,777		( 124,174	)
Income tax expense	27	( 88,353	)	( 59,819	)	( 90,170	)
Profit (loss) for the year		110,900		123,958		( 214,344	)
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Cash flow hedges		( 292	)	3,768		13,762
Foreign operations – Foreign currency translation differences		90,704		( 409,746	)	390,180
Remeasurements of defined benefit liability	17	( 78	)	1,523		( 2,202	)
Change in fair value of put liability		—		—		40,430
Other investments at FVOCI – net change in fair value		( 1,147	)	1,072		188
Equity-accounted investees – share of OCI	10	—		—		( 42	)
Income tax		248		( 1,744	)	( 4,305	)
Other comprehensive income (loss) for the year, net of tax		89,435		( 405,127	)	438,011
Total comprehensive income (loss) for the year		200,335		( 281,169	)	223,667
Income (loss) attributable to:
Owner of the Company		97,614		110,271		( 253,921	)
Non-controlling interest	19.G	13,286		13,687		39,577
		110,900		123,958		( 214,344	)
Total comprehensive income (loss) attributable to:
Owner of the Company		180,463		( 276,855	)	84,292
Non-controlling interest	19.G	19,872		( 4,314	)	139,375
		200,335		( 281,169	)	223,667
Earnings (loss) per share
Basic earnings per share	19 - 25	1.32		1.64		( 5.78	)
Diluted earnings per share	19 - 25	1.32		1.63		( 5.78	)

The accompanying notes on pages F-9 to F-119 are an integral part of these consolidated financial statements.

F-6

Table of Contents

Auna S.A. and Subsidiaries

Consolidated Statement of Changes in Equity

For the years ended December 31, 2025, 2024 and 2023

In thousands of soles	Note	Equity attributable to the owner of the Company — Share capital (note 19.A)	Share premium		Other capital reserve (note 19.B)	Translation reserve (note 19.C)		Cost of hedging reserve (note 19.D)		Hedging reserve (note 19.E)		Merger and other reserves (note 19.F)		Shared- based payment reserve (note 33)		Retained earnings (losses)		Total		Non- controlling interest (note19.G)		Total equity
Balances as of January 1, 2023		236,547		386,045		56,314	( 190,389	)	( 15,133	)	( 16,756	)	699,333		—		( 90,982	)	1,064,979		493,082		1,558,061
Loss for the year		—		—		—	—		—		—		—		—		( 253,921	)	( 253,921	)	39,577		( 214,344	)
Other comprehensive income for the year		—		—		—	302,095		28,839		( 23,191	)	30,470		—		—		338,213		99,798		438,011
Total comprehensive income for the year		—		—		—	302,095		28,839		( 23,191	)	30,470		—		( 253,921	)	84,292		139,375		223,667
Transfer to legal reserve		—		—		23,468	—		—		—		—		—		( 23,468	)	—		—		—
Changes of participation NCI in subsidiary	19.G	—		—		—	28,360		( 7,284	)	10,399		283,892		—		—		315,367		( 315,367	)	—
Contributions from non-controlling Shareholder		—		—		—	—		—		—		( 1,016	)	—		—		( 1,016	)	1,032		16
Shareholder’s downstream merger	19.A	( 227,727	)	( 386,045	)	—	—		—		—		613,963		—		( 2,203	)	( 2,012	)	—		( 2,012	)
Dividend distribution		—		—		—	—		—		—		—		—		—		—		( 6,841	)	( 6,841	)
Equity-settled share-based payment	33	—		—		—	—		—		—		—		—		3,675		3,675		—		3,675
Total transactions with the owners of the Company		( 227,727	)	( 386,045	)	23,468	28,360		( 7,284	)	10,399		896,839		—		( 21,996	)	316,014		( 321,176	)	( 5,162	)
Balances as of December 31, 2023		8,820		—		79,782	140,066		6,422		( 29,548	)	1,626,642		—		( 366,899	)	1,465,285		311,281		1,776,566
Balances as of January 1, 2024		8,820		—		79,782	140,066		6,422		( 29,548	)	1,626,642		—		( 366,899	)	1,465,285		311,281		1,776,566
Profit for the year		—		—		—	—		—		—		—		—		110,271		110,271		13,687		123,958
Other comprehensive loss for the year		—		—		—	( 391,745	)	8,970		( 6,946	)	2,595		—		—		( 387,126	)	( 18,001	)	( 405,127	)
Total comprehensive loss for the year		—		—		—	( 391,745	)	8,970		( 6,946	)	2,595		—		110,271		( 276,855	)	( 4,314	)	( 281,169	)
Issuance of common stock, net of issuance costs		1,112		1,204,913		—	—		—		—		—		—		—		1,206,025		—		1,206,025
Transfer to legal reserve		—		—		13,230	—		—		—		—		—		( 13,230	)	—		—		—
Capitalization of merger reserve		7,453		—		—	—		—		—		( 7,453	)	—		—		—		—		—
Reclassification of shared-based payment reserve		—		—		—	—		—		—		—		3,675		( 3,675	)	—		—		—
Changes of participation NCI in subsidiary													183						183		( 183	)	—
Issuance of shares		2		3,673		—	—		—		—		—		( 3,675	)	—		—		—		—
Acquisition of non-controlling interest	19.F	—		—		—	18,909		—		—		( 1,076,628	)	—		—		( 1,057,719	)	( 159,910	)	( 1,217,629	)
Derecognition of put liability		—		—		—	—		—		—		131,152		—		—		131,152		—		131,152
Dividend distribution		—		—		—	—		—		—		—		—		—		—		( 1,150	)	( 1,150	)
Equity-settled share-based payment	33	—		—		—	—		—		—		—		9,145		—		9,145		—		9,145
Total transactions with the owners of the Company		8,567		1,208,586		13,230	18,909		—		—		( 952,746	)	9,145		( 16,905	)	288,786		( 161,243	)	127,543
Balances as of December 31, 2024		17,387		1,208,586		93,012	( 232,770	)	15,392		( 36,494	)	676,491		9,145		( 273,533	)	1,477,216		145,724		1,622,940
Balances as of January 1, 2025		17,387		1,208,586		93,012	( 232,770	)	15,392		( 36,494	)	676,491		9,145		( 273,533	)	1,477,216		145,724		1,622,940
Profit for the year		—		—		—	—		—		—		—		—		97,614		97,614		13,286		110,900
Other comprehensive income (loss) for the year		—		—		—	84,118		( 36,538	)	36,494		( 1,225	)	—		—		82,849		6,586		89,435
Total comprehensive income (loss) for the year		—		—		—	84,118		( 36,538	)	36,494		( 1,225	)	—		97,614		180,463		19,872		200,335
Issuance of shares		2		1,129		—	—		—		—		—		( 1,131	)	—		—		—		—
Equity transaction for mandatory purchase of NCI	19.F	—		—		—	—		—		—		( 68,111	)	—		—		( 68,111	)	—		( 68,111	)
Transfer to legal reserve		—		—		16,696	—		—		—		—		—		( 16,696	)	—		—
Equity-settled share-based payment	33	—		—		—	—		—		—		—		11,192		—		11,192		—		11,192
Total transactions with the owners of the Company		2		1,129		16,696	—		—		—		( 68,111	)	10,061		( 16,696	)	( 56,919	)	—		( 56,919	)
Balances as of December 31, 2025		17,389		1,209,715		109,708	( 148,652	)	( 21,146	)	—		607,155		19,206		( 192,615	)	1,600,760		165,596		1,766,356

The accompanying notes on pages F-9 to F-119 are an integral part of these consolidated financial statements.

F-7

Table of Contents

Auna S.A. and Subsidiaries

Consolidated Statement of Cash Flows

For the years ended December 31, 2025, 2024 and 2023

In thousands of soles
Cash flows from operating activities
Profit (loss) for the year		110,900		123,958		( 214,344	)
Adjustments for:
Depreciation	11	115,417		115,237		132,442
Depreciation of right-of-use assets	13	28,233		27,636		26,577
Amortization	12	78,781		76,273		76,731
Change in fair value of investment property	22	( 106	)	( 161	)	( 116	)
Impairment (reversal) of inventories		668		419		( 1,927	)
Equity-settled share-based payment transactions		11,192		9,145		3,675
Gain (loss) on disposal of property, furniture, and equipment	11	( 512	)	4,491		( 696	)
Gain (loss) on disposal of right-of-use assets net of leases	13	( 20	)	79		743
Loss on disposal of intangibles	12	147		1,117		477
Other expenses for derecognition of other assets	23	—		2,112		—
Other expenses for changes in contingent consideration	23	—		—		20,927
Other income for reversal of contingent consideration	22	—		—		( 4,095	)
Other income for reversal of others accounts payable to former shareholders	22	—		( 46,613	)	—
Loss for impairment of trade receivables	5	48,054		40,855		5,684
Share of profit of equity-accounted investees	10	( 10,414	)	( 8,800	)	( 6,290	)
Provisions	18	1,344		1,001		1,176
Finance income	24	( 214,837	)	( 24,810	)	( 92,978	)
Finance costs	24	651,290		633,593		783,782
Income tax expense	27	88,353		59,819		90,170
Net changes in assets and liabilities
Trade accounts receivable and other assets		( 81,630	)	( 343,151	)	( 316,000	)
Inventories		( 17,849	)	( 25,853	)	( 30,107	)
Trade accounts payable and other accounts payable		64,604		229,751		183,740
Provisions and employee benefits	18	( 3,716	)	( 5,718	)	( 4,328	)
Insurance contract liabilities		( 13,465	)	( 28,602	)	25,068
Cash generated from operating activities		856,434		841,778		680,311
Income tax paid		( 209,005	)	( 194,322	)	( 114,726	)
Interest received		15,074		21,042		16,828
Net cash from operating activities		662,503		668,498		582,413
Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired	1.C	—		—		( 59,994	)
Payment for accounts payable to former shareholder	1.C	( 21,145	)	( 30,011	)	( 1,368	)
Purchase of properties, furniture, and equipment	11	( 86,010	)	( 90,857	)	( 116,248	)
Purchase of intangibles	12	( 58,671	)	( 50,991	)	( 48,917	)
Dividends from equity-accounted investees	10	3,378		3,311		1,439
Other assets (Trust funds)	1.C.	—		—		94,539
Purchase of other investments, net of sales		75,685		( 21,312	)	( 22,246	)
Proceeds from sale of property, furniture, and equipment		6,508		213		4,194
Payment for contingent consideration		—		( 47,174	)	( 36,143	)
Proceeds from (payment in advance for) purchase of shares		—		—		11,592
Net cash used in investing activities		( 80,255	)	( 236,821	)	( 173,152	)
Cash flows from financing activities
Proceeds from issuance of common stock in initial public offering, net of issuance costs	15	—		1,267,794		—
Payments of initial public offering costs	15	—		( 15,908	)	—
Proceeds from loans and borrowings	15	4,097,522		1,239,486		4,871,380
Payment for loans and borrowings	15	( 4,022,294	)	( 1,125,622	)	( 4,520,827	)
Payment for lease liabilities	15	( 43,851	)	( 45,593	)	( 42,530	)
Penalty paid for debt prepayment	15	( 81	)	—		( 53,285	)
Payment for derivatives premiums	15	( 22,804	)	( 50,705	)	( 51,141	)
Payment for costs of extinguishment of debt	15	( 64,818	)	( 16,607	)	—
Interest paid	15	( 408,268	)	( 450,982	)	( 566,774	)
Proceeds from settlement of derivatives - interest rate swaps		( 22,504	)	( 1,202	)	—
Dividends paid	19.G	—		( 1,150	)	( 6,841	)
Contributions from non-controlling shareholders	15 & 19	—		—		16
Acquisition of non-controlling interest	19.F	—		( 1,217,629	)	—
Net cash used in financing activities		( 487,098	)	( 418,118	)	( 370,002	)
Net increase in cash and cash equivalents		95,150		13,559		39,259
Cash and cash equivalents at January 1		235,745		241,133		208,694
Effect of movements in exchange rates on cash held		4,546		( 18,947	)	( 6,820	)
Cash and cash equivalents at December 31		335,441		235,745		241,133
Transactions not representing cash flows
Assets acquired through finance lease and other financing	13	14,737		26,826		17,892
Assets acquired from suppliers in installments	11	18,365		10,060		16,834

The accompanying notes on pages F-9 to F-119 are an integral part of these consolidated financial statements.

F-8

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Economic Activity

A. Business activity

Auna S.A. (hereinafter the “Company” or “Auna”) is a subsidiary of Enfoca Group (ultimate controlling party), which holds a share capital of 68.26 % acquired through different mechanisms. The Company is the controlling parent of a group of operating and pre-operating companies focused on the healthcare sector.

Auna S.A., as a Company, was incorporated on April 25, 2022, and organized under the laws of Luxembourg as a Société anonyme for an unlimited period.

Prior to July 6, 2023, the Company was incorporated in 2008 in Peru as an openly held corporation (sociedad anónima abierta) named Auna S.A.A. On July 6, 2023, the Company redomiciled to Luxembourg by way of a merger into Auna S.A., a limited liability company incorporated and existing under the laws of the Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register under number B267590, with Auna S.A. continuing as the surviving entity.

The Company’s registered office is 6, rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg . The Company and its subsidiaries together are also referred to in these consolidated financial statements as the “Group”. The Group is a healthcare service provider primarily focused on services that provide cancer treatment through its subsidiary Oncosalud S.A.C., inpatient hospitals, outpatient care centers and specialized medical centers in Peru. Since the end of 2018 it has operated in Colombia through Promotora Médica Las Américas S.A. (hereinafter “PMLA”); since September 1, 2020 through Clínica Portoazul; and since April 21, 2022 through Oncomedica S.A.S. In February 2022, the Group established a holding company in Mexico, named Grupo Salud Auna Mexico, S.A. de C.V. (hereinafter “Auna Mexico”), focused on healthcare investments. On October 5, 2022, the Group through Auna Mexico acquired Hospital y Clínica OCA, S.A. de C.V., and on February 1, 2023 it acquired Dentegra Seguros Dentales, S.A. which, as of September 5, 2025 changed its name to “Auna Seguros, S.A.”. (hereinafter “Auna Seguros”). The structure of the Group is detailed in note 28.

Initial Public Offering

On March 21, 2024, the Group completed its initial public offering (the “IPO”) of 30,000,000 shares of Series A common stock at a price to the public of US$ 12.00 per share and the Company sold 30,000,000 of such shares. The Group received net proceeds from the IPO of S/ 1,267,794 thousand (equivalent to US$ 342,000 thousand), after deducting underwriting discounts and commissions, and S/ 61,769 thousand in offering-related expenses.

B. Approval of the consolidated financial statements

The consolidated financial statements as of December 31, 2025, 2024 and 2023 were approved for issuance by the Board of Directors on April 22, 2026.

C. Acquisition of subsidiaries

Auna Seguros, S.A. (before Dentegra Seguros Dentales, S.A.)

On February 1, 2023, the Company acquired Dentegra Seguros Dentales, S.A. which, as of September 5, 2025 changed its name to “Auna Seguros, S.A.”. (hereinafter “Auna Seguros”).

On September 3, 2021, the Company signed a share purchase agreement (hereinafter the “SPA”) with the shareholders of Auna Seguros for the acquisition of 100 % of shares, obtaining control over the entity. The transaction closing date was on February 1, 2023.

F-9

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Auna Seguros specializes in providing dental and vision insurance in Mexico. The entity’s registered office is in Mexico City. The acquisition is expected to provide the Group with a presence in the insurance market in Mexico.

This acquisition was recorded using the acquisition method of accounting. Under this method, assets and liabilities were recorded at their estimated fair values at the date of purchase, including identifiable intangibles not recorded in the statement of financial position of the acquired entity. The transaction costs associated with the acquisition of S/ 1,709 thousand were recorded as an expense and presented under “administrative expenses” in the consolidated statement of income and other comprehensive income. The fair value of the acquired net assets are presented below:

Identifiable assets acquired and liabilities assumed

In thousands of soles — Cash and cash equivalents	Note	4,310
Other accounts receivables		1,868
Other investments		65,605
Intangible assets	12	3,411
Property, furniture and equipment	11	358
Deferred tax assets		1,484
Trade accounts payable and other accounts payable		( 30,417	)
Insurance contract liabilities	32	( 2,299	)
Total identifiable net assets acquired		44,320

Other accounts receivable include gross contractual amounts of S/ 1,868 thousand. As of the date of acquisition, there were no expected uncollectable amounts.

The other investments mainly correspond to investments in sovereign debt securities measured at FVOCI. As of December 31, 2023, other investments amounted to S/ 93,421 thousand.

The Group agreed to a price adjustment of S/ 1,347 thousand (equivalent to MXN 6,356 thousand) which was fully paid to the selling shareholders in July 2023 for an amount of S/ 1,368 thousand which includes an exchange difference of S/ 21 thousand.

The following table summarizes the fair value at the acquisition date of each major class of consideration transferred:

In thousands of soles
Cash	64,304
Account payables to former shareholder	1,347
Total consideration transferred	65,651

This acquisition resulted in goodwill, which has been determined as follows:

In thousands of soles — Consideration transferred	65,651
(Less)
Fair value of identifiable net assets	( 44,320	)
Goodwill	21,331

F-10

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

The Group has recorded a goodwill on the acquisition of S/ 21,331 thousand in the Healthcare Services in Mexico segment as part of the “intangibles assets” account in the consolidated statement of financial position. None of the goodwill recognized is expected to be deductible for tax purposes.

Factors that explain the transaction and the goodwill are related to the business model of the acquired entity, which specializes in providing dental and vision insurance. According to Management, the Group intended to acquire an entity highly experienced in insurance, which would allow the Group to have a strategic position in the health insurance sector in Mexico. In addition, goodwill represents other synergies in operating efficiencies expected to be achieved from the mix of operations and other efficiencies not included in intangibles.

The purchase accounting as of the date of these financial statements is complete.

For the period ended December 31, 2023, the entity contributed revenues of S/ 102,916 thousand and profit before tax of S/ 30,882 thousand to the Group’s results.

If the acquisition had been made as of January 1, 2023, revenues would have amounted to S/ 3,884,448 thousand and loss before tax for the year would have amounted to S/ 123,032 thousand in the consolidated statement of income and other comprehensive income.

The net cash flows incurred as a result of the acquisition is presented below:

In thousands of soles — Consideration transferred in cash	64,304
Cash and cash equivalents from the entity	( 4,310	)
Net cash flows incurred	59,994

Measurement of fair values

The valuation techniques used for measuring the fair value of material assets acquired were as follows:

Assets acquired

Valuation technique

Trademark

“Dentegra Seguros Dentales, S.A.” is trademark of the acquired entity, for which a right to use the trademark was signed. This brand has a local presence and offers a broad portfolio of dental and vision insurance services. Of the three main approaches of value (income, market and cost) and the methods that include these approaches, the Group considered the relief from royalty (RFR) method within the income approach as the most appropriate to assess the value of the brand. The basic principle of the RFR method is that without ownership of the intangible in question, the user of such intangible would have to make a stream of payments to the asset owner in exchange for the rights to use that asset. By acquiring the intangible, the user avoids these payments. Based on the projections of the purchase model, the projected income and cash flow of the brand was estimated for the years 2023-2027. As of 2028, a growth of 9.6% was considered according to Management. This growth was used to calculate the terminal value of the brand that has an indefinite useful life. The royalty rate used for brand valuation is 0.4%. This royalty rate was obtained from comparable companies. Brand valuation found a nominal discount rate in MXN (WACC) by estimating a cost of debt (Kd) and equity (CoK).

F-11

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

D. Regulatory agency for private healthcare services

Oncosalud S.A.C. is an indirect subsidiary of the Company. It is supervised by the Superintendencia Nacional de Salud - SUSALUD (Peruvian Board of Health). SUSALUD authorizes, regulates and supervises the operations of entities that provide healthcare services.

In the case of PMLA, Clínica Portoazul and Oncomedica S.A.S. are regulated by the Superintendencia Nacional de Salud - Supersalud (Colombian Board of Health), an agency that authorizes, regulates and supervises the operation of entities providing healthcare services.

Also, since February 1, 2023, Auna Seguros, S.A. is a subsidiary of the Company, which is supervised by the Comisión Nacional de Seguros y Fianzas – CNSF (Mexican Commission of Insurers). CNSF authorizes, regulates and supervises the operations of entities that provide insurers services.

Basis for the Preparation of Consolidated Financial Statements

A. Basis of accounting

These consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board (IFRS Accounting Standards).

Details of the Group’s material accounting policies are included in note 3.

Comparative information

Since the focus in consolidated financial statements is the economic entity rather than the legal entity, and on the basis that Auna S.A. group continues to reflect the operations of the merged group Auna S.A.A (from Auna S.A.A’s point of view, there has simply been a change in jurisdiction), the Group is using Auna S.A.A. group’s consolidated figures as comparatives as if the Group existed before July 6, 2023 (note 1.A).

B. Basis of measurement

The consolidated financial statements have been prepared on the historical cost principle, based on the accounting records maintained by the Group, except for the derivative financial instruments, other investments, investment properties and liability for purchase of non-controlling interest which have been measured at fair value.

C. Functional and presentation currency

These consolidated financial statements are presented in Soles (S/), which is the Company’s functional currency. All amounts have been rounded to the nearest thousand, unless otherwise indicated. The functional currency of the subsidiaries domiciled in Peru is S/ (Soles), the subsidiaries domiciled in Colombia is COP (Colombian Pesos) and the subsidiaries domiciled in Mexico is MXN (Mexican Pesos).

D. Use of judgments and estimates

In preparing these consolidated financial statements, Management has made judgments and estimates that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.

F-12

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

i. Judgments

Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements is included in the following notes:

• CGU: whether a group of assets that generate cash flows and that are largely independent of the cash inflows of other assets or group of assets is a CGU (note 3.F);

• leases: whether an arrangement contains a lease (note 3.J);

• lease term: whether the Group is reasonably certain to exercise extension options (note 3.J); and

• reverse factoring: presentation of amounts related to supplier finance arrangements in the statement of financial position and in the statement of cash flow.

ii. Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties at December 31, 2025 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following notes:

• Impairment test of intangible assets and goodwill: key assumptions underlying recoverable amounts (note 12);

• Recognition of deferred tax asset: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized (note 14);

• Recognition and measurement of provisions: key assumptions about the likelihood and magnitude of an outflow of resources (note 18);

• Measurement of defined benefit obligations: key actuarial assumptions (note 17);

• Measurement of ECL allowance for trade receivables: key assumptions in determining the weighted-average loss rate (note 5); and

• Acquisition of subsidiary: fair value of the consideration transferred and fair value of the assets acquired and liabilities (note 1.C).

The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty related to the adoption of IFRS 17, Insurance contracts, were as follows:

Insurance contracts

PAA – Premium Allocation Approach

The PAA is an optional simplified measurement model in IFRS 17 that is available for insurance contracts that meet the eligibility criteria.

The Group determined it would apply the PAA to all insurance contracts because the coverage period of each contract in the Group is one year or less.

Liability for remaining coverage

The Group applies the PAA to simplify the measurement of insurance contracts.

Under IFRS 17, the Group’s insurance contracts issued are all eligible to be measured by applying the PAA, because the coverage period of each contract in the Group is one year or less. The PAA simplifies the measurement of insurance contracts in comparison with the General Measurement Model (GMM) in IFRS 17.

F-13

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Liability for incurred claims

The methodologies analyzed are: Chain-Ladder, Expected Trend and Bornhuetter – Ferguson (BF), using various types of factor averaging, namely simple, median, truncated average or weighted average. From the methodologies analyzed, the result is selected at the discretion of the actuary considering the context and expectations at the valuation date.

The Group estimates the liability for incurred claims as the fulfillment of cash flows related to incurred claims.

The fulfillment of cash flows incorporates, in an unbiased way, all reasonable and supportable information available without undue cost or effort about the amount, timing and uncertainty of those future cash flows, which reflect current estimates from the perspective of the entity and include an explicit adjustment for non-financial risk (the risk adjustment).

Discount rates

The Group does not adjust the future cash flows for the time value of money and the effect of financial risk for the measurement of liability for incurred claims that are expected to be paid within one year of being incurred.

Risk adjustment for non-financial risk

The risk adjustment for non-financial risk is the compensation that the Group requires for bearing the uncertainty about the amount and timing of the cash flows of groups of insurance contracts. The risk adjustment reflects an amount that an insurer would rationally pay to remove the uncertainty that future cash flows will exceed the expected value amount.

The estimation error is calculated as the standard deviation of the mean square error using the deterministic method suggested by Thomas Mack (Distribution Free). This method seeks to determine the Standard Error of estimation as the aggregation of the error associated with the process, and the error associated with the calculation of the parameter.

From the total loss triangle, the amount of the MOCE (Margin over current estimation) is calculated and a factor is obtained such as 25% of the proportion that holds the standard deviation of the estimation error, of the events incurred but not reported (“IBNR”) reserve of the Thomas Mack method.

The risk adjustment is calculated on the IBNR, given the number of claims considered that are still subject to adjustments.

Material Accounting Policies

The Group has consistently applied the following accounting policies to all periods presented in these consolidated financial statements.

A. Basis of consolidation

i. Business combinations

The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

ii. Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

Also, in preparing the consolidated financial statements of the Company, the effects of all transactions between subsidiaries were eliminated.

iii. Non-controlling interest

For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets as of the date of acquisition.

Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

iv. Common control transactions

The Company presents common control transactions at the date the transaction occurs without re-presenting comparative information, unless material. Material common control transactions are presented as if the transaction had occurred before the start of the earliest period presented.

v. Associates

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and OCI of equity-accounted investees, until the date on which significant influence or joint control ceases.

vi. Joint arrangements

Under IFRS 11, investments in joint arrangements are classified as joint operations or as joint ventures depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangements and determined that they are joint ventures.

Joint ventures are accounted for using the equity method. Under the equity method, equity in joint ventures is initially recognized at cost and subsequently adjusted to recognize the Group’s share in profits or losses and other post-acquisition movements in other comprehensive income. When the Group’s share in the losses of a joint venture is equivalent to or exceeds its share in such joint venture (including any long-term share that is substantially part of the Group’s net investment in the joint venture), the Group does not recognize additional losses, unless it has assumed obligations or made payments on behalf of the joint ventures.

Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group’s share in such joint ventures. Unrealized losses are also eliminated, unless the transaction provides evidence of an impairment of the transferred asset.

The profit resulting from the equity method is included in the consolidated statement of profit or loss and other comprehensive income.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

vii. Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with companies whose investment is recognized using the equity method are eliminated from the investment in proportion to the Group’s interest in the investment. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

B. Financial instruments

i. Recognition and initial measurement

Trade receivables and debt instruments are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is an account receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not measured at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

ii. Classification and subsequent measurement

• Financial assets

On initial recognition, a financial asset is classified as measured at amortized cost or at fair value through profit and loss.

Financial assets are not reclassified subsequent to their initial recognition, unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not measured at FVTPL:

• It is held within a business model whose objective is to hold assets to collect contractual cash flows; and

• Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

• It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

• Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets that are not cash flow hedge. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Business model assessment

The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to Management. The information considered includes:

• The stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether Management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets;

• How the performance of the portfolio is assessed and reported to the key personnel of the Group’s Management;

• The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;

• How managers of the business are compensated – e.g., whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and

• The frequency, value, and timing of sales in prior periods, the reasons for such sales and expectations about future sales.

Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group’s continuing recognition of the assets.

Financial assets that are held for trading or are managed and whose performance is assessed on a fair value basis are measured at FVTPL.

Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, “principal” is defined as the fair value of the financial asset on initial recognition. “Interest” is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows so that it would not meet this condition. In making this assessment, the Group considers:

• Contingent events that would change the amount or timing of cash flows;

• Terms that may adjust the contractual coupon rate, including variable-rate features;

• Prepayment and extension features; and

• Terms that limit the Group’s claim to cash flows from specified assets (e.g., non-recourse features).

A prepayment feature is consistent solely with the payments of principal and interest criterion if the prepayment amount substantially represents the amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a significant discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Subsequent measurement and gains and losses

Financial assets at FVTPL	These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. However, see note 3.B.v for derivatives designated as hedging instruments.
Financial assets at amortized cost	These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses, and impairment are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.
Debt investments at FVOCI	These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI	These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss.

The Group classified its financial assets at amortized cost and FVOCI.

• Financial liabilities

Classification, subsequent measurement and gains and losses

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, if it is a derivative or if it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

iii. Derecognition

Financial assets

The Group derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset.

The Group enters into transactions whereby it transfers assets recognized in its consolidated statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Financial liabilities

The Group derecognizes a financial liability when its contractual obligations are discharged or canceled or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

iv. Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

v. Derivative financial instruments

The Group holds derivative financial instruments to hedge some of its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivative financial instruments are measured at fair value, and changes therein are generally recognized in profit or loss.

The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates.

At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.

Cash flow hedges

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss.

The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (forward points) is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve within equity.

The Group designates only the intrinsic value of purchased Call Spread options as the hedging instrument in cash flow hedging relationships. The change in fair value of the time value of purchased Call Spread contract is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve within equity. The time value at the date of designation of the option as a hedging instrument is amortized linearly over the period during which the hedge relationship meets the qualifying criteria to apply hedge accounting.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In the case of Interest Rate Swap agreements, the Group designates the complete contract as hedging instrument.

In a cash flow hedge of the forward foreign currency risk and interest rate risk of a payable or receivable, the amount accumulated in the hedging reserve and the cost of hedging reserve shall be reclassified from the separate component of the equity to profit or loss over the period the payable or receivable affects profit or loss, because changes in exchange rates will affect the amount of cash required to settle the item (as measured by reference to the entity’s functional currency).

If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item’s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss.

If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve are immediately reclassified to profit or loss.

C. Impairment

i. Non-derivative financial assets

Financial instruments

The Group recognizes loss allowances for expected credit losses (“ECLs”) on financial assets measured at amortized cost.

Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment, loss of the value of money over time and individual analysis of the clients (considering their geographical location).

The Group considers a financial asset to be in default when the client is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held).

Credit-impaired financial assets

At each reporting date, the Group assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is “credit-impaired” when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the evaluation of all the following observable data:

• Significant financial difficulty of the debtor or issuer;

• A breach of contract such as a default or being more than 360 days past due ;

• It is probable that the debtor will enter bankruptcy or other financial reorganization; or

• The disappearance of an active market for a security because of financial difficulties.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Presentation of allowance for ECL in the statement of financial position

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

Write-off

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For individual customers and for corporate customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due.

ii. Non-financial assets

At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than investment property, inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill and intangible assets with an indefinite useful life are tested annually for impairment.

For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using an after-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.

An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.

Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

D. Cash and cash equivalents

Cash and cash equivalents presented in the consolidated statement of financial position include cash on hand, demand deposits at banks and other highly marketable debt investments with maturity of three months or less that are not subject to significant risk of changes in value.

E. Inventories

Inventories are measured at the lower of cost and net realizable value. The net realizable value is the estimated selling price of the inventories in the ordinary course of business, less discounts and other costs and expenses incurred to put the inventories to sale. Cost is determined using the weighted average method.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Provisions for obsolescence and net realizable value are estimated based on a specific analysis made at each reporting date of the consolidated financial statements. The reduction of the carrying amount of inventories to their net realizable value is recorded under “provision for impairment of inventories” with a charge to profit or loss in the period in which it is estimated that such reductions will occur.

F. Intangibles

Goodwill

Goodwill arises from the acquisition of subsidiaries and represents the excess between the cost of an acquisition and the fair value of the Group’s interest in the net identifiable assets at the date of the acquisition.

Goodwill arising from a business combination is allocated to each CGU or group of CGUs that are expected to benefit from the synergies of the combination. Each CGU or group of GCUs to which goodwill is allocated represents the lowest level of cash-flow generating assets within the entity at which goodwill is monitored by Management.

The identification of the CGU requires a critical judgment of Management. The Group has defined its CGUs as each of the companies acquired because they are the smallest identifiable groups of assets that generate cash flows and that are largely independent of the cash inflows of other assets or groups of assets.

Goodwill is tested for impairment at least annually and recorded at cost less accumulated impairment losses. The carrying amount of goodwill is compared to the recoverable amount, which is the greater of value in use and fair value less costs to sell. Any impairment is recognized immediately as an expense and cannot be reversed.

Acquired trademark

The trademarks are “Oncogenomics“ in Peru, “Clínica Portoazul”, “Las Américas” and “IMAT” in Colombia and, “OCA”, “Doctors”, “Cuauhtémoc” and “Dentegra” (note 1.C) in Mexico, which were identified in the acquisitions. The trademarks with presence in Mexico and Colombia offer a broad portfolio of healthcare services to their patients through the different entities under which OCA Hospital, Clínica Portoazul and PMLA operate and the trademarks with presence in Peru offer a broad portfolio of clinical laboratory services to their patients through the laboratory Oncogenomics. The estimated market value was determined using the relief-from-royalty method. Management evaluated its recognition and growth in the Peruvian, Colombian and Mexican market, and assessed that they have an indefinite useful life.

Customer relationship

It includes the estimated market value of the contracts with insures for cardiology services and client services identified as a result of the acquisition of Hospital y Clínica OCA S.A. de C.V. , Patología Oncológica S.A.C., Oncogenomics S.A.C. and Promotora Médica las Américas. The estimated useful life is 8 years for Hospital y Clínica OCA, S.A. de C.V., 18 years for Patología Oncológica S.A.C., 17 years for Oncogenomics S.A.C. and 10 years for Promotora Médica las Américas S.A.

Other intangibles assets

Intangibles other than goodwill are acquired separately, and are measured at cost less subsequent amortization and impairment losses.

Surface right agreement

Corresponds to the surface rights agreement signed between Medicser and the Peruvian Red Cross Society, owner of the land, and acquired on 2011.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Amortization is charged to the consolidated statement of profit or loss and other comprehensive income on a straight-line basis as follows:

Software	2 to 10
Customer relationships	10 to 18
Surface rights agreement	40

Assets that are subject to amortization are reviewed for impairment when events or circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized in the consolidated statement of profit or loss and other comprehensive income to reduce the carrying amount to recoverable amount.

G. Property, furniture and equipment

i. Recognition and measurement

Land, buildings and facilities, medical equipment, and furniture are measured at cost, less accumulated depreciation and any accumulated impairment losses. Borrowing costs related to the acquisition or construction of qualifying assets are capitalized as part of the cost of that asset.

Other disbursements for service and repair are charged to the consolidated statement of profit or loss and other comprehensive income in the period when incurred. In case significant spare parts of an item of property, furniture and equipment have different useful lives, then they are accounted for as separate items (major components) of property, furniture and equipment.

Any gain or loss on disposal of an item of land, buildings and facilities, medical equipment, and furniture is recognized in profit or loss.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of the asset. The Group defines qualifying assets as construction projects or other assets for which a minimum period of twelve months is needed to get ready for its intended use or sale (note 11).

ii. Subsequent expenditure

Subsequent expenditures are included in the carrying amount of the asset or they are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits will flow to the Group and the cost of these assets can be measured reliably.

iii. Depreciation

Depreciation is calculated to write off the cost of items of property, furniture and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss.

The estimated useful lives of property, plant and equipment for current and comparative periods are as follows:

Buildings and premises	7 to 100
Medical equipment	3 to 15
Vehicles	4 to 10
Furniture, fixtures and various equipment	3 to 20
IT equipment	3 to 10

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

H. Public service concession arrangements

Public Service Concession Arrangements are defined in the International Financial Reporting Interpretations IFRIC 12 Service Concession Arrangements and are accounted regarding the consideration received for the infrastructure.

In 2010, Consorcio Trecca S.A.C. (hereinafter, “Consorcio Trecca”), a subsidiary of the Group, entered into a 20-year concession agreement with the Peruvian Social Health Insurance (hereinafter, “EsSalud”), a decentralized public agency attached to the Ministry of Labor and Employment Promotion, focused on granting prevention, promotion, economic benefits and social benefits that correspond to the Social Security contributory system. The concession was given to Consorcio Trecca, as operator of the concession, with the obligation to renovate, operate and maintain the Torre Trecca, located in the city of Lima. The Group holds a 99.99 % interest in Consorcio Trecca.

On July 15, 2011, Consorcio Trecca and EsSalud agreed to suspend the obligations prior to the start date of the investment period. This suspension was extended until January 2018.

In November 2018, Consorcio Trecca and EsSalud were able to make the direct deals associated with the agreements to update the investment amounts and the contractual rates, which will be in effect at the beginning of the operation period.

Since June 26, 2019, both agreed to start again with the coordination of the preparation of the engineering study and update of the schedule of the project development plan.

The Group recognizes a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset from, or at the direction of, the grantor for the construction services. This right arises where the grantor has little or no discretion to avoid payment, usually because the agreement is enforceable by law. In the event that the fair value of the construction services provided exceeds the fair value of the recognized financial asset, the difference will be recognized as an intangible asset (note 6.g).

The Group recognizes an intangible asset arising from a service concession arrangement when it has a right to charge for use of the concession infrastructure. An intangible asset received as consideration for providing construction or upgrade services in a service concession arrangement is measured at fair value on initial recognition with reference to the fair value of the services provided (note 12).

I. Assets held-for-sale

Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale or held-for-distribution to owners if it is highly probable that they will be recovered primarily through sale rather than through continuing use.

Such assets are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on a pro rata basis. Impairment losses on initial classification as held-for-sale or held-for-distribution and subsequent gains and losses on remeasurement are recognized in profit or loss.

Once classified as held-for-sale, the property, furniture and equipment are no longer depreciated.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

J. Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.

i. As a lease

At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.

The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which includes the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.

Lease payments included in the measurement of the lease liability include the following:

• Fixed payments, including in-substance fixed payments;

• Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

• Amounts expected to be payable under a residual value guarantee; and

• The exercise price under a purchase option that the group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Short-term leases and leases of low-value assets.

The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets (IT equipment) and short-term leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

K. Trade accounts payable

Trade accounts payable are obligations to pay for medicines or services acquired from suppliers in the ordinary course of business. Accounts payable are classified as “current liabilities” if payment is to be made in a year or less; otherwise, they are presented as “non-current liabilities.”

Accounts payable are initially recognized at fair value, and subsequently they are measured at amortized cost using the effective interest method.

When the Group has an arrangement in which the bank agrees to pay amounts to a participating supplier in respect of invoices owed by the Group and receives settlement from the Group at a later, the accounts payable under factoring are included within operating cash flows because they continue to be part of the normal operating cycle of the Group and the payments to a supplier by the bank are considered non-cash transactions.

L. Employee benefits

Defined benefit plans

A benefit plan is defined as an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognized in the combined statements of financial position in respect of defined benefit plans is the present value of the defined benefit obligation as of the date of the combined statements of financial position less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit cost method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using discount rates that are denominated in the currency in which the benefits will be paid, and that have maturities that approximate the terms of the pension liability.

Actuarial gains and losses arising from adjustments and changes in actuarial assumptions are recorded directly in stockholders’ equity in other comprehensive income in the year in which they occur and are not reclassified to profit or loss for the period.

The Group determines the net financial expense (income) by applying the discount rate to the net defined benefit liability.

Past service costs are recognized immediately in the consolidated statement of profit or loss and other comprehensive income.

Profit sharing

For the Company and its Peruvian subsidiaries and Mexican subsidiaries, the employees’ profit sharing is calculated in accordance with current legal regulations on the same net taxable base used to calculate the income tax. In the case of the Peruvian subsidiaries, the rate of profit sharing is 5 %, on the net taxable base of the current year. According to the Peruvian law, there is a limit in profit sharing that an employee can receive, equivalent to 18 monthly salaries. In the case of the Mexican subsidiaries, the rate of profit sharing is 10 %, on the net taxable base of the current year.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In Colombian subsidiaries, employees’ profit sharing is not applicable. It is replaced by a legal bonus composed of an additional month’s salary that is paid twice during the year, in June and December, respectively. This bonus is mandatory even if the company does not obtain earnings. Additionally, the Board is able to approve voluntary bonuses for certain employees with high performance during a profitable year.

Legal bonuses

The Group recognizes the expense for legal bonuses and their related liabilities under laws and regulations currently in force in Peru. The legal bonuses include an additional month’s salary that is paid in July and December, respectively.

Termination benefits

Termination benefits are recognized in accordance with Peruvian, Colombian and Mexican legislation in profit or loss when paid, i.e., when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits.

Severance payment (CTS for its Spanish acronym)

In Peru, severance payment of personnel from the Group’s companies (CTS for its Spanish acronym) includes employees’ indemnities calculated according to current legislation, which shall be deposited in May and November annually in bank accounts designated by employees. Severance payment is equivalent to 50% of a current remuneration as of the date of deposit . The Group has no obligation to make any additional payments once it has made the annual deposits of funds to which the employee is entitled.

In Colombia, severance payment of personnel from the Group’s companies includes employees’ indemnities calculated according to current legislation, which shall be transferred in the fund selected by the employee at the end of the year or when the work contract finished. Severance payment is equivalent to one current remuneration.

Vacations

Personnel’s annual vacations are recognized on an accrual basis. The provision for estimated annual vacation obligations is recognized at each date of preparation of the consolidated statement of financial position.

M. Insurance contracts

Recognition

The Group recognizes groups of insurance contracts that it issues from the earliest of the following:

• The beginning of the coverage period of the group of contracts;

• The date when the first payment from a policyholder in the group is due, or when the first payment is received if there is no due date; and

• For a group of onerous contracts, as soon as facts and circumstances indicate that the group is onerous.

The Group adds new contracts to the group in the reporting period in which that contract meets one of the criteria set out above.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Contract boundary

The Group includes in the measurement of a group of insurance contracts all the future cash flows within the boundary of each contract in the group. Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the Group can compel the policyholder to pay premiums, or in which the Group has a substantive obligation to provide the policyholder with insurance contract services. A substantive obligation to provide insurance contract services ends when:

The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price or level of benefits that fully reflects those risks, or:

• Both of the following criteria are satisfied;

• The Group has the practical ability to reassess the risks of the portfolio of insurance contracts that contain the contract and, as a result, can set a price or level of benefits that fully reflects the risk of that portfolio; and

• The pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate to periods after the reassessment date.

A liability or asset relating to expected premiums or claims outside the boundary of the insurance contract is not recognized. Such amounts relate to future insurance contracts.

Insurance finance income and expense

The Group does not disaggregate finance income and expenses, the effect of which are recognized through profit or loss. The Group has elected not to discount claims that are expected to be settled within one year from the date they are incurred.

Insurance revenue

The insurance revenue for the period is the amount of expected premium receipts allocated to the period. The Group allocates the expected premium receipts to each period of insurance contract services on the basis of the passage of time. However, if the expected pattern of release of risk during the coverage period differs significantly from the passage of time, then the allocation is made on the basis of the expected timing of incurred insurance service expenses. For the periods presented, all revenue has been recognized on the basis of the passage of time.

Identifying contracts in the scope of IFRS 17

IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts.

When identifying contracts in the scope of IFRS 17, the Group assesses whether a set of series of contracts needs to be treated as a single contract and whether embedded, investment components and goods and services components have to be separated and accounted for under another standard.

Level of aggregation

Under IFRS 17, insurance contracts are aggregated into groups for measurement purposes. Groups of contracts are determined by first identifying portfolios of contracts, each comprising contracts subject to similar risk and managed together, and dividing each group into annual cohorts. Portfolios are further divided based on expected profitability at inception into three categories: onerous contracts, contracts with no significant risk of becoming onerous, and the remainder. When a contract is recognized, it is added to an existing group of contracts or, if the contract does not qualify for inclusion in an existing group, it forms a new group to which future contracts may be added.

The Group considers the nature, risk and line of products as criteria for identifying its portfolios and has determined that all insurance contracts will be grouped as a single portfolio.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Insurance acquisition cash flows

For insurance acquisition cash flows, the Group recognizes that the insurance acquisitions cash flows (IACF) are capitalized and amortized over the coverage period.

Measurement

On initial recognition, for a group of contracts that is not onerous at initial recognition, the Group measures the liability for remaining coverage as the premiums received on initial recognition, minus any insurance acquisition cash flows at that date, plus or minus any amount arising from the derecognition at that date of the asset or liability recognized for insurance acquisition cash flows that the Group pays or receives before the group of insurance contracts is recognized. The liability for remaining coverage does not include an adjustment for the time value of money, as the premiums are received within one year of the coverage period.

Insurance contracts – subsequent measurement

Subsequently, the carrying amount of the liability for remaining coverage is increased by any further premiums received and the earned IACF that are deferred, and decreased by the amount recognized as insurance revenue for services provided and the IACF paid. The Group expects the time between providing each part of the services and the related premium due date will be no more than a year. Accordingly, as permitted under IFRS 17, the Group will not adjust the liability for remaining coverage to reflect the time value of money and the effect of financial risk.

If at any time before and during the coverage period, facts and circumstances indicate that a group of contracts is onerous, then the Group will recognize a loss in profit or loss and increase the liability for remaining coverage to the extent that the current estimates of the fulfillment cash flows that relate to remaining coverage exceed the carrying amount of the liability for remaining coverage.

The Group recognizes the liability for incurred claims of a group of contracts at the amount of the fulfillment cash flows relating to incurred claims. As the future cash flows are expected to be paid in one year or less from the dates the claims are incurred, the Group decided not to discount cash flows.

Insurance contracts – modification and derecognition

The Group derecognizes insurance contracts when:

• The rights and obligations relating to the contract are extinguished (i.e., discharged, cancelled or expired).

Or:

• The contract is modified such that the modification results in a change in the measurement model or the applicable standard for measuring a component of the contract, substantially changes the contract boundary, or requires the modified contract to be included in a different group. In such cases, the Group derecognizes the initial contract and recognizes the modified contract as a new contract.

When a modification is not treated as a derecognition, the Group recognizes amounts paid or received for the modification with the contract as an adjustment to the relevant liability for remaining coverage.

Insurance acquisition cash flows

Insurance acquisition cash flows arise from the costs of selling, underwriting and beginning a group of insurance contracts (issued or expected to be issued) that are directly attributable to the insurance contract portfolio to which the group belongs. These cash flows include cash flows that are not directly attributable to individual contracts or groups of insurance contracts within the portfolio.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

The Group has chosen to defer insurance acquisition cash flows using a systematic and rational method.

N. Provisions

Provisions are recognized when the Group has a present obligation, either legal or constructive, as a result of past events, and when it is probable that an outflow of resources will be required to settle the obligation, and it is possible to reliably estimate its amount.

Provisions are measured at the present value of Management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period.

O. Government grants

Government grants are assistance by government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity. Such government grants may be given to an entity to help finance a particular asset or other expenditure.

Government grants should not be recognized until there is reasonable assurance that the entity will comply with the conditions attaching to it and that the grant will be received.

The Group recognizes an unconditional government grant in the income statement on a systematic basis over the periods in which the related costs towards which they are intended to compensate are recognized as expenses.

The loans are recognized and measured in accordance with IFRS 9 at its fair value, discounted using a market rate for a similar loan. The benefit of the below-market rate of interest, measured as the difference between the initial carrying value of the loan according to IFRS 9 and the proceeds received, is accounted for as a grant in accordance with IAS 20. The grant initially recognized as deferred income is recognized in profit or loss (compensating the finance cost) over the period of the loan covered.

P. Income tax

Current tax

Current tax includes the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends.

Deferred tax

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for:

• Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;

• Temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and

• Taxable temporary differences arising on the initial recognition of goodwill.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Temporary differences in relation to a right-of-use asset and a lease liability for a specific lease are regarded as a net package (the lease) for the purpose of recognizing deferred tax.

Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any.

Deferred tax assets and liabilities are offset only if certain criteria are met.

Uncertain tax treatment

The Group determines whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments and uses the approach that better predicts the resolution of the uncertainty.

Q. Share capital and share premium

Common shares are classified as equity and are determined using the par value of the shares that have been issued.

The share premium is the amount by which the fair value of the contribution exceeds the par value of the shares issued.

R. Dividend distribution

In 2018, the Group approved the Dividends Policy, which establishes the distribution of the available profits, up to S/ 10,000 thousand per year . The General Shareholders Meeting will determine the distribution of dividends and the respective payment schedule. During the year 2025, 2024 and 2023, the Group did not distribute dividends.

Dividend distribution is recognized as a liability in the consolidated financial statements in the period in which dividends are approved by the Group’s shareholders.

S. Contingent liabilities and assets

Contingent liabilities are not recognized in the consolidated financial statements. They are only disclosed in the notes to the financial statements, unless the possibility of an outflow of economic resources is remote. Contingent assets are not recognized in the consolidated financial statements and are only disclosed when an inflow of economic resources is probable.

T. Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. The Group recognizes revenue when it identifies a contract with a customer, the performance obligations in the contract, determines the transaction price, and allocates the transaction price to the performance obligations in the contract as each performance obligation is met.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

i. Revenue recognition from oncologic healthcare plans

Revenues arising from oncologic healthcare plans include payments from individuals and corporate clients. The Group has 14 oncologic healthcare plans. Revenue is recognized over time in which the related plan participants are entitled to healthcare services. All oncologic healthcare plans have a one-year duration and are automatically renewed, unless terminated by either party. The portion of the payment received that relates to unexpired risks at the base date are recognized in the “unearned premiums reserve” in the consolidated statement of financial position. The obligation of the Company is to provide health coverage from the moment the client is diagnosed with cancer, and in turn, the client has the right to receive the treatment according to the conditions and duration of the contract.

ii. Revenue recognition from general healthcare services plan

Revenues arising from general healthcare services plan include payments from individual clients. The Group has one general healthcare plan called “Auna Salud.” Revenue is recognized over time in which the related plan participants are entitled to the general healthcare services. This plan has a one-year duration with recurring monthly charges. The obligation of the Group is to provide general healthcare coverage from the moment the client requests health services, and in turn, the client has the right to receive the treatment according to the conditions of the plan.

iii. Healthcare services

Revenue from healthcare services is recognized when services are rendered. Healthcare services revenue is recognized on the date the patient receives treatment and includes amounts related to certain services, products and supplies used in providing such treatment.

Contracts related to healthcare services include a variable consideration for which the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods and services to the insurance payers. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The variable consideration is only related to price concession provided to insurance payers after healthcare services have been provided. The Group uses the expected value method to estimate the variable consideration given the large number of insurance payers that have similar characteristics and based on statistics of historical percentages of the issued credit notes (price concession). The Group then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue. For the year ended December 31, 2025, the variable consideration recorded by our healthcare services subsidiaries amounted to S/ 25,600 thousand (S/ 22,433 thousand and S/ 11,382 thousand as of December 31, 2024 and 2023, respectively) and is recorded in the Healthcare services revenue line item in the consolidated statement of profit or loss and other comprehensive income.

iv. Sales of medicines

The sales of medicines are recognized when the medicines are delivered and have been accepted by customers. Revenue from the sale of medicines delivered during hospitalization is recognized at the time the medicine is used by the patient. The amount of revenue is recognized at the fair value of the medicines.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies:

Type of service	Nature and timing of satisfaction of performance obligations, including significant payment terms	Revenue recognition under IFRS 15
Healthcare services	The patient acquires control of the use of the healthcare service with the provision of the service, because the patient receives and consumes the benefits granted by the Group as it provides the service. Invoices are generated at that point in time, as services are rendered, with the exception of patients who have medical insurance, which are issued according to the contractual terms agreed with the insurance companies. Uninvoiced amounts are presented as revenue and trade receivables. Advances are primarily received from patients who do not have medical insurance for healthcare services such as hospitalization. These advances are recognized in revenue as services are rendered over time. Generally, invoices are payable in average within 120 to 150 days for insurance companies and third parties are charged within 30 to 60 days.	Revenue is recognized when services are rendered. Revenue is recognized over time based on the cost of the services, products and supplies utilized in providing such treatment. The variable consideration is determined using the expected value with statistics of historical percentages for the last year and is updated at the end of each month. Advances received were included in trade payable. Healthcare services revenue is recognized on the date the patient receives treatment and includes amounts related to certain services, products and supplies utilized in providing such treatment. The selling price is determined based upon the company’s standard rates or at rates determined under reimbursement arrangements. These arrangements are generally with third parties such as commercial insurers. Revenue from contracts with third-party payers is recognized to the extent that it is highly probable that a significant reversal in the amount of accrued revenue will not occur. Therefore, the amount of the recognized income is adjusted by the expected claims that are estimated based on the historical data of the issued credit notes. Some contracts permit the insurers to get discounts for prompt pay. Management works with statistics which are estimated based on historical percentages and these are recognized as a lower value of revenue.
Sale of medicines	Customers acquire control of the medicines, when they are delivered and have been accepted, either as part of the hospitalization or as part of the pharmacy sale. Invoices are generated at the time the customers receive the medicines and in the case of hospitalization at the time of the medicine is delivered. In general, invoices are payable at the time of issuance and after invoicing, in the case of hospitalized patients.	Revenue is recognized when medicines are delivered and have been accepted by customers at their premises. Revenue from the sale of medicines delivered during hospitalization is recognized at the estimated net realization amount at the time the medicine is received by the patient.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

U. Cost and expense recognition

The cost of medical services is primarily made up of costs incurred in providing healthcare services, including the cost of medicines, personnel expenses for medical staff, medical consultation fees, surgery fees, depreciation of medical equipment, amortization of software, cost of services provided by third parties, primarily lease payments to 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 and technical reserves for healthcare services.

The cost of services provided to insured who are outside the Group’s Clinic Network is recognized as it is incurred.

Other costs and expenses are recognized on an accrual basis regardless of when they are paid and, if any, in the same period in which the related income is recognized.

V. Finance income and finance costs

The Group’s finance income and finance costs include:

• Interest income;

• Interest expense;

• The net gain or loss on financial assets at FVTPL;

• The net gain or loss on the disposal of investments in debt securities measured at FVOCI;

• The foreign currency gain or loss on financial assets and financial liabilities; and

• The reclassification of net gains and losses previously recognized in OCI on cash flow hedges of interest rate risk and foreign currency risk for borrowings.

W. Foreign currency transactions and balances

Transactions in foreign currency are those transactions carried out in a currency other than the functional currency. Transactions in foreign currency are translated into functional currency at the exchange rates at the dates of the transactions.

The foreign currency gains or losses, resulting from the payment of such transactions and from the translation of monetary assets and liabilities stated in foreign currency at exchange rates ruling at period-end closing, are recognized in the consolidated statement of profit or loss and other comprehensive income.

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into soles at the exchange rates at the reporting date. The income and expenses related to foreign operations are translated into soles at the average exchange rate for each month of the year. Foreign currency differences are recognized in OCI and presented in the “translation reserve,” except to the extent that the translation difference is allocated to non-controlling interest.

X. Written Put and Call Options in Business Combinations and Forward Purchase Agreements

The Group may write a put option or enter into a forward purchase agreement with non-controlling shareholders in an existing subsidiary on their equity interests in that subsidiary or in a subsidiary acquired in a business combination. If the put option or forward granted to the non-controlling shareholders provides for settlement in cash or in another financial asset by the entity, then the Group recognizes a liability for the present value of the exercise price of the option or of the forward price.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Non-controlling shareholders with present access to the returns:

If the non-controlling shareholders still have present access to the returns associated with the underlying ownership interest, the Group could choose an accounting policy, to be applied consistently, to use one of the following methods:

• The anticipated-acquisition method: The contract is accounted for as an anticipated acquisition of the underlying non-controlling interest as if the put option had been exercised already or the forward had been satisfied by the non-controlling shareholders. This is independent of how the exercise price is determined and how likely it is that the option will be exercised.

• The present-access method: Under this method, non-controlling interest continues to be recognized because the non-controlling shareholders still have present access to the returns associated with the underlying ownership interests; therefore, the debit entry is to “other” equity.

Non-controlling shareholders with no present access to the returns:

If this is the case the Group should apply the anticipated-acquisition method.

Substantially all of the returns associated with the underlying ownership interest are transferred to the parent only if both of the following tests are met:

• From an economic perspective, the instrument will be exercised in substantially all cases.

• The sensitivity of the exercise price to the variations in the fair value of the ownership interest is sufficiently low that substantially all of that variation accrues to the parent.

The Group applies the present-access method for all transactions where non-controlling shareholders still have the present access to the returns associated with the underlying ownership interest.

Subsequent to initial recognition of the liability using the present-access method:

• For written put options over non-controlling shareholders, the Group chooses an accounting policy to be applied consistently, to recognize changes in the carrying amount of the liability within profit or loss or equity. Subsequent changes in the carrying amount of the liability are recognized in equity.

• For forward purchase agreements over non-controlling shareholders, changes in the carrying amount of the liability are recognized in profit or loss.

Y. Share-based payments

The Company provides share-based payments, which are equity settled, since they provide the participants the right to be compensated with a specific number of Company’s shares instead of receiving a payment based on the value of the Company’s shares.

The grant-date fair value of equity-settled share-based payment arrangements granted to non-executive members of the Board and employees is generally recognized as an expense on a straight-line method during the vesting period, with a corresponding increase in equity, over the vesting period of the awards.

Z. IFRS’ new amendments of mandatory application as of the periods beginning on January 1, 2025

The following amendments to IFRS are required to be applied for annual periods beginning on

January 1, 2025:

Effective date	New standards or amendments
January 1, 2025	• Lack of Exchangeability – Amendments to IAS 21

The Group adopted these amendments, not generating significant impacts on the consolidated financial statements as of December 31, 2025.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

AA. Standards issued but not yet effective

The following accounting pronouncements issued are applicable to annual periods beginning after January 1, 2025, and have not been applied in the preparation of these financial statements. The Company plans to adopt the corresponding accounting pronouncements on their respective dates of application.

Effective date	New standards or amendments
January 1, 2026	• Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 • Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 • Annual Improvements to IFRS Accounting Standards – Volume 11
January 1, 2027	• IFRS 18 - Presentation and Disclosure in Financial Statements • IFRS 19 - Subsidiaries without Public Accountability: Disclosures
Available for optional adoption/ effective date deferred indefinitely	• Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 and IAS 28.

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements.

• Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.

• Enhanced guidance is provided on how to group information in the financial statements.

In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.

The Group is still in the process of assessing the impact of the new standard, particularly with respect to the structure of the Group’s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as ‘other’.

BB. Sustainability policy pronouncements not yet effective

The following pronouncements issued are applicable for the preparation of financial statements and sustainability reports.

New IFRS of Sustainability	Effective date
IFRS S1 General Requirements for Disclosures about Sustainability Disclosures Related to Financial Information	Annual periods beginning on or after January 1, 2024. Early adoption is permitted with the joint application of IFRS S2.
IFRS S2 Climate-related Disclosures	Annual periods beginning on or after January 1, 2024. Early adoption is permitted with the joint application of IFRS S1.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

The Group is evaluating these standards, since it is not obliged to adopt it. These sustainability standards have not yet been approved in the countries where the Company and its subsidiaries are domiciled.

Cash and Cash Equivalents

As of December 31, this caption includes the following:

In thousands of soles — Checking accounts (a)	274,452	217,824	226,147
Term deposits (b)	32,450	17,545	14,346
Cash funds	507	376	640
3-month deposit (cash equivalent) (c)	28,032	—	—
	335,441	235,745	241,133

(a) As of December 31, 2025, checking accounts are held at local and foreign banks in local and foreign currency amounting to S/ 129,389 thousand and an equivalent of S/ 145,063 thousand, respectively (S/ 91,903 thousand and an equivalent of S/ 125,921 thousand as of December 31, 2024, and S/ 80,163 thousand and an equivalent of S/ 145,984 thousand as of December 31, 2023).

(b) As of December 31, 2025, it includes overnight term deposits held at local and foreign banks in local and foreign currency amounting for S/ 5,174 thousand and equivalent to S/ 27,276 thousand respectively. These deposits were held in local and foreign financial entities, earned interest at market rates, and matured at the beginning of the first quarter of 2026 (S/ 2,615 thousand and equivalent to S/ 14,930 thousand as of December 31, 2024 with maturity at the beginning of February 2025 and S/ 1,253 thousand and equivalent to S/ 13,093 thousand as of December 31, 2023 with maturity at the beginning of February 2024).

(c) As of December 31, 2025 the cash equivalents are short-term, highly liquid investments, with original maturities of three months or less.

The quality of the financial institutions where the Group deposits its cash has been rated as follows:

• In accordance with the information provided by Apoyo y Asociados Internacionales S.A.C., an international rating agency (applicable to Peruvian financial entities):

In thousands of soles
Bank deposits and accounts
A+	116,098	125,939	90,914
A-	381	268	3,128
A	23,635	3,072	9,667
	140,114	129,279	103,709

• In accordance with the information provided by an international rating agency (applicable to Colombian financial entities):

In thousands of soles
Bank deposits and accounts
AAA	84,824	58,011	109,647
AA+	11	10	11
AA-	—	—	5
	84,835	58,021	109,663

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

• In accordance with the information provided by an international rating agency (applicable to Mexican financial entities):

In thousands of soles
Bank deposits and accounts
A+	7,037	—	—
AAA	309	25,420	15,426
A	—	43	43
AA	—	2,367	2,083
BBB	13,116	—	9
BBB+	60,780	676	5,229
BBB-	8	3,027	1,036
	81,250	31,533	23,826

• In accordance with the information provided by an international rating agency (applicable to Luxembourg financial entities):

In thousands of soles
Bank deposits and accounts
A+	38	48	1,351
AA	—	16,488	—
AAA	665	—	1,944
	703	16,536	3,295

Trade Accounts Receivable

As of December 31, this caption includes the following:

In thousands of soles — Trade accounts receivable		1,163,535		1,041,330		904,997
Trade accounts receivable from related parties	31	3,586		3,191		1,637
		1,167,121		1,044,521		906,634
Less: Loss for impairment of trade receivables		( 123,843	)	( 82,064	)	( 45,298	)
		1,043,278		962,457		861,336
Current		1,042,792		961,886		860,916
Non-current		486		571		420

Trade accounts receivable have current maturity, do not bear interest and do not have specific guarantees. Trade accounts receivable included the unbilled amount for S/ 241,955 thousand (S/ 152,937 thousand as December 31, 2024 and S/ 161,651 thousand as of December 31, 2023). These amounts will become billable within the first quarter of the next annual period.

As of December 31, 2025, 2024 and 2023, the non-current portion corresponds to receivables agreements with individual customers related to healthcare services, mainly with maturities between 24 and 36 months , and do not have specific guarantees.

The impairment estimate of trade accounts receivable is included in the “Loss for impairment of trade receivables” item in the consolidated statement of profit or loss and other comprehensive income. Amounts charged to results of the impairment period are generally written off when there is no expectation of cash recovery.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Disaggregation of trade accounts receivable

This caption includes the following:

1,043,278	962,457	861,336
1,043,278	962,457	861,336

By primary geographical markets

2025

236,005	667,280	139,993	1,043,278
236,005	667,280	139,993	1,043,278

2024

245,916	624,184	92,357	962,457
245,916	624,184	92,357	962,457

2023

167,963	567,672	125,701	861,336
167,963	567,672	125,701	861,336

Transfer of accounts receivable

As of December 31, 2025, the Group maintain factoring agreements with Citibank del Perú S.A., Fideicomiso Santander and Fideicomiso Macrocapitales in order to have more liquidity. According to these agreements, the Group sold without recourse trade receivables for S/ 203,884 thousand (S/ 138,300 thousand as December 31, 2024 and S/ 153,767 thousand as December 31, 2023). These trade receivables have been derecognized from the consolidated statement of financial position, because the Group transferred substantially all of the risks and rewards.

Expected credit loss assessment for customers (ECL)

The Group uses an allowance matrix to measure the ECLs of trade receivables. Loss rates are calculated using a “roll rate” method based on the probability of a receivable progressing through successive stages of delinquency to write-off. Roll rates are calculated separately for exposures in different segments based on the following common credit risk characteristics: geographic region, age of customer relationship and type of product purchased.

The Group’s exposure to credit risk is mainly influenced by the characteristics of corporate and individual clients. The Group has established a credit policy under which the client is analyzed by group if it is individual or corporate to determine its solvency before payment and the terms and conditions of the service are offered. The Group’s evaluation includes external qualifications, information from credit agencies, and considers that the main corporate clients are insurers that are supervised by the banking and insurance regulators.

The Group limits its exposure to the credit risk of trade accounts receivable by establishing a maximum payment period of one and three months for individual and corporate clients.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

The composition of accounts receivable by geographic region and aging as of December 31, 2025, 2024 and 2023 is as follows:

2025

In thousands of soles — Current (not past due)	147,220	258,282	62,991	468,493
1 - 90 days past due	58,242	155,953	61,738	275,933
91 - 180 days past due	19,389	83,390	14,420	117,199
181 - 360 days past due	21,586	95,217	4,179	120,982
More than 360 days past due	48,230	135,100	1,184	184,514
	294,667	727,942	144,512	1,167,121

2024

In thousands of soles — Current (not past due)	148,219	222,487	80,296	451,002
1 - 90 days past due	55,959	192,844	13,865	262,668
91 - 180 days past due	30,187	103,337	1,090	134,614
181 - 360 days past due	21,118	76,379	761	98,258
More than 360 days past due	30,233	67,225	521	97,979
	285,716	662,272	96,533	1,044,521

2023

In thousands of soles — Current (not past due)	109,854	247,064	93,005	449,923
1 - 90 days past due	37,908	186,323	30,853	255,084
91 - 180 days past due	13,511	44,738	1,563	59,812
181 - 360 days past due	11,401	62,419	944	74,764
More than 360 days past due	26,853	39,906	292	67,051
	199,527	580,450	126,657	906,634

The following table provides information about the exposure to credit risk and ECLs for trade receivables from corporate customers as of December 31, 2025, 2024 and 2023:

2025

In thousands of soles — Current (not past due)	0.49 %	452,713	2,199
1 - 90 days past due	2.46 %	263,586	6,473
91 - 180 days past due	9.04 %	112,881	10,202
181 - 360 days past due	14.70 %	115,410	16,962
More than 360 days past due	41.00 %	163,644	67,086
		1,108,234	102,922

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

2024

In thousands of soles — Current (not past due)	0.26 %	418,626	1,103
1 - 90 days past due	0.67 %	267,552	1,782
91 - 180 days past due	13.76 %	134,059	18,448
181 - 360 days past due	10.47 %	95,155	9,966
More than 360 days past due	39.30 %	80,147	31,499
		995,539	62,798

2023

In thousands of soles — Current (not past due)	0.13 %	439,258	573
1 - 90 days past due	0.57 %	251,240	1,420
91 - 180 days past due	4.67 %	58,196	2,717
181 - 360 days past due	10.64 %	71,527	7,613
More than 360 days past due	38.43 %	50,483	19,400
		870,704	31,723

The following table provides information about the exposure to credit risk and ECLs for trade receivables from individual customers as of December 31, 2025, 2024 and 2023:

2025

In thousands of soles — Current (not past due)	1.17 %	15,780	184
1 - 90 days past due	12.66 %	12,347	1,563
91 - 180 days past due	34.97 %	4,318	1,510
181 - 360 days past due	30.51 %	5,572	1,700
More than 360 days past due	76.49 %	20,870	15,964
		58,887	20,921

2024

In thousands of soles — Current (not past due)	1.37 %	14,237	195
1 - 90 days past due	7.22 %	8,063	582
91 - 180 days past due	42.50 %	2,135	907
181 - 360 days past due	36.56 %	4,029	1,473
More than 360 days past due	78.51 %	20,518	16,109
		48,982	19,266

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

2023

In thousands of soles — Current (not past due)	2.95 %	10,665	315
1 - 90 days past due	5.10 %	3,844	196
91 - 180 days past due	11.76 %	1,616	190
181 - 360 days past due	23.42 %	3,237	758
More than 360 days past due	73.13 %	16,568	12,116
		35,930	13,575

The annual movement of loss for impairment of trade accounts receivables is the following:

In thousands of soles — Initial balance	82,064		45,298		38,589
Additions	50,158		42,413		6,979
Recovery	( 2,104	)	( 1,558	)	( 1,295	)
Write-off	( 4,031	)	( 671	)	( 2,781	)
Exchange difference	( 2,244	)	( 3,418	)	3,806
Final balance	123,843		82,064		45,298

Other Assets

As of December 31, this caption includes the following:

In thousands of soles — Tax credit from sales tax (VAT) (a)	89,902	140,615	87,187
Costs of anticipated equity transactions	—	—	29,957
Prepaid expenses (b)	12,759	11,500	8,810
Payments in advance of income tax (c)	114,006	64,891	66,572
Accounts receivables from credit cards	9,045	9,713	9,755
Claims to third parties (d)	2,423	2,712	1,715
Account receivable from former shareholders (e)	782	758	1,149
Guarantees furnished (f)	1,356	1,233	1,047
Taxes receivable	17,649	10,553	7,579
Loans to personnel	1,347	1,128	1,849
Prepayments	10,144	8,094	8,399
Others (g)	26,008	26,519	20,282
	285,421	277,716	244,301
Current	258,511	253,283	222,728
Non-current	26,910	24,433	21,573

(a) As of December 31, 2025, 2024 and 2023, it includes the tax credit (net) of value added tax (VAT).

(b) It corresponds to insurance paid in advance, annual licenses of software and the incremental cost of obtaining a contract with a supplier for selling oncological healthcare plans.

(c) It corresponds to payments in advance of income tax, which will be offset with future income tax in the next fiscal year.

(d) It includes a receivable for salaries of employees on leave that is to be refunded by the government for S/ 677 thousand for December 31, 2025 (S/ 793 thousand and S/ 1,199 thousand for December 31, 2024 and 2023, respectively).

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(e) As of December 31, 2025, 2024 and 2023, it corresponds to account receivables from former shareholders for tax and labor liabilities contingencies that were determined in the acquisition of Patología Oncológica for S/ 209 thousand.

As of December 31, 2025, 2024 and 2023, it includes the account receivables from former shareholders for medical liabilities contingencies that were determined in the acquisition of PMLA. In 2025, the amount of account receivables from former shareholders is S/ 573 thousand. (S/ 549 thousand and S/ 940 thousand for December 31, 2024 and 2023, respectively).

(f) It corresponds to funds under restriction in financial institutions mainly for the compliance with debts and guarantees for real estate rentals.

(g) It includes accounts receivable from Consorcio Trecca for S/ 17,131 thousand for December 31, 2025 (S/ 16,033 thousand and S/ 12,395 thousand for December 31, 2024 and 2023, respectively) which corresponds to preoperative activities defined in the concession arrangement, that represents a contractual right to receive cash and the accounts receivable is accumulated when the preoperative activities are incurred.

Inventories

As of December 31, this caption includes the following:

In thousands of soles — Medicines	120,812	100,398	101,970
Medical supplies	35,689	38,550	21,563
Supplies and packaging	8,297	4,816	6,988
	164,798	143,764	130,521

In 2025, 2024 and 2023, inventories of S/ 1,143,319 thousand, S/ 1,143,359 thousand and S/ 1,022,220 thousand, respectively, were recognized as an expense during these years and included in cost of sales and services.

As of December 31, 2025, and 2024 the Group has recognized an impairment of inventories for S/ 668 thousand, and S/ 419 thousand, respectively. As of December 31, 2023, the Group has recognized a reversal for impairment of inventories for S/ 1,927 thousand.

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Derivative Financial Instruments

Derivatives Foreign exchange operation agreements with deferred premium

As of December 31, 2025, 2024 and 2023, this caption includes the following:

In thousands of soles
Derivative assets mandatorily measured at FVTPL
Fx operation Agreement – Purchased Collar	(g	)	US$ 80,000	2024	—	—		721
Derivative assets mandatorily measured at FVOCI
Fx operation Agreement – Call Spread	(a	)	US$ 253,000	2029	36,785	38,849		—
Fx operation Agreement – Call Spread (Long Put)	(a	)	US$ 47,000	2025	—	( 2,856	)	—
Fx operation Agreement – Call Spread (Short Call)	(a	)	US$ 47,000	2025	—	7,825		—
Fx operation Agreements – Purchased Collar (Long Put)	(a	)	US$ 300,000	2025	—	—		( 33,325	)
Fx operation Agreements – Purchased Collar (Short Call)	(a	)	US$ 300,000	2025	—	—		50,870
Fx operation Agreement – Call Spread	(b	)	US$ 84,000	2029	9,589	—		—
Fx operation Agreement – Call Spread	(c	)	US$ 57,000	2032	7,662	—		—
Fx operation Agreement – Call Spread	(d	)	US$ 55,500	2026	—	4,828		6,464
Fx operation Agreement – Call Spread	(e	)	US$ 2,082	2028	—	205		254
Fx operation Agreement – Call Spread	(e	)	US$ 50,918	2028	—	5,534		6,205
Fx operation Agreement – Purchased Collar	(c	)	US$ 396,500	2028	—	—		51,024
Fx operation Agreement – Single Call	(f	)	US$ 30,000	2028	—	6,337		—
Interest Rate Swap – TIIE	(h	)	MXN 1,705,351	2028	—	6,750		—
					54,036	67,472		82,213
Current					—	8,962		721
Non-current					54,036	58,510		81,492
Derivative liabilities mandatorily measured at FVOCI
Interest Rate Swap – TIIE	(h	)	MXN 1,590,240	2030	8,996	—		—
Interest Rate Swap – TIIE	(h	)	MXN 3,180,000	2030	53,554	—		—
Interest Rate Swap – TIIE	(h	)	MXN 3,410,702	2028	—	38,471		—
Interest Rate Swap – SOFR	(h	)	US$ 77,500	2028	—	3,899		—
					62,550	42,370		—
Current					22,903	15,273		—
Non-current					39,647	27,097		—

Fx: Foreign exchange

(a) On December 18, 2023, new senior notes maturing in 2029 were issued in exchange for a part of the previous senior notes that were canceled in the exchange (note 15.A), and this derivate instrument was designated as a hedge to cover both senior notes up to the reference value.

On March 22, 2024, the Group signed a novation of the US$ 253,000 thousand notional portion of the “Purchased Collar” structure was carried out to Deutsche Bank (originally Citibank) and then on the same date this nominal portion was modified to replace it with a “Call Spread” structure as a continuation of the current hedging strategy.

On December 18, 2024, the Group issued new senior notes maturing in 2029 in order to prepay the senior notes outstanding which had a maturity in 2025 and the derivative instrument of US$ 47,000 thousand was designated as a hedge to cover these senior notes up to their reference value.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

On March 7, 2025, the Group signed a new call spread with JP Morgan of the US$ 253,000 thousand notional portion. These new instruments cover the exchange fluctuations ranging from S/ 3.713 to S/ 3.756 per US$ 1.

On November 17, 2025, the Group signed a new call spread agreement with JP Morgan for US$ 253,000 thousand which had a maturity in 2032 , which replaced the derivatives for

US$ 47,000 thousand (novated and unwound). This derivative instrument is designated as a hedge to cover the new senior notes issued on November 6, 2025. This instruments cover the exchange fluctuations ranging from S/ 3.400 to S/ 3.713 per US$ 1.

On December 10, 2025, the Group signed a novation of the US$ 253,000 thousand notional portion of the “Call Spread” structure was carried out to JP Morgan (originally Deutsche Bank and JP Morgan) which had a maturity in 2032 . This derivative instrument is designated as a hedge to cover the new senior notes issued on November 6, 2025. These new instruments cover the exchange fluctuations ranging from S/ 3.713 to S/ 3.830 per US$ 1.

(b) On December 11, 2025, the Group signed a new call spread with Santander of the US$ 84,000 thousand notional portion which had a maturity in 2029 . This derivative instrument is designated as a hedge to cover the new senior notes issued on November 6, 2025. These new instruments cover the exchange fluctuations ranging from S/ 3.400 to S/ 3.800 per US$ 1.

(c) On December 11, 2025, the Group signed a new call spread with Santander of the US$ 57,000 thousand notional portion which had a maturity in 2032 . This derivative instrument is designated as a hedge to cover the new senior notes issued on November 6, 2025. These new instruments cover the exchange fluctuations ranging from S/ 3.400 to S/ 3.830 per US$ 1.

(d) On November 29, 2022, the Group signed a new foreign exchange options which included Call spread agreement with Citibank N.A. for S/ 238,650 thousand (US$ 55,500 thousand) to cover 100 % of the loan agreement with JPMorgan Chase Bank, S.A. As a result of this agreement, the Group recorded an increase of the derivative financial asset with the premiums payable by S/ 13,774 thousand. This loan was paid on April 2023, and this derivative instrument was designated as a hedge to cover the Notes Purchase Agreement issued in April 2023. After, this loan was paid on December 2023, and this derivative instrument was designated as a hedge to cover a part of the new term loan signed on December 18, 2023 up to the reference value. These new instruments cover the exchange fluctuations ranging from S/ 3.8750 to S/ 4.3000 per US$ 1.

(e) On June 1, 2023, the Group signed foreign exchange options which included a Call spread agreement with Citibank for US$ 53,000 thousand (US$ 50,918 thousand and US$ 2,082 thousand). It covered 100 % of the loan agreement. Subsequently, this loan was paid in December 2023, and this derivative instrument was designated as a hedge to cover the new term loan signed on December 18, 2023, and for the no hedged item it had an effect on results that was recorded in finance cost. These instruments cover the exchange fluctuations ranging from S/ 3.8575 to S/ 4.30 per US$ 1.

On January 23, 2025, the Group signed foreign exchange options which included a Call spread agreement with Citibank for US$ 108,500 thousand which replaced the derivatives for US$ 55,500 thousand, US$ 2,082 thousand and US$ 50,918 thousand. This derivative instrument was designated as a hedge to cover the new term loan signed on December 18, 2023. These instruments cover the exchange fluctuations ranging from S/ 3.713 to S/ 4.20 per US$ 1.

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

On December 11, 2025, the Group signed a new call spread agreement with Santander for US$ 84,000 thousand and $ 57,000 thousand which replaced the derivatives for US$ 108,500 thousand (novated and unwound).

(f) On May 5, 2023, the Group, through its subsidiary Grupo Salud Auna Mexico, signed foreign exchange options which included a Single call agreement with Santander Bank for US$ 396,500 thousand. It covered 100 % of the term loan. Subsequently, this loan was paid on December 2023 and this derivate instrument was designated as a hedge to cover a part of the new term loan signed on December 18, 2023, and for the no hedged item it had an effect on results that was recorded in finance cost. On March 19, 2024, the Company restructured its debt as a result of a syndication process. As a consequence, the notional in US dollars exposed to exchange rate risk has decreased to US$ 30,000 thousand and for the no hedged item it had an effect on results that was recorded in finance cost. On April 25, 2024, the Group signed a novation for a portion of US$ 366,500 thousand of the original structure to HSBC Bank, and then on the same date that portion was unwinded. As result, a notional amount of US$ 30,000 thousand was maintained with Santander Bank. This instrument covers the exchange fluctuations greater than MXN 22.50 per US$ 1.

On December 4, 2025, the Group executed the unwind the notional amount of US$ 30,000 thousand with Santander Bank. This decision was motivated by the restructuring of the debt profile of the Group.

(g) On July 21, 2023, the Group, through its subsidiary Auna Colombia S.A.S., signed foreign exchange options which included a Single Call agreement with Citibank N.A. for US$ 80,000 thousand. These instruments cover the exchange fluctuations greater than COP 6,000 per US$ 1. As of September 30, 2024 this derivative has finished.

(h) In April 2024, the Group signed new interest rate swap agreements to cover the interest rate fluctuation related to the new term loan signed December 18, 2023. The amount covered was MXN 3,410,703 thousand and US$ 77,500 thousand and such instrument fixed an interest rate of 11.80 % and 4.51 % respectively for the entire period of the derivative.

On December 4, 2025, the Group executed the unwind of the interest rate swap of US$ 77,500 which set the interest rate of 4.51 %. This decision was motivated by the restructuring of the debt profile of the Group.

In September 2024, the Group signed new interest rate swap agreements to cover the interest rate fluctuation related to the new term loan signed December 18, 2023. The amount covered was MXN 1,705,351 thousand and such instrument fixed an interest rate of 8.81 % for the entire period of the derivative.

On November 6, 2025, the Group entered into a new interest rate swap agreement to cover the interest rate fluctuation related to the new term loan signed October 31, 2025. The amount covered was MXN 1,590,240 thousand and such instrument fixed an interest rate of 8.52 % for the entire period of the derivative, which replaced the interest rate swap for MXN 1,705,351 thousand.

On December 19, 2025, the Group entered into a new interest rate swap agreement to cover the interest rate fluctuation related to the new term loan signed October 31, 2025 . The amount covered was MXN 3,180,000 thousand and such instrument fixed an interest rate of 10.43 % for the entire period of the derivative, which replaced the interest rate swap for MXN 3,410,703 thousand.

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

As of December 31, 2025, there are outstanding premiums payable for S/ 145,115 thousand (S/ 85,849 thousand as of December 31, 2024 and S/ 157,896 thousand as of December 31, 2023), which were included in Other Accounts Payable (note 17.b). The liabilities were incurred in connection with Call spread and Single Call agreements.

The effect of fair value of these derivative financial instruments, net of tax recognized in the consolidated other comprehensive income for the year ended December 31, 2025, was a loss for S/ 80,597 thousand (loss of S/ 16,140 thousand and of S/ 75,423 thousand for the year ended December 31, 2024 and 2023, respectively).

During the year 2025, the effect reclassified from other comprehensive income to profit or loss as higher exchange difference was S/ 22,244 thousand and from other comprehensive income to profit or loss as finance cost was S/ 18,268 thousand (note 24), and neither includes S/ 10,140 thousand of tax.

As of December 31,2025, the net effect of derecognizing the Call spread and Single Call agreements to S/ 29,308 thousand and is recorded in the hedge reserve item of the consolidated statement of changes in equity, corresponding to S/ 39,098 thousand recognized in the financial cost as a lower value and S/ 9,790 thousand recognized in the caption of tax of the consolidated statement of comprehensive income.

As of December 31,2025, the net effect of derecognizing the interest rate swap agreement to S/ 20,871 thousand and is recorded in the hedge reserve item of the consolidated statement of changes in equity, corresponding to S/ 29,375 thousand recognized in the financial cost as a lower value and S/ 8,504 thousand recognized in the caption of tax of the consolidated statement of comprehensive income.

During the year 2024, the effect reclassified from other comprehensive income to profit or loss as gain of exchange difference was S/ 9,249 thousand and from other comprehensive income to profit or loss as finance cost was S/ 34,482 thousand (note 24), and neither includes S/ 7,069 thousand of tax.

During the year 2023, the effect reclassified from other comprehensive income to profit or loss as loss exchange difference was S/ 32,100 thousand and from other comprehensive income to profit or loss as finance cost was S/ 86,135 thousand (note 24), and neither includes S/ 34,051 thousand of tax.

Other Investments

As of December 31, this caption includes the following:

In thousands of soles
Current investments
Sovereign debt securities - at FVOCI	30,237	100,228	93,132
	30,237	100,228	93,132
Non-current investments
Sovereign debt securities - at FVOCI	702	282	289
	702	282	289

As of December 2025, and 2024, and 2023 sovereign debt securities at FVOCI earned interest rates between 3.86 % - 10.74 %, and 2.4 % - 12.6 %, and 6.0 % - 11.5 %, respectively.

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Investments in Associates and Joint Venture

As of December 31, this caption includes the following:

In thousands of soles
Associates
Ciclotrón Colombia S.A.S. (a)	32.50	15,524	12,170	10,347
Ciclotrón Perú S.A. (c)	49.00	7,624	7,792	5,655
Joint Venture
Pet CT Perú S.A. (b)	50.00	6,700	5,443	4,582
		29,848	25,405	20,584

(a) It is dedicated to the production and commercialization of radiopharmaceuticals used for diagnostic images of PET (positron emission tomography) and scintigraphy and its fiscal address is Calle 30 N 46 - 25 Medellín – Colombia.

(b) It is dedicated to providing medical diagnostic imaging services and cancer treatment, using PET / CT molecular imaging technology.

(c) It is dedicated to the production of radiopharmaceuticals used for diagnostic images of PET (positron emission tomography).

The Group has recognized the following amounts in the consolidated statement of profit or loss and other comprehensive income:

In thousands of soles
Profit
Associate
Ciclotrón Colombia S.A.S.	7,136	5,495	4,063
Ciclotrón Perú S.A.	1,469	2,444	1,497
Joint Venture
Pet CT Perú S.A.	1,809	861	730
	10,414	8,800	6,290
Other comprehensive income
Associate
Ciclotrón Colombia S.A.S.	—	—	( 42	)

The interest of the Group in the profit or loss, assets, and liabilities of its associate and joint venture is the following:

In thousands of soles
As of December 31, 2025
Ciclotrón Perú S.A.	17,527	2,321	13,232	9,992	49.0
Pet CT Perú S.A.	18,233	3,842	21,774	18,623	50.0
Ciclotrón Colombia S.A.S.	56,060	12,868	63,082	41,124	32.5
As of December 31, 2024
Ciclotrón Perú S.A.	16,656	5,910	18,389	12,894	49.0
Pet CT Perú S.A.	18,473	6,820	19,142	15,843	50.0
Ciclotrón Colombia S.A.S.	41,849	17,825	43,350	30,503	32.5
As of December 31, 2023
Ciclotrón Perú S.A.	15,326	4,493	11,171	8,177	49.0
Pet CT Perú S.A.	15,467	4,348	17,101	14,671	50.0
Ciclotrón Colombia S.A.S.	46,897	19,975	42,181	29,680	32.5

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

The annual movement of investments in the associate and joint venture during the year includes:

In thousands of soles — As of January 1	25,405		20,584		13,096
Group’s share in profit or loss	10,414		8,800		6,290
Group’s share in other comprehensive income	—		—		( 42	)
Collection of dividends	( 6,488	)	( 2,709	)	( 157	)
Exchange difference	517		( 1,270	)	1,397
As of December 31	29,848		25,405		20,584

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Property, Furniture and Equipment

The movement of property, furniture and equipment and the respective accumulated depreciation for the years ended December 31, 2025, 2024 and 2023 is as follows:

In thousands of soles
Cost
Balances as of January 1, 2023		359,135		1,791,937		447,666		1,180		28,091		24,200		2,652,209
Additions		—		24,634		46,207		819		6,240		45,111		123,011
Business combination balances	1.C.	—		—		185		104		69		—		358
Reclassifications to intangible assets		—		—		11		—		—		( 1,344	)	( 1,333	)
Reclassifications from right-of-use asset (c)		—		—		8,169		126		—		—		8,295
Transfers		—		15,708		( 80	)	( 4	)	59		( 15,683	)	—
Write-off (e)		—		( 118	)	( 7,480	)	( 111	)	( 198	)	—		( 7,907	)
Disposals		( 1,127	)	( 75	)	( 127	)	( 342	)	( 353	)	—		( 2,024	)
Exchange difference		36,637		199,388		45,777		2		3,236		2,567		287,607
Balances as of December 31, 2023		394,645		2,031,474		540,328		1,774		37,144		54,851		3,060,216
Balances as of January 1, 2024		394,645		2,031,474		540,329		1,774		37,144		54,850		3,060,216
Additions (a)		—		21,705		51,124		153		2,588		23,839		99,409
Reclassifications from intangible assets		—		—		63		—		—		—		63
Reclassifications from right-of-use asset (c)		—		—		6,515		—		—		—		6,515
Transfers		—		7,208		18,292		—		2,785		( 28,285	)	—
Write-off (e)		—		( 262	)	( 8,913	)	—		( 493	)	( 17	)	( 9,685	)
Disposals		—		—		( 1	)	( 195	)	( 18	)	—		( 214	)
Exchange difference		( 38,121	)	( 219,597	)	( 44,603	)	( 72	)	( 3,522	)	( 3,892	)	( 309,807	)
Balances as of December 31, 2024		356,524		1,840,528		562,806		1,660		38,484		46,495		2,846,497
Balances as of January 1, 2025		356,524		1,840,528		562,806		1,660		38,484		46,495		2,846,497
Additions (a)		—		14,702		40,144		—		2,484		13,714		71,044
Reclassifications to intangible assets		—		—		( 8	)	—		—		—		( 8	)
Reclassifications from right-of-use asset (c)		—		—		16,423		837		28		—		17,288
Transfers		—		16,101		2,876		—		339		( 19,316	)	—
Write-off (e)		—		( 1,048	)	( 9,026	)	( 53	)	( 2,087	)	—		( 12,214	)
Disposals		( 2,979	)	( 1,651	)	( 10	)	( 203	)	( 3	)	—		( 4,846	)
Exchange difference		7,335		40,835		10,795		5		888		651		60,509
Balances as of December 31, 2025		360,880		1,909,467		624,000		2,246		40,133		41,544		2,978,270

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles
Accumulated depreciation
Balances as of January 1, 2023	—	( 136,809	)	( 185,129	)	( 530	)	( 9,597	)	—	( 332,065	)
Additions (d)	—	( 52,062	)	( 76,236	)	( 259	)	( 3,885	)	—	( 132,442	)
Reclassifications from right-of-use asset (c)	—	—		( 5,239	)	( 100	)	—		—	( 5,339	)
Write-off (e)	—	23		5,628		111		79		—	5,841
Disposals	—	56		111		312		—		—	479
Exchange difference	—	( 5,620	)	( 17,342	)	75		( 663	)	—	( 23,550	)
Balances as of December 31, 2023	—	( 194,412	)	( 278,207	)	( 391	)	( 14,066	)	—	( 487,076	)
Balances as of January 1, 2024	—	( 194,412	)	( 278,207	)	( 391	)	( 14,066	)	—	( 487,076	)
Additions (d)	—	( 51,953	)	( 58,778	)	( 359	)	( 4,147	)	—	( 115,237	)
Reclassifications from right-of-use asset (c)	—	—		( 3,944	)	—		—		—	( 3,944	)
Write-off (e)	—	203		4,595		—		347		—	5,145
Disposals	—	—		1		143		—		—	144
Exchange difference	—	11,176		22,605		( 69	)	882		—	34,594
Balances as of December 31, 2024	—	( 234,986	)	( 313,728	)	( 676	)	( 16,984	)	—	( 566,374	)
Balances as of January 1, 2025	—	( 234,986	)	( 313,728	)	( 676	)	( 16,984	)	—	( 566,374	)
Additions (d)	—	( 52,598	)	( 58,856	)	( 326	)	( 3,637	)	—	( 115,417	)
Reclassifications from right-of-use asset (c)	—	—		( 10,980	)	( 837	)	( 16	)	—	( 11,833	)
Write-off (e)	—	136		8,671		34		1,985		—	10,826
Disposals	—	96		8		133		1		—	238
Exchange difference	—	( 2,532	)	( 5,904	)	16		( 288	)	—	( 8,708	)
Balances as of December 31, 2025	—	( 289,884	)	( 380,789	)	( 1,656	)	( 18,939	)	—	( 691,268	)
Net carrying amount
Balances as of December 31, 2023	394,645	1,837,062		262,121		1,383		23,078		54,851	2,573,140
Balances as of December 31, 2024	356,524	1,605,542		249,078		984		21,500		46,495	2,280,123
Balances as of December 31, 2025	360,880	1,619,583		243,211		590		21,194		41,544	2,287,002

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(a) In 2025, the Group acquired medical equipment for S/ 40,144 thousand to expand the clinical services (S/ 51,124 thousand and S/ 46,207 thousand in 2024 and 2023, respectively).

In addition during 2025, the infrastructure includes S/ 12,773 thousand of costs incurred for the expansion of the Peruvian clinics and S/ 1,929 thousand of the OCA Hospital in Mexico (S/ 8,168 thousand of costs incurred for the expansion of the Peruvian clinics, S/ 6,998 thousand of the Colombia clinics and S/ 6,539 thousand of the OCA Hospital in Mexico during 2024 and S/ 9,361 thousand of costs incurred for the Peruvian clinics, S/ 5,902 thousand of the Colombia clinics, S/ 9,371 thousand of the OCA Hospital in México during 2023).

(b) As of December 31, 2025, 2024 and 2023, the additions of constructions in progress amounted to S/ 13,714 thousand. This includes cost of projects related to the remodeling of the Peruvian clinics for an amount of S/ 2,691 , Colombia clinics for an amount of S/ 2,253 and OCA Hospital in México for an amount of S/ 8,770 .

(c) Corresponds to transfers from right-of-use as a consequence of the termination of the lease agreement with option to purchase.

(d) The depreciation recognized in the consolidated statement of profit or loss and other comprehensive income includes:

In thousands of soles — Cost of sales and services	21	92,400	95,193	113,360
Administrative expenses	21	23,017	20,044	19,082
		115,417	115,237	132,442

(e) It includes the write-off of the physical inventory of fixed assets of the Group in 2025 with a cost of S/ 1,308 thousand (S/ 1,457 thousand in 2024) and accumulated depreciation of S/ 1,251 thousand (S/ 907 thousand in 2024).

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Intangibles Assets

The movement of intangibles and the corresponding accumulated amortization for the years ended December 31, 2025, 2024 and 2023 is as follows:

In thousands of soles
Cost
Balances as of January 1, 2023		1,805,890		407,283		402,592		188,135		20,858	2,824,758
Additions		—		—		—		56,068		2,920	58,988
Business combination balances	1.C.	21,330		3,411		—		—		—	24,741
Hospital y Clínica OCA’s purchase price adjustment		( 8,193	)	—		—		—		—	( 8,193	)
Reclassifications from property, furniture and equipment		—		—		—		1,333		—	1,333
Disposal		—		—		—		( 738	)	—	( 738	)
Exchange difference		250,211		67,837		48,372		11,356		—	377,776
Balances as of December 31, 2023		2,069,238		478,531		450,964		256,154		23,778	3,278,665
Balances as of January 1, 2024		2,069,238		478,531		450,964		256,154		23,778	3,278,665
Additions		—		—		—		50,499		2,000	52,499
Reclassifications from property, furniture and equipment		—		—		—		( 63	)	—	( 63	)
Disposal		—		—		—		( 1,123	)	—	( 1,123	)
Exchange difference		( 314,947	)	( 65,802	)	( 73,733	)	( 11,766	)	—	( 466,248	)
Balances as of December 31, 2024		1,754,291		412,729		377,231		293,701		25,778	2,863,730
Balances as of January 1, 2025		1,754,291		412,729		377,231		293,701		25,778	2,863,730
Additions		—		9,390		—		40,622		5,260	55,272
Reclassifications from property, furniture and equipment		—		—		—		8		—	8
Disposal		—		—		—		( 157	)	—	( 157	)
Exchange difference		48,219		13,854		8,847		4,081		—	75,001
Balances as of December 31, 2025		1,802,510		435,973		386,078		338,255		31,038	2,993,854

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles
Accumulated amortization
Balances as of January 1, 2023	—	—		( 4,186	)	( 61,655	)	—	( 65,841	)
Annual amortization	—	—		( 63,679	)	( 13,052	)	—	( 76,731	)
Disposal	—	—		—		261		—	261
Exchange difference	—	—		( 4,189	)	( 2,978	)	—	( 7,167	)
Balances as of December 31, 2023	—	—		( 72,054	)	( 77,424	)	—	( 149,478	)
Balances as of January 1, 2024	—	—		( 72,054	)	( 77,424	)	—	( 149,478	)
Annual amortization	—	—		( 50,392	)	( 25,881	)	—	( 76,273	)
Disposal	—	—		—		6		—	6
Exchange difference	—	—		16,285		2,618		—	18,903
Balances as of December 31, 2024	—	—		( 106,161	)	( 100,681	)	—	( 206,842	)
Balances as of January 1, 2025	—	—		( 106,161	)	( 100,681	)	—	( 206,842	)
Annual amortization	—	( 1,408	)	( 45,992	)	( 31,381	)	—	( 78,781	)
Disposal	—	—		—		10		—	10
Exchange difference	—	( 8	)	( 2,829	)	( 1,053	)	—	( 3,890	)
Balances as of December 31, 2025	—	( 1,416	)	( 154,982	)	( 133,105	)	—	( 289,503	)
Carrying amount
Balances as of December 31, 2023	2,069,238	478,531		378,910		178,730		23,778	3,129,187
Balances as of December 31, 2024	1,754,291	412,729		271,070		193,020		25,778	2,656,888
Balances as of December 31, 2025	1,802,510	434,557		231,096		205,150		31,038	2,704,351

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Amortization

The amortization recognized in the consolidated statement of profit or loss and other comprehensive income includes:

In thousands of soles — Cost of sales and services	21	1,664	2,047	2,005
Selling expenses	21	813	—	—
Administrative expenses	21	76,304	74,226	74,726
		78,781	76,273	76,731

Software

As of December 31, 2025, 2024 and 2023, intangible assets include the costs related to the installation of software (SAP), digital projects, Hospital Information System (HIS), a specialized system used at our network of facilities that, among other features, registers our patients’ contact information; manages administrative services, such as hospital admissions and billing; and houses our EMR system and Matrix system (registers our patients). Also, during 2025 it includes S/ 1,017 thousand (S/ 3,275 thousand during 2024 and S/ 6,358 thousand during 2023) related to the retail digital pharmacy with last-mile delivery, Farmauna, and the telehealth platform, Clínica 360, which provides for clinical intervention with patients through remote access to physicians and other clinicians and telemedicine solutions.

In February 2023, through the business combinations, the group acquired the right to use the trademark Dentegra Seguros Dentales, S.A. for S/ 3,411 thousand and goodwill for S/ 21,331 thousand, note 1.C.

Surface rights agreement

Corresponds to surface rights agreement signed between Medicser and the Peruvian Red Cross Society.

Impairment testing

For the purposes of impairment testing, goodwill has allocated to the Group’s CGUs as follows:

In thousands of soles — Radioncologia S.A.C. (Radioncologia)	10,237	10,237	10,237
Laboratorio Cantella S.A.C. (Cantella)	4,585	4,585	4,585
R&R Patólogos Asociados S.A.C. (R&R)	23	23	23
Servimédicos S.A.C. (Servimédicos)	3,522	3,522	3,522
Clínica Bellavista S.A.C. (Bellavista)	2,219	2,219	2,219
Patología Oncológica S.A.C.	621	621	621
Oncogenomics S.A.C.	598	598	598
Promotora Médica Las Américas S.A. (i)	148,187	49,012	54,922
Instituto de Cancerología S.A. (i)	—	48,436	54,279
Laboratorio Médico Las Américas Ltda. (i)	—	44,585	49,961
Oncomedica S.A.S.	272,890	261,558	293,106
Hospital y Clínica OCA, S.A. de C.V.	1,340,056	1,309,765	1,572,202
Auna Seguros, S.A.	19,572	19,130	22,963
Total goodwill	1,802,510	1,754,291	2,069,238

(i) In 2025, the Group completed the transfer of the operations of Instituto de Cancerología S.A. and Laboratorio Médico Las Américas Ltda. to Promotora Médica Las Américas S.A. (PMLA), which assumed control over all operational and service activities. As a result of this operational restructuring, Management determined that the goodwill previously allocated to each individual company is now attributable to PMLA’s Cash-Generating Unit (CGU). As of December 31, 2025, the impairment test performed for the PMLA CGU considered the total amount of goodwill assigned.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

The key assumptions used in the estimation of value in use were as follows:

In percent	2025	2024	2023
For companies located in Peru
Terminal value growth rate	2.5 %	2.5 %	2.5 %
Discount rate – After-tax	7.0 %	8.8 %	9.5 %
Discount rate – Pre-tax	7.0 % - 10.0 %	10.9 % - 25.6 %	11.4 % - 13.8 %
For companies located in Colombia
Terminal value growth rate	3 %	4 %	5.0 %
Discount rate – After-tax	11.7 %	12.5 %	13.0 %
Discount rate – Pre-tax	13.9 % - 15.5 %	14.6 % - 17.6 %	16.7 % - 17.6 %
For companies located in Mexico
Terminal value growth rate	3 %	3 %	3 %
Discount rate – After-tax	9.8 %	11.3 %	10.8 %
Discount rate – Pre-tax	13.1 % - 13.5 %	11.3 % - 16.0 %	10.5 % - 14.0 %

• The terminal growth rate represents Management’s estimate of the long-term growth of each CGU, taking into account past and future growth and external sources of information.

• Projected cash flows are based on Management’s operating EBITDA profit projections for a period of five years.

The ranges of projected EBITDA as a percentage of revenue by CGUs over the projected period are as follows:

	EBITDA as a percentage of revenue
Radioncologia S.A.C. (Radioncologia)	44.0 % - 47.0 %
Laboratorio Cantella S.A.C. (Cantella)	20.4 % - 25.7 %
R&R Patólogos Asociados S.A.C. (R&R)	20.4 % - 25.7 %
Servimédicos S.A.C. (Servimédicos)	24.2 % - 24.9 %
Clínica Bellavista S.A.C. (Bellavista)	( 1.10 %) - 3.70 %
Patología Oncológica S.A.C.	21.2 % - 30.6 %
Oncogenomics S.A.C.	14.9 % - 18.6 %
Promotora Médica Las Américas S.A.	17.7 % - 18.2 %
Oncomedica S.A.S.	17.0 % - 23.7 %
Hospital y Clínica OCA, S.A. de C.V.	31.7 % - 36.5 %
Auna Seguros, S.A.	11.0 % - 24.0 %

• Projected cash flows include disbursements for capital investments.

• The discount rates used to calculate the value in use for each Group’s CGU are an estimate that involves a market assessment of the time value of money and the risks inherent in each CGU where cash flows after-tax are generated taking into consideration the Group’s business plans. The nominal after-tax discount rate used for the impairment assessment was 7.0 % (after-tax) for the companies located in Peru, according to each Group’s CGU assessed as of December 31, 2025 ( 8.8 % and 9.5 % after-tax as of 2024 and 2023, respectively). For the companies located in Colombia (Promotora Médica Las Américas, Instituto de Cancerología and Laboratorio Médico Las Américas), the nominal after-tax discount rate was 11.7 % ( 12.5 % and 13.0 % as of 2024 and 2023, respectively). For the companies located in Mexico (Hospital y Clínica OCA), the nominal after-tax discount rate was 9.8 %. ( 11.3 % and 10.8 % as of 2024 and 2023, respectively).

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

• Projected cash flows include estimates of the revenue increase of each of the healthcare services at each CGU (Radioncología, Bellavista, Servimédicos, Cantella, Promotora Médica Las Américas, Instituto de Cancerología and Laboratorio Médico Las Américas), rates and gross margins.

• The trademark has been allocated to the Group’s CGUs as follows:

In thousands of soles — Hospital y Clínica OCA, S.A. de C.V. (i)	210,764	198,162	237,867
Auna Seguros, S.A.	3,106	3,035	3,644
Promotora Médica Las Américas S.A. (ii)	159,667	93,586	104,874
Instituto de Cancerología S.A. (ii)	—	53,341	59,774
Laboratorio Médico Las Américas Ltda. (ii)	—	6,110	6,847
Clínica Portoazul S.A.	3,558	3,411	3,822
Oncomedica S.A.S.	57,262	54,884	61,503
Oncogenomics S.A.C.	200	200	200
Total trademarks	434,557	412,729	478,531

(i) As of December 31, 2025, Hospital y Clínica OCA, S.A. de C.V. includes three trademarks “Doctors”, “OCA” and “Cuauhtémoc” for an amount of S/ 134,687 thousand, S/ 68,058 thousand and S/ 8,019 thousand, respectively.

As of December 31, 2024, includes two trademarks “Doctors” and “OCA” for an amount of S/ 131,643 thousand and S/ 66,519 thousand, respectively (S/ 158,020 thousand and S/ 79,847 thousand, respectively as of December 31, 2023).

(ii) As of December 31, 2025, Promotora Médica Las Américas S.A. includes the trademark “Las Américas”. In 2025, the Group completed the transfer of the operations of Instituto de Cancerología S.A. and Laboratorio Médico Las Américas Ltda. to Promotora Médica Las Américas S.A. (PMLA), which assumed control over all operational and service activities. As a result of this operational restructuring, Management determined that the trademark previously allocated to each individual company is now attributable to PMLA’s Cash-Generating Unit (CGU).

• The customer relationship has been allocated to the Group’s CGUs net of amortization as follows:

In thousands of soles — Hospital y Clínica OCA S.A. de C.V.	223,909	262,616	367,775
Promotora Médica Las Américas S.A.	3,606	4,606	6,444
Patología Oncológica S.A.C.	2,261	2,425	2,943
Oncogenomics S.A.C.	1,320	1,423	1,748
Total customer relationship	231,096	271,070	378,910

With regard to the assessment of value in use of the CGUs, Management performed a sensitivity analysis and considered that no reasonably possible change in any of the above key assumptions would cause the carrying value of the entities to materially exceed its recoverable amount evaluated at the end of each financial reporting year.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

The following table shows the amount by which these two assumptions would need to change individually for the estimated recoverable amount to be equal to the carrying amount:

2025	2024	2023	2025		2024		2023
Radioncologia S.A.C.	26.3	27.2	25.1	( 75.5	)	( 342.7	)	Indet.
Laboratorio Cantella S.A.C.	21.7	78.2	92.0	Indet.		Indet.		Indet.
R&R Patólogos Asociados S.A.C.	21.3	61.5	23.9	Indet.		Indet.		( 470.4	)
Servimédicos S.A.C.	14.8	10.2	20.0	( 10.8	)	—		( 41.9	)
Clínica Bellavista S.A.C.	8.0	15.3	27.5	1.3		( 9.3	)	Indet.
Patología Oncológica S.A.C.	59.5	9.4	32.6	( 236.3	)	1.3		Indet.
Oncogenomics S.A.C.	8.0	9.7	31.8	1.3		0.5		Indet.
Promotora Médica Las Américas S.A.	17.2	12.9	13.02	( 12.6	)	3.6		4.97
Instituto de Cancerología S.A.	—	21.3	32.02	—		( 30.1	)	( 115.57	)
Oncomedica S.A.S.	14.0	14.7	15.60	( 0.3	)	0.2		1.15
Hospital y Clínica OCA, S.A. de C.V.	15.4	15.7	16.40	( 6.2	)	( 4.1	)	( 6.56	)
Auna Seguros, S.A	87.2	19.42	25.56	Indet.		( 13.3	)	( 45.64	)

As of December 31, 2025, 2024 and 2023, no provision for impairment of goodwill has been recorded in the consolidated financial statements.

Leases

Set out below are the carrying amounts of right-of-use assets recognized and the movements during the fiscal year ended December 31, 2025, 2024 and 2023:

In thousands of soles	Lands	Buildings and facilities		Medical equipment and other		Vehicles		Furniture and fixture		Total
Balance at January 1, 2023	18,058		48,429		76,858		897		75		144,317
Additions of right-of-use assets (a)	—		7,022		10,870		—		—		17,892
Transfers to property, furniture and equipment	—		—		( 2,956	)	—		—		( 2,956	)
Annual depreciation (c)	( 91	)	( 11,246	)	( 14,982	)	( 255	)	( 3	)	( 26,577	)
Write-off (b)	—		( 459	)	( 458	)	—		—		( 917	)
Exchange difference	—		1,686		5,856		85		—		7,627
Balance at December 31, 2023	17,967		45,432		75,188		727		72		139,386
Balance at January 1, 2024	17,967		45,432		75,188		727		72		139,386
Additions of right-of-use assets (a)	—		22,134		4,692		—		—		26,826
Transfers to property, furniture and equipment	—		—		( 2,571	)	—		—		( 2,571	)
Annual depreciation (c)	( 91	)	( 12,633	)	( 14,679	)	( 230	)	( 3	)	( 27,636	)
Write-off	—		—		( 79	)	—		—		( 79	)
Exchange difference	—		( 1,257	)	( 3,565	)	( 42	)	—		( 4,864	)
Balance at December 31, 2024	17,876		53,676		58,986		455		69		131,062
Balance at January 1, 2025	17,876		53,676		58,986		455		69		131,062
Additions of right-of-use assets (a)	—		2,621		9,692		2,424		—		14,737
Transfers to property, furniture and equipment	—		—		( 5,455	)	—		—		( 5,455	)
Annual depreciation (c)	( 91	)	( 14,317	)	( 13,507	)	( 316	)	( 2	)	( 28,233	)
Write-off (b)	—		( 645	)	( 8	)	—		—		( 653	)
Exchange difference	—		453		1,185		20		—		1,658
Balance at December 31, 2025	17,785		41,788		50,893		2,583		67		113,116

F-58

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(a) In 2025, the additions of the Group mainly correspond to new lease agreements for use of commercial offices, health centers and equipment for medical use. The Group recognized S/ 14,737 thousand (S/ 26,826 thousand in 2024 and S/ 17,892 thousand in 2023) of right-of-use asset and lease liability.

(b) In 2025, it corresponds mainly to the termination of the lease agreement of the administrative offices in Lima of S/ 645 thousand. In 2023, it corresponds mainly to the physical inventory of fixed assets of the Group with a cost of S/ 447 thousand and accumulated depreciation of S/ 355 thousand.

In thousands of soles — Cost of sales and services	21	17,938	21,714	21,519
Selling expenses	21	955	22	13
Administrative expenses	21	9,340	5,900	5,045
		28,233	27,636	26,577

i. Lease liabilities

Set out below are the carrying amounts of lease liabilities and the corresponding movements during the fiscal years ended December 31, 2025, 2024 and 2023:

In thousands of soles — Balance at January 1	147,888		158,045		162,922
Additions	14,737		26,837		18,233
Interest expense	11,347		12,855		13,465
Payments	( 43,851	)	( 45,593	)	( 42,530	)
Lease contracts cancelled	( 673	)	—		( 174	)
Exchange difference	( 5,929	)	( 4,256	)	6,129
Balance at December 31	123,519		147,888		158,045
Current	29,282		32,459		31,867
Non-current	94,237		115,429		126,178

F-59

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Deferred Income Tax

As of December 31, this caption includes the following:

In thousands of soles
2025
Tax losses	270,520		13,235		6,623		—	290,378		170,748		119,630
Loss for impairment of trade receivables	23,506		9,205		519		—	33,230		22,032		11,198
Provision for unpaid vacations and annual performance bonuses	13,768		( 1,818	)	171		—	12,121		4,191		7,930
Trade accounts payable	528		2,195		37		—	2,760		370		2,390
Derivative financial instruments	16,611		10,215		( 242	)	248	26,832		20,682		6,150
Provisions	3,234		( 6,615	)	( 69	)	—	( 3,450	)	750		( 4,200	)
Intangibles	( 187,927	)	139,306		( 3,227	)	—	( 51,848	)	—		( 51,848	)
Investments in associates and others	( 15,133	)	11,524		( 211	)		( 3,820	)	104		( 3,924	)
Loans and borrowings	25,623		( 17,885	)	( 362	)	—	7,376		36,801		( 29,425	)
Property, furniture and equipment	( 317,191	)	( 127,402	)	( 9,150	)	—	( 453,743	)	( 33,028	)	( 420,715	)
Others	31,611		46,475		1,708		—	79,794		8,066		71,728
Net tax	( 134,850	)	78,435		( 4,203	)	248	( 60,370	)	230,716		( 291,086	)

F-60

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles
2024
Tax losses	210,073		79,113		( 18,666	)	—		270,520		210,106		60,414
Loss for impairment of trade receivables	24,903		( 40	)	( 1,357	)	—		23,506		18,247		5,259
Provision for unpaid vacations and annual performance bonuses	18,122		( 2,501	)	( 1,853	)	—		13,768		13,768		—
Trade accounts payable	( 217	)	715		30		—		528		471		57
Derivative financial instruments	18,859		2,140		( 2,644	)	( 1,744	)	16,611		16,611		—
Provisions	3,860		( 277	)	( 349	)	—		3,234		92		3,142
Intangibles	( 237,377	)	14,431		35,019		—		( 187,927	)	42		( 187,969	)
Investments in associates and others	( 22,120	)	( 1,138	)	8,125		—		( 15,133	)	( 10,420	)	( 4,713	)
Loans and borrowings	38,452		( 6,438	)	( 6,391	)	—		25,623		21,136		4,487
Property, furniture and equipment	( 361,819	)	( 3,787	)	48,415		—		( 317,191	)	( 16,940	)	( 300,251	)
Others	( 21,191	)	60,489		( 7,687	)	—		31,611		( 59,593	)	91,204
Net tax	( 328,455	)	142,707		52,642		( 1,744	)	( 134,850	)	193,520		( 328,370	)

F-61

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles
2023
Tax losses	157,569		35,273		16,453		778		—		210,073		150,579		59,494
Loss for impairment of trade receivables	16,609		6,568		1,726		—		—		24,903		14,527		10,376
Provision for unpaid vacations and annual performance bonuses	10,615		5,019		869		925		694		18,122		5,934		12,188
Trade accounts payable	735		( 664	)	11		( 299	)	—		( 217	)	315		( 532	)
Derivative financial instruments	13,444		9,573		841		—		( 4,999	)	18,859		6,247		12,612
Provisions	1,936		1,015		89		820		—		3,860		1,151		2,709
Intangibles	( 243,440	)	39,962		( 32,875	)	( 1,024	)	—		( 237,377	)	—		( 237,377	)
Investments in associates and others	( 1,244	)	( 18,968	)	( 2,198	)	290		—		( 22,120	)	( 3,160	)	( 18,960	)
Loans and borrowings	13,510		17,286		7,656		—		—		38,452		24,748		13,704
Property, furniture and equipment	( 321,753	)	( 674	)	( 39,386	)	( 6	)	—		( 361,819	)	( 41,059	)	( 320,760	)
Others	4,071		( 23,494	)	( 1,768	)	—		—		( 21,191	)	8,089		( 29280	)
Net tax	( 347,948	)	70,896		( 48,582	)	1,484		( 4,305	)	( 328,455	)	167,371		( 495,826	)

F-62

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Loans and Borrowings

As of December 31, 2025, 2024 and 2023, the terms and conditions of outstanding obligations are the following:

					Outstanding balances
					2025		2024		2023
In thousands of soles	Type of obligation	Maturity	Interest rate	Currency	Face value	Carrying amount	Face value	Carrying amount	Face value	Carrying amount
Entity
Banco Davivienda	Bank loan	2026	45.930 %	COP	5	5	5	5	5	5
	Government guaranteed loan	2025	IBR + 1.500 %		—	—	1,442	1,357	5,170	4,507
			IBR + 1.500 %		—	—	701	667	1,959	1,734
		2029	IBR + 5.550 %		9,647	7,613	11,842	8,721	17,167	11,108
		2025	IBR + 3.500 %		—	—	1,516	1,435	4,079	3,546
		2027	IBR + 3.750 %		7,053	6,535	13,299	11,633	24,286	19,086
		2028	IBR + 6.800 %		8,654	7,008	11,791	8,958	18,498	12,568
		2025	IBR + 5.200 %		—	—	2,272	2,194	—	—
			IBR + 4.700 %		—	—	1,120	1,072	—	—
	Bank loan		IBR + 4.500 %		—	—	2,920	2,735	—	—
			IBR + 3.500 %		—	—	2,392	2,142	—	—
			IBR + 4.600 %		—	—	836	787	—	—
					—	—	2,764	2,574	—	—
		2026	IBR + 3.500 %		212	209	1,511	1,402	—	—
					320	312	1,302	1,196	—	—
		2026	IBR + 4.200 %		1,140	1,115	—	—	—	—
			IBR + 4.800 %		1,346	1,277	—	—	—	—
			IBR + 4.100 %		983	907	—	—	—	—
			IBR + 4.300 %		1,958	1,804	—	—	—	—
			IBR + 4.200 %		1,591	1,524	—	—	—	—
Banco de Bogotá	Bank loan	2026	IBR + 7.000 %	COP	1,824	1,776	2,350	2,024	1,300	1,228
		2026	IBR + 1.700 %		242	239	—	—	—	—
		2026	IBR + 5.500 %		2,111	2,002	6,710	5,935	13,884	11,181
		2026	46.230 %		26	26	20	20	2	2
					4	4	8	8	3	3
		2025	IBR + 1.680 %		—	—	544	530	—	—
			IBR + 4.000 %		—	—	—	—	183	175
		2028	IBR + 2.950 %		1,711	1,479	—	—	—	—
Banco de Occidente	Bank loan	2024	38.520 %		—	—	—	—	3	3

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

					Outstanding balances
					2025		2024		2023
In thousands of soles	Type of obligation	Maturity	Interest rate	Currency	Face value	Carrying amount	Face value	Carrying amount	Face value	Carrying amount
Banco de Occidente	Bank loan	2025	IBR + 1.620 %	COP	—	—	285	280	—	—
			IBR + 2.330 %		—	—	220	216	—	—
			IBR + 2.970 %		—	—	2,362	2,086	—	—
		2024	IBR + 3.730 %		—	—	—	—	3,921	3,350
		2028	IBR + 4.990 %		1,459	1,229	2,141	1,631	3,317	2,328
		2026	IBR + 2.120 %		297	294	—	—	—	—
Bancolombia	Bank loan	2026	46.210 %	COP	32	32	24	24	6	6
					1	1	5	5	2	2
		2024			—	—	—	—	3	3
		2025			—	—	2	2	10	10
		2026	IBR + 2.700 %		4,543	4,455	—	—	—	—
			IBR + 1.500 %		383	377	—	—	—	—
		2033	IBR + 3.20 %		—	—	2,847	2,727	—	—
			IBR + 6.400 %		6,950	4,387	8,819	4,753	11,599	5,936
		2026	IBR + 2.920 %		375	371	4,599	4,277	—	—
		2025	IBR + 2.900 %		—	—	4,391	4,304	—	—
			IBR + 3.300 %		—	—	5,149	4,720	—	—
			IBR + 2.024 %		—	—	2,807	2,732	—	—
		2024	IBR + 6.430 %		—	—	—	—	9,057	7,952
		2026	39.640 %		4	4	3	3	1	1
		2024	IBR + 6.672 %		—	—	—	—	6,017	5,272
			IBR + 7.040 %		—	—	—	—	6,130	4,854
		2024	IBR + 6.600 %		—	—	—	—	1,576	1,483
		2026	DTF + 3.010 %		554	514	1,264	1,086	2,353	1,883
		2026	33.08 %		2	2	2	2	—	—
			IBR + 1.500 %		3,654	3,591	—	—	—	—
			IBR + 3.100 %		1,416	1,376	—	—	—	—
			IBR + 2.874 %		2,931	2,847	—	—	—	—
			IBR + 3.140 %		1,455	1,416	—	—	—	—
			IBR + 2.547 %		5,410	4,975	—	—	—	—
			IBR + 2.240 %		2,807	2,584	—	—	—	—
	Other financing	2033	DTF + 3.950 %		70,876	36,359	75,582	36,437	93,317	42,390
Banco Citibank Colombia	Bank loan	2026	14.840 %	COP	34,576	32,380	32,823	30,812	12,841	11,964
			12.600 %		11,763	10,998	10,641	10,641	35,979	34,119
			14.540 %		11,816	11,090	11,352	10,630	12,521	11,793
			13.590 %		12,971	12,168	12,380	11,626	—	—
			12.600 %		19,575	18,311	18,521	17,457	13,963	13,049

F-64

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

					Outstanding balances
					2025		2024		2023
In thousands of soles	Type of obligation	Maturity	Interest rate	Currency	Face value	Carrying amount	Face value	Carrying amount	Face value	Carrying amount
Itaú Corpbanca Colombia S.A.	Bank loan	2026	45.240 %	COP	3	3	9	9	75	75
		2024	8.640 %		—	—	—	—	4,197	3,862
			IBR + 3.650 %		—	—	—	—	—	—
		2035	IBR + 3.490 %		70,519	41,912	56,151	44,747	66,588	51,449
Boston Scientific Colombia Ltda.		2028	10.780 %		1,268	1,084	1,574	1,279	2,139	1,646
Banco de Crédito del Perú	Bank loan	2024	9.700 %	S /	—	—	—	—	13,106	12,648
			6.930 %	US $	—	—	—	—	15,367	15,301
		2025	7.850 %	US $	—	—	15,368	15,124	—	—
			7.200 %	S /	—	—	16,274	16,025	—	—
		2026	4.900 %	S /	23,271	23,024	—	—	—	—
Scotiabank Perú S.A.A.	Bank loan	2024	8.500 %	S /	—	—	—	—	61,700	60,307
			8.700 %		—	—	—	—	41,126	40,126
	Other financing	2027	6.300 %	S /	47,711	43,269	60,472	52,804	73,234	61,694
	Bank loan	2025	5.900 %		—	—	20,374	20,137	—	—
			6.000 %		—	—	20,392	20,270	—	—
			6.230 %		—	—	40,814	40,711	—	—
			5.950 %		—	—	20,389	20,203	—	—
		2026	5.350 %		20,342	20,199	—	—	—	—
			5.400 %		10,177	10,125	—	—	—	—
Banco BBVA Continental		2025	6.500 %		—	—	20,620	20,246	—	—
			8.200 %		—	—	9,570	9,524	—	—
			6.530 %		—	—	9,289	9,065	—	—
Banco ITAU		2024	6.950 %	US $	—	—	—	—	9,605	9,578
Banco Interamericano de Finanzas		2024	8.450 %	S /	—	—	—	—	9,376	9,201
			7.610 %	US $	—	—	—	—	7,520	7,464
			8.150 %	S /	—	—	—	—	5,204	5,094
			8.300 %		—	—	—	—	8,530	8,373
		2025	6.650 %		—	—	8,262	8,212	—	—
			6.200 %		—	—	10,718	10,566	—	—
		2026	5.250 %	S /	5,133	5,070	—	—	—	—
Banco Internacional del Perú S.A.A.	Bank loan	2024	7.750 %	US $	—	—	—	—	7,714	7,656
			7.380 %		—	—	—	—	7,700	7,670
			6.830 %	S /	—	—	8,269	8,252	—	—
		2025	5.950 %		—	—	8,196	8,081	—	—
Banco Pichincha	Bank loan	2024	7.350 %		—	—	—	—	29,851	29,650
		2025	6.100 %	S /	—	—	14,209	14,174	—	—
			5.900 %		—	—	16,222	16,054	—	—

F-65

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

					Outstanding balances
					2025		2024		2023
In thousands of soles	Type of obligation	Maturity	Interest rate	Currency	Face value	Carrying amount	Face value	Carrying amount	Face value	Carrying amount
Banco Citibank	Bank loan	2024	10.060 %	S /	—	—	—	—	31,383	30,285
		2025	8.800 %		—	—	20,776	20,517	—	—
			8.380 %	US $	—	—	39,121	37,818	—	—
Banco GNB	Bank loan	2025	5.900 %	S /	—	—	9,683	9,559	—	—
Secured bonds issues	Senior notes	2025	6.500 %	US $	—	—	—	—	237,560	210,837
		2029	10.000 %		465,157	337,659	1,757,784	1,187,816	1,503,087	942,766
		2032	8.750 %		1,982,279	1,225,105	—	—	—	—
Scotiabank Perú S.A.A and Banco Interamericano de Finanzas	Bank loan	2030	7.750 %	S /	258,849	199,109	—	—	—	—
Banco Santander México, HSBC and Citibank	Bank loan	2028	SOFR + 4.875 %	US $	—	—	608,680	462,665	642,769	454,486
			TIIE + 4.500 %	MXN	—	—	1,816,554	1,221,939	1,839,540	1,125,742
			SOFR + 4.875 %	US $	—	—	143,341	109,120	640,706	454,131
Banco Santander México, HSBC México, Banco Citi México, BBVA México and International Finance Corporation	Bank loan	2030	TIIE + 3.250 %	MXN	1,933,710	1,369,505	—	—	—	—
HSBC México	Bank loan	2025	12.430 %	MXN	—	—	33,873	33,011	—	—
		2026	9.150 %		57,327	52,150	—	—	—	—
Banco Citibank Mexico	Bank loan	2026	10.010 %	MXN	24,644	20,700	—	—	—	—
Total					5,133,067	3,532,510	5,048,548	3,619,774	5,557,229	3,761,582
Current					—	316,339	—	654,233	—	385,300
Non-current					—	3,216,171	—	2,965,541	—	3,376,282

DTF: Term deposit rate

IBR: Bank reference indicator

TIIE: Interbank equilibrium interest rate

SOFR: Secured Overnight Financing Rate

F-66

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(a) Bank loans with covenants

Senior Notes due 2029

On November 20, 2020, Auna S.A. successfully issued US$ 300 million in senior notes in the international market, under Rule 144A and Regulation S of the United States Securities Act of 1933, for a maturity of 5 years with an annual interest rate of 6.50 percent.

The amount collected from senior notes issued was used to pay the existing financial debt, re-profile the current and non-current liabilities and finance future investments in fixed assets.

Since November 20, 2020 (the “Issue Date”), the Group has to comply with the following covenants when planning to incur new indebtedness:

• The Net Leverage Ratio for the Issuer and its Restricted Subsidiaries on a consolidated basis is less than (i) 5 :00 to 1 :00, if such Incurrence of Indebtedness occurs before the first anniversary of the Issue Date; (ii) 4:50 to 1 :00, if such Incurrence of Indebtedness occurs on or after the first anniversary of the Issue Date but before the second anniversary of the Issue Date; (iii) 4:25 to 1 :00, if such Incurrence of Indebtedness occurs on or after the second anniversary of the Issue Date but before the third anniversary of the Issue Date and (iv) 3.75 to 1.00 , if such Incurrence of Indebtedness occurs on or after the third anniversary of the Issue Date; and

• The Interest Coverage Ratio for the Issuer and its Restricted Subsidiaries on a consolidated basis is at least 2.25 to 1.00 .

On December 18, 2023, the Group issued US$ 253.0 million aggregate principal amount of the 2029 Notes in exchange for US$ 243.4 million aggregate principal amount of 2025 Senior Notes, which were paid upon the Exchange. The Group did not receive any cash proceeds from the issuance of the 2029 Senior Notes. The new senior notes have an interest rate of 10.00 % per year, payable semiannually and due on December 18, 2029 . Following the closing of the Exchange, US$ 56.6 million aggregate principal amount of 2025 Senior Notes did not accept the exchange and its terms remain unchanged. The transaction costs incurred in relation to the exchange amounted to S/ 62,193 thousand (equivalent to US$ 16,571 thousand) (note 24).

As a result of the aforementioned exchange, since December 18, 2023 (the “Issue Date”), the Group has to comply with the following covenants when planning to incur new indebtedness:

• The Net Leverage Ratio for the Issuer and its Restricted Subsidiaries on a consolidated basis is less than (i) 4:75 to 1 :00, if such Incurrence of Indebtedness occurs before the first anniversary of the Issue Date; (ii) 4:25 to 1 :00, if such Incurrence of Indebtedness occurs on or after the first anniversary of the Issue Date but before the second anniversary of the Issue Date; and (iii) 3.75 to 1.00 , if such Incurrence of Indebtedness occurs on or after the second anniversary of the Issue Date; and

• The Interest Coverage Ratio for the Issuer and its Restricted Subsidiaries on a consolidated basis is at least i) 1.50 to 1.00 , if such Incurrence of Indebtedness occurs on or before September 30, 2024; (ii) 1:75 to 1 :00, if such Incurrence of Indebtedness occurs on or before September 30, 2025; and (iii) 2.25 to 1.00 , if such Incurrence of Indebtedness occurs after September 30, 2025

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

On December 18, 2024, the Group issued US$ 57.8 million aggregate principal amount of the 2029 Notes in exchange for US$ 56.6 million aggregate principal amount of 2025 Senior Notes, which were paid upon. The Group received cash proceeds from the issuance of the 2029 Senior Notes to S/ 11,047 thousand (equivalent to US$ 2,949 thousand). The new senior notes have an interest rate of 10.00 % per year, payable semiannually and due on December 18, 2029 .The transaction costs incurred in relation to the exchange amounted to S/ 5,595 thousand (equivalent to US$ 1,494 thousand) (note 24).

In May 2025, the Group closed an offering of US$ 62,100 thousand in aggregate principal amount of its 10.00 % Senior Secured Notes due 2029. The Additional 2029 Notes were issued as additional notes under the indenture governing the outstanding US$ 310,837 thousand in aggregate principal amount of the Group’s 10.000 % Senior Secured Notes due 2029 previously issued.

The net proceeds from this offering, used by the Group to partially prepay indebtedness under the Term Loan credit agreement, and to pay related interests, fees and expenses. As a result, the total aggregate principal amount outstanding of the Group’s 10.00 % Senior Secured Notes due 2029 is US$ 372,937 thousand. The transaction costs incurred in relation to the senior notes amounted to S/ 4,878 thousand (equivalent to US$ 1,334 thousand).

On November 6, 2025, the senior notes due 2029 was partially pre-paid by the Group with the resources obtained from the issuance of the new senior notes due 2032. As a result of prepayment, the Group recorded a write-off of the remaining debt issuance costs of S/ 12,250 thousand, which is presented as interest expense in “finance costs”. Additionally, a tender premium of S/ 64,818 thousand was paid for the early settlement of the 2029 notes and is presented as extinguishment of debt in “finance costs” in the consolidated statement of profit or loss and other comprehensive income (note 24).

As of December 31, 2025, the senior bonds maturing in 2029 was subject to the same covenants described in the Senior Notes due 2032 section and was in compliance.

Senior Notes due 2032

On November 6, 2025, the Group successfully issued US$ 365 million in senior notes in the international market, under Rule 144A and Regulation S of the United States Securities Act of 1933, for a maturity of 7 years with an annual interest rate of 8.75 percent. The transaction costs incurred in relation to the loan amounted to S/ 20,482 thousand (equivalent to US$ 6,055 thousand) and are presented net of debt.

The amount collected from senior notes issued was used to pay the existing financial debt and re-profile the current and non-current liabilities.

Since November 6, 2025 (the “Issue Date”), the Group has to comply with the following covenants when planning to incur new indebtedness:

• The Net Leverage Ratio for the Issuer and its Restricted Subsidiaries on a consolidated basis is less than (i) 4 :00 to 1 :00, if such Incurrence of Indebtedness occurs before the first anniversary of the Issue Date; (ii) 3:6 0 to 1 :00, if such Incurrence of Indebtedness occurs on or after the first anniversary of the Issue Date; and

• The Interest Coverage Ratio for the Issuer and its Restricted Subsidiaries on a consolidated basis is at least 1.75 to 1.00 , if such Incurrence of Indebtedness occurs on or before September 30, 2026; and (ii) 2.00 to 1.00 , if such Incurrence of Indebtedness occurs after September 30, 2026.

As of December 31, 2025, the Group was in compliance with the covenants above indicated.

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Banco Santander México, HSBC México, Multiva and Genaro Levinson Marcovich

On September 30, 2022, the Group signed a loan agreement with Banco Santander, HSBC México and Genaro Levinson Marcovich through its subsidiaries Grupo Salud Auna México, S.A. de C.V, Hospital y Clínica OCA, S.A. de C.V. and DRJ Inmuebles, S.A. de C.V. for an amount of S/ 1,338,927 thousand. The loan amounted to S/ 1,338,927 thousand and matured in October 2023 , and was used to acquire the shares of Hospital y Clínica OCA, S.A. de C.V., DRJ Inmuebles, S.A. de C.V., Inmuebles JRD 2000, S.A. de C.V. and Tovleja HG, S.A. The transaction costs incurred in relation to the loan amounted to S/ 46,118 thousand and are presented net of debt and amortized using the effective interest rate method.

On April 11, 2023, this loan was pre-paid by the Group with the resources obtained from the Notes Purchase Agreement. As a result of prepayment, the Group recorded a write-off of the remaining debt issuance costs of S/ 19,434 thousand. These expenses are presented in “finance costs” as interest expenses in the consolidated statement of profit or loss and other comprehensive income (note 24).

Notes Purchase Agreement

On April 11, 2023, the Group signed a Notes Purchase Agreement through Auna S.A. and the subsidiary Grupo Salud Auna México, S.A. de C.V. for an amount of S/ 1,920,456 thousand (equivalent to US$ 505,000 thousand). The transaction costs incurred in relation to the loan amounted to S/ 64,370 thousand (equivalent to US$ 17,202 thousand) and are presented net of debt.

The loan was used to pay existing financial debt and reshape the current and non-current liabilities.

On December 18, 2023, the loan amounting to S/ 1,920,456 thousand and maturing in April 2028 was pre-paid by the Group with the resources obtained from the Term Loan. As a result of prepayment, the Group recorded a penalty of S/ 53,285 thousand and recorded a write-off of the remaining debt issuance costs of S/ 56,969 . These expenses are presented in “finance costs” in the consolidated statement of profit or loss and other comprehensive income (note 24).

Term Loan due 2028

On December 18, 2023, the Group signed a Term Loan through Auna S.A. and the subsidiary Grupo Salud Auna México, S.A. de C.V. for an amount of S/ 1,617,116 thousand (equivalent to US$ 250,000 thousand and MXN 5,230,440 thousand). The transaction costs incurred in relation to the loan amounted to S/ 48,837 thousand (equivalent to US$ 12,889 thousand) and are presented net of debt.

The loan was used to pay existing financial debt and reshape the current and non-current liabilities.

This agreement has quantitative covenants calculated based on the consolidated financial statements of Auna S.A. and its subsidiaries. As of December 31, 2023, the Group complies with the quantitative terms of the following covenants:

• The consolidated leverage ratio is less than (i) 4.75 : 1.00 for the fiscal quarters ending December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, (ii) 4.25 : 1.00 for the fiscal quarters ending December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025, (iii) 3.75 : 1.00 for the fiscal quarters ending December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026 and (iv) 3.25 : 1.00 for the fiscal quarter ending December 31, 2026 and as of the end of each fiscal quarter thereafter.

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

• The consolidated interest coverage ratio is greater than (i) 1.50 : 1.00 for the fiscal quarters ending December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, (ii) 1.75 : 1.00 for the fiscal quarters ending December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025 and (iii) 2.25 : 1.00 for the fiscal quarter ending December 31, 2025 and as of the end of each fiscal quarter thereafter.

In March 2024, the Group completed a syndication process for US$ 550 million with the participation of Banco Santander México, HSBC, and Citibank as “Joint Lead Arrangers and Joint Bookrunners” and a group of banks as lenders.

As of December 31, 2024, the Group was in compliance with the covenants above indicated.

On May 12, 2025, the term loan was pre-paid by the Group with the resources obtained from the Senior Notes. As a result of prepayment, the Group recorded a penalty of S/ 81 thousand. These expenses are presented in “finance costs” in the consolidated statement of profit or loss and other comprehensive income (note 24).

On November 6, 2025, this loan fully was pre-paid by the Group with the resources obtained from the new Term Loan due 2030. As a result of prepayment, the Group recorded a write-off of the remaining debt issuance costs of S/ 55,469 thousand. These expenses are presented in “finance costs” as interest expenses in the consolidated statement of profit or loss and other comprehensive income (note 24).

Term Loan due 2030

On October 31, 2025, the Group signed a Term Loan through Grupo Salud Auna México, S.A. de C.V., Hospital y Clínica OCA, S.A. de C.V and Oncosalud S.A.C. for an amount of S/ 1,334,256 thousand (equivalent to MXN 7,357,920 thousand). Furthermore, on December 17, 2025, the Group signed an amendment to include an additional amount of S/ 201,600 thousand. The transaction costs incurred in relation to the loans amounted to S/ 27,253 thousand (equivalent to MXN 133,572 thousand and S/ 3,031 thousand) and are presented net of debt.

The loans were used to pay existing financial debt and reshape the current and non-current liabilities.

This agreement has quantitative covenants calculated based on the consolidated financial statements of Auna S.A. and its subsidiaries. As of December 31, 2025, the Group complies with the quantitative terms of the following covenants:

• The consolidated leverage ratio is less than (i) 3.90 : 1.00 for the fiscal quarters ending December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, (ii) 3.50 : 1.00 for the fiscal quarters ending December 31, 2026, March 31, 2027, June 30, 2027 and September 30, 2027, (iii) 3.00 : 1.00 as of the end of each fiscal quarter thereafter.

• The consolidated interest coverage ratio is greater than (i) 1.75 : 1.00 for the fiscal quarters ending December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, (ii) 2.00 : 1.00 for the fiscal quarters ending December 31, 2026, March 31, 2027, June 30, 2027 and September 30, 2027 and (iii) 2.25 : 1.00 as of the end of each fiscal quarter thereafter.

• The Consolidated Net Worth is greater than 85% of the Consolidated Net Worth of Auna as of December 31, 2024.

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Other financing with Scotiabank Perú S.A.A.

This corresponds to a financing agreement with Scotiabank for a credit line of S/ 70 million maturing in February 2027 , and which is used for the construction of the ongoing project “Clínica Chiclayo”. In October 2021, the credit line extended to S/ 77 million. As of December 31, 2025, the credit line used net of the transaction cost amounted to S/ 43,269 thousand (S/ 52,804 thousand as of December 31, 2024 and S/ 61,694 thousand as of December 31, 2023). In the month of November 2020, the modifications of compliance with the agreements were approved as indicated below:

• Maintain a debt service ratio equal to or greater than 1.2 x.

• Maintain a consolidated leverage ratio, defined as the ratio of our net debt / EBITDA, less than or equal to 5.00 x between December 1, 2020 and December 1, 2021, 4.5 x between December 1, 2021 and December 1, 2022, 4.25 x between December 1, 2022 and December 1, 2023 and 3.75 x from December 1, 2023 onwards.

• Maintain an interest coverage ratio equal to or greater than 2.25x from December 1, 2020 onwards.

On June 30, 2021, the Group signed an addendum with Scotiabank replacing the compliance of the covenants aforementioned as indicated below:

• Maintain a debt service ratio equal to or greater than 1.2 x.

As of December 31, 2025, the Group is in compliance with the covenants above indicated.

The Group expects to comply with the quarterly covenants for at least 12 months after the reporting date.

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(b) Reconciliation of movement in liabilities to cash flows arising from financing activities:

In thousands of soles — Balance as of January 1, 2025	3,619,774		315		147,888		85,849			5,128		1,225,973	( 273,533	)	( 232,770	)	674,889		145,724	5,399,237
Changes in cash flows from financing
Proceeds from loans and borrowings	4,097,522		—		—		—		—	—		—	—		—		—		—	4,097,522
Payment for borrowings from financial obligations	( 4,022,294	)	—		—		—		—	—		—	—		—		—		—	( 4,022,294	)
Payment of lease liabilities	—		—		( 43,851	)	—		—	—		—	—		—		—		—	( 43,851	)
Interest paid	( 408,268	)	—		—		—		—	—		—	—		—		—		—	( 408,268	)
Payment for costs of extinguishment of debt	( 64,818	)																		( 64,818	)
Penalty paid for debt prepayment	( 81	)	—		—		—		—	—		—	—		—		—		—	( 81	)
Payment for derivatives premiums	—		—		—		( 22,804	)	—	—		—	—		—		—		—	( 22,804	)
Total changes from financing cash flows	( 397,939	)	—		( 43,851	)	( 22,804	)	—	—		—	—		—		—		—	( 464,594	)
Effect of changes in foreign exchange rates	( 161,628	)	13		( 5,929	)	43		468	( 1,151	)	—	—		84,118		—		—	( 84,066	)
Changes arising from obtaining control of new subsidiaries	—		—		—		—		—	—		—	—		—		—		—	—
Total equity-related other changes	—		—		—		—		68,111	—		1,131	80,918		—		( 68,111	)	19,872	101,921
Other changes
Assets acquired through new leases	—		—		14,737		—		—	—		—	—		—		—		—	14,737
Acquisition of derivative with premiums financing	—		—		—		103,971		—	—		—	—		—		—		—	103,971
Lease contracts cancelled			—		( 673	)	—		—	—		—	—		—		—		—	( 673	)
Extinguishment of Debt	64,818		—		—		—		—	—		—	—		—		—		—	64,818
Financial debt prepayment penalty	243		—		—		—		—	—		—	—		—		—		—	243
Interest expense	413,542		( 143	)	11,347		8,970		3,143	—		—	—		—		—		—	436,859
Transaction costs related to loans and borrowings	( 6,300	)	—		—		—		—	—		—	—		—		—		—	( 6,300	)
Unwind of derivative financial instruments net of premiums payable	—		—		—		( 30,914	)	—	—		—	—		—		—		—	( 30,914	)
Balance as of December 31, 2025	3,532,510		185		123,519		145,115		71,722	3,977		1,227,104	( 192,615	)	( 148,652	)	606,778		165,596	5,535,239

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles — Balance as of January 1, 2024	3,761,582		619		158,045		157,896		21,735		8,820		( 366,899	)	140,066		1,626,411		311,281		5,819,556
Changes in cash flows from financing
Proceeds from issuance of common stock in initial public offering, net of issuance costs	—		—		—		—		—		1,267,794		—		—		—		—		1,267,794
Payments of initial public offering costs	—		—		—		—		—		( 15,908	)	—		—		—		—		( 15,908	)
Proceeds from loans and borrowings	1,239,486		—		—		—		—		—		—		—		—		—		1,239,486
Payment for borrowings from financial obligations	( 1,125,622	)	—		—		—		—		—		—		—		—		—		( 1,125,622	)
Payment for costs of extinguishment of debt	—		—		—		—		( 16,607	)	—		—		—		—		—		( 16,607	)
Payment of lease liabilities	—		—		( 45,593	)	—		—		—		—		—		—		—		( 45,593	)
Trust funds	—		—		—		—		—		—		—		—		—		—		—
Interest paid	( 450,982	)	—		—		—		—		—		—		—		—		—		( 450,982	)
Penalty paid for debt prepayment	—		—		—		—		—		—		—		—		—		—		—
Acquisition of non-controlling interest	—		—		—		—		—		—		—		18,909		( 1,076,628	)	( 159,910	)	( 1,217,629	)
Dividends paid	—		—		—		—		—		—		—		—		—		—		—
Payment for derivatives premiums	—		—		—		( 50,705	)	—		—		—		—		—		—		( 50,705	)
Total changes from financing cash flows	( 337,118	)	—		( 45,593	)	( 50,705	)	( 16,607	)	1,251,886		—		18,909		( 1,076,628	)	( 159,910	)	( 415,766	)
Effect of changes in foreign exchange rates	( 268,512	)	( 48	)	( 4,256	)	( 4,201	)	—		—		—		( 391,745	)	—		—		( 668,762	)
Changes arising from obtaining control of new subsidiaries	—		—		—		—		—		—		—		—		—		—		—
Changes in fair value	—		—		—		—		—		—		—		—		—		—		—
Total equity-related other changes	—		—		—		—		—		( 34,733	)	93,366		—		125,106		( 5,647	)	178,092
Other changes
Assets acquired through new leases	—		—		26,837		—		—		—		—		—		—		—		26,837
Acquisition of derivative with premiums financing	—		—		—		60,957		—		—		—		—		—		—		60,957
Lease contracts cancelled	—		—		—		—		—		—		—		—		—		—		—
Debt exchange	5,595		—		—		—		—		—		—		—		—		—		5,595
Interest expense	459,157		( 256	)	12,855		7,451		—		—		—		—		—		—		479,207
Transaction costs related to loans and borrowings	( 930	)	—		—		—		—		—		—		—		—		—		( 930	)
Unwind of derivative financial instruments net of premiums payable	—		—		—		( 85,549	)	—		—		—		—		—		—		( 85,549	)
Balance as of December 31, 2024	3,619,774		315		147,888		85,849		5,128		1,225,973		( 273,533	)	( 232,770	)	674,889		145,724		5,399,237

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles — Balance as of January 1, 2023	3,348,647		880		162,922		75,375		( 96,674	)	622,592		( 90,982	)	699,333		493,082		5,215,175
Changes in cash flows from financing
Proceeds from loans and borrowings	4,871,380		—		—		—		—		—		—		—		—		4,871,380
Payment for borrowings from financial obligations	( 4,520,827	)	—		—		—		—		—		—		—		—		( 4,520,827	)
Payment of lease liabilities	—		—		( 42,530	)	—		—		—		—		—		—		( 42,530	)
Trust funds	—		—		—		—		94,539		—		—		—		—		94,539
Interest paid	( 566,774	)	—		—		—		—		—		—		—		—		( 566,774	)
Penalty paid for debt prepayment	( 53,285	)	—		—		—		—		—		—		—		—		( 53,285	)
Contributions from non-controlling shareholder	—		—		—		—		—		—		—		( 1,016	)	1,032		16
Dividends paid	—		—		—		—		—		—		—		—		( 6,841	)	( 6,841	)
Payment for derivatives premiums	—		—		—		( 51,141	)	—		—		—		—		—		( 51,141	)
Total changes from financing cash flows	( 269,506	)	—		( 42,530	)	( 51,141	)	94,539		—		—		( 1,016	)	( 5,809	)	( 275,463	)
Effect of changes in foreign exchange rates	81,760		( 7	)	6,129		5,237		3,172		—		—		—		—		96,291
Changes arising from obtaining control of new subsidiaries	—		—		—		—		—		—		—		—		—		—
Changes in fair value	—		—		—		—		—		—		—		—		—		—
Total equity-related other changes	—		—		—		—		—		( 613,772	)	( 275,917	)	928,094		( 175,992	)	( 137,587	)
Other changes
Assets acquired through new leases	—		—		18,233		—		—		—		—		—		—		18,233
Acquisition of derivative with premiums financing	—		—		—		124,349		—		—		—		—		—		124,349
Lease contracts cancelled	—		—		( 174	)	—		—		—		—		—		—		( 174	)
Debt exchange	40,581		—		—		—		—		—		—		—		—		40,581
Interest expense	507,198		( 254	)	13,465		4,076		( 1,037	)	—		—		—		—		523,448
Transaction costs related to loans and borrowings	( 383	)	—		—		—		—		—		—		—		—		( 383	)
Financial debt prepayment penalty	53,285		—		—		—		—		—		—		—		—		53,285
Balance as of December 31, 2023	3,761,582		619		158,045		157,896		—		8,820		( 366,899	)	1,626,411		311,281		5,657,755

F-74

Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Trade Accounts Payable

As of December 31, the trade accounts payable of the Group are stated in the following currencies:

In thousands of soles — Soles	324,211	300,068	219,546
U.S. dollars	69,712	73,537	62,786
COP	487,464	438,871	408,018
Euros	—	—	461
MXN	173,458	121,530	62,444
	1,054,845	934,006	753,255
Current	1,053,395	931,265	749,349
Non-current	1,450	2,741	3,906

Trade accounts payable are mainly related to the acquisition of supplies, materials and services for the Group’s performance. These accounts payable have current maturity and do not bear interest and generally have payment terms of 105 days, 96 days and 168 days in the subsidiaries located in Peru, Mexico and Colombia, respectively, including the supplier finance arrangement of the Group.

As of December 31, 2025, 2024 and 2023, they include: (i) medical fees payable by the Peruvian, Colombian and Mexican subsidiaries amounting to S/ 51,526 thousand, S/ 46,364 thousand and S/ 28,652 thousand, respectively, and (ii) contract liabilities related to the advance consideration received from patients for healthcare services, for which revenue is recognized over time amounting to S/ 22,599 thousand, S/ 23,800 thousand and S/ 17,291 thousand, respectively. They are stated in soles, COP and MXN and have current maturity.

Likewise, the Group participates in a supplier finance arrangement under which its suppliers may elect to receive early payment of their invoices from a bank by factoring their receivables from the Group. Under the arrangement, a bank agrees to pay amounts to a participating supplier in respect of invoices owed by the Group and receives settlement from the Group later. The principal purpose of this program is to facilitate efficient payment processing and provide the willing suppliers early payment terms, compared with the related invoice payment due date. The Group has not derecognized the original trade payables relating to the arrangement because neither a legal release was obtained nor was the original liability substantially modified on entering into the arrangement. From the Group’s perspective, the arrangement does not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating. All payables under the arrangement are classified as current as at 31 December 2025, 2024 and 2023. As of December 31, 2025, December 31, 2024 and December 31, 2023, the amounts related to supplier factoring facility are S/ 154,602 thousand, S/ 155,887 thousand and S/ 107,996 thousand, respectively. The payments to the bank are included within operating cash flows because they continue to be part of the normal operating cycle of the Group and their principal nature remains operating – i.e., payments for the purchase of goods and services. The payments to a supplier by the bank are considered non-cash transactions and amounted to S/ 437,019 thousand, S/ 477,849 thousand and S/ 306,660 thousand at December 31, 2025, December 31, 2024 and December 31, 2023, respectively.

As of December 31, 2025, 2024 and 2023 the non-current portion corresponds to payments agreements with suppliers of the Colombian subsidiaries with maturities between 12 and 36 months.

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Other Accounts Payable

As of December 31, this caption includes the following:

In thousands of soles
Current
Employee benefits (c)			86,731	108,344	120,826
Taxes payable			69,483	100,490	97,323
Derivatives Fx premiums and accounts payable for “unwind” (b)			19,348	30,512	65,377
Constructions in progress and medical equipment payable			1,795	5,150	3,421
Deposits in guarantee			1,300	1,259	1,083
Commissions payable (a)			3,333	3,682	2,755
Contingent consideration (d)			—	—	64,008
Account payables to former shareholder (d)	22	(d)	5,053	19,832	85,265
Other accounts payable (e)			38,422	20,294	23,542
			225,465	289,563	463,600
Non-current
Employee benefits (c)			7,031	5,724	6,977
Derivatives Fx premiums and accounts payable for “unwind” (b)			125,767	55,337	92,519
Liability for purchase of non-controlling interest	24	(e)	71,722	—	—
Put liability			—	—	121,636
Account payables to former shareholder (d)	22	(d)	7,917	12,089	—
Other accounts payable			9,503	—	—
			221,940	73,150	221,132

(a) Corresponds to the sales commissions payable for the sales of corporate and individual oncologic healthcare plans.

(b) Derivatives premiums financing:

As of December 31, 2025, 2024 and 2023, the balance corresponds to the liabilities payable of the premiums of the “Call Spread and Single Call” agreements with semi-annual equal payments (note 8).

In thousands of soles — JPMorgan	2032	S/	9.27 %	5,469	40,432	45,901
JPMorgan	2032	S/	9.22 %	7,951	58,702	66,653
Santander Bank	2029	S/	8.34 %	4,238	14,190	18,428
Santander Bank	2032	S/	9.21 %	1,690	12,443	14,133
				19,348	125,767	145,115

In thousands of soles — Citibank	2025	S/	1.67 %	2,983	—	2,983
Citibank	2028	S/	1.30 %	102	260	362
Citibank	2026	S/	1.67 %	3,459	3,535	6,994
Citibank	2028	S/	1.30 %	2,490	6,348	8,838
Deutsche Bank	2029	S/	10.88 %	19,058	43,972	63,030
Santander Bank	2026	S/	2.53 %	2,420	1,222	3,642
				30,512	55,337	85,849

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles — Citibank	2025	S/	1.67 %	18,259	18,907	37,166
Citibank	2028	S/	1.30 %	2,493	8,814	11,307
Citibank	2026	S/	1.67 %	3,416	6,983	10,399
Citibank	2028	S/	1.30 %	102	361	463
Citibank	2024	S/	0.72 %	3,460	—	3,460
Santander Bank	2026	S/	2.53 %	37,647	57,454	95,101
				65,377	92,519	157,896

(c) Corresponds to compensation and other short-term benefits payable to personnel of S/ 84,895 thousand (S/ 106,762 thousand and S/ 118,895 thousand for December 31, 2024 and 2023, respectively). Also, includes a defined benefit liability of Mexican subsidiaries as of December 31, 2025 amounted to S/ 8,867 thousand (S/ 7,306 thousand and S/ 8,907 thousand for December 31, 2024 and December 31, 2023, respectively). There are no plan assets.

The following table shows a reconciliation from the opening balances to the closing balances for the defined benefit liability and its components:

In thousands of soles
2025
Balances as of January 1, 2025	7,306		—	7,306
Included in profit or loss
Current service cost	632		—	632
Cancellation retirement benefits	—		—	—
Interest cost	697		—	697
Benefits paid	( 22	)		( 22	)
	8,613		—	8,613
Included in OCI
Remeasurement of actuarial loss (gain) arising from:
Experience adjustment	( 379	)	—	( 379	)
Demographic assumptions	48		—	48
Financial assumptions	409		—	409
Exchange difference	176		—	176
	254		—	254
Balance at December 31, 2025	8,867		—	8,867
Current				1,836
Non-current				7,031
2024
Balances as of January 1, 2024	8,907		—	8,907
Included in profit or loss
Current service cost	736		—	736
Cancellation retirement benefits	—		—	—
Interest cost	680		—	680
Benefits paid	( 20	)	—	( 20	)
	10,303		—	10,303

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles
Included in OCI
Remeasurement of actuarial loss (gain) arising from:
Experience adjustment	( 1,166	)	—		( 1,166	)
Financial assumptions	( 357	)	—		( 357	)
Exchange difference	( 1,474	)	—		( 1,474	)
	( 2,997	)	—		( 2,997	)
Balance at December 31, 2024	7,306		—		7,306
Current					1,582
Non-current					5,724
2023
Balances as of January 1, 2023	5,030		230		5,260
Business combination balances	248		—		248
Included in profit or loss
Current service cost	472		24		496
Cancellation retirement benefits	—		( 292	)	( 292	)
Interest cost	478		19		497
Benefits paid	( 244	)	—		( 244	)
	5,984		( 19	)	5,965
Included in OCI
Remeasurement of actuarial loss (gain) arising from:
Experience adjustment	2,122		—		2,122
Financial assumptions	80		—		80
Exchange difference	721		19		740
	2,923		19		2,942
Balance at December 31, 2023	8,907		—		8,907
Current					1,931
Non-current					6,976

The following were the principal actuarial assumptions at the reporting date (expressed as weighted averages):

In percent	Seniority premium
2025
Discount rate	9.10 % - 9.30 %	—
Salary growth rate	5.00 % - 5.50 %	—
Rate of increase in minimum wage	4.00 % - 5.20 %	—
2024
Discount rate	10.50 % - 10.70 %	—
Salary growth rate	5.00 % - 5.50 %	—
Rate of increase in minimum wage	5.20 % - 4.00 %	—
2023
Discount rate	9.10 % - 9.35 %	—
Salary growth rate	5.00 % - 5.50 %	—
Rate of increase in minimum wage	5.20 % - 4.00 %	—

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below:

In thousands of soles
2025
Discount rate sensitivity analysis
Effect of an increase of 0.50 %
Defined Benefit Obligation impact	( 119	)	—	( 119	)
Current Service Cost impact	( 11	)	—	( 11	)
Effect of a decrease of 0.50 %
Defined Benefit Obligation impact	129		—	129
Current Service Cost impact	12		—	12
Salary increase rate sensitivity analysis
Effect of an increase of 0.50 %
Defined Benefit Obligation impact	107		—	107
Current Service Cost impact	16		—	16
Effect of a decrease of 0.50 %
Defined Benefit Obligation impact	( 58	)	—	( 58	)
Current Service Cost impact	8		—	8
2024
Discount rate sensitivity analysis
Effect of an increase of 0.50 %
Defined Benefit Obligation impact	( 110	)	—	( 110	)
Current Service Cost impact	( 9	)	—	( 9	)
Effect of a decrease of 0.50 %
Defined Benefit Obligation impact	119		—	119
Current Service Cost impact	11		—	11
Salary increase rate sensitivity analysis
Effect of an increase of 0.50 %
Defined Benefit Obligation impact	83		—	83
Current Service Cost impact	12		—	12
Effect of a decrease of 0.50 %
Defined Benefit Obligation impact	( 49	)	—	( 49	)
Current Service Cost impact	6		—	6
2023
Discount rate sensitivity analysis
Effect of an increase of 0.50 %
Defined Benefit Obligation impact	( 121	)	—	( 121	)
Current Service Cost impact	( 12	)	—	( 12	)
Effect of a decrease of 0.50 %
Defined Benefit Obligation impact	131		—	131
Current Service Cost impact	13		—	13
Salary increase rate sensitivity analysis
Effect of an increase of 0.50 %
Defined Benefit Obligation impact	87		—	87
Current Service Cost impact	13		—	13
Effect of a decrease of 0.50 %
Defined Benefit Obligation impact	( 48	)	—	( 48	)
Current Service Cost impact	6		—	6

(d) As of December 31, 2024, the Group entered into agreements with selling shareholders of Oncomedica S.A.S. who had the contingent consideration, generating short and long-term payment commitments; therefore, the “Contingent consideration” was reclassified to “Account payable to former shareholder” for an amount of S/ 17,178 thousand.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(e) As of December 31, 2025, other accounts payable include collections in favor of Citibank del Perú S.A. and Fideicomiso Santander for S/ 28,997 thousand. As of December 31 , 2024 and 2023, other accounts payable include collections in favor of Citibank del Perú S.A.A for S/ 12,962 thousand and S/ 18,399 thousand, respectively, under the factoring contracts signed with the Group’s companies.

Provisions

As of December 31, this caption includes the following:

In thousands of soles — As of January 1, 2023	113		19,861		19,974
Annual provision	—		1,176		1,176
Paid during the year	( 8	)	( 4,320	)	( 4,328	)
Exchange difference	—		2,252		2,252
As of December 31, 2023	105		18,969		19,074
As of January 1, 2024	105		18,969		19,074
Annual provision	—		1,001		1,001
Paid during the year	( 69	)	( 5,649	)	( 5,718	)
Exchange difference	—		( 2,111	)	( 2,111	)
As of December 31, 2024	36		12,210		12,246
As of January 1, 2025	36		12,210		12,246
Annual provision	—		1,344		1,344
Paid during the year	—		( 3,716	)	( 3,716	)
Exchange difference	—		287		287
As of December 31, 2025	36		10,125		10,161

(i) Outstanding claims reserve represents the Group’s outstanding third-party obligations and do not include amounts related to the Group’s customers that are part of the insurance premium program.

Outstanding claims reserve

These provisions include unsettled events based on the notices for claims received up to the consolidated financial statements date.

Other provisions

As of December 31, 2025, they include mainly the estimate of provision for present obligation from civil, labor and tax judicial processes amounting to S/ 2,722 thousand of Colombian subsidiaries, S/ 1,358 thousand for the Group’s Peruvian subsidiaries and S/ 6,045 thousand from Mexican subsidiaries.

As of December 31, 2024, these include mainly the estimate of provision for present obligation from civil, labor and tax judicial processes amounting to S/ 2,696 thousand of Colombian subsidiaries, S/ 1,795 thousand for the Group’s Peruvian subsidiaries and S/ 7,719 thousand from Mexican subsidiaries.

As of December 31, 2023, these include mainly the estimate of provision for present obligation from civil, labor and tax judicial processes amounting to S/ 3,357 thousand of Colombian subsidiaries, S/ 2,465 thousand for the Group’s Peruvian subsidiaries and S/ 13,147 thousand from Mexican subsidiaries.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Equity

A. Share capital

As of December 31, 2025, the share capital is represented by 30,095,388 class “A” ordinary shares with a par value of US$ 0.01 each and 43,917,577 class “B” ordinary shares with a par value of US$ 0.10 each. The class A shares and class B shares will be entitled to participate equally in distributions made by the Group, with economic entitlement proportionate to the number of shares held (and not the voting power of a shareholder).

On March 4, 2024, the Extraordinary Shareholders Meeting approved: i) the conversion through a reverse stock split of 241,546,679 ordinary shares held by the existing shareholders of class A and B shares on a 5.5 -to-one ratio into class B shares, ii) to increase the share capital by S/ 7,453 thousand through capitalization from “Merge and other reserves” and iii) to increase the par value of the class “B” shares to a par value of US$ 0.1 each. The reverse stock split conversion is effective from March 4, 2024.

In accordance with Codification of Staff Accounting Bulletins Topic 4: Equity Accounts, section C, this reverse stock split has been recognized by the Group retrospectively for the Basic and diluted earnings per share calculation in the consolidated financial statements (note 25).

On March 21, 2024, the Company completed its initial public offering (the “IPO”) of 30,000,000 shares of our Series A common stock at a price to the public of US$ 12.00 per share and the Company sold 30,000,000 of such shares. As a consequence, the share capital increased by S/ 1,112 thousand and the share premium increased by S/ 1,204,913 thousand and it includes a deduction of S/ 29,957 thousand related to issuance costs previously recorded in “Other assets” as of December 31, 2023 and S/ 31,812 thousand related to issuance costs incurred in 2024. As of December 31, 2024, these issuance costs were reclassified to Share premium.

On August 29, 2024, the Extraordinary Shareholders Meeting approved to increase the share capital by S/ 2 thousand. This amount corresponds to the shares from the Restricted Share Awards 2023 (note 33).

On January 13, 2025, the Extraordinary Shareholders Meeting approved to increase the share capital by S/ 2 thousand. This amount corresponds to the shares from the Restricted Share Awards 2024.

As of December 31, 2025 the share capital structure of the class “B” is as follows:

Range of shareholding percentage — From 0.01 to 0.79	5	2.47
From 0.80 to 2.37	4	9.50
From 2.38 to 9.13	4	29.77
From 9.14 to 58.26	1	58.26
	14	100.00

As of December 31, 2023, the share capital is represented by 241,544,679 class “A” ordinary shares with a par value of US$ 0.01 each. Each share of our common stock represents the same economic interest, except that, as provided in our by-laws, each year that dividends are distributed, the class A shares benefit from the right to receive a preferred dividend consisting of 100 % of any dividends distributed until we have distributed US$ 1 billion in the aggregate in dividends. The excess dividends that the general shareholders’ meeting decides to distribute will be distributed proportionally to the equity interest held by shareholders in both class “A” and class “B” shares.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

On July 6, 2023, the Group redomiciled to Luxembourg by way of a merger where Auna S.A.A. (absorbed entity) transferred all its assets and liabilities to Auna S.A. (surviving entity). As a result of the merger, the share capital and share premiums of Auna S.A.A. amounting to S/ 236,547 thousand and S/ 386,045 thousand, respectively, were derecognized. Furthermore, the share capital and retained losses of Auna S.A. amounting to S/ 8,820 thousand and S/ 2,012 thousand, respectively, were recognized. The difference between balances was allocated in “Merge and other reserves”.

B. Other capital reserves

According to the Companies Act, the Company is required to allocate at least 5 % of its annual net income to a legal reserve after deducting accumulated losses. This allocation is required until the reserve equals 10 % of paid-in capital. The legal reserve can be used to compensate losses in the absence of non-distributed earnings or no restricted reserves and must be restored with future earnings. This reserve may also be capitalized, but it shall be subsequently restored.

As of December 31, 2025, the Group allocated S/ 16,696 thousand to a legal reserve (as of December 2024 and 2023 the Group allocated S/ 13,230 thousand and 23,468 to a legal reserve, respectively).

C. Translation reserve

Translation reserve includes all exchange differences resulting from the translation of the financial statements of foreign operations. As of December 31, 2025, 2024 and 2023, the Group recognizes the translation differences of the consolidated financial statements of the subsidiary Auna Colombia S.A.S. and Auna México in translation reserve of the consolidated statement of profit or loss and other comprehensive income.

D. Cost of hedging reserve

The cost of hedging reserve reflects gain or loss on the portion excluded from the designated hedging instrument that relates to the forward element of forward contracts and as well as the time value of purchased collar contracts. It is initially recognized in OCI and accounted for similarly to gains or losses in the hedging reserve.

E. Hedging reserve

Hedging reserve includes the effective portion of the accumulated net change in the fair value of the hedging instruments used in cash flow hedges with subsequent recognition in profit or loss. This reserve is recognized net of deferred income tax.

F. Merger and other reserves

On August 31, 2023, a transfer of shares that Auna Salud S.A.C. maintained in Grupo Salud Auna México, S.A. de C.V. was made to transfer them to Auna S.A. This transfer diluted the Non-controlling interests held by Auna Salud S.A.C. and its controlled subsidiaries.

On March 21, 2024, the Company, through its subsidiary Auna Salud S.A.C., acquired the non-controlling interest of Heredia Investments S.A.C., which held 21.2 % of Auna Salud S.A.C., through a capital reduction of S/ 1,217,629 thousand. The Group wrote off the non-controlling interest for S/ 159,910 thousand, with the corresponding debit entry in “Merger and other reserves” for S/ 1,076,628 thousand and credit entry in “Translation reserve” for S/ 18,909 thousand.

As of September 30, 2024, the Group has determined that the precedent conditions of the put and call options over the shares owned by the non-controlling interest of Oncomédica S.A., agreed in the Share Purchase Agreement signed in the 2022, have not been, and will not be exercised. Therefore, in September 2024, the Group derecognized the put liability for S/ 118,906 thousand, as well as the “merger and other reserves” in equity for S/ 138,251 thousand (which includes S/ 7,099 thousand for the fair value update of the period) and the corresponding translation reserve for S/ 19,345 thousand.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In August 2025, the Group entered into an agreement with the minority shareholder of Oncomédica S.A.S. to acquire an additional of 18.07 % non-controlling interest in 2031. The purchase consideration will be determined by a valuation mechanism based on multiple of 2031 Oncomédica’s EBITDA. As the minority shareholders retain access to the returns associated with their underlying ownership interest, the Group applied the present-access method. Consequently, the Group recognized a liability for mandatory purchase of non-controlling interest at its fair value of S/ 68,111 thousand, classified under “Other Accounts Payable” against “Merge and Other Reserves” in equity. As of December 31, 2025, the carrying amount of the liability is S/ 71,722 thousand, reflecting changes in fair value recognized in “Net Finance Costs” for S/ 3,143 thousand (note 24).

G. Non-controlling interests

The following table summarizes the information related to each of the Group´s subsidiaries that has material NCI, before any intra-group eliminations.

In thousands of soles
December 31, 2025
NCI percentage	11.77 %	2.18	%	0.15 %	39.00	%	31.19 %
Net assets	20,170	( 14,362	)	821,875	129,444		358,246	1,315,373
Net assets attributable to NCI	2,374	( 313	)	1,315	50,483		111,737	165,596
Profit (loss)	6,406	( 1,916	)	35,247	( 695	)	40,991	80,033
Other Comprehensive Income (OCI)	—	—		23,125	5,782		13,767	42,674
Total comprehensive income	6,406	( 1,916	)	58,372	5,087		54,758	122,707
Profit allocated to NCI	754	( 42	)	56	( 267	)	12,785	13,286
OCI allocated to NCI	—	—		37	2,255		4,294	6,586
Total comprehensive income allocated to NCI	754	( 42	)	93	1,988		17,079	19,872

In thousands of soles
December 31, 2024
NCI percentage	11.77 %	2.66	%	0.16	%	39.00	%	31.19	%
Net assets	13,764	( 10,188	)	762,500		124,354		303,485		1,193,915
Net assets attributable to NCI	1,620	( 271	)	1,220		48,498		94,657		145,724
Profit (loss)	8,497	( 2,927	)	39,737		( 697	)	44,152		88,762
Other Comprehensive Income (OCI)	—	—		( 42,500	)	( 16,128	)	( 37,329	)	( 95,957	)
Total comprehensive income	8,497	( 2,927	)	( 2,763	)	( 16,825	)	6,823		( 7,195	)
Profit allocated to NCI	1,000	( 78	)	64		( 272	)	13,771		14,485
OCI allocated to NCI	—	—		( 68	)	( 6,290	)	( 11,643	)	( 18,001	)
Total comprehensive income allocated to NCI	1,000	( 78	)	( 4	)	( 6,562	)	2,128		( 3,516	)

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles
December 31, 2023
NCI percentage	30.47 %	23.30	%	21.38 %	51.93	%	44.84 %	21.20	%
Net assets	5,268	( 7,293	)	611,304	141,179		312,257	( 154,070	)	908,645
Net assets attributable to NCI	1,605	( 1,699	)	130,704	73,317		140,016	( 32,662	)	311,281
Profit (loss)	3,023	( 4,782	)	20,519	( 2,699	)	43,470	81,566		141,097
Other Comprehensive Income (OCI)	—	—		96,957	27,064		55,867	188,499		368,387
Total comprehensive income	3,023	( 4,782	)	117,476	24,365		99,337	270,065		509,484
Profit allocated to NCI	921	( 1,114	)	4,387	( 1,402	)	19,492	17,293		39,577
OCI allocated to NCI				20,731	14,055		25,051	39,961		99,798
Total comprehensive income allocated to NCI	921	( 1,114	)	25,118	12,653		44,543	57,254		139,375

In 2024 and 2023, the Group paid dividends to non-controlling shareholders for, S/ 1,150 thousand and S/ 6,841 thousand, respectively.

Revenue

A. Revenue streams

The Group generates revenue primarily from the sale of oncologic healthcare plans and healthcare services to its customers.

This caption includes the following:

In thousands of soles
Revenue from contracts with customers
Healthcare services (i)	2,918,881	3,012,454	2,695,860
Sale of medicines	334,962	320,700	265,865
Total revenue from contracts with customers	3,253,843	3,333,154	2,961,725
Insurance revenue	1,131,455	1,052,958	914,182
Total revenue	4,385,298	4,386,112	3,875,907

Insurance revenue includes the following:

In thousands of soles — Oncology plans	872,383	799,605	723,029
General healthcare services plans	259,072	253,353	191,153
Total insurance revenue	1,131,455	1,052,958	914,182
Timing of revenue recognition
Products transferred at a point in time	334,962	320,700	265,865
Products and services transferred over time	2,918,881	3,012,454	2,695,860
Total revenue from contracts with customers	3,253,843	3,333,154	2,961,725

(i) The amounts reported in the Healthcare services revenue line item do not include revenue recognized for customers that are part of the Company’s insurance premium program.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

B. Disaggregation of revenue from contracts with customers

This caption includes the following:

In thousands of soles
For the year ended December 31, 2025
Primary geographical markets
Peru	1,125,381	786,227	1,911,608
Colombia	—	1,434,924	1,434,924
Mexico	—	1,038,766	1,038,766
For the year ended December 31, 2024
Primary geographical markets
Peru	1,030,432	718,051	1,748,483
Colombia	—	1,443,032	1,443,032
Mexico	—	1,194,597	1,194,597
For the year ended December 31, 2023
Primary geographical markets
Peru	895,507	657,923	1,553,430
Colombia	—	1,192,089	1,192,089
Mexico	—	1,130,388	1,130,388

C. Contract balances

The following table provides information about receivables from contracts with customers.

In thousands of soles — Trade accounts receivable	5	1,043,278		962,457		861,336
Contract liabilities, which are included in “trade accounts payable”	16	( 22,599	)	( 23,800	)	( 17,291	)

The contract assets primarily relate to the Group’s rights to consideration for service completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. There are no contract assets as of December 31, 2025, 2024 and 2023.

The contract liabilities primarily relate to the advance consideration received from patients for healthcare services, for which revenue is recognized over time. This will be recognized as revenue over the next 12 months.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Cost of Sales and Services, Selling Expenses and Administrative Expenses

This caption includes the following:

In thousands of soles	2025	2024	2023	2025	2024	2023	2025	2024	2023	2025	2024	2023
Medicines		1,143,319	1,143,359	1,022,220	—	—	—	—	—	—	1,143,319	1,143,359	1,022,220
Auxiliary services and clinical laboratory		97,792	88,989	70,904	—	—	—	—	—	—	97,792	88,989	70,904
Room service for inpatients		59,241	85,490	48,498	—	—	—	—	—	—	59,241	85,490	48,498
Surgery fees		239,786	205,414	188,816	—	—	—	—	—	—	239,786	205,414	188,816
Medical consultation fees		106,010	89,373	97,796	—	—	—	—	—	—	106,010	89,373	97,796
Insurance contracts		49,463	47,624	41,433	—	—	—	—	—	—	49,463	47,624	41,433
Personnel expenses (a) (c)		700,740	722,950	668,637	70,300	68,332	70,181	370,050	364,298	334,578	1,141,090	1,155,580	1,073,396
Services provided by third parties (b) (c)		163,862	141,723	147,185	141,374	120,469	118,076	246,627	244,166	206,476	551,863	506,358	471,737
Depreciation	11, 13	110,338	116,907	134,879	955	22	13	32,357	25,944	24,127	143,650	142,873	159,019
Amortization	12	1,664	2,047	2,005	813	—	—	76,304	74,226	74,726	78,781	76,273	76,731
Other management charges (c)		49,034	16,917	18,183	6,912	8,566	5,622	61,813	54,758	42,439	117,759	80,241	66,244
Tax expenses		336	26	5	505	86	51	25,521	25,285	22,219	26,362	25,397	22,275
		2,721,585	2,660,819	2,440,561	220,859	197,475	193,943	812,672	788,677	704,565	3,755,116	3,646,971	3,339,069

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(a) Personnel expenses include the following:

In thousands of soles — Remunerations	748,544	733,614	680,560
Legal bonuses	78,585	72,769	71,372
Health insurance for employees	118,995	117,947	104,444
Bonuses	17,589	33,808	42,834
Severance payments	49,372	53,281	49,061
Vacations	47,527	45,703	42,841
Employees’ profit sharing	24,049	36,188	32,817
Board of Directors’ remuneration	5,068	5,781	5,027
Equity-settled share-based payment expenses	11,192	9,145	3,675
Compensation to personnel	7,796	13,647	9,211
Training	2,054	1,647	1,995
Other benefits	30,319	32,050	29,559
	1,141,090	1,155,580	1,073,396

The average worldwide full-time equivalent headcount was 15,254 , 14,804 and 14,958 , respectively, for the years ended December 31, 2025, 2024 and 2023, respectively.

(b) Services provided by third parties include the following:

In thousands of soles — Sales commissions	80,846	62,268	66,303
Advisory and consulting fees	102,289	74,711	61,647
Leases	60,625	63,741	58,927
Credit card commissions	34,228	31,425	27,569
Service and repair	77,459	73,353	74,805
Custodial and cleaning services	53,612	50,897	38,121
Advertisement	30,055	27,199	24,019
Utilities	48,811	55,571	60,937
Hosting	17,971	18,107	14,925
Collection expenses	2,595	1,697	889
Travel and entertainment expenses	4,904	3,163	3,399
Others	38,468	44,226	40,196
	551,863	506,358	471,737

(c) For the years ended December 31, 2025, 2024, and 2023 personnel expenses, services provided by third parties and other management charges include the amortization of the account “insurance acquisition cash flows” of S/ 148,660 thousand, S/ 129,973 thousand, S/ 140,438 thousand, respectively (note 32).

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Other Income

This caption includes the following:

In thousands of soles — Income for parking (a)	10,877	5,087	3,807
Indemnification for claims	2,389	1,480	800
Investment property rentals	17,353	16,406	15,759
Increase in fair value of investment property	106	161	116
Receivable recoveries (b)	1,091	7,043	8,893
Other income for derecognition of other accounts payables to former shareholders (d)	—	46,613	—
Other income for reversal of contingent consideration	—	—	4,095
Gain on sale of property, furniture and equipment	1,900	118	4,307
Debt forgiveness and donations received	—	—	12
Others (c)	9,448	10,678	12,324
	43,164	87,586	50,113

(a) Corresponds to the administration, parking and valet parking services provided by the clinics. Income for parking is recognized once the service has been rendered.

(b) Mainly corresponds to recoveries of receivables that were expected as uncollectable at the acquisition date of Oncomedica S.A.S.

(c) Mainly corresponds to income from food services (cafeteria), income from teaching services and other miscellaneous income of the Mexican Component.

(d) This caption includes S/ 46,613 thousand for the derecognition of a portion of other account payables to former shareholders of Hospital y Clínica OCA, S.A. de C.V. (OCA). This other account payable corresponds to the Holdback at the acquisition of OCA to compensate to Group for any subsequent indemnification (note 17).

On April 2025, the Group canceled the accounts payable to former shareholders from Hospital y Clínica OCA.

The movement of account payables to former shareholders is the following:

In thousands of soles — Balances as of January 1,		31,921		85,265		90,134
Interest expense		1,251		4,896		4,290
Payments		( 21,145	)	( 30,011	)	( 1,368	)
Reversal		—		( 46,613	)
Hospital y Clínica OCA’s purchase price adjustment (*)		—		—		( 8,193	)
Transfer from Contingent consideration	17(d)	—		17,178
Acquired through business combination		—		—		1,347
Exchange difference		943		1,206		( 945	)
Balances as of December 31		12,970		31,921		85,265

(*) In June 2023, the Group adjusted the purchase price of the acquisition of Hospital y Clínica OCA performed in October 2022 in accordance with the acquisition Share Purchase Agreement for S/ 8,193 thousand.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Other Expenses

In thousands of soles — Changes in contingent consideration	—	—	20,927
Derecognition of other assets	—	2,112	—
	—	2,112	20,927

Net Finance Costs

This caption includes the following:

In thousands of soles
Finance income
Interest income under the effective interest	231	328	186
Cash flow hedges settlement - Swaps	1,971	3,285	—
Interest on term deposits	7,500	12,399	8,747
Exchange difference (a)	193,004	—	75,852
Interest income on other investments	11,189	8,358	8,030
Others	942	440	163
	214,837	24,810	92,978

In thousands of soles
Finance cost
Financial liabilities measured at amortized cost – interest expense (c)		423,620		471,248	522,258
Interest from leases liabilities		11,347		12,855	13,465
Exchange difference (a)		—		41,709	—
Cash flow hedges - reclassified from OCI for costs of hedging reserve		18,268		34,482	86,135
Change in fair value of contingent consideration (d)		—		2,492	2,011
Financial assets at FVTPL – net change in fair value: Derivate assets mandatorily measured at FVTPL		( 971	)	7,714	9,813
Extinguishment of debt	15.a	64,818		5,595	62,193
Financial debt prepayment penalty	15.a	243		—	53,285
Unwind of derivative financial instruments measured at FVOCI		68,473		7,550	—
Change in fair value of liability for purchase of non-controlling interest (e)		3,143		—	—
Cash flow hedges settlement - Swaps		21,758		3,781	—
Others (b)		40,591		46,167	34,622
		651,290		633,593	783,782

(a) In 2025, the net exchange difference includes an effect for S/ 22,244 thousand (S/ 9,249 thousand and S/ 32,100 thousand in 2024 and 2023, respectively) for the cash flow hedges reclassified from OCI (note 8).

(b) For years 2025, 2024 and 2023, this includes mainly cost of factoring for S/ 20,332 thousand, S/ 19,132 thousand and S/ 14,465 thousand, respectively.

(c) For years 2025, 2024 and 2023, this includes S/ 143 thousand, S/ 256 thousand and S/ 339 thousand related to government grants of interest expenses (note 3.O), respectively.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(d) The movement of contingent consideration is the following:

In thousands of soles — Balances as of January 1,	—	64,008		69,470
Acquired through business combination	—	—		—
Reversal	—	—		( 4,095	)
Change in fair value of contingent consideration	—	2,492		2,011
Payment of contingent consideration	—	( 47,174	)	( 36,143	)
Transfer to Account payables to former shareholder, Note 17 (d)	—	( 17,178	)	—
Change in fair value of contingent consideration	—	—		20,927
Exchange difference		( 2,148	)	11,838
Balances as of December 31	—	—		64,008

(e) The movement of liability for purchase of non-controlling interest is the following:

In thousands of soles — Balances as of January 1,	—	—	—
Additions	68,111	—	—
Change in fair value	3,143	—	—
Exchange difference	468	—	—
Balances as of December 31,	71,722	—	—

Earnings per Share

The earnings per ordinary share were determined based on the net profit attributable to shareholders of the Group and weighted-average number of shares outstanding as follows:

In thousands of soles — Net profit (loss) for the year attributable to owners of the Company	97,614	110,271	( 253,921	)
Number of shares	74,012,965	73,970,299	43,917,577
Weighted average number of ordinary shares at December 31 (Basic)	74,012,965	67,330,955	43,917,577
Weighted average number of ordinary shares at December 31 (Diluted)	74,203,227	67,500,074	43,917,577
Basic earnings per share	1.32	1.64	( 5.78	)
Diluted earnings per share	1.32	1.63	( 5.78	)

As of December 31, 2025, 3,967 options were excluded from the diluted weighted-average number of ordinary shared calculation because their effect would have been anti-dilutive ( 3,261 options as of December 31, 2024). The average market value of the Company’s shares for the purpose of calculating the dilutive effect of share options was based on quoted market prices for the year during which the options were outstanding.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

As of December 31, 2023, the earnings per ordinary share were determined based on the net profit attributable to owners of the Company and the weighted-average number of shares of class B outstanding. The Group did not have dilutive potential ordinary shares as of December 31, 2023.

There have been no other transactions involving common shares and investment shares between the reporting date and the date of the authorization of these consolidated financial statements.

Operating Segments

A. Basis for segmentation

The Group has determined four reportable segments. These operating segments are components of a company about which separate financial information is available that is regularly evaluated by the Board of Directors (Chief operating decision maker) in deciding how to allocate resources and assess performance.

The following summary describes the operations of each reportable segment.

Reportable segments	Operations
Oncosalud Peru	Including our prepaid oncologic healthcare plans and healthcare services related to the treatment of cancer.
Healthcare services in Peru	Corresponds to medical services within the network of clinics and health centers in Peru.
Healthcare services in Colombia	Corresponds to medical services within the network of clinics and health centers in Colombia.
Healthcare services in Mexico	Corresponds to medical services within the network of clinics and health centers, and the insurance business in Mexico.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

B. Information about reportable segments

Information related to each reportable segment is set out below. Segment profit (loss) before tax is used to measure performance because the chief operating decision maker believes that this information is the most relevant for the Group.

In thousands of soles	Reportable segments — Oncosalud Peru	Healthcare services in Peru		Healthcare services in Colombia		Healthcare services in Mexico		Total reportable segments		Holding and eliminations		Total
2025
External revenues	1,125,381		786,227		1,434,924		1,038,766		4,385,298		—		4,385,298
Inter-segment revenue (i)	38,868		298,046		5,180		—		342,094		( 342,094	)	—
Segment revenue	1,164,249		1,084,273		1,440,104		1,038,766		4,727,392		( 342,094	)	4,385,298
External cost of service	( 316,390	)	( 730,670	)	( 1,054,171	)	( 620,354	)	( 2,721,585	)	—		( 2,721,585	)
Inter-segment cost of service (i)	( 295,276	)	( 35,266	)	—		—		( 330,542	)	330,542		—
Segment cost of service	( 611,666	)	( 765,936	)	( 1,054,171	)	( 620,354	)	( 3,052,127	)	330,542		( 2,721,585	)
Gross profit	552,583		318,337		385,933		418,412		1,675,265		( 11,552	)	1,663,713
External selling expenses	( 180,342	)	( 22,654	)	( 5,373	)	( 13,836	)	( 222,205	)	1,346		( 220,859	)
Segment selling expenses	( 180,342	)	( 22,654	)	( 5,373	)	( 13,836	)	( 222,205	)	1,346		( 220,859	)
External administrative expenses	( 75,148	)	( 121,765	)	( 201,976	)	( 237,401	)	( 636,290	)	—		( 636,290	)
Inter-segment administrative expenses	( 5,061	)	( 7,631	)	—		—		( 12,692	)	12,692		—
Corporate expenses	( 75,936	)	( 64,811	)	( 14,389	)	( 12,690	)	( 167,826	)	( 8,556	)	( 176,382	)
Segment administrative expenses	( 156,145	)	( 194,207	)	( 216,365	)	( 250,091	)	( 816,808	)	4,136		( 812,672	)
Impairment losses on trade receivables	( 2,563	)	( 16,807	)	( 24,918	)	( 4,138	)	( 48,426	)	372		( 48,054	)
Other expenses	( 11,156	)	( 1,191	)	—		—		( 12,347	)	12,347		—
Other income	2,789		6,978		8,940		29,901		48,608		( 5,444	)	43,164
Inter-segment other income	12,797		966		—		—		13,763		( 13,763	)	—
Other income	15,586		7,944		8,940		29,901		62,371		( 19,207	)	43,164
Segment operating profit (loss)	217,963		91,422		148,217		180,248		637,850		( 12,558	)	625,292
Share of profit of equity accounted investees, net of taxes	3,278		—		7,136		—		10,414		—		10,414
Exchange difference, net	1,996		4,460		73,491		16,090		96,037		96,967		193,004
Interest expense, net	( 17,151	)	( 37,995	)	( 95,064	)	( 245,843	)	( 396,053	)	( 233,404	)	( 629,457	)
Segment profit (loss) before tax	206,086		57,887		133,780		( 49,505	)	348,248		( 148,995	)	199,253
Other disclosures
Depreciation and amortization	( 35,728	)	( 48,537	)	( 41,242	)	( 86,224	)	( 211,731	)	( 10,700	)	( 222,431	)
Capital expenditure	( 22,793	)	( 33,731	)	( 23,004	)	( 50,344	)	( 129,872	)	( 11,181	)	( 141,053	)
Segment assets	2,408,375		1,032,322		2,464,878		3,144,939		9,050,514		( 1,752,450	)	7,298,064
Segment liabilities	1,113,312		618,896		1,361,484		1,959,986		5,053,678		478,030		5,531,708

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles	Reportable segments — Oncosalud Peru	Healthcare services in Peru		Healthcare services in Colombia		Healthcare services in Mexico		Total reportable segments		Holding and eliminations		Total
2024
External revenues	1,030,432		718,051		1,443,032		1,194,597		4,386,112		—		4,386,112
Inter-segment revenue (i)	40,188		277,701		—		—		317,889		( 317,889	)	—
Segment revenue	1,070,620		995,752		1,443,032		1,194,597		4,704,001		( 317,889	)	4,386,112
External cost of service	( 307,047	)	( 671,370	)	( 1,040,646	)	( 641,756	)	( 2,660,819	)	—		( 2,660,819	)
Inter-segment cost of service (i)	( 279,344	)	( 36,596	)	—		—		( 315,940	)	315,940		—
Segment cost of service	( 586,391	)	( 707,966	)	( 1,040,646	)	( 641,756	)	( 2,976,759	)	315,940		( 2,660,819	)
Gross profit	484,229		287,786		402,386		552,841		1,727,242		( 1,949	)	1,725,293
External selling expenses	( 159,619	)	( 19,552	)	( 5,689	)	( 11,948	)	( 196,808	)	( 667	)	( 197,475	)
Segment selling expenses	( 159,619	)	( 19,552	)	( 5,689	)	( 11,948	)	( 196,808	)	( 667	)	( 197,475	)
External administrative expenses	( 78,596	)	( 107,736	)	( 197,887	)	( 249,202	)	( 633,421	)	—		( 633,421	)
Inter-segment administrative expenses	( 369	)	( 5,593	)	—		—		( 5,962	)	5,962		—
Corporate expenses	( 64,885	)	( 63,407	)	( 11,542	)	( 6,567	)	( 146,401	)	( 8,855	)	( 155,256	)
Segment administrative expenses	( 143,850	)	( 176,736	)	( 209,429	)	( 255,769	)	( 785,784	)	( 2,893	)	( 788,677	)
Impairment losses on trade receivables	( 511	)	( 7,914	)	( 28,397	)	( 3,987	)	( 40,809	)	( 46	)	( 40,855	)
Other expenses	—		—		—		—		—		( 2,112	)	( 2,112	)
Other income	3,196		7,386		9,438		68,818		88,838		( 1,252	)	87,586
Inter-segment other income	10,859		948		—		—		11,807		( 11,807	)	—
Other income	14,055		8,334		9,438		68,818		100,645		( 13,059	)	87,586
Segment operating profit (loss)	194,304		91,918		168,309		349,955		804,486		( 20,726	)	783,760
Share of profit of equity accounted investees, net of taxes	3,305		—		5,495		—		8,800		—		8,800
Exchange difference, net	( 1,710	)	( 1,189	)	( 67,555	)	( 20,823	)	( 91,277	)	49,568		( 41,709	)
Interest expense, net	( 30,833	)	( 46,346	)	( 108,301	)	( 264,340	)	( 449,820	)	( 117,254	)	( 567,074	)
Segment profit (loss) before tax	165,066		44,383		( 2,052	)	64,792		272,189		( 88,412	)	183,777
Other disclosures
Depreciation and amortization	( 32,651	)	( 42,818	)	( 42,404	)	( 92,070	)	( 209,943	)	( 9,203	)	( 219,146	)
Capital expenditure	( 31,974	)	( 45,180	)	( 43,614	)	( 36,436	)	( 157,204	)	( 21,530	)	( 178,734	)
Segment assets	2,260,833		1,034,399		2,299,375		3,079,407		8,674,014		( 1,593,294	)	7,080,720
Segment liabilities	1,105,230		663,499		1,359,899		1,881,392		5,010,020		447,760		5,457,780

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles	Reportable segments — Oncosalud Peru	Healthcare services in Peru		Healthcare services in Colombia		Healthcare services in Mexico		Total reportable segments		Holding and eliminations		Total
2023
External revenues	895,507		657,923		1,192,089		1,130,388		3,875,907		—		3,875,907
Inter-segment revenue (i)	36,173		225,966		—		—		262,139		( 262,139	)	—
Segment revenue	931,680		883,889		1,192,089		1,130,388		4,138,046		( 262,139	)	3,875,907
External cost of service	( 277,611	)	( 645,375	)	( 853,887	)	( 663,688	)	( 2,440,561	)	—		( 2,440,561	)
Inter-segment cost of service (i)	( 225,196	)	( 34,297	)	—		—		( 259,493	)	259,493		—
Segment cost of service	( 502,807	)	( 679,672	)	( 853,887	)	( 663,688	)	( 2,700,054	)	259,493		( 2,440,561	)
Gross profit	428,873		204,217		338,202		466,700		1,437,992		( 2,646	)	1,435,346
External selling expenses	( 163,299	)	( 18,065	)	( 6,313	)	( 5,518	)	( 193,195	)	( 748	)	( 193,943	)
Segment selling expenses	( 163,299	)	( 18,065	)	( 6,313	)	( 5,518	)	( 193,195	)	( 748	)	( 193,943	)
External administrative expenses	( 72,532	)	( 94,553	)	( 176,915	)	( 211,816	)	( 555,816	)	—		( 555,816	)
Inter-segment administrative expenses	( 908	)	( 4,658	)	—		—		( 5,566	)	5,566		—
Corporate expenses	( 63,867	)	( 60,072	)	( 11,810	)	( 8,772	)	( 144,521	)	( 4,228	)	( 148,749	)
Segment administrative expenses	( 137,307	)	( 159,283	)	( 188,725	)	( 220,588	)	( 705,903	)	1,338		( 704,565	)
Impairment losses on trade receivables	( 355	)	142		( 6,352	)	1,097		( 5,468	)	( 216	)	( 5,684	)
Other expenses	( 4,479	)	—		( 20,302	)	—		( 24,781	)	3,854		( 20,927	)
Other income	1,388		8,384		16,223		26,157		52,152		( 2,039	)	50,113
Inter-segment other income	11,001		966		—		—		11,967		( 11,967	)	—
Other income	12,389		9,350		16,223		26,157		64,119		( 14,006	)	50,113
Segment operating profit (loss)	135,822		36,361		132,733		267,848		572,764		( 12,424	)	560,340
Share of profit of equity accounted investees, net of taxes	2,227		—		4,063		—		6,290		—		6,290
Exchange difference, net	( 5,741	)	( 1,783	)	119,884		74,020		186,380		( 110,528	)	75,852
Interest expense, net	( 24,909	)	( 45,770	)	( 109,508	)	( 385,597	)	( 565,784	)	( 200,872	)	( 766,656	)
Segment profit (loss) before tax	107,399		( 11,192	)	147,172		( 43,729	)	199,650		( 323,824	)	( 124,174	)
Other disclosures
Depreciation and amortization	( 31,968	)	( 38,997	)	( 40,226	)	( 115,650	)	( 226,841	)	( 8,909	)	( 235,750	)
Capital expenditure	( 26,385	)	( 27,256	)	( 81,965	)	( 49,023	)	( 184,629	)	( 15,262	)	( 199,891	)
Segment assets	2,146,867		889,286		2,435,123		3,763,000		9,234,276		( 1,544,724	)	7,689,552
Segment liabilities	1,101,354		565,754		1,514,739		2,343,238		5,525,085		387,901		5,912,986

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(i) Inter-segment cost of service (claims expense) from the Oncosalud Peru segment and intersegment revenue from our Healthcare Services in Peru segment are presented on a gross basis by adding the corresponding profit margin markup by our Healthcare Services in Peru segment and vice versa. Likewise, our Oncosalud Peru segment consolidates Oncocenter Perú S.A.C., a subsidiary providing healthcare services related to the exclusive treatment of cancer. In the separate financial statements of Oncocenter Perú S.A.C., the revenue mainly consists of the insurance claims expense recorded as cost of sales in the separate financial statements of Oncosalud S.A.C., our insurance subsidiary that is also consolidated in Oncosalud Peru segment. In the segment consolidation process, the related revenues from such healthcare services are eliminated with the corresponding claims expense of our insurance subsidiary Oncosalud S.A.C., while the external cost (third parties) of services incurred by Oncocenter Perú S.A.C. remains.

C. Geographic information

The geographic information analyzes the Group’s revenue and non-current assets by the country where it operates. In presenting the geographic information, segment revenue has been based on the geographic location of customers and segment assets were based on the geographic location of the assets.

In thousands of soles
Revenue
Peru	1,911,608	1,748,483	1,553,430
Colombia	1,434,924	1,443,032	1,192,089
México	1,038,766	1,194,597	1,130,388
	4,385,298	4,386,112	3,875,907
Non-current assets (*)
Peru	909,284	908,301	871,520
Colombia	1,478,338	1,432,141	1,601,604
México	2,781,133	2,784,380	3,418,414
	5,168,755	5,124,822	5,891,538

(*) Non-current assets exclude deferred tax assets and derivatives.

D. Major customer

None of the revenue derives from transactions carried out with a single customer or counterparty which is equal to or greater than 10 percent or more of the total revenue of the Group for the years ended December 31, 2025, 2024 and 2023.

Tax Matters

Tax regime applicable to income tax

A. Income tax is determined on a separate basis; it is not consolidated. According to Peruvian, Colombian, Mexican and Luxembourg current legal legislations, the income tax is paid based on the statutory financial statements and tax losses, additions, and deductions established.

Tax rates

B. The Group is subject to Peruvian, Colombian, Mexican and Luxembourg Tax Regimes as of December 31, 2025, 2024 and 2023.

The current income tax rates are 29.5 % in Peru, 30 % in Mexico and 35 % in Colombia. In Luxembourg, since 2025, the Corporate Income Tax Rate decreased from 24.9 % to 23.87 %. The current income tax was calculated based on the taxable income.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Income tax determination

C. The Group computed its taxable income for the years ended December 31, 2025, 2024 and 2023, and determined current income tax for S/ 166,788 thousand, S/ 202,526 thousand and S/ 161,066 thousand, respectively.

Income tax expense includes:

In thousands of soles — Current		166,788		202,526		161,066
Deferred	14	( 78,435	)	( 142,707	)	( 70,896	)
Income tax		88,353		59,819		90,170

Reconciliation of the income tax effective rate to the tax rate is presented as follows:

In thousands of soles — Profit (loss) before income tax	199,253		100.00	%	183,777		100.00	%	( 124,174	)	100.00	%
Tax using the Company’s domestic tax rate (a)	47,562		23.87	%	45,760		24.90	%	( 30,919	)	24.90	%
Effect of tax rates of a subsidiary abroad	20,240		10.16	%	12,504		6.80	%	( 5,095	)	4.10	%
Non deductible expenses	18,308		9.19	%	3,318		1.81	%	34,429		( 27.73	%)
Tax losses for which deferred tax asset was not recognized	839		0.42	%	12,110		6.59	%	63,234		( 50.92	%)
Derecognition of previously recognized deductible temporary differences	—		—		—		—		8,411		( 6.77	%)
Recognition of previously unrecognized tax losses	( 2,284	)	( 1.15	%)	( 32,362	)	( 17.61	%)	—		—
Changes in tax rate (Colombia)	—		—		116		0.06	%	11,815		( 9.51	%)
Annual adjustment for inflation	3,160		1.59	%	4,106		2.23	%	7,432		( 5.98	%)
Changes in estimates related to prior years	528		0.26	%	14,267		7.76	%	863		( 0.70	%)
Income tax	88,353		44.34	%	59,819		32.55	%	90,170		( 72.62	%)

Tax losses carried forward

D. The Group has recognized a deferred income tax asset related to the tax-loss carryforward of those subsidiaries where it is more likely than not that the tax-loss carryforward can be used to compensate future taxable net income.

As of December 31, 2025, the Group recognized deferred net tax assets for S/ 290,378 thousand (S/ 270,520 thousand and S/ 210,073 thousand as of December 31, 2024 and 2023, respectively) related to tax losses carried forward of the Group.

Deferred tax assets recognized for tax losses expire as follows:

In thousands of soles — Expire	196,126	2026-2037	168,865	2025-2036	99,089	2024-2035
Never expire	94,252	—	101,655	—	110,984	—
Income tax	290,378		270,520		210,073

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Table of Contents

Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

According to the Income Tax Act, as amended, the entities established in Peru can choose one of the following two methods to carry forward their tax losses:

(i) The tax loss may be offset with future income until it is extinguished, applying said loss up to 50 percent of the taxable income per year, or

(ii) The tax loss may be used until four years after it has been generated.

According to the Income Tax Act, as amended, the entities established in Colombia can use the following method to carry forward their tax losses:

(i) Tax losses established until 2016 do not expire, while tax losses generated as of 2017 can be carried forward for 12 years.

According to the Income Tax Act, as amended, the entities established in Mexico can use the following method to carry forward their tax losses:

(ii) Tax losses generated can be carried forward for 10 years.

According to the Income Tax Act, as amended, the entities established in Luxembourg use the following method to carry forward their tax losses:

(iii) Tax losses generated can be carried forward for 17 years.

Unrecognized deferred tax assets

E. Deferred tax assets for certain subsidiaries have not been recognized in respect of the following item, because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom.

In thousands of soles	2025 — Gross amount	Tax effect	2024 — Gross amount	Tax effect	2023 — Gross amount	Tax effect
Tax losses	2,842	839	41,051	12,110	214,354	63,234
	2,842	839	41,051	12,110	214,354	63,234

Temporary tax on net assets

F. The Group is subject to the Temporary Tax on Net Assets (ITAN, from its Spanish acronym) in Peru. The taxable base is the prior period adjusted net asset value less depreciation and amortization, admitted by the Income Tax Law. The ITAN rate is 0.4 % for 2023 and 2025 applied to the amount of net assets that exceed S/ 1,000,000 . It may be paid in cash or in nine consecutive monthly installments. The amount paid may be used as a credit against payments of the general income tax regime for taxable periods from March to December of the fiscal period for which the tax was paid until maturity. As of December 31, 2025, the Group recognized S/ 6,996 thousand in Other assets (S/ 13,103 thousand and S/ 12,365 thousand as of December 31, 2024 and 2023, respectively).

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Transfer pricing

G. For the purpose of determining the Income Tax, the transfer prices of transactions with related parties and with companies domiciled in countries or territories that are noncooperating or low or zero tax countries or territories, or with entities or permanent establishments whose income, revenues or gains from said contracts are subject to a preferential tax regime, must be supported by documented information on the valuation methods used and the criteria considered for their determination. On the basis of the analysis of the operations of the Group’s subsidiaries, Management and its internal legal advisors believe that, as a consequence of the application of these standards, contingencies of the subsidiaries domiciled in Peru, Colombia, Mexico and Luxembourg will not arise as of December 31, 2025, 2024 and 2023.

Review of tax administration

H. The Peruvian and Colombian tax authorities are entitled to audit and, if applicable, to correct the income tax calculated by the Group’s entities within the four years following the year of the tax return filing. The Group’s income tax returns for the years 2021 through 2025 are open for review by the Peruvian and Colombian tax authority. The Mexican and Luxembourg tax authorities are entitled to audit and, if applicable, to correct the income tax calculated by the Group’s entities within the five years following the year of the tax return filing. The income tax returns for the years 2019 through 2025 are open for review by the Mexican and Luxembourg tax authorities.

I. The Group’s sales tax returns are open for review by the Peruvian, Colombian, Mexican and Luxembourg tax authorities, in the same years indicated in the previous paragraph.

Value Added Tax (VAT)

J. For Peruvian, Colombian, Mexican and Luxembourg companies, the value added tax (VAT) is 18 %, 19 %, 16 % and 17 %, respectively.

Uncertainty over income tax treatments

K. The Group believes that its accrual for tax liabilities is adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience.

Pillar Two

L. In Luxembourg, the Parliament adopted the bill of law 8292 implementing Council Directive (EU) 2022/2523 dated December 14, 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the EU, commonly known as Pillar Two, on December 20, 2023 and the law was published in the official gazette on December 22, 2023, therefore Lux Pillar Two is only effective as of January 1, 2024 and it has not been enacted in Peru, Colombia nor Mexico.

Management has analyzed the potential exposure of the Group to the Pillar Two, concluding that there is not any impact on the Group’s consolidated financial statements as of and for the year ended December 31, 2025 and Management also expects no significant impacts of Pillar Two in the coming years basically due has no expectation to obtain an effective tax rate of 15 % or less in Peru, Colombia or Mexico in the coming years.

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Auna S.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Group Structure

The following table shows the companies that are part of the Group as of December 31, 2025, 2024 and 2023. All subsidiaries have been included in the consolidation:

In thousands of soles	2025	2024	2023	2025	2024	2023
Operating companies
Oncosalud S.A.C. (a)	Peru	99.99	99.99	78.79	0.01	0.01	21.21
Oncocenter Perú S.A.C. (b)	Peru	99.99	99.99	78.79	0.01	0.01	21.21
Servimédicos S.A.C. (b)	Peru	99.99	99.99	78.79	0.01	0.01	21.21
Clínica Bellavista S.A.C. (b)	Peru	99.99	99.99	78.79	0.01	0.01	21.21
Laboratorio Clínica Inmunológico Cantella S.A.C. (b)	Peru	99.99	99.99	78.79	0.01	0.01	21.21
Clínica Miraflores S.A. (b)	Peru	97.82	97.34	76.70	2.18	2.66	23.30
R&R Patólogos Asociados S.A.C. (b)	Peru	99.80	99.80	78.64	0.20	0.20	21.36
Clínica Vallesur S.A. (b)	Peru	88.23	88.23	69.53	11.77	11.77	30.47
GSP Trujillo S.A.C. (Clínica Camino Real) (b)	Peru	99.99	99.99	78.79	0.01	0.01	21.21
Medicser S.A.C. (Clínica Delgado) (b)	Peru	99.99	99.99	78.79	0.01	0.01	21.21
Patología Oncológica S.A.C. (b)	Peru	100.00	100.00	78.80	—	—	21.20
Oncogenomics S.A.C. (b)	Peru	100.00	100.00	78.80	—	—	21.20
Hospital y Clínica OCA S.A. de C.V. (a)	Mexico	100.00	100.00	100.00	—	—	—
DRJ Inmuebles, S.A. de C.V. (d)	Mexico	100.00	100.00	100.00	—	—	—
Inmuebles JRD 2000, S.A. de C.V. (d)	Mexico	100.00	100.00	100.00	—	—	—
Tovleja HG, S.A. (d)	Mexico	100.00	100.00	100.00	—	—	—
Auna Seguros, S.A.	Mexico	100.00	100.00	100.00	—	—	—
Oncomedica S.A.S. (a)	Colombia	68.81	68.81	55.16	31.19	31.19	44.84
Imat S.A.S. (a)	Colombia	68.81	68.81	55.16	31.19	31.19	44.84
Clínica Portoazul S.A. (b)	Colombia	61.00	61.00	48.07	39.00	39.00	51.93
Promotora Médica Las Américas S.A. (b)	Colombia	99.85	99.84	78.62	0.15	0.16	21.38
Instituto de Cancerología S.A. (a)	Colombia	99.85	99.84	78.62	0.15	0.16	21.38
Pre-operating companies
Consorcio Trecca S.A.C. (b)	Peru	99.99	99.99	99.99	0.01	0.01	0.01
Las Américas Farma Store S.A.S. (b)	Colombia	99.85	99.84	78.62	0.15	0.16	21.38
Sociedad Radio-Oncológica de Montería S.A. (b)	Colombia	68.81	68.81	55.16	31.19	31.19	44.84
Non-operating companies
Inversiones Mercurio S.A.C. (b)	Peru	97.82	97.34	76.70	2.18	2.66	23.30
Holdings companies
Grupo Salud Auna México, S.A. de C.V. (c)	Mexico	100.00	100.00	100.00	—	—	—
Auna Colombia S.A.S. (c)	Colombia	100.00	100.00	78.80	—	—	21.20
Auna Salud S.A.C. (c)	Peru	99.99	99.99	78.80	0.01	0.01	21.20
GSP Inversiones S.A.C. (c)	Peru	99.99	99.99	78.79	0.01	0.01	21.21
Operador Estratégico S.A.C. (c)	Peru	99.99	99.99	99.99	0.01	0.01	0.01
Other subsidiaries
GSP Servicios Generales S.A.C. (d)	Peru	99.99	99.99	78.79	0.01	0.01	21.21
GSP Servicios Comerciales S.A.C. (d)	Peru	99.99	99.99	78.79	0.01	0.01	21.21
Pro Med Las Américas LLC (d)	USA	99.85	99.84	78.62	0.15	0.16	21.38

(a) Mainly dedicated to providing oncologic healthcare services.

(b) Mainly dedicated to providing services through health centers (inpatients and outpatients).

(c) Holdings of the Group. Auna Colombia is a holding located in the Republic of Colombia and Grupo Salud Auna México, S.A. de C.V. is a holding located in the Republic of Mexico.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(d) Mainly dedicated to providing the Group with internal administrative, commercial, real estate and management services.

As of December 31, 2025, the total non-controlling interest amounts to S/ 165,596 thousand (S/ 145,724 thousand and S/ 311,281 thousand as of December 31, 2024 and 2023, respectively).

Financial Risk and Insurance Management

Due to its business, the Group assumes the risks inherent to its activities related to the insurance business, market, credit, liquidity and foreign currency.

Management is responsible for monitoring these risks, based on various measurement, analysis and control techniques to minimize potential effects, although the use of these mechanisms does not completely eliminate the inherent risk factors to which the Group is exposed.

Management is exposed to risks as a result of: (i) the use of financial instruments and (ii) the risks associated with the healthcare business. These risks have been categorized taking into consideration their nature and scope, as well as Management, which are described below.

A. Insurance risk

Insurance activities expose the Group mainly to incidence risk (level of occurrence of the insured event), frequency risk (level of prevalence of the event once it has occurred) and control risk of the healthcare benefit cost.

The table below shows the actual amount of the cost of service in the Oncosalud Peru segment and includes the general healthcare plan called “Auna Salud.” It also shows a sensitivity analysis for the most relevant variables affecting this cost: the frequency (number of patients / number of plan members) and the average cost per patient.

In thousands of soles
2025
Change %		+5 %	+10 %	+5 %	+10 %	+5 %	+10 %
Cost of segment Oncosalud Peru	611,666	642,249	672,833	642,249	672,833	674,362	740,116
Frequency	4.40 %	4.62 %	4.84 %	4.40 %	4.40 %	4.62 %	4.84 %
Average cost per patient	9.76	9.76	9.76	10.24	10.73	10.24	10.73
# of plan members	1,424,695	1,424,695	1,424,695	1,424,695	1,424,695	1,424,695	1,424,695

In thousands of soles
2024
Change %		+5 %	+10 %	+5 %	+10 %	+5 %	+10 %
Cost of segment Oncosalud Peru	586,391	615,711	645,030	615,711	645,030	646,496	709,533
Frequency	4.29 %	4.50 %	4.72 %	4.29 %	4.29 %	4.50 %	4.72 %
Average cost per patient	10.01	10.01	10.01	10.51	11.02	10.51	11.02
# of plan members	1,365,028	1,365,028	1,365,028	1,365,028	1,365,028	1,365,028	1,365,028

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles
2023
Change %		+5 %	+10 %	+5 %	+10 %	+5 %	+10 %
Cost of segment Oncosalud Peru	502,807	527,947	553,088	527,947	553,088	554,345	608,396
Frequency	4.49 %	4.71 %	4.94 %	4.49 %	4.49 %	4.71 %	4.94 %
Average cost per patient	8.82	8.82	8.82	9.26	9.70	9.26	9.70
# of plan members	1,270,930	1,270,930	1,270,930	1,270,930	1,270,930	1,270,930	1,270,930

As of December 31, 2025, 2024 and 2023, reasonably possible changes in the most relevant variable of 5 % and 10 % could affect profit or loss by amounts shown below:

In thousands of soles
	Profit for the year		Profit for the year		Profit for the year
Frequency	5	( 30,583	)	( 29,320	)	( 25,140	)
Frequency	10	( 61,167	)	( 58,639	)	( 50,281	)
Average cost per patient	5	( 30,583	)	( 29,320	)	( 25,140	)
Average cost per patient	10	( 61,167	)	( 58,639	)	( 50,281	)
Combined	5	( 62,696	)	( 60,105	)	( 51,538	)
Combined	10	( 128,450	)	( 123,142	)	( 105,589	)

The Group adopts various mechanisms with the main objective of minimizing insurance risk as severity. Such mechanisms include the control of (i) price adequacy and (ii) healthcare benefit expenditures, in addition to selecting medical service providers based on various factors, such as specialization, experience, location, quality and cost of services.

The adequacy of prices relies on past actuarial analyses and more recent service levels, combined with future projections of more recently observed trends. Price risk affects only future cash flows since new rates will impact premium levels earned once cancer health contracts are renewed.

Within the Group, the type of product is an oncologic healthcare insurance contract and a general healthcare plan “Auna Salud,” both renewable annually. This enables the Group to review fees that respond fairly and quickly to the changes in service experience. The new fees are automatically applied at each renewal date; however, the client might not accept the increase, which would lead to the contract cancellation. This is a factor that significantly mitigates price risk. The Group does not enter into fixed premium contracts for a period longer than 12 months from the original date or the renewal date of the respective contracts.

Control risk of the cost of providing benefits (treatment and preventive care) is monitored through (i) pre-authorization of the service, (ii) use of a certain network of clinics and “agreed-upon” fees and (iii) monitoring adhesion to medical practice guides.

In general, the Group’s healthcare contracts contain terms and conditions establishing that only medical services are provided (the contracts benefits do not include refund or compensation amounts). Subject to specific circumstances, they provide reimbursement for medical expenses incurred in treatments related to chronic medical conditions.

In addition, when necessary, the Group negotiates its contracts with healthcare providers to obtain more favorable and competitive prices, to the extent possible. The Group also has a highly trained medical audit team who continually review invoices received from their service providers.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

One of the Group’s key procedures is to use strict criteria to accept the risk of new clients for corporate and individual cancer health plans. This process involves the analysis of the policyholder’s risk profile and pre-existing conditions, and is subject to certain approvals and other factors, under the rules and regulations issued by the local regulator in Peru.

Technical reserves risk

This is the risk that the technical reserves for healthcare insurance contracts may be insufficient to cover the obligations under the contracts. The reserve risk is not significant for the Group due to the short-term nature of the contracts which allows the Group to adjust fees as needed, together with the effectiveness of the model used to analyze and develop the assumptions underlying the pricing of the products.

The short-term nature of the Group’s contracts means that the variability of the assumptions used in determining final claims is not generally significant and can be adjusted as required. Claim development patterns are reviewed on an ongoing basis and used to update the amount of the provisions if required, therefore reducing the variability of the provision recognized in the consolidated financial statements.

The amount of the provision to cover claims incurred but not yet reported at the end of the year is not material due to the business integrated model, which means that the claims are recorded as they arise.

B. Market risk

i. Exchange risk

The Group and its subsidiaries invoice the rendering of local services in the currency of the country in which they operate, which enables them to meet their obligations in their functional currency. Exchange rate risk arises mainly from loans and other liabilities held in U.S. dollars. To mitigate this risk, as of December 31, 2025, 2024 and 2023, the Group used derivative financial instruments to hedge the exposure to exchange rate risk, for more than 90% of its financial obligations.

As of December 31, the Group has the following assets and liabilities stated in U.S. dollars, COP and MXN:

In thousands of — US$		COP		MXN		US$		COP		MXN		US$		COP		MXN
Assets
Cash and cash equivalents	3,220		94,746,450		563,766		14,629		67,383,971		156,086		19,545		68,198,988		101,537
Trade accounts receivable	3,035		747,017,945		749,693		2,501		732,206,977		506,029		2,349		592,832,974		573,760
Other assets	2,270		107,911,311		158,746		2,033		67,499,144		62,643		1,431		53,926,570		46,428
Derivative financial instruments	16,092		—		—		16,185		—		37,005		22,175		—		—
	24,617		949,675,706		1,472,205		35,348		867,090,092		761,763		45,500		714,958,532		721,725
Liabilities
Loans and borrowings	( 470,484	)	( 254,315,344	)	( 7,724,113	)	( 484,903	)	( 843,882,862	)	( 6,863,633	)	( 572,514	)	( 713,312,165	)	( 5,263,563	)
Lease liabilities	( 17,956	)	( 40,551,800	)	( 12,716	)	( 29,068	)	( 51,441,394	)	—		( 18,335	)	( 53,098,486	)	—
Trade accounts payable	( 20,851	)	( 531,086,731	)	( 928,907	)	( 20,069	)	( 513,900,964	)	( 665,868	)	( 14,122	)	( 426,350,789	)	( 340,669	)
Other accounts payable	( 2,597	)	( 86,596,625	)	( 381,164	)	( 4,740	)	( 136,340,317	)	( 484,050	)	( 26,479	)	( 308,351,354	)	( 948,193	)
Derivative financial instruments	—		—		( 334,965	)	( 1,034	)	—		( 210,787	)	—		—		—
	( 511,888	)	( 912,550,500	)	( 9,381,865	)	( 539,814	)	( 1,545,565,537	)	( 8,224,338	)	( 631,450	)	( 1,501,112,794	)	( 6,552,425	)
Liability position, net	( 487,271	)	37,125,206		( 7,909,660	)	( 504,466	)	( 678,475,445	)	( 7,462,575	)	( 585,950	)	( 786,154,262	)	( 5,830,700	)

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

As of December 31, the exchange rate, used by the Group to translate the balances of assets and liabilities into foreign currency, has been published by the Peruvian Banking, Insurance and Pension Plan Agency (SBS), as follows:

In soles — US$ 1 - Exchange rate - Buy (assets)	3.358	3.758	3.705
US$ 1 - Exchange rate - Sale (liabilities)	3.368	3.770	3.713
COP 1 - Exchange rate	0.000891	0.000854	0.000957
MXN 1- Exchange rate	0.186734	0.182513	0.219083

The Group recorded gain for net exchange difference of S/ 193,004 thousand in 2025, gain of S/ 41,709 thousand in 2024 and loss of S/ 75,852 thousand in 2023.

As of December 31, 2025, 2024 and 2023, a reasonably possible strengthening (weakening) of the U.S. dollar against the Peruvian Sol, COP and MXN at December 31 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below:

In thousands of soles
	Profit or loss for the fiscal year		Other comprehensive income		Profit or loss for the fiscal year		Other comprehensive income		Profit or loss for the fiscal year		Other comprehensive income
Weakening	5	84,771		( 2,702	)	97,959		( 2,847	)	112,908		( 4,108	)
Weakening	10	169,541		( 5,404	)	195,919		( 5,694	)	225,815		( 8,216	)
Strengthening	5	( 84,771	)	2,702		( 97,959	)	2,847		( 112,908	)	4,108
Strengthening	10	( 169,541	)	5,404		( 195,919	)	5,694		( 225,815	)	8,216

ii. Interest rate risk

The Group adopts a policy of ensuring as a minimum 65 % of its interest rate risk exposure is at a fixed rate. This is achieved by entering into fixed-rate instruments and partly by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to movements in interest rates.

The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. As of December 31, 2025 and 2024, the Group have financial derivative instruments in order to cover interest rate (Note 8).

As of December 31, 2025 and 2024, a reasonably possible strengthening (weakening) of interest rates as of December 31 would have affected results by the amounts shown below:

In thousands of Soles
	Profit or (loss) for the fiscal year		Profit or (loss) for the fiscal year
Decrease	5	103,668		165,270
Decrease	10	207,337		330,642
Increase	5	( 103,668	)	( 165,167	)
Increase	10	( 207,337	)	( 330,232	)

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

C. Credit risk

The Group’s financial assets are exposed to credit risk concentrations mainly comprising bank deposits and trade accounts receivable. Regarding bank deposits, the Group reduces the likelihood of credit risk concentrations because it keeps its deposits and places its cash investments at first-class financial entities and limits the amount of exposure to credit risk in any of such financial entities.

Regarding trade accounts receivable, the significant credit risk concentrations, individual or group, are mitigated since the Group’s policy is to monitor the payment behavior of customers and their financial position to comply with the respective payments on a regular basis (note 5).

As of December 31, the exposure to credit risk of trade accounts receivable was the following:

In thousands of soles — Peru	294,667	285,716	199,527
Colombia	727,942	662,272	580,450
México	144,512	96,533	126,657
	1,167,121	1,044,521	906,634

D. Liquidity risk

The prudent liquidity risk management involves maintaining enough cash and cash equivalents and the possibility of finding and/or obtaining funding through an adequate quantity of credit sources.

The Group has adequate levels of cash and cash equivalents considering:

• Auna S.A. can finance its current assets (accounts receivable, inventories and others) with current liabilities (accounts payable, deferred revenue and others).

• Auna S.A. analyses the maturity of its debts to identify any refinancing required to maintain an appropriate debt structure.

• Not considering growth capex (new hospitals, acquisitions, etc.), Auna has enough cash flow from operations to finance its maintenance capex, current debt service (interest and principal), dividends and a portion of growth capex.

• Growth capex is financed mainly by long-term debt and cash flow from operations. In some cases, by capital contribution (for example: acquisition of PMLA and Hospital y Clínica OCA).

• In addition, following the liability management transaction executed on December, 2025 which was intended to reprofile Soles short-term debt into long-term maturities, Auna has revolving credit lines of S/ 549,415 thousand to use in case of cash flow needs. As of December 31, 2025, the Group had S/ 239,366 thousand drawn and S/ 310,049 thousand of availability under the revolving credit facility. As of December 31, 2024, the Group had S/ 446,068 thousand drawn and S/ 153,986 thousand of availability under the revolving credit facility. As of December 31, 2023, the Group had S/ 348,178 thousand drawn and S/ 139,283 thousand of availability under the revolving credit facility.

• These credit lines are renewed every year. The interest rate applicable for the lines in Peru is a fixed rate that is agreed upon with the bank before the reception of the cash in Auna accounts and depends on the credit terms (up to 180 days). In the case of Colombia and Mexico lines, the interest rates applicable are a floating rate. The credit revolving lines available for Auna are with the following banks in Perú: Scotiabank: S/ 30,000 thousand; Banbif: S/ 16,815 thousand; BBVA: S/ 67,260 thousand; BCP: S/ 40,356 thousand; Interbank: S/ 13,452 thousand; Citibank: S/ 31,949 thousand; Pichincha: S/ 33,630 thousand, Santander: S/ 84,075 thousand and GNB: S/ 13,500 thousand. The available credit revolving lines in Colombia are around S/ 126,878 thousand and in Mexico are around S/ 91,500 .

In addition, the Group monitors its liquidity risk based on the plans and guidelines established by Management.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

The following table analyzes the Group’s financial liabilities classified per maturity based on the remaining contractual period as of the date of the consolidated statement of financial position. The amounts disclosed are contractual cash flows.

In thousands of soles
2025
Trade accounts payable	1,054,845	1,054,845	1,053,395	1,450	—	—
Other accounts payable (*)	284,160	397,343	81,168	41,111	91,840	183,224
Loans and borrowings (**)	3,532,510	5,133,067	610,333	549,615	2,467,501	1,505,618
Lease liabilities (**)	123,519	161,632	37,252	39,287	47,362	37,731
Derivative financial instruments	62,550	74,027	23,542	21,506	28,979	—
	5,057,584	6,820,914	1,805,690	652,969	2,635,682	1,726,573
2024
Trade accounts payable	934,006	934,006	931,265	2,741	—	—
Other accounts payable (*)	148,155	174,601	83,955	36,820	53,826	—
Loans and borrowings (**)	3,619,774	5,048,548	1,041,977	650,674	3,288,042	67,855
Lease liabilities (**)	147,888	198,425	43,275	38,391	68,084	48,675
Derivative financial instruments	42,370	51,226	15,895	15,932	19,399	—
	4,892,193	6,406,806	2,116,367	744,558	3,429,351	116,530
2023
Trade accounts payable	753,255	753,255	749,349	3,906	—	—
Other accounts payable (*)	459,606	465,466	248,769	65,109	151,588	—
Loans and borrowings (**)	3,761,582	5,557,229	785,301	821,223	2,821,724	1,128,981
Lease liabilities (**)	158,045	218,196	44,295	40,231	73,425	60,245
	5,132,488	6,994,146	1,827,714	930,469	3,046,737	1,189,226

(*) They do not include taxes payable, remunerations and other benefits payable.

(**) They include contractual interest.

Management monitors the risk related to the liabilities included in the above-mentioned categories, and considers obtaining enough credit lines and having working capital to comply with the plans established by Management.

The Group manages the excess cash flow investing in short-term investments. In addition, at the end of fiscal years 2025, 2024 and 2023, the Group has credit lines for working capital that have not been used or used partially, which are enough to comply with short- and medium-term obligations.

The Group also participates in a supplier finance arrangement with the principal purpose of facilitating efficient payment processing of supplier invoices and providing the willing suppliers early payments terms compared with the related invoice payment due date. The arrangement allows the Group to centralize payments of trade payables to the bank rather than paying each supplier individually. From the Group’s perspective, the arrangement does not significantly extend payment terms beyond the normal terms agreed with other suppliers that are not participating.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

E. Capital risk management

The Group’s objectives in managing capital is to safeguard its capacity to continue as a going concern generating return to its shareholders and benefits to other stakeholders. The Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce its debt to maintain or adjust the capital structure.

During the year ended December 31, 2025, 2024 and 2023, the Group’s strategy was to maintain a leverage ratio not higher than 1.0 . Based on this strategy, the Group maintains a leverage ratio of 0.64 in 2025 ( 0.68 and 0.66 in 2024 and 2023, respectively) as shown below:

In thousands of soles — Total loans and borrowings	3,532,510		3,619,774		3,761,582
Less: Cash and cash equivalents	( 335,441	)	( 235,745	)	( 241,133	)
Net debt (A)	3,197,069		3,384,029		3,520,449
Plus: Total equity	1,766,356		1,622,940		1,776,566
Total adjusted equity (B)	4,963,425		5,006,969		5,297,015
Leverage ratio (A)/(B)	0.64		0.68		0.66

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

F. Accounting classification and fair value

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

In thousands of soles	Carrying amount — FVOCI – debt instruments	Fair value hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Fair value — Level 1	Level 2	Level 3	Total
As of December 31, 2025
Financial assets measured at fair value
Other investments	30,939	—	—	—	30,939	30,939	—	—	30,939
Derivative financial instruments	—	54,036	—	—	54,036	—	54,036	—	54,036
	30,939	54,036	—	—	84,975	30,939	54,036	—	84,975
Financial assets not measured at fair value
Cash and cash equivalents	—	—	335,441	—	335,441	—	—	—	—
Trade accounts receivable	—	—	1,043,278	—	1,043,278	—	—	—	—
Other assets (*)	—	—	40,961	—	40,961	—	—	—	—
	—	—	1,419,680	—	1,419,680	—	—	—	—
Financial liabilities measured at fair value
Derivative financial instruments	—	62,550	—	—	62,550	—	62,550	—	62,550
Liability for purchase of non-controlling interest	—	—	—	71,722	71,722	—	—	71,722	71,722
	—	62,550	—	71,722	134,272	—	62,550	71,722	134,272
Financial liabilities not measured at fair value
Loans and borrowings	—	—	—	3,532,510	3,532,510	—	3,706,441	—	3,706,441
Lease liabilities	—	—	—	123,519	123,519	—	—	—	—
Trade accounts payable	—	—	—	1,054,845	1,054,845	—	—	—	—
Other accounts payable (**)	—	—	—	212,438	212,438	—	—	—	—
	—	—	—	4,923,312	4,923,312	—	3,706,441	—	3,706,441

(*) They do not include taxes receivable and prepayments.

(**) They do not include taxes payable, prepayments and labor liabilities .

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles	Carrying amount — FVOCI – debt instruments	Fair value hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Fair value — Level 1	Level 2	Level 3	Total
As of December 31, 2024
Financial assets measured at fair value
Other investments	100,510	—	—	—	100,510	100,510	—	—	100,510
Derivative financial instruments	—	67,472	—	—	67,472	—	67,472	—	67,472
	100,510	67,472	—	—	167,982	100,510	67,472	—	167,982
Financial assets not measured at fair value
Cash and cash equivalents	—	—	235,745	—	235,745	—	—	—	—
Trade accounts receivable	—	—	962,457	—	962,457	—	—	—	—
Other assets (*)	—	—	42,063	—	42,063	—	—	—	—
	—	—	1,240,265	—	1,240,265	—	—	—	—
Financial liabilities measured at fair value
Derivative financial instruments	—	42,370	—	—	42,370	—	42,370	—	42,370
	—	42,370	—	—	42,370	—	42,370	—	42,370
Financial liabilities not measured at fair value
Loans and borrowings	—	—	—	3,619,774	3,619,774	—	3,768,101	—	3,768,101
Lease liabilities	—	—	—	147,888	147,888	—	—	—	—
Trade accounts payable	—	—	—	934,006	934,006	—	—	—	—
Other accounts payable (**)	—	—	—	148,155	148,155	—	—	—	—
	—	—	—	4,849,823	4,849,823	—	3,768,101	—	3,768,101

(*) They do not include taxes receivable and prepayments.

(**) They do not include taxes payable, prepayments and labor liabilities .

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

In thousands of soles	Carrying amount — FVOCI – debt instruments	Fair value hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Fair value — Level 1	Level 2	Level 3	Total
As of December 31, 2023
Financial assets measured at fair value
Other investments	93,421	—	—	—	93,421	93,421	—	—	93,421
Derivative financial instruments	—	82,213	—	—	82,213	—	82,213	—	82,213
	93,421	82,213	—	—	175,634	93,421	82,213	—	175,634
Financial assets not measured at fair value
Cash and cash equivalents	—	—	241,133	—	241,133	—	—	—	—
Trade accounts receivable	—	—	861,336	—	861,336	—	—	—	—
Other assets (*)	—	—	35,798	—	35,798	—	—	—	—
	—	—	1,138,267	—	1,138,267	—	—	—	—
Financial liabilities measured at fair value
Contingent consideration	—	—	—	64,008	64,008	—	—	64,008	64,008
Put liability	—	—	—	121,636	121,636	—	—	121,636	121,636
	—	—	—	185,644	185,644	—	—	185,644	185,644
Financial liabilities not measured at fair value
Loans and borrowings	—	—	—	3,761,582	3,761,582	—	3,930,474	—	3,930,474
Lease liabilities	—	—	—	158,045	158,045	—	—	—	—
Trade accounts payable	—	—	—	753,255	753,255	—	—	—	—
Other accounts payable (**)	—	—		273,962	273,962	—	—	—	—
	—	—	—	4,946,844	4,946,844	—	3,930,474	—	3,930,474

(*) They do not include taxes receivable and prepayments.

(**) They do not include taxes payable, prepayments and labor liabilities .

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

G. Measurement of fair values

i. Valuation techniques and significant unobservable inputs

The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values at December 31, 2025, 2024 and 2023 for financial instruments measured at fair value in the statement of financial position, as well as the significant unobservable inputs used. Related valuation processes are described in note 3.

Financial instruments measured at fair value

Type	Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value
Put liability (note 17)	Discounted cash flows: The valuation model considers the present value of the expected future payments, discounted using a risk-adjusted discount rate.	• Expected cash flows (December 31, 2023: COP 140,549,846 thousand). Risk-adjusted discount rate ( 8.00 % – 13.80 %).	The estimated fair value would increase (decrease) if: • the expected cash flows were higher (lower); or • the risk-adjusted discount rate were lower (higher).
Contingent consideration (note 17)	Discounted cash flows: The valuation model considers the present value of the expected future payments, discounted using a risk-adjusted discount rate.	• Expected cash flows (December 31, 2023: COP 66,884,414 thousand). • Risk-adjusted discount rate (December 31, 2023: 12.3 % – 12.71 %).	The estimated fair value would increase (decrease) if: • the expected cash flows were higher (lower); or • the risk-adjusted discount rate were lower (higher).
Liability for mandatory purchase of NCI (note 17)	Discounted cash flows: The valuation model considers the present value of the expected future payments, discounted using a risk-adjusted discount rate.	• Expected cash flows (December 31, 2025: COP 150,305,032 thousand). • Risk-adjusted discount rate (December 31, 2025: 12.24 %).	The estimated fair value would increase (decrease) if: • the expected cash flows were higher (lower); or • the risk adjusted discount rate were lower (higher).

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Type	Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value
Derivatives financial instruments (note 8)	For the Options: Garman–Kohlhagen: The fair value is determined using this model that treats foreign currencies as if they are equity securities that provide a known dividend yield, which uses the following inputs: Spot rate at the valuation date, strike price, implicit volatility, and risk-free rate in both currencies. For long-forward/swap: Interest rate parity: Consists of estimating the present value of the future profit (loss) generated by the forward/swap contract. The gain or loss is calculated as the difference between the forward exchange rate estimated according to the market and the strike.	Not applicable	Not applicable

ii. Sensitivity analysis

For the fair value of contingent consideration and put liability, reasonably possible changes at December 31, 2023 to one of the significant unobservable inputs, holding other inputs constant, would have the following effects. As of December 31, 2025 and 2024 the contingent consideration does not have effect.

In thousands of soles	December 31, 2023 — Increase	Decrease
Contingent consideration	Profit or loss
Expected cash flows ( 10 % movement)	( 7,005	)	7,005
Risk-adjusted discount rate ( 1 % movement (100 bps))	( 469	)	469
Put liability	Other comprehensive loss
Expected cash flows ( 10 % movement)	( 2,227	)	2,227
Risk-adjusted discount rate ( 1 % movement (100 bps))	—		—

Commitments, Guarantees and Contingencies

A. Commitments

As of December 31, 2025, 2024 and 2023, no commitments to be reported have been identified.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

B. Guarantees

As of December 31, 2025, 2024 and 2023, the Group has the following guarantees:

• Guarantee letters in financial institutions for S/ 14,701 thousand in favor of third parties in order to ensure compliance with providing healthcare services (2024: S/ 20,979 thousand and 2023: S/ 16,166 thousand).

• Guarantee to cover a financial loan for a total of S/ 128,286 thousand. In favor of Scotiabank Perú S.A.A. S/ 43,000 thousand; in favor of Banco Interamericano de Finanzas S/ 5,000 thousand; in favor of Banco de Credito del Peru S/ 28,000 ; and in favor of HSBC México S/ 52,286 (2024: In favor of Scotiabank Perú S.A.A. S/ 113,000 thousand; in favor of Banco Interamericano de Finanzas S/ 39,522 thousand; in favor of Banco Interbank S/ 9,410 thousand; in favor of Banco de Credito del Peru S/ 31,056 ; and in favor of Citibank S/ 57,640 , in 2023: S/ 113,000 thousand in favor of Scotiabank Perú S.A.A., S/ 39,872 thousand in favor of Banco Interamericano de Finanzas, S/ 27,336 thousand in favor of Banco de Credito del Peru.

• The Group maintains properties in mortgage in favor of Scotiabank Perú S.A.A. for S/ 18,937 thousand related to loans received (S/ 21,195 thousand as of December 31, 2024 and S/ 20,886 thousand as of December 31, 2023).

• Colombian subsidiaries maintain guarantee trust for S/ 47,285 thousand to guarantee compliance with the proceeds of their sale (2024: S/ 45,322 thousand and 2023 S/ 50,788 thousand) and a guarantee pledge of its machinery for S/ 10,905 thousand (S/ 10,452 thousand as of December 31, 2024 and S/ 11,713 thousand as of December 31, 2023) and leasing guarantees for S/ 44,284 thousand (S/ 47,180 thousand as of December 31, 2024 and S/ 49,109 thousand as of December 31, 2023). Additionally, a new guarantee was established to secure a credit facility for factoring operations in the amount of S/ 2,252 thousand.

• Mexican subsidiaries maintain guarantee trust for S/ 3,106,237 thousand to guarantee (2024: S/ 3,199,400 thousand and 2023 S/ 3,152,650 thousand) related to the loan agreement executed on October 31, 2025. In addition, mortgage guarantees have been established in connection with such loan.

• The 99.99 % of the shares of Mexican Subsidiaries and all the shares owned by the subsidiaries of the Company in Auna Colombia S.A.S., Promotora Médica Las Américas S.A, Clínica Portoazul S.A ., and Oncomedica S.A.S. are pledged to guarantee bank loans.

• The Company participates: (i) as issuer in the issuance and placement of 10.00 % Senior Notes due 2029, effective as of December 18, 2024, for an amount of up to US$ 98,650 thousand or its equivalent in local currency; and (ii) as a co-issuer in the issuance and placement of 8.75 % Senior Notes due 2032, effective as of November 6, 2025, in the international markets pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, for an amount of up to US$ 365,000 thousand or its equivalent in local currency.

• The Company participates as a borrower, jointly with Oncosalud S.A.C, Hospital y Clínica OCA, S.A de CV and Grupo Salud Auna México, S.A. de C.V., under the loan agreement executed on October 31, 2025, for an amount of up to US$ 460,000 thousand or its equivalent in local currency. In addition, mortgage guarantees have been granted in connection with such loan.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

C. Contingencies liabilities

As of December 31, 2025, 2024 and 2023, the Group maintains various judicial processes (labor, regulatory, civil and tax), that Management evaluated as possible. If the defense against those actions is unsuccessful, then fines and legal costs could amount to S/ 64,136 thousand, S/ 46,464 thousand and S/ 41,143 thousand, respectively.

Related Parties

As of December 31, this caption includes the following:

In thousands of soles	Transaction value — 2025	2024	2023	2025	2024	2023
Sales of oncologic healthcare services
Joint ventures	1		50	35	8	234	236
Associates	—		—	—	—	—	—
Others	1,748		6,135	1,151	3,578	2,957	1,234
	1,749		6,185	1,186	3,586	3,191	1,470
Cost of sales of oncologic healthcare services
Joint ventures	3,507		3,929	3,791	629	1,076	1,096
Associates	14,125		15,878	12,164	4,433	3,473	2,574
Others	12,317		13,032	10,747	9,920	3,160	3,185
	29,949		32,839	26,702	14,982	7,709	6,855
Administrative expenses
Services provided by related parties (iv), (v)	3,138		1,844	2,620	1	630	816
Other management charges	4,839		4,521	2,844	1,784	4,439	1,452
	7,977		6,365	5,464	1,785	5,069	2,268
Selling expenses
Services provided by related parties (vi)	1,406		1,761	1,106	353	396	123
	1,406		1,761	1,106	353	396	123
Finance income
Loans and related interest from related parties	8		71	—	865	1,952	—
Loans and related interest to related parties	( 18	)	—	—	—	—	—
	( 10	)	71	—	865	1,952	—
Others
Services provided by related parties	349		—	—	56	—	—
	349		—	—	56	—	—

All outstanding balances with these related parties are priced on an arm´s-length basis. None of the balances is secured. No expense has been recognized in the current year or prior year of loss for impairment of trade receivables in respect of amounts owed by related parties. No guarantees have been given or received.

(i) Compensation to key personnel

For the year ended December 31, 2025 the compensation paid to the key Management of the subsidiaries located in Peru amounts to S/ 93,078 thousand (S/ 99,505 thousand and S/ 81,674 thousand for the years ended December 31, 2024 and 2023, respectively). In Colombian subsidiaries, the amount is S/ 49,741 thousand for the year ended December 31, 2025 (S/ 23,230 thousand and S/ 14,844 thousand for the year ended December 31, 2024 and 2023) and in Mexican subsidiaries, the amount is S/ 88,722 thousand for the year ended December 31, 2025 (S/ 60,132 thousand and S/ 55,556 thousand for the year ended December 31, 2024 and 2023). Also, for the year ended December 31, 2025 expenses were recognized for S/ 11,192 thousand corresponds to share based payment (S/ 9,145 thousand and S/ 3,675 thousand for the year ended December 31, 2024 and 2023) (note 21.a) to non-executive members of the Board and employees.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

(ii) Advances and loans granted to the Members of the Management and Supervisory Bodies

The Group has not granted any advances or commitments, loans and guarantees granted on their behalf related to pension funds, life insurances and other similar concepts and other long-term benefits other than share-based payments to its key Management personnel, including Directors of the Company and Supervisory Bodies.

(iii) Compensation to directors

For the year ended December 31, 2025, 2024 and 2023, the compensation paid to the board of directors amounts to S/ 5,068 thousand, S/ 5,781 thousand and S/ 5,027 thousand, respectively.

(iv) Medical services

For the year ended December 31, 2025, 2024 and 2023, certain directors provided medical services to the Group. For their medical services, they have received customary compensation and benefits commensurate with their level of responsibility within the Company, aligned with the compensation paid to other physicians and medical professionals of similar stature employed by the Group.

In addition, the Group reimbursed certain expenses incurred in connection with providing these services, such as rent for office space, phone expenses, certain taxes, purchase of medical books and travel expenses related to attendance at conferences on behalf of the Group.

(v) Management expenses

For the year ended December 31, 2024, administrative expenses provided to the Group by Enfoca, corresponded mainly to reimbursements related to travel and other expenses of S/ 9 thousand. For the year ended December 31, 2023, administrative expenses provided to the Group by Enfoca corresponded mainly to management services of S/ 1,229 thousand, and reimbursements related to consultant fees and travel expenses of S/ 445 thousand.

(vi) Selling expenses

For the year ended December 31, 2025, 2024 and 2023, selling expenses provided to the Group by companies related to shareholders corresponded mainly to sales commission and advertisement of S/ 1,406 thousand, S/ 1,761 thousand and S/ 1,106 thousand, respectively.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Insurance Contract Assets and Liabilities

The movement for the years ended December 31, 2025 and 2024 is as follows:

	2025
		Liabilities for incurred claims							Liabilities for incurred claims
In thousands of soles	Liabilities for remaining coverage	Estimates of present value of future cash flows		Risk adjustment for non-financial risk	Total		Liabilities for remaining coverage		Estimates of present value of future cash flows		Risk adjustment for non-financial risk		Total
Balances as of January 1	1,745		8,108		245	10,098		31,039		8,560		254		39,853
Changes in the statement of profit or loss and OCI	—		—		—	—		—		—		—		—
Insurance revenue	( 1,131,455	)	—		—	( 1,131,455	)	( 1,052,958	)	—		—		( 1,052,958	)
Insurance service expenses
Incurred claims and other insurance service expenses	—		49,440		—	49,440		—		47,631		—		47,631
Amortization of insurance acquisition cash flows	148,660		—		—	148,660		129,973		—		—		129,973
Adjustments to liabilities for incurred claims	—		—		23	23		—		—		( 7	)	( 7	)
Total insurance service expenses	148,660		49,440		23	198,123		129,973		47,631		( 7	)	177,597
Total insurance service result	( 982,795	)	49,440		23	( 933,332	)	( 922,985	)	47,631		( 7	)	( 875,361	)
Effect of movements in exchange rates	( 70	)	34		—	( 36	)	( 520	)	( 631	)	( 2	)	( 1,153	)
Total changes in the statement of profit or loss and OCI	( 982,865	)	49,474		23	( 933,368	)	( 923,505	)	47,000		( 9	)	( 876,514	)
Cash flows
Premiums received	1,136,214		—		—	1,136,214		1,047,445		—		—		1,047,445
Claims and other insurance service expenses paid	—		( 48,403	)	—	( 48,403	)	—		( 47,452	)	—		( 47,452	)
Insurance acquisition cash flows	( 167,872	)	—		—	( 167,872	)	( 153,234	)	—		—		( 153,234	)
Total cash flows	968,342		( 48,403	)	—	919,939		894,211		( 47,452	)	—		846,759
Closing assets	( 12,778	)	—		—	( 12,778	)	—		—		—		—
Closing liabilities	—		9,179		268	9,447		1,745		8,108		245		10,098

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Liability for Incurred Claims (LIC)

These provisions include the reserve for events incurred but not reported (IBNR), the claims pending settlement reserve and the risk adjustment for non-financial risk to the consolidated financial statement date. As of December 31, 2025, 2024 and 2023, the reserves of the oncology healthcare plans and the general healthcare plan called “Auna Salud” were determined using a reserving model based on a mix of several methods. As of December 31, 2025, 2024 and 2023, the key assumptions of the oncologic healthcare plans and the general healthcare plan include the evolution of past claims, which are projected in the future.

Insurance expenses

The insurance expenses incurred by Oncosalud S.A.C. are presented in its separate financial statements for the years ended December 31, 2025, 2024 and 2023.

The insurance expenses incurred by Oncosalud S.A.C. are as follows:

In thousands of soles	Cost of sales and services (i) — 2025	2024	2023
Medicines	298,195	263,613	195,114
Room service for inpatients	35,243	36,196	116,171
Medical consultation fees	70,351	88,966	34,483
Auxiliary services and clinical laboratory	122,878	114,042	26,434
Surgery fees	22,666	25,165	66,341
Insurance contracts	4,775	5,604	3,279
	554,108	533,586	441,822

(i) These expenses are included in the cost of sales and services in our consolidated statement of profit or loss and other comprehensive income after deducting the margin markup. For the years ended December 31, 2025, 2024 and 2023, the margin applied was calculated using the same basis as what we charge third parties for these services, and the overall average margin applied in each period was 28 %, 24 % and 17 %, respectively.

Due to the vertical integration of the Group’s companies, these insurance expenses incurred by Oncosalud S.A.C. and the corresponding trade and other accounts payable are eliminated with the transactions performed with Oncocenter Perú S.A.C. and the Company’s healthcare services subsidiaries (see note 26.b.i.)

Share-Based Payments

A. Description of share-based payment arrangements

As of December 31, 2025 and 2024, the Group has share-based payments plans for non-executive members of the Board and employees.

i. Restricted shares plan

The award 2025 plan granted on January 1, 2025, has a vesting period ending on January 1, 2026. The restricted shares became non-forfeitable as of its respective vesting date, with settlement date following this vesting period.

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

The following table illustrates the movements in Restricted Shares under the Plans as of December 31, 2025 and 2024:

Grand date/ Directors entitled		Vesting conditions — 2025	2024
Award 2025 - Grant to Directors on January 1, 2025	43	1 year service from grant date	1,064	—
Award 2024 - Grant to Directors on January 1, 2024	43	1 year service from grant date	—	1,131

As of December 31, 2025, the Group recognized S/ 1,064 thousand to the personnel expenses (S/ 1,131 thousand as of December 31, 2024), note 21 (a).

ii. Option and restricted stock unit plans

During 2025 and 2024, the Company signed the long-term incentive plan seeks to drive the achievement of the company’s performance targets, along with providing an element of retention, allowing employees to obtain part of the shares of the company. They will be able to exercise the stock rights after a period of continuous employment and additional conditions depending on the case.

The following table illustrates the long-term incentive plans as of December 31, 2025 and 2024:

Incentive plans / Vesting Commencement Date — Performance-Based Option Agreement on March 21, 2024	2,661	—	—		2,661	Vesting conditions — 3 years’ service from grant date	Contractual life of options / shares — 10 years	8,017	6,655
Long-Term Incentive Management on March 21, 2024	600	—	( 180	)	420	4 years’ service from grant date	5 years	181	195
Restricted Stock Unit on March 21, 2024	161	—	( 29	)	133	3 years’ service from grant date	3 years	1,227	1,164
Long-Term Incentive Management on July 11, 2025	—	609	—		609	4 years’ service from grant date	10 years	597	—
Performance-Based Option Agreement on July 11, 2025	—	278	—		278	4 years’ service from grant date	10 years	106	—

(*) During 2025, 209 thousand stock options and restricted stock unit were canceled referring to employees who left the Company and subsidiaries.

As of December 31, 2025, the Group recognized S/ 10,128 thousand to the personnel expenses (S/ 8,014 as of December 31, 2024), note 21(a).

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

B. Measurement of grant date fair values

The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense with different methods during the vesting period, with a corresponding increase in equity, over the vesting period of the awards.

The following table illustrates the different methods of incentive plans for December 31, 2025 and 2024:

Incentive plans — Performance-Based Option Agreement	2024	Methodology of fair value — Binomial	21/03/2024 to 21/03/2027	2,661	33.54 %	4.83 %	8.59	9.61	Vesting status — Partially vested
Long-Term Incentive Management	2024	Black Scholes	21/03/2024 to 21/03/2028	420	33.54 %	3.63 %	1.12	1.25	Partially vested
Restricted Stock Units	2024	Market value	21/03/2024 to 21/03/2027	133	—	—	24.76	27.71	Partially vested
Performance-Based Option Agreement	2025	Black Scholes	11/07/2025 to 11/07/2029	609	37.09 %	3.66 %	1.96	—	Partially vested
Long-Term Incentive Management	2025	Black Scholes	11/07/2025 to 11/07/2029	278	37.09 %	3.66 %	4.26	—	Partially vested

Auditor Fees

The fees in relation to the audit and related services for the years ended December 31, 2025, 2024 and 2023 provided by Emmerich, Córdova y Asociados S. Civil de R.L. and KPMG foreign members firm, the external auditor of the Group, were as follows:

In thousands of soles	Year ended December 31, — 2025	2024	2023
Audit services fees (i)	10,466	5,445	10,417
Tax services fees	—	387	119
Other non-audit fees	51	88	102
Total	10,517	5,920	10,638

(i) As of December 31, 2023, Audit services fees include S/ 6,927 thousand that corresponds to costs related to public offering efforts which were included as costs of anticipated equity transactions in Other Assets (note 6).

The fees in relation to the statutory audit in Luxembourg and related services for the year ended December 31, 2025 provided by Atwell S.à r.l. the statutory auditor of the Group was S/ 781 thousand (S/ 665 thousand for the year ended December 31, 2024).

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Notes to the Consolidated Financial Statements

December 31, 2025, 2024 and 2023

Subsequent Events

Between January 1, 2026 and until the date of issuance of these financial statements (April 22, 2026), no additional events or events of importance have occurred that require adjustments or disclosures to the consolidated financial statements as of December 31, 2025, except for the following events:

On January 6, 2026, the Board of Directors approved to increase the share capital by S/ 2 thousand through capitalization from “Share Premium”. This amount corresponds to the shares from the Restricted Share Awards 2025 (note 33).

On February 25, 2026, Consorcio Trecca, a subsidiary of the Group, signed an addendum to the Public-Private Partnership agreement with EsSalud. This addendum formalizes the commencement of the construction phase of Torre Trecca in Lima, a 23-story tower for high-complexity ambulatory services, with operations expected to begin by mid-2028.

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AUNA S.A. Annual Report 2025

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AUNA S.A. — Annual Report 2025

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