Consolidated Revenue Growth
Consolidated revenue reached PEN 1.2 billion, growing 10% year-over-year in FX-neutral terms, with revenue increases across all segments.
Strong Cash Flow and Liquidity
Free cash flow increased 2.6x versus Q1 2025 to PEN 152 million; cash balance rose 22% to PEN 409 million; pretax operating cash flow up ~45% contributing to improved cash generation after interest.
Mexico Operational Recovery
Mexico revenues rose 8% year-over-year; adjusted EBITDA recovered strongly with a 19% quarter-over-quarter increase (and 23% year-over-year EBITDA increase), driven by higher surgery and oncology volumes (surgery +15% sequential, oncology +32% sequential) and improved payer contract economics (ISSSTELEON).
Peru Growth Momentum and OncoSalud Expansion
Peru revenues grew 9% year-over-year; OncoSalud revenues grew 12% driven by price increases and B2B membership growth including a 20,000-member group policy win; health care plan memberships up 6% and oncology plan memberships up 3%.
Colombia Revenue Acceleration and Payer Mix Improvement
Colombia revenue grew 13% year-over-year; risk-sharing contracts rose 6 percentage points to 21% of Colombia revenue, new payer revenue increased 1.5x and now represents ~12% of revenue, while revenue exposure to intervened payers fell from 19% to 14%.
Improved Capacity Utilization and High-Complexity Mix
Total utilization increased 1.4 percentage points to 66%; management is prioritizing higher-margin, high-complexity services (surgery, oncology, radiotherapy) which drove volume and mix improvements across markets.
Stronger Capital Structure and Hedging
Leverage target path maintained (leverage 3.7x this quarter, target ~3x medium term); post-refinancing delivered ~USD 8 million annualized interest/tax efficiencies; reduced short-term debt by 40% vs Q3 2025; ~$175 million revolver with ~$109 million undrawn; 85% of USD debt hedged to PEN and 75% of Mexican floating rate debt hedged to fixed.
Strategic Growth Projects Progressing (Torre Trecca)
Torre Trecca construction consortium expected to be awarded imminently with construction to start immediately; project timeline targeted at 18–24 months to expand addressable market in Peru.