AUNA's first quarter under fresh disclosure discipline arrived with two readings, and the right one is buried. Reported net income collapsed 75% year over year to S/9 million (S/0.09 per share, or roughly $0.03), and that line is what most short-horizon screens will print. The first look is misleading: the prior-year quarter carried a S/37 million non-cash foreign-exchange gain inside net finance costs; the current quarter carried a S/26 million non-cash foreign-exchange loss, and the difference between the two swings net income by about half of last year's reported figure. Strip that calendar distortion and the operating business printed S/155 million of operating profit (up 11%), S/217 million of Adjusted EBITDA (down 2%, but up 19% sequentially), and operating cash flow of S/175 million (up 65%) - a 2.6x jump in free cash flow that the company itself flagged as the headline. Revenue grew 13% reported (10% in local currency) to S/1,178 million (about $337 million), with Mexico and Colombia accelerating and Peru's Oncosalud adding a Peruvian Judiciary group policy covering roughly 20,000 lives. The Leverage Ratio held at 3.7x despite non-cash FX effects. The open question is whether the Q1 cash-generation step-up is the start of a run-rate that supports a meaningful derating from the company's own medium-term target of below 3.0x - and the next reading is the Q2 print on August 18, 2026, which is the first clean test of that thesis.