Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Conference Presentation (September 2026)
37 slides from Astrana Health's conference presentation, Sep 15, 2026
Slide 1: Investor Presentation
Investor Presentation September 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward -looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward -looking statements include any statements about the Company's
Slide 3: Healthcare is fragmented, expensive, and failing both patients and providers
Healthcare is fragmented, expensive, and failing both patients and providers Insufficient Poor Limited & costly access to quality care provider and patient satisfaction technology & coordinated care 3
Slide 4: Astrana replaces fragmentation with a coordinated operating model
Astrana replaces fragmentation with a coordinated operating model Status quo payment model Astrana Health delegated financial model + ~20 Other + ~20 Other Payer s Payer s Care Partners Primary care Multi -specialty Hospital Astrana provider group Hospital FFS Payments % of premium FFS & VBC arrange
Slide 5: Delegated risk gives Astrana visibility, control, and economic alignment
Delegated risk gives Astrana visibility, control, and economic alignment that other value- based care models lack Status quo Risk -bearing org (No admin. delegation) Risk -bearing org (admin. delegation) + ~20 Other + ~20 Other + ~20 Other Payer s Payer s Payer s DELEGATED RBO 2 Primary care Multi -
Slide 6: Astrana has built an AI-native operating platform for healthcare
Astrana has built an AI - native operating platform for healthcare Applications APPS AI Agents AGENTS Provider Atlas Portal AI AstraConnect AstraConnect AI Member360 Member360 AI Next NextBest BestAction Action AGENT Prior Care Auth Navigation AGENT Application Application Practice Point -ofHub -car
Slide 7: Astrana's AI-native operating system enables repeatability at scale
Astrana’s AI - native operating system enables repeatability at scale From our start in one market, we’ve scaled across new markets nationwide Example Network: Astrana in San Gabriel Valley 1 1 Example Market: Astrana in Southern Nevada 215 15 134 11 PASADENA NORTH LAS VEGAS 612 SAN MARINO SOUTH PAS
Slide 8: Astrana has proven its model across 16 markets nationwide
Astrana has proven its model across 16 markets nationwide 2019 2020 2021 2022 2023 2024 2025 # of Markets 3 3 4 6 6 11 16 8
Slide 9: Our model delivers better access, quality, and outcomes for patients
Our model delivers better access, quality, and outcomes for patients 14% 2 shorter inpatient length of stay vs benchmark 67% 1 ~70% Fewer hospital admissions than benchmark of prior authorizations auto -approved, driving increased access for patients with instantaneous approvals 3 Example Patient Jo
Slide 10: We deliver outcomes at scale through a diversified and growing platform
We deliver outcomes at scale through a diversified and growing platform ~1.5 million members in value -based arrangements 3 Revenue by Type 4 2% 1% 1% Providers caring for our members 20,000+ 93% 3% Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other I
Slide 11: The result: durable, compounding financial performance
The result: durable, compounding financial performance Revenue ($ in millions) Adj. EBITDA ($ in millions) ~ 32 % CAGR $3,800 –4,100 ~26% CAGR $255 –280 $3,182 $205.4 $170.4 $140.0 $146.6 $2,035 $133.5 $102.8 $1,387 $1,144 $774 $54.2 $687 $561 2019 2020 2021 2022 2023 2024 2025 2026E 2019 2020 2021
Slide 12: Astrana combines growth, profitability and scale
Astrana combines growth, profitability and scale 8% BUBBLE AREA = Peer 3 Astrana 2026E ADJ. EBITDA $150M EBITDA 36.3% growth · 6.8% margin $267.5M Adj. EBITDA $267.5M Peer 5 $95M EBITDA $100M 6% Adjusted EBITDA margin, FY2026E TOP - QUARTILE PEER MARGIN 5% Peer 4 $128M EBITDA 4% Astrana’s 2026E Adj.
Slide 13: Our growth algorithm compounds through four reinforcing pillars
Our growth algorithm compounds through four reinforcing pillars Membership Growth : Sustainably growing membership to bring better care to more Americans Revenue Per Member Growth : Increasing alignment with patient outcomes through responsible risk progression in value -based arrangements Outcomes
Slide 14: Q2 2026 reflects strong execution across all four growth pillars
Q2 2026 reflects strong execution across all four growth pillars Astrana now serves approximately 1.5 million patients in value -based Growth arrangements Approximately 1.2 million m embers in our Care Partners segment 81% of Q2 2026 capitation revenue from full -risk arrangements Risk Progression A
Slide 15: The Astrana playbook in action
The Astrana playbook in action Membership Growth : Sustainably growing membership to bring better care to more Americans Revenue Per Member Growth : Increasing alignment with patient outcomes through responsible risk progression in value -based arrangements Outcomes and Cost: Achieving superior pati
Slide 16: We've demonstrated our ability to provide better care at lower cost in our core market, California
Growth We’ve demonstrated our ability to provide better care at lower cost in our core market, California California 1992 2019 2022 2023 2024 2025 ~$380B CA TAM Opportunity Launched in Built density in Expanded into Expanded into Deepened CA Scaled CA Footprint Southern CA Southern CA Northern CA Ce
Slide 17: We continue to deploy the Astrana playbook in new markets
Growth We continue to deploy the Astrana playbook in new markets Building a differentiated experience 2 – 3 Years to Profitability for patients and providers Care Partners Entered in Q4 2022 Entered in Q3 2023 Grow a differentiated provider network Generate Generate savings in opex prudent value - e
Slide 18: The Astrana playbook in action
The Astrana playbook in action Membership Growth : Sustainably growing membership to bring better care to more Americans Revenue Per Member Growth : Increasing alignment with patient outcomes through responsible risk progression in value -based arrangements Outcomes and Cost: Achieving superior pati
Slide 19: Prudently transitioning to full-risk contracts to better align incentives around patient outcomes
Risk Progression Prudently transitioning to full - risk contracts to better align incentives around patient outcomes and improve unit economics 1 Members by Risk Capitated Revenue by Risk Arrangement Arrangement 2 Full -risk 24% 19% 19% Partial -risk 27% Projected 53% 57% 58% 65% 100% 76% 81% 81% 73
Slide 20: The Astrana playbook in action
The Astrana playbook in action Membership Growth : Sustainably growing membership to bring better care to more Americans Revenue Per Member Growth : Increasing alignment with patient outcomes through responsible risk progression in value -based arrangements Outcomes and Cost: Achieving superior pati
Slide 21: The Astrana Care Model invests in preventive care and improves patient outcomes
Outcomes The Astrana Care Model invests in preventive care, works with patients longitudinally, and ultimately improves patient outcomes 67% ~70% 4.7% 73 Of prior auths Lower hospital Fewer hospital Net Promoter are auto - rate of admissions 1 Score 4 approved 2 readmission 3 1. Legacy Astrana Healt
Slide 22: The Astrana playbook in action
The Astrana playbook in action Membership Growth : Sustainably growing membership to bring better care to more Americans Revenue Per Member Growth : Increasing alignment with patient outcomes through responsible risk progression in value -based arrangements Outcomes and Cost: Achieving superior pati
Slide 23: Our AI-native operating system drives scalable leverage across the enterprise
Operating Leverage Our AI - native operating system drives scalable leverage across the enterprise Provider Empowerment Care Management & Population Health & Operating Leverage and Engagement Patient Outcomes Analytics All -in-one point -of-care tool for Improved productivity gains Composable “Comma
Slide 24: That leverage is already translating into measurable G&A efficiency
Operating Leverage That leverage is already translating into measurable G&A efficiency GAAP R evenue & G&A % of Revenue ($ in millions) $250.0 8.1% ~210bps decrease YoY 7.7% 500K 30% 7.6% 8.0% 6.8% 7.0% Agentic patient interactions Efficiency gain $200.0 Per month through Voice & SMS Reduction in ad
Slide 25: Astrana Raises FY2026 Adjusted EBITDA Guidance
Astrana Raises FY2026 Adjusted EBITDA Guidance $ in millions Q2 2026 Actual FY 2025 FY 2026 Guidance Financial Results 3 Results Range 1,2 Revenue $972.5 Total Revenue $3,181.8 $3,800 - $4,100 Adjusted EBITDA 1 $68.9 1 Adjusted EBITDA $205.4 $255 - $280 YTD Free Cash Free Cash Flow 2 $104.5 $105 - $
Slide 26: Astrana is building an AI-native operating platform for healthcare
Astrana is building an AI - native operating platform for healthcare Membership Growth Revenue Per Member Growth Outcomes and Cost Operating Leverage 16 ~1.5M 20k+ Care Partners Care Delivery Care Enablement Markets VBC Members Providers 26
Slide 27: Appendix
Appendix 27
Slide 28: Care Enablement has scaled to a ~$340M revenue run-rate
Care Enablement has scaled to a ~$340M revenue run - rate Care Enablement Segment Revenue ($ in millions; LTM through Q2 2026) $340 ~35% CAGR, 2022 –LTM Q2’26 43% gross margin 21% op. margin $247 $155 $136 $120 2022 2023 2024 2025 LTM Q2’26 Note: Care Enablement segment revenue per Form 10 -K segmen
Slide 29: Summary of Selected Financial Results
Summary of Selected Financial Results Three Months Ended June 30, $ in thousands, except per share data 2026 2025 Revenue Capitation, net $ 905,804 $ 614,108 Risk pool settlements and incentives 21,816 15,402 Management fee income 13,211 2,577 Fee -for -service, net 22,982 17,878 Other revenue 8,707
Slide 30: Segment Results
Segment Results For the three months ended June 30, 2026 Care Care Care Intersegmen Corporat Consolidated $ in thousands Partners Delivery Enablement t Elimination e Costs Total Total revenues $ 932,836 74,696 85,598 (120,610) - 972,520 % change vs prior year quarter 48% 95% 109% Cost of services 80
Slide 31: Balance Sheet Highlights
Balance Sheet Highlights $ in millions 6/30/2026 12/31/2025 $ Change Cash and cash equivalents 1 $400.8 $429.5 $(28.7) Working capital $171.5 $248.0 $(76.5) Total stockholders’ equity $840.8 $793.3 $47.5 1. Excluding restricted cash and marketable securities. 31
Slide 32: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA Three Months Ended June 30, $ in thousands 2026 2025 Net Income $ 18,452 $ 10,216 Interest expense 15,997 7,382 Interest income (5,907) (2,336) Provision for income taxes 8,758 6,609 Depreciation and amortization 15,550 6,904 EBITDA 52,850 28,
Slide 33: Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued)
Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued) For the twelve months ended TTM Ended Year Ended $ in millions June 30, 2026 2025 2024 2023 2022 2021 2020 2019 Net Income $ 39.2 $ 24.1 $ 49.9 $ 57.8 $ 45.7 $ 46.1 $ 122.1 $ 15.8 Interest expense 67.3 50.0 33.1 16.1 7.9 5.4 9.5 4.
Slide 34: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted Three Months Ended June 30, $ in thousands, except for share and per share data 2026 2025 Net income $ 18,452 $ 10,216 (Income) loss from equity method investments (548) (381) Other, net 1 4,800 7,
Slide 35: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation and Guidance Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Actual Results Actual Results Guidance 1 Year Ended December 31, Six Months Ended June 30, 2026 Year Ending December 31, 2026 2025 $ in thousands Low High Net cash provided by operating activiti
Slide 36: Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA 2026 Guidance Range $ in thousands Low High Net Income $ 59,000 $ 74,000 Interest expense 49,000 53,000 Provision for income taxes 38,000 44,000 Depreciation and amortization 65,000 65,000 EBITDA 211,000 236,000 Income from equity met
Slide 37: Investor Relations
Investor Relations investors@astranahealth.com
Astrana Health — Conference Presentation (September 2026) on 6ix