Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Investor Presentation (March 2026)
34 slides from Astrana Health's investor presentation, Mar 4, 2026
Slide 1: Investor Presentation March 2026
Investor Presentation March 2026
Slide 2: Forward Looking Statements
2 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 Compa
Slide 3: The status quo for healthcare in the United States is broken
3 Poor provider and patient satisfaction Insufficient & costly access to quality care Limited technology & coordinated care The status quo for healthcare in the United States is broken
Slide 4: Astrana transforms the status quo into accessible, high-quality, coordinated care
4 Astrana transforms the status quo into accessible , high - quality , coordinated care delivery networks Astrana Health delegated financial model Status quo payment model Primary care Multi - specialty Hospital Members stay in the Astrana ecosystem across payers and LOB 1 , allowing Astrana to inve
Slide 5: Astrana has built the leading platform for delegated risk
5 Astrana has built the leading platform for delegated risk, enabling better spend visibility, alignment, and patient outcomes Status quo Primary care Multi - specialty Hospital Claims & Admin. Risk - bearing org (admin. delegation) % of premium Claims and Admin Risk - bearing org (No admin. delegat
Slide 6: We continue to scale across new markets nationwide
6 we’ve scaled across new markets nationwide From our start in one market, We continue to grow into new markets through the Astrana Care Model, delivering coordinated, high - quality care 159 159 159 15 1 1 215 1 1 15 215 612 612 ENTERPRISE HENDERSON LAS VEGAS NORTH LAS VEGAS PARADISE SPRING VALLEY
Slide 7: Astrana now serves sixteen markets across the country
7 2025 2024 2023 2022 2021 2020 2019 16 11 6 6 4 3 3 # of Markets Astrana now serves sixteen markets across the country Note: Colored states represent those with more than 5,000 members
Slide 8: Astrana's Care Model drives better access, quality, and patient outcomes
8 Astrana’s Care Model drives better access, quality, and patient outcomes… Astrana care team contacts Leslie to schedule her Annual Wellness Visit Leslie visits an AstranaCare clinic, where her PCP explains the need for a cardiology visit given her most recent lab results Leslie’s PCP submits a pri
Slide 9: And serves members longitudinally throughout their lifetimes
9 …And serves members longitudinally throughout their lifetimes 1.6 million members in value - based arrangements 2 20,000+ Providers caring for our members 98% Average annual provider retention 1 Experienced providers 11.1 Average provider tenure of Care Partners providers 1 Payer partners 20+ Robu
Slide 10: Our model powers strong financial results in all utilization environments
10 $54.2 $102.8 $133.5 $140.0 $146.6 $170.4 $205.4 $561 $687 $774 $1,144 $1,387 $2,035 $3,182 Our model powers strong financial results in all utilization environments Adj. EBITDA ($ in millions) Revenue ($ in millions) ~25% CAGR Clear visibility into continued 25%+ growth over the medium term $3,80
Slide 11: The Astrana playbook is focused on execution of our 4 pillars strategy
11 Outcomes and Cost: Achieving superior patient outcomes and care quality while managing cost 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 valu
Slide 12: Growth, Operating Leverage and Risk Progression
12 Growth Sustainably growing membership to bring better care to more Americans Closed acquisition of Prospect; Astrana is now serving 1.6 million patients in value - based arrangements Approximately 1.3 million m embers in our Care Partners segment Growth Operating Leverage Driving operating levera
Slide 13: The Astrana playbook is focused on execution of our 4 pillars strategy
13 Outcomes and Cost: Achieving superior patient outcomes and care quality while managing cost 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 valu
Slide 14: We've demonstrated ability to provide better care at lower cost in California
14 California 1992 2019 2022 2023 Built density in Southern CA San Bernardino 2.2M pop. 1 Riverside 2.5M pop. 1 MCR Improvement: ~(750) bps 2 Expanded into Northern CA Bay Area 6.2M pop. 1 MCR Improvement: ~(950) bps 3 Expanded into Central CA Central Valley 6.1M pop. 1 Launched in Southern CA Los A
Slide 15: We continue to deploy the Astrana playbook in new markets
15 2 – 3 Years to Profitability 800+ providers within Care Partners AstranaCare clinics and Astrana risk - bearing entities are run - rate breakeven 3,400+ providers within Care Partners serving over 18,000 Medicare Advantage lives Continuing to make progress towards profitability Entered in Q3 2023
Slide 16: The Astrana playbook is focused on execution of our 4 pillars strategy
16 Outcomes and Cost: Achieving superior patient outcomes and care quality while managing cost 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 valu
Slide 17: Risk Progression: Prudently transitioning to full-risk contracts
17 Risk Progression Prudently transitioning to full - risk contracts to better align incentives around patient outcomes and improve unit economics Our partial - risk membership presents an embedded opportunity for increased platform value and risk alignment. We succeed in these contracts by continui
Slide 18: The Astrana playbook is focused on execution of our 4 pillars strategy
18 Outcomes and Cost: Achieving superior patient outcomes and care quality while managing cost 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 valu
Slide 19: The Astrana Care Model improves patient outcomes
19 73 Net Promoter Score 4 4.7% Lower hospital rate of readmission 3 67% Fewer hospital admissions 1 70% Of prior auths are auto - approved 2 Outcomes 1. Legacy Astrana Health figures based on CY 2025 Medicare utilization rates across all IPAs compared to most recent available C MS benchmark 2. Lega
Slide 20: The Astrana playbook is focused on execution of our 4 pillars strategy
20 Outcomes and Cost: Achieving superior patient outcomes and care quality while managing cost 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 valu
Slide 21: Provider Empowerment and Engagement
21 Provider Empowerment and Engagement All - in - one point - of - care tool for both providers and practice across quality, risk, care plans, prior auths , and claims Providers who actively use our tools deliver measurably better patient outcomes than those who do not Care Management & Patient Outc
Slide 22: Despite industry challenges, Astrana is poised to succeed
22 Industry Headwind Astrana’s Advantage Challenge Risk Adjustment Utilization Value - Based Care Scrutiny on inflated RAF scores Higher utilization across the sector Struggles managing profitability in full - risk; exiting risk contracts Responsible risk adjustment with approximately 1.02 RAF Well
Slide 23: FY2026 Guidance and Q4 Financial Results
23 ($ in millions) FY2026 Guidance Q4 202 5 Financial Results FY 2026 Guidance Range 1 Actual FY 2025 Results $3,800 - $4,100 $3,181.8 Total Revenue $250 - $280 $205.4 Adjusted EBITDA 1 $105 - $132.5 $104.5 Free Cash Flow $950.5 Revenue $52.5 Adjusted EBITDA 1 1. See “Reconciliation of Net Income (L
Slide 24: Building the premier, patient-centered healthcare platform for all
24 16 Markets 1.6M VBC Members 20k+ Providers Membership Growth Outcomes and Cost Care Partners Care Delivery Care Enablement Operating Leverage Revenue Per Member Growth Building the premier, patient - centered healthcare platform for all
Slide 25: Appendix
25 Appendix
Slide 26: Consolidated revenue and income statement summary
26 Years Ended December 31, Three Months Ended December 31, 2024 2025 2024 2025 $ in thousands except per share data Revenue 1,856,785 $ 2,924,265 $ 616,900 $ 862,814 $ Capitation, net 86,224 86,199 28,660 25,508 Risk pool settlements and incentives 13,979 30,394 5,550 10,290 Management fee income 6
Slide 27: Segment results for three months ended December 31, 2025
27 Consolidated Total Corporate Costs Intersegment Elimination Other Care Enablement Care Delivery Care Partners $ in thousands 950,526 - (112,903) - 78,860 92,090 892,479 $ Total revenues 75% 153% 38% % change vs prior year quarter 855,483 - (47,021) - 47,615 76,673 778,216 Cost of services 76,648
Slide 28: Balance Sheet Highlights
28 $ Change 12/31/2024 12/31/2025 $ in millions $141.0 $288.5 $429.5 Cash and cash equivalents 1 $(24.9) $272.9 $248.0 Working capital $76.6 $716.7 $793.3 Total stockholders’ equity 1. Excluding restricted cash and marketable securities. Balance Sheet Highlights
Slide 29: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
29 Years Ended December 31, Three Months Ended December 31, 2024 2025 2024 2025 $ in thousands 49,932 $ 24,076 $ (7,777) $ 6,562 $ Net Income (loss) 33,097 49,928 8,069 17,520 Interest expense (14,508) (12,157) (3,221) (3,987) Interest income 30,886 15,530 5,882 944 Provision for income taxes 27,927
Slide 30: Annual reconciliation of Net Income to Adjusted EBITDA 2019-2025
30 Years Ended 2019 2020 2021 2022 2023 2024 2025 $ in millions 15.8 $ 122.1 $ 46.1 $ 45.7 $ 57.8 $ 49.9 $ 24.1 $ Net Income 4.7 9.5 5.4 7.9 16.1 33.1 50.0 Interest expense (2.0) (2.8) (1.6) (2.0) (14.2) (14.5) (12.2) Interest income 10.0 56.3 31.7 40.9 32.0 30.9 15.5 Provision for income taxes 18.3
Slide 31: Reconciliation to Adjusted Net Income and Adjusted EPS
31 Years Ended December 31, Three Months Ended December 31, 2024 2025 2024 2025 $ in thousands, except for share and per share data 49,932 $ 24,076 $ (7,777) $ 6,562 $ Net income (loss) (4,451) (1,708) (1,564) (1,176) Income from equity method investments 12,951 45,405 10,288 4,808 Other, net 1 34,5
Slide 32: Reconciliation of Operating Cash Flow to Free Cash Flow
32 Guidance Actual Results Year Ending December 31, 2026 Year Ended December 31, 2025 High Low $ in thousands 145,000 $ 125,000 $ 114,597 $ Net cash provided by operating activities (12,500) (20,000) (10,106) Cash used in purchases of property and equipment 132,500 $ 105,000 $ 104,491 $ Free cash fl
Slide 33: Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA
33 . 2026 Guidance Range High Low in thousands, $ 74,000 54,000 Net Income 55,000 51,000 Interest expense 44,000 38,000 Provision for income taxes 65,000 65,000 Depreciation and amortization 238,000 208,000 EBITDA (4,000) (4,000) Income from equity method investments 7,000 7,000 Other, net 39,000 39
Slide 34: Investor Relations
Investor Relations Carolyne Sohn investors@astranahealth.com