Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q2 2026 Earnings Presentation
19 slides from Astrana Health's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Earnings Supplement
Second Quarter 2026 Earnings Supplement August 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 bu
Slide 3: Second Quarter 2026 Performance Highlights
Second Quarter 2026 Performance Highlights $ in millions, except for per share information Q2 2026 Financial Results Revenue $972.5 49%3 Adj. EBITDA1 $68.9 43%3 Adj. EPS – Diluted2 $0.80 45%3 NI attr. to ASTH $19.7 109%3 YTD Free Cash Flow4 $92.95 10%5 1. See “Reconciliation of Net Income to EBITDA
Slide 4: FY2026 Guidance
FY2026 Guidance $ in millions Q2 2026 Actual FY 2025 FY 2026 Guidance Financial Results1 Results Range2,3,4 Revenue $972.5 Total Revenue $3,181.8 $3,800 - $4,100 Adjusted EBITDA2 $68.9 Adjusted EBITDA2 $205.4 $255 - $280 YTD Free Cash Flow3 $92.9 Free Cash Flow3 $104.5 $105 - $132.5 1. Q2 2026 Finan
Slide 5: Second Quarter 2026 Highlights and Recent Updates
Growth Second Quarter 2026 Highlights and Recent Updates Growth Astrana now serves approximately 1.5 million patients in value-based Sustainably growing membership to bring better care to arrangements more Americans Approximately 1.2 million members in our Care Partners segment Risk Progression 81%
Slide 6: Prudently transitioning to full-risk contracts to better align incentives
Prudently transitioning to full-risk contracts to better align incentives around patient outcomes and improve unit economics Members by Risk Capitated Revenue by Risk Arrangement1 Arrangement2 Full-risk 24% 19% 19% 27% Partial-risk Projected 53% 58% 57% 65% 100% 76% 81% 81% 73% 47% 42% 43% 35% 2021
Slide 7: Our Value-Based Care Business is Diverse
Our Value-Based Care Business is Diverse Revenue by Type1 2% 1% 1% 93% 3% Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other Income Revenue By Payer Type1 61% 27% 9% 3% Medicare Medicaid Commercial Other Third Parties Revenue by Risk Arrangement1,2 81
Slide 8: Astrana grows profitably across all market conditions
Astrana grows profitably across all market conditions Revenue ($ in millions) Adj. EBITDA ($ in millions) ~32% CAGR ~26% CAGR $255- $3,800- $280 $4,100 $3,182 $205.4 $170.4 $146.6 $2,035 $140.0 $133.5 $1,387 $102.8 $1,144 $774 $54.2 $687 $561 2019 2020 2021 2022 2023 2024 2025 2026E 2019 2020 2021 2
Slide 9: Quarter over Quarter Segment Revenue
Quarter over Quarter Segment Revenue Care Partners Care Delivery Care Enablement Inter- Total company High-performing network of High-quality system of Full-stack tech, clinical, and aligned providers employed providers operations platform Revenue $ in millions Q2 2026 $932.8 $74.7 $85.6 $(120.6) $9
Slide 10: Selected Financial Results
Selected Financial Results 10
Slide 11: 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 4
Slide 12: Segment Results
Segment Results For the three months ended June 30, 2026 Care Care Care Intersegment Corporate Consolidated $ in thousands Partners Delivery Enablement Elimination 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 805,
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights $ in millions 6/30/2026 12/31/2025 $ Change Cash and cash equivalents1 $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. 13
Slide 14: 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 15,550 Depreciation and amortization 6,904 EBITDA 52,850 28,
Slide 15: 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 16: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS - Diluted
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 from equity method investments (548) (381) Other, net1 4,800 7,998 Stoc
Slide 17: 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 $ in thousands Actual Results Guidance1 Six Months Ended Year Ended Six Months Ended Year Ending June 30, 2026 December 31, 2025 June 30, 2025 December 31, 2026 Low High Net cash provided by ope
Slide 18: 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 19: Investor Relations
Investor Relations investors@astranahealth.com