Ehealth, Inc. · NASDAQ:EHTH

Ehealth — Q4 2025 Earnings Presentation

15 slides from Ehealth's earnings presentation, Feb 25, 2026

  1. Slide 1: ©2026 eHealthInsurance Services, Inc.

    ©2026 eHealthInsurance Services, Inc. 1

  2. Slide 2: Safe Harbor Statement

    Safe Harbor Statement Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-lo

  3. Slide 3: FY 2025 Earnings Highlights

    FY 2025 Earnings Highlights 2025 performance was defined by meaningful profitability expansion and growth in our Commissions Receivable.  FY 2025 total revenue of $554.0 million increased 4% YoY, driven by Medicare Advantage (MA) LTV growth and higher net adjustment revenue.  FY 2025 GAAP net inco

  4. Slide 4: Q4 2025 Earnings Highlights

    Q4 2025 Earnings Highlights AEP performance was strong including YoY improvements in Q4 Medicare LTV-to-CAC ratio(1), adjusted EBITDA(1), and adjusted EBITDA margin(1).  Q4 2025 total revenue of $326.2 million increased 4% YoY, driven by MA LTV growth, partially offset by lower MA approved members,

  5. Slide 5: 2025 Was Another Year of Strong Execution

    2025 Was Another Year of Strong Execution (1) ($, MM) Revenue GAAP Net Income Adjusted EBITDA $40.0 $554.0 $97.3 4% $532.4 $69.3 7% GAAP Net Income Margin 18% Adj. EBITDA Margin(1) 13% $10.1 Adj. EBITDA Margin(1) 2% GAAP Net Income Margin FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 In fiscal year 2025

  6. Slide 6: Successful AEP with Disciplined Execution

    Successful AEP with Disciplined Execution MA Unit Margins Continue to Expand YoY Q4-FY23 Q4-FY24 $1,304 Q4-FY25 $1,174 $1,151 ($226) ($220) ($307) $706 ($372) $583 ($371) $388 54% ($456) 50% 34% Variable Variable Variable MA LTV CC&E per marketing cost Per Unit MA LTV CC&E per marketing cost Per Uni

  7. Slide 7: Q4 2025 Enrollment Volume Reflects Decision to Focus on Unit Economics & Profitability

    Q4 2025 Enrollment Volume Reflects Decision to Focus on Unit Economics & Profitability Total MA Submissions 419,334 (3%) 405,455 250,609 (4%) 240,832 Q4-FY24 Q4-FY25 FY2024 FY2025 • Total MA submissions across Agency and Amplify fulfillment models decreased 4% YoY in Q4 2025 and 3% YoY in FY 2025 dr

  8. Slide 8: The Medicare Industry is Experiencing a Reset

    The Medicare Industry is Experiencing a Reset Underlying Trends Carrier Strategies • Elevated utilization trends combined with medical cost inflation • MA organizations focused on targeted enrollment growth, quality & margin preservation • Regulatory changes • Plan volatility including benefit chang

  9. Slide 9: eHealth is Building a Lifetime Advisory Model

    eHealth is Building a Lifetime Advisory Model • Introducing advisor lifetime member-advisor relationship model that we believe will further connections between advisors and beneficiaries. o Combines relationship-driven sales model with eHealth core advantages in Medicare scale, technology, and carri

  10. Slide 10: FY26 Guidance

    FY26 Guidance  2026 guidance includes an estimate for positive net adjustment revenue in the range of $0 to $20 million. 2026 Full Year Guidance Guidance Range (in millions) Total Revenue $405 – $445 GAAP Net Income $8 – $25 Adjusted EBITDA(1) $55 – $75 Operating Cash Flow ($10) – $12 (1) Refer to

  11. Slide 11: 2026 Plan is Optimized for Cash Flow

    2026 Plan is Optimized for Cash Flow (1) Operating Cash Flow Net Income Adjusted EBITDA ($, MM) $97.3 $69.3 $65.0 $40.0 $16.5 $10.1 $1.0 ($18.4) ($25.3) (2) FY2024 FY2025 FY2026 (Estimate) • The 2026 plan optimizes for operating cash flow generation, profit margin and targeted investment in diversif

  12. Slide 12: Appendix

    Appendix ©2026 eHealthInsurance Services, Inc. 12

  13. Slide 13: Definitions

    Definitions LTV-to-CAC ratio is calculated as constrained lifetime value of commissions per Medicare Advantage ("MA")-equivalent approved member for which we are the broker of record divided by total acquisition cost (including customer care and enrollment and variable marketing costs) per MA-equiva

  14. Slide 14: Reconciliation of GAAP to Non-GAAP Financial Measures

    Reconciliation of GAAP to Non-GAAP Financial Measures ©2026 eHealthInsurance Services, Inc. 14

  15. Slide 15: Reconciliation of Guidance GAAP to Non-GAAP Financial Measures

    Reconciliation of Guidance GAAP to Non-GAAP Financial Measures ©2026 eHealthInsurance Services, Inc. 15

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