The Oncology Institute, Inc. · NASDAQ:TOI
The Oncology Institute — Oncology Institute — Investor Presentation (March 2026)
27 slides from The Oncology Institute's investor presentation, Mar 13, 2026
Slide 1: The Oncology Institute March 2026 Investor Presentation
The Oncology Institute of Hope & Innovation (Q March 2026 Investor Presentation
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
, FORWARD-LOOKING STATEMENTS AND NON-GAAP Disclaimer FINANCIAL MEASURES Private Securities Ligation Reform Act of 998. Thee statementa may be dented by the use of forward-looking terminology suchas believes” “expects” vanticpat rl “chou” “eoeks: “approximate ; oF the nagative of the rojections or in
Slide 3: Investment Highlights
Investment Highlights @ HE oNcovoay srTute oF HOPE « INNOVATION o Leading national oncology-focused VBC Platform 04 Multiple growth channels across diversified business model 02 Large TAM, with long-term growth driven by secular trends os Management team with deep industry experience 03 19-year hist
Slide 4: TOI is Purpose-Built to Execute Within Value-Based Oncology Care
TOI is Purpose-Build to Execute Within Value-Based Oncology Care © © Oo ®O Comprehensive, Scalable Network Oncology-focused network spans 122 employed and 200+ network providers across five states Value-based contracts covering with health plans and risk~ bearing providers covering 2 million lives 0
Slide 5: TOI is a High-Growth, Full-Service, Value-Based Oncology Provider
TOI is a High-Growth, Full-Service, Value-Based Oncology Provider 2.0+ million 19 60+ 300K+ Value-based lives Years in business” ‘Active major payor contracts Total patient encounters in 2026 (across capitation and fee for service) $503 $209 a a = Specialty er $252 Pharmacy $199 | | a Eee for Servic
Slide 6: TOI Operates in a Large and Growing Market for Oncology Services
TOI Operates in a Large and Growing Market for Oncology Services U.S. Oncology Market Growth ” ($ in billions) Significant Pressure on Payor Utilization CAGR: 13% 252 ye 2 pa 228 O $99 Payors are shifting «10% of Oncology | Oncology is the treatment to non- spend is managed; fastest-growing area | |
Slide 7: Our Growth Model starts with Capitation, and is Enhanced by Pharmacy and Other Wraparound Services
Our Growth Model starts with Capitation, and is Enhanced by Pharmacy and Other Wraparound Services ; Oncology patients seen for capitated Tol captures additonal cincal revenue Toleontinsts with Payer te mance outpatient medical oncology services from services not includedin capitation ey . in TOI or
Slide 8: TOI's Rapidly-growing Specialty Pharmacy is an Attractive Wraparound Service
TOI's Rapidly-growing Specialty Pharmacy is an Attractive Wraparound Service For Patients And Payors Specialty Pharmacy > TOs specialty pharmacy is a convenient and affordable option for patients and network providers, while driving strong economics for TO! + Lowering patient out-of-pocket copays +
Slide 9: TOI has a National Footprint, with Substantial Headroom for Potential Growth
TO! has a National Footprint, with Substantial Headroom for Potential Growth Lives by State (Lives in thousands) Revenue by State ($ in millions) HCA Non-cA HCA Non-cA White Space Within Existing Markets(® 73% 1880 2018 $393 “ * pe | 2024 2025 2024 2025 Managed Care Organizations Independent Physici
Slide 10: TOI uses Two Value-based Contracting Models, Based on Market Needs
TOI uses Two Value-based Contracting Models, Based on Market Needs Value-based Narrow Network Capitation Delegation, Open-Network Capitation TOL acts as exclusive oncology provider under @ payor TOI manages entire oncology benefit for payor, from network cessed (managed care, IPA or delegated provid
Slide 11: TOI also has a Profitable and Growing Fee For Service Business
TOI also has a Profitable and Growing Fee For Service Business, to Support Community Demand and Payors Not Yet Ready for Value-based Models OI prescribes and delivers Givenhemstoogyisa — “arlendsl-njese5le roy overs see 08 Tol provides diagnostics, TOIprovides diagnostics, complementery specialty to
Slide 12: Creating Proven Results: Equal or Better Cancer Care Outcomes, At Less Cost
Creating Proven Results: Equal or Better Cancer Care Outcomes, At Less Cost To Payors and Patients e ~10% 29% 25% Lower Median Total Healthcare Superior Cost Overall MLR® Lower Inpationt Admissions” alan Total Heo Outcomes... oe ar _ Typical Payor Savings in Vear 1 of Fewer ER Visits Among Newly- Ty
Slide 13: Purpose-Built Technology Stack that will Drive Significant OpEx Efficiencies
Purpose-Built Technology Stack that will Drive Significant OpEx Efficiencies TOl is actively adopting Al to deliver better patient care and improve operational productivity as we scale Patient Intake ee eel @ Electronic Medical Records Payor Portal tegration ) Dial Appsinirent Scheduling sou Avality
Slide 14: Proven Ability to Maintain Stable MLR As Platform Continues to Rapidly Scale
Proven Ability to Maintain Stable MLR As Platform Continues to Rapidly Scale Why TO! W TOI model inherently provides stability to MLR relative to peers © industry platform + Employed physician model enables superior utiization management @ scat drug procurement drives margin titek octiotars albert D
Slide 15: Measurable New Capitation Contract Ramp
Measurable New Capitation Contract Ramp ie, Somme, =z Months 10-12+ Contract Maturity, Cashinfiow NIA Monthly payments Monthly paymente Monthly payments Cash Outtiow NIA Limited outflows See Run: Contract Margin ectine uae NA ~Breakeven Ramping Maturity Wraparound i impor NA “Limited Ramping Growing
Slide 16: Management Team and Board Leadership with Deep Industry Experience
Management Team and Board Leadership with Deep Industry Experience Daniel Vimnich, MD + Joined TO! in 2020 26 COO, | + Joined TOIin 2021 as VP of Bosince 2028 Fiance FO anew 2028 + noryeusot executive | + ise years nace isodntipanvavebased |" lescrehip srperanc in aoporotone expt | heaters tooued on
Slide 17: Financial Overview
Financial Overview
Slide 18: Financial Highlights
Financial Highlights 04 Durable growth trajectory, supported by long- term oncology cost inflation @ v o Diversified business model across contracting models, geographies, and populations 08 Increasing economies of scale in drug purchasing 02 High revenue visibility: recurring treatment models and s
Slide 19: Capture of Delegated Members Within TOI Clinics Drives Embedded Earnings Upside
Capture of Delegated Members Within TOI Clinics Drives Embedded Earnings Upside a Growth Quality Morgin Expansion of Wraparound Services During TO! Cline Viste Influence Organie Referral Pattorne (Cap and FFS) Towards TO! Clinics Market Go-Live pa _ £ Ponetrate Cap Member Vets with TOI tne Bs ro the
Slide 20: Increasing Capture of Existing Delegated Members in TOI Clinics Creates Complementary Economics
Increasing Capture of Existing Delegated Members in TOI Clinics Creates Complementary Economics Across TOI Business Lines, Independent of New Contract Wins Capitation Illustrative Ui Tol retains Part D drug ‘economics through epecialty pharmacy ownership Capitation Drug Physician Medical Network Rat
Slide 21: Consistent Revenue Growth Through TOI's History
Consistent Revenue Growth Through TOI's History 2009 2010 201 2012 2013 2014 2015 2016 2017 2018” 2019 2020 2021 2022 2023 2024 2025 | | | | | | | to! ‘ervaue-Based | letDiapenearies Over OK Paso TolWekomedae | Pivetetauty | mtGainehae Ton cine et Futy roma —““Goneec™” | ‘Spumcincn “eareator Tencono
Slide 22: TOI Economic Model
TOI Economic Model FFS + Biling insurance + copay per service provided by TO! + E6Ms + Infusions + Drug resale + Radiosurgery Largest Cost Oncology IV drugs and provider Inputs ‘compensation Revenue Mix (2025) Description 20% Future Volume Potent =e (Spores we Hel ciicaReeeres + Contracts with manag
Slide 23: 4Q25 Quarterly Results
4Q25 Quarterly Results Revenue Adjusted EBITDA Net Loss (Sinmillons) (Sin millions) (Sin millions) aq24 4925 4q24 $1420 er] soa $100.3 ss [Bag $476 aun $50.8 ($78) 424 4025 Clinical Trials & Other Specialty Pharmacy Patient Services Wi eeasot0 ® » ($13.2) 4925 (87.5) 2025 Operational Achieved Adjust
Slide 24: Path to Breakeven and Future Profitability Levers
Path to Breakeven and Future Profitability Levers ‘SG&A Declining as a Percentage of Revenue, Gross Margins Trending Higher —SGSA a8 0% of Rev. —-Gross Margin 14% 18% 15% wm B% us, 1924 2024 sq24 4024 1025 2025 3025 4025 Relevant Financials Sinmilions) NetLoss. ($19.9) ($16.5) ($161) ($12.2) ($19.6)
Slide 25: Investment Highlights
Investment Highlights @ HE oNcovoay srTute oF HOPE « INNOVATION o Leading national oncology-focused VBC Platform 04 Multiple growth channels across diversified business model 02 Large TAM, with long-term growth driven by secular trends 08 Management team with deep industry experience 03 19-year hist
Slide 26: SY INSTITUTE OF HOPE & INNOVATION
SY INSTITUTE OF HOPE & INNOVATION 28
Slide 27: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation FOR THREE MONTHS ENDED (Sin thousands) $9p30,2028 Jun30,2024 Mar31,2024 S9p30,2025 Jun30,2025 Mar31,2025 Dee317022Dee3L.2024 Dee 312025, (ens) Gsa70) S988) | (Bi6s0H) ($7009) —cSiasss) | ata74)———$a162)_——_—($7508) 79 11 89 vs 1808 vee en vor ex 225 210 1885 1820 1870
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