The Oncology Institute, Inc. · NASDAQ:TOI

The Oncology Institute — Oncology Institute — Q3 2025 Earnings Presentation

26 slides from The Oncology Institute's earnings presentation, Nov 14, 2025

Slide 1: The Oncology Institute of Hope & Innovation
1 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION (µáÌÒºÈŉ LÈÌµÒyÒ¡ºµ <ºá´…ÈŉĉćĉČ
Slide 2: Forward-looking statements and non-GAAP disclosures
2 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION §Ö‹·~§½”Ò Some of the information in this presentation is not historical in nature and may constitute forward - looking statements, which ar e made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These stat
Slide 3: Investment highlights
3 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION Large TAM, with long - term growth driven by secular trends 18 - year history of differentiated care delivery, controlling costs and improving outcomes Leading national oncology - focused VBC Platform Management team with deep industry experience 20%+ re
Slide 4: Mission, values and operational philosophy
4 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION YA(ŉyÒŉyŉœ®yµ† Values Mission • Patient - first • Physician - led • Deep payor collaboration • Healing and empowering cancer patients through compassion, innovation, and state - of - the - art medical care • Highest - level care in the community: medica
Slide 5: TOI at a glance
5 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION YA(ŉ¡Ìŉyŉ ¡œ Ĳ œÈºâÒ ĝŉ›Ö®® Ĳ ÌÈá¡†ĝŉáy®Ö Ĳ …yÌ‹ŉºµ†º®ºœèŉÅÈºá¡‹È Years in business 1.9+ million Value - based lives Active major payor contracts (across Capitation and FFS) 60+ Patient visits in YTD 3Q25 260K+ 16% 31% 52% 1% 18 Revenue ($ millions)
Slide 6: U.S. oncology spend and market opportunity
6 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION 5yÈœŉyµ‹ŉœÈºâ¡µœŉºµ†º®ºœèŉY;ĝŉâ¡Ò ŉ´¡Ì Ĳ y®¡œµ´µÒŉº›ŉ¡µ†µÒ¡áÌŉyµ‹ŉ ¡œ ŉ áyÈ¡y…¡®¡Òèŉ¡µŉÅÈÌ†È¡…¡µœŉÅyÒÒÈµÌ Estimated 2020 U.S. oncology spend - ~4% of total healthcare spend - Oncology is the largest category of specialty drug spend, representing ~1
Slide 7: Growth strategy: pursue strategic M&A and add contracts
7 THE ONCOLOGY INSTITUTE OF HOP E & INNOVATION Pursue Strategic M&A AÖÈŉœÈºâÒ ŉ´º‹®ŉÌÒyÈÒÌŉâ¡Ò ŉ†yÅ¡ÒyÒ¡ºµĝŉyµ‹ŉ¡Ìŉµ yµ†‹ŉ…èŉÅ yÈ´y†èŉyµ‹ŉyµ†¡®®yÈèŉÌÈá¡†Ì Add Contracts and Value - Based Lives • Medical oncology Radiation oncology • Adjacent provider or network platforms Drive Specialty Pharmac
Slide 8: Specialty benefits manager and direct care delivery
8 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION Specialty benefits manager Curate network of independent physician offices where patients can receive treatment Patient call center Manage formulary of approved drugs Review and authorize prescribed care plans Receive and pay claims Direct care delivery
Slide 9: Rapidly growing specialty pharmacy
9 THE ONCOLOGY INSTITUTE OF PE & INNOVATION YA(ļÌŉÈyÅ¡‹®è Ĳ œÈºâ¡µœŉÌÅ†¡y®ÒèŉÅ yÈ´y†èŉ¡ÌŉyµŉyÒÒÈy†Ò¡áŉyÒÒy† ´µÒŉÌÈá¡†ŉ›ºÈŉ ÅyÒ¡µÒÌŉyµ‹ŉÅyèºÈÌ Specialty Pharmacy # of Scripts • Today, specialty pharmacy ~100% utilized for in - office or mail - order dispensing for patients in TOI care • Future
Slide 10: National footprint with value-based lives mix
10 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION YA(ŉ yÌŉyŉµyÒ¡ºµy®ŉ›ººÒÅÈ¡µÒĝŉâ¡Ò ŉyŉ‹¡áÈÌ¡Ă‹ŉ´´…Èŉ´¡çŉ 04 Lives by State Lives by Line of Business Lives by Contract Type 89.7% 2.7% 1.3% 0.3% 6.1% OR CA NV FL AZ Commercial Medicare Medicaid UM 29.2% 19.2% 50.1% 1.5% 65.8% 25.4% 5.6% 1.7% 1.5% Nar
Slide 11: Future of TOI value-based contracting models
11 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION Future of TOI Value - based Traditional Narrow Network Capitation Fee for Service Delegation, Open - Network Capitation Expected MLR Performance ~65 - 70% N/A ~80 - 85% Description TOI acts as exclusive oncology provider under a payor (managed care, IPA
Slide 12: Superior cost outcomes with strong quality metrics
12 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION ÈyÒ¡µœŉÅÈºáµŉÈÌÖ®ÒÌĞŉÇÖy®ŉºÈŉ…ÒÒÈŉ†yµ†Èŉ†yÈŉºÖÒ†º´ÌĝŉyÒŉ®ÌÌŉ†ºÌÒŉ ÒºŉÅyèºÈÌŉyµ‹ŉÅyÒ¡µÒÌ Superior Cost Outcomes… … With Strong Quality Metrics TOI has a model that achieves the same or better oncology outcomes at a lower cost ~70% Overall MLR
Slide 13: Technology and AI initiatives
13 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION Improved Patient Service and Access More Efficient Collections Optimized Insurance Navigation Automated denials management Automated prior authorization bots Payor portal integration Ambient clinical note - taking and summarization Pre - appointment med
Slide 14: Rapid growth in capitated revenue with stable MLR
14 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION ´¡‹ÌÒŉÈyÅ¡‹ŉœÈºâÒ ŉ¡µŉ†yÅ¡ÒyÒ‹ŉÈáµÖĝŉYA(ŉ yÌŉ´yµyœ‹ŉyŉÌÒy…®ŉ;5OŉyÒŉÌ†y® Note: MLR defined as payroll, third - party charges + IV drug costs incurred by TOI divided by net capitation revenue 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Cap Revenue ($M)
Slide 15: New capitation contract ramp
15 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION Underwriting “Continuity of Care” Period Implementation of TOI Pathways Contract Maturity Cash Inflow N/A Monthly payments Monthly payments Monthly payments N/A Limited outflows Catch - up on outflows Run - rate Cash Outflow N/A ~Limited Ramping Growing
Slide 16: Management team and board leaders
16 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION ;yµyœ´µÒŉÒy´ŉyµ‹ŉ…ºyÈ‹ŉ®y‹ÈÌ ¡Åŉâ¡Ò ŉ‹Åŉ¡µ‹ÖÌÒÈèŉçÅÈ¡µ† Prior Experience Anne McGeorge Chairman of the Board • Joined TOI Board in 2021, Chairman since August 2025 • 35+ years of experience providing strategic and operational guidance to heal
Slide 17: Financial Overview
17 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION "¡µyµ†¡y®ŉ AáÈá¡â
Slide 18: Financial highlights
18 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION High revenue visibility: recurring treatment models and subscription - like contracts Direct cost control over oncology therapeutic regimens Diversified business model across contracting models, geographies, and populations On track for EBITDA breakeven
Slide 19: Revenue history and milestones 2007-2025E
19 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION $1 $10 $17 $26 $29 $38 $41 $42 $48 $64 $74 $113 $155 $188 $203 $252 $324 $393 $500 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Notes: (1) 2007 - 2017 revenue is cash basis, unaudited and pertains to th
Slide 20: Q3 2025 results
20 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION 3Q25 Revenue 3Q25 Adjusted EBITDA (1) YTD 2025 Operational Highlights $49.8 $60.2 $48.2 $75.9 3Q24 3Q25 Clinical trials & other Dispensary Patient services ($8.2) ($3.5) 3Q24 3Q25 $99.9 $136.6 Achieved Adjusted EBITDA profitability for the month of Sept
Slide 21: Revenue streams
21 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION (1) Includes Other Revenue Such as Management Fees, Quality Bonuses, Data Monetization, Clinical Research, and Behavioral Ser vic es Ancillary Services Patient Services (Medical & Radiation Oncology) Clinical Research and Other 1 Specialty Pharmacy Capi
Slide 22: Path to Adjusted EBITDA and margin levers
22 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION LyÒ ŉÒºŉÈy¬áµŉŲŉ"ÖÒÖÈŉLÈºĂÒy…¡®¡Òèŉ5áÈÌŉ Margin Levers 30% 28% 27% 25% 24% 22% 18% 13% 13% 14% 15% 17% 15% 14% 0% 5% 10% 15% 20% 25% 30% 35% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 SG&A as a % of Rev Gross Margn ($10.9) ($8.7) ($8.2) ($7.8) ($5.1) ($4.
Slide 23: Strengthened balance sheet actions
23 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION Notes: 1 Represents gross proceeds before deducting placement agent fees and offering expenses 2 Represents gross proceeds through Q3 and beyond before deducting fees paid to the sales agents Collectively, these actions have fortified our balance shee
Slide 24: Investment highlights recap
24 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION Large TAM, with long - term growth driven by secular trends 18 - year history of differentiated care delivery, controlling costs and improving outcomes Leading national oncology - focused VBC Platform Management team with deep industry experience 20%+ r
Slide 25: Appendix
25 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION ÅÅµ‹¡ç
Slide 26: Adjusted EBITDA reconciliation
26 THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION >~ÒŁĥģŅŁĤĢĤħ ”‹ŁĥģŅŁĤĢĤĦ #ESŁ](SŁ>E?](WŁ? W”ÏŁĥĢŅŁĤĢĤĦ 5à¾ŁĥĢŅŁĤĢĤĦ >~ÒŁĥģŅŁĤĢĤĦ W”ÏŁĥĢŅŁĤĢĤħ 5à¾ŁĥĢŅŁĤĢĤħ ”‹ŁĥģŅŁĤĢĤĤ ”‹ŁĥģŅŁĤĢĤĥ $ (13,182 ) $ (18,754) $ (11,007) $ ( 19,585) $ ( 17,009) $ ( 16,504) $ ( 19,888) $ ( 15,479 ) $ ( 16,113) Net loss 1,707

Oncology Institute — Q3 2025 Earnings Presentation on 6ix

The Oncology Institute — Oncology Institute — Q3 2025 Earnings Presentation

Slide 1: The Oncology Institute of Hope & Innovation

Slide 2: Forward-looking statements and non-GAAP disclosures

Slide 3: Investment highlights

Slide 4: Mission, values and operational philosophy

Slide 5: TOI at a glance

Slide 6: U.S. oncology spend and market opportunity

Slide 7: Growth strategy: pursue strategic M&A and add contracts

Slide 8: Specialty benefits manager and direct care delivery

Slide 9: Rapidly growing specialty pharmacy

Slide 10: National footprint with value-based lives mix

Slide 11: Future of TOI value-based contracting models

Slide 12: Superior cost outcomes with strong quality metrics

Slide 13: Technology and AI initiatives

Slide 14: Rapid growth in capitated revenue with stable MLR

Slide 15: New capitation contract ramp

Slide 16: Management team and board leaders

Slide 17: Financial Overview

Slide 18: Financial highlights

Slide 19: Revenue history and milestones 2007-2025E

Slide 20: Q3 2025 results

Slide 21: Revenue streams

Slide 22: Path to Adjusted EBITDA and margin levers

Slide 23: Strengthened balance sheet actions

Slide 24: Investment highlights recap

Slide 25: Appendix

Slide 26: Adjusted EBITDA reconciliation