Alignment Healthcare, Inc. · NASDAQ:ALHC
Alignment Healthcare — J.P. Morgan Healthcare Conference 2026
16 slides from Alignment Healthcare's conference presentation, January 2026
Slide 1: Medicare Advantage Done Right
1 Medicare Advantage Done Right 1
Slide 2: Legal Disclaimer: Forward Looking Statements
Legal Disclaimer Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995,
Slide 3: The Name Alignment is the Foundation of Our Differentiated Model
The Name Alignment is the Foundation of Our Differentiated Model Our model aligns our stakeholders in the healthcare ecosystem – aligned objectives means everybody wins Providers / Hospitals Health Plan • Additional clinical support at no cost to the • Improved health outcomes through the targeted p
Slide 4: Our Durable Growth Engine is Just Getting Started
Our Durable Growth Engine is Just Getting Started 300,000 $4,600 Total Membership $3,939 $4,100 250,000 Total Revenue ($M) $3,600 200,000 $2,704 $3,100 $2,600 150,000 $1,824 $2,100 $1,434 $1,600 $1,168 100,000 $959 $757 $1,100 $442 $560 $205 $264 $600 50,000 $127 232,500 - 290,000 - $100 19,640 20,7
Slide 5: Defying Expectations and Industry Trends
Defying Expectations and Industry Trends Trailing 24 Months Share Price Performance 180% 130% +129% ALHC 80% 30% +1% (20%) (26%) (37%) (45%) (52%) (70%) 01/01/2024 04/01/2024 07/01/2024 10/01/2024 01/01/2025 04/01/2025 07/01/2025 10/01/2025 ALHC CVS UNH ELV HUM CNC MOH Notes: 5 1. As of 12/31/2025
Slide 6: Our Model was Built for the Future of MA
Our Model was Built for the Future of MA Alignment’s Principles of Success in Medicare Advantage: Transparency, Visibility, Control, Durability Daily clinical meetings, joint operating sessions with providers, Approach MA as a care management business: not an emphasis on clinical gap closures, care
Slide 7: We Control and Avoid Costs by Providing More Care
We Control and Avoid Costs by Providing More Care AVA stratifies members into risk categories; Care Anywhere teams proactively target interventions for chronic, high-risk members 1 AVA | Member Risk Stratification 74% 5% 26% 95% MEMBERSHIP INSTITUTIONAL MEMBERSHIP INSTITUTIONAL COSTS COSTS HEALTHY C
Slide 8: Effective Care Management Drives Financial Outcomes
Effective Care Management Drives Financial Outcomes Managing the polychronic population is our core competency Delivering High Quality & Low Cost Part C Gross Margin PMPM by Number of Member Chronic Conditions1 • Our Care Anywhere team is a multidisciplinary team of employed clinicians fully dedicat
Slide 9: Our Model Enables Us to Control Costs while Growing Quickly
Our Model Enables Us to Control Costs while Growing Quickly • Alignment has differentiated itself by achieving superior growth while leveraging its care model and AVA to manage medical costs • During 2024 to 3Q 2025, peers averaged 1% annual membership growth and an annual increase in MBR of 160bps,
Slide 10: The ALHC Business Model is More Insulated from Reimbursement Risk
The ALHC Business Model is More Insulated from Reimbursement Risk Higher quality care with richer product benefits for seniors A Culture of Continuous … to Further Accelerate our Growth … Fuels Product Investment … Improvement and Innovation… Flywheel while Improving Margin Supplmenetal Benefit pmpm
Slide 11: Stars Advantages Reinforce Competitive Positioning
Stars Advantages Reinforce Competitive Positioning 100% of Alignment’s members are in plans rated 4 stars or above, versus 65% for the industry California Durability Expansion Markets Replicability North Carolina: 5 star-rated plan in for the third consecutive year CA HMO: 4 star-rated plan and nine
Slide 12: Disciplined Growth Demonstrates our Differentiated MA Model
Disciplined Growth Demonstrates our Differentiated MA Model Strong AEP Establishes Foundation for Year-End 2026 Membership Guidance Range of 290,000 to 296,000 Demonstrates a Better MA Disciplined Growth During a Supported by Strong Mousetrap with Growth Resulting in Growth Momentum Year of Signific
Slide 13: Replicating our Model Across Markets - Growth with Clinical Excellence
Replicating our Model Across Markets - Growth with Clinical Excellence The Replicability of Our Cost …and Strength of our Stars Results… … Have Underpinned Rapid Growth of Management Outcomes… our Ex-California Presence Gross Margin PMPM by Cohort Year1 Members in Plans Rated 4 Stars or Greater 2 Me
Slide 14: Profitability Inflection in 2025 Strengthens Competitive Position in 2026
Profitability Inflection in 2025 Strengthens Competitive Position in 2026 2025 2026 Profitability Inflection and Steady Growth Operational Replicability and Disciplined Scaling • 233,500 members implying 24% membership • 275,300 members as of Jan. 1, implying 31% membership growth YoY1 growth YoY •
Slide 15: Our Opportunity to Take Share in MA is Significant and Growing
Our Opportunity to Take Share in MA is Significant and Growing The MA Market is Projected to Grow Even Further Over the Next Decade MA Enrollment (000) MA Penetration ALHC Current Footprint 60,000 70% 58% 60% Enrollment: 51% 50,000 46,554 50% 275,300 Total Members as of Jan. 1, 2026 40% 40,000 31% 3
Slide 16: Investing to Scale the Platform for Disciplined Durable Growth
Investing to Scale the Platform for Disciplined Durable Growth Deepening Bench Strength Tech, Infrastructure, and AI Capabilities • Expand team of AI engineers and data • Workflow process automation scientists, and deepen bench strength • Transition to an event-based data • Clinical personnel for th
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