Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q1 2026 Earnings Presentation
19 slides from Astrana Health's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Earnings Supplement
May 2026 First Quarter 2026 Earnings Supplement
Slide 2: Forward Looking Statements
2 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 Compa
Slide 3: Q1 2026 Financial Results
3 Q1 2026 Financial Results 56% 3 $965.1 Revenue 76% 3 $0.74 Adj. EPS – Diluted 2 372% 3 $64.1 Free Cash Flow 4 First Quarter 2026 Performance Highlights $ in millions, except for per share information 1. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non - GAAP Financi
Slide 4: FY 2026 Guidance and Q1 2026 Financial Results
4 FY 2026 Guidance Range 1,2 Actual FY 2025 Results $3,800 - $4,100 $3,181.8 Total Revenue $250 - $280 $205.4 Adjusted EBITDA 1 $105 - $132.5 $104.5 Free Cash Flow 2 Q1 2026 Financial Results $965.1 Revenue $66.3 Adjusted EBITDA 1 $64.1 Free Cash Flow 2 1. See “Reconciliation of Net Income to EBITDA
Slide 5: First Quarter 2026 Highlights and Recent Updates
5 Growth Sustainably growing membership to bring better care to more Americans Astrana now serves 1.55 million patients in value - based arrangements Approximately 1.3 million m embers in our Care Partners segment Growth First Quarter 2026 Highlights and Recent Updates Operating Leverage Driving ope
Slide 6: Members by Risk Arrangement
6 Projected Full - risk Partial - risk Members by Risk Arrangement 2 35% 47% 73% 76% 80% 81% 100% 65% 53% 27% 24% 20% 19% 2021 2022 2023 2024 2025 Q1 2026 2026 E 40% 43% 60% 57% Q1 2026 2026 E Capitated Revenue by Risk Arrangement 1 Our partial - risk membership presents an embedded opportunity for
Slide 7: Our Value-Based Care Business is Diverse
7 92% 1% 2% 4% Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other Income Revenue by Type 1 63% 24% 9% 4% Medicare Medicaid Commercial Other Third Parties Revenue By Payer Type 1 80% 20% Full-risk Partial-risk Revenue by Risk Arrangement 1,2 40% 60% Fu
Slide 8: Astrana grows profitably across all market conditions
8 Revenue ($ in millions) Adj. EBITDA ($ in millions) $561 $687 $774 $1,144 $1,387 $2,035 $3,182 2019 2020 2021 2022 2023 ~32% CAGR 2024 $54.2 $102.8 $133.5 $140.0 $146.6 $170.4 $205.4 2019 2020 2021 2022 2023 2024 ~25% CAGR 2025 $3,800 - $4,100 $250 - $280 2026E 2026E 2025 Astrana grows profitably
Slide 9: Quarter over Quarter Segment Revenue
9 Quarter over Quarter Segment Revenue Revenue $ in millions Q1 2025 Q2 2025 Q3 2025 Q4 2025 Care Partners High - performing network of aligned providers $631.4 $897.7 Care Delivery High - quality system of employed providers $33.4 $38.4 $86.9 Care Enablement Full - stack tech, clinical, and operati
Slide 10: Selected Financial Results
10 Selected Financial Results
Slide 11: Summary of Selected Financial Results
11 Three Months Ended March 31, 2025 2026 $ in thousands, except per share data Revenue 583,963 $ 892,908 $ Capitation, net 14,491 12,486 Risk pool settlements and incentives 2,310 15,685 Management fee income 14,890 37,831 Fee - for - service, net 4,736 6,190 Other revenue 620,390 965,100 Total rev
Slide 12: Segment Results
12 Consolidated Total Corporate Costs Intersegment Elimination Care Enablement Care Delivery Care Partners $ in thousands 965,100 - (117,425) 87,745 85,077 909,703 $ Total revenues 122% 155% 51% % change vs prior year quarter 859,356 - (47,423) 48,704 72,544 785,531 Cost of services 61,737 27,532 (6
Slide 13: Balance Sheet Highlights
13 $ Change 12/31/2025 3/31/2026 $ in millions $48.9 $429.5 $478.4 Cash and cash equivalents 1 $10.7 $248.0 $258.7 Working capital $21.9 $793.3 $815.2 Total stockholders’ equity Balance Sheet Highlights 1. Excluding restricted cash and marketable securities.AS1 JZ2
Slide 14: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
14 1 . The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue .; 2 . Other, net, for the three months ended March 31 , 2026 , relates to an allowance on receivables that the Company plans to recover from the payer, post - acquisition integration costs, and severance fees in
Slide 15: Reconciliation of Net Income to EBITDA and Adjusted EBITDA (Annual)
15 Year Ended TTM Ended For the twelve months ended 2019 2020 2021 2022 2023 2024 2025 March 31, 2026 $ in millions 15.8 122.1 $ 46.1 $ 45.7 $ 57.8 $ 49.9 $ 24.1 $ 31.0 $ Net Income 4.7 9.5 5.4 7.9 16.1 33.1 50.0 58.7 Interest expense (2.0) (2.8) (1.6) (2.0) (14.2) (14.5) (12.2) (13.7) Interes
Slide 16: Reconciliation of Net Income to Adjusted EPS - Diluted
16 Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted Three Months Ended March 31, 2025 2026 $ in thousands, except for share and per share data 6,221 $ 13,131 $ Net income 867 (1,720) (Income) loss from equity method investments 6,259 10,650 Other
Slide 17: Reconciliation of Operating Cash Flow to Free Cash Flow
17 Guidance 1 Actual Results Actual Results Year Ending December 31, 2026 Year Ended December 31, 2025 Three Months Ended March 31, 2026 High Low $ in thousands 145,000 $ 125,000 $ 114,597 $ 68,056 $ Net cash provided by operating activities (12,500) (20,000) (10,106) (4,000) Cash used in purchases
Slide 18: Guidance Reconciliation of Net Income to Adjusted EBITDA
18 . Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA 1. Note: See “Use of Non - GAAP Financial Measures” slide for more information. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. See “Forward - Looki ng Statements” on
Slide 19: Investor Relations
Investor Relations Carolyne Sohn investors@astranahealth.com