Ehealth, Inc. · NASDAQ:EHTH
Ehealth — Investor Presentation (May 2026)
23 slides from Ehealth's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
Investor Presentation MAY 2026
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
Slide 3: eHealth: A leading omni-channel health insurance marketplace
eHealth: A leading omni-channel health insurance marketplace Tech / AI innovator in the space Distinct consumer brand Significant upside in unlocking value of commissions Broad carrier / plan selection receivable 180+ $1.0B (1) carriers Differentiated model in a large and growing market (1) Sum of c
Slide 4: Large, Growing Market Opportunity
Large, Growing Market Opportunity Medicare Advantage (“MA”) and Medicare Supplement (“MS”) Total policies 15M (1) % of Total % of Total 14M (1) Medicare Medicare Population Population MS 54% (3) (2) 51% 40M 35M MA 2025 2028 (est.) fast growing Continued consumer Medicare eligibles Significant demand
Slide 5: Selecting Health Insurance is Challenging for Consumers
Selecting Health Insurance is Challenging for Consumers Especially challenging for seniors Millions of people are shopping for health insurance • choosing from thousands of plans • complexity is increasing • stakes are high Traditional brokers provide limited choice, and call centers are seen as tra
Slide 6: eHealth Changes the Way Health Insurance is Distributed
eHealth Changes the Way Health Insurance is Distributed Disrupted the industry +25 At the forefront of AI innovation in the years ago with our online sector health insurance marketplace Consumer advocate, Brand-driven relationship-driven model company with in a transactional sector generic competito
Slide 7: Branded Marketing Strategy Is A Differentiator
Branded Marketing Strategy Is A Differentiator Q4 Medicare Advantage Sent Improving Unit Margins Marketing Highlight: Branded Search Volume Application Total by Marketing MA-Equivalent Approved Q4 2025: “eHealth” searches increased +17% YoY Source Member(1) Per Unit Gross Margin Q4 52% 48% Search Vo
Slide 8: Tech-Driven Solution
Tech-Driven Solution Omni-channel Omni-Channel Deep tech Consumers access points Platform integration Insurance carriers Tele/Online/ AI assistant Powered by a proprietary algorithm Our technology allows eHealth to meet consumers on their terms & helps them select coverage tailored to their unique n
Slide 9: eHealth is a sector leader in AI adoption
eHealth is a sector leader in AI adoption Real results. Scaled for full AEP deployment. eHealth’s tech roots give us significant 77% +240bps 50% advantage in AI "Exceptional" Rating Conversion Lift AI screener vs. human Consumer Openness From callers served Medicare beneficiaries adoption screener,
Slide 10: eHealth Offers Industry Leading Health Insurance Distribution
eHealth Offers Industry Leading Health Insurance Distribution eHealth Publicly -traded Peers (1) Carriers(1) Choice Model/ Broad Carrier Selection Limited - Consumer Advocate / Carrier Agnostic - Licensed Advisors End-to-End Online Enrollment - Innovative Omni-Channel Tools - - Growing Consumer Bran
Slide 11: Recent Medicare Trends
Recent Medicare Trends Millions of • Significant changes beneficiaries to benefits disrupted • Plan cancellations Success Carriers' requires margins • Targeted proactive pressured enrollment Elevated demand changes to strategies for broker advisory business model. eHealth introduces Lifetime Advisor
Slide 12: Launched Lifetime Advisory Model in April '26
Launched Lifetime Advisory Model in April ‘26 Leading with deep member-advisor relationships; driving increased engagement, lifetime values & ancillary product sales Needs analysis MA plan match Monitor changes in Offer additional needs & coverage products / services © 2026 | eHealthInsurance Servic
Slide 13: ICHRA
ICHRA Leverages eHealth’s omni-channel platform & IFP market expertise to solve a major employer pain point 12M Potential ICHRA future enrollment scenarios(1) Employer dilemma eHealth’s solution 10M Bull Case • Employer-sponsored insurance is • Leverages existing eHealth assets (86% CAGR ) 8M expens
Slide 14: Financial Profile
Financial Profile
Slide 15: Attractive Long-Term Revenue & Profitability Trajectory
Attractive Long-Term Revenue & Profitability Trajectory ($, MM) (1) Net Income Adjusted EBITDA Revenue $600.0 $532.4 $554.0 $120.0 $452.9 $97.3 $405.4 $400.0 $69.3 $70.0 $40.0 $200.0 $14.1 $10.1 $20.0 $0.0 ($30.0) ($200.0) ($28.2) ($41.7) ($80.0) ($400.0) ($88.7) ($600.0) ($130.0) FY2022 FY2023 FY20
Slide 16: 2025 Revenue & Profitability Performance
2025 Revenue & Profitability Performance (1) Revenue GAAP Net Income Adjusted EBITDA ($, MM) $40.0 $554.0 $97.3 $532.4 4% $69.3 7% GAAP Net 18% Income Adj. Margin 13% EBITDA Margin(1) Adj. $10.1 EBITDA 2% Margin(1) GAAP Net Income Margin FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 In fiscal year 2025,
Slide 17: Successful AEP with Disciplined Execution
Successful AEP with Disciplined Execution MA Unit Margins Continue to Expand YoY Q4-FY23 Q4-FY24 Q4-FY25 $1,304 $1,174 $1,151 ($226) ($220) ($307) $706 ($372) $583 ($371) $388 54% ($456) 50% 34% MA LTV CC&E per Variable Per Unit MA LTV CC&E per Variable Per Unit MA LTV CC&E per Variable Per Unit MA-
Slide 18: 3-Year Financial Targets
3-Year Financial Targets • We view 2026 as a bridge year, with return to growth forecasted for 2027 on a streamlined cost foundation and greater product and revenue diversification. • Assumes conservative macro outlook. Growth goals could be accelerated should we observe a more rapid stabilization o
Slide 19: Unlocking Value from our Contract Asset Receivable
Unlocking Value from our Contract Asset Receivable $1.0B $454M EHTH trades at a significant discount to our commissions commissions receivable (1) Enterprise value (2) receivable balance Cumulative tail revenue recognized ($MM) Constrained MA LTV ($) Reflects appropriate conservatism of LTV models L
Slide 20: Balance Sheet Overview
Balance Sheet Overview Recently strengthened balance sheet via a $125 million asset-based revolving credit facility; efforts ongoing to address the preferred position. (1) (in millions) 31-Mar-26 Ending combined commissions Current Assets: receivable of >$1B. High quality asset Cash, equivalents, &
Slide 21: 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
Slide 22: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Reconciliation of GAAP Net Income (Loss) Attributable to Common Stockholders to Adjusted EBITDA(1) (in millions, unaudited) and Adjusted EBITDA Margin(1): Year Ended December 31, 2025 2024 2023 2022 GAAP net loss attributable to common stockholde
Slide 23: Thank You
eHealth. Thank You