Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q1 2026 Earnings Presentation
35 slides from Astrana Health's earnings presentation, May 12, 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026
Slide 2: Forward Looking Statements
Forward Looking Statements 1995 Fe lans, object it i Our EBITDA, ad fi her fir p the use of forward-looking terms such as “anticipate,” “could,” “can,” “may,” “might,” “potential,” Should,” “estimate,” “expect,” “project,” “believe,” “plan,” “envision,” “intend,” “continue,” “target,” “seek,” “will,
Slide 3: Healthcare is fragmented, expensive, and failing both patients and providers
Healthcare is fragmented, expensive, and failing both patients and providers Insufficient Poor Limited & costly access to quality care provider and patient satisfaction technology & coordinated care 28 a: nae i - IA W) Healtticare & Medicare WT YS RS BEEHE OnE ‘Many More Payers .+. Astrana Health
Slide 4: Astrana replaces fragmentation with a coordinated operating model
Astrana replaces fragmentation with a coordinated operating model waetna dgna +-200ther waetna digna — Elevance +-200ther 8 Qo Multi-specialty anh Primary care — _FFS Payments Members stay in the Astrana ecosystem across payers and LOB', allowing Astrana to invest in our members’ longitudinal health
Slide 5: Delegated risk gives Astrana visibility, control, and economic alignment that other value-based care models lack
Delegated risk gives Astrana visibility, control, and economic alignment that other value-based care models lack Fllcbearingorg(No ain delegation aetna dena Hevenge comm. jiunona sivas iin” 200ter waetna digna Elevance cenTENE Humana i Gia" “Zoomer Risk-bearing org (admin. delegation) aetna digna tl
Slide 6: Astrana has built the AI-native operating platform for healthcare
Astrana has built the Al-native operating platform for healthcare Applications Al Agents § Atlas AstraConnect Member360 Next Best Action Care Navigation gs Point-of-care workspace EHR. workspace ngitudinal member record Clinical workflow. Refer as < AYCE Pathways AstranaCare Claims Patient Engagemen
Slide 7: Astrana's AI-native operating system enables repeatability at scale
Astrana’s AI-native operating system enables repeatability at scale From our start in one market, we’ve scaled across new markets nationwide pl briel Valley! nd PASADENA € ey * NO} HLAS VEGAS. +] i? ‘SANGABRIEL v /. Primary care “") Specialists (W) Hospitals Employed (_) Risk-bearing organization ©
Slide 8: Astrana has proven its model across markets nationwide
Astrana has proven its model across 16 markets nationwide at “We § 2019 2020 2021 2022 2023 2024 2025 # of Markets 3 3 4 6 6 1 16
Slide 9: Our model delivers better access, quality, and outcomes for patients
Our model delivers better access, quality, and outcomes for patients 14% shorter inpatient length of stay vs benchmark? 67% Fewer hospital admissions than benchmark' 70% of prior authorizations auto-approved, driving increased access for patients with instantaneous approvals? Example Patient Journey
Slide 10: Revenue streams by risk arrangement
M e d i c a r e M e d i c a i d C o m m e r c i al O th e r T h i r d P a r t i es F u l l - r i s k P art i a l - r i sk F u l l - r i s k P art i a l - r i sk C a p i t at i o n , n e t R i s k P o o l S et t l e m e n t s & I n c e nt i v e s M a n a g e m e n t F e e I n c o me F e e - f or - s
Slide 11: The result: durable, compounding financial performance
The result: durable, compounding financial performance ~32% CAGR ~25% CAGR 2019 2020 2021 2022 2023 2024 2025 2026E 2019 2020 2021 2022 2023 2024 2025 2026E 'y into continued 15-20% growth over the medium ter ae and “Use of Non-GAAP +. Astrana Health Financial Measures" sides for more information. "
Slide 12: Our growth algorithm compounds through four reinforcing pillars
Our growth algorithm compounds through four reinforcing pillars Membership Growth: Sustainably growing membership to bring better care to more Americans ex. Revenue Per Member Growth: Increasing alignment with patient outcomes through responsible risk @© progression in value-based arrangements Outco
Slide 13: Q1 2026 reflects strong execution across all four growth pillars
Q1 2026 reflects strong execution across all four growth pillars Growth @e Risk Progression Lz] Outcomes and Cost Operating Leverage .+. Astrana Health Astrana now serves 1.55 million patients in value-based arrangements Approximately 1.3 million members in our Care Partners segment 80% of Q12026 re
Slide 14: The Astrana playbook in action
The Astrana playbook in action Membership Growth: Sustainably growing membership to bring better care to more Americans R Revenue Per Member Growth: Increasing alignment with patient outcomes through responsible risk © progression in value-based arrangements Outcomes and Cost: Achieving superior pat
Slide 15: Membership Growth
1S Growth We've demonstrated our ability to provide better care at lower cost in our core market, California 1992 2019 2022 2024 2028 ~$380B CATAM Opportunity Launched in Built density in E dedinto Jedinto D iCA Scaled CA Footprint SouthernCA SouthernCA NorthernCA CentralCA Alignment pare pai Prospe
Slide 16: Grow a differentiated provider network, bend the cost curve, invest in patient programs
Gr o w a d i f f ere n ti a t ed p r o v i d er ne t w o rk B e nd t he c o s t c u r ve I n v e s t i n p a ti e n t p r o gr a m s , p re v en t i v e c a re and c are m a nageme nt Car e E na b le m e nt Care Par t ners
Slide 17: The Astrana playbook in action
The Astrana playbook in action Membership Growth: Sustainably growing membership to bring better care to more Americans R Revenue Per Member Growth: Increasing alignment with patient outcomes through responsible risk © progression in value-based arrangements Outcomes and Cost: Achieving superior pat
Slide 18: Risk progression: Q1 2026 and 2026E
2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 Q 1 2 0 2 6 2 0 2 6 E Q 1 2 0 2 6 2 0 2 6 E
Slide 19: The Astrana playbook in action
The Astrana playbook in action Membership Growth: Sustainably growing membership to bring better care to more Americans R Revenue Per Member Growth: Increasing alignment with patient outcomes through responsible risk © progression in value-based arrangements Outcomes and Cost: Achieving superior pat
Slide 20: Outcomes
#7 Outcomes The Astrana Care Model invests in preventive care, works with patients longitudinally, and ultimately improves patient outcomes aes bbl K KJ te) fo) 67% 10 % 4.7 7% 73 F Rosoi Of prior auths Lower hospital ewer hospital Areattoe rie ot Net Promoter admissions! Score* approved? readmissio
Slide 21: The Astrana playbook in action
The Astrana playbook in action Membership Growth: Sustainably growing membership to bring better care to more Americans re Revenue Per Member Growth: Increasing alignment with patient outcomes through responsible risk i) progression in value-based arrangements Outcomes and Cost: Achieving superior p
Slide 22: Operating Leverage
¥ Operating Leverage Our Al-native operating system drives scalable leverage across the enterprise Provider Empowerment Care Management & Population Health & Onerntinalaverace and Engagement Patient Outcomes Analytics P g & + All-in-one point-of-care tool for both providers and practice across quali
Slide 23: G&A and G&A as percent of revenue
1 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% - $50.0 $10 0 .0 $15 0 .0 $20 0 .0 $25 0 .0 G & A ( $ M ) G & A % o f R e v e n ue F Y 2 0 2 3 F Y 2 0 2 4 F Y 2 0 2 5 Q 1 2 0 2 5 Q 1 2 0 26
Slide 24: Astrana Reaffirms FY2026 Guidance
Astrana Reaffirms FY2026 Guidance Sin millions Revenue $965.1 Adjusted EBITDA’ $66.3 Free Cash Flow? $64.1 Total Revenue Adjusted EBITDA' Free Cash Flow? $3,181.8 $3,800 - $4,100 $205.4 $250 - $280 $104.5 $105 - $132.5 FF pa .+. Astrana Health information. 2 See onslide 2. 24 “Forward-L "and “Use of
Slide 25: Astrana is building the AI-native operating platform for healthcare
Astrana is building the Al-native operating platform for healthcare | .+. Astrana Health Membership Growth cop a) Revenue Per Member Growth / = q z Outcomes and Cost a 238 Operating Leverage / Q e =) ‘< (om 16 1.55M 20k+ Care Partners Care Delivery Care Enablement Markets VBC Members Providers .+. A
Slide 26: Appendix
Slide 27: Summary of Selected Financial Results
Summary of Selected Financial Results Three Months Ended March 31, $in thousands, except per share data 2026 2025 Revenue Capitation, net $ 892,908 $ 583,963 Risk pool settlements and incentives 12,486 14,491 Management fee income 15,685 2,310 Fee-for-service, net 37,831 14,890 Other revenue 6,190 4
Slide 28: Segment Results
Segment Results For the three months ended March 31, 2026 Sinthousande Care Care Care Corporat Partners Delivery Enablement tElimination eCosts Total Total revenues $ 909,703 85,077 87,745 (117,425) - 965,100 % change vs prior year quarter 51% 155% 122% Cost of services 785,531 72,544 48,704 (47,423
Slide 29: Balance Sheet Highlights
Balance Sheet Highlights $in millions 3/31/2026 12/31/2025 $ Change Cash and cash equivalents" $478.4 $429.5 $48.9 Working capital $258.7 $248.0 $10.7 Total stockholders’ equity $815.2 $793.3 $21.9
Slide 30: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA Three Months Ended March 31, $in thousands 2026 2025 Net Income $ 13131 $ 6,221 Interest expense 16,101 7,308 Interest income (3,816) (2,312) Provision for income taxes 6,578 3,383 Depreciation and amortization 15,479 6,849 EBITDA 47,473 21,44
Slide 31: Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued)
Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued) For the twelve months ended TTMEnded Year Ended $in millions March 31,2026 2025 2024 2023 2022 2021 2020 2019 Net Income $ 31.0 $ 241 $ 499 $ 578 45.7 46.1 $ 1224 15.8 Interest expense 587 33.4 164 79 54 95 Az Interest income (13.7
Slide 32: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS
Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS — Diluted Three Months Ended March 31, $ inthousands, except for share and per share data 2026 2025 Net income $s 13,131 6,221 (Income) loss from equity method investments (1,720) 867 Other, net! 10,650 6,25
Slide 33: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation and Guidance Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Actual Results Actual Results Guidance! Three Months Ended March 31, YearEnded December 31, Ending December 31,2026 $inthousands Low High Net cash provided by operating activities $ 68,056 $ 114
Slide 34: Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA $in thousands Net Income Interest expense Provision for income taxes Depreciation and amortization EBITDA Income from equity method investments Other, net Stock-based compensation 2026 Guidance Range Low High 54,000 74,000 51,000 55,0
Slide 35: investors@astranahealth.com
investors@astranahealth.com