Agilon Health, Inc. · NYSE:AGL
Agilon Health — Q3 2025 Earnings Presentation
14 slides from Agilon Health's earnings presentation, Nov 4, 2025
Slide 1: 3Q Earnings Presentation November 2025
3Q Earnings Presentation November 2025 Copyright © 2025 agilon health. Confidential internal document containing proprietary information. Do not distribute.
Slide 2: Disclaimers and Forward-Looking Statements
2 Disclaimers and Forward-Looking Statements FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION Statements in this presentation that are not historical factual statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of th
Slide 3: Q3 2025 Highlights
3 Q3 2025 Highlights • Reduced revenue resulting from the impact of in-year risk adjustment revenue and exited markets partially offset by disciplined approach to medical cost reserving Total risk adjustment impact of $73M in the third quarter including 9-month true-up for 28% of membership not in
Slide 4: Improved Executional Rigor Focused on Urgency, Accountability, and Performance
4 Improved Executional Rigor Focused on Urgency, Accountability, and Performance • 75% of agilon members in 4+ Star plans for PY27 • agilon specific performance delivers 4.2 consolidated stars on average for PY27 • Clinical pathways expansion and execution • Reduced Operating Expenses by $30M in 202
Slide 5: Q3 2025 Financial Performance
Quarter Ending September 30, 2025 ($M) Medicare Advantage Members 503,000 ACO Model Members 115,000 Total Members Live on Platform 618,000 Avg. Medicare Advantage Members 510,000 Total Revenues 1,435 Gross Profit (Loss) ($68) Medical Margin ($57) Net Income (Loss) ($110) Adjusted EBITDA ($91) Geogra
Slide 6: 2025 Financial Outlook
6 Year Ending December 31, 2025 ($M) Medicare Advantage Members 503,000 – 506,000 ACO Model Members 113,000 – 115,000 Total Members Live on Platform 616,000 – 621,000 Avg. Medicare Advantage Members 500,000 – 501,000 Total Revenues $5,810 – $5,830 Medical Margin ($5) – $15 Adjusted EBITDA ($270) – (
Slide 7: Expected Levers for 2026 Performance
7 Expected Levers for 2026 Performance Medical Margin Anticipated Impact Comments CMS Final ‘26 Rate Positive Begins to meaningfully address recent high cost and utilization trends Payer Bids Positive Favorable impact expected from changes in benefit design based on bid reviews representing a majori
Slide 8: Medical Margin Bridge – FY 2025 Updated Guidance vs. Last Guidance
8 Medical Margin Bridge – FY 2025 Updated Guidance (mid-point) vs. Last Guidance (mid-point) provided during 2Q Earnings Release FY 2025 Financial Summary The full-year medical margin outlook reflects updated RAF visibility, maintaining medical cost trends, and the continued wind-down of exited mark
Slide 9: Medical Margin Bridge – FY 2025 Step Off and Expected Levers for 2026
9 Medical Margin Bridge – FY 2025 Step Off 2025 Pro Forma Step Off and Expected Levers for 2026 Performance 2026 Levers Anticipated Impact • CMS Final ‘26 Rate ↑ • Contracting ↑ • Risk Adjustment ↑ • Quality ↑ • Payer Bids ↑ • Cost Trend TBD
Slide 10: Adjusted EBITDA Bridge – FY 2025 Updated Guidance vs. Last Guidance
10 Adjusted EBITDA Bridge – FY 2025 Updated Guidance (mid-point) vs. Last Guidance (mid-point) provided during 2Q Earnings Release FY 2025 Financial Summary The full-year adjusted EBITDA outlook incorporates the medical margin impact, with strong REACH performance and cost actions mitigating 2025 re
Slide 11: Adjusted EBITDA Bridge – FY 2025 Step Off and Expected Levers for 2026
11 Adjusted EBITDA Bridge – FY 2025 Step Off 2025 Pro Forma Step Off and Expected Levers for 2026 Performance 2026 Levers Anticipated Impact Medical Margin • CMS Final ‘26 Rate ↑ • Contracting ↑ • Risk Adjustment ↑ • Quality ↑ • Payer Bids ↑ • Cost Trend TBD Operating Expenses/Other • OPEX Cost Init
Slide 12: Non-GAAP Reconciliations
12 Non-GAAP Reconciliations
Slide 13: Non-GAAP Reconciliations: Medical Margin
13 Non-GAAP Reconciliations (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Gross profit (loss)(1) $ (67,646) $ (64,167) $ (69,351) $ 43,096 Other operating revenue (2,884) (3,235) (8,730) (9,573) Other medical expenses 13,488 9,149 95,845
Slide 14: Non-GAAP Reconciliations: Adjusted EBITDA
14 Non-GAAP Reconciliations (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss)(1) $ (110,207) $ (117,615) $ (202,465) $ (154,311) (Income) loss from discontinued operations, net of income taxes — 1,183 (14,000) 10,464 Interes