Evolent Health, Inc · NYSE:EVH
Evolent Health — Q1 2026 Earnings Presentation
15 slides from Evolent Health's earnings presentation, May 7, 2026
Slide 1: Evolent Health, Inc. First Quarter 2026 Results
Evolent Health, Inc. First Quarter 2026 Results May 7, 2026 1 Confidential – Do Not Distribute
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements made in this presentation and in other written or oral statements made by us or on our behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward- looking statement is a statement th
Slide 3: Evolent Q1 2026 Highlights
Evolent Q1 2026 Highlights • Delivered $496.2M in revenue for the quarter GROWTH • Achieved strong commercial momentum with new Performance Suite (PS) and Tech & Services (T&S) partnerships across major markets • Well positioned as health plan customers pursue margin recovery • Generated Adjusted EB
Slide 4: 2026 Financial Outlook
2026 Financial Outlook 2026 Full Year Low End High End Revenue $2.4 billion $2.6 billion Adjusted EBITDA1 $110 million $140 million Cash Flow from Operations $10 million $20 million Cash deployed to capitalized $25 million $30 million software development 1. Evolent does not provide a reconciliation
Slide 5: Supplemental Information and Appendices
Supplemental Information and Appendices 5 Confidential – Do Not Distribute
Slide 6: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to disclosing financial results that are determined in accordance with GAAP, we present and discuss certain non-GAAP financial measures, as supplemental measures to help investors evaluate our fundamental operational performance. Net Debt is defined as the car
Slide 7: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) The Company views the following activities as integral to understanding its non-GAAP financial measures: Repositioning costs include but are not limited to severance, termination benefits and related payroll taxes, dedicated employee costs, and third-party pro
Slide 8: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) We do not believe we can meaningfully reconcile guidance for non-GAAP Adjusted EBITDA to net income (loss) attributable to common shareholders of Evolent Health, Inc. because the company cannot provide guidance for the more significant reconciling items betwee
Slide 9: Appendix A – Adjusted EBITDA Reconciliation
Appendix A – Evolent Health, Inc. Adjusted EBITDA Reconciliation ($ in thousands) Q1 2026 Q1 2025 LTM Q1 2026 LTM Q4 2025 LTM Q1 2025 Net loss attributable to common shareholders of Evolent Health, Inc. $ (26,632) $ (72,250) $ (533,783) $ (579,401) $ (140,479) Net loss margin (5.4)% (11.2)% (28.3)%
Slide 10: Appendix B – Medical Expense Ratio
Appendix B – Medical Expense Ratio (In thousands) Q1 2026 Q1 2025 Total revenue Performance Suite $ 323,303 $ 303,021 Specialty Technology and Services Suite 80,799 82,821 Administrative Services 49,587 57,191 Cases 42,557 40,616 Total revenue 496,246 483,649 Less: Revenue from Evolent Care Partners
Slide 11: Appendix C – Capital Structure Metrics
Appendix C – Capital Structure Metrics (In thousands) March 31, December Sequential March 31, Year over 2026 31, 2025 Change 2025 Year Change Cash and cash equivalents $ 142,028 $ 151,856 $ (9,828) $ 246,547 $ (104,519) Revolving credit availability 52,500 52,500 — 62,500 (10,000) Total available li
Slide 12: Appendix D – Revenue Composition
Appendix D – Revenue Composition The Company views the following as integral in understanding its revenue. • Performance Suite: consists of the average monthly membership over the period for the Company’s risk-based solutions for oncology, cardiology and Evolent Care Partners. • Specialty Technology
Slide 13: Appendix D (continued) – Revenue by Line of Business and Product Type
Appendix D (continued) – Revenue by Line of Business and Product Type For the Three Months Ended March 31, (In thousands) 2026 2025 2026 2025 $ % of Revenue Medicaid $ 218,114 $ 188,124 44 % 39 % Medicare 162,810 115,318 33 % 24 % Commercial and Other 115,322 180,207 23 % 37 % Total $ 496,246 $ 483,
Slide 14: Appendix D (continued) – Volume and Pricing Metrics
Appendix D (continued) – Volume and Pricing Metrics Evolent Quarterly Business Drivers Average Lives on Platform/Cases (in thousands) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Performance Suite 6,078 6,475 6,474 6,490 6,486 7,145 Specialty Technology and Services Suite 76,101 79,677 78,050 77,
Slide 15: Appendix G – Reserve for Claims and Performance-Based Arrangements
Appendix G – Reserve for Claims and Performance - Based Arrangements Year over Year YTD Q1 2026 YTD Q1 2025 Change Balance, beginning of period $ 192,196 $ 318,705 $ (126,509) Incurred health care costs: Current year to date period 324,861 219,346 105,515 Prior year to date period (23,084) (13,354)