Innovage Holding Corp. · NASDAQ:INNV
Innovage — Wells Fargo 21st Annual Healthcare Conference 2026
35 slides from Innovage's conference presentation, September 2026
Slide 1: Wells Fargo 21st Annual Healthcare Conference
d Wells Fargo 21 st Annual Healthcare Conference September 2026
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements: Non-GAAP Financial Measures: These presentation materials contain forward-looking statements within the meaning of the This presentation includes certain non-GAAP financial measures, including Center-level U.S. Private Securities Litig
Slide 3: Company highlights
Company highlights We enable medically and socially complex frail seniors to live independently in the community and avoid nursing homes InnovAge is a scaled, vertically integrated payor-provider platform Our proven model of care is preferred by participants and their families delivering personalize
Slide 4: InnovAge at a glance
InnovAge at a glance We are: A value-based payor and provider focused on helping frail seniors avoid permanent nursing homes 20 care centers (plus 1 6 states1 ~ 8,230 participants1 under development)1 We deliver: 2,500 2.3M 285B Comprehensive, personalized, interdisciplinary care for high-cost, ~ ~
Slide 5: InnovAge 1.0 to 3.0: from nonprofit roots to a public company positioned to optimize
InnovAge 1.0 to 3.0: from nonprofit roots to a public company positioned to optimize InnovAge 1.0 InnovAge 2.0 InnovAge 3.0 National expansion (2016-2021) Scalable platform (2022-FY26) Goals to Optimize for growth (FY27+) • Established largest national PACE • New senior leadership team • Continue pl
Slide 6: Operational discipline is translating into growth and profitability
Operational discipline is translating into growth and profitability Census Total Revenues Adjusted EBITDA & Margin1 $ in Millions $ in Millions $140.0 11.5% 8,850 $115 $1,085 $120.0 9.6% 8,850 8,625 $115.0 $1,085 $105 9.5% $1,050 8,230 $100.0 $94.6 $990 7.5% 7,740 $80.0 5.5% $854 $60.0 4.0% 7,020 3.
Slide 7: Operating model defined by true provider and payor integration
Operating model defined by true provider and payor integration Fully Integrated. Not Delegated. Defining Attributes InnovAge / PACE • Payor and provider are the same entity, fully unified economics • Single operating model with no delegated risk and no coordination layer Care Delivery (Provider) • C
Slide 8: Comprehensive, high-touch care model designed to deliver outcomes, not maximize throughput
Comprehensive, high-touch care model designed to deliver outcomes, not maximize throughput 100 InnovAge Differentiators % • Integrated approach and execution • Ability to direct all non-emergent care InnovAge Model Incentivizes physicians • Best practices • 24/7 Care (e.g. after-hours Patient Engage
Slide 9: Purpose-built to serve the nation’s most medically and socially complex seniors
Purpose-built to serve the nation’s most medically and socially complex seniors Who We Serve Participant Demographics Average Risk Adjustment Factor Average Participant Statistics Age (Years)3 2.48 1.03 1 Medicare Average2 11 Number of 13 2 Number of + Activities of daily living 19 85+ % 14% 55-64 C
Slide 10: Superior outcomes despite serving a more complex population
Superior outcomes despite serving a more complex population > 10 % Lower Rate of IP admits + 40 % Lower Rate of RAF Adjusted < 50of the Voluntary % per 1,0001 compared to 30-day readmit rate3 compared Disenrollment5 compared FFS Frail Elderly2 to Medicare Advantage4 to Medicare Advantage6 (624 vs. 7
Slide 11: Greater control of the total cost of care through deeper integration of risk and care delivery
Greater control of the total cost of care through deeper integration of risk and care delivery Our Model How We Differ Results We Attain Full-risk, not delegated PACE1 PCP VBC2 MA3 InnovAge PMPM medical costs bend the • 100% Medicare (Parts C&D) cost curve as the platform scales Full Partial Full •
Slide 12: Scale fundamentally changes the PACE growth curve
Scale fundamentally changes the PACE growth curve At scale, PACE shifts from linear growth to compounding advantage Adjacent Opportunities Unlock New product adjacencies, designs, and markets Ancillary Services Become Core Rx, Home Care, Provider Network Strategic Credibility Scale changes how regul
Slide 13: Where PACE sits in the Medicare / Medicaid risk continuum
Where PACE sits in the Medicare / Medicaid risk continuum What Makes PACE PACE Different Full capitation FIDE SNP across Medicare • Single entity accountable Full Medicare and Medicaid, for total cost, quality, and and Medicaid including acute, outcomes Medicaid LTSS post-acute, LTSS Full scope of r
Slide 14: Large attractive market with strong tailwinds and accelerating growth
Large attractive market with strong tailwinds and accelerating growth Key Sector Trends Historical PACE Enrollment (000s)1 Bipartisan interest in removing barriers to growth, encouraging expansion, and envisioning new populations to serve ~12% CAGR 95.5 91.0 MACPAC highlighted PACE as the most fully
Slide 15: PACE is a platform, not a niche: Clear pathways to market expansion
PACE is a platform, not a niche: Clear pathways to market expansion PACE-inspired models extending the platform beyond today’s boundaries Policy modernization PACE-inspired adjacencies that unlocks faster and • “P-SNP” (participate as specialty broader adoption MA plan focused on seniors with Scalab
Slide 16: InnovAge is highly differentiated from other PACE providers due to our scale and diversification
InnovAge is highly differentiated from other PACE providers due to our scale and diversification States with PACE Market Overview WA ME • Market made up of subscale, mostly single-state players 3 MT ND 0 OR 0 1 MN VT 0 NH • More than half of all PACE organizations have less 1 ID 0 NY 0 0 WY SD 0 WI
Slide 17: Where we are looking to apply AI today, and the potential impacts
Where we are looking to apply AI today, and the potential impacts Clinical Decision Support Proactive Medication Oversight Logistics Optimization Finance and Accounting Clinical Care Care Coordination Center and Logistics Operations Corporate and Enterprise To Roll Out Pilot Q1FY’27 Pilot Implemente
Slide 18: Joint ventures accelerate impact in our communities
Joint ventures accelerate impact in our communities Joint Venture Benefits • Aligns mission in the community to serve frail, complex seniors • Co-branding unites local trust in health system with InnovAge’s PACE expertise, expanding care access, supporting aging in place, and improving outcomes • Cr
Slide 19: Key financial observations
Key financial observations Operational improvements have expanded Meaningful embedded earnings margins and driven accelerating opportunity driven by: profitability $ 24.3M 9.3% Utilizing excess center capacity Continued responsible 4QFY26 4QFY26 AEBITDA1 census growth AEBITDA margin1 $ 64.7M Leverag
Slide 20: Our full-risk model enables us to capture a portion of the value we create for CMS and states
Our full-risk model enables us to capture a portion of the value we create for CMS and states 1 Care provided by Illustrative InnovAge Economics non-InnovAge providers 1 • Capital intensive specialties (e.g. inpatient Risk-Adjusted care, assisted living, outpatient care) PMPM Payment for External Pa
Slide 21: Continued momentum over last ~3 years creates credibility for repeatable top line growth
Continued momentum over last ~3 years creates credibility for repeatable top line growth with improving margins and accelerating profitability Census (Quarterly) Total Revenues (Quarterly) ($ in Millions) 8,230 +8.5% 8,010 8,050 +13.7% $262 CAGR 7,890 $252 7,740 CAGR 7,480 7,530 $236 $240 7,210 $221
Slide 22: Fiscal 2027 guidance
Fiscal 2027 guidance1 Census Member Months2 Total Revenue Adjusted EBITDA† De Novo Losses LOW LOW LOW LOW LOW 8,625 101.0K $ 1,050M $ 105M $ 0.4M HIGH HIGH HIGH HIGH HIGH 8,850 102.5K $ 1,085M $ 115M $ 0.8M 1. Fiscal 2027 guidance updated September 8, 2026. 22 2. We define Member Months as the total
Slide 23: InnovAge: Key Takeaways
InnovAge: Key Takeaways A structurally differentiated, full-risk payor–provider platform InnovAge combines full Medicare and Medicaid risk with deep, employed care delivery, enabling greater control over total cost of care than delegated or coordination-based models Purpose-built for the most comple
Slide 24: Q&A
Q&A 24
Slide 25: Appendix
Appendix
Slide 26: Our mission in action
Our mission in action Tampa General Grand Opening InnovAge Tour Video https://www.youtube.com/watch?v=ERDNDIy2RXI https://www.youtube.com/watch?v=RnGETw6igBg 26
Slide 27: Non-GAAP Adjusted EBITDA ($ in thousands)
Non-GAAP Adjusted EBITDA ($ in thousands) For the 3 months ended June 30, 2026 Net income $ 9,783 Interest expense, net 772 Other investment income1 (146) Depreciation and amortization 6,356 Provision for income tax (116) Stock-based compensation 1,734 Litigation costs and settlements2 2,849 Asset i
Slide 28: Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands)
Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands) For the 12 months ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Net loss $ (45,090) $ (43,552) $ (40,812) $ (24,084) Interest expense, net 1,826 1,522 1,580 2,293 Other investment income — (1,170) (1,745) (2,368) D
Slide 29: Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands)
Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands) For the 12 months ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Net loss $ (32,958) $ (23,220) $ (17,969) $ (27,639) Interest expense, net 2,910 4,023 4,605 4,987 Other investment income1 (2,958) (2,385) (2,642) (2
Slide 30: Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands)
Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands) For the 12 months ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net loss $ (32,587) $ (35,343) $ (21,964) $ 3,332 Interest expense, net 5,124 4,612 4,620 4,549 Other investment income1 (2,347) (2,247) (1,914) (1,98
Slide 31: Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands)
Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands) 1. Reflects investment income related to short term investments included in our consolidated statements of operations. 2. Reflects charges/(credits) related to litigation by stockholders, civil investigative demands, and arbitration with ou
Slide 32: Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands)
Non-GAAP Trailing 12-Month Adjusted EBITDA ($ in thousands) For the 12 months ended March 31, 2026 June 30, 2026 Net loss $ (15,476) $ (683) Interest expense, net 4,377 4,258 Other investment income1 (1,772) (1,422) Depreciation and amortization 18,181 21,142 Provision for income tax 1,871 949 Stock
Slide 33: Non-GAAP Center-Level Contribution Margin ($ in thousands)
Non-GAAP Center-Level Contribution Margin ($ in thousands) For the 12 months ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Capitation revenue $ 682,759 $ 686,836 $ 698,078 $ 719,499 $ 740,059 $ 762,570 Other service revenue 1,314 1,251 1,276 1,2
Slide 34: Non-GAAP Center-Level Contribution Margin ($ in thousands)
Non-GAAP Center-Level Contribution Margin ($ in thousands) For the 12 months ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Capitation revenue $ 785,196 $ 805,310 $ 830,372 $ 852,353 $ 883,304 $ 914,249 Other service revenue 1,316 1,304 1
Slide 35: Non-GAAP Center-Level Contribution Margin ($ in thousands)
Non-GAAP Center-Level Contribution Margin ($ in thousands) For the 12 months ended March 31, 2026 June 30, 2026 Capitation revenue $ 947,933 $ 988,384 Other service revenue 1,239 1,323 Total revenues 949,171 989,707 External provider costs 442,278 449,843 Cost of care, excluding depreciation and amo
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