Privia Health Group, Inc. · NASDAQ:PRVA
Privia Health — Q3 2025 Earnings Presentation
20 slides from Privia Health's earnings presentation, Nov 6, 2025
Slide 1: 3rd Quarter 2025 Results
3rd Quarter 2025 Results November 6, 2025 Parth Mehrotra, CEO David Mountcastle, CFO
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to: 2025 financial guidanc
Slide 3: Agenda
Agenda ● Key Highlights ● 3Q and Year-to-Date Performance ● Updated 2025 Guidance and Outlook ● Q&A 3
Slide 4: Very Strong Third Quarter and Year-to-Date Performance
Very Strong Third Quarter and Year-to-Date Performance ● YTD’25 performance highlights strength and momentum of Privia Health’s differentiated business model, and outstanding operational execution ● Very strong results in MSSP and other VBC arrangements for 2024 performance year ● Implemented Provid
Slide 5: Building One of the Largest Primary Care Centric Delivery Networks
Building One of the Largest Primary Care Centric Delivery Networks 1 NATIONAL PRESENCE 15 States +D.C. 50+ Specialties 1,340+ Care Center Locations 5.6M+ Patients 1.4M+ Attributed Lives* 5,250 Implemented Providers ** 98% Gross Provider Retention*** 87 Patient NPS 1 Data as of September 30, 2025. *I
Slide 6: Diversified Value-Based Platform
Diversified Value-Based Platform 1 1.4+ Million 100+ Total Attributed Lives VBC Contracts 864K 542K Commercial Government • 62% Upside Only Lives Lives • 38% Upside / Downside 214K 207K CMS Medicare 121K Medicare Medicaid Advantage program Lives Lives Lives • 73% Enhanced Track/ • 79% Upside Only •
Slide 7: Strong 2024 MSSP Performance
Strong 2024 MSSP Performance ● $2.5+ Billion in Benchmark Expenditures ● 9.4% Aggregate Savings Rate Improvement Improvement vs. Median vs. Total MSSP 2024 Performance 1 MSSP ACO FFS Medicare • 194,688 Medicare beneficiaries across Total annual average 9 ACOs expenditures 8% 22% • $234.1M in total s
Slide 8: 3Q Performance
3Q Performance 1 Implemented Providers Attributed Lives Practice Collections ($mm) (end of period) (‘000s, end of period)1 +13.1% +12.8% +27.1% Care Margin ($mm) Platform Contribution ($mm) Adjusted EBITDA ($mm) +23.5% +40.4% +61.6% % Practice Collections 6.8% 7.5% % Practice Collections 3.2% 4.1% %
Slide 9: Nine-Month Performance
Nine-Month Performance 1 Practice Collections ($mm) Care Margin ($mm) +19.6% +16.7% Platform Contribution ($mm) Adjusted EBITDA ($mm) +26.2% +43.5% % Practice Collections 6.5% 6.9% % Practice Collections 3.0% 3.6% % Care Margin 48.1% 52.0% % Care Margin 22.1% 27.2% 1 Any slight variations in calcula
Slide 10: Strong Balance Sheet and Capital Position
Strong Balance Sheet and Capital Position ● $409.9M in pro forma net cash and no debt as of 9.30.25 ● Assumes $100M to be used in 4Q’25 to acquire Evolent ACO business ● YTD pro forma Free Cash Flow of $104.4M 1 (In millions) At 9.30.25 2 At 12.31.24 Cash and cash equivalents $441.4 $491.1 Less cash
Slide 11: Updated FY'25 Guidance Metrics
Updated FY’25 Guidance Metrics 1 Initial FY’25 Guidance Updated FY’25 FY’24 Actual ($ in millions) at 2.27.25 Guidance at 11.6.25 Low High Implemented Providers 4,789 5,200 5,300 5,300 - 5,350 Attributed Lives 1,256,000 1,300,000 1,400,000 1,400,000 - 1,425,000 Practice Collections $ 2,968 $ 3,150 $
Slide 12: Consistent Growth & Profitability Across Cycles
Consistent Growth & Profitability Across Cycles MA / MEDICAID PRE-COVID COVID POST-COVID HEADWINDS 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025 Guidance 1 CAGR (Raised Midpoint) Number of States (Year End) 4 5 6 7 9 13 14 15 20.8% Implemented Providers (Year End) 1,796 2,482 2,550 3,317 3,606 4,30
Slide 13: Appendix
Appendix 13
Slide 14: Reconciliation of Gross Profit to Care Margin
Reconciliation of Gross Profit to Care Margin l 14
Slide 15: Reconciliation of Gross Profit to Platform Contribution
Reconciliation of Gross Profit to Platform Contribution m 15
Slide 16: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA n 16
Slide 17: Reconciliation of Net Income to Adjusted Net Income Per Share
Reconciliation of Net Income to Adjusted Net Income Per Share o 17
Slide 18: Reconciliation of Gross Profit to Care Margin
Reconciliation of Gross Profit to Care Margin 18
Slide 19: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA 19
Slide 20: Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow 20