Evolent Health, Inc · NYSE:EVH
Evolent Health — Q4 2025 Earnings Presentation
20 slides from Evolent Health's earnings presentation, Feb 24, 2026
Slide 1: Evolent Health, Inc. Fourth Quarter 2025 Results
Evolent Health, Inc. Fourth Quarter 2025 Results February 24, 2026 Evolent | Confidential—Do not distribute | 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements made in this report 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 that is n
Slide 3: Evolent 2025 Highlights
Evolent 2025 Highlights • Delivered $468.7M in Revenue for the quarter and $1.88B in Revenue for the full year, in line with guidance • Achieved strong commercial momentum with new Performance Suite (PS) and Tech & Services (T&S) GROWTH partnerships across major markets • Well positioned as health p
Slide 4: Evolent 2026 Outlook
Evolent 2026 Outlook • 2026 revenue outlook of $2.4–$2.6B, reflecting 33% growth YoY at the mid-point, driven primarily by ~$900M in revenue from new PS contracts • Strong revenue growth expected to be partially offset by national exchange enrollment drops and Administrative GROWTH Services churn ca
Slide 5: Performance Suite Contractual Risk Protections
Performance Suite Contractual Risk Protections 90% of our forecasted 2026 PS revenue1 now has enhanced protections including MER “corridors” Legacy Book Enhanced 10% of PS Revenue1 90% of PS Revenue1 Narrow legacy scope Revenue rate adjustments for medical expense drivers outside of our control
Slide 6: 2026 Performance Suite Cohort Has Potential Asymmetric Upside Given Tight Contract Corridors
2026 Performance Suite Cohort Has Potential Asymmetric Upside Given Tight Contract “Corridors” In Place Potential Change in Adjusted EBITDA for every 100 bps increase in New PS Cohort¹ MER $70 Beginning of MER corridor dampening $60 $57 $50 $49 $40 $40 $32 $30 $24 $20 Every 1% increase in $16 blende
Slide 7: 2025 to 2026 Revenue Bridge at Midpoint of Guidance
2025 to 2026 Revenue Bridge at Midpoint of Guidance $M ~$900 $1,000 ($200) ~($100) ($32) $2,500 ~($35) ($40) ~($40) ($105) ~($105) $1,876 ~33% Growth At Midpoint of 2026 Revenue Guidance Legacy Performance Suite Specialty T&S Admin Services 2026 Revenue 2026 Performance Evolent Care 2025 Revenue Bus
Slide 8: 2025 to 2026 Adjusted EBITDA Bridge at Midpoint of Guidance
2025 to 2026 Adjusted EBITDA Bridge at Midpoint of Guidance $M $35 $151 $150 ~($25) ($25) ~$10 $10 ~$5 $8 $125 $128 ($10) ~($10) • New contracts require significantly ($40) ~($40) higher level of reserves during initial months creating ~$13 million Includes: unfavorable impact • Mid-year implementat
Slide 9: From Q1 to Q4, MER Expected to Improve as Reserves Release
From Q1 to Q4, MER Expected to Improve as Reserves Release Full Year 2026 Commentary on 2026 MER Progression By 2025 Actual Estimate at Quarter Guide Midpoint Full PS Business • Accounting timing (reserving and explicit 89% ~93% MER¹ margin) from 2026 cohort accounts for $10- 15M sequential improvem
Slide 10: Supplemental Information and Appendices
Supplemental Information and Appendices 10 Confidential – Do Not Distribute
Slide 11: How We Calculate Business Drivers: PMPM, Lives and Cases
How We Calculate Business Drivers: PMPM, Lives and Cases • 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 and Services Suite consists of the average monthl
Slide 12: Appendix A – Revenue by Line of Business and Product Type
Appendix A – Revenue by Line of Business and Product Type For the Three Months Ended December 31, (In thousands) 2025 2024 2025 2024 $ % of Revenue Medicaid $ 209,633 $ 215,582 45% 33% Medicare 111,161 251,762 24% 39% Commercial and Other 147,925 179,198 31% 28% Total $ 468,719 $ 646,542 100% 100% P
Slide 13: Appendix B – Capital Structure Metrics
Appendix B – Capital Structure Metrics December September Sequential December Year over Year (In thousands) 31, 2025 30, 2025 Change 31, 2024 Change Cash and cash equivalents $ 151,856 $ 116,650 $ 35,206 $ 104,203 $ 47,653 Revolving credit availability 52,500 47,500 5,000 25,000 27,500 Total availab
Slide 14: Appendix C – Volume and Pricing Metrics
Appendix C – Volume and Pricing Metrics Evolent Quarterly Business Drivers Average Lives on Platform/Cases (in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Performance Suite 6,475 6,474 6,490 6,486 7,145 6,916 Specialty Technology and Services Suite 79,677 78,050 77,019 77,079 75,158 7
Slide 15: Appendix D – Non-GAAP Financial Measures
Appendix D – 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 defin
Slide 16: Appendix D – Non-GAAP Financial Measures (continued)
Appendix D – 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 th
Slide 17: Appendix D – Non-GAAP Financial Measures (continued)
Appendix D – 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
Slide 18: Appendix E – Evolent Health, Inc. Adjusted EBITDA Reconciliation
Appendix E – Evolent Health, Inc. Adjusted EBITDA Reconciliation For the Three Months For the Year Ended December 31, Ended December 31, ($ in thousands) 2025 2024 2025 2024 Net loss attributable to common shareholders of Evolent Health, Inc. $(429,131) $(30,615) $(579,401) $(93,454) Net loss margin
Slide 19: Appendix F – Reserve for Claims and Performance-Based Arrangements
Appendix F – Reserve for Claims and Performance - Based Arrangements YTD Q4 2025 YTD Q3 2025 Sequential YTD Q4 2024 Year over Change Year Change Balance, beginning of period $ 318,705 $ 318,705 $ — $ 404,048 $ (85,343) Incurred health care costs: Current year to date period 933,695 690,793 242,902 1
Slide 20: Appendix G – Medical Expense Ratio
Appendix G – Medical Expense Ratio For the Year Ended (In thousands) December 31, 2025 Total revenue Performance Suite $ 1,127,336 Specialty Technology and Services Suite 353,228 Administrative Services 226,683 Cases 168,982 Total revenue 1,876,229 Less: Revenue from ECP 107,848 Performance Suite re