P3 Health Partners Inc. · NASDAQ:PIII
P3 Health Partners — Investor Presentation (October 2026)
18 slides from P3 Health Partners's investor presentation, October 2026
Slide 1: Investor Presentation October 2026
Investor Presentation October 2026 1
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements This presentation has been prepared by P3 Health Partners Inc. (“P3,” the “Company,” “we” or “us”) and is made for informational purposes only to familiarize yourself with the Company. This presentation does not purport to be all inclusive or to contain all
Slide 3: P3 at a Glance: Why Now
P3 at a Glance: Why Now A physician enablement company taking full financial risk for Medicare Advantage members, now profitable at its core WHO WE ARE We partner with independent primary care physicians and take responsibility for the total cost of care of their Medicare ~105K ~133K 6 2,100+ 17 $1.
Slide 4: Experienced Leadership Team from HealthCare Partners & Optum
Experienced Leadership Team from HealthCare Partners & Optum Since 2024: payer contracts restructured, network realigned, $250M recapitalization, core business back to profitability Joined Q2 2024 Joined Q3 2024 Co-Founder Joined Q2 2023 Joined Q1 2025 Aric Coffman, MD Leif Pedersen Amir Bacchus, MD
Slide 5: Turnaround Under New Leadership: Sustained Financial Improvement
Turnaround Under New Leadership: Sustained Financial Improvement Judge the team on the years it controlled: a ~$256M improvement in its first full year REPORTED ADJUSTED EBIT DA LEGACY Contracts, bids, cost structure set before the NEW LEADERSHIP CEO Q2'24, CFO Q3'24 +$256M new team Adjusted EBITDA
Slide 6: How P3 Makes Money: The Economic Engine
How P3 Makes Money: The Economic Engine Medical margin is the engine: a growing share of premium, managed cost of care, and leverage from scale The engine Medical margin PMPM What moves each line Share of premium Every +$10 PMPM ≈ +$12-13M of annual +15% YoY Adjusted EBITDA Payers pay P3 a share of
Slide 7: A Recapitalized, Self-Funding Balance Sheet
A Recapitalized, Self-Funding Balance Sheet Debt eliminated, interest cost cut by more than half, and a core business that funds itself $250M $17M → $8M $21M + $70M ~$100M debt eliminated quarterly net interest expense cash plus preferred commitments payer liabilities resolved Converted to preferred
Slide 8: How the Model Works
How the Model Works P3 aligns payers, physicians and patients under one full-risk model, supported by a platform built to manage total cost of care Payers P3 Health Partners Physicians Patients takes full risk Contract with P3 for a share of premium Accountable for total cost of care; 2,100+ PCPs al
Slide 9: Case Study: California, the Model at Work
Case Study: California, the Model at Work As the P3 Care Enablement Model matured, inpatient admissions fell 30% and readmissions 26% in our California market -30% Inpatient admissions per 1,000 163 (2025 avg) to 114 (2026 YTD) -26% Hospital readmission rate 18.8% (2025) to 13.9% (2026 YTD), -21% Sk
Slide 10: How We Execute: The Operating Playbook
How We Execute: The Operating Playbook Five levers, each tied to a measured result and to a line of the P&L Lever What we did Proof Moves Renegotiated payer terms; delegated functions 1 Contracts for 63% of members Per-member funding +15% YoY (2Q26) Revenue Documentation and Point-of-care technology
Slide 11: Unlocking Earnings Power: Value-Creation Levers
Unlocking Earnings Power: Value-Creation Levers The levers reinforce each other: each turn of the wheel compounds earnings power How each turn compounds 1 LEVER RELATIVE SIZE MATURITY¹ Network & contracting Network & contracting 1 Denser network & delegation Burden of illness 5 2 2 Complete, accurat
Slide 12: A Repeatable Growth Model: Partner, Prove, Then Take Risk
A Repeatable Growth Model: Partner, Prove, Then Take Risk Reduces volatility, capital-light, and a repeatable blueprint: infrastructure is built and performance proven before P3 takes risk WHERE: Market opportunity WHY WE WIN: P3 controls more of the levers Lever Traditional model P3 model Increment
Slide 13: 2026 Guidance and Earnings Quality
2026 Guidance and Earnings Quality Guidance raised twice in 2026 to a $95M midpoint; the core business is profitable before one-time items 2026 full-year guidance (as of August 2026) What is in the $95M midpoint Metric Low High ~$62M ~$33M settlements and prior year items (1H26) underlying At-risk m
Slide 14: The Turnaround in Numbers: Improvement Across Every Line
The Turnaround in Numbers: Improvement Across Every Line ~$262M Adjusted EBITDA improvement from 2024 to the 2026 guidance midpoint, with fewer, better-aligned members Total Revenue Revenue PMPM Medical Margin Adj. EBITDA Intentional network and payer rationalization Contract restructuring, rate pro
Slide 15: Why P3: Three Takeaways
Why P3: Three Takeaways A turnaround delivered, meaningful embedded upside, and a repeatable model for smart growth 1 2 3 Turnaround delivered Embedded upside Smart growth Core business is EBITDA-positive. 2026 Levers in the existing business drive earnings A repeatable, capital-light model: delegat
Slide 16: Appendix
Appendix 16
Slide 17: Appendix: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Appendix: Reconciliation of Net Income (Loss) to Adjusted EBITDA ($ in thousands, except PMPM) 1Q26 2Q26 1H26 1H25 FY2025 Net income (loss) $3,040 $15,651 $18,691 $(87,911) $(323,086) Interest expense, net 16,766 7,862 24,628 18,870 55,034 Depreciation and amortization 21,074 21,044 42,118 42,135 84
Slide 18: Appendix: Reconciliation of Gross Profit (Loss) to Medical Margin
Appendix: Reconciliation of Gross Profit (Loss) to Medical Margin ($ in thousands, except PMPM) 1Q26 2Q26 1H26 1H25 FY2025 Gross profit (loss) $50,366 $86,004 $136,370 $5,620 $(60,160) Other revenue (1) (6,891) (19,983) (26,874) (7,772) (30,101) Other medical expense 30,182 31,782 61,964 49,967 113,
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