Clover Health Investments, Corp. · NASDAQ:CLOV
Clover Health Investments — Q2 2026 Earnings Presentation
46 slides from Clover Health Investments's earnings presentation, Aug 5, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
Second Quarter 2026 Earnings Conference Call August 5, 2026
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying oral presentation include forward-looking statements, including, without limitation, statements regarding future events and Clover Health Investments, Corp.’s (“Clover Health,” “we,” “our,” or “us”) expectations regarding Adjusted EBITDA, Adjusted Ne
Slide 3: Continued Execution Reinforces FY26 Confidence
Continued Execution Reinforces FY26 Confidence Growth + Profitability Business Update ● 2Q26 GAAP Net Income of $28M (+$39M ● Cost trends performing better than expected YoY) alongside MA growth +48% YoY to ● Cohort economics progressing in line with ~157K members expectations as members mature unde
Slide 4: Our Vision
Our Vision Empower Every Physician with AI-Powered Technology to Identify, Manage & Treat Chronic Diseases Earlier Earlier Diagnosis Earlier Disease Higher Quality Affordable & & Treatment Management Clinical Care Accessible Care 4
Slide 5: Investment Highlights
Investment Highlights AI Leader in Model Drives Medicare Advantage Compounding Economics Empowers Any Doctor on Wide Network PPO Tech-powered clinical care Full-risk cohort economics covering ~2/3s of members driving GAAP profitability Platform built AI-first to ~40% average annual enable physician-
Slide 6: Five Pillars Underpinning Clover's Differentiation
Five Pillars Underpinning Clover's Differentiation Clover’s Approach Traditional MA Approaches Technology AI-Powered physician enablement at scale Back-office / administrative Care Strategy Earlier disease identification & management Reactive healthcare + risk delegation Clover Care CA powered, long
Slide 7: Clinical Model Increases Member Lifetime Value
Clinical Model Increases Member Lifetime Value Insurance Gross Profit ($PMPM) Clover Assistant MCR Differential by Year(1) Differential by Tenure(2) Cohorts perform increasingly better over time, establishing foundation for long-term MA success (1) Clover Health cohort information represents incurre
Slide 8: Retaining Full Economics Creates LTV Advantage
Retaining Full Economics Creates LTV Advantage CLOV vs. Fully Delegated Model(1) Annual Contribution Profit $PMPM Owning Full Upside: ➔ Compound value over time ~49% of els ➔ Clinical engagement + AI Current Membership Mod d g ate improve outcomes Dele d s c ee ➔ 100% of cohort Ex improvement retain
Slide 9: Layered Cohorts Drive Compounding Profitability
Layered Cohorts Drive Compounding Profitability Improving Cohort Membership Differentiated Economics Growth Layering Effect Scaling at Full Risk: ➔ Better cohort outcomes & total cost of care under CA ➔ Mature cohorts fund new Membership Growth membership growth ➔ Compounding effect drives different
Slide 10: Proven Model Delivering Market-Leading Growth, Backed by Disciplined Execution
Proven Model Delivering Market-Leading Growth, Backed by Disciplined Execution 2-Year MA Membership CAGR (2024 - 2026E)(1) Differentiated Results: ➔ Strong medical cost performance while growing ~3x faster than similar sized MA plans ➔ Scaling membership while Scaling Profitability improving profita
Slide 11: Our Focus for 2026
Our Focus for 2026 Deliver GAAP Net Income Profitability + Market-Leading Growth Drive strong returning cohort economics while absorbing new member dilution Balance Profitability with Strategic Reinvestments Maintain bottom-line discipline while investing in CA, Counterpart Health efforts, and membe
Slide 12: Guidance
Guidance On the following slides, Clover Health presents an overview of its full year 2026 guidance, including certain non-GAAP financial measures.
Slide 13: Updated Full Year 2026 Guidance
Updated Full Year 2026 Guidance Updated FY26 Guidance Prior FY26 Guidance (8/5/26) (5/6/26) Total Revenues $2.92B - $3.00B $2.81B - $2.92B Consolidated Gross Profit(1) $525M - $555M $470M - $510M Adjusted EBITDA(2) $70M - $85M $50M - $70M GAAP Net Income $20M - $35M $0M - $20M Average Medicare Advan
Slide 14: Second Quarter 2026 Financial Supplement
Second Quarter 2026 Financial Supplement
Slide 15: Financial Summary
Financial Summary Growth & ● 2Q26 MA membership of 157,309, up +48% YoY Profitability ● 2Q26 GAAP Net Income of $28M, Adj. EBITDA(1) of $41M, and Adj. Net income(2) of $40M ● 2Q26 Total revenues of $743M, up +56% YoY ● 2Q26 Consolidated Gross Profit of $153M(3), up +54% YoY Operations ● 2Q26 SG&A in
Slide 16: 2Q26 Financial Performance: Total Revenues
2Q26 Financial Performance: Total Revenues $ in millions Total Revenues +56% +59% ● Total revenues performance driven by meaningful MA membership growth, strong returning member retention, and the continued maturation of cohorts under Clover Assistant care. 16
Slide 17: 2Q26 Financial Performance: Consolidated Gross Profit
2Q26 Financial Performance: Consolidated Gross Profit $ in millions Consolidated Gross Profit(1) +50% +54% ● Consolidated gross profit(1) performance driven by meaningful MA membership growth and retention, strong returning member cohort performance via clinical initiatives and the impact of Clover
Slide 18: 2Q26 Financial Performance: GAAP Net (Loss) Income
2Q26 Financial Performance: GAAP Net (Loss) Income $ in millions, except MA membership GAAP Net (Loss) Income +$67M +$39M 2Q25 2Q25 YTD Avg. MA: 105,494 156,840 103,727 155,723 Membership: ● GAAP Net (Loss) Income significantly improved YoY as a result of meaningfully above-market MA membership grow
Slide 19: 2Q26 Financial Performance: Adjusted SG&A
2Q26 Financial Performance: Adjusted SG&A(1) $ in millions, except % Adjusted SG&A as % of Total Revenues (2%) (2%) Adj. SG&A: $82M $112M $166M $231M ● Adjusted SG&A as a % of Total revenues improvement reflects our ability to gain SG&A efficiencies as we drive market-leading membership growth, whil
Slide 20: 2Q26 Financial Performance: Adjusted EBITDA
2Q26 Financial Performance: Adjusted EBITDA $ in millions Adjusted EBITDA(1) +89% +139% ● Adjusted EBITDA meaningfully improved YoY as a result of market-leading MA membership growth, cohort maturation under Clover Assistant, underlying medical cost trends better than expected, and continued SG&A op
Slide 21: Appendix
Appendix
Slide 22: Our Company
Our Company Leading Medicare Advantage physician enablement technology company focused on wide network PPO AI-Powered Differentiated Clover Assistant(1) Clover Care Services Significant TAM & Strategic Market Market Runway Leading Growth 22 (1) Backed by strong IP portfolio with dozens of active / p
Slide 23: Our Technology-Driven Approach is Working
Our Technology-Driven Approach is Working Grow Membership & Clover Assistant Usage 1 Reinvest in Deliver Better AI Driven Member Benefits 5 2 Clinical Recommendations Reduce the Improve Health Outcomes 4 3 Total Cost of Care & Quality of Life 23
Slide 24: Differentiated Clinical Model Drives Strong & Predictable Cohort Performance
Differentiated Clinical Model Drives Strong & Predictable Cohort Performance Contribution Profit (Loss) Drivers Reinforcing Improved ($PMPM)(1) 2026 Cohort Economics Strong retention of returning members maturing under clinical platform 2024 2025 2026 Better clinical engagement, via Clover 2024 2025
Slide 25: Having Supported Clinical Decision-Making for Thousands of Practitioners
Having Supported Clinical Decision-Making for Thousands of Practitioners Captures & synthesizes Novel clinical insights data from 100+ sources at point-of-care Enhanced care coordination 100+ AI / ML models powering treatment Generating millions of recommendations clinically oriented and personalize
Slide 26: Leader in AI Enabled Clinical Improvement
Leader in AI Enabled Clinical Improvement Diabetes CKD Earlier Diagnosis Earlier Diagnosis CHF COPD Fewer Hospitalizations Fewer Hospitalizations HEDIS Socioeconomically #1 PPO Nationwide(1) Disadvantaged Impact Clover is at the forefront of applying AI in practice to drive real-world clinical resul
Slide 27: Bringing Clover's Care Model to More Plans & Providers Nationwide
Bringing Clover’s Care Model to More Plans & Providers Nationwide Proven SaaS & Rapidly Extensive AI-Powered Tech-Enabled Expanding Nationwide Clinical Software Services User Base Opportunity #1 Nation PPO HEDIS(1) New revenue model CA beyond core MA markets Scaling CPH alongside (2) (3) Improves MC
Slide 28: Better Health Outcomes Across Chronic Conditions
Better Health Outcomes Across Chronic Conditions Clover Assistant Whitepapers and Case Studies(1) Using proprietary AI & ML models, Clover Assistant improves care coordination for doctors and is correlated with improved patient health outcomes Diabetes: Earlier diagnosis, leading to earlier treatmen
Slide 29: Clover Assistant Enables Better Care for Patients from Socioeconomically Disadvantaged Neighborhoods
Clover Assistant Enables Better Care for Patients from Socioeconomically Disadvantaged Neighborhoods Higher Diagnosis Rates(1) of diabetes (75% higher), CKD (89% higher), CHF (89% higher) and COPD (70% higher) Diagnosis at Earlier Stages: Patients from this population with CKD first diagnosed on ave
Slide 30: Kidney Function (GFR)
Clover Health Whitepaper Earlier Diagnosis Leads to Earlier Treatment CKD is diagnosed earlier and disease trajectory improves in patients seen by providers using Clover Assistant(1) Example: Chronic Kidney Disease Kidney Function (GFR) Diagnosed CKD Stage 3 CA Patients Diagnosed CKD Stage 3 ~1.5 ye
Slide 31: Diabetes Medication Fills Members Newly Diagnosed with Diabetes
Clover Health Whitepaper Earlier Diagnosis Leads to Earlier Treatment Patients started on oral diabetic medications Members Newly Diagnosed with Diabetes (1) after Clover Assistant raised potential diabetes diagnosis for physician Example: Diabetes consideration(2) Diabetes Medication Fills Days Sin
Slide 32: Hypoglycemia Event
Clover Health Whitepaper Earlier Diabetes Treatment Leads to: Oral Meds Started Blood Sugar Indicator Non-CA Patients (HbA1c) Diabetes Diagnosed & Managed ~3 Years Earlier(1) Oral Meds Started CA Patients Time (Years) Percentage Taking Non-CA Patients Insulin Lower Use of Insulin(1) CA Patients Hypo
Slide 33: Congestive Heart Failure Hospitalizations and Readmissions
Clover Health Whitepaper Non-CA CHF Cohort CA CHF Cohort Clover Assistant Clover Assistant PCP relationship associated with Supports Better better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day Clinical Outcomes readmissions for members with CHF(1) (18%)
Slide 34: COPD Hospitalizations and Readmissions
Clover Health Whitepaper Non-CA COPD Cohort CA COPD Cohort Chronic Obstructive Clover Assistant PCP relationship associated with Pulmonary Disease better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day (“COPD”) readmissions for members with COPD(1) Averag
Slide 35: Percent with Medication Fill
Clover Health Whitepaper Clover Assistant Correlated with Medication fills increased by ~5% on the day of the Clover Assistant visit and remained ~3% higher 90 days post-visit among patients previously non-adherent to Improved Medication their medications for diabetes, high blood pressure, and high
Slide 36: Clover Top Rated PPO Plan in the Nation on HEDIS Measures
Clover Top Rated PPO Plan in the Nation on HEDIS Measures for the Second Consecutive Year(1) Clover Health 4.72 / 5 Stars on HEDIS Measures for Star Rating Year 2026, continuing to drive exceptional clinical quality for members(1) (1) Clover Health’s Medicare Advantage PPO plans received a score of
Slide 37: Financial Statements: Condensed Consolidated Balance Sheets
Financial Statements Condensed Consolidated Balance Sheets (Dollars in thousands, except share amounts) (unaudited) 37
Slide 38: Financial Statements: Statements of Operations
Financial Statements Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Dollars in thousands, except per share and share amounts) (unaudited) 38
Slide 39: Financial Statements: Statements of Cash Flows
Financial Statements Condensed Consolidated Statements of Cash Flows (Dollars in thousands) (unaudited) 39
Slide 40: Financial Statements: Operating Segments
Financial Statements Operating Segments (Dollars in thousands) (unaudited) 40
Slide 41: Non-GAAP Financial Measures
Non-GAAP Financial Measures CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES CONSOLIDATED GROSS PROFIT (NON-GAAP) RECONCILIATION (dollars in thousands)(1) (unaudited) (1) The table above includes non-GAAP financial measures. Non-GAAP financial measures are supplemental
Slide 42: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED SG&A (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP financial measures. Non-GAAP financial measures are supplemental and shou
Slide 43: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP financial measures. Non-GAAP financial measures are supplemental and sh
Slide 44: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED NET (LOSS) INCOME (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP financial measures. Non-GAAP financial measures are suppleme
Slide 45: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) RECONCILIATION (dollars in thousands)(1) (unaudited) (1) The table above includes non-GAAP financial measures. Non-GAAP financial measure
Slide 46: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures We use non-GAAP financial measures in this presentation, including Adjusted EBITDA, Adjusted Net income (loss), Adjusted SG&A, Adjusted SG&A as a percentage of Total revenues, Consolidated Gross Profit, and Insurance BER. These non-GAAP financial measures are provid
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