Clover Health Investments, Corp. · NASDAQ:CLOV
Clover Health Investments — Investor Presentation (August 2026)
43 slides from Clover Health Investments's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 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: 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 3
Slide 4: 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 5: More Data, Earlier Identification, Better Outcomes
More Data, Earlier Identification, Better Outcomes Technology AI-Powered Data Advantage Improved Care Management Care Strategy Clover Care Services 100+ data sources 15% - 18% lower hospitalizations, and Risk Strategy / Member LTV 18% - 25% lower 30-day readmissions for COPD & CHF patients 100+ AI /
Slide 6: Proactive, Individualized Care for Every Member
Proactive, Individualized Care for Every Member Clover Technology Assistant AI-Powered Care: Care Strategy ➔ Target ~2/3 Clover Network Clover Care Assistant coverage Clover Care Physicians Services Services ➔ Personalized healthcare; Real-time In-home care for Risk Strategy / insights at the most a
Slide 7: Clover Assistant Powered Care, Directly in the Home
Clover Assistant Powered Care, Directly in the Home Clover Care Technology Services Better Care in the Home: Care Strategy ➔ Serves highest acuity members Clover Care Visits In-Home Care Clover Care Services ● Assess risk & care needs ● Home-based primary care ➔ 100% Clover Assistant ● Post-admissio
Slide 8: Clinical Model Increases Member Lifetime Value
Clinical Model Increases Member Lifetime Value Technology Insurance Gross Profit ($PMPM) Clover Assistant MCR Differential by Year(1) Differential by Tenure(2) Care Strategy Clover Care Services Risk Strategy / Member LTV Network Strategy Superior MA Performance Cohorts perform increasingly better o
Slide 9: Retaining Full Economics Creates LTV Advantage
Retaining Full Economics Creates LTV Advantage Technology CLOV vs. Fully Delegated Model(1) Annual Contribution Profit $PMPM Owning Full Upside: Care Strategy ➔ Compound value over time ~49% of els Current Membership Mo d ➔ Clinical engagement + AI d Clover Care ate Services e leg improve outcomes d
Slide 10: Layered Cohorts Drive Compounding Profitability
Layered Cohorts Drive Compounding Profitability Technology Scaling at Full Risk: Care Strategy ➔ Better cohort outcomes & total cost of care under CA Membership Growth Clover Care Services ➔ Mature cohorts fund new membership growth Risk Strategy / Member LTV ➔ Layering effect drives Layered Cohort
Slide 11: Clover Assistant Powers Broad Access and Wide-Network Choice
Clover Assistant Powers Broad Access and Wide-Network Choice Technology #1 MA Plan in NJ by Meaningful Runway to Why Our Model Wins: Market Share(1) Grow in NJ Care Strategy ➔ ~98% of MA book in PPO ➔ Strong ~95% retention Clover Care Services ➔ Stable benefit offering Risk Strategy / Member LTV ~42
Slide 12: Market-Leading Growth, Backed by Disciplined Execution
Market-Leading Growth, Backed by Disciplined Execution 2-Year MA Membership CAGR Technology (2024 - 2026E)(1) Differentiated Results: Care Strategy ➔ Strong medical cost performance while Clover Care Services growing ~3x faster Risk Strategy / than similar sized MA plans Member LTV ➔ Scaling members
Slide 13: 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 14: Q&A
Clover Health Q&A
Slide 15: Appendix
Appendix
Slide 16: Continued Execution Reinforces FY26 Confidence
Continued Execution Reinforces FY26 Confidence Growth + Profitability Business Update ● 2Q26 GAAP Net Income of $28M (+$39M ● Cost trends performing better than expected YoY) alongside MA growth +48% YoY to ● Cohort economics progressing in line with ~157K members expectations as members mature unde
Slide 17: Investment Highlights
Investment Highlights AI Leader in Model Drives Medicare Advantage Compounding Economics Empowers Any Doctor on Wide Network PPO Tech-powered clinical care Full-risk cohort economics covering ~2/3s of members driving GAAP profitability Platform built AI-first to ~40% average annual enable physician-
Slide 18: Well-Rounded Management Team of Technology Experts & Seasoned Managed Care Professionals
Well-Rounded Management Team of Technology Experts & Seasoned Managed Care Professionals Vivek Garipalli Andrew Toy Executive Chairman ______________________________________________________________________________________________ Chief Executive Officer ______________________________________________
Slide 19: Our Company
Our Company Leading Medicare Advantage physician enablement technology company focused on wide network PPO AI-Powered Differentiated Clover Assistant(1) Clover Care Services Significant TAM & Strategic Market Market Runway Leading Growth 19 (1) Backed by strong IP portfolio with dozens of active / p
Slide 20: Our Technology-Driven Approach is Working
Our Technology-Driven Approach is Working Grow Membership & Clover Assistant Usage 1 Reinvest in Deliver Better AI Driven Member Benefits 5 2 Clinical Recommendations Reduce the Improve Health Outcomes 4 3 Total Cost of Care & Quality of Life 20
Slide 21: Differentiated Clinical Model Drives Strong & Predictable Cohort Performance
Differentiated Clinical Model Drives Strong & Predictable Cohort Performance Contribution Profit (Loss) Drivers Reinforcing Improved ($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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: Congestive Heart Failure: Average Number in 2024
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 31: COPD: Average Number in 2024
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 32: 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 33: Clover Top Rated PPO Plan in the Nation on HEDIS Measures for the Second Consecutive Year
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 34: Financial Statements: Condensed Consolidated Balance Sheets
Financial Statements Condensed Consolidated Balance Sheets (Dollars in thousands, except share amounts) (unaudited) 34
Slide 35: Financial Statements: Statements of Operations and Comprehensive Income (Loss)
Financial Statements Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Dollars in thousands, except per share and share amounts) (unaudited) 35
Slide 36: Financial Statements: Statements of Cash Flows
Financial Statements Condensed Consolidated Statements of Cash Flows (Dollars in thousands) (unaudited) 36
Slide 37: Financial Statements: Operating Segments
Financial Statements Operating Segments (Dollars in thousands) (unaudited) 37
Slide 38: 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 39: 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 40: 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 41: 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 42: 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 43: 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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