P3 Health Partners Inc. · NASDAQ:PIII
P3 Health Partners — Q2 2026 Earnings Presentation
18 slides from P3 Health Partners's earnings presentation, Aug 10, 2026
Slide 1: Investor Presentation August 2026
Investor Presentation August 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 Health Partners at a Glance
P3 Health Partners at a Glance P3 Health Partners is a physician enablement organization that takes global risk in a rapidly growing $1.2T Medicare Advantage and FFS Medicare market. A physician led organization, enabling physicians, care teams and practices on their journey from traditional fee-for
Slide 4: Our Mission is to be the Best Health Partner for Patients, Providers, & Payers
Our Mission is to be the Best Health Partner for: Patients, Providers, & Payers Large and durable market with compelling margin potential Full-risk Medicare Advantage rewards scaled operators who can manage total cost of care Structural improvement driving profitability Stronger contract economics,
Slide 5: Core Market Execution: The Economic Engine
Core Market Execution: The Economic Engine The operational work completed in P3's core markets is already embedded in the business and driving measurable financial improvement FOUNDATIONAL IMPROVEMENTS Arizona Nevada The operating expense and contract work completed in 2025 is embedded in the MA: ~2
Slide 6: Glidepath to Full Risk Repeatable and Scalable
Expansion into New Markets and Smart Growth New MA Geography: Nebraska GLIDEPATH TO FULL RISK Partnership expands P3 into a new Medicare Advantage geography, adding 29K members under management Includes delegated functions from day one, ahead of full risk Phase 1 Phase 2 Phase 3 assumption, with a
Slide 7: P3 is Addressing a Substantial Market Opportunity
P3 is Addressing a Substantial Market Opportunity Annual U.S. Medicare Spend MA Enrollment ~35M4 Healthcare Spend ~$1.1T2 53% of beneficiaries ~$5.3T1 Medicare Eligibles MA Spend ~68.9M3 ~$538 billion5 48% of Medicare Spend Industry Shifts Driving Opportunity for P3 High Medicare Payor Cost MA Rate
Slide 8: Medicare Advantage Is Now the Majority of Medicare
Medicare Advantage Is Now the Majority of Medicare 55% penetration and 35M beneficiaries reflects a structural shift that defines P3's market opportunity 8 Footnotes: 1) KKF: Medicare Advantage in 2025: Enrollment Update and Key Trends. Total Medicare denominator represents Part B Enrollees eligible
Slide 9: Value-Based Care is Bending the Medical Cost Curve and Is Here to Stay
Value-Based Care is Bending the Medical Cost Curve and Is Here to Stay Annual Medicare Spending Per Beneficiary 1 Medicare spending in total has increased dramatically as more $23,500 Projected based beneficiaries age in, 2025 on recent trend however $4.0T+ gap Per beneficiary spending has been $15,
Slide 10: Value-Based Care Payment Model
Value-Based Care Payment Model Status Quo: FEE FOR SERVICE Under a fee for service (FFS) payment model, physicians are reimbursed based on the quantity of patients treated, regardless of the quality outcome. Uncontrolled Poor Quality of Care and Inadequate Access to Primary Physician High Costs Clin
Slide 11: P3's Value-Based Platform Drives Consistent Results
P3’s Value-Based Platform Drives Consistent Results Streamlining operations so physicians can prioritize patient relationships PROVIDER ENGAGEMENT Reducing performance variability and creating alignment of incentives with quality outcomes Referral insights Optimized Risk Stratification Platform
Slide 12: The Four Operational Pillars of P3's Playbook
The Four Operational Pillars of P3’s Playbook Patient Outcomes Risk stratification and targeted interventions by population Population Targeting & Outcome Measurable ROI driven by care outcomes Measurement Closing care gaps and achieving 4 Stars+ in quality performance AI and predictive anal
Slide 13: Building the Path to Value-Based Excellence
Building the Path to Value-Based Excellence Building the Empowering the Optimize Full Risk Foundation Network Performance Transition Early Momentum, Lasting Unlock network potential for Strengthening the PCPs Glide Path to Risk Results measurable outcomes Performance 1 2 3 4 • Build physician relati
Slide 14: P3 Integrated Patient Journey Results in Coordinated Care Delivery
P3 Integrated Patient Journey Results in Coordinated Care Delivery P3 coordinates care with lower costs and improved patient health outcomes. P3 navigates, coordinates, and integrates care to create a customized care plan for each patient. P3 Assumes Financial Risk Payors Through its contract with t
Slide 15: Business Trajectory & Key Milestones
Business Trajectory & Key Milestones Structural work completed 2024–2025 drives toward profitability 2026 2023 2024 2025 2026 The Starting Point New Leadership Team Operational Efficiencies Contracts Inflecting • Unfavorable contract economics • CEO and CFO transitions completed • Eliminated duplica
Slide 16: Revised 2026 Guidance: Raises Midpoint to $95M Adjusted EBITDA
Revised 2026 Guidance: Raises Midpoint to $95M Adjusted EBITDA 2026 Guidance range of $80M to $110M reflects impact of underlying performance, as well as prior-year development and payer settlements recognized in the first half. Revised: 2026 Full-year Guidance Metric Low High At-Risk Members 102,00
Slide 17: New Leadership Team in Place from Healthcare Partners & Optum
P3 OPPORTUNITY: NEW LEADERSHIP TEAM IN PLACE FROM HEALTHCARE PARTNERS & OPTUM Aric Coffman, MD Leif Pedersen Amir Bacchus, MD Bill Betterman Todd Smith Chief Executive Officer Chief Financial Officer Co-Founder & Chief Operating Officer Chief Legal and Chief Medical Officer Compliance Officer ~20 Ye
Slide 18: Questions?
Questions? 18