Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q3 2025 Earnings Presentation
17 slides from Astrana Health's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Earnings Supplement
Third Quarter 2025 Earnings Supplement November 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include any statements about the Company's bu
Slide 3: Third Quarter 2025 Performance Highlights
Third Quarter 2025 Performance Highlights ($ in millions, except for per share information) Q3 2025 Financial Results Revenue $956.0 Adjusted EBITDA1 $68.5 Net Income attr. to ASTH $0.4 EPS – Diluted $0.01 1. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP Finan
Slide 4: FY2025 Guidance
FY2025 Guidance ($ in millions) Q3 2025 Actual FY 2024 FY 2025 Guidance Financial Results Results Range1 Revenue $956.0 Total Revenue $2,034.5 $3,100 - $3,180 Adjusted EBITDA1 $68.5 Adjusted EBITDA1 $170.4 $200 - $210 1. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA,” “Guidance Rec
Slide 5: Third Quarter 2025 Highlights and Recent Updates
Growth Third Quarter 2025 Highlights and Recent Updates Growth Closed acquisition of Prospect; Astrana is now serving over 1.6 million patients in value-based arrangements Sustainably growing membership to bring better care to more Americans Approximately 1.4 million members in our Care Partners seg
Slide 6: Risk Progression
Risk Progression Prudently transitioning to full-risk contracts to better align incentives around patient outcomes and improve unit economics Full-risk Members by Risk Capitated Revenue by Risk Arrangement1 Arrangement2 Partial-risk Projected 27% 23% 23% 53% 65% 66% 100% 73% 77% 77% 47% 35% 34% 2021
Slide 7: Our Value-Based Care Business is Diverse
Our Value-Based Care Business is Diverse 1% Revenue by Type1 2% 90% 3% 4% Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other Income Revenue By Payer Type1 60% 25% 9% 6% Medicare Medicaid Commercial Other Third Parties Revenue by Risk Arrangement1,2 77
Slide 8: Astrana grows profitably across all market conditions
Astrana grows profitably across all market conditions Revenue ($ in millions) Adj. EBITDA ($ in millions) ~33% CAGR ~25% CAGR $200 - $3,100 – $210 $3,180 $170.4 $146.6 $140.0 $2,035 $133.5 $102.8 $1,387 $1,144 $54.2 $774 $687 $561 2019 2020 2021 2022 2023 2024 2025E 2019 2020 2021 2022 2023 2024 202
Slide 9: Quarter over Quarter Segment Revenue
Quarter over Quarter Segment Revenue Care Partners Care Delivery Care Enablement Inter- Total company High-performing network of High-quality system of Full-stack tech, clinical, and aligned providers employed providers operations platform Revenue $ in millions Q3 2025 $897.7 $86.9 $87.3 $(115.9) $9
Slide 10: Selected Financial Results
Selected Financial Results 10
Slide 11: Summary of Selected Financial Results
Summary of Selected Financial Results Three Months Ended September 30, $ in thousands except per share data 2025 2024 Revenue Capitation, net $ 863,380 $ 431,401 Risk pool settlements and incentives 30,798 21,779 Management fee income 15,217 2,747 Fee-for-service, net 40,080 18,692 Other revenue 6,5
Slide 12: Segment Results
Segment Results For the three months ended September 30, 2025 Care Care Care Intersegment Corporate Consolidated $ in thousands Partners Delivery Enablement Elimination Costs Total Total revenues $ 897,730 86,871 87,340 (115,893) - 956,048 % change vs prior year quarter 97% 150% 113% 99% Cost of ser
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights $ in millions 9/30/2025 12/31/2024 $ Change Cash and cash equivalents and $463.4 $290.8 $172.6 investments in marketable securities1 Working capital $253.7 $272.9 $(19.2) Total stockholders’ equity $789.1 $716.7 $72.4 1. Excluding restricted cash 13
Slide 14: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA Three Months Ended September 30, $ in thousands 2025 2024 Net Income $ 1,077 $ 18,981 Interest Expense 17,718 8,856 Interest income (3,522) (3,778) Provision for income taxes 4,594 7,831 Depreciation and amortization 15,595 7,264 EBITDA 35,462
Slide 15: Adjusted EBITDA Reconciliation (continued)
Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued) For the twelve months ended TTM Ended Year Ended $ in millions September 30, 2025 2024 2023 2022 2021 2020 2019 Net Income $ 9.7 $ 49.9 $ 57.8 $ 45.7 $ 46.1 $ 122.1 $ 15.8 Interest expense 40.5 33.1 16.1 7.9 5.4 9.5 4.7 Interest in
Slide 16: Guidance Reconciliation & Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA 2025 Guidance Range (in thousands, $) Low High Net Income 23,500 28,500 Interest expense 37,000 38,000 Provision for income taxes 18,000 22,000 Depreciation and amortization 45,500 45,500 EBITDA 124,000 134,000 Income from equity meth
Slide 17: Investor Relations
Investor Relations grant.hesser@astranahealth.com