The Oncology Institute, Inc. · NASDAQ:TOI
The Oncology Institute — Q4 2025 Earnings Presentation
27 slides from The Oncology Institute's earnings presentation, March 2026
Slide 1: Investor Presentation
March 2026 Investor Presentation THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS AND NON-GAAP Disclaimer FINANCIAL MEASURES Some of the information in this presentation is not historical in nature and may constitute forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Slide 3: Investment Highlights
Investment Financial 01 02 03 Highlights Highlights Leading national Large TAM, with 19-year history(1) of oncology-focused long-term growth differentiated care VBC Platform driven by secular delivery, controlling trends costs and improving outcomes 04 05 06 Multiple growth Management team 28% reven
Slide 4: TOI is Purpose-Built to Execute Within Value-Based Oncology Care
TOI is Purpose-Build to Execute Within Value-Based Oncology Care Comprehensive, Embedded Specialty High-Touch, Unified Technology Scalable Network Pharmacy Collaborative Care Infrastructure Model Oncology-focused network $269 million in annual Coordinated care teams Clinically focused systems to spa
Slide 5: TOI is a High-Growth, Full-Service, Value-Based Oncology Provider
TOI is a High-Growth, Full-Service, Value-Based Oncology Provider 2.0+ million 19 60+ 300K+ Value-based lives Years in business(1) Active major payor contracts Total patient encounters in 2025(2) (across capitation and fee for service) Revenue ($ in millions) Revenue Mix (%) $503 1% 16% $393 $324 Sp
Slide 6: TOI Operates in a Large and Growing Market for Oncology Services
TOI Operates in a Large and Growing Market for Oncology Services U.S. Oncology Market Growth(1) ($ in billions) Significant Pressure on Payor Utilization $180 $99 Payors are shifting <10% of Oncology Oncology is the treatment to non- spend is managed; fastest-growing area hospital settings to >90% F
Slide 7: Our Growth Model starts with Capitation, Enhanced by Pharmacy and Wraparound Services
Our Growth Model starts with Capitation, and is Enhanced by Pharmacy and Other Wraparound Services Step 1 Step 2 Step 3 Oncology patients seen for capitated TOI captures additional clinical revenue TOI contracts with Payor to manage outpatient medical oncology services from services not included in
Slide 8: TOI's Rapidly-growing Specialty Pharmacy is an Attractive Wraparound Service
TOI’s Rapidly-growing Specialty Pharmacy is an Attractive Wraparound Service For Patients And Payors Specialty Pharmacy Scripts Per 1K Clinic Visits(1) > TOI's specialty pharmacy is a convenient and affordable option for patients and network providers, while driving strong economics for TOI • Loweri
Slide 9: TOI has a National Footprint, with Substantial Headroom for Potential Growth
TOI has a National Footprint, with Substantial Headroom for Potential Growth Lives by State (Lives in thousands) Revenue by State ($ in millions) CA Non-CA CA Non-CA White Space Within Existing Markets(1) TOI Penetration in California: 7.3% TOI Penetration in Non-CA: 2.2% 2,015 1,880 67 249 $503 $39
Slide 10: TOI uses Two Value-based Contracting Models, Based on Market Needs
TOI uses Two Value-based Contracting Models, Based on Market Needs Value-based Narrow Network Capitation Delegation, Open-Network Capitation TOI acts as exclusive oncology provider under a payor TOI manages entire oncology benefit for payor, from network Description (managed care, IPA, or delegated
Slide 11: TOI also has a Profitable and Growing Fee For Service Business
TOI also has a Profitable and Growing Fee For Service Business, to Support Community Demand and Payors Not Yet Ready for Value-based Models Medical Oncology(1) Radiation Oncology(1) Hematology(1) Specialty Pharmacy Clinical Trials and Other TOI prescribes and delivers Given hematology is a oral and s
Slide 12: Creating Proven Results: Equal or Better Cancer Care Outcomes, At Less Cost
Creating Proven Results: Equal or Better Cancer Care Outcomes, At Less Cost To Payors and Patients ~70% 29% >25% Lower Median Total Healthcare Superior Cost Overall MLR(1) Lower Inpatient Admissions(1) Costs for Patients(1) Outcomes… ~23% 33% ~5% Typical Payor Savings in Year 1 of Fewer ER Visits Am
Slide 13: Purpose-Built Technology Stack that will Drive Significant OpEx Efficiencies
Purpose-Built Technology Stack that will Drive Significant OpEx Efficiencies TOI is actively adopting AI to deliver better patient care and improve operational productivity as we scale Patient Intake Care and Cost Management Collections and Financial Analytics Prior Authorization Prior Authorization P
Slide 14: Proven Ability to Maintain Stable MLR As Platform Continues to Rapidly Scale
Proven Ability to Maintain Stable MLR As Platform Continues to Rapidly Scale Why TOI Wins Consistent MLR Performance Despite Elevated Industry Utilization TOI model inherently provides greater Cap Revenue ($M) (1) stability to MLR relative to peers MLR(1)(2) $23.2 • Industry-leading utilization mana
Slide 15: Measurable New Capitation Contract Ramp
Measurable New Capitation Contract Ramp Pre-Contracting Months 0-3 Months 4-9 Months 10-12+ Implementation Underwriting “Continuity of Care” Period Contract Maturity of TOI Pathways Cash Inflow N/A Monthly payments Monthly payments Monthly payments Catch-up on Cash Outflow N/A Limited outflows Run-r
Slide 16: Management Team and Board Leadership with Deep Industry Experience
Management Team and Board Leadership with Deep Industry Experience Jordan McInerney Jeffrey Langsam, DO Chief Development Officer Chief Clinical Officer Daniel Virnich, MD Rob Carter Anne McGeorge Prior Experience Prior Experience Chief Executive Officer Chief Financial Officer Chairman of the Board
Slide 17: Financial Overview
Financial Overview THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION 17
Slide 18: Financial Highlights
Financial 01 02 03 Highlights Diversified High revenue Direct cost control business model visibility: recurring over oncology across contracting treatment models therapeutic models, geographies, and subscription-like regimens and populations contracts 04 05 06 07 Durable growth Increasing On track f
Slide 19: Gross Margin PMPM
01 Capture of Delegated Members Within TOI Clinics Drives Embedded Earnings Upside Market Maturation Growth Quality Margin Expansion of Wraparound Services During TOI Clinic Visits Influence Organic Referral Patterns (Cap and FFS) Towards TOI Clinics Market Go-Live Growth Expense Initiatives Gross M
Slide 20: Increasing Capture of Existing Delegated Members in TOI Clinics Creates Complementary Economics
Increasing Capture of Existing Delegated Members in TOI Clinics Creates Complementary Economics Across TOI Business Lines, Independent of New Contract Wins Capitation Illustrative Unit Economics ($ in thousands, except per script metrics and revenue PMPM) Year 1 Year 2 Year 3 Lives (1) 1,000 1,030 1
Slide 21: Consistent Revenue Growth Through TOI's History
Consistent Revenue Growth Through TOI's History $503 Revenue(1) in Millions $393 $324 $252 $188 $203 $155 41% Revenue $113 $64 $74 CAGR $26 $29 $38 $41 $42 $48 $1 $10 $17 (2) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TOI 1st Value-Based 1st Dispen
Slide 22: TOI Economic Model
TOI Economic Model Patient Services Wraparound Services Clinical Research(1) FFS Capitation Specialty Pharmacy and Other(2) • Billing insurance + copay per • Contracts with managed • Billed to pharmacy benefits / • Enrolling TOI patients into service provided by TOI care, IPA, and fully-delegated PB
Slide 23: 4Q25 Quarterly Results
4Q25 Quarterly Results Revenue Adjusted EBITDA(1) Net Loss 2025 Operational Highlights ($ in millions) ($ in millions) ($ in millions) 4Q24 4Q25 4Q24 4Q25 Achieved Adjusted EBITDA profitability in 4Q25 $142.0 $0.1 $0.7 $100.3 Launched 70,000 new members $2.5 $81.4 in Florida with delegated network p
Slide 24: Path to Breakeven and Future Profitability Levers
Path to Breakeven and Future Profitability Levers SG&A Declining SG&A as aasPercentage Declining of Revenue, a Percentage Gross of Revenue Relevant Financials Margin Levers Margins Gross MarginsTrending Higher Trending Higher Margin Levers ($ in millions) SG&A as a % of Rev. Gross Margin Net Loss Gro
Slide 25: Recap: Financial Investment Highlights
Recap: Financial Investment 01 02 03 Highlights Highlights Leading national Large TAM, with 19-year history(1) of oncology-focused long-term growth differentiated care VBC Platform driven by secular delivery, controlling trends costs and improving outcomes 04 05 06 Multiple growth Management team 28
Slide 26: Appendix
Appendix THE ONCOLOGY INSTITUTE OF HOPE & INNOVATION 26
Slide 27: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation FOR THREE MONTHS ENDED ($ in thousands) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2023 Dec 31, 2024 Dec 31, 2025 Net loss ($16,113) ($15,479) ($19,888) ($16,504) ($17,009) ($19,585) ($18,754) ($13,182) ($7,508) Depreciation a
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