Clover Health Investments, Corp. · NASDAQ:CLOV
Clover Health Investments — Investor Presentation (December 2025)
36 slides from Clover Health Investments's investor presentation, December 2025
Slide 1: Investor Presentation
Investor Presentation December 2025
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 Technology to Identify, Manage & Treat Chronic Diseases Earlier Earlier Diagnosis Earlier Disease Higher Quality Affordable & & Treatment Management Clinical Care Accessible Care 3
Slide 4: Investment Highlights
Investment Highlights Leading Physician Enablement Technology Company: Focused on affordability, accessibility, and choice AI-Powered Platform: Clover Assistant (CA) technology empowers physicians with AI-driven clinical recommendations to support better decisions & improve outcomes via early identi
Slide 5: Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software
Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software Clover’s Approach Traditional MA Approaches Clinical, physician enablement, Technology InsurTech, back-office & administrative AI-Powered technology Earlier disease identification & management Delayed / react
Slide 6: 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 7: 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 via earlier diagnosis and lower hospitalizations & readm
Slide 8: Counterpart Health Brings Clover’s Care Model to More Plans & Providers
Counterpart Health Brings Clover’s Care Model to More Plans & Providers Health outcomes improved via earlier identification, management, & treatment of disease Complementary offering to growth & profitability beyond Clover’s core MA markets New SaaS & Tech-Enabled Services revenue streams with low s
Slide 9: Third Quarter Year-to-Date 2025 Business Update
Third Quarter Year-to-Date 2025 Business Update Growth + Profitability Executing Through MA Pressures ● 3Q YTD MA membership +35% YoY, Insurance ● Margin pressures from higher-than-expected revenue +39% YoY mix of new members, relative to returning base ● 3Q YTD Adj. EBITDA of $45M & Adj. Net income
Slide 10: Framework for Increasing Growth + Profitability
Framework for Increasing Growth + Profitability Larger Cohort of Profitable Returning Members Increasingly Better Strong Retention Performing Cohorts Expect larger base of returning members to fund future new member growth 10
Slide 11: Poised for Continued Growth
Poised for Continued Growth Average Medicare Advantage Membership(1) Average Membership by Type(2) +33% >90% Historical voluntary retention & industry disruption positions Clover for continued growth & larger 2026 and beyond returning member cohort (1) Expected year ended 2025 average Medicare Advan
Slide 12: Clinical Model Drives Strong Cohort Performance
Clinical Model Drives Strong Cohort Performance Average MCR Differential by Cohort Year(1) Returning member cohorts perform increasingly better, with strong long-term value, establishing foundation for continued MA success (1) Clover Health cohort information represents incurred membership data from
Slide 13: Clinical Model Increases Member Lifetime Value
Clinical Model Increases Member Lifetime Value Contribution Profit (Loss) ($PMPM)(1) Strong returning cohort performance expected to improve, reinforcing confidence to drive future earnings growth & margin expansion in 2026 & beyond (1) Represents Incurred contribution profit (loss) for new and retu
Slide 14: Well Positioned for Above-Market Growth & Profitability Expansion in 2026 & Beyond
Well Positioned for Above-Market Growth & Profitability Expansion in 2026 & Beyond Clover Drivers Industry Tailwinds SG&A Optimization Anticipate strong retention & continued improvement Favorable impact from Fixed / Growth / Variable of larger, profitable returning member cohort CMS final rate noti
Slide 15: Q&A
Q&A
Slide 16: Appendix
Appendix
Slide 17: 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 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: Full Year 2025 Profitability Drivers
Full Year 2025 Profitability Drivers Illustrative – Not to Scale FY24 Prior FY25 Updated FY25 Adj. EBITDA(1) Adj. EBITDA(1) Adj. EBITDA(1) Results Guidance Guidance Loss Ratio Impact SG&A Further Increased from Returning Optimization via SG&A Investment Member Cohort Cost Efficiency Optimization Inc
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: A Different Approach to Empowering Accessible & Affordable Healthcare
A Different Approach to Empowering Accessible & Affordable Healthcare Technology-Centric Better Chronic Care Platform Disease Management Better care for chronic diseases. Physician enablement technology, Demonstrated by impact on CHF, COPD, CKD, powered by AI Diabetes, and Underserved Communities(1)
Slide 22: Care Platform: Clover Assistant is the Leader in Clinical AI
Care Platform: Clover Assistant is the Leader in Clinical AI Synthesis of 100+ Insights from >100 Clinical Orientation, Data Sources Proprietary Models Dynamic Actions Millions of clinical Robust IP and patent Surfacing relevant clinical documents, collected & portfolio(1) suggestions at time of rec
Slide 23: Care Platform: Differentiated Home Care at Critical Moments
Care Platform: Differentiated Home Care at Critical Moments Longitudinal, MD-led, primary care in the home for highest acuity population Clover Home Care Cohort has Readmission prevention and Significantly Improved MCR post-acute Care from 2021 to 2024(1) Assessment visits for unknown / emerging ris
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: Average Number in 2024 (CHF)
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 30: Average Number in 2024 (COPD)
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 31: 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 32: Non-GAAP Financial Measures
Non-GAAP Financial Measures 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 measures. Non-GAAP financial measures are supplemental and should not be considered a
Slide 33: 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 measures. Non-GAAP financial measures are supplemental and should not b
Slide 34: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED NET INCOME FROM CONTINUING OPERATIONS (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP measures. Non-GAAP financial measures ar
Slide 35: 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) AND NORMALIZED INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-
Slide 36: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures We use non-GAAP measures in this presentation, including Adjusted EBITDA, Adjusted Net income from continuing operations, Adjusted SG&A, Insurance BER, and Normalized Insurance BER. These non-GAAP financial measures are provided to enhance the reader’s understanding
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