Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — J.P. Morgan Healthcare Conference 2026
32 slides from Astrana Health's conference presentation, January 2026
Slide 1: Investor Presentation
Investor Presentation January 2026
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'
Slide 3: The status quo for healthcare in the United States is broken
The status quo for healthcare in the United States is broken Insufficient Poor Limited & costly access to quality care provider and patient satisfaction technology & coordinated care 3
Slide 4: Astrana transforms the status quo into accessible, high-quality, coordinated care delivery networks
Astrana transforms the status quo into accessible, high - quality , coordinated care delivery networks Status quo payment model Astrana Health delegated financial model + ~20 Other + ~20 Other Payer s Payer s Care Partners Primary care Multi -specialty Hospital Astrana provider group Hospital FFS Pa
Slide 5: Astrana has built the leading platform for delegated risk
Astrana has built the leading platform for delegated risk, enabling better spend visibility, alignment, and patient outcomes Status quo Risk -bearing org (No admin. delegation) Risk -bearing org (admin. delegation) + ~20 Other + ~20 Other + ~20 Other Payer s Payer s Payer s DELEGATED RBO 2 Primary c
Slide 6: We continue to grow into new markets through the Astrana Care Model
We continue to grow into new markets through the Astrana Care Model, delivering coordinated, high - quality care From our start in one market, we’ve scaled across new markets nationwide Example Network: Astrana in San Gabriel Valley 1 1 Example Market: Astrana in Southern Nevada 215 15 134 11 PASADE
Slide 7: Astrana now serves sixteen markets across the country
Astrana now serves sixteen markets across the country 2019 2020 2021 2022 2023 2024 2025 # of Markets 3 3 4 6 6 11 16 Note: Colored states represent those with more than 5,000 members 7
Slide 8: Astrana's Care Model drives better access, quality, and patient outcomes
Astrana’s Care Model drives better access, quality, and patient outcomes… 14% 2 shorter inpatient length of stay vs benchmark 67% 1 70% Fewer hospital admissions than benchmark of prior authorizations auto -approved, driving increased access for patients with instantaneous approvals 3 Leslie’s PCP s
Slide 9: And serves members longitudinally throughout their lifetimes
…And serves members longitudinally throughout their lifetimes 1.6 million members in value -based arrangements 2 Providers caring for our members 20,000+ Revenue by Line of Business 3 61% 27% 8% 4% Robust provider 98% retention Average annual Medicare Medicaid Commercial Other Third Parties provider
Slide 10: Our model powers strong financial results in all utilization environments
Our model powers strong financial results in all utilization environments Revenue ($ in millions) Adj. EBITDA ($ in millions) $3,100 – $200 - ~ 33 % CAGR $3,180 ~25% CAGR $210 $170.4 $146.6 $2,035 $140.0 $133.5 $102.8 $1,387 $1,144 $774 $54.2 $687 $561 2019 2020 2021 2022 2023 2024 2025E 2019 2020 2
Slide 11: The Astrana playbook is focused on the execution of our 4 pillars strategy
The Astrana playbook is focused on the execution of our 4 pillars strategy Membership Growth : Sustainably growing membership to bring better care to more Americans Revenue Per Member Growth : Increasing alignment with patient outcomes through responsible risk progression in value -based arrangement
Slide 12: The Astrana playbook is focused on the execution of our 4 pillars strategy
The Astrana playbook is focused on the execution of our 4 pillars strategy Membership Growth : Sustainably growing membership to bring better care to more Americans Revenue Per Member Growth : Increasing alignment with patient outcomes through responsible risk progression in value -based arrangement
Slide 13: We've demonstrated our ability to provide better care at lower cost in California
Growth We’ve demonstrated our ability to provide better care at lower cost in our core market, California California 1992 2019 2022 2023 2024 2025 ~$380B CA TAM Opportunity Launched in Built density in Expanded into Expanded into Deepened CA Scaled CA Footprint Southern CA Southern CA Northern CA Ce
Slide 14: We continue to deploy the Astrana playbook in new markets
Growth We continue to deploy the Astrana playbook in new markets Building a differentiated experience 2 – 3 Years to Profitability for patients and providers Care Partners Entered in Q4 2022 Entered in Q3 2023 Grow a differentiated provider network Generate Generate savings in opex prudent value - e
Slide 15: Disciplined execution on highly complementary inorganic growth
Growth Disciplined execution on highly complementary inorganic growth Pro forma geographic footprint • Integration remains on -track with Prospect significant progress made over the last 6 Integration months • Reiterating $12 -15m in cost synergies Synergy realized over the first 18 months with a Ta
Slide 16: The Astrana playbook is focused on the execution of our 4 pillars strategy
The Astrana playbook is focused on the execution of our 4 pillars strategy Membership Growth : Sustainably growing membership to bring better care to more Americans Revenue Per Member Growth : Increasing alignment with patient outcomes through responsible risk progression in value -based arrangement
Slide 17: Prudently transitioning to full-risk contracts to better align incentives
Risk Progression Prudently transitioning to full - risk contracts to better align incentives around patient outcomes and improve unit economics Full -risk 1 Members by Risk Capitated Revenue by Risk Arrangement Arrangement 2 P artial -risk 23% 20% 27% 53% 65% 66% 100% 77% 80% 73% 47% 35% 34% 2021 20
Slide 18: The Astrana playbook is focused on the execution of our 4 pillars strategy
The Astrana playbook is focused on the execution of our 4 pillars strategy Membership Growth : Sustainably growing membership to bring better care to more Americans Revenue Per Member Growth : Increasing alignment with patient outcomes through responsible risk progression in value -based arrangement
Slide 19: The Astrana Care Model invests in preventive care and improves patient outcomes
Outcomes The Astrana Care Model invests in preventive care, works with patients longitudinally, and ultimately improves patient outcomes 67% 70% 4.7% 73 Of prior auths Lower hospital Fewer hospital Net Promoter are auto - rate of admissions 1 Score 4 approved 2 readmission 3 1. Legacy Astrana Health
Slide 20: The Astrana playbook is focused on the execution of our 4 pillars strategy
The Astrana playbook is focused on the execution of our 4 pillars strategy Membership Growth : Sustainably growing membership to bring better care to more Americans Revenue Per Member Growth : Increasing alignment with patient outcomes through responsible risk progression in value -based arrangement
Slide 21: Our purpose-built, intelligent, value-based care platform drives scalable results
Operating Leverage Our purpose - built, intelligent, value - based care platform drives scalable and repeatable results across our business Provider Empowerment Care Management & Population Health & Operating Leverage and Engagement Patient Outcomes Analytics All -in-one point -of-care tool for Impr
Slide 22: Despite industry challenges, Astrana is poised to succeed
Despite industry challenges, Astrana is poised to succeed Challenge Industry Headwind Astrana’s Advantage Scrutiny on inflated RAF Responsible risk adjustment Risk Adjustment scores with approximately 1.02 RAF Higher utilization across the Well -managed, mid -single digit Utilization sector trend, i
Slide 23: Astrana Reiterates Guidance for FY2025
Astrana Reiterates Guidance for FY2025 ($ in millions) Q3 202 5 Actual FY 2024 FY 2025 Guidance Financial Results Results Range 1 Revenue $956.0 Total Revenue $2,034.5 $3,100 - $3,180 Adjusted EBITDA 1 $68.5 Adjusted EBITDA 1 $170.4 $200 - $210 1. See “Reconciliation of Net Income to EBITDA and Adju
Slide 24: Building the premier, patient-centered healthcare platform for all
Building the premier, patient - centered healthcare platform for all Membership Growth Revenue Per Member Growth Outcomes and Cost Operating Leverage 16 ~1.6M 20k+ Care Partners Care Delivery Care Enablement Markets VBC Members Providers 24
Slide 25: Appendix
Appendix 25
Slide 26: 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
Slide 27: 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 28: Balance Sheet Highlights
Balance Sheet Highlights $ in millions 9/30/2025 12/31/2024 $ Change Cash and cash equivalents and investments in marketable $463.4 $290.8 $172.6 securities 1 Working capital $253.7 $272.9 $(19.2) Total stockholders’ equity $789.1 $716.7 $72.4 1. Excluding restricted cash 28
Slide 29: 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 30: Reconciliation of Net Income to EBITDA & Adjusted EBITDA (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 31: Guidance Reconciliation of Net Income to EBITDA & 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 32: Investor Relations
Investor Relations grant.hesser@astranahealth.com
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