Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Investor Presentation (January 2026)
32 slides from Astrana Health's investor presentation, Jan 12, 2026
Slide 1: Investor Presentation January 2026
Investor Presentation January 2026
Slide 2: Forward Looking Statements
2 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 Compan
Slide 3: The status quo for healthcare in the United States is broken
3 Poor provider and patient satisfaction Insufficient & costly access to quality care Limited technology & coordinated care The status quo for healthcare in the United States is broken
Slide 4: Astrana transforms the status quo into accessible, high-quality, coordinated care delivery networks
4 Astrana transforms the status quo into accessible, high - quality , coordinated care delivery networks Status quo payment model Astrana Health delegated financial model Primary care Multi -specialty Hospital Members stay in the Astrana ecosystem across payers and LOB 1 , allowing Astrana to invest
Slide 5: Astrana has built the leading platform for delegated risk
5 Astrana has built the leading platform for delegated risk, enabling better spend visibility, alignment, and patient outcomes Status quo Primary care Multi -specialty Hospital Claims & Admin. Risk -bearing org (admin. delegation) % of premium Claims and Admin Risk -bearing org (No admin. delegation
Slide 6: From our start in one market, we've scaled across new markets nationwide
6 From our start in one market, we’ve scaled across new markets nationwide We continue to grow into new markets through the Astrana Care Model, delivering coordinated, high - quality care 159 159 159 15 11 215 11 15 215 612 612 ENTERPRISE HENDERSON LAS VEGAS NORTH LAS VEGAS PARADISE SPRING VALLEY Ex
Slide 7: Astrana now serves sixteen markets across the country
7 2019 2020 2021 2022 2023 2024 2025 # of Markets 3 3 4 6 6 11 16 Astrana now serves sixteen markets across the country Note: Colored states represent those with more than 5,000 members
Slide 8: Astrana's Care Model drives better access, quality, and patient outcomes
8 Astrana’s Care Model drives better access, quality, and patient outcomes… Astrana care team contacts Leslie to schedule her Annual Wellness Visit Leslie visits an AstranaCare clinic, where her PCP explains the need for a cardiology visit given her most recent lab results Leslie’s PCP submits a pri
Slide 9: And serves members longitudinally throughout their lifetimes
9 …And serves members longitudinally throughout their lifetimes 1.6 million members in value -based arrangements 2 20,000+ Providers caring for our members 98% Average annual provider retention 1 Experienced providers 11.1 Average provider tenure of Care Partners providers 1 Payer partners 1. Based
Slide 10: Our model powers strong financial results in all utilization environments
10 $54.2 $102.8 $133.5 $140.0 $146.6 $170.4 Our model powers strong financial results in all utilization environments Revenue ($ in millions) Adj. EBITDA ($ in millions) ~25% CAGR Clear visibility into continued 25%+ growth over the medium term $561 $687 $774 $1,144 $1,387 $2,035 $3,100 – $3,180 201
Slide 11: The Astrana playbook is focused on the execution of our 4 pillars strategy
11 Outcomes and Cost: Achieving superior patient outcomes and care quality while managing cost 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 valu
Slide 12: The Astrana playbook is focused on the execution of our 4 pillars strategy
12 Outcomes and Cost: Achieving superior patient outcomes and care quality while managing cost 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 valu
Slide 13: We've demonstrated our ability to provide better care at lower cost in California
13 California 1992 2019 2022 2023 Built density in Southern CA San Bernardino 2.2M pop. 1 Riverside 2.5M pop. 1 MCR Improvement: ~(750) bps 2 Expanded into Northern CA Bay Area 6.2M pop. 1 MCR Improvement: ~(950) bps 3 Expanded into Central CA Central Valley 6.1M pop. 1 Launched in Southern CA Los A
Slide 14: We continue to deploy the Astrana playbook in new markets
14 2 – 3 Years to Profitability 800+ providers within Care Partners AstranaCare clinics and Astrana risk -bearing entities are run -rate breakeven 3,400+ providers within Care Partners serving over 18,000 Medicare Advantage lives Continuing to make progress towards profitability Entered in Q4 2022 E
Slide 15: Disciplined execution on highly complementary inorganic growth
15 • Integration remains on -track with significant progress made over the last 6 months Pro forma geographic footprint Astrana Prospect Astrana and Prospect Complementary markets in Southern California: Growth Disciplined execution on highly complementary inorganic growth • PF net debt to adjusted
Slide 16: The Astrana playbook is focused on the execution of our 4 pillars strategy
16 Outcomes and Cost: Achieving superior patient outcomes and care quality while managing cost 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 valu
Slide 17: Risk Progression
17 Risk Progression Prudently transitioning to full -risk contracts to better align incentives around patient outcomes and improve unit economics Projected Full -risk P artial -risk Members by Risk Arrangement 2 35% 47% 73% 77% 80% 100% 65% 53% 27% 23% 20% 2021 2022 2023 2024 2025 Q3 Jan-26 34% 66%
Slide 18: The Astrana playbook is focused on the execution of our 4 pillars strategy
18 Outcomes and Cost: Achieving superior patient outcomes and care quality while managing cost 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 valu
Slide 19: The Astrana Care Model improves patient outcomes
19 73 Net Promoter Score 3 4.7% Lower hospital rate of readmission 2 67% Fewer hospital admissions 1 70% Of prior auths are auto - approved Outcomes 1. Legacy Astrana Health figures based on 2025 Medicare utilization rates across all IPAs compared to most recent available CMS ben chmark 2. Legacy As
Slide 20: The Astrana playbook is focused on the execution of our 4 pillars strategy
20 Outcomes and Cost: Achieving superior patient outcomes and care quality while managing cost 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 valu
Slide 21: Provider Empowerment and Engagement
21 Provider Empowerment and Engagement All-in-one point -of-care tool for both providers and practice across quality, risk, care plans, prior auths , and claims Providers who actively use our tools deliver measurably better patient outcomes than those who do not Care Management & Patient Outcomes Im
Slide 22: Despite industry challenges, Astrana is poised to succeed
22 Challenge Industry Headwind Astrana’s Advantage Risk Adjustment Utilization Value -Based Care Scrutiny on inflated RAF scores Higher utilization across the sector Struggles managing profitability in full -risk; exiting risk contracts Responsible risk adjustment with approximately 1.02 RAF Well-ma
Slide 23: Astrana Reiterates Guidance for FY2025
23 Q3 202 5 Financial Results 1. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA,” “Guidance Reconciliation of Net Income to EBITDA and Adjust ed EBITDA” and “Use of Non -GAAP Financial Measures” slides for more information There can be no assurance that actual amounts will not be ma
Slide 24: Building the premier, patient-centered healthcare platform for all
24 16 Markets ~1.6M VBC Members 20k+ Providers Membership Growth Outcomes and Cost Care Partners Care Delivery Care Enablement Operating Leverage Revenue Per Member Growth Building the premier, patient - centered healthcare platform for all
Slide 25: Appendix
25 Appendix
Slide 26: Summary of Selected Financial Results
26 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 6,573 4,091 Total revenue 956,048 478
Slide 27: Segment Results
27 $ in thousands Care Partners Care Delivery Care Enablement Intersegment Elimination Corporate Costs Consolidated Total Total revenues $ 897,730 86,871 87,340 (115,893) - 956,048 % change vs prior year quarter 97% 150% 113% 99% Cost of services 788,427 72,210 44,067 (45,848) - 858,856 General and
Slide 28: Balance Sheet Highlights
28 $ in millions 9/30/2025 12/31/2024 $ Change Cash and cash equivalents and investments in marketable securities 1 $463.4 $290.8 $172.6 Working capital $253.7 $272.9 $(19.2) Total stockholders’ equity $789.1 $716.7 $72.4 1. Excluding restricted cash Balance Sheet Highlights
Slide 29: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
29 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 39,154 Income from equity method investments (1,019)
Slide 30: Reconciliation of Net Income to EBITDA and Adjusted EBITDA (annual)
30 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 income (11.4) (14.5) (14.2) (2.0) (1.6) (2.8) (2.0) Provision for in
Slide 31: Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA
31 Note: See “Use of Non -GAAP Financial Measures” slide for more information. 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 fro
Slide 32: Investor Relations
Investor Relations grant.hesser@astranahealth.com
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