Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q4 2025 Earnings Presentation
18 slides from Astrana Health's earnings presentation, Mar 2, 2026
Slide 1: Fourth Quarter & Full Year 2025 Earnings Supplement
Fourth Quarter & Full Year 2025 Earnings Supplement March 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's bu
Slide 3: Fourth Quarter & FY 2025 Performance Highlights
Fourth Quarter & FY 2025 Performance Highlights ($ in millions, except for per share information) Revenue Revenue – FY 43% 56% Q4 2025 Financial $3,181.8 Results $950.5 $665.2 $2,034.5 Revenue $950.5 Net Income attr. to Q4 2024 Q4 2025 2024 2025 $6.0 ASTH Adjusted EBITDA Adjusted EBITDA – FY Adjuste
Slide 4: FY2026 Guidance
FY2026 Guidance ($ in millions) Q4 2025 Actual FY 2025 FY 2026 Guidance Financial Results Results Range1 Revenue $950.5 Total Revenue $3,181.8 $3,800 - $4,100 Adjusted EBITDA1 $52.5 Adjusted EBITDA1 $205.4 $250 - $280 1. See “Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA,” “Guida
Slide 5: FY 2025 Highlights and Recent Updates
Growth FY 2025 Highlights and Recent Updates Closed acquisition of Prospect; Astrana is now serving 1.6 Growth million patients in value-based arrangements Sustainably growing membership to bring better care to more Americans Approximately 1.3 million members in our Care Partners segment On track to
Slide 6: Prudently transitioning to full-risk contracts to better align incentives
Prudently transitioning to full-risk contracts to better align incentives around patient outcomes and improve unit economics Members by Risk Full-risk Capitated Revenue by Risk Arrangement1 Arrangement2 Partial-risk Projected 24% 20% 27% 53% 65% 68% 64% 100% 76% 80% 73% 47% 35% 32% 36% 2021 2022 202
Slide 7: Our Value-Based Care Business is Diverse
Our Value-Based Care Business is Diverse Revenue by Type1 1% 1% 91% 3% 4% Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other Income Revenue By Payer Type1 57% 27% 10% 6% Medicare Medicaid Commercial Other Third Parties Revenue by Risk Arrangement1,2 7
Slide 8: Astrana grows profitably across all market conditions
Astrana grows profitably across all market conditions Revenue ($ in millions) Adj. EBITDA ($ in millions) ~32% CAGR ~25% CAGR $250- $3,800- $280 $4,100 $3,182 $205.4 $170.4 $146.6 $2,035 $140.0 $133.5 $1,387 $102.8 $1,144 $774 $54.2 $687 $561 2019 2020 2021 2022 2023 2024 2025 2026E 2019 2020 2021 2
Slide 9: Year over Year Segment Revenue
Year over Year 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 Q4 2025 $892.5 $92.1 $78.9 $(112.9) $950.5 Q
Slide 10: Selected Financial Results
Selected Financial Results 10
Slide 11: Summary of Selected Financial Results
Summary of Selected Financial Results Three Months Ended December 31, Years Ended December 31, $ in thousands except per share data 2025 2024 2025 2024 Revenue Capitation, net $ 862,814 $ 616,900 $ 2,924,265 $ 1,856,785 Risk pool settlements and incentives 25,508 28,660 86,199 86,224 Management fee
Slide 12: Segment Results
Segment Results For the three months ended December 31, 2025 Care Care Care Intersegmen Corporate Consolidated $ in thousands Other Partners Delivery Enablement t Elimination Costs Total Total revenues $ 892,479 92,090 78,860 - (112,903) - 950,526 % change vs prior year quarter 38% 153% 75% Cost of
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights $ in millions 12/31/2025 12/31/2024 $ Change Cash and cash equivalents1 $429.5 $288.5 $141.0 Working capital $248.0 $272.9 $(24.9) Total stockholders’ equity $793.3 $716.7 $76.6 1. Excluding restricted cash and marketable securities. 13
Slide 14: Reconciliation of Net Income (Loss) to EBITDA & Adjusted EBITDA
Reconciliation of Net Income (Loss) to EBITDA & Adjusted EBITDA Three Months Ended December 31, Years Ended December 31, $ in thousands 2025 2024 2025 2024 Net Income (loss) $ 6,562 $ (7,777) $ 24,076 $ 49,932 Interest expense 17,520 8,069 49,928 33,097 Interest income (3,987) (3,221) (12,157) (14,5
Slide 15: Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued)
Reconciliation of Net Income (Loss) to EBITDA & Adjusted EBITDA (continued) Years Ended $ in millions 2025 2024 2023 2022 2021 2020 2019 Net Income $ 24.1 $ 49.9 $ 57.8 $ 45.7 $ 46.1 $ 122.1 15.8 Interest expense 50.0 33.1 16.1 7.9 5.4 9.5 4.7 Interest income (12.2) (14.5) (14.2) (2.0) (1.6) (2.8) (
Slide 16: Reconciliation to Adjusted Net Income and Adjusted EPS - Diluted
Reconciliation of Net Income (Loss) to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted Three Months Ended December 31, Years Ended December 31, $ in thousands, except for share and per share data 2025 2024 2025 2024 Net income (loss) $ 6,562 $ (7,777) $ 24,076 $ 49,932 Income
Slide 17: Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA 2026 Guidance Range in thousands, $ Low High Net Income 54,000 74,000 Interest expense 51,000 55,000 Provision for income taxes 38,000 44,000 Depreciation and amortization 65,000 65,000 EBITDA 208,000 238,000 Income from equity method
Slide 18: Investor Relations
Investor Relations Carolyne Sohn investors@astranahealth.com