Privia Health Group, Inc. · NASDAQ:PRVA

Privia Health — Q4 2025 Earnings Presentation

19 slides from Privia Health's earnings presentation, Feb 26, 2026

  1. Slide 1: 4th Quarter 2025 Results

    4th Quarter 2025 Results February 26, 2026 Parth Mehrotra, CEO David Mountcastle, CFO

  2. Slide 2: Disclaimer

    Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to: 2026 financial guidance

  3. Slide 3: Agenda

    Agenda ● Key Highlights ● 4Q and FY’25 Performance ● 2026 Guidance and Outlook ● Q&A 3

  4. Slide 4: Very Strong Fourth Quarter and Full-Year Performance

    Very Strong Fourth Quarter and Full-Year Performance ● FY’25 performance highlights outstanding operational execution, and strength of business model in a challenging healthcare and regulatory environment ○ Implemented Providers growth +12.3% vs. FY’24 ○ Attributed Lives growth +22.7% vs. FY’24 ○ Pr

  5. Slide 5: Building One of the Largest Primary Care Centric Delivery Networks

    Building One of the Largest Primary Care Centric Delivery Networks 1 NATIONAL PRESENCE Includes 9 VBC-only from 24 States + D.C Evolent ACO acquisition 50+ Specialties 1,300+ Care Center Locations 5.8M+ Patients 1.5M+ Attributed Lives* 5,380 Implemented Providers ** 98% Gross Provider Retention*** I

  6. Slide 6: Diversified Value-Based Platform

    Diversified Value-Based Platform 1 1.5+ Million 130+ Total Attributed Lives VBC Contracts 910K 630K Commercial Government • 61% Upside Only Lives Lives • 39% Upside / Downside 298K 212K CMS Medicare 120K Medicare Medicaid Advantage program Lives Lives Lives • 81% Enhanced Track/ • 77% Upside Only • 1

  7. Slide 7: 4Q Performance

    4Q Performance 1 Implemented Providers Attributed Lives Practice Collections ($mm) (end of period) (‘000s, end of period)1 +12.3% +22.7% +9.6% Care Margin ($mm) Platform Contribution ($mm) Adjusted EBITDA ($mm) +8.1% +3.4% +26.4% % Practice Collections 6.7% 6.3% % Practice Collections 3.1% 3.6% % Ca

  8. Slide 8: Full-Year Performance

    Full-Year Performance 1 Practice Collections ($mm) Care Margin ($mm) +16.9% +14.4% Platform Contribution ($mm) Adjusted EBITDA ($mm) +20.0% +38.8% % Practice Collections 6.6% 6.8% % Practice Collections 3.0% 3.6% % Care Margin 48.4% 50.8% % Care Margin 22.4% 27.2% 1 8 Any slight variations in calcul

  9. Slide 9: Strong Balance Sheet and Capital Position

    Strong Balance Sheet and Capital Position ● FY’25 Free Cash Flow of $163.4M, or 130.2% of Adjusted EBITDA 1 ● $479.7M in net cash and no debt as of 12.31.25 after $180M capital deployment for IMS (Arizona) and Evolent ACO business transactions ● Expect to end FY’26 with ~$600M+ in cash and cash equi

  10. Slide 10: FY'26 Guidance Metrics

    FY’26 Guidance Metrics 1 Initial FY’26 Guidance at FY’25 Actual ($ in millions) 2.26.26 Low High Implemented Providers 5,380 5,900 6,000 Attributed Lives 1,541,000 1,550,000 1,600,000 Practice Collections $ 3,470.5 $ 3,650 $ 3,750 GAAP Revenue $ 2,122.8 $ 2,350 $ 2,450 Care Margin $ 462.2 $ 515 $ 53

  11. Slide 11: Consistent Growth & Profitability Across Cycles

    Consistent Growth & Profitability Across Cycles 1 MA / MEDICAID PRE-COVID COVID POST-COVID HEADWINDS 1 Any slight variations in percentages are due to rounding. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures because the Company cannot p

  12. Slide 12: Appendix

    Appendix 12

  13. Slide 13: Reconciliation of Gross Profit to Care Margin

    Reconciliation of Gross Profit to Care Margin 13

  14. Slide 14: Reconciliation of Gross Profit to Platform Contribution

    Reconciliation of Gross Profit to Platform Contribution s 14

  15. Slide 15: Reconciliation of Net Income to Adjusted EBITDA

    Reconciliation of Net Income to Adjusted EBITDA u 15

  16. Slide 16: Reconciliation of Net Income to Adjusted Net Income Per Share

    Reconciliation of Net Income to Adjusted Net Income Per Share x 16

  17. Slide 17: Reconciliation of Gross Profit to Care Margin

    Reconciliation of Gross Profit to Care Margin 17

  18. Slide 18: Reconciliation of Net Income (Loss) to Adjusted EBITDA

    Reconciliation of Net Income (Loss) to Adjusted EBITDA 18

  19. Slide 19: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

    Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow 19

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