Agilon Health, Inc. · NYSE:AGL
Agilon Health — Q4 2025 Earnings Presentation
12 slides from Agilon Health's earnings presentation, Feb 25, 2026
Slide 1: 4Q and YE 2025 Earnings Presentation
4Q and YE 2025 Earnings Presentation February 2026 Copyright © 2025 agilon health. Confidential internal document containing proprietary information. Do not distribute.
Slide 2: Disclaimers and Forward-Looking Statements
Disclaimers and Forward-Looking Statements FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION Statements in this presentation that are not historical factual statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Slide 3: 2026 Improvement Supported by Execution Across Key Strategic Initiatives
2026 Improvement Supported by Execution Across Key Strategic Initiatives Improved Executional Rigor Focused on Urgency, Accountability, and Performance Payor & Cost Financial Performance Strength Data Discipline • Improved data visibility to • 75% of agilon members • Reduced Operating • Strong balan
Slide 4: Q4 & FY 2025 Financial Performance
Q4 & FY 2025 Financial Performance Quarter Ending Year Ending December 31, 2025 December 31, 2025 ($M) ($M) Medicare Advantage Members 511,000 511,000 ACO Model Members 114,000 114,000 Total Members Live on Platform 625,000 625,000 Avg. Medicare Advantage Members 540,000 510,000 Total Revenues $1,56
Slide 5: 2026 Financial Outlook
2026 Financial Outlook Quarter Ending Year Ending March 31, 2026 December 31, 2026 ($M) ($M) Medicare Advantage 431,000 – 441,000 425,000 – 435,000 Members ACO Model Members 105,000 – 110,000 100,000 – 105,000 Total Members Live on 536,000 – 551,000 525,000 – 540,000 Platform Avg. Medicare 430,000 –
Slide 6: Expected Drivers of 2026 Performance
Expected Drivers of 2026 Performance Medical Margin Anticipated Impact Comments CMS Final ‘26 Rate 9%+ Begins to meaningfully address recent high cost and utilization trends Contracting POP increase Positive economics across the majority of our membership; exited payor contracts Part D Exposure <15%
Slide 7: Membership Bridge – FY2025 to 2026 Guide
Membership Bridge – FY2025 to 2026 Guide Membership Guidance Bridge for Full Year 2026 MA Membership ACO REACH/MSSP Membership 511K 114K (34K) 20K 430K 103K (6K) (50K) (5K) (18K) 2025 Partnerships/ Payer Network Growth 2026 2025 Partnerships/ Existing 2026 Actual Contract Exits Terms Optimization Gu
Slide 8: Medical Margin Bridge – FY2025 to 2026 Guide
Medical Margin Bridge – FY2025 to 2026 Guide Medical Margin Guidance Bridge for Full Year 2026 2026 Key Highlights $22M $127M • 2026 guidance reflects a structurally stronger earnings base derived from comprehensive business $500M transformation initiatives. • Step-up driven primarily by improved ra
Slide 9: Adjusted EBITDA Bridge – FY2025 to 2026 Guide Midpoint
Adjusted EBITDA Bridge – FY2025 to 2026 Guide Midpoint Adjusted EBITDA Guidance Bridge for Full Year 2026 2026 Key Highlights $35M $0M $194M • While 2026 benefits from improved rates, earnings durability is driven by corrected fundamentals, ($19M) improved risk selection through markets and payor co
Slide 10: Non-GAAP Reconciliations
Non-GAAP Reconciliations 10 10
Slide 11: Non-GAAP Reconciliations: Medical Margin
Non-GAAP Reconciliations Medical Margin Three Months Ended Twelve Months Ended (Dollars in thousands) December 31, 2025 December 31, 2025 Gross profit (loss)(1) $ (90,670) $ (160,021) Other operating revenue (2,505) (11,235) Other medical expenses 18,846 114,691 Medical margin $ (74,329) $ (56,565)
Slide 12: Non-GAAP Reconciliations: Adjusted EBITDA
Non-GAAP Reconciliations Adjusted EBITDA (Dollars in thousands) Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 Net income (loss)(1) $ (188,882) $ (391,347) (Income) loss from discontinued operations, net of income taxes — (14,000) Interest expense 1,716 6,641 Income tax e