Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Conference Presentation (September 2026)
37 slides from Astrana Health's conference presentation, Sep 23, 2026
Slide 1: September 2026
September 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
Slide 3: Healthcare is fragmented, expensive, and failing both patients and providers
Healthcare is fragmented, expensive, and failing both patients and providers Insufficient Poor Limited & costly access to quality care provider and patient satisfaction technology & coordinated care IT Credentials Coding Claims Billing Clearinghouse PR Quality Note: Product images are illustrative;
Slide 4: Astrana is building a coordinated healthcare system for all
Astrana is building a coordinated healthcare system for all Reimagining healthcare requires orchestrating the right care, aligning incentives, and building the capabilities to deliver i t AI - native Clinical Operating System ~1.5 million REAL - WORLD MEMBERS² Knows + orchestrates the right care INT
Slide 5: Astrana replaces fragmentation with one coordinated operating model
Astrana replaces fragmentation with one coordinated operating model STATUS QUO ASTRANA MODEL Fragmented payer –provider relationships One delegated operating model + ~20 Other + ~20 Other Payer s Payer s Care Partners Primary care Multi -specialty Hospital Astrana provider group Hospital FFS Payment
Slide 6: Delegation gives Astrana the visibility and control to manage total cost of care
Delegation gives Astrana the visibility and control to manage total cost of care STATUS QUO RISK WITHOUT DELEGATION ASTRANA DELEGATED MODEL Fragmented FFS relationships Financial risk, limited control Financial risk + administrative control + ~20 Other + ~20 Other + ~20 Other Payer s Payer s Payer s
Slide 7: Our AI-native operating platform turns visibility and control into action
Our AI - native operating platform turns visibility and control into action Applications APPS AI Agents AGENTS Provider Atlas Portal AI AstraConnect AstraConnect AI Member360 Member360 AI Next NextBest BestAction Action AGENT Prior Care Auth Navigation AGENT Application Application Practice Point -o
Slide 8: Our proven operating model enables repeatable expansion across markets
Our proven operating model enables repeatable expansion across markets PROVEN IN CALIFORNIA REPLICATED NATIONWIDE Example network: Astrana in San Gabriel Valley 1 Example network : Astrana in Southern Nevada 1 215 15 134 11 PASADENA NORTH LAS VEGAS 612 SAN MARINO SOUTH PASADENA LAS VEGAS 159 PARADIS
Slide 9: We have replicated our model across markets nationwide
We have replicated our model across 18 markets nationwide Nevada · 1 market Rhode Island Connecticut · 1 market · 1 market 18 DC / Maryland / Virginia · 1 market markets Georgia · 1 market California · 9 markets A scalable operating system delivering measurable results across diverse markets Arizona
Slide 10: Our model delivers better access, quality and outcomes
Our model delivers better access, quality and outcomes Prior authorizations auto - 67% Fewer hospital admissions than benchmark 1 14% Shorter inpatient length of stay vs. benchmark 2 ~70% approved instantly, driving increased patient access 3 From outreach to better outcomes, enabled by our AI- nati
Slide 11: We deliver these outcomes at scale across a diversified platform
We deliver these outcomes at scale across a diversified platform Revenue by Type 4 2% 1% 3% 1% ~1.5 million members in value -based 93% arrangements 3 Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee -for -service, net Other Income 20,000+ Revenue by Payer Type 4 3% provi
Slide 12: The result: durable, compounding financial performance
The result: durable, compounding financial performance Revenue Adjusted EBITDA¹ $ in millions $ in millions $3,800 –4,100 $255 –280 $3,182 $205.4 $170.4 $140.0 $146.6 $2,035 $133.5 $102.8 $1,387 $1,144 $687 $774 $54.2 $561 2019 2020 2021 2022 2023 2024 2025 2026E 2019 2020 2021 2022 2023 2024 2025 2
Slide 13: Astrana combines growth, profitability, and scale
Astrana combines growth, profitability, and scale 8% BUBBLE AREA = Peer 3 Astrana 2026E ADJ. EBITDA $150M EBITDA 36.3% Revenue CAGR 6.8% Adj. EBITDA margin $267.5M $267.5M Adj. EBITDA Peer 5 $95M EBITDA $100M 6% Adj. EBITDA margin, FY2026E (guidance midpoint) TOP - QUARTILE PEER MARGIN 5% Peer 4 $12
Slide 14: Our growth algorithm compounds through four reinforcing pillars
Our growth algorithm compounds through four reinforcing pillars Membership Revenue Per Outcomes and Operating Growth Member Growth Cost Leverage Sustainably growing Increasing alignment with Achieving superior patient Driving operating membership to bring patient outcomes through outcomes and care q
Slide 15: Our growth algorithm is delivering across all four pillars
Our growth algorithm is delivering across all four pillars Q2 2026: • Astrana now serves approximately 1.5 million patients in value -based arrangements Growth • Approximately 1.2 million members in our Care Partners segment • 81% of Q2 2026 capitation revenue from full -risk arrangements Revenue Pe
Slide 16: Combined business delivers ~20% organic Adj. EBITDA growth before external headwinds
Combined business delivers ~20% organic Adj. EBITDA growth before external headwinds 2026E Adjusted EBITDA bridge vs. 2025 pro forma $ in millions +6% +20% -7% +13% +11% $267.5M +3% $237.3M 2025 Growth Revenue per Member Operating Underlying 2026E Medicaid / Exchange 2026E (PF Prospect) Growth + Lev
Slide 17: California proves the Astrana model delivers better care at lower cost
California proves the Astrana model delivers better care at lower cost 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 Central CA Alignment • Acquired Prospect Health
Slide 18: Texas shows the Astrana model can be replicated and scaled in new markets
Texas shows the Astrana model can be replicated and scaled in new markets Revenue² Operating income² $ in millions $ in millions • Entered Texas in Q3 2023 $377 +4.3 • Over 3,000 Care Partners providers serving 18,000+ Medicare Advantage lives¹ • Converted MA lives to global risk: <2% → 77% (Aug 202
Slide 19: Risk progression deepens alignment and expands revenue per member
Risk progression deepens alignment and expands revenue per member CAPITATED REVENUE BY RISK ARRANGEMENT¹ MEMBERS BY RISK ARRANGEMENT² % of total capitated revenue % of total members 19% 19% 27% 24% 53% 57% 58% 65% 100% 81% 81% 73% 76% 47% 43% 42% 35% 2021 2022 2023 2024 2025 Q2 2026 2026E³ Q2 2026 2
Slide 20: The Astrana Care Model improves patient outcomes
The Astrana Care Model improves patient outcomes... 67% ~70% 4.7% Fewer hospital admissions¹ Prior authorizations auto -approved² Lower readmission rate³ ...which drives better economics across the healthcare system NEVADA TEXAS Entered 2022 Entered 2023 259 → 138 97.7% → 93.3% Inpatient admits per
Slide 21: Our clinical operating system turns data into better care
Our clinical operating system turns data into better care 01 PROVIDER EMPOWERMENT 02 CARE MANAGEMENT 03 POPULATION HEALTH A single view for better care Smarter workflows, stronger outcomes From data to action NEXT BEST ACTION Execute VOICE AGENT High priority Post -discharge TOC call Discharged from
Slide 22: Our administrative operating system automates healthcare operations
Our administrative operating system automates healthcare operations 01 REFERRAL MANAGEMENT 02 CLAIMS, CONTRACTING & NETWORK 03 AGENTIC ENGAGEMENT Faster approvals, better care End - to- end network management and Proactive, always - on engagement payments Auto -approved ~70% of prior authorizations
Slide 23: Our proprietary technology powers a scaled, high-margin growth platform
Our proprietary technology powers a scaled, high - margin growth platform CARE ENABLEMENT REVENUE LTM Q2 2026 $ in millions ~35% CAGR 2022 – LTM Q2’26 $340M $340 LTM REVENUE $247 43% $155 GROSS MARGIN $136 $120 21% OPERATING MARGIN 2022 2023 2024 2025 LTM Q2’26 Care Enablement is a durable, high -ma
Slide 24: The same technology is driving operating leverage across the enterprise
The same technology is driving operating leverage across the enterprise GAAP REVENUE & G&A % OF REVENUE GAAP Revenue 500K 30% $ in millions 8.1% G&A % of Revenue AGENTIC PATIENT EFFICIENCY GAIN 7.6% 7.7% ~210 bps INTERACTIONS improvement YoY 6.8% Per month through voice Reduction in admin time and S
Slide 25: Strong execution supports increased FY2026 Adjusted EBITDA guidance
Strong execution supports increased FY2026 Adjusted EBITDA guidance Q2 2026 RESULTS³ · $ IN MILLIONS FULL - YEAR OUTLOOK · $ IN MILLIONS FY2025 ACTUAL FY2026 GUIDANCE¹,² $972.5 REVENUE Total revenue $3,181.8 $3,800 – $4,100 $68.9 Adjusted EBITDA¹ $205.4 $255 – $280 ADJUSTED EBITDA¹ Free cash flow² $
Slide 26: Astrana is building the operating platform for coordinated healthcare
Astrana is building the operating platform for coordinated healthcare 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 arrangements Outcome
Slide 27: Appendix
Appendix 27
Slide 28: 2027 MA Rate: Astrana anticipates limited impact from headwinds
2027 MA Rate: Astrana anticipates limited impact from headwinds 5.33% -0.17% -0.03% -1.12% -1.53% +1.53% ~4.0% Sources of diagnoses ( −1.53%): ASTH’s MA HCCs come from linked face - to-face and video encounters, not unlinked 2.48% chart reviews or audio -only visits, so the exclusion is not expected
Slide 29: Summary of Selected Financial Results
Summary of Selected Financial Results Three Months Ended June 30, $ in thousands, except per share data 2026 2025 Revenue Capitation, net $ 905,804 $ 614,108 Risk pool settlements and incentives 21,816 15,402 Management fee income 13,211 2,577 Fee -for -service, net 22,982 17,878 Other revenue 8,707
Slide 30: Segment Results
Segment Results For the three months ended June 30, 2026 Care Care Care Intersegment Corporate Consolidated $ in thousands Partners Delivery Enablement Elimination Costs Total Total revenues $ 932,836 74,696 85,598 (120,610) - 972,520 % change vs prior year quarter 48% 95% 109% Cost of services 805,
Slide 31: Balance Sheet Highlights
Balance Sheet Highlights $ in millions 6/30/2026 12/31/2025 $ Change Cash and cash equivalents 1 $400.8 $429.5 $(28.7) Working capital $171.5 $248.0 $(76.5) Total stockholders’ equity $840.8 $793.3 $47.5 1. Excluding restricted cash and marketable securities. 31
Slide 32: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA Three Months Ended June 30, $ in thousands 2026 2025 Net Income $ 18,452 $ 10,216 Interest expense 15,997 7,382 Interest income (5,907) (2,336) Provision for income taxes 8,758 6,609 Depreciation and amortization 15,550 6,904 EBITDA 52,850 28,
Slide 33: Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued)
Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued) For the twelve months ended Pro Forma 11 Year Ended $ in millions 2025 2025 2024 2023 2022 2021 2020 2019 Net Income $ 12.6 $ 24.1 $ 49.9 $ 57.8 $ 45.7 $ 46.1 $ 122.1 $ 15.8 Interest expense 129.3 50.0 33.1 16.1 7.9 5.4 9.5 4.7 Int
Slide 34: Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS
Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted Three Months Ended June 30, $ in thousands, except for share and per share data 2026 2025 Net income $ 18,452 $ 10,216 Income from equity method investments (548) (381) Other, net 1 4,800 7,998 Sto
Slide 35: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation and Guidance Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Actual Results Actual Results Guidance 1 Six Months Ended June 30, 2026 Year Ended December 31, 2025 Year Ending December 31, 2026 $ in thousands Low High Net cash provided by operating activiti
Slide 36: 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 $ 59,000 $ 74,000 Interest expense 49,000 53,000 Provision for income taxes 38,000 44,000 Depreciation and amortization 65,000 65,000 EBITDA 211,000 236,000 Income from equity met
Slide 37: Investor Relations
Investor Relations investors@astranahealth.com
Astrana Health — Conference Presentation (September 2026) on 6ix