Clover Health Investments : December 2025 Investor Presentation

About this update from Clover Health Investments, Corp.

Investor Presentation December 2025 Our Vision Empower Every Physician with Technology to Identify, Manage & Treat Chronic Diseases Earlier Earlier Diagnosis & Treatment Earlier Disease Management Higher Quality Clinical Care Affordable & Accessible Care 3 Investment Highlights Leading Physician Enablement Technology Company: Focused on affordability, accessibility, and choice AI-Powered Platform: Clover Assistant (CA) technology empowers physicians with AI-driven clinical recommendations to support better decisions & improve outcomes via early identification & management of disease Proprietary Technology: Strong IP portfolio, dozens of active / pending patents (1) Large Addressable Market: Targeting ~$500B market, with >35M seniors in Medicare Advantage (MA) Differentiated Approach: PPO-first (97% of membership), wide network, and clinical tech creates differentiation Growth Outlook: Strong new member growth within MA plan, and also commercializing CA tech platform via Counterpart Health subsidiary to bring Clover's care model to more plans & providers +33% YoY MA membership growth with Adj. EBITDA profitability in 2025 (1) positions Clover for above-market growth & increasing profitability in 2026 Including patents for Machine learning models for diagnosis suspecting , among many more that can be found here . Average Medicare Advantage (MA) Membership as of the year ended 2024 and the expected year ended 2025 at the midpoint of our full year 2025 guidance, as updated in the Company's November 4, 2025 earnings press release. 4 Adjusted EBITDA and Adjusted Net income are non-GAAP financial measures. As outlined in the Company's November 4, 2025 press release, Clover Health does not provide a reconciliation of the forward-looking Adjusted EBITDA, and Adjusted Net income guidance to the most directly comparable GAAP measure, as this cannot be reasonably calculated or predicted at this time without unreasonable efforts. Clover's Approach Clinical , physician enablement, AI-Powered technology Traditional MA Approaches InsurTech , back-office & administrative Earlier disease identification & management & subsequent care treatment Delayed / reactive healthcare, and/or downstream risk delegation Wide network PPO ; Focused on affordability / accessibility Majority HMO approach ; Narrow choice Not focused on Risk Delegation Large focus / reliance Longitudinal care to most at-risk; via CA-powered Physician-led pods Outsourced one-time visits; Primarily rely on nurses & nursing assistants BER of 89.4% with MA membership growth +35% YoY High 80% to low 90% loss ratios; with industry average MA membership growth +4% YoY Home Care Technology Risk Delegation / Capitation Care Strategy Network Construct 3Q25 YTD Performance (1) 5 Represents third quarter 2025 YTD Insurance BER ratio for Clover Health, as well as most recent results of other public companies with "Traditional MA Plan" approaches that have reported results as of the time of this presentations deck publication. Insurance Benefits expense ratio ("BER") is a non-GAAP financial measure. We calculate our Insurance BER by taking the total of Insurance net medical expenses incurred and quality improvements, and dividing that total by premiums earned on a net basis, in a given period. Please refer to Non-GAAP Financial Measures provided in Appendix A in the November 4, 2025 earnings press release for a reconciliation of BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure. Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software Novel clinical insights at point-of-care Enhanced care coordination Captures & synthesizes data from 100+ sources 100+ AI / ML models powering treatment recommendations Generating millions of clinically oriented and personalized insights Designed to improve quality of care 6 Having Supported Clinical Decision-Making for Thousands of Practitioners Better Health Outcomes Across Chronic Conditions Clover Assistant Whitepapers and Case Studies (1) Using proprietary AI & ML models, Clover Assistant improves care coordination for doctors and is correlated with improved patient health outcomes via earlier diagnosis and lower hospitalizations & readmissions Diabetes ~36 months earlier diagnosis & treatment, on average Chronic Kidney Disease ~18 months earlier diagnosis of CKD stage 3 & higher, on average Congestive Heart Failure 18% lower all-cause hospitalizations & 25% lower 30-day readmissions HEDIS (Stars Measure) Top-performing score nationwide on core PPO HEDIS measures Chronic Obstructive Pulmonary Disease 15% lower all-cause hospitalizations & 18% lower 30-day readmissions Socioeconomically Disadvantaged Impact (2) Earlier detection, higher diagnosis rates, 8% to 21% fewer all-cause hospitalizations, 12% to 21% fewer 30-day readmissions 7 "Clover Assistant Use and Diagnosis and Progression of Chronic Kidney Disease" www.cloverhealth.com/clinicalcare/ckd ; "Clover Assistant Use and Diagnosis, Treatment, and Progression of Diabetes" www.cloverhealth.com/clinicalcare/diabetes ; "Driving Clinical Excellence in Chronic Disease: Counterpart Assistant's Role in Heart Failure Care" https://cdn.counterparthealth.com/whitepapers/2025_05_chf_whitepaper.pdf ; " Counterpart Assistant Drives Clinical Excellence ", for detailed methodology and the HEDIS performance of the broader industry visit, please see here ; "Driving Clinical Excellence in Chronic Disease: Counterpart Assistant's Role in Chronic Obstructive Pulmonary Disease Care" https://cdn.counterparthealth.com/whitepapers/2025_08_copd_whitepaper.pdf ; "Bridging the Divide: Counterpart Assistant Use by PCPs in Underserved Chronic Disease Populations Associated with Earlier Diagnosis and Less Frequent Hospitalization" https://cdn.counterparthealth.com/whitepapers/counterpart-sedn.pdf Differentiated impact on Socioeconomically Disadvantaged across patients with diabetes, CKD, CHF, and COPD. Health outcomes improved via earlier identification, management, & treatment of disease Complementary offering to growth & profitability beyond Clover's core MA markets New SaaS & Tech-Enabled Services revenue streams with low startup costs More clinicians empowered with AI-powered proven technology Driving top-rated HEDIS quality performance on Clover PPO plan for the 2 nd consecutive year Improving MCR by 1,000+ bps (1) Focused on increasing total lives covered by Counterpart via strong product market fit with compelling pipeline For returning Clover MA members whose PCPs use CA as compared to those whose PCPs do not. 8 Counterpart Health Brings Clover's Care Model to More Plans & Providers Growth + Profitability Executing Through MA Pressures ● 3Q YTD MA membership +35% YoY, Insurance revenue +39% YoY ● 3Q YTD Adj. EBITDA of $45M & Adj. Net income of $44M (1) ● 3Q YTD Adjusted SG&A as % of Total revenues improved by 370 bps improvement YoY Margin pressures from higher-than-expected mix of new members, relative to returning base ● ● Despite pressures, 4% underlying YoY incurred medical cost trend, excluding pharmacy ● Maturing, profitable returning cohorts create foundation for continued growth Generated YTD Adj. EBITDA profitability, with strong membership & revenue growth; Expect to achieve FY26 GAAP Net income Adjusted EBITDA and Adjusted Net income from continuing operations are non-GAAP financial measures. Please refer to Non-GAAP Financial Measures provided in the Appendix for a reconciliation of Adjusted EBITDA to Net (loss) 9 income from continuing operations, and Adjusted Net income from continuing operations to Net (loss) income from continuing operations, the most directly comparable GAAP measures. Third Quarter Year-to-Date 2025 Business Update Strong Retention Larger Cohort of Profitable Returning Members Increasingly Better Performing Cohorts Expect larger base of returning members to fund future new member growth 10 Framework for Increasing Growth + Profitability Poised for Continued Growth Average Medicare Advantage Membership (1) Average Membership by Type (2) +33% >90% Historical voluntary retention & industry disruption positions Clover for continued growth & larger 2026 and beyond returning member cohort Expected year ended 2025 average Medicare Advantage membership at the midpoint of our guidance. 11 Average membership by type is calculated by taking an average of the months within the given period.

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