Earnings Presentation November 4, 2026
1Q Earnings HighlightsConsolidated
Adjusted EBITDA* ahead of internal forecasts and $15 million higher year-over-year
Revenue declined 15% year-over-year, primarily driven by IRA impacts to Healthcare Services revenue
Clear path to improved efficiency and profitability resulting from strategic investments in technology and AI
Strong start to AEP with heightened customer engagement and agent productivity
On track to deliver $60 million+ in operating cash flow
Senior
Another season of elevated plan disruption fueling strong beneficiary engagement
Adjusted EBITDA of $(12) million, $9 million improvement year-over-year, reflecting prudent AEP investment
Healthcare Services
Adjusted EBITDA up 56% year-over-year to $11 million
Revenue was down year-over-year, in line with expectations, primarily due to the Inflation Reduction Act
Profitability per SelectRx member increased 60% year-over-year
*See "Non-GAAP Financial Measures" section on slide 2
Well Prepared for Another Dynamic AEPMarket Backdrop
While carriers are making progress toward their MA profitability targets, we anticipate another AEP of beneficiary disruption
Plan terms and benefit curtailment elevated again this year
Growth focus areas include HMOs, SNPs and Geo-specific
Poised for growth when opportunities present
themselves
Strong tenured agent mix
Agent-led model and technology driving robust
customer engagement to start AEP
Agile Sales Function
Building upon FY26's 33% recapture results
Re-shopping beneficiaries when appropriate
Building upon prior year's successful customer
engagement campaigns to help beneficiaries understand plan changes
Focus on Retention
Efficiency & Training
100%
of agent calls transcribed by AI for real-time coaching and post-call scorecards
Technology and AI power efficiency across the business model
AI handles call screening and routing
Real-time coaching supports agents during live calls leading to an improved beneficiary experience
200k+
unique calls screened through Voice AI in 1Q
Post-call scorecards turn conversations into training insights
Agent Productivity
Voice AI streamlines Medicare enrollment
Automation frees up valuable agent time, accelerating productivity and overall velocity of the business
~20%
reduction in Healthcare Services enrollment call time through voice AI, with higher enrollment rates
Human oversight stays built into the process
Healthcare Services
Voice AI leads to 20% faster enrollment with higher enrollment rates
In-house technology powers pharmacy operations
Pharmacy Management System is live and shipping prescriptions, helping drive increased efficiency
Commentary
Revenue
Adjusted EBITDA*
$MM
| $MM | |||
well as prudent Senior investment | $329 | |||
$280 | ||||
| ||||
$15 million year-over-year primarily attributable to improved Healthcare Services profitability and reduced Senior investment leading into AEP | ||||
1Q26 | 1Q27 |
$(17)
$(32)
1Q26 1Q27
*See "Non-GAAP Financial Measures" section on slide 2
Senior Financial SummaryCommentary
Revenue
$MM
Adjusted EBITDA
$MM
Revenue decline reflects strategically smaller agent class heading into AEP
Adjusted EBITDA improvement driven by continued operational efficiencies throughout the Senior sales funnel
Trailing-twelve-month Adjusted EBITDA of $157 million compared to the prior year period of $133 million
$59
$51
$(12)
$(21)
1Q26 1Q27 1Q26 1Q27
Healthcare Services Financial SummaryCommentary
$221
Revenue
$MM
Margin:
Adjusted EBITDA
$MM
3%
6%
Adjusted EBITDA margins nearly doubled, reflecting the increased operational efficiencies alongside a maturing membership base and stabilized reimbursements
Profitability per SelectRx member* of $108 in 1Q'27 compared to $67 in 1Q'26
Accelerating enrollment velocity positions SelectRx to efficiently onboard new members during AEP & OEP
$186
$11
$7
1Q26 1Q27 1Q26 1Q27
*Profitability per member is calculated as Healthcare Services divisional Adjusted EBITDA for the period divided by average members, represented by the mean of ending membership in the prior period and ending membership in the current period.
Life Financial SummaryCommentary
Revenue
$MM
Adjusted EBITDA
$MM
Adjusted EBITDA margins improved more than 500 bps year-over-year
Revenue decline reflects a decrease in Final Expense agent head count year-over-year
$47
17%
12%
$43
Margin:
$7
$6
1Q26 1Q27 1Q26 1Q27
Cash Flow Growth in FY27Operating Cash Flow
Commentary
$MM
Increasing operational and cost efficiency through technology leverage
PBM stability maintained through multi-year contract
Ramping SelectRx profitability driven by the Olathe, Kansas facility
$60+
$32
$(12)
FY25A FY26A FY27E
Supplemental Information Reconciliation of Non-GAAP Measure Reconciliation of Net Loss to Adjusted EBITDA(in thousands) Net loss Share-based compensation expense Transaction and severance costs Depreciation and amortization Loss on disposal of property, equipment, and software, net Change in fair value of warrants Interest expense, net Income tax benefit Adjusted EBITDA | 1Q FY |
2027 2026 | |
$ (20,301) $ (30,459) 2,731 4,327 3,851 185 4,460 4,300 74 - (12,573) (15,036) 10,966 11,808 (6,216) (7,204) | |
$ (17,008) $ (32,079) |
SelectQuote Inc.
6800 West 115th Street Suite 2511
Overland Park, Kansas 66211 Phone: (877) 678-4086
Investor Relations investorrelations@selectquote.com
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