Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q3 2026 Earnings Presentation
19 slides from Astrana Health's earnings presentation, November 2026
Slide 1: Third Quarter 2026 Earnings Supplement
Third Quarter 2026 Earnings Supplement November 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 bu
Slide 3: Third Quarter 2026 Performance Highlights
Third Quarter 2026 Performance Highlights $ in millions, except for per share information Q3 2026 Financial Results Revenue $1,023.6 7%1 Adj. EBITDA2 $77.2 13%1 Adj. EPS – Diluted3 $0.71 4%1 NI attr. to ASTH $13.0 3,372%1 YTD Free Cash Flow4 $105.45 5%5 1. All comparisons are to the three months end
Slide 4: FY2026 Guidance
FY2026 Guidance $ in millions Q3 2026 Actual FY 2025 FY 2026 Guidance Growth at Financial Results1 Results Range2,3,4 Midpoint of Guidance5 Revenue $1,023.6 Total Revenue $3,181.8 $3,900 - $4,000 24.1% Adjusted Adjusted EBITDA2 $77.2 $205.4 $261 - $274 30.2% EBITDA2 YTD Free Cash Flow3 $105.4 Free C
Slide 5: Third Quarter 2026 Highlights and Recent Updates
Third Quarter 2026 Highlights and Recent Updates Astrana now serves approximately 1.5 million patients in value-based arrangements, Growth including approximately 1.2 million members in our Care Partners segment Sustainably growing membership to bring better care to Closed a tuck-in acquisition of a
Slide 6: Prudently transitioning to full-risk contracts to better align incentives
Prudently transitioning to full-risk contracts to better align incentives around patient outcomes and improve unit economics Members by Risk Capitated Revenue by Risk Arrangement1 Arrangement2 Full-risk 18% 27% 24% Partial-risk Projected 53% 57% 65% 100% 82% 73% 76% 47% 43% 35% 2021 2022 2023 2024 2
Slide 7: Our Value-Based Care Business is Diverse
Our Value-Based Care Business is Diverse Revenue by Type1 2% 2% 1% 92% 3% Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other Income Revenue By Payer Type1 61% 26% 9% 4% Medicare Medicaid Commercial Other Third Parties Revenue by Risk Arrangement1,2 85
Slide 8: Astrana grows profitably across all market conditions
Astrana grows profitably across all market conditions Revenue ($ in millions) Adj. EBITDA ($ in millions) ~32% CAGR ~26% CAGR $261- $3,900- $274 $4,000 $3,182 $205.4 $170.4 $146.6 $2,035 $140.0 $133.5 $1,387 $102.8 $1,144 $774 $54.2 $687 $561 2019 2020 2021 2022 2023 2024 2025 2026 E1 2019 2020 2021
Slide 9: Quarter over Quarter Segment Revenue
Quarter over Quarter Segment Revenue Care Partners Care Delivery Care Enablement Inter- Total company High-performing network of High-quality system of Full-stack tech, clinical, and aligned providers employed providers operations platform Revenue $ in millions Q3 2026 $968.8 $91.0 $92.0 $(128.2) $1
Slide 10: Selected Financial Results
Selected Financial Results 10
Slide 11: Summary of Selected Financial Results
Summary of Selected Financial Results Three Months Ended September 30, $ in thousands, except per share data 2026 2025 Revenue Capitation, net $ 936,662 $ 863,380 Risk pool settlements and incentives 24,324 30,798 Management fee income 14,105 15,217 Fee-for-service, net 35,122 40,080 Other revenue 1
Slide 12: Segment Results
Segment Results For the three months ended September 30, 2026 Care Care Care Intersegment Corporate Consolidated $ in thousands Partners Delivery Enablement Elimination Costs Total Total revenues $ 968,757 91,017 92,001 (128,159) - 1,023,616 % change vs prior year quarter 8% 5% 5% Cost of services 8
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights $ in millions 9/30/2026 12/31/2025 $ Change Cash and cash equivalents1 $396.2 $429.5 $(33.3) Working capital $193.9 $248.0 $(54.1) Total stockholders’ equity $868.3 $793.3 $75.0 1. Excluding restricted cash and marketable securities. 13
Slide 14: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA Three Months Ended September 30, $ in thousands 2026 2025 Net Income $ 20,269 $ 1,077 Interest expense 15,021 17,718 Interest income (4,147) (3,522) Provision for income taxes 11,953 4,594 Depreciation and amortization 15,622 15,595 EBITDA 58,
Slide 15: Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued)
Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued) For the twelve months ended TTM Ended Year Ended September 30, $ in millions 2025 2024 2023 2022 2021 2020 2019 2026 Net Income $ 58.4 $ 24.1 $ 49.9 $ 57.8 $ 45.7 $ 46.1 $ 122.1 $ 15.8 Interest expense 64.6 50.0 33.1 16.1 7.9 5.4 9
Slide 16: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS - Diluted
Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted Three Months Ended September 30, $ in thousands, except for share and per share data 2026 2025 Net income $ 20,269 $ 1,077 Income from equity method investments (860) (1,019) Other, net1 3,784 26,3
Slide 17: 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 $ in thousands Actual Results Guidance1 Nine Months Ended Year Ended Nine Months Ended Year Ending September 30, 2026 December 31, 2025 September 30, 2025 December 31, 2026 Low High Net cash pro
Slide 18: 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 $ 55,000 $ 61,000 Interest expense 43,000 44,000 Provision for income taxes 32,000 33,000 Depreciation and amortization 62,000 64,000 EBITDA1 192,000 202,000 Income from equity me
Slide 19: Investor Relations
Investor Relations [email protected]