Progyny (PGNY) investor relations material

Opening remarks and agenda

• CEO welcomed attendees, introduced board members, executive team, and independent auditors, and called the meeting to order.

• Outlined the meeting agenda, including business updates, formal proposals, and a Q&A session.

Financial performance review

• Achieved record revenue of $1.29 billion and adjusted EBITDA of $222 million in 2025, both up double digits over 2024.

• Generated $210 million in operating cash flow, a 17% increase over 2024.

• Maintained strong cost control, with a much lower compounded rate increase compared to industry medical cost inflation since 2022.

Strategic initiatives and plans

• Focused on member and client satisfaction, achieving near 100% client retention for 2026, including all largest clients.

• Expanded client relationships, with 30% of the base enhancing their programs for 2026.

• Continued investments in product enhancements, technology, and AI to improve member experience and operational efficiency.

• Entered 2026 with strong sales pipeline and favorable early renewals, including first full season with Cigna.