P3 Health Partners (PIII) Investor presentation summary

Market opportunity and industry trends

• Operating in a $1.2T Medicare Advantage and FFS Medicare market, with 135K total lives and 106K at-risk lives across six states, including new entries in Nebraska and North Carolina in 2026.

• Medicare Advantage now covers 55% of Medicare beneficiaries, representing 35M people and a structural shift in the market.

• Value-based care has created a $4T+ spending gap below projected trends, demonstrating its effectiveness in controlling costs.

• Industry consolidation, payor cost pressures, and macro tailwinds are expanding the partnership pipeline and addressable market.

Business model and operational strategy

• Physician-led, value-based care model enables providers to transition from fee-for-service to risk-based contracts, improving outcomes and lowering costs.

• Fully delegated risk model leverages data, AI-enabled insights, and technology for better clinical outcomes and cost management.

• Four operational pillars: population targeting, tech-enabled operations, provider enablement, and scalable value creation.

• Integrated patient journey coordinates care, aligns incentives, and assumes full financial risk for members.

Financial performance and guidance

• Structural improvements in 2025, including renegotiated payer arrangements and leaner operations, have reset the financial baseline for 2026.

• 2026 guidance: $1.5B–$1.6B in revenue, $260M–$300M medical margin, and $80M–$110M adjusted EBITDA, with a midpoint raised to $95M.

• Revenue and margin growth driven by contract restructuring, bid optimization, and operational execution.

• New Nebraska market expected to contribute $30M revenue initially, with a glidepath to $300M+ as full risk is assumed.