P3 Health Partners (PIII) Investor presentation summary

Market opportunity and industry trends

• Operates in the $1.2T Medicare Advantage and FFS Medicare market, with 135K total lives and 106K at-risk lives across 6 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 Medicare trends, demonstrating its impact on bending the cost curve.

• Industry consolidation, high Medicare spending, and payor cost pressures are expanding the addressable market and driving demand for cost-controlled platforms.

Business model and operational strategy

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

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

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

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

Financial performance and guidance

• 2026 guidance projects $1.5B–$1.65B in revenue, $190M–$230M medical margin, and $20M–$60M adjusted EBITDA, with a raised midpoint to $40M.

• Contract restructuring, bid optimization, and favorable CMS benchmarks are key drivers of improved financial performance.

• Operational improvements and payer settlements recognized in early 2026 support positive cash flow and EBITDA.