P3 Health Partners (PIII) The ThinkEquity Conference summary

Business scale and 2026 outlook

• Serves ~105,000 seniors across five states, mostly Medicare Advantage, through a network of ~2,100 physicians; ACO REACH members are expected to move into LEAD in 2027.

• 2026 revenue guidance of $1.5B–$1.6B; adjusted EBITDA guidance midpoint of $95M, with core business EBITDA positivity expected above $30M.

• EBITDA midpoint guidance rose from $10M initially to $40M after Q1 and $95M after Q2; the business was described as on schedule for the rest of 2026.

• Membership contracted from 126,000 to 105,000 while revenue increased, supported by stronger chronic-condition capture and growth in targeted markets.

Turnaround and financial position

• EBITDA profitability improved by more than $250M over the turnaround period; first-half 2026 included ~$18M from core business and the balance of reported $80M from negotiated payer settlements.

• Medical margin was cited at $57M in 2023, $25M in 2025, and a 2026 guidance range of $210M–$240M across the population.

• Balance-sheet actions shifted ~$250M of debt to equity and resolved ~$100M of payer liabilities, supporting compliance with Nasdaq rules.

• First-half medical trend was negative 1.8%, versus public-sector peers described as above 5%.

Care model and operating improvements

• Risk stratification targets the sickest patients with proactive outreach, dedicated programs, and senior wellness centers when primary care clinicians cannot see them.

• In one California market, inpatient admissions per 1,000 patients fell from 199 to 109 through Q2; admissions were ~163 on average in the prior year, a reported ~30% reduction so far.

• Delegated functions cover just under two-thirds of the population; managing claims, utilization, care, and quality functions can improve clinician engagement and reduce avoidable costs.

• AI-supported point-of-care tools connect condition identification with documentation; practice operations coordinators support outreach, chart preparation, and high-risk patient management in practices covering nearly two-thirds of the population.

• Physician coaching supports practice management and value-based care participation; the approach targets cost, quality, patient satisfaction, and provider experience.