Slides
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Third Quarter 2025 Earnings Conference Call November 4, 2025 LGTMs: Date: Andrew T. (Input) Input given 11/3 Peter K. 10/31 Karen S. (Legal) LGTM Accounting (#s confirm) LGTM
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2 Disclaimer This presentation and the accompanying oral presentation include forward-looking statements, including, without limitation, statements regarding future events and Clover Health Investments, Corp.’s (“Clover Health,” “we,” “our,” or “us”) expectations regarding Adjusted EBITDA, Adjusted Net income from continuing operations, Adjusted SG&A, Adjusted SG&A as a percentage of revenue, Insurance BER, Normalized Insurance BER (collectively, “non-GAAP measures,” as defined herein), targeted revenues, growth and profitability, contribution profit, future unregulated pro forma liquidity and cash, future results of operations, financial condition, guidance, market size and opportunity, business strategy and plans and the factors affecting our performance and our objectives for future operations. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under Item 1A. “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed on March 3, 2025 with the Securities and Exchange Commission (the “SEC”), as such risk factors may be updated in our subsequent filings with the SEC. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation and the accompanying oral presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward-looking statements are not guarantees of future performance and you are cautioned not to place undue reliance on such statements. The forward-looking statements included in this presentation and the accompanying oral presentation are made as of the date hereof. Except as required by law, Clover Health undertakes no obligation to update any of these forward-looking statements after the date hereof or to conform these statements to actual results or revised expectations. In addition to U.S. Generally Accepted Accounting Principles (“GAAP”) financial measures, this presentation includes certain non-GAAP financial measures including Adjusted EBITDA, Adjusted Net income from continuing operations, Adjusted SG&A, Insurance BER and Normalized Insurance BER. These non-GAAP financial measures are provided to enhance the reader’s understanding of Clover Health’s past financial performance and our prospects for the future. Non-GAAP financial measures are supplemental to and should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of historical non-GAAP measures to historical GAAP measures is included in the Appendix of this presentation.
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3 Third Quarter 2025 Business Update (1) Adjusted EBITDA and Adjusted Net income from continuing operations are non-GAAP financial measures. Please refer to Non-GAAP Financial Measures provided in the Appendix for a reconciliation of Adjusted EBITDA to Net (loss) income from continuing operations, and Adjusted Net income from continuing operations to Net (loss) income from continuing operations, the most directly comparable GAAP measures. Growth + Profitability ● 3Q Medicare Advantage membership +35% YoY ● 3Q Insurance revenue +49% YoY ● 3Q Adj. EBITDA & Adj. Net income of $2M(1) ● 3Q YTD Adj. EBITDA of $45M & Adj. Net income of $44M(1) ● Expect to achieve FY26 GAAP Net income Medicare Advantage Performance ● 3Q margin pressures from higher-than-expected mix of new members, relative to returning base ● Despite pressures, 4% underlying YoY incurred medical cost trend, excluding pharmacy ● 3Q YTD Adjusted SG&A as % of Total revenues improved by 370 bps improvement YoY New Text Generated YTD Adj. EBITDA profitability, with meaningful membership & revenue growth, despite margin pressure from greater proportion of new members relative to returning member base
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Growth opportunity from ongoing industry retrenchment Anticipate strong retention & continued improvement of larger, profitable returning member cohort (1) Clover Health achieved a 4.0 Star Rating for Payment Year 2026 for its PPO plans. ~97% of members in PPO Plans during 3Q25. 4 Well Positioned for Above-Market Growth & Profitability Expansion in 2026 & Beyond Clover Drivers Industry Tailwinds Improved intra-year “age-in” growth management Mix impact from continued new member growth Increasing CA coverage / PCP adoption & strong technology product roadmap Favorable impact from CMS final rate notice Demonstrated model performs well on 3.5 Stars, but expect benefit from 4.0 Star payment year 2026(1) Increased 2026 Part D Direct Subsidy New Slide SG&A Optimization Volume impact to Growth / Variable SG&A from member growth Despite 3Q25 margin pressures, Clover is positioned to deliver full-year GAAP Net Income & increasing Adjusted EBITDA profitability in 2026 Fixed / Growth / Variable SG&A optimization via cost efficiency initiatives
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5 Average Medicare Advantage Membership(1) +33% Poised for Continued Growth >90% Historical retention and industry disruption positions Clover for strong 2026 returning member retention and continued growth Average Membership by Type(2) *New* (1) Expected year ended 2025 average Medicare Advantage membership at the midpoint of our guidance. (2) Average membership by type is calculated by taking an average of the months within the given period.
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6 *New* (1) Clover Health cohort information represents incurred membership data from dates of service including 2021 through 2024. Within any given performance year, MCR differential represents the member weighted average difference between Year 2 and Year 1 cohorts, as well as Year 3 and Year 1 cohort differentials. Clinical Model Drives Strong Cohort Performance Returning member cohorts perform increasingly better, with strong long-term value, establishing foundation for continued MA success Average MCR Differential by Cohort Year(1)
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7 *New* Strong returning cohort performance expected to improve, reinforcing confidence to drive future earnings growth & margin expansion in 2026 & beyond (1) Represents Incurred contribution profit (loss) for new and returning member types, per member per month year-to-date as of the period ended September 30, 2025. Contribution profit (loss) calculated taken the cohort Gross Profit less the member acquisition costs and variable SG&A on a per member per month (PMPM) basis. Contribution Profit (Loss) ($PMPM)(1) Clinical Model Drives Strong Cohort Performance (continued)
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8 *New* (1) Represents Incurred contribution profit (loss) for new and returning member types, per member per month year-to-date as of the period ended September 30, 2025. Contribution profit (loss) calculated taken the cohort Gross Profit less the member acquisition costs and variable SG&A on a per member per month (PMPM) basis. Anticipate larger base of returning members to fund future new member growth Confident to Grow Above-Market and Expand Profitability in 2026 & Beyond Anticipate Larger Cohort of Returning Members via Strong Retention Expect Increasingly Better Performing Returning Member Cohorts Expect Contribution Profit-Positive Returning Members to Fund Future New Member Growth
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Note: Case study outlines how CA empowers Primary Care Providers (PCPs) who care for patients in socioeconomically disadvantaged neighborhoods (“SEDN” Patients), with advanced clinical technology not usually available to resource constrained practices. “Bridging the Divide: Counterpart Assistant Use by PCPs in Underserved Chronic Disease Populations Associated with Earlier Diagnosis and Less Frequent Hospitalization” https://cdn.counterparthealth.com/whitepapers/counterpart-sedn.pdf (1) Higher new diagnosis rates among members from disadvantaged areas joining a Clover MA plan from another MA plan in their first year post-enrollment. Less acute care utilization: Across patients with diabetes, CKD, CHF, and COPD → fewer all-cause inpatient hospitalizations (8% to 21% fewer), and 30-day readmissions (12% to 21% fewer) Diagnosis at Earlier Stages: Patients from this population with CKD first diagnosed on average during Stage 2, versus more advanced Stage 3A. Patients with diabetes diagnosed with better A1C levels, on average Higher Diagnosis Rates(1) of diabetes (75% higher), CKD (89% higher), CHF (89% higher) and COPD (70% higher) Clover Assistant Enables Better Care for Patients from Socioeconomically Disadvantaged Neighborhoods 9 *NEW* Case study demonstrates Clover Assistant’s ability to help PCPs to better identify & manage diseases for disadvantaged members
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Clover Health 4.72 / 5 Stars on HEDIS Measures for Star Rating Year 2026, continuing to drive exceptional clinical quality for members(1) 10 (1) Clover Health’s Medicare Advantage PPO plans received a score of 4.72 on HEDIS for the Plan Year 2026, Payment Year 2027 Star ratings; The Company achieved an overall 3.5 Star Rating for financial Payment Year 2027 for its PPO plans. Includes plans nationwide with over 2,000 members. Updated to include PY27 Clover Top Rated PPO Plan in the Nation on HEDIS Measures for the Second Consecutive Year(1)
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Guidance On the following slides, Clover Health presents an overview of its full year2025 guidance, including certain non-GAAP measures.
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$1.85B - $1.88B 17% - 18% $325M - $335M $15M - $30M 90% - 91% 106,000 - 108,000 $15M - $30M (1) Insurance BER, Adjusted EBITDA, Adjusted Net income, and Adjusted SG&A are non-GAAP financial measures. As outlined in the Company’s November 4, 2025 press release, Clover Health does not provide a reconciliation of the forward-looking Adjusted SG&A, Adjusted EBITDA, Adjusted Net income, and Insurance BER guidance to the most directly comparable GAAP measure, as this cannot be reasonably calculated or predicted at this time without unreasonable efforts. Clover Health's 2025 Financial Guidance, including Projected Adjusted EBITDA, constitutes forward-looking statements and is subject to the risks and uncertainties described in the Company's November 4, 2025 press release and under Item 1A. “Risk Factors” in the Company's most recent Annual Report on Form 10-K filed with the SEC. 12 Updated Full Year 2025 Guidance Insurance Revenue Adjusted SG&A as a % of Total Revenues Adjusted SG&A(1) Adjusted EBITDA(1) Insurance BER(1) Average Medicare Advantage Membership Adjusted Net Income(1) Updated FY25 Guidance (11/4/25) $1.800B - $1.875B 18% - 19% $335M - $345M $50M - $70M 88.5% - 89.5% 104,000 - 108,000 $50M - $70M Prior FY25 Guidance (8/5/25)
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Loss Ratio Impact from Returning Member Cohort Management Abnormal Dental / DME Activity, Part D IRA Elevated IP/OP Utilization / Unfavorable 1H25 PPD Volume Impact to Growth / Variable SG&A from +32% New Member Growth 13 Full Year 2025 Profitability Drivers Illustrative – Not to Scale (1) Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as Net (loss) income from continuing operations before depreciation and amortization, interest expense, change in fair value of warrants, loss on investment, stock-based compensation, premium deficiency reserve benefit, restructuring costs, impairment of goodwill and other intangible assets, and non-recurring legal expenses and settlements. Please refer to the Appendix for a reconciliation of historical Adjusted EBITDA to Net (loss) income from continuing operations, the most directly comparable GAAP measure. As outlined in the Company’s November 4, 2025 press release, Clover Health does not provide a reconciliation of forward-looking Adjusted EBITDA guidance to the most directly comparable GAAP measure, as this cannot be reasonably calculated or predicted at this time without unreasonable efforts. Clover Health's 2025 Financial Guidance, including Projected Adjusted EBITDA, constitutes forward-looking statements and is subject to the risks and uncertainties described in the Company's November 4, 2025 press release and under Item 1A. “Risk Factors” in the Company's most recent Annual Report on Form 10-K filed with the SEC. FY24 Adj. EBITDA(1) Results $70M Prior FY25 Adj. EBITDA(1) Guidance $50M - $70M Non-Recurring Favorable PPD Affecting FY24 Strategic Quality / Clover Assistant Inv. Loss Ratio Impact from +32% New Member Cohort Growth Gross Profit Impact SG&A Impact Achieved FY24 profitability, sustaining FY25 profitability amidst >30% MA growth & 3.5 Stars, and well positioned for continued growth & profitability in FY26 New RHS Section SG&A Optimization via Cost Efficiency Program Updated FY25 Adj. EBITDA(1) Guidance $15M - $30M Loss Ratio Impact from greater mix of more new members Further SG&A Optimization 3Q25 Developments Increased Investment Income
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Third Quarter 2025 Financial Supplement
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15 (1) Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net (loss) income from continuing operations before depreciation and amortization, interest expense, change in fair value of warrants, loss on investment, stock-based compensation, premium deficiency reserve benefit, restructuring costs, impairment of goodwill and other intangible assets, and non-recurring legal expenses and settlements. Please refer to Non-GAAP Financial Measures provided in the Appendix hereto and Appendix A in the accompanying earnings press release for a reconciliation of Adjusted EBITDA to Net Loss from continuing operations, the most directly comparable GAAP measure. (2) Adjusted Net income from continuing operations is a non-GAAP financial measure. We define Adjusted Net income from continuing operations as Net (loss) income from continuing operations before stock-based compensation, premium deficiency reserve benefit, restructuring costs, impairment of goodwill and other intangible assets, and non-recurring legal expenses and settlements. Please refer to Non-GAAP Financial Measures provided in the Appendix hereto and Appendix A in the accompanying earnings press release for a reconciliation of Adjusted Net income from continuing operations to Net income from continuing operations, the most directly comparable GAAP measure. (3) Insurance Benefits expense ratio (“BER”) is a non-GAAP financial measure. We calculate our Insurance BER by taking the total of Insurance net medical expenses incurred and quality improvements, and dividing that total by premiums earned on a net basis, in a given period. Please refer to Non-GAAP Financial Measures provided in the Appendix hereto and Appendix A in the accompanying earnings press release for a reconciliation of BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure. (4) Adjusted SG&A is a non-GAAP financial measure. We define Adjusted SG&A as total SG&A less stock-based compensation and non-recurring legal expenses and settlements. A reconciliation of Adjusted SG&A to the sum of Salaries and benefits plus General and administrative expenses, the most directly comparable GAAP measure, is provided in the Appendix hereto and Appendix A in the accompanying earnings press release. Growth & Profitability ● 3Q25 MA membership of 109,226, up 35% YoY ● 3Q25 GAAP Net loss of ($24M), Adj. EBITDA(1) of $2M, and Adj. Net income(2) of $2M ● Year-to-date GAAP Net loss of ($36M) ● Year-to-date Adj. EBITDA(1) of $45M and Adj. Net income(2) of $44M Cash & Liquidity at 3Q25 ● $396M of consolidated cash, cash equivalents, and investments ● $123M of parent entity and unregulated subsidiaries’ cash, cash equivalents, and investments Operations ● 3Q25 Insurance revenue of $479M, up 49% YoY ● Year-to-date underlying incurred medical cost trend, excluding pharmacy, of 4% YoY; Combined with 35% membership growth, margin pressures reflect higher-than-expected mix of new members, relative to our returning base, elevated IP / OP utilization, and abnormal dental / DME activity. Year-to-date Insurance BER(3) of 89.4%, up +400 bps YoY excluding prior year development ● 3Q25 SG&A increased 8% to $97M, and Adjusted SG&A(4) increased 15% to $71M, versus 3Q24. ● 3Q25 Adj. SG&A as a % of Total revenues was 14%, improving by ~440 bps YoY Financial Summary Updated for 3Q25
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Insurance Revenue ● 3Q & YTD 2025 revenue and BER performance driven by continued intra-year MA membership growth and retention, clinical initiatives, and the impact of Clover Assistant powered care platform, offset by unfavorable medical cost development, member mix shifts, and abnormal Dental / DME activity. 16 In millions, except BER +49% 93.5%BER: 82.8% 3Q25 Financial Performance: Insurance 89.4%BER: 80.6% $50MInsurance: Gross Profit: $71M $215M$247MInsurance: Gross Profit: +39% Updated for 3Q25
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● 3Q & YTD 2025 Adjusted Net Income as a result of strong MA membership growth, cohort management, and continued focus on SG&A optimization, offset by unfavorable medical cost development, new member mix shifts, and abnormal Dental / DME activity. 17(1) Adjusted Net income from continuing operations is a non-GAAP financial measure. A reconciliation of Adjusted Net income from continuing operations to Net (loss) income from continuing operations, the most directly comparable GAAP measure, is provided in the Appendix hereto and Appendix A in the accompanying earnings press release. 3Q25 Financial Performance: Profitability Metrics In millions, except MA membership Adjusted Net Income(1) 108,231Avg. MA: Membership: 80,753 105,22880,011 Updated for 3Q25
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18(1) Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of Adjusted EBITDA to Net (loss) income from continuing operations, the most directly comparable GAAP measure, is provided in the Appendix hereto and Appendix A in the accompanying earnings press release. ● 3Q & YTD 2025 Adjusted EBITDA as a result of strong MA membership growth, cohort management, and continued focus on SG&A optimization, offset by unfavorable medical cost development, new member mix shifts, and abnormal Dental / DME activity. In millions, except MA membership 3Q25 Financial Performance: Profitability Metrics Adjusted EBITDA(1) 108,231Avg. MA: Membership: 80,753 105,22880,011 Updated for 3Q25
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19(1) Adjusted SG&A is a non-GAAP financial measure. A reconciliation of Adjusted SG&A to the sum of Salaries and benefits plus General and administrative expenses, the most directly comparable GAAP measure, is provided in the Appendix hereto and Appendix A in the accompanying earnings press release. In millions, except % ● 3Q & YTD 2025 Adjusted SG&A reflects our ability to gain operating leverage amidst increased variable & growth SG&A to support new membership growth and our continued strategic quality-focused investments aimed at improving member outcomes. 3Q25 Financial Performance: Adjusted SG&A(1) (5%) Adjusted SG&A as % of Total Revenue $71MAdj. SG&A: $62M (3%) $237M$209M Updated for 3Q25
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Appendix
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21 Investment Highlights Slightly tweaked callout box +33% YoY MA membership growth with Adj. EBITDA profitability in 2025(1) positions Clover for above-market growth & increasing profitability in 2026 Leading Physician Enablement Technology Company: Offering Medicare Advantage plans focused on affordability, accessibility, and choice AI-Powered Platform: Clover Assistant (CA) technology empowers physicians with AI-driven clinical recommendations to support better decisions & improve outcomes via early identification & management of disease Large Addressable Market: Targeting ~$500B market, with >35M seniors in Medicare Advantage Differentiated Approach: PPO-first (97% of membership enrolled in PPO plans), wide network, and proprietary tech creates clinical & market differentiation Growth Outlook: Strong new member growth within Medicare Advantage plan, and also commercializing CA tech platform via our Counterpart Health subsidiary to bring Clover’s care model to more plans & providers (1) Average Medicare Advantage (MA) Membership as of the year ended 2024 and the expected year ended 2025 at the midpoint of our full year 2025 guidance, as updated in the Company’s November 4, 2025 earnings press release. Adjusted EBITDA and Adjusted Net income are non-GAAP financial measures. As outlined in the Company’s November 4, 2025 press release, Clover Health does not provide a reconciliation of the forward-looking Adjusted EBITDA, and Adjusted Net income guidance to the most directly comparable GAAP measure, as this cannot be reasonably calculated or predicted at this time without unreasonable efforts.
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HEDIS (Stars Measure): Use of Clover Assistant helped achieve 4.94 and 4.72 out of 5 Stars on HEDIS measures for Star Rating years 2025 and 2026, respectively, both the top-performing score on core HEDIS measures for PPO Medicare Advantage plans nationwide 22 TBD new Whitepaper Better Health Outcomes Across Chronic Conditions Clover Assistant Whitepapers and Case Studies(1) Diabetes: Earlier diagnosis, leading to earlier treatment (~36 months earlier on average), reduced reliance on insulin, and lower incidence of hypoglycemia Chronic Kidney Disease (CKD): Earlier diagnosis of CKD stage 3 and higher. Even more significant for seniors in areas of higher deprivation, including rural America, where CKD disproportionately impacts seniors Congestive Heart Failure (CHF): Lower all-cause hospitalizations (18% lower) and 30-day readmissions (25% lower) Chronic Obstructive Pulmonary Disease (COPD): Lower all-cause hospitalizations (15% lower) and 30-day readmissions (18% lower) Using proprietary AI & ML models, Clover Assistant improves care coordination for doctors and is correlated with improved patient health outcomes Differentiated Impact in Socioeconomically Disadvantaged: Higher diagnosis rates, earlier disease detection, reduced acute care utilization (1) “Clover Assistant Use and Diagnosis and Progression of Chronic Kidney Disease” www.cloverhealth.com/clinicalcare/ckd; “Clover Assistant Use and Diagnosis, Treatment, and Progression of Diabetes” www.cloverhealth.com/clinicalcare/diabetes; “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Heart Failure Care” https://cdn.counterparthealth.com/whitepapers/2025_05_chf_whitepaper.pdf; “Counterpart Assistant Drives Clinical Excellence”, for detailed methodology and the HEDIS performance of the broader industry visit, please see here; “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Chronic Obstructive Pulmonary Disease Care” https://cdn.counterparthealth.com/whitepapers/2025_08_copd_whitepaper.pdf; “Bridging the Divide: Counterpart Assistant Use by PCPs in Underserved Chronic Disease Populations Associated with Earlier Diagnosis and Less Frequent Hospitalization” https://cdn.counterparthealth.com/whitepapers/counterpart-sedn.pdf
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23 Our Vision Empower Every Physician with Technology to Identify, Manage & Treat Chronic Diseases Earlier Earlier Diagnosis & Treatment Earlier Disease Management Higher Quality Clinical Care Affordable & Accessible Care From May’25 Deck
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24 2018 2022 2025 & Beyond Growth Profitability Innovation Clover’s Next Phase: Profitable Growth Updated to “Profitable Growth”
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Longitudinal care to most at-risk; via CA-powered Physician-led pods Clover’s Approach Clinical, physician enablement, AI-Powered technology Earlier disease identification & management & subsequent care treatment Not focused on Risk Delegation Wide network PPO; Focused on affordability / accessibility Home Care Technology Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software 25 Risk Delegation / Capitation Care Strategy (1) Represents third quarter 2025 YTD Insurance BER ratio for Clover Health, as well as most recent results of other public companies with “Traditional MA Plan” approaches that have reported results as of the time of this presentations deck publication. Insurance Benefits expense ratio (“BER”) is a non-GAAP financial measure. We calculate our Insurance BER by taking the total of Insurance net medical expenses incurred and quality improvements, and dividing that total by premiums earned on a net basis, in a given period. Please refer to Non-GAAP Financial Measures provided in Appendix A in the November 4, 2025 earnings press release for a reconciliation of BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure. Network Construct Outsourced one-time visits; Primarily rely on nurses & nursing assistants Traditional MA Approaches InsurTech, back-office & administrative Delayed / reactive healthcare, and/or downstream risk delegation Large focus / reliance Majority HMO approach; Narrow choice 3Q25 YTD Performance(1) High 80% to low 90% loss ratios; with industry average MA membership growth +4% YoY BER of 89.4% with MA membership growth +35% YoY From Prior IR Deck
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Designed to improve quality of care Having Supported Clinical Decision-Making for Thousands of Practitioners 26 Novel clinical insights at point-of-care Enhanced care coordination 100+ AI / ML models powering treatment recommendations Captures & synthesizes data from 100+ sources Generating millions of clinically oriented and personalized insights From Prior IR Deck
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27 Our Technology-Driven Approach is Working 2 1 34 5 Grow Membership & Clover Assistant Usage Deliver Better AI Driven Clinical Recommendations Improve Health Outcomes & Quality of Life Reduce the Total Cost of Care Reinvest in Member Benefits From Prior IR Deck
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Note: Kidney Function measured via GFR (Glomerular Filtration Rate). (1) “Clover Assistant Use and Diagnosis and Progression of Chronic Kidney Disease” www.cloverhealth.com/clinicalcare/ckd Earlier Diagnosis Leads to Earlier Treatment Example: Chronic Kidney Disease ~1.5 years CA Patients Non-CA Patients Diagnosed CKD Stage 3 Diagnosed CKD Stage 3 Time (Years) CKD is diagnosed earlier and disease trajectory improves in patients seen by providers using Clover Assistant(1) Kidney Function (GFR) 28 From Prior IR Deck Clover Health Whitepaper
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Note: This slide reflects our examination of data from Clover Health members who had no previously recorded diagnosis of diabetes, were flagged by the ‘at-risk’ algorithm in Clover Assistant, and where the clinician had a visit informed by Clover Assistant data (2018 - 2022) and the clinician confirmed diabetes. (1) Represents percentage (%) of pre-existing diagnoses similar in the two groups. (2) “Clover Assistant Use and Diagnosis, Treatment, and Progression of Diabetes” www.cloverhealth.com/clinicalcare/diabetes Days Since Clover Assistant Visit Members Newly Diagnosed with Diabetes (1) Earlier Diagnosis Leads to Earlier Treatment Example: Diabetes Patients started on oral diabetic medications after Clover Assistant raised potential diabetes diagnosis for physician consideration(2) Diabetes Medication Fills 29 Clover Health WhitepaperFrom Prior IR Deck
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Earlier Diabetes Treatment Leads to: Note: This slide reflects our examination of data from Clover Health members who had no previously recorded diagnosis of diabetes, were flagged by the ‘at-risk’ algorithm in Clover Assistant, and where the clinician had a visit informed by Clover Assistant data (2018 - 2022) and the clinician confirmed diabetes. (1) “Clover Assistant Use and Diagnosis, Treatment, and Progression of Diabetes” www.cloverhealth.com/clinicalcare/diabetes Diabetes Diagnosed & Managed ~3 Years Earlier(1) Lower Use of Insulin(1) Lower Instances of Hypoglycemia(1) Oral Meds Started Oral Meds Started Non-CA Patients CA Patients Time (Years) Blood Sugar Indicator (HbA1c) Non-CA Patients CA Patients Percentage Taking Insulin Days Since Oral Meds Started Non-CA Patients CA Patients Percentage with Hypoglycemia Event Days Since Oral Meds Started 30 Clover Health WhitepaperFrom Prior IR Deck
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Average Number in 2024 Clover Assistant Supports Better Clinical Outcomes Example: Congestive Heart Failure (“CHF”) 31 Clover Assistant PCP relationship associated with better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day readmissions for members with CHF(1) (25%) (18%) CA CHF Cohort Non-CA CHF Cohort Hospitalization & Readmissions for CHF Patients Note: Case study outlines how CA supports provider management of patients with Congestive Heart Failure (CHF) in the Clover Health MA plans, and its association with improved clinical care and outcomes in 2024. (1) “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant's Role in Heart Failure Care” www.counterparthealth.com/results Clover Health WhitepaperFrom Prior IR Deck
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Average Number in 2024 32 Clover Assistant PCP relationship associated with better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day readmissions for members with COPD(1) (18%) (15%) CA COPD Cohort Non-CA COPD Cohort Hospitalization & Readmissions for COPD Patients Note: Case study outlines how CA supports provider management of patients with Chronic obstructive pulmonary disease (COPD) in the Clover Health MA plans, and its association with improved clinical care and outcomes in 2024. (1) “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Chronic Obstructive Pulmonary Disease Care” https://cdn.counterparthealth.com/whitepapers/2025_08_copd_whitepaper.pdf Clover Health Whitepaper Chronic Obstructive Pulmonary Disease (“COPD”) Significantly Lower Rates of Inpatient Hospitalizations: 15% fewer all-cause hospitalizations 18% fewer 30-day readmissions From Prior IR Deck
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Medication fills increased by ~5% on the day of the Clover Assistant visit and remained ~3% higher 90 days post-visit among patients previously non-adherent to their medications for diabetes, high blood pressure, and high cholesterol(1) Days Since Visit Note: Analyses examined data from Clover Health Medicare Advantage plan members from 2018, 2019, 2022, and 2023. We intentionally excluded data from 2020 and 2021 to minimize the impact of the COVID-19 pandemic’s disruption of the healthcare system, including medication-related behaviors. (1) “Clover Assistant Use and Medication Adherence for Common Chronic Conditions” www.cloverhealth.com/clinicalcare/medadherence Percent with Medication Fill Clover Assistant Correlated with Improved Medication Adherence CA with Medication Adherence Feature CA without Medication Adherence Feature 33 Clover Health WhitepaperFrom Prior IR Deck
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34 Financial Statements Condensed Consolidated Balance Sheets (Dollars in thousands, except share amounts) (unaudited)
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35 Financial Statements Condensed Consolidated Statements of Operations and Comprehensive Loss (Dollars in thousands, except per share and share amounts) (unaudited)
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36 Financial Statements Condensed Consolidated Statements of Cash Flows (Dollars in thousands) (unaudited)
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37 Financial Statements Operating Segments (Dollars in thousands) (unaudited)
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38 Non-GAAP Financial Measures (1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these non-GAAP measures, see Appendix A in the accompanying earnings press release. CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED SG&A (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited)
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39 Non-GAAP Financial Measures (continued) (1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these non-GAAP measures, see Appendix A in the accompanying earnings press release. CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited)
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40 Non-GAAP Financial Measures (continued) (1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these non-GAAP measures, see Appendix A in the accompanying earnings press release. CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED NET INCOME FROM CONTINUING OPERATIONS (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited)
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41(1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these non-GAAP measures, see Appendix A in the accompanying earnings press release. CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) AND NORMALIZED INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) Non-GAAP Financial Measures (continued)
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42 About Non-GAAP Financial Measures We use non-GAAP measures in this presentation, including Adjusted EBITDA, Adjusted Net income from continuing operations, Adjusted SG&A, Insurance BER, and Normalized Insurance BER. These non-GAAP financial measures are provided to enhance the reader’s understanding of Clover Health’s past financial performance and our prospects for the future. Clover Health’s management team uses these non-GAAP financial measures in assessing Clover Health’s performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP, and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental to and should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP measures, which are included in the Appendix of this presentation, together with other important financial information included in our filings with the SEC and on the Investor Relations page of our website at investors.cloverhealth.com. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see Appendix A in the accompanying earnings press release: "Explanation of Non-GAAP Financial Measures."