Slides
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Fourth Quarter & Full Year 2025 Earnings Conference Call February 26, 2026 LGTMs: Date: Andrew T. (Input) 2/24 (via Jessie) Peter K. 2/24 Karen S. (Legal) 2/24/26 Accounting (#s confirm) LGTM 2.24.26
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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 GAAP Net Income, Adjusted EBITDA, Adjusted Net (loss) income from continuing operations, Adjusted SG&A, Adjusted SG&A as a percentage of Total revenues, Consolidated Gross Profit, Insurance BER, Normalized Insurance BER (collectively, “non-GAAP financial 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 and the accompanying oral presentation include non-GAAP financial measures that 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 financial measures to historical GAAP measures is included in the Appendix of this presentation.
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Investment Highlights 3 AI Leader in Medicare Advantage Scales automatically alongside commercial LLM innovation Models trained to support improved clinical outcomes Platform built AI-first to enable physician-led care Model Drives Sustainable Growth +53% AEP Growth, >95% retention, stable YoY benefits Strong & improving cohort economics #1 PPO Plan nationally on HEDIS quality measures(1) (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, which is the #1 score on HEDIS quality measures in the nation for PPO. This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2024 Star ratings, applying the measure ranges used by CMS. Empowers Any Doctor on Wide Network PPO
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4 Diabetes Earlier Diagnosis (1) This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2024 Star ratings, applying the measure ranges used by CMS. (2) “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 Socioeconomically Disadvantaged Impact COPD Fewer Hospitalizations CHF Fewer Hospitalizations Leader in AI Enabled Clinical Improvement CKD Earlier Diagnosis HEDIS #1 PPO Nationwide(1) Clover is at the forefront of applying AI in practice to drive real-world clinical results and improved patient outcomes(2)
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~97% of members in current 4 Star payment year PPO Increasing 3rd party customers & onboarding more clinicians onto CA Strong medical cost trend & cohort economics, gaining SG&A leverage 5 2025 Accomplishments #1 PPO Plan Nationally on HEDIS Quality(3) Sustained Adjusted EBITDA Profitability(2) High retention in core markets, MA switchers, minimal e-broker exposure Expanding Counterpart Health 3rd Party CA Use 2026 AEP Growth +53%, up from +27% in 2025(1) (1) Medicare Advantage membership growth as of the beginning of January 2026 as compared to January 2025, and beginning of January 2025 compared to January 2024. (2) Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as Net Income (Loss) from continuing operations before depreciation and amortization, loss on investment, stock-based compensation, premium deficiency reserve expense (benefit), restructuring (recoveries) costs, and non-recurring legal expenses and settlements. Please refer to Non-GAAP Financial Measures provided in the Appendix for a reconciliation of Adjusted EBITDA to Net (loss) income from continued operations. (3) Achieved 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. This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2023 & 2024 Star ratings, applying the measure ranges used by CMS. Clover Health will be paid on 4.0 Stars for its flagship PPO plans in Payment Year 2026; percentage of members in PPO plans is based on the month beginning January 2026 membership. Anticipating FY26 GAAP Net Income Profitability
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6 (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. (2) 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 February 26, 2026 earnings press release. Fourth Quarter 2025 Business Update Growth + Profitability ● 4Q Medicare Advantage membership of ~114K at year-end, +38% YoY ● 4Q Total revenues +45% YoY ● 4Q Adj. EBITDA of ($23M) & Adj. Net income of ($24M)(1) bringing FY25 Adj. EBITDA to $22M & Adj. Net income to $20M(1) Medicare Advantage Performance ● FY25 meaningfully above-market MA growth, sustained profitability & nation-leading quality ● Delivered 5% underlying YoY incurred medical cost trend, excluding pharmacy ● FY25 Adjusted SG&A as % of Total revenues(2) improved by 410 bps improvement YoY Achieved FY25 Adj. EBITDA profitability amidst new member dilution from +38% YoY membership growth; Expect to reach full year 2026 GAAP Net Income profitability
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7 Strong returning cohort performance expected to improve, reinforcing confidence to drive future earnings growth & margin expansion in 2026 & beyond Differentiated Clinical Model Drives Strong & Predictable Cohort Performance Contribution Profit (Loss) ($PMPM)(1) (1) Represents Incurred contribution profit (loss) for new and returning member types, per member per month for the year ended for a given period. Contribution profit (loss) calculated taken the consolidated cohort Gross Profit less in-year acquisition costs and variable SG&A on a per member per month (PMPM) basis. 202620252024 202620252024
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8 Drivers Reinforcing Expected Better 2026 Cohort Economics Strong returning member retention Increasing Clover Assistant coverage Continued operating leverage as SG&A efficiency improves with scale Favorable 2026 CMS final rate update Financial impact of 4.0 Star 2026 payment year
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9 Validated 2025 Strategy and Stable Benefits YoY Reinforce 2026 Underwriting Confidence & Growth Year 2 of Above-Market Growth Same 2025 strategy; accelerated in 2026 Expected Cohort Economics Consistent execution; no surprises Manageable Membership Growth Clean, intentional, core-market PPO growth Stable Benefits Year-over-Year Predictable growth; high >95% AEP retention Replicated Growth Strategy Proven MA Membership Growth +46% Growth YoY +33% Growth YoY (1) Represents FY26 Average MA Membership at the midpoint of guidance, as provided in the February 26, 2026 earnings press release. (1)
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10(1) Clover Health cohort information represents incurred membership data from dates of service including 2021 through 2025. Within any given performance year, Insurance Gross Profit $ PMPM differential represents the member weighted average difference between Year 2 and Year 1 cohorts, as well as Year 3 and Year 1 cohort differentials. Inclusive of both Clover Assistant and non Clover Assistant cohorts. (2) MCR differentials represent the difference between the aggregate MCR across the CA cohorts in a Tenure Group and the aggregate MCR across the Non-CA cohorts in a Tenure Group. Clinical Model Increases Member Lifetime Value Cohorts perform increasingly better over time, establishing foundation for long-term MA success Insurance Gross Profit ($PMPM) Differential by Year(1) Clover Assistant MCR Differential by Tenure(2)
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11(1) Clover Health cohort information represents incurred membership data from dates of service including 2021 through 2025. 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. Anticipate Sustained Improvement as Cohorts Mature Average MCR Differential by Cohort Year(1)
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Guidance On the following slides, Clover Health presents an overview of its full year2026 guidance, including certain non-GAAP financial measures.
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13 Full Year 2026 Guidance Review $2.81B - $2.92B Full-Year 2026 Guidance (2/26/26) Total Revenues $50M - $70MAdjusted EBITDA(1) $470M - $510MConsolidated Gross Profit(1) 154,000 - 158,000Average Medicare Advantage Membership (1) Adjusted EBITDA and Consolidated Gross Profit are non-GAAP financial measures. As outlined in the February 26, 2026 earnings press release, Clover Health does not provide a reconciliation of the forward-looking Adjusted EBITDA and Consolidated Gross Profit 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 2026 Financial Guidance, including Projected Adjusted EBITDA and Projected Consolidated Gross Profit, constitutes forward-looking statements and is subject to the risks and uncertainties described in the February 26, 2026 earnings press release and under Item 1A. “Risk Factors” in the Company's most recent Annual Report on Form 10-K filed with the SEC. $0M - $20MGAAP Net Income
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Volume Impact to Growth / Variable SG&A from +46% Growth 14 Full Year 2026 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 February 26, 2026 earnings 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 2026 Financial Guidance, including Projected Adjusted EBITDA, constitutes forward-looking statements and is subject to the risks and uncertainties described in the February 26, 2026 earnings press release and under Item 1A. “Risk Factors” in the Company's most recent Annual Report on Form 10-K filed with the SEC. FY25 Adj. EBITDA(1) Results $22M FY26 Adj. EBITDA(1) Guidance $50M - $70M Part D optimization initiatives New member loss ratio Impact from +46% Growth We believe improving cohort economics & disciplined MA underwriting, supported by targeted initiatives and SG&A efficiency, position Clover for full-year GAAP Net Income profitability 4 Star financial impact More profitable returning cohort base via strong retention Favorable 2026 Rate Notice Increasing CA coverage Cohort Economic Impacts Non-recurring abnormal DME / dental activity affecting FY25 Initiatives Continued SG&A optimization
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Fourth Quarter & Full-Year 2025 Financial Supplement
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16 (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 February 26, 2026 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 February 26, 2026 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 February 26, 2026 earnings press release for a reconciliation of BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure. (4) Consolidated Gross Profit is a non-GAAP financial measure. We define Consolidated Gross Profit as net loss from continuing operations before salaries and benefits, general and administrative expenses, depreciation and amortization, premium deficiency reserve expense, restructuring costs, impairment of goodwill and other intangible assets, interest expense, change in fair value of warrants, and loss on investment. Please refer to Non-GAAP Financial Measures provided in the Appendix hereto and Appendix A in the February 26, 2026 earnings press release for a reconciliation of Consolidated Gross Profit to Net Loss from continuing operations, the most directly comparable GAAP measure. (5) 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 February 26, 2026 earnings press release. Growth & Profitability ● Year-end 2025 MA membership of 113,803, up 38% YoY ● FY25 GAAP Net loss of ($86M), Adj. EBITDA(1) of $22M, and Adj. Net income(2) of $20M Cash & Liquidity at Year-End 2025 ● $320M of consolidated cash, cash equivalents, and investments ● $122M of parent entity and unregulated subsidiaries’ cash, cash equivalents, and investments Operations ● 4Q25 Insurance revenue of $486M, bringing FY25 Insurance revenue to $1.9B, up 41% YoY ● FY25 underlying incurred medical cost trend, excluding pharmacy, of 5% YoY; Despite elevated industry utilization, & new member dilution from higher than initially expected growth ● FY25 Insurance BER(3) of 90.9%; Generated Consolidated Gross Profit of $356M(4) ● FY25 SG&A increased 8% to $440M, and Adjusted SG&A(5) increased 13% to $334M vs. FY24 ● FY25 Adj. SG&A as a % of Total revenues was 17%, improving by ~410 bps YoY Financial Summary
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Insurance Revenue ● 4Q & FY25 revenue, Consolidated gross profit, 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 broader market elevated utilization and new member dilution during the year. 17 In millions, except BER +47% 95.0%Insurance BER:(1) 82.8% 4Q25 Financial Performance: Insurance Revenue 90.9%Insurance BER:(1) 81.2% $74M Consolidatedttt Gross Profit:(2) $94M $356M$365M Consolidatedttt Gross Profit:(2) +41% (1) Insurance 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 February 26, 2026 earnings press release for a reconciliation of BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure. (2) Consolidated Gross Profit is a non-GAAP financial measure. A reconciliation of Consolidated Gross Profit to Net (loss) income from continuing operations, the most directly comparable GAAP measure, is provided in the Appendix hereto and Appendix A in the February 26, 2026 earnings press release.
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18(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 February 26, 2026 earnings press release. In millions, except % ● 4Q & FY25 Adjusted SG&A reflects our ability to gain operating leverage amidst increased variable & growth SG&A to support new member growth & our continued strategic quality-focused investments aimed at improving member outcomes, we believe positioning Clover well for market-leading 2026 member growth. 4Q25 Financial Performance: Adjusted SG&A(1) (6%) Adjusted SG&A as % of Total Revenues $98MAdj. SG&A: $86M (4%) $334M$295M
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● 4Q & FY25 Adjusted Net (loss) Income is a result of well controlled underlying medical cost trend, strong cohort management, meaningfully above-market MA membership growth, and continued SG&A optimization, offset by broader market elevated utilization and new member dilution during the year. 19(1) Adjusted Net (loss) income from continuing operations is a non-GAAP financial measure. A reconciliation of Adjusted Net (loss) 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 February 26, 2026 earnings press release. 4Q25 Financial Performance: Profitability Metrics In millions, except MA membership Adjusted Net (loss) Income(1) 112,654Avg. MA: Membership: 82,209 107,08480,561 4Q25
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20(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 February 26, 2026 earnings press release. ● 4Q & FY25 Adjusted EBITDA a result of well controlled underlying medical cost trend, strong cohort management, meaningfully above-market MA membership growth, and continued SG&A optimization, offset by broader market elevated utilization and new member dilution during the year. In millions, except MA membership 4Q25 Financial Performance: Profitability Metrics Adjusted EBITDA(1) 112,654Avg. MA: Membership: 82,209 107,08480,561 4Q25
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Appendix
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22 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
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23 Our Company (1) Backed by strong IP portfolio with dozens of active / pending patents, including patents for Machine learning models for diagnosis suspecting, among many more that can be found here. Significant TAM & Market Runway AI-Powered Clover Assistant(1) Leading Medicare Advantage physician enablement technology company focused on wide network PPO Differentiated Home Care Strategic Market Leading 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 24 Risk Delegation / Capitation Care Strategy (1) Represents full year 2025 BER 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 presentation deck publication. Insurance 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 February 26, 2026 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 FY25 Performance(1) High 80% to low 90% loss ratios; with industry average MA membership growth +3% YoY BER of 90.9% with MA membership growth +38% YoY
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Designed to improve quality of care Having Supported Clinical Decision-Making for Thousands of Practitioners 25 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
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26 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
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Differentiated Layering Effect Improving Cohort Economics Membership Growth Growing Membership 27 Improving Cohorts + Growing Membership = Compounding Profitability Over Time Layered Cohort Profitability Note: Illustrative, Not to Scale.
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Goal: Increasing total lives on Counterpart to equal & exceed those on Clover’s Medicare Advantage Plan (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, which is the #1 score on HEDIS quality measures in the nation. This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2024 Star ratings, applying the measure ranges used by CMS. (2) For Clover MA members whose PCPs use CA as compared to those whose PCPs do not. Differential represents the difference between the aggregate MCR across the CA cohorts and the aggregate MCR across the Non-CA cohorts. (3) A clinician is considered “live on CA” for these statistics if they completed their individual account registration. YoY data is for November 18, 2024 through November 18, 2025. Bringing Clover’s Care Model to More Plans & Providers Nationwide 28 Proven AI-Powered Clinical Software SaaS & Tech-Enabled Services Rapidly Expanding User Base Extensive Nationwide Opportunity New revenue model Established product market fit #1 Nation PPO HEDIS(1) Improves MCR 1,500+ bps(2) CA beyond core MA markets +450% YoY customer users(3) Scaling CPH alongside growing MA profit engine
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Differentiated Impact in Socioeconomically Disadvantaged: Higher diagnosis rates, earlier disease detection, and fewer all-cause inpatient hospitalizations (8% to 21% fewer), and 30-day readmissions (12% to 21% fewer) across patients with diabetes, CKD, CHF, and COPD 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 29 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 (~18 months earlier on average). 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 (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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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 30 Case study demonstrates Clover Assistant’s ability to help PCPs to better identify & manage diseases for disadvantaged members
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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) 31 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 32 Clover Health Whitepaper
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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 33 Clover Health Whitepaper
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Average Number in 2024 Clover Assistant Supports Better Clinical Outcomes Example: Congestive Heart Failure (“CHF”) 34 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 Whitepaper
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Average Number in 2024 35 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
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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 36 Clover Health Whitepaper
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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) 37 (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. This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2023 & 2024 Star ratings, applying the measure ranges used by CMS. Clover Top Rated PPO Plan in the Nation on HEDIS Measures for the Second Consecutive Year(1)
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38 Financial Statements Consolidated Balance Sheets (Dollars in thousands, except share amounts) (unaudited)
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39 Financial Statements Consolidated Statements of Operations and Comprehensive Loss (Dollars in thousands, except per share and share amounts) (unaudited)
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40 Financial Statements Consolidated Statements of Cash Flows (Dollars in thousands) (unaudited)
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41 Financial Statements Operating Segments (Dollars in thousands) (unaudited)
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42(1) The table above includes non-GAAP financial 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 financial measures, see Appendix A in the February 26, 2026 earnings press release. CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES CONSOLIDATED GROSS PROFIT (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) Non-GAAP Financial Measures
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43 Non-GAAP Financial Measures (continued) (1) The table above includes non-GAAP financial 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 financial measures, see Appendix A in the February 26, 2026 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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44 Non-GAAP Financial Measures (continued) (1) The table above includes non-GAAP financial 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 financial measures, see Appendix A in the February 26, 2026 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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45 Non-GAAP Financial Measures (continued) (1) The table above includes non-GAAP financial 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 financial measures, see Appendix A in the February 26, 2026 earnings press release. CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED NET (LOSS) INCOME FROM CONTINUING OPERATIONS (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited)
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46(1) The table above includes non-GAAP financial 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 financial measures, see Appendix A in the February 26, 2026 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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47 About Non-GAAP Financial Measures We use non-GAAP financial measures in this presentation, including Adjusted EBITDA, Adjusted Net (loss) income from continuing operations, Adjusted SG&A, Adjusted SG&A as a percentage of Total revenues, Consolidated Gross Profit, 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 above in 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 February 26, 2026 earnings press release: "Explanation of Non-GAAP Financial Measures."