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Clover Health Investor Presentation August 2026
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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 (loss), Adjusted SG&A, Adjusted SG&A as a percentage of Total revenues, Consolidated Gross Profit, Insurance BER (collectively, “non-GAAP financial measures,” as defined herein), GAAP Net Income, 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 February 27, 2026 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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3 Our Vision Earlier Diagnosis & Treatment Earlier Disease Management Higher Quality Clinical Care Affordable & Accessible Care Empower Every Physician with AI-Powered Technology to Identify, Manage & Treat Chronic Diseases Earlier
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Majority narrow-network HMO Network Strategy CA powered, longitudinal, high-touch care Clover Care Services Home health + one-time visits Significant membership growth while scaling profitability, as peers typically trade-off growth & margin Clover’s Approach Technology Five Pillars Underpinning Clover's Differentiation 4 Risk Strategy / Member LTV Care Strategy Traditional MA Approaches Reactive healthcare + risk delegation Share upside / risk via capitated arrangements Strong MA Performance(1) Back-office / administrative Wide network PPO AI-Powered physician enablement at scale Earlier disease identification & management No risk delegation, retain full upside (1) Based on Clover Health's 2Q26 performance as compared to other public companies with "Traditional MA Plan" approaches that have reported results as of the time of this presentation deck publication.
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5 Improved Care Management More Data, Earlier Identification, Better Outcomes Technology Superior MA Performance Risk Strategy / Member LTV Care Strategy 100+ data sources 100+ AI / ML models Millions of individualized insights generated to PCPs at the point of care AI-Powered Data Advantage Network Strategy Clover Care Services 15% - 18% lower hospitalizations, and 18% - 25% lower 30-day readmissions for COPD & CHF patients CKD stage 3 diagnosed 18 months earlier & diabetes treatment initiated 36 months earlier
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Proactive, Individualized Care for Every Member 6 Care Strategy Technology AI-Powered Care: ➔ Target ~2/3 Clover Assistant coverage ➔ Personalized healthcare; not population health ➔ Earlier identification & management of disease ➔ Supporting network PCPs & clinical services teams Members Clover Care Services Network Physicians In-home care for most at-risk & polychronic Real-time insights at the point-of-care Clover Assistant Risk Strategy / Member LTV Superior MA Performance Network Strategy Clover Care Services
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Better Care in the Home: ➔ Serves highest acuity members ➔ 100% Clover Assistant powered ➔ Fewer hospitalizations & readmissions ➔ +84% IHC Enrollment year-over-year Clover Care Services Clover Assistant Powered Care, Directly in the Home 7 (1) Source: MedPAC & PTAC analysis on Medicare FFS spending. Care Strategy Technology Risk Strategy / Member LTV ~10% of Medicare members account for ~60% of costs, on average(1) Clover Care Services Clover Care Visits ● Assess risk & care needs ● Post-admission follow-up ● Readmission prevention In-Home Care ● Home-based primary care ● Medication management ● Palliative & EoL care Superior MA Performance Network Strategy
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8 (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. Year 1 refers to the cohorts for which the Payment Year was one year after the Service Year; Year 2, two years after the Service Year; Year 3, three years after the Service Year; and Year 4, four years after the Service Year. For more details, please refer to: https://cdn.counterparthealth.com/whitepapers/2025_12_cph_performance.pdf 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) Risk Strategy / Member LTV Care Strategy Technology Superior MA Performance Network Strategy Clover Care Services
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Owning Full Upside: ➔ Compound value over time ➔ Clinical engagement + AI improve outcomes ➔ 100% of cohort improvement retained ➔ Exceeds contribution profit of delegated models by Year 3 Retaining Full Economics Creates LTV Advantage 9 Risk Strategy / Member LTV Care Strategy Technology Superior MA Performance Network Strategy Clover Care Services CLOV vs. Fully Delegated Model(1) Annual Contribution Profit $PMPM (1) Note: Illustrative multi-year Cohort Contribution Profit Trend (per member per month) as compared to illustrative delegated model not powered by Clover Assistant. Does not reflect actual $ values. ~49% of Current Membership Exceeds Delegated Models
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10 Layered Cohorts Drive Compounding Profitability (1) Note: Illustrative, Not to Scale. Care Strategy Technology Scaling at Full Risk: ➔ Better cohort outcomes & total cost of care under CA ➔ Mature cohorts fund new membership growth ➔ Layering effect drives differentiated earnings potential over time Layered Cohort Profitability Membership Growth Risk Strategy / Member LTV Superior MA Performance Network Strategy Clover Care Services
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~1.8M Medicare Eligibles & Annual NJ Spend(2) of ~$25B Why Our Model Wins: ➔ ~98% of MA book in PPO ➔ Strong ~95% retention ➔ Stable benefit offering focused on low OOP costs ➔ Minimal e-broker exposure ➔ #1 PPO nationally on HEDIS quality measures(3) Meaningful Runway to Grow in NJ Network Strategy 11 Care Strategy Technology Risk Strategy / Member LTV Superior MA Performance Clover Assistant Powers Broad Access and Wide-Network Choice (1) Includes PPO and HMO plans, and excludes special needs and employer retiree plans. (2) Represents annualized Medicare healthcare spend in New Jersey. Source: CMS Geographic Variation in Standardized Medicare Spending (2024); based on NJ Medicare beneficiary population. (3) 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. #1 MA Plan in NJ by Market Share(1) >1,000 bps market share gains as peers retreated ~42% MA Penetration Clover Care Services
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Differentiated Results: ➔ Strong medical cost performance while growing ~3x faster than similar sized MA plans ➔ Scaling membership while improving profitability Market-Leading Growth, Backed by Disciplined Execution 12 Care Strategy Superior MA Performance Technology Risk Strategy / Member LTV 2-Year MA Membership CAGR (2024 - 2026E)(1) Sustained Adj. EBITDA Profitability Expect Positive FY26 GAAP Net Income Realized >500 bps Adj. SG&A Leverage Scaling Profitability Network Strategy (1) Peer growth rates represent the member-weighted average annual membership growth of MA plans filtered by membership size. Source: CMS Medicare Advantage enrollment data and public company guidance. Clover Care Services
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Counterpart Health Expansion Increasing third party customers & clinician adoption of CA in more markets beyond our MA plan Better Clinical Quality & Outcomes at Scale Improve member experience, close care gaps, improve medication adherence, & strengthen provider engagement via CA Deliver GAAP Net Income Profitability + Market-Leading Growth Drive strong returning cohort economics while absorbing new member dilution Balance Profitability with Strategic Reinvestments Maintain bottom-line discipline while investing in CA, Counterpart Health efforts, and member benefits & experience for better retention & long-term outcomes Our Focus for 2026 13 Accelerate New Member Clinical Engagement Focused effort to onboard members into CA-powered care through enhanced coordination, provider integration, and early engagement
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Q&A 14
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Appendix
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16 (1) Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of Adjusted EBITDA to Net (loss) income, the most directly comparable GAAP measure, is provided in the Appendix hereto and Appendix A in the August 5, 2026 earnings press release. (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 August 5, 2026 earnings press release. Continued Execution Reinforces FY26 Confidence Growth + Profitability ● 2Q26 GAAP Net Income of $28M (+$39M YoY) alongside MA growth +48% YoY to ~157K members ● 2Q26 Total revenues +56% YoY ● 2Q26 Adj. EBITDA of $41M (+139% YoY)(1) ● 2Q26 Adjusted SG&A as % of Total revenues(2) improved by 220 bps YoY Business Update ● Cost trends performing better than expected ● Cohort economics progressing in line with expectations as members mature under CA ● 2027 outlook supported by compounding cohort economics within our full-risk model ● Improved full year 2026 guidance across all metrics
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Investment Highlights 17 AI Leader in Medicare Advantage (1) 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. (2) 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. Model Drives Compounding Economics Models trained to support improved clinical outcomes Tech-powered clinical care covering ~2/3s of members Platform built AI-first to enable physician-led care ~1,500 bps MCR differential(1) Full-risk cohort economics driving GAAP profitability ~40% average annual membership growth since 2024 ~98% of members in flagship PPO plan Scales automatically alongside commercial LLM innovation #1 PPO Plan nationally on HEDIS quality measures(2) Empowers Any Doctor on Wide Network PPO
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Karen Soares General Counsel _____________________________________________________________________________ >20 years of legal experience Aric Sharp Divisional CEO of Value Based Care _____________________________________________________________________________ >25 years in industry Rachel Fish Chief People Officer _____________________________________________________________________________ >15 years in industry Jamie Reynoso Divisional CEO of Medicare Advantage _____________________________________________________________________________ >30 years of healthcare leadership Well-Rounded Management Team of Technology Experts & Seasoned Managed Care Professionals Vivek Garipalli Executive Chairman ______________________________________________________________________________________________ >20 years of healthcare & financial leadership Andrew Toy Chief Executive Officer __________________________________________________________________________________________________________________________________ >20 years of technology & healthcare leadership Clay Thornton Interim Chief Financial Officer _____________________________________________________________________________ >15 years of financial & healthcare leadership Conrad Wai CEO of Counterpart Health _____________________________________________________________________________ >15 years of technology experience Wendy Clapper Chief Compliance Officer _____________________________________________________________________________ >40 years in industry 18
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19 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 Clover Care Services Strategic Market Leading Growth
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20 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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21 Medical cost trends developing better than initial full year 2026 expectations Differentiated Clinical Model Drives Strong & Predictable Cohort Performance (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) is calculated by taking the consolidated cohort Gross Profit less in-year acquisition costs and variable SG&A on a per member per month (PMPM) basis. Data was originally presented in the Company's Fourth Quarter 2025 Earnings Supplemental Slides and has not been updated since that time. 202620252024 202620252024 Contribution Profit (Loss) ($PMPM)(1) Drivers Reinforcing Improved 2026 Cohort Economics Financial impact of 4.0 Star 2026 payment year Scale-driven efficiencies accelerating with significant membership growth Better clinical engagement, via Clover Assistant & home-based care delivery Strong retention of returning members maturing under clinical platform
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Designed to improve quality of care Having Supported Clinical Decision-Making for Thousands of Practitioners 22 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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23 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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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 24 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 25 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 26 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) 27 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 28 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 29 Clover Health Whitepaper
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Average Number in 2024 Clover Assistant Supports Better Clinical Outcomes Example: Congestive Heart Failure (“CHF”) 30 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 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 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 32 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) 33 (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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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 Income (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(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 August 5, 2026 earnings press release. CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES CONSOLIDATED GROSS PROFIT (NON-GAAP) RECONCILIATION (dollars in thousands)(1) (unaudited) Non-GAAP Financial Measures
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39 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 August 5, 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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40 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 August 5, 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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41 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 August 5, 2026 earnings press release. CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED NET (LOSS) INCOME (NON-GAAP) RECONCILIATION (in thousands)(1) (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 August 5, 2026 earnings press release. CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) RECONCILIATION (dollars in thousands)(1) (unaudited) Non-GAAP Financial Measures (continued)
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43 About Non-GAAP Financial Measures We use non-GAAP financial measures in this presentation, including Adjusted EBITDA, Adjusted Net income (loss), Adjusted SG&A, Adjusted SG&A as a percentage of Total revenues, Consolidated Gross Profit, and 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 August 5, 2026 earnings press release: "Explanation of Non-GAAP Financial Measures."