Slides
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Third Quarter 2026 Earnings Conference Call November 4, 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 (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 November 4, 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 November 4, 2026 earnings press release. Continued Execution Reinforces FY26 Confidence Growth + Profitability ● 3Q26 YTD GAAP Net Income of $62M (+$98M YoY) alongside MA growth +49% YoY to ~157K average members ● 3Q26 YTD Total revenues +57% YoY ● 3Q26 YTD Adj. EBITDA of $97M (+116% YoY)(1) ● 3Q26 YTD Adj. SG&A as % of Total revenues(2) improved by 120 bps YoY Business Update ● Cohort economics progressing as anticipated under Clover Assistant ● Improved FY26 guidance across all metrics ● 2027 AEP tracking well, with significant growth on strong product positioning in core markets ● 5 Star PPO rating for Payment Year 2028, representing ~98% of current membership
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4 Our Vision Empower Every Physician with AI-Powered 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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Investment Highlights 5 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 4.82 on HEDIS for the Plan Year 2027, Payment Year 2028 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, 2024, 2025, and 2026 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2023, MY 2024, and MY 2025 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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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 6 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 3Q26 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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7 (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)
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~49% of Current Membership CLOV vs. Fully Delegated Model(1) Annual Contribution Profit $PMPM 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 8(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. Exceeds Delegated Models
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9 Layered Cohorts Drive Compounding Profitability (1) Note: Illustrative, Not to Scale. Scaling at Full Risk: ➔ Better cohort outcomes & total cost of care under CA ➔ Mature cohorts fund new membership growth ➔ Compounding effect drives differentiated earnings potential over time Layered Cohort Profitability Membership Growth Differentiated Layering Effect Improving Cohort Economics Membership Growth
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Clover Health 4.82 / 5 Stars on HEDIS Measures for Star Rating Year 2027; Clover continues to drive exceptional clinical quality for members(1) 10 (1) Clover Health’s Medicare Advantage PPO plans received a score of 4.82 on HEDIS for the Plan Year 2027, Payment Year 2028 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, 2024, 2025, and 2026 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2023, MY 2024, and MY 2025 Star ratings, applying the measure ranges used by CMS. Clover Top Rated PPO Plan in the Nation on HEDIS Measures for the Third Consecutive Year(1)
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11 A silent drug–lab interaction, caught by the AI. A patient was hospitalized with dangerously high potassium. His cardiologist, unaware of the recent hospitalization, had started him on Entresto — which elevates potassium. CA's reasoning engine linked the new prescription to the inpatient labs across siloed records and flagged the interaction. AI-DETECTED DRUG RISK AI Helping Physicians Improve Patient Outcomes Real moments where CA surfaced the insight & the physician changed the outcome “That could have been a medical emergency or disaster. I said to myself — thank you, Clover.” Two diagnoses discovered from a mountain of records. Buried in a 2019 specialist note were findings consistent with arrhythmia and coronary artery disease. The patient’s primary care physician hadn’t been aware of either diagnosis. CA's diagnosis model read the free text, inferred both conditions, and surfaced them with evidence attached for the PCP, after which they were able to restart the patient on appropriate treatment. AI-PREDICTED DIAGNOSIS “He was amazed that CA located the diagnosis and flagged it for review.” A treatment gap, surfaced in time to help protect the kidneys. CA's treatment model recommended that a physician consider starting a patient on an ACE inhibitor — the guideline-concordant therapy to slow kidney disease progression. The physician, who had treated the family for 30 years, was certain he was already on one. The chart proved otherwise: Silently discontinued in 2022. Restarted on the spot. AI-PREDICTED TREATMENT GAP “I could've sworn he was already on one. He should definitely be on it.” A patient’s full medical history, ready in a glance. A new multiple-myeloma patient: a year of ER visits, hospitalizations, three specialists. CA's briefing agent reconciled the full longitudinal record into a pre-visit summary the way a medical assistant would, saving the provider hours of manual chart review. AI-GENERATED VISIT BRIEFING “You gain a patient's trust when they feel you've put the time in to get to know them.”
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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 12 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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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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$2.97B - $3.00B $75M - $85M $540M - $555M 157,000 - 158,000 $25M - $35M 14 Updated Full Year 2026 Guidance (1) Consolidated Gross Profit is a non-GAAP financial measure. We define Consolidated Gross Profit as net income (loss) 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. As outlined in the November 4, 2026 earnings press release, Clover Health does not provide a reconciliation of the projected 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 Consolidated Gross Profit, constitutes forward-looking statements and is subject to the risks and uncertainties described in the November 4, 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. (2) Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net (loss) income 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. As outlined in the November 4, 2026 earnings press release, Clover Health does not provide a reconciliation of the projected 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 November 4, 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. $2.92B - $3.00B Prior FY26 Guidance (8/5/26) Total Revenues $70M - $85MAdjusted EBITDA(2) $525M - $555MConsolidated Gross Profit(1) 156,000 - 158,000Average Medicare Advantage Membership $20M - $35MGAAP Net Income Updated FY26 Guidance (11/4/26) Improved FY26 outlook across all metrics
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Third Quarter 2026 Financial Supplement
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Cash & Liquidity at 3Q 2026 16 (1) Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net (loss) income 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 November 4, 2026 earnings press release for a reconciliation of Adjusted EBITDA to Net Income (Loss), the most directly comparable GAAP measure. (2) Adjusted Net income is a non-GAAP financial measure. We define Adjusted Net income as Net (loss) income 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 November 4, 2026 earnings press release for a reconciliation of Adjusted Net income to Net income, the most directly comparable GAAP measure. (3) Consolidated Gross Profit is a non-GAAP financial measure. We define Consolidated Gross Profit as net income (loss) 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 November 4, 2026 earnings press release for a reconciliation of Consolidated Gross Profit to Net Income (Loss), 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. Please refer to Non-GAAP Financial Measures provided in the Appendix hereto and Appendix A in the November 4, 2026 earnings press release for a reconciliation of Adjusted SG&A to the sum of Salaries and benefits plus General and administrative expenses, the most directly comparable GAAP measure. (5) Insurance Benefits expense ratio 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 November 4, 2026 earnings press release for a reconciliation of BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure. Growth & Profitability ● 3Q26 MA membership of 158,907, up +45% YoY ● 3Q26 GAAP Net Income of $6M, Adj. EBITDA(1) of $16M, and Adj. Net income(2) of $15M ● $513M of consolidated cash, cash equivalents, and investments ● $153M of parent entity and unregulated subsidiaries’ cash, cash equivalents, and investments Operations ● 3Q26 Total revenues of $759M, up +53% YoY ● 3Q26 Consolidated Gross Profit of $130M(3), up +77% YoY ● 3Q26 SG&A increased 26% to $123M, and Adjusted SG&A(4) increased 60% to $114M vs. 3Q25, bringing YTD Adj. SG&A as a % of Total revenues to 15%, a ~120 bps improvement YoY ● 3Q26 Insurance BER(5) of 91.1% Financial Summary
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Total Revenues 17 ● Total revenue growth reflects strong Medicare Advantage membership growth, high retention, and the continued maturation of cohorts under Clover Assistant. +53% $ in millions 3Q26 Financial Performance: Total Revenues +57%
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● Consolidated gross profit(1) performance driven by strong Medicare Advantage membership growth and retention, with 2025 and 2026 cohort performance tracking as expected and YoY Gross Profit improvement as members mature under Clover Assistant. 18 +77% $ in millions 3Q26 Financial Performance: Consolidated Gross Profit +57% (1) Consolidated Gross Profit is a non-GAAP financial measure. Please refer to Non-GAAP Financial Measures provided in the Appendix hereto and Appendix A in the November 4, 2026 earnings press release for a reconciliation of Consolidated Gross Profit to Net Income (Loss), the most directly comparable GAAP measure. Consolidated Gross Profit(1)
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+$31M +$98M $ in millions, except MA membership 19 3Q26 Financial Performance: GAAP Net (Loss) Income 158,383Avg. MA: Membership: 108,231 156,610105,228 GAAP Net (Loss) Income ● GAAP Net (Loss) Income significantly improved by +$98M YoY, reflecting strong Medicare Advantage membership growth, continued cohort maturation under Clover Assistant, and operating leverage as we scale. 3Q25 3Q25 YTD
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● Year-to-date Adjusted SG&A as a % of Total revenues improvement reflects fixed-cost leverage as we scale while continuing to invest in Clover Assistant, clinical capabilities, Counterpart Health, and core insurance operations. 20(1) Adjusted SG&A is a non-GAAP financial measure. Please refer to Non-GAAP Financial Measures provided in the Appendix hereto and Appendix A in the November 4, 2026 earnings press release for a reconciliation of Adjusted SG&A to the sum of Salaries and benefits plus General and administrative expenses, the most directly comparable GAAP measure. $ in millions, except % 3Q26 Financial Performance: Adjusted SG&A(1) $114MAdj. SG&A: $71M Adjusted SG&A as % of Total Revenues +1% (1%) $345M$237M
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Adjusted EBITDA(1) (1) Adjusted EBITDA is a non-GAAP financial measure. Please refer to Non-GAAP Financial Measures provided in the Appendix hereto and Appendix A in the November 4, 2026 earnings press release for a reconciliation of Adjusted EBITDA to Net Income (Loss), the most directly comparable GAAP measure. $ in millions ● Adjusted EBITDA meaningfully improved by +$52M YoY, reflecting strong Gross Profit growth from Medicare Advantage membership and cohort maturation under Clover Assistant, alongside continued fixed-cost leverage. 21 3Q26 Financial Performance: Adjusted EBITDA +667% +116%
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Appendix
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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 Clover Care Services Strategic Market Leading Growth
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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 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 24
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25 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 Results: ➔ Strong medical cost performance while growing ~3x faster than similar sized MA plans ➔ Scaling membership while improving profitability Proven Model Delivering Market-Leading Growth, Backed by Disciplined Execution (1) Peer growth rates represent the member-weighted average annual membership growth of public MA plans filtered by membership size. Source: CMS MA enrollment data and public company guidance. 26 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
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Contribution Profit (Loss) ($PMPM)(1) As originally presented at 4Q25 | Not updated since 27 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 taken 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 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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28 More Data, Earlier Identification, Better Outcomes Improved Care Management(1) 100+ data sources 100+ AI / ML models Millions of individualized insights generated to PCPs at the point of care AI-Powered Data Advantage (1) Improved care management observations from populations in the following published Clover Health white papers: “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; “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 Observe 15% - 18% lower hospitalizations, and 18% - 25% lower 30-day readmissions for COPD & CHF patients Observe CKD stage 3 diagnosed 18 months earlier & diabetes treatment initiated 36 months earlier
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Proactive, Individualized Care for Every Member 29 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
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Better Care in the Home: ➔ Serves highest acuity members ➔ 100% CA powered ➔ Focused on fewer hospitalizations & readmissions ➔ Meaningful IHC Enrollment increase year-over-year Clover Assistant Powered Care, Directly in the Home 30 (1) Source: MedPAC & PTAC analysis on Medicare FFS spending. ~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
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Designed to improve quality of care Having Supported Clinical Decision-Making for Thousands of Practitioners 31 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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32 Diabetes Earlier Diagnosis (1) This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2024, 2025, and 2026 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2023, MY 2024, and MY 2025 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) We believe that 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 4.82 on HEDIS for the Plan Year 2027, Payment Year 2028 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, 2024, 2025, and 2026 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2023, MY 2024, and MY 2025 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 33 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, 4.72, and 4.82 out of 5 Stars on HEDIS measures for Star Rating years 2025, 2026, and 2027, respectively, each the top-performing score on core HEDIS measures for PPO Medicare Advantage plans nationwide 34 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 Supports Better Care for Patients from Socioeconomically Disadvantaged Neighborhoods 35 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) 36 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 37 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 38 Clover Health Whitepaper
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Average Number in 2024 Clover Assistant Supports Better Clinical Outcomes Example: Congestive Heart Failure (“CHF”) 39 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 40 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 41 Clover Health Whitepaper
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42 Financial Statements Condensed Consolidated Balance Sheets (Dollars in thousands, except share amounts) (unaudited)
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43 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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44 Financial Statements Condensed Consolidated Statements of Cash Flows (Dollars in thousands) (unaudited)
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45 Financial Statements Operating Segments (Dollars in thousands) (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 November 4, 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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47 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 November 4, 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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48 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 November 4, 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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49 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 November 4, 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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50(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 November 4, 2026 earnings press release. (2) Represents amounts paid by the Insurance segment to the Company's non-insurance subsidiaries for medical and administrative services at contracted rates, which are eliminated in consolidation. 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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51 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 November 4, 2026 earnings press release: "Explanation of Non-GAAP Financial Measures."