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3rd Quarter 2025 Results November 6, 2025 Parth Mehrotra, CEO David Mountcastle, CFO
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Forward-Looking Statements This presentation contains forward-looking statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to: 2025 financial guidance and other projections and forecasts. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in filings with the Securities and Exchange Commission (“SEC”), including those under “Risk Factors” therein. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date made. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Use of Non-GAAP Financial Information In order to provide investors with greater insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, the Company supplements its condensed consolidated financial statements presented on a GAAP basis herein with certain non-GAAP financial information, including: Care Margin; Platform Contribution; Platform Contribution margin; Adjusted EBITDA; Adjusted EBITDA margin; Adjusted Net Income; Free Cash Flow and Net Cash Position. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the financial schedules in the Appendix of this presentation, as well as in the Company’s quarterly financial press releases and related Form 8-K filings with the SEC. This information can be accessed for free by visiting www.priviahealth.com or www.sec.gov. Management has not reconciled forward-looking non-GAAP measures to its most directly comparable GAAP measure of Gross Profit, Operating Income, Net Income, and Net cash provided by operating activities. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures. 2 Disclaimer
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Agenda 3 ● Key Highlights ● 3Q and Year-to-Date Performance ● Updated 2025 Guidance and Outlook ● Q&A
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Very Strong Third Quarter and Year-to-Date Performance 4 ● YTD’25 performance highlights strength and momentum of Privia Health’s differentiated business model, and outstanding operational execution ● Very strong results in MSSP and other VBC arrangements for 2024 performance year ● Implemented Providers +13.1% vs. 3Q’24 ● Practice Collections growth +27.1% vs. 3Q’24 ● Adjusted EBITDA 1 growth +61.6% (30.5% margin, +720 bps) vs. 3Q’24 ● FY’25 guidance raised above high end for all operating and financial metrics ● Expect to close acquisition of Evolent’s ACO business by year-end 2025 1 For reconciliations of Adjusted EBITDA to Net Income, please see Appendix. Any slight variations in calculations due to rounding.
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5 *Includes Privia Care Partners’ lives | **Excludes Privia Care Partners’ providers *** Average Over the Last 3 years 15 States +D.C. 50+ Specialties 1,340+ Care Center Locations 5.6M+ Patients 1.4M+ Attributed Lives* 5,250 Implemented Providers ** 98% Gross Provider Retention*** 87 Patient NPS NATIONAL PRESENCE Building One of the Largest Primary Care Centric Delivery Networks 1 1 Data as of September 30, 2025.
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Diversified Value-Based Platform 1 6 100+ VBC Contracts 1.4+ Million Total Attributed Lives 542K Government Lives 864K Commercial Lives 207K Medicare Advantage Lives 214K CMS Medicare program Lives 121K Medicaid Lives • 73% Enhanced Track/ Maximum Risk • 79% Upside Only • 11% Upside / Downside • 10% Capitation • 62% Upside Only • 38% Upside / Downside • 100% Upside Only 1 All data estimated as of September 30, 2025. Any slight variations in totals due to rounding.
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Strong 2024 MSSP Performance 71 Based on revised, publicly available data publicly provided by CMS on September 29. 2025 . MSSP 2024 Performance 1 Total annual average expenditures Emergency room utilization Outpatient facility spend Inpatient facility spend Improvement vs. Median MSSP ACO Improvement vs. Total FFS Medicare 8% • 194,688 Medicare beneficiaries across 9 ACOs • $234.1M in total shared savings (+32.6%) across Privia ACOs • Mid-Atlantic ACO: o ~60,000 lives in Enhanced Track with downside risk o Highest savings rate (11.0%) of all ACOs with 40K+ lives for 5th year in a row! 17% 23% 13% 22% 25% 35% 28% ● $2.5+ Billion in Benchmark Expenditures ● 9.4% Aggregate Savings Rate
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3Q Performance 1 81 Light blue bar represents government lives and dark blue bar represents commercial lives. Any slight variations in calculations due to rounding. For reconciliations of Care Margin to Gross Profit, Platform Contribution to Gross Profit, and Adjusted EBITDA to Net Income, please see the Appendix. Implemented Providers (end of period) Attributed Lives (‘000s, end of period)1 Platform Contribution ($mm)Care Margin ($mm) Practice Collections ($mm) % Practice Collections 6.8% 7.5% % Care Margin 49.6% 56.3% Adjusted EBITDA ($mm) % Practice Collections 3.2% 4.1% % Care Margin 23.3% 30.5% +27.1%+12.8%+13.1% +23.5% +40.4% +61.6%
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Nine-Month Performance 1 91 Any slight variations in calculations due to rounding. For reconciliations of Care Margin to Gross Profit, Platform Contribution to Gross Profit, and Adjusted EBITDA to Net Income, please see the Appendix. Platform Contribution ($mm) Care Margin ($mm)Practice Collections ($mm) % Practice Collections 6.5% 6.9% % Care Margin 48.1% 52.0% Adjusted EBITDA ($mm) % Practice Collections 3.0% 3.6% % Care Margin 22.1% 27.2% +19.6% +16.7% +26.2% +43.5%
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Strong Balance Sheet and Capital Position 10 (In millions) At 9.30.25 2 At 12.31.24 Cash and cash equivalents Less cash expected to acquire ACO business Net cash received: MSSP shared savings less provider distribution Net cash position 2 $441.4 $491.1 (100) -- 68.5 -- $409.9 $491.1 ● $409.9M in pro forma net cash and no debt as of 9.30.25 ● Assumes $100M to be used in 4Q’25 to acquire Evolent ACO business ● YTD pro forma Free Cash Flow of $104.4M 1 1 YTD pro forma Free Cash Flow is defined as Net cash provided by operating activities less capital expenditures (Purchases of property and equipment), plus Net cash received from the Medicare Shared Savings Program (MSSP) shared savings less provider distribution. For a reconciliation of F ree Cash Flow to Net cash provided by operating activities, please see the Appendix. 2 9.30.25 net cash position adjusted to reflect cash received in October 2025 from the Centers for Medicare and Medicaid Servic es (CMS) less cash to be dispersed to providers after expenses. The cash to be received from CMS is payment for Privia Health’s portion of the shared savings gener ated in the 2024 performance year of the MSSP.
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● Does not assume any impact from pending Evolent ACO business transaction ● Expect more than 80% of FY’25 Adjusted EBITDA to convert to Free Cash Flow 2 ● Expect to end FY’25 with at least $410 million in cash and equivalents pro forma for ACO transaction Updated FY’25 Guidance Metrics 1 11 ($ in millions) FY’24 Actual Initial FY’25 Guidance at 2.27.25 Updated FY’25 Guidance at 11.6.25 Low High Implemented Providers Attributed Lives Practice Collections GAAP Revenue Care Margin Platform Contribution Adjusted EBITDA 4,789 5,200 5,300 1,400,000 $ 3,250 $ 1,900 $ 445 $ 218 $ 110 5,300 - 5,350 1,400,000 - 1,425,000 $3,450 - $3,500 $2,050 - $2,100 $455 - $460 $230 - $235 $118 - $121 1,256,000 1,300,000 $ 2,968 $ 3,150 $ 1,736.4 $ 1,800 $ 403.9 $ 435 $ 195.6 $ 208 $ 90.5 $ 105 1 Any slight variations in percentages are due to rounding. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures. Free Cash Flow is defined as Net cash provided by operating activities less capital expenditures (Purchases of property and equipment). 2 Full-year Free Cash Flow is defined as Net cash provided by operating activities less capital expenditures (Purchases of property and equipment).
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Consistent Growth & Profitability Across Cycles 12 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025 Guidance 1 (Raised Midpoint) CAGR Number of States (Year End) 4 5 6 7 9 13 14 15 20.8% Implemented Providers (Year End) 1,796 2,482 2,550 3,317 3,606 4,305 4,789 5,325 16.8% Attributed Lives ('000s, Year End) 575 704 682 786 856 1,120 1,256 1,413 14.1% Practice Collections ($mm) $930 $1,136 $1,301 $1,626 $2,424 $2,839 $2,968 $3,475 20.7% Care Margin ($mm) 2 $130 $164 $188 $238 $306 $359 $404 $457.5 19.7% Adjusted EBITDA ($mm) 2 $9 $18 $29 $41.4 $60.9 $72.2 $90.5 $119.5 44.9% Adj. EBITDA (as a % of Care Margin) 6.9% 11.1% 15.7% 17.4% 19.9% 20.1% 22.4% 26.0% Free Cash Flow (FCF, $mm) 2 $5 $19 $39 $54.5 $47.1 $80.7 $109.3 Adj. EBITDA-FCF Conversion 56% 103% 131% 132% 77% 112% 121% 80%+ PRE-COVID COVID POST-COVID MA / MEDICAID HEADWINDS 1 Any slight variations in percentages are due to rounding. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures. 2 For reconciliations od historical Care Margin to Gross Profit, Adjusted EBITDA to Net Income and Free Cash Flow to Net Income, please see the Appendix.
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13 Appendix
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Reconciliation of Gross Profit to Care Margin l 14
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Reconciliation of Gross Profit to Platform Contribution m 15
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Reconciliation of Net Income to Adjusted EBITDA n 16
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Reconciliation of Net Income to Adjusted Net Income Per Share o 17
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Reconciliation of Gross Profit to Care Margin 18
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Reconciliation of Net Income (Loss) to Adjusted EBITDA 19
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Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow 20