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OPRIVIA HEALTH Investor Presentation August 2026
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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: 2026 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; 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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3 *Includes Privia Care Partners’ lives | **Excludes Privia Care Partners’ providers *** Average Over the Last 3 years 25 States + D.C. Includes 9 VBC-only States 50+ Specialties 1,300+ Care Center Locations 6.1M+ Patients 1.64M+ Attributed Lives* 5,644 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 June 30, 2026. Privia VBC / ACO Only Implemented Providers + VBC / ACOs
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Proven, Differentiated Business and Economic Model 4 Multi-Specialty Medical Groups Risk-Bearing Entities Tech and Services Privia Platform ✓Diversified FFS & VBC Contracts ✓All Providers, Patients & Reimbursement Models ✓Aligned for Success ✓Significant Provider Autonomy ✓Physician-led Governance ✓Very Large TAM ✓Strong Recurring Revenue, EBITDA and Free Cash Flow ✓Balance of Growth, Profitability Capital Efficiency
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Consistent, Replicable Strategy Across all Geographies 5 Enter Market Organize Providers ● Community physicians ● Health systems ● Clinically Integrated Networks (CINs) ● Independent Physician Associations (IPAs) ● Other facility-based providers Drive Growth & Profitability ● Fee-For-Service (FFS) & Value-Based Care (VBC) ● Same-store growth ● Value-added ancillary services Transition at Scale to Value & Risk ● Commercial ● MSSP ● Medicare / MA ● Medicaid ● Single-TIN multi-specialty medical group ● Risk-bearing entity ● Tech / services platform ● Physician-led governance
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Delivering Tangible Value to Providers and Payers 6 Value to Providers Value to Payers ● Enhanced fee-for-service contracts ● Expense savings ● Collections improvement through robust revenue cycle management ● Enhanced provider productivity ● Incremental value-based care revenue ● Organic same store practice growth ● Large community-based, multi-specialty care delivery networks ● Ability to perform across the spectrum of value-based care models “at-scale” ● Flexible value-based care strategy by geography as demographics evolve over time ● Multi-year strategy to help community providers succeed while maintaining significant autonomy ● Generating significant savings across populations: Commercial, Medicare, and Medicaid
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7 Methodical Process Helps Providers Move Towards Value PRACTICE FUNDAMENTALS Stabilize the practice to create a successful base ENHANCED EXPERIENCE Upgrade the patient experience FUNDAMENTALS OF VALUE Execute on fundamentals of value-based care COMPREHENSIVE CARE Take greater responsibility for the totality of patient care ADVANCED RISK MODEL Redesign practice to succeed in mature value models 2 4 3 5 1 ● EHR & Patient Portal ● Revenue Cycle ● Payer Contracting ● Performance Mgmt ● Reporting ● Practice Websites ● Online Scheduling ● Virtual Visits ● Patient Outreach ● Satisfaction Surveys ● Membership ● Quality ● Clinical Documentation ● POD Engagement ● Performance Reports ● Expanded Access ● Care Coordination ● Network Management ● Clinical Programs ● Social Determinants ● Capitation ● Risk Positioning ● Delegated Services ● Network Contracting ● Home Care
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8 Comprehensive Tech and Services Platform for All Providers Holistic solution eliminates need for providers to buy & integrate 30+ point solutions Significantly reduces administrative burden on providers, enabling them to focus on patient care
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Diversified Value-Based Platform 1 9 130+ VBC Contracts 1.64+ Million Total Attributed Lives 705K Government Lives 942K Commercial Lives 230K Medicare Advantage Lives 340K CMS Medicare program Lives 136K Medicaid Lives •83% Enhanced Track/ Maximum Risk •71% Upside Only •19% Upside / Downside •10% Capitation •61% Upside Only •39% Upside / Downside •100% Upside Only 1 All data estimated as of June 30, 2026. Any slight variations in totals due to rounding.
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$15.7 Billion in VBC Medical Spend Under Management 1 10 $15.7 Billion Total Medical Spend Under Privia VBC Contracts $8.7B Government Medical Spend $7.0B Commercial Medical Spend $3.3B MA Medical Spend $4.8B MSSP Medical Spend $0.7B Medicaid Medical Spend •83% Enhanced Track/ Maximum Risk •71% Upside Only •19% Upside / Downside •10% Capitation •61% Upside Only •39% Upside / Downside •100% Upside Only 1 All data estimated as of June 30, 2026, based on per capita cost per attributed life. Any slight variations in totals due to rounding.
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Extensive Experience in Managing Risk ”It’s Called Risk for a Reason” 11 1 All data estimated as of January 1, 2024. For illustrative purposes only.
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12 SaaS Management Fee Base recurring fee for joining Privia Medical Group, covering services delivered through technology and services platform Platform Monetization Incremental value generated on provider and patient base through owned ancillaries (lab, imaging, pharmacy) and clinical research Care Management Fee Shared Savings Payer funded earnings from improved quality and lower cost of care for our attributed lives in VBC risk arrangements Payer funded recurring per life per month revenue to support VBC infrastructure, including population health operations and technology capabilities Predictable and Recurring Revenue Model
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13 Proven Unit Economics at Scale 12% Decline 36% Decline 38% Increase 57% Increase
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Strong Balance Sheet and Capital Position 14 (In millions) At 6.30.26 At 6.30.25 Cash and cash equivalents Debt Net cash position $412.2 $390.1 -- -- $412.2 $390.1 ● $412.2M in net cash and no debt as of 6.30.26 ● Full cash tax payer in FY’26 ● Final MSSP 2025 results expected in November 2026 ● Expect 70-80% of FY’26 Adjusted EBITDA1 to convert to Free Cash Flow2, subject to timing of MSSP cash settlement 1 For reconciliations of Adjusted EBITDA to Net Income, please see Appendix. 2 Free Cash Flow is defined as Net cash provided by operating activities less capital expenditures (Purchases of property and equipment). Full-year Free Cash Flow is defined as Net cash provided by operating activities less capital expenditures (Purchases of property and equipment).
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● Guidance does not assume any new business development activity Updated FY’26 Guidance Metrics 1 15 ($ in millions) FY’25 Actual Initial FY’26 Guidance at 2.26.26 Updated FY’26 Guidance at 8.6.26 Low High Implemented Providers Attributed Lives Practice Collections GAAP Revenue Care Margin Platform Contribution Adjusted EBITDA 5,380 5,900 6,000 1,600,000 $ 3,750 $ 2,450 $ 530 $ 270 $ 155 No Change 1,625,000 - 1,650,000 High End High End Mid to High End Mid to High End Mid to High End 1,541,000 1,550,000 $ 3,470.5 $ 3,650 $ 2,122.8 $ 2,350 $ 462.2 $ 515 $ 234.8 $ 260 $ 125.5 $ 145 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.
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Consistent Growth & Profitability Across Cycles 1 16 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 of 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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17 Appendix
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2Q Performance 1 18 1 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 ($mm) % Practice Collections 6.7% 7.1% % Care Margin 49.9% 52.2% Adjusted EBITDA ($mm) % Practice Collections 3.4% 3.9% % Care Margin 25.2% 28.3% +12.4%+19.2%+10.1% +14.7% +20.1% +29.0%
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Six Month Performance 1 19 1 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 ($mm) % Practice Collections 6.6% 7.2% % Care Margin 49.5% 52.1% Adjusted EBITDA ($mm) % Practice Collections 3.4% 3.9% % Care Margin 25.2% 28.3% +13.4% +18.3% +24.5% +32.5%
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Reconciliation of Gross Profit to Care Margin l 20
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Reconciliation of Gross Profit to Platform Contribution m 21
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Reconciliation of Net Income to Adjusted EBITDA n 22
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Reconciliation of Gross Profit to Care Margin 23
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Reconciliation of Net Income (Loss) to Adjusted EBITDA 24
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Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow 25