Slides
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11 3rd Quarter 2026 Results November 5, 2026 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: 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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Agenda 3 ● Key Highlights ● Nine-Month 2026 Performance ● 2026 Guidance and Outlook ● Q&A
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Key Highlights 4 ● YTD’26 performance highlights strong operational execution and momentum of Privia Health’s differentiated business model ○ Implemented Providers growth +12.2% vs. YTD’25 ○ Attributed Lives growth +19.2% vs. YTD’25 ○ Practice Collections growth +12.0% vs. YTD’25 ○ Adjusted EBITDA1 growth +21.9% (28.8% margin) vs. YTD’25 ● Raised FY’26 guidance to above high end for all key financial metrics ● Exits Montana partnership with Surgery Partners effective January 2027 ○ 69 providers and ~$23M in annual Practice Collections ○ Expect to have no material impact to Adjusted EBITDA in 2027 1 For reconciliations of Adjusted EBITDA to Net Income, please see Appendix. Any slight variations in calculations due to rounding.
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Acquisition of American Choice Healthcare MSSP Business 5 ● Acquired American Choice Healthcare MSSP, LLC (ACH), a wholly-owned subsidiary of Cano Health, for ~$36M using cash on hand ● The ACH ACO expected to care for 36,000+ attributed lives in the Medicare Shared Savings Program (MSSP) starting January 1, 2027 ● Transaction expected to have minimal impact on all key metrics in 2026 and positively contribute to Attributed Lives and Adjusted EBITDA in 2027 ● Expands Privia Care Partners’ VBC footprint in 10 existing and 3 new states as of January 1, 2027 1 For reconciliations of Adjusted EBITDA to Net Income, please see Appendix. Any slight variations in calculations due to rounding.
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6 Multiple Drivers of Durable Growth Capital Deployment: Adjacencies ● Expanding TAM via adjacent lines of business ● Acquire new capabilities ● Transformational M&A Capital Deployment: Platform Growth Organic Growth: Value-Based Care ● New attribution ● New contracts ● Performance improvement ● Increasing risk / reward on contracts Organic Growth: Current Practices ● New patients ● New providers ● Revenue optimization ● Provider productivity ● Contracting improvement Organic Growth: Current Markets ● New care centers ● Specialty buildouts ● Ancillary services ● Clinical research ● Acquire medical groups in new and existing markets ● Acquire MSOs / IPAs / CINs
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7 *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 ~1,400 Care Center Locations 6.3M+ Patients 1.67M Attributed Lives* 5,893 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, 2026. Privia VBC / ACO Only Implemented Providers + VBC / ACOs
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Diversified Value-Based Platform 1 8 130+ VBC Contracts 1.67+ Million Total Attributed Lives 711K Government Lives 966K Commercial Lives 234K Medicare Advantage Lives 341K 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 September 30, 2026. . Any slight variations in totals due to rounding.
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Nine-Month Performance 1 9 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 6.9% 7.2% % Care Margin 52.0% 56.0% Adjusted EBITDA ($mm) % Practice Collections 3.6% 3.9% % Care Margin 27.2% 28.8% +12.0%+19.2%+12.2% +15.4% +16.8% +21.9%
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Strong Balance Sheet and Capital Position 10 (In millions) At 9.30.26 At 9.30.25 Cash and cash equivalents Debt Net cash position $446.3 $441.4 -- -- $446.3 $441.4 ● $446.3M in net cash and no debt as of 9.30.26 ● Final MSSP 2025 results expected in November 2026 ● Expect ~70% of FY’26 Adjusted EBITDA1 to convert to Free Cash Flow2 ● Expect to end FY’26 with at least $520M in cash and cash equivalents ○ Includes American Choice Healthcare transaction and assumes 2025 MSSP cash settlement and related provider disbursements occur before year end based on current accruals 1 For reconciliations of Adjusted EBITDA to Net Income, please see Appendix. 2 Free Cash Flow is defined as Net cash provided by operating activities less capital expenditures (Purchases of property and equipment). Full-year Free Cash Flow is defined as Net cash provided by operating activities less capital expenditures (Purchases of property and equipment).
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● Guidance does not assume any new business development activity ● Implemented Providers’ guidance includes 69 providers in Montana Updated FY’26 Guidance Metrics 1 11 ($ in millions) FY’25 Actual Initial FY’26 Guidance at 2.26.26 Updated FY’26 Guidance at 11.5.26 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 High End 1,675,000 - 1,690,000 $ 3,900 - 3,950 $ 2,500 - 2,550 $ 535 - 540 $ 280 - 285 $ 154 - 157 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 12 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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13 Appendix
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Reconciliation of Gross Profit to Care Margin m 14
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Reconciliation of Gross Profit to Platform Contribution n 15
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Reconciliation of Net Income to Adjusted EBITDA o 16
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Reconciliation of Gross Profit to Care Margin 17
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Reconciliation of Net Income (Loss) to Adjusted EBITDA 18
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Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow 19