# EDGAR Filing Document

**Accession Number:** 0001831097
**File Stem:** 0001628280-25-048815
**Filing Date:** 2025-11
**Character Count:** 55426
**Document Hash:** 28f0cd2132274b859f3c449d61a821e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-048815.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001628280-25-048815

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** agilon health, inc.
- **CENTRAL INDEX KEY:** 0001831097
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 371915147
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40332
- **FILM NUMBER:** 251449049

**BUSINESS ADDRESS:**
- **STREET 1:** 440 POLARIS PARKWAY
- **STREET 2:** SUITE 550
- **CITY:** WESTERVILLE
- **STATE:** OH
- **ZIP:** 43082
- **BUSINESS PHONE:** 562-256-3800

**MAIL ADDRESS:**
- **STREET 1:** 440 POLARIS PARKWAY
- **STREET 2:** SUITE 550
- **CITY:** WESTERVILLE
- **STATE:** OH
- **ZIP:** 43082

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Agilon Health Topco, Inc.
- **DATE OF NAME CHANGE:** 20201103

?xml version='1.0' encoding='ASCII'? agl-20251104

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

_____________________________________________

**FORM 8-K**

_____________________________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 4, 2025**

_____________________________________________

**agilon health, inc.**

**(Exact name of Registrant as Specified in Its Charter)**

_____________________________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40332** | **37-1915147** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |
| **440 Polaris Parkway, Suite 550** | | |
| **Westerville, Ohio** | | **43082** |
| **(Address of Principal Executive Offices)** | | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: 562 256-3800**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

_____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.01 per share | AGL | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02 Results of Operations and Financial Condition.**

On November 4, 2025, agilon health, inc. (the "Company"), a Delaware corporation, issued a press release setting forth its financial results for the three and nine months ended September 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.

**Item 7.01 Regulation FD Disclosure.**

On November 4, 2025, the Company issued an investor presentation regarding the Company's financial results for the three and nine months ended September 30, 2025. A copy of the investor presentation is furnished herewith as Exhibit 99.3.

The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K and the related information in Exhibits 99.1 and 99.2 attached hereto is being furnished herewith, and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing with, the Securities and Exchange Commission under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference therein.

**Item 9.01 Financial Statements and Exhibits.**

(d)Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | <u>[Press Release dated November 4, 2025.](agl-20250930xexx991.htm)</u> |
| 99.2 | <u>[Investor Presentation dated November 4, 2025.](ex992investorpresention3.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | agilon health, inc. |
| Date: | November 4, 2025 | By: | /s/ JEFFREY SCHWANEKE |
|  |  |  | Jeffrey Schwaneke<br>Chief Financial Officer |

---

## Exhibit 99.1

 **Exhibit 99.1**

**agilon health Reports Third Quarter 2025 Results and Re-Establishes Full Year Outlook** 

***Continued Progress on Transformation Initiatives Including the Execution of $30 million in 2026 Operating Cost Reductions***

**Westerville, O.H., November 4, 2025** – agilon health, inc. (NYSE: AGL), the trusted partner empowering physicians to transform health care in our communities, today announced results for the third quarter ended September 30, 2025 and provided a full-year 2025 outlook.

"In the third quarter we made tangible progress executing on our transformation initiatives while continuing to absorb the impact of historical challenges. We have enhanced data visibility, instilled a greater financial discipline in our payor contracting processes, and reduced operating costs," said Ronald A. Williams, Executive Chair. "We are building a more streamlined, agile, accountable, and performance-driven organization. These efforts are already delivering measurable impact—reducing operating expenses by an expected $30 million in 2026, and supporting strong performance expectations for our BOI, clinical, and quality initiatives, with additional potential from more favorable rates, contract economics and payer bids. We remain focused on driving improved and sustainable financial performance in a dynamic healthcare market."

**<u>Third Quarter 2025 Results:</u>**

• The third quarter of 2025 reflects the impact of lower-than-expected 2025 risk adjustment revenue of $73 million including a 9-month true-up for the remaining 28% of members not included in second quarter 2025 results. The higher-than-average impact for the remaining 28% was primarily driven by one payer representing a new market in 2024, where we did not have prior year data. This payer is now in our financial data pipeline which provides confidence in establishing our risk score baseline and potential for 2026. In addition, the quarter reflects a prudent estimate of medical cost trend as well as a $20 million negative impact from exited markets.

• Total members on the agilon platform decreased to 618,000 as of September 30, 2025, including 503,000 Medicare Advantage members and 115,000 ACO REACH model beneficiaries, as compared to September 30, 2024. Year-over-year changes to membership reflect previously disclosed market exits.

• Total revenue of $1.44 billion in the third quarter 2025 decreased 1% compared to $1.45 billion in the third quarter 2024. Revenue reflects membership growth in new markets and same geography growth more than offset by the impact from market exits as well as the aforementioned reduction to risk adjustment revenue contribution.

• Gross profit was negative $68 million in the third quarter 2025 compared to negative $64 million in the third quarter 2024. Net loss was $110 million in the third quarter 2025 compared to net loss of $118 million in the third quarter 2024.

• Medical margin was negative $57 million during the third quarter 2025, compared to negative $58 million in the third quarter 2024.

• Adjusted EBITDA loss was $91 million in the third quarter 2025 compared to loss of $96 million in the third quarter 2024.

------

***Key Financial and Operating Metrics ($M):***

*(Third Quarter 2025 vs. 2024)*

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months** <br>**Ended September 30,** | **Three Months** <br>**Ended September 30,** | **Change** |
| | **2025** | **2024** | **% YoY** |
| Medicare Advantage Members<sup>1</sup> | 503000 | 525000 | (4%) |
| ACO Model Members<sup>1,2</sup> | 115000 | 132000 | (13%) |
| Total Members Live on Platform<sup>1,2</sup> | 618000 | 657000 | (6%) |
| Avg. Medicare Advantage Members | 510000 | 535000 | (5%) |
| Total Revenues | $1435 | $1451 | (1%) |
| Gross Profit (Loss) | ($68) | $(64) | (5%) |
| Medical Margin | ($57) | $(58) | 2% |
| Net Income (Loss) | ($110) | ($118) | 6% |
| Adjusted EBITDA<sup>3</sup> | ($91) | ($96) | 5% |
| Geography Entry Costs | $7 | $7 | —% |

---

1. Membership metrics reflect end of period results.

2. agilon's ACO model entities are not included within its consolidated financial results.

3. agilon's ACO model entities contributed $18 million and $12 million to Adjusted EBITDA during the third quarter 2025 and third quarter 2024, respectively.

***Capital Position and Balance Sheet***

agilon health's balance sheet as of September 30, 2025 included cash and cash equivalents and marketable securities of $311 million and total debt of $35 million. At the end of the quarter, agilon health had $172 million of cash associated with the Company's unconsolidated ACO model entities.

**<u>Fiscal Year 2025 Guidance</u>**

Guidance reflects the full year impact of approximately $150 million from lower-than-expected risk adjustment revenue. Medical margin guidance below includes approximately $70 million of negative prior period development reported year to date, and the full year expected impact from exited markets of $60 million.

------

**<u>Guidance</u> *<u>($M)</u>*<u>:</u>**

---

| | | |
|:---|:---|:---|
| | **Year Ending**<br>**December 31, 2025** | **Year Ending**<br>**December 31, 2025** |
| | Low | High |
| Medicare Advantage Members<sup>1</sup> | 503000 | 506000 |
| ACO Model Members<sup>1,2</sup> | 113000 | 115000 |
| Total Members Live on Platform<sup>1</sup> | 616000 | 621000 |
| Avg. Medicare Advantage Members | 500000 | 501000 |
| Total Revenues | $5810 | $5830 |
| Medical Margin | ($5) | $15 |
| Adjusted EBITDA<sup>3</sup> | ($270) | ($245) |
| Geography Entry Costs<sup>4</sup> | $32 | $30 |

---

1. Membership reflects management's outlook for end of period.

2. agilon's partnered ACO model entities are not consolidated within its financial results.

3. Adjusted EBITDA contribution from ACO model entities is expected to be approximately $40-$45 million for fiscal year 2025.

4. Geography Entry Costs represent the corresponding expense included in the low-end and high-end of management's outlook for Adjusted EBITDA.

**Webcast and Conference Call**

agilon health will host a conference call to discuss third quarter 2025 results on Tuesday, November 4, 2025, at 4:30 PM Eastern Time. The conference call can be accessed by dialing (833) 470-1428 for U.S. participants and +1 (404) 975-4839 for international participants and referencing participant code 291396. A simultaneous listen-only, live webcast can be accessed by visiting the "Events & Presentations" section of agilon's Investor Relations website at <u>https://investors.agilonhealth.com</u>. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call.

**About agilon health**

agilon health is the trusted partner empowering physicians to transform health care in our communities. Through our partnerships and purpose-built platform, agilon is accelerating at scale how physician groups and health systems transition to a value-based Total Care Model for their senior patients. agilon provides the technology, people, capital, process, and access to a peer network of approximately 2,200 primary care physicians (PCPs) that allow its physician partners to maintain their independence and focus on the total health of their most vulnerable patients. Together, agilon and its physician partners are creating the healthcare system we need – one built on the value of care, not the volume of fees. The result: healthier communities and empowered doctors. agilon is the trusted partner in 30 diverse communities and is here to help more of our nation's leading physician groups and health systems have a sustained, thriving future. For more information visit <u>www.agilonhealth.com</u> and connect with us on <u>LinkedIn</u>.

------

**Forward-Looking Statements**

Statements in this release that are not historical factual statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "is optimistic," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable terms. Examples of forward-looking statements include, among other things: statements regarding our transformation initiatives, anticipated benefits of our strategic initiatives, expectations related to operating and financial results, strategic growth plans and alignment with the macro environment, expected revenue, medical costs, net income and gross profit, total and average membership, Adjusted EBITDA, Medical Margin, geography entry costs and other financial projections and assumptions, including our fiscal year 2025 guidance. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be outside our control. These risks and uncertainties that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, but are not limited to: our history of net losses and the expectation that our expenses will increase in the future; failure to identify and develop successful new geographies, physician partners and payors, or execute upon our growth initiatives; success in executing our operating strategies or achieving results consistent with our historical performance; medical expenses incurred on behalf of our members may exceed revenues we receive; our ability to maintain and secure additional contracts with Medicare Advantage payors on favorable terms, if at all; our ability to grow new physician partner relationships sufficient to recover startup costs; availability of additional capital, on acceptable terms or at all, to support our business in the future; significant reduction in our membership; transition to a Total Care Model may be challenging for physician partners; public health crises, such as pandemics or epidemics, could adversely affect us; inaccuracy in estimates of our members' risk adjustment factors, medical services expense, incurred but not reported claims, and earnings pursuant to payor contracts; the impact of restrictive clauses or exclusivity provisions in some of our contracts with physician partners; our ability to hire and retain qualified personnel; our ability to realize the full value of our intangible assets; security breaches, cybersecurity attacks, loss of data and other disruptions to our information systems; our ability to protect the confidentiality of our know-how and other proprietary and internally developed information; our reliance on our subsidiaries to perform and fund their operations; our use of artificial intelligence and machine learning in our business and challenges with properly managing the development and use of these technologies; our reliance on a limited number of key payors; the limited terms of contracts with our payors and our ability to renew them upon expiration; our ability to navigate the changing healthcare payor market; our reliance on our payors, physician partners and other providers to operate our business; our ability to obtain accurate and complete diagnosis data; our reliance on third-party software, data, infrastructure and bandwidth; consolidation and competition in the healthcare industry; the impact of changes to, and dependence on, federal government healthcare programs; uncertain or adverse economic and macroeconomic conditions, including a downturn or decrease in government expenditures; regulation of the healthcare industry and our and our physician partners' ability to comply with such laws and regulations; federal and state investigations, audits and enforcement actions; repayment obligations arising out of payor audits; negative publicity regarding the managed healthcare industry generally; our use, disclosure and processing of personally identifiable information, protected health information, and de-identified data; failure to obtain or maintain an insurance license, a certificate of authority or an equivalent authorization; changes in tax laws and regulations, or changes in related judgments or assumptions; our indebtedness and our potential to incur more debt; our dependence on our subsidiaries for cash to fund all of our operations and expenses; provisions in our governing documents; our ability to achieve a return on investment depends on appreciation in the price of our common stock; lawsuits not covered by insurance and securities class action litigation; sustainability issues; our stock price may be volatile; and risks related to management transitions, including the search for a permanent CEO, and our ability to effectively manage leadership changes; and risks related to other factors discussed in our filings with the Securities and Exchange Commission (the "SEC"), including the factors discussed under "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which can be found at the SEC's website at www.sec.gov. Additionally, ongoing implementation of performance initiatives, leadership changes, and dynamic market conditions create additional uncertainty regarding our future operating and financial performance. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made.

------

**agilon health, inc.**

**Condensed Consolidated Balance Sheets**

**In thousands, except per share data**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $171684 | $188231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and equivalents |  | 5629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 139170 | 211737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | 947157 | 1017040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets, net | 80017 | 35137 |
| Total current assets | 1338028 | 1457774 |
| Property and equipment, net | 26148 | 28169 |
| Intangible assets, net | 75254 | 72771 |
| Goodwill | 24133 | 24133 |
| Other assets | 132682 | 151136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1596245 | $1733983 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Medical claims and related payables | $1059398 | $931664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 145517 | 220342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current debt | 34966 |  |
| Total current liabilities | 1239881 | 1152006 |
| Long-term debt |  | 34904 |
| Other liabilities | 50287 | 76121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1290168 | 1263031 |
| Commitments and contingencies |  |  |
| Stockholders' equity (deficit): |  |  |
| Common stock, $0.01 par value: 2,000,000 shares authorized; 414,570 and 412,194 shares issued and outstanding, respectively | 4146 | 4122 |
| Additional paid-in capital | 2090493 | 2053895 |
| Accumulated deficit | (1789442) | (1586977) |
| Accumulated other comprehensive income (loss) | 880 | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | 306077 | 470952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity (deficit) | $1596245 | $1733983 |

---

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**agilon health, inc.**

**Condensed Consolidated Statements of Operations**

**In thousands, except per share data**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Medical services revenue | $1432437 | $1447697 | $4354355 | $4528471 |
| &nbsp;&nbsp;Other operating revenue | 2884 | 3235 | 8730 | 9573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1435321 | 1450932 | 4363085 | 4538044 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;Medical services expense | 1489479 | 1505950 | 4336591 | 4323852 |
| &nbsp;&nbsp;Other medical expenses | 13488 | 9149 | 95845 | 171096 |
| &nbsp;&nbsp;General and administrative | 56198 | 63123 | 178435 | 209157 |
| &nbsp;&nbsp;Depreciation and amortization | 7430 | 6218 | 21625 | 17969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1566595 | 1584440 | 4632496 | 4722074 |
| **Income (loss) from operations** | (131274) | (133508) | (269411) | (184030) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;Income (loss) from equity method investments | 13133 | 2047 | 31217 | 17686 |
| &nbsp;&nbsp;Other income (expense), net | 9441 | 16061 | 26581 | 26794 |
| &nbsp;&nbsp;Interest expense | (1838) | (1622) | (4925) | (4603) |
| **Income (loss) before income taxes** | (110538) | (117022) | (216538) | (144153) |
| &nbsp;&nbsp;Income tax benefit (expense) | 331 | 590 | 73 | 306 |
| **Income (loss) from continuing operations** | (110207) | (116432) | (216465) | (143847) |
| **Discontinued operations:** |  |  |  |  |
| &nbsp;&nbsp;Income (loss) before gain (loss) on sales |  | (1183) |  | (1701) |
| &nbsp;&nbsp;Adjustments on sale of assets, net |  |  | 14000 | (8763) |
| **Total discontinued operations** |  | (1183) | 14000 | (10464) |
| **Net income (loss)** | (110207) | (117615) | (202465) | (154311) |
| &nbsp;&nbsp;Noncontrolling interests' share in (earnings) loss |  |  |  | (50) |
| **Net income (loss) attributable to common shares** | $(110207) | $(117615) | $(202465) | $(154361) |
| **Net income (loss) per common share, basic and diluted** |  |  |  |  |
| Continuing operations | $(0.27) | $(0.29) | $(0.52) | $(0.35) |
| Discontinued operations | $— | $— | $0.03 | $(0.03) |
| **Weighted average shares outstanding** |  |  |  |  |
| **Basic and diluted** | 414465 | 411591 | 413751 | 410604 |

---

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**agilon health, inc.**

**Condensed Consolidated Statements of Cash Flows**

**In thousands**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $(202465) | $(154311) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 21625 | 17969 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 39599 | 48375 |
| &nbsp;&nbsp;&nbsp;Loss (income) from equity method investments | (31217) | (17686) |
| &nbsp;&nbsp;&nbsp;Distributions of earnings from equity method investments |  | 3340 |
| &nbsp;&nbsp;&nbsp;Adjustments on sale of assets, net | (14000) | 3784 |
| &nbsp;&nbsp;&nbsp;Other noncash items | (5571) | (491) |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: | 106803 | 24824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (85226) | (74196) |
| **Cash flows from investing activities:** |  |  |
| Purchase of property and equipment | (10274) | (9985) |
| Purchase of intangible assets | (23076) | (18877) |
| Investment in loans receivable and other | (1000) | (9742) |
| Investments in marketable securities | (60154) | (12006) |
| Proceeds from maturities of marketable securities and other | 160531 | 166828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 66027 | 116218 |
| **Cash flows from financing activities:** |  |  |
| Proceeds from (payments for) equity issuances, net | (2977) | 1189 |
| Repayments of long-term debt |  | (3750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (2977) | (2561) |
| Net increase (decrease) in cash, cash equivalents and restricted cash and equivalents | (22176) | 39461 |
| **Cash, cash equivalents and restricted cash and equivalents, beginning of period** | 193860 | 114329 |
| **Cash, cash equivalents and restricted cash and equivalents, end of period** | $171684 | $153790 |

---

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**agilon health, inc.**

**Key Operating Metrics**

**In thousands**

**(unaudited)**

***GROSS PROFIT (LOSS)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Total revenues | $1435321 | $1450932 | $4363085 | $4538044 |
| Medical services expense | (1489479) | (1505950) | (4336591) | (4323852) |
| Other medical expenses<sup>(1)</sup> | (13488) | (9149) | (95845) | (171096) |
| &nbsp;&nbsp;&nbsp;Gross profit (loss) | $(67646) | $(64167) | $(69351) | $43096 |

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______________________________________________________________

(1)Represents physician compensation expense related to surplus sharing and other care management expenses that help to create medical cost efficiency. Includes costs in geographies that are in implementation and are not yet generating revenue and investments to grow existing markets. For the three months ended September 30, 2025 and 2024, costs incurred in implementing geographies were $1.9 million and $1.4 million, respectively. For the nine months ended September 30, 2025 and 2024, costs incurred in implementing geographies were $0.9 million and $2.0 million, respectively.

***GENERAL AND ADMINISTRATIVE COSTS, INCLUDING PLATFORM SUPPORT COSTS***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Platform support costs | $38652 | $42353 | $120313 | $129752 |
| Geography entry costs<sup>(1)</sup> | 4807 | 5857 | 15617 | 21182 |
| Severance and related costs | 4092 | 1453 | 4736 | 4736 |
| Stock-based compensation expense | 7498 | 13259 | 39599 | 48375 |
| Other<sup>(2)</sup> | 1149 | 201 | (1830) | 5112 |
| &nbsp;&nbsp;&nbsp;General and administrative | $56198 | $63123 | $178435 | $209157 |

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______________________________________________________________

(1)Represents direct geography entry costs, including investments to develop and expand our platform and costs in geographies that are in implementation and are not yet generating revenue and investments to grow existing markets.

(2)Includes transaction-related costs.

Our platform support costs, which include regionally-based support personnel and other operating costs to support our geographies, are expected to decrease over time as a percentage of revenue as our physician partners add members and our revenue grows. Our operating expenses at the enterprise level include resources and technology to support payor contracting, clinical program development, quality, data management, finance, and legal and compliance functions.

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**agilon health, inc.**

**Non-GAAP Financial Measures**

**In thousands**

**(unaudited)**

***MEDICAL MARGIN***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Gross profit (loss)<sup>(1)</sup> | $(67646) | $(64167) | $(69351) | $43096 |
| Other operating revenue | (2884) | (3235) | (8730) | (9573) |
| Other medical expenses | 13488 | 9149 | 95845 | 171096 |
| &nbsp;&nbsp;&nbsp;Medical margin | $(57042) | $(58253) | $17764 | $204619 |

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______________________________________________________________

(1)Gross profit (loss) is defined as total revenues less medical services expense and other medical expenses.

***ADJUSTED EBITDA*** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income (loss)<sup>(1)</sup> | $(110207) | $(117615) | $(202465) | $(154311) |
| (Income) loss from discontinued operations, net of income taxes |  | 1183 | (14000) | 10464 |
| Interest expense | 1838 | 1622 | 4925 | 4603 |
| Income tax expense (benefit) | (331) | (590) | (73) | (306) |
| Depreciation and amortization | 7430 | 6218 | 21625 | 17969 |
| Severance and related costs | 4092 | 1453 | 4736 | 4736 |
| Stock-based compensation expense | 7498 | 13259 | 39599 | 48375 |
| EBITDA adjustments related to equity method investments<sup>(2)</sup> | 4969 | 9719 | 16178 | 15025 |
| Other<sup>(3)</sup> | (6781) | (11718) | (24783) | (16800) |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $(91492) | $(96469) | $(154258) | $(70245) |

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______________________________________________________________

(1)Includes direct geography entry costs, including investments to develop and expand our platform and costs in geographies that are in implementation and are not yet generating revenue and investments to grow existing markets. For the three months ended September 30, 2025 and 2024, (i) $1.9 million and $1.4 million, respectively, are included in other medical expenses and (ii) $4.8 million and $5.8 million, respectively, are included in general and administrative expenses. For the nine months ended September 30, 2025 and 2024, (i) $0.9 million and $2.0 million, respectively, are included in other medical expenses and (ii) $15.6 million and $21.2 million, respectively, are included in general and administrative expenses.

(2)Includes elimination of certain administrative services provided by agilon health, inc. to equity method investments.

(3)Includes interest income, transaction-related costs and elimination of certain administrative services provided by agilon health, inc. to equity method investments.

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**agilon health, inc.**

**Supplemental Financial Information**

**In thousands**

**(unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2025** | **Nine Months Ended<br>September 30, 2025** |
| | **Medicare Advantage (Consolidated)** | **CMS ACO Models (Unconsolidated)** | **Medicare Advantage (Consolidated)** | **CMS ACO Models (Unconsolidated)** |
| Medical services revenue | $1432437 | $458309 | $4354355 | $1306580 |
| Other operating revenue | 2884 |  | 8730 |  |
| **Total revenues** | 1435321 | 458309 | 4363085 | 1306580 |
| Medical services expense | (1489479) | (401473) | (4336591) | (1155228) |
| Other medical expenses | (13488) | (33660) | (95845) | (87750) |
| **Gross profit (loss)** | (67646) | 23176 | (69351) | 63602 |
| Other operating revenue | (2884) |  | (8730) |  |
| Other medical expenses | 13488 | 33660 | 95845 | 87750 |
| **Medical margin** | $(57042) | $56836 | $17764 | $151352 |

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Certain of our operations are not consolidated for the period presented because we do not have the ability to control certain activities due to another party's control of the entities' board of directors. Although revenues of the unconsolidated operations are not recorded as revenues by us, income (loss) from equity method investments is nonetheless a significant portion of our overall earnings. See Note 14 to the Condensed Consolidated Financial Statements in the Quarterly Report on Form 10-Q for the period ending September 30, 2025 for additional discussion on our equity method investments.

In addition to providing results that are determined in accordance with GAAP, we present Medical Margin and Adjusted EBITDA, which are non-GAAP financial measures.

We define Medical Margin as medical services revenue after medical services expense is deducted. Medical services expense represents costs incurred for medical services provided to our members. As our platform matures over time, we expect Medical Margin to increase in absolute dollars. However, Medical Margin per member per month (PMPM) may vary as the percentage of new members brought onto our platform fluctuates. New membership added to the platform is typically dilutive to Medical Margin PMPM. We believe this metric provides insight into the economics of our capitation arrangements as it includes all medical services expense directly associated with our members' care.

We define Adjusted EBITDA as net income (loss) adjusted to exclude: (i) income (loss) from discontinued operations, net of income taxes, (ii) interest expense, (iii) income tax expense (benefit), (iv) depreciation and amortization, (v) stock-based compensation expense, (vi) severance and related costs, and (vii) certain other items that are not considered by us in the evaluation of ongoing operating performance. We reflect our share of Adjusted EBITDA for equity method investments by applying our actual ownership percentage for the period to the applicable reconciling items on an entity-by-entity basis.

Gross profit (loss) is the most directly comparable GAAP measure to Medical Margin. Net income (loss) is the most directly comparable GAAP measure to Adjusted EBITDA.

We believe Medical Margin and Adjusted EBITDA help identify underlying trends in our business and facilitate evaluation of period-to-period operating performance of our operations by eliminating items that are variable in nature and not considered by us in the evaluation of ongoing operating performance, allowing comparison of our recurring core business operating results over multiple periods. We also believe Medical Margin and Adjusted EBITDA provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics we use for financial and operational decision-making. We believe Medical Margin and Adjusted EBITDA or similarly titled non-GAAP measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance. Other companies may calculate Medical Margin and Adjusted EBITDA or similarly titled non-GAAP measures differently from the way we calculate these metrics. As a result, our presentation of Medical Margin and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, limiting their usefulness as comparative measures.

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**Contacts**

**Investor Contacts**

Evan Smith, CFA

SVP Investor Relations

<u>evan.smith@agilonhealth.com</u>

Megan Cagle

<u>investors@agilonhealth.com</u>

**Media Contacts**

Stephanie Law

Corporate Communications

<u>media@agilonhealth.com</u>

## Exhibit 99.2

![](ex992investorpresention3001.jpg)

3Q Earnings Presentation November 2025 Copyright© 2025 agilon health. Confidential internal document containing proprietary information. Do not distribute.

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2 Disclaimers and Forward-Looking Statements FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION Statements in this presentation that are not historical factual statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "is optimistic," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable terms. Examples of forward-looking statements include, among other things: statements regarding our expectation about levers in 2026, our cash flow and capital priorities, total and average membership, expected Total Revenues, Medical Margin, Adjusted EBITDA, Geography Entry Costs and other financial projections and assumptions, including our full year 2025 guidance. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be outside our control, including but not limited to: our history of net losses and the expectation that our expenses will increase in the future; failure to identify and develop successful new geographies, physician partners and payors, or execute upon our growth initiatives; success in executing our operating strategies or achieving results consistent with our historical performance; medical expenses incurred on behalf of our members may exceed revenues we receive; our ability to maintain and secure additional contracts with Medicare Advantage payors on favorable terms, if at all; our ability to grow new physician partner relationships sufficient to recover startup costs; availability of additional capital, on acceptable terms or at all, to support our business in the future; significant reduction in our membership; transition to a Total Care Model may be challenging for physician partners; public health crises, such as pandemics or epidemics, could adversely affect us; inaccuracy in estimates of our members' risk adjustment factors, medical services expense, incurred but not reported claims, and earnings pursuant to payor contracts; the impact of restrictive clauses or exclusivity provisions in some of our contracts with physician partners; our ability to hire and retain qualified personnel; our ability to realize the full value of our intangible assets; security breaches, cybersecurity attacks, loss of data and other disruptions to our information systems; our ability to protect the confidentiality of our know-how and other proprietary and internally developed information; our reliance on our subsidiaries to perform and fund their operations; our use of artificial intelligence and machine learning in our business and challenges with properly managing the development and use of these technologies; our reliance on a limited number of key payors; the limited terms of contracts with our payors and our ability to renew them upon expiration; our ability to navigate the changing healthcare payor market; our reliance on our payors, physician partners and other providers to operate our business; our ability to obtain accurate and complete diagnosis data; our reliance on third-party software, data, infrastructure and bandwidth; consolidation and competition in the healthcare industry; the impact of changes to, and dependence on, federal government healthcare programs; uncertain or adverse economic and macroeconomic conditions, including a downturn or decrease in government expenditures; regulation of the healthcare industry and our and our physician partners' ability to comply with such laws and regulations; federal and state investigations, audits and enforcement actions; repayment obligations arising out of payor audits; negative publicity regarding the managed healthcare industry generally; our use, disclosure and processing of personally identifiable information, protected health information, and de-identified data; failure to obtain or maintain an insurance license, a certificate of authority or an equivalent authorization; changes in tax laws and regulations, or changes in related judgments or assumptions; our indebtedness and our potential to incur more debt; our dependence on our subsidiaries for cash to fund all of our operations and expenses; provisions in our governing documents; our ability to achieve a return on investment depends on appreciation in the price of our common stock; lawsuits not covered by insurance and securities class action litigation; sustainability issues; our stock price may be volatile; and risks related to management transitions, including the search for a permanent CEO, and our ability to effectively manage leadership changes . These risks and uncertainties that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, but are not limited to, those factors discussed in our filings with the Securities and Exchange Commission (the "SEC"), including the factors discussed under "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which can be found at the SEC's website at www.sec.gov. Additionally, ongoing implementation of performance initiatives, leadership changes, and dynamic market conditions create additional uncertainty regarding our future operating and financial performance. Except as required by law, we do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, which speak only as of the date on which they are made. NON-GAAP FINANCIAL MEASURES This presentation includes references to non-GAAP financial measures, including but not limited to Medical Margin and Adjusted EBITDA. We believe medical margin and Adjusted EBITDA help identify underlying trends in our business and facilitate evaluation of period-to-period operating performance of our operations by eliminating items that are variable in nature and not considered by us in the evaluation of ongoing operating performance, allowing comparison of our recurring core business operating results over multiple periods. We also believe Medical Margin and Adjusted EBITDA provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics we use for financial and operational decision-making. We believe Medical Margin and Adjusted EBITDA or similarly titled non-GAAP measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance. Other companies may calculate Medical Margin and Adjusted EBITDA or similarly titled non-GAAP measures differently from the way we calculate these metrics. As a result, our presentation of Medical Margin and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, limiting their usefulness as comparative measures Medical Margin and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as an alternative to GAAP measures or other financial statement data presented in agilon's consolidated financial statements. Reconciliation of such non-GAAP measures to the applicable GAAP measures are set forth in the appendix. TRADEMARKS All rights to the trademarks included herein, other than the Company's trademarks, belong to their respective owners and our use hereof does not imply any endorsement by the owners of these trademarks.

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3 Q3 2025 Highlights • Reduced revenue resulting from the impact of in-year risk adjustment revenue and exited markets partially offset by disciplined approach to medical cost reserving  Total risk adjustment impact of $73M in the third quarter including 9-month true-up for 28% of membership not included in second quarter 2025 results  Lower profitability from exited markets of $20M in the third quarter of 2025  Medical cost trend for the first half of 2025 of ~5.7%; applied a conservative Q3 reserve following favorable development in the first half of the year • Strong ACO REACH performance demonstrates Total Care Model's ability to deliver on shared savings, quality and care experience for our senior patients. • Adjusted EBITDA – Lower medical margin is partially offset by operating expense savings and ACO REACH performance

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4 Improved Executional Rigor Focused on Urgency, Accountability, and Performance • 75% of agilon members in 4+ Star plans for PY27 • agilon specific performance delivers 4.2 consolidated stars on average for PY27 • Clinical pathways expansion and execution • Reduced Operating Expenses by $30M in 2026 • Operating discipline aligned with key priorities • Strong balance sheet with ~$311M1 in cash & short-term investments • Expect to close 2025 with $310M+2 in cash; close 2026 with $100M+2 Progress on Key Strategic Initiatives • Improved data visibility to ~80% of membership • Negotiated contracting for 2026 expectations • Improved economics • Reduced Part D Risk • Enhanced Quality Incentives Payor & Data Performance Cost Discipline Financial Strength Note1: Excludes $172M in ACO REACH entities cash Note2: Includes cash in ACO REACH entities '26 Performance Expected to be Enhanced by Positive Rates, Favorable Payer Bids and Plan Design

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Quarter Ending September 30, 2025 ($M) Medicare Advantage Members 503,000 ACO Model Members 115,000 Total Members Live on Platform 618,000 Avg. Medicare Advantage Members 510,000 Total Revenues 1,435 Gross Profit (Loss) ($68) Medical Margin ($57) Net Income (Loss) ($110) Adjusted EBITDA ($91) Geography Entry Costs $7 Q3 2025 Financial Performance 5

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6 Year Ending December 31, 2025 ($M) Medicare Advantage Members 503,000 – 506,000 ACO Model Members 113,000 – 115,000 Total Members Live on Platform 616,000 – 621,000 Avg. Medicare Advantage Members 500,000 – 501,000 Total Revenues $5,810 – $5,830 Medical Margin ($5) – $15 Adjusted EBITDA ($270) – ($245) Geography Entry Costs $32 – $30 2025 Financial Outlook Note: We have not reconciled guidance for Medical Margin to Gross Profit or Adjusted EBITDA to net income (loss), the most comparable GAAP measures, and have not provided forward-looking guidance for net income (loss) in each case because of the uncertainty around certain items that may impact Gross Profit or net income (loss), including non-cash stock-based compensation.

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7 Expected Levers for 2026 Performance Medical Margin Anticipated Impact Comments CMS Final '26 Rate Positive Begins to meaningfully address recent high cost and utilization trends Payer Bids Positive Favorable impact expected from changes in benefit design based on bid reviews representing a majority of our membership including increased premiums, MOOP, and deductibles as well as reduced benefits. Contracting Positive Initial contracting discussions representing a majority our membership indicate potential improvement in economics - Percentage of Premium and reduced Part D exposure RAF Positive Improved baseline visibility from enhanced data pipeline covering 80% of membership, combined with advances in BOI and clinical pathway initiatives anticipated to exceed V28 hurdle. Quality Positive Increased incentives tied to quality performance Cost Trend TBD Expect continued elevated cost trend Operating Expense OPEX Cost Initiatives Positive $30 million estimated cost reduction impact in '26 - Cost rationalization from better alignment of incentives with our PCP partners, as well as a reduction in overhead and vendor costs. Adjusted EBITDA ACO REACH Negative Expect strong performance but changes to program expected to reduce YoY profitability

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8 Medical Margin Bridge – FY 2025 Updated Guidance (mid-point) vs. Last Guidance (mid-point) provided during 2Q Earnings Release FY 2025 Financial Summary The full-year medical margin outlook reflects updated RAF visibility, maintaining medical cost trends, and the continued wind-down of exited markets through year- end. • Risk Adjustment (RAF): Full year impact of ~$150 million; updated using visibility from mid-year risk adjustment data across the full book of business, including payors with limited data visibility (not in the enhanced data pipeline and new markets). • Medical Costs: Maintaining the full-year cost trend assumption of mid-5%; results include favorable restatements in Q1 and Q2 (~5.7%). • Prior Year Development (PYD): Largely consistent with prior disclosures; minimal incremental PYD in Q3. • Exited Markets: Continue to weigh on 2025 results

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9 Medical Margin Bridge – FY 2025 Step Off 2025 Pro Forma Step Off and Expected Levers for 2026 Performance 2026 Levers Anticipated Impact • CMS Final '26 Rate ↑ • Contracting ↑ • Risk Adjustment ↑ • Quality ↑ • Payer Bids ↑ • Cost Trend TBD

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10 Adjusted EBITDA Bridge – FY 2025 Updated Guidance (mid-point) vs. Last Guidance (mid-point) provided during 2Q Earnings Release FY 2025 Financial Summary The full-year adjusted EBITDA outlook incorporates the medical margin impact, with strong REACH performance and cost actions mitigating 2025 results and positioning for stronger 2026 performance. • Medical Margin Impact: Adjusted EBITDA reflects the flow-through of medical margin changes tied to updated RAF visibility and the continued wind-down of exited markets through year-end. • Operating & Geo. Entry Expenses: Cost reduction initiatives and lower geography entry spending provided limited benefit in 2025, with savings expected to annualize and deliver approximately $30 million of adj. EBITDA improvement in 2026. • REACH EBITDA: Strong performance supported by sustained operating execution.

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11 Adjusted EBITDA Bridge – FY 2025 Step Off 2025 Pro Forma Step Off and Expected Levers for 2026 Performance 2026 Levers Anticipated Impact Medical Margin • CMS Final '26 Rate ↑ • Contracting ↑ • Risk Adjustment ↑ • Quality ↑ • Payer Bids ↑ • Cost Trend TBD Operating Expenses/Other • OPEX Cost Initiatives ↑ • ACO REACH ↓

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12 Non-GAAP Reconciliations

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13 Non-GAAP Reconciliations (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Gross profit (loss)(1) $(67,646) $(64,167) $(69,351) $43,096 Other operating revenue (2,884) (3,235) (8,730) (9,573) Other medical expenses 13,488 9,149 95,845 171,096 Medical margin $(57,042) $(58,253) $17,764 $204,619 1) Gross profit is defined as total revenues less medical services expenses and other medical expense. Medical Margin

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14 Non-GAAP Reconciliations (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss)(1) $(110,207) $(117,615) $(202,465) $(154,311) (Income) loss from discontinued operations, net of income taxes — 1,183 (14,000) 10,464 Interest expense 1,838 1,622 4,925 4,603 Income tax expense (benefit) (331) (590) (73) (306) Depreciation and amortization 7,430 6,218 21,625 17,969 Severance and related costs 4,092 1,453 4,736 4,736 Stock-based compensation expense 7,498 13,259 39,599 48,375 EBITDA adjustment related to equity method investments(2) 4,969 9,719 16,178 15,025 Other(3) (6,781) (11,718) (24,783) (16,800) Adjusted EBITDA $(91,492) $(96,469) $(154,258) $(70,245) 1) Includes direct geography entry costs, including investments to develop and expand our platform and costs in geographies that are in implementation and are not yet generating revenue and investments to grow existing markets. For the three months ended September 30, 2025 and 2024, (i) $1.9 million and $1.4 million, respectively, are included in other medical expenses and (ii) $4.8 million and $5.8 million, respectively, are included in general and administrative expenses. For the nine months ended September 30, 2025 and 2024, (i) $0.9 million and $2.0 million, respectively, are included in other medical expenses and (ii) $15.6 million and $21.2 million, respectively, are included in general and administrative expenses. 2) Includes elimination of certain administrative services provided by agilon health, inc. to equity method investments. 3) Includes interest income, transaction-related costs and elimination of certain administrative services provided by agilon health, inc. to equity method investments. Adjusted EBITDA

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