P3 Health Partners (PIII) Investor presentation summary

Market opportunity and industry trends

• Operates in a $1.2T Medicare Advantage and FFS Medicare market, with 54% MA penetration in 2025 and growing senior care demand.

• Value-based care is driving a $4T+ reduction in projected Medicare spending, emphasizing cost control and quality outcomes.

• Macro tailwinds include industry consolidation, payor cost pressure, and expanding addressable market.

Business model and solutions

• Physician-led, enabling providers to transition from fee-for-service to value-based care, improving outcomes and lowering costs.

• Assumes full financial risk for patients, aligning incentives for prevention and wellness.

• Integrated care model leverages data, technology, and community outreach for scalable, capital-efficient operations.

• Delivers measurable cost savings, enhanced quality, and high physician retention through partnerships and network solutions.

Operational performance and growth

• Manages 140K total lives, with ~115K at-risk and ~30K under management across four states, expanding into Nebraska in 2026.

• Holds significant market share in Arizona (22%), Nevada (9%), and Oregon (28%), focusing on high-impact counties.

• Four operational pillars: patient outcomes, tech-enabled efficiency, provider well-being, and scalable value creation.

• Pathway to profitability driven by contract restructuring, operational execution, and payer mix optimization.