Form 8-K

8-K — Astrana Health, Inc.

Accession: 0001104659-26-123331

Filed: 2026-11-05

Period: 2026-11-05

CIK: 0001083446

SIC: 8742 (SERVICES-MANAGEMENT CONSULTING SERVICES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2629047d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2629047d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2629047d1_ex99-2.htm)

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8-K — FORM 8-K

8-K (Primary)

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2026-11-05

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,

DC 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 5, 2026

ASTRANA HEALTH, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware

001-37392

95-4472349

(State or Other Jurisdiction

(Commission

(I.R.S. Employer

of Incorporation)

File Number)

Identification No.)

1668 S. Garfield Avenue, 2nd Floor, Alhambra, California 91801

(Address of Principal Executive Offices) (Zip Code)

(626) 282-0288

Registrant’s Telephone Number, Including

Area Code

(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

symbol(s)

Name

of each exchange on which registered

Common

Stock, $0.001 par value per share

ASTH

The Nasdaq Stock Market LLC

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 5, 2026, Astrana Health, Inc. (the

“Company”) issued a press release announcing its financial results for the three and nine months ended September 30, 2026.

A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

The information furnished pursuant to this Item

2.02 to this Current Report on Form 8-K, including the exhibit, is being “furnished” and, as such, shall not be deemed to

be “filed” for the 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, nor shall it be incorporated by reference into any filing under the Securities

Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference

in such filing.

Item 7.01 Regulation

FD Disclosure.

The Company has scheduled a conference call and

webcast at 2:30 p.m. Pacific Time/5:30 p.m. Eastern Time on November 5, 2026 to discuss the Company’s financial results for the

three and nine months ended September 30, 2026. In addition to the press release, an earnings presentation will be made available on

the Company’s investor relations page at ir.astranahealth.com. A copy of the earnings presentation is furnished as Exhibit 99.2

to this Current Report on Form 8-K and incorporated herein by reference.

The information furnished pursuant to this Item

7.01 to this Current Report on Form 8-K, including the exhibit, is being “furnished” and, as such, shall not be deemed to

be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor

shall it be incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth

by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No.

Description

99.1

Press Release of Astrana Health, Inc. Regarding

its Financial Results for the Three and Nine Months Ended September 30, 2026, dated November 5, 2026.

99.2

Supplemental Data of Astrana Health, Inc., dated November 5, 2026.

104

Cover Page Interactive Data File (the cover page XBRL tags are 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 hereunto duly authorized.

ASTRANA HEALTH, INC.

Date: November 5, 2026

By:

/s/ Brandon K. Sim

Name:

Brandon K. Sim

Title:

Chief Executive Officer and President

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2629047d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Astrana Health, Inc. Reports Third Quarter

2026 Results

Company to Host Conference Call on Thursday,

November 5, 2026, at 2:30 p.m. PT/5:30 p.m. ET

· Reports

record revenue of $1,023.6 million, up 7% year-over-year, net income of $20.3 million, up

1,782% year-over-year, and record adjusted EBITDA(1) of $77.2 million, up 13%

year-over-year for the three months ended September 30, 2026

· Reports

net cash provided by operating activities of $117.1 million and free cash flow(2)

of $105.4 million for the nine months ended September 30, 2026

ALHAMBRA, Calif., November 5, 2026 /PRNewswire/

-- Astrana Health, Inc. (“Astrana,” and together with its subsidiaries and affiliated entities, the “Company”)

(NASDAQ: ASTH), a physician-centric, technology-enabled healthcare company empowering providers to deliver accessible, high-quality,

and high-value care to all, today announced its consolidated financial results for the third quarter ended September 30, 2026.

“Our third quarter results demonstrate

the growing impact of Astrana’s physician-centric, AI-native healthcare operating platform and our team’s continued focus

on execution,” said Brandon Sim, President and Chief Executive Officer of Astrana Health. “We delivered record revenue, record

adjusted EBITDA, and double-digit organic earnings growth while continuing to invest in the next phase of our growth. By combining proprietary

technology, aligned physician partnerships, and integrated care delivery, we’re building a scalable, repeatable model to improve

patient outcomes and manage the total cost of care – a value proposition that extends across payer and reimbursement models and

positions us to create sustainable long-term value for patients, physician partners, and shareholders.”

Financial Highlights for Third Quarter Ended September 30,

2026:

All comparisons are to the three months ended

September 30, 2025 unless otherwise stated.

· Total

revenue of $1,023.6 million, up 7% from $956.0 million

· Care

Partners revenue of $968.8 million, up 8% from $897.7 million

· Net

income attributable to Astrana of $13.0 million, up from $0.4 million

· Earnings

per share (“EPS”) - diluted of $0.26, up from $0.01

· Adjusted

EBITDA(1) of $77.2 million, up 13% from $68.5 million

· Adjusted

EPS - diluted(3) of $0.71, up 4% from $0.68

Financial Highlights for Nine Months Ended September 30, 2026:

All comparisons are to the nine months ended

September 30, 2025 unless otherwise stated.

· Total

revenue of $2,961.2 million, up 33% from $2,231.2 million

· Care

Partners revenue of $2,811.3 million, up 32% from $2,130.1 million

· Net

income attributable to Astrana of $47.1 million, up 186% from $16.5 million

· EPS

- diluted of $0.95, up 188% from $0.33

· Adjusted

EBITDA(1) of $212.4 million, up 39% from $153.0 million

· Adjusted

EPS - diluted(3) of $2.25, up 36% from $1.66

· Net

cash provided by operating activities of $117.1 million

· Free

cash flow(2) of $105.4 million

(1) See “Reconciliation of Net Income

to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin” and “Use of Non-GAAP Financial

Measures” below for additional information.

(2) See reconciliation provided with the condensed

consolidated statements of cash flows and “Use of Non-GAAP Financial Measures”

below for additional information.

(3) See “Reconciliation of Net Income

to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted” and

“Use of Non-GAAP Financial Measures” below for additional information.

Recent Operating Highlights

· Closed

the acquisition of an independent practice association in Georgia on October 1, 2026.

· Added

two Care Enablement clients, a provider group in Connecticut and a hospital in California,

with both expected to onboard onto Astrana's AI-powered technology and managed services platform

in early 2027.

· Entered

into several new Medicare Advantage payer partnerships effective January 1, 2027, with new

health plan partners in markets including Southern California, Texas, and Arizona, supporting

continued membership growth across the Astrana platform.

Segment Results for three months ended September 30,

2026:

All comparisons are to the three months ended

September 30, 2025 unless otherwise stated.

Three Months Ended

September 30, 2026

(in thousands)

Care

Partners

Care

Delivery

Care

Enablement

Intersegment

Elimination

Corporate

Costs

Consolidated

Total

Total revenues

$ 968,757

$ 91,017

$ 92,001

$ (128,159 )

$ —

$ 1,023,616

% change vs. prior year quarter

8 %

5 %

Cost of services

829,490

69,116

47,915

(46,453 )

—

900,068

General and administrative expenses

77,694

22,229

18,425

(81,713 )

31,412

68,047

Depreciation and amortization

12,480

1,263

1,226

—

653

15,622

Total expenses

919,664

92,608

67,566

(128,166 )

32,065

983,737

Income (loss) from operations

$ 49,093

$ (1,591 )

$ 24,435

$ 7 (1)

$ (32,065 )

$ 39,879

% change vs. prior year quarter

94 %

56 %

4 %

(1) Income from operations for the

intersegment elimination represents sublease income between segments. Sublease income is

presented within other income, which is not presented in the table.

2026 Guidance:

Based on the Company’s existing business,

current view of existing market conditions, and assumptions, the Company is providing guidance for total revenue and Adjusted EBITDA

for the quarter ending December 31, 2026 and narrowing guidance for total revenue, Adjusted EBITDA, and free cash flow for the year ending

December 31, 2026.

Three Months Ending

December 31, 2026

Year Ending

December 31, 2026

Guidance Range

($ in millions)

Low

High

Low

High

Total revenue

$ 939

$ 1,039

$ 3,900

$ 4,000

Adjusted EBITDA

$ 48.5

$ 61.5

$ 261

$ 274

Free cash flow

$ 107.5

$ 130

See “Guidance Reconciliation of Net Income

to EBITDA and Adjusted EBITDA,” “Guidance Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow,”

and “Use of Non-GAAP Financial Measures” below for additional information. There can be no assurance that actual amounts

will not be materially higher or lower than these expectations. See “Forward-Looking Statements” below for additional information.

Conference Call and Webcast Information:

Astrana will host a conference call at 2:30 p.m.

PT/5:30 p.m. ET today (Thursday, November 5, 2026), during which management will discuss the results of the third quarter ended

September 30, 2026. To participate in the conference call, please use the following dial-in numbers about 5 minutes prior to the

scheduled conference call time:

U.S. & Canada

(Toll-Free):

+1 (877) 858-9810

International (Toll):

+1 (201) 689-8517

The conference call can also be accessed via webcast at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=PPgZy93u

An accompanying slide presentation will be available

in PDF format on the “IR Calendar” page of the Company’s website (https://ir.astranahealth.com/news-events/ir-calendar)

after issuance of the earnings release and will be furnished as an exhibit to Astrana’s current report on Form 8-K to be filed

with the SEC, accessible at www.sec.gov.

Those who are unable to attend the live conference

call may access the recording at the above webcast link, which will be made available shortly after the conclusion of the call.

Note About Consolidated Entities

The Company consolidates entities in which it

has a controlling financial interest. The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50%

of the voting rights, and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. Non-controlling

interests represent third party equity ownership interests in the Company’s consolidated entities (including certain VIEs). The

amount of net income or loss attributable to non-controlling interests is disclosed in the Company’s consolidated statements of

income.

About Astrana Health, Inc.

Astrana Health is a physician-centric, AI-powered

healthcare company committed to delivering high-quality, patient-centered care. Built from the physician's perspective, Astrana combines

its scalable care delivery infrastructure, proprietary technology platform, and aligned provider networks to enable proactive, preventive

care at scale - improving patient outcomes, enhancing patient experiences, supporting provider well-being, and driving greater value

across the healthcare system.

Today, Astrana supports more than 20,000 providers

and approximately 1.5 million patients in value-based care arrangements through its affiliated provider networks, management services

organization, and integrated care delivery clinics spanning primary, specialty, and ancillary care. Together, Astrana is building the

healthcare system we all deserve - one that delivers better care, better experiences, and better outcomes for all. For more information,

visit www.astranahealth.com.

Forward-Looking Statements

This press release contains forward-looking

statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company’s guidance

for the quarter ending and the year ending December 31, 2026, ability to meet operational goals, ability to meet expectations in

deployment of care coordination and management capabilities, ability to decrease cost of care while improving quality and outcomes, ability

to deliver sustainable revenue and EBITDA growth as well as long-term value, ability to respond to the changing environment, statements

about the Company's liquidity, and successful completion and implementation of strategic growth plans, acquisition strategy, and merger

integration efforts, as well as statements regarding the material weakness in internal control over financial reporting and the Company’s

ability to remediate such material weakness in a timely manner. Forward-looking statements reflect current views with respect to future

events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain

assumptions of the Company’s management, and some or all of such expectations and assumptions may not materialize or may vary significantly

from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors,

known and unknown, including the risk factors described from time to time in the Company’s reports to the SEC, including, without

limitation the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and

subsequent quarterly reports on Form 10-Q. Any forward-looking statement made by the Company in this release speaks only as of the date

on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new

information, future developments or otherwise, except as may be required by any applicable securities laws.

FOR MORE INFORMATION, PLEASE CONTACT:

Investor Relations

investors@astranahealth.com

ASTRANA HEALTH, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

September 30,

2026

December 31,

2025

(Unaudited)

Assets

Current assets

Cash and cash equivalents

$ 396,225

$ 429,474

Receivables, net (including amounts from related parties)

530,889

374,465

Income taxes receivable

—

1,799

Other receivables

20,384

26,385

Prepaid expenses and other current assets

29,348

26,264

Loans receivable

3,128

4,926

Total current assets

979,974

863,313

Non-current assets

Property and equipment, net

66,103

57,332

Intangible assets, net

229,533

270,968

Goodwill

889,390

865,305

Income taxes receivable, net of current portion

26,220

Loans receivable, net of current portion

49,374

48,724

Investments in other entities – equity method

27,015

25,637

Operating lease right-of-use assets

48,308

35,738

Other assets

27,515

25,424

Total non-current assets

1,363,458

1,355,348

Total assets (1)

$ 2,343,432

$ 2,218,661

Liabilities, Mezzanine Deficit, and Stockholders’ Equity

Current liabilities

Accounts payable and accrued expenses

$ 272,541

$ 195,912

Fiduciary accounts payable

3,694

3,524

Income taxes payable

2,561

—

Medical liabilities

418,181

335,705

Operating lease liabilities

10,612

7,809

Current portion of long-term debt

59,831

47,865

Other liabilities

18,648

24,458

Total current liabilities

786,068

615,273

Non-current liabilities

Deferred tax liability

7,635

5,491

Operating lease liabilities, net of current portion

41,392

31,552

Long-term debt, net of current portion and deferred financing costs

865,546

990,904

Other long-term liabilities

11,290

17,107

Total non-current liabilities

925,863

1,045,054

Total liabilities (1)

1,711,931

1,660,327

Mezzanine deficit

Non-controlling interest in Allied Physicians

of California, a Professional Medical Corporation (“APC”)

(236,801 )

(234,962 )

Stockholders’ equity

Preferred stock, $0.001 par value per share; 5,000,000 shares authorized; and zero

shares issued and outstanding as of September 30, 2026 and December 31, 2025

—

Common stock, $0.001 par value per share; 100,000,000 shares authorized, 49,320,378

and 48,885,358 shares issued and outstanding, excluding 10,724,258 and 10,571,011 treasury shares, as of September 30, 2026

and December 31, 2025, respectively

Additional paid-in capital

501,366

470,863

Retained earnings

355,204

308,379

Total stockholders’ equity

856,619

779,291

Non-controlling interests

11,683

14,005

Total equity

868,302

793,296

Total liabilities, mezzanine deficit, and

stockholders’ equity

$ 2,343,432

$ 2,218,661

(1) The Company’s

condensed consolidated balance sheets include the assets and liabilities of its consolidated

VIEs. The condensed consolidated balance sheets include (a) total assets of $1,314.6 million

and $1,276.5 million as of September 30, 2026 and December 31, 2025, respectively,

that can be used only to settle obligations of the Company’s consolidated VIEs and

(b) total liabilities of the consolidated VIEs of $382.6 million and $376.0 million as of

September 30, 2026 and December 31, 2025, respectively, for which creditors do

not have recourse to the general credit of Astrana Health, Inc., the VIE’s primary

beneficiary. These VIE balances do not include $218.1 million of investment in affiliates

and $8.6 million of amount due to affiliates as of September 30, 2026 and $152.2 million

of investment in affiliates and $58.3 million of amount due from affiliates as of December 31,

2025, as these are eliminated upon consolidation and not presented within the condensed consolidated

balance sheets.

ASTRANA HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

(UNAUDITED)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Revenue

Capitation and other revenue, net

$ 1,023,616

$ 956,048

$ 2,961,237

$ 2,231,243

Operating expenses

Cost of services, excluding depreciation and amortization

900,068

858,856

2,627,923

1,984,756

General and administrative expenses

68,047

62,387

183,935

157,009

Depreciation and amortization

15,622

15,595

46,651

29,348

Total expenses

983,737

936,838

2,858,509

2,171,113

Income from operations

39,879

19,210

102,728

60,130

Other expense

Income from equity method investments

860

1,019

3,128

532

Interest expense

(15,021 )

(17,718 )

(47,120 )

(32,408 )

Interest income

4,147

3,522

13,870

8,170

Unrealized gain (loss) on investments

1,126

(807 )

6,942

(837 )

Other income (loss)

1,231

445

(408 )

(3,487 )

Total other expense, net

(7,657 )

(13,539 )

(23,588 )

(28,030 )

Income before provision for income taxes

32,222

5,671

79,140

32,100

Provision for income taxes

11,953

4,594

27,288

14,586

Net income

20,269

1,077

51,852

17,514

Net income attributable to non-controlling interests

7,317

704

4,725

1,026

Net income attributable to Astrana Health,

Inc.

$ 12,952

$ 373

$ 47,127

$ 16,488

Earnings per share – basic

$ 0.26

$ 0.01

$ 0.96

$ 0.34

Earnings per share – diluted

$ 0.26

$ 0.01

$ 0.95

$ 0.33

Weighted average shares of common stock outstanding – basic

49,230,686

49,217,134

49,070,359

49,005,363

Weighted average shares of common stock outstanding – diluted

49,915,989

49,473,417

49,586,343

49,311,384

Revenue consisted of the following (in thousands):

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Capitation, net

$ 936,662

$ 863,380

$ 2,735,374

$ 2,061,451

Risk pool settlements and incentives

24,324

30,798

58,627

60,691

Management fee income

14,105

15,217

43,001

20,104

Fee-for-service, net

35,122

40,080

95,935

72,848

Other revenue

13,403

6,573

28,300

16,149

Capitation and other revenue, net

$ 1,023,616

$ 956,048

$ 2,961,237

$ 2,231,243

ASTRANA HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

(UNAUDITED)

Nine Months Ended

September 30,

2026

2025

Cash flows from operating activities

Net income

$ 51,852

$ 17,514

Adjustments to reconcile net income to net cash provided by operating

activities:

Depreciation and amortization

46,651

29,348

Amortization of debt issuance cost

3,438

2,892

Stock-based compensation

37,245

27,219

Non-cash lease expense

6,865

4,348

Deferred tax

1,774

(4,924 )

Change in fair value of contingent consideration liabilities

(4,212 )

4,353

Change in fair value of financing obligation

(3,272 )

—

Other

(4,415 )

609

Changes in operating assets and liabilities,

net of business combinations

(18,849 )

36,125

Net cash provided by operating activities

117,077

117,484

Cash flows from investing activities

Payments for acquisitions, net of cash acquired

(6,825 )

(548,553 )

Proceeds from sale of equity method investment

—

15,100

Purchases of property and equipment

(11,711 )

(7,042 )

Other

3,666

2,553

Net cash used in investing activities

(14,870 )

(537,942 )

Cash flows from financing activities

Dividends paid

(1,127 )

(6,329 )

Borrowings on debt

—

1,119,300

Repayments of debt

(115,899 )

(483,323 )

Deferred financing cost

—

(19,205 )

Payments of contingent liabilities

(2,864 )

(8,284 )

Taxes paid from net share settlement of restricted stock

(5,340 )

(5,562 )

Purchase of treasury shares

(3,893 )

(955 )

Other

(5,937 )

Net cash (used in) provided by financing activities

(135,060 )

595,683

Net (decrease) increase in cash, cash equivalents, and restricted cash

(32,853 )

175,225

Cash, cash equivalents, and restricted cash,

beginning of period

434,045

289,101

Cash, cash equivalents, and restricted cash,

end of period

$ 401,192

$ 464,326

Supplemental disclosures of cash flow information

Cash paid for income taxes

(1)

$ 4,728

Cash paid for interest

$ 43,647

$ 30,184

Supplemental disclosures of non-cash investing and financing activities

Right-of-use assets obtained in exchange for operating lease liabilities

$ 13,969

$ 7,780

Common stock issued for contingent consideration payment

$ —

$ 2,600

Elimination of note payable upon consolidation

$ —

$ 9,488

Dividend paid in the form of common stock

$ —

$ 21,935

(1) Following the adoption of Accounting

Standards Codification (“ASC”) 2023-09 "Income Taxes

(Topics 740): Improvements to Income Tax Disclosures", cash paid for income taxes is

presented net of tax refunds, for the quarterly period ended September 30, 2026, under

Item 1 of the Company’s Quarterly Report on Form 10-Q.

The following table provides a reconciliation

of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total amounts

of cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows (in thousands):

September 30,

2026

December 31,

2025

September 30,

2025

Cash and cash equivalents

$ 396,225

$ 429,474

$ 462,227

Restricted cash (1)

4,967

4,571

2,099

Total cash, cash equivalents,

and restricted cash, end of period shown in the statement of cash flows

$ 401,192

$ 434,045

$ 464,326

(1) Restricted

cash is included in other assets on the condensed consolidated balance sheets.

Reconciliation of Net Cash Provided by Operating

Activities to Free Cash Flow

Nine Months Ended

September 30,

(in thousands)

2026

2025

Net cash provided by operating activities

$ 117,077

$ 117,484

Purchases of property and equipment

(11,711 )

(7,042 )

Free cash flow

$ 105,366

$ 110,442

Reconciliation of Net Income to EBITDA, Adjusted

EBITDA and Adjusted EBITDA Margin

Set forth below are reconciliations of Net Income

to EBITDA and Adjusted EBITDA, as well as the reconciliations to Adjusted EBITDA margin for the three and nine months ended September 30,

2026 and 2025. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue.

Three Months Ended

September 30,

Nine Months Ended

September 30,

(in thousands)

2026

2025

2026

2025

Net income

$ 20,269

$ 1,077

$ 51,852

$ 17,514

Interest expense

15,021

17,718

47,120

32,408

Interest income

(4,147 )

(3,522 )

(13,870 )

(8,170 )

Provision for income taxes

11,953

4,594

27,288

14,586

Depreciation and amortization

15,622

15,595

46,651

29,348

EBITDA

58,718

35,462

159,041

85,686

Income from equity method investments

(860 )

(1,019 )

(3,128 )

(532 )

Other, net

3,784 (1)

26,340 (2)

19,234 (3)

40,597 (4)

Stock-based compensation

15,563

7,699

37,245

27,219

Adjusted EBITDA

$ 77,205

$ 68,482

$ 212,392

$ 152,970

Total revenue

$ 1,023,616

$ 956,048

$ 2,961,237

$ 2,231,243

Adjusted EBITDA margin

8 %

7 %

(1) Other, net,

for the three months ended September 30, 2026, relates to post-acquisition integration

costs and a fair value remeasurement of a previously held equity method investments that

is now fully acquired, partially offset by non-cash changes to the fair value of our interest

rate swap.

(2) Other, net,

for the three months ended September 30, 2025, relates to $13.0 million for a legal

matter with a provider associated with CFC Health Plan, Inc. (“CFC HP”), transaction

and other costs related to our acquisitions, including $12.7 million related to our completed

acquisition of certain businesses and assets of Prospect Medical Holdings, Inc, (“Prospect”),

non-cash changes in the fair value of our call option and collar agreement, and severance.

(3) Other, net,

for the nine months ended September 30, 2026, relates to post-acquisition integration

costs, an allowance on receivables that the Company plans to recover from the payer, non-routine

legal matters, severance, and a fair value remeasurement of a previously held equity method

investment that is now fully acquired, partially offset by non-cash changes to the fair value

of an equity purchase financing obligation and our interest rate swap.

(4) Other, net,

for the nine months ended September 30, 2025, relates to $13.0 million for a legal matter

with a provider associated with CFC HP, transaction and other costs related to our acquisitions,

including $23.6 million related to Prospect, debt issuance costs incurred in connection with

our Second Amended and Restated Credit Facility, non-cash changes in the fair value of our

call option and collar agreement, and severance.

Reconciliation of Net Income to Adjusted Net

Income Attributable to Astrana and Adjusted EPS - Diluted

Set forth below are reconciliations of net income

to adjusted net income attributable to Astrana as well as the reconciliation to adjusted EPS - diluted for the three and nine months

ended September 30, 2026 and 2025.

Three

Months Ended

September 30,

Nine

Months Ended

September 30,

(in

thousands, except for share and per share data)

2026

2025

2026

2025

Net

income

20,269

1,077

51,852

17,514

Income

from equity method investments

(860

)

(1,019

)

(3,128

)

(532

)

Other,

net (1)

3,784

26,340

19,234

40,597

Stock-based

compensation

15,563

7,699

37,245

27,219

Amortization

of intangible assets attributable to acquisitions

13,779

14,177

41,435

26,619

Tax

adjustments

(5,562

)(2)

(10,614

)(3)

(19,052

)(2)

(19,852

)(3)

Adjusted

net income attributable to non-controlling interests

(11,747

)(4)

(3,871

)(5)

(16,235

)(4)

(9,902

)(5)

Adjusted

net income attributable to Astrana Health, Inc.

35,226

33,789

111,351

81,663

Weighted

average shares of common stock outstanding – diluted

49,915,989

49,473,417

49,586,343

49,311,384

Adjusted

earnings per share - diluted

0.71

0.68

2.25

1.66

(1) The components

of other, net, as set forth in the table above, are described in the footnotes to the table

under “Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA

Margin”. Please see the footnotes to such table for additional information.

(2) Tax adjustments

for the three and nine months ended September 30, 2026, include the tax effect for,

at a 27.4% statutory blended tax rate, the adjustments made to net income of $8.8 million

and $25.9 million, respectively, partially offset by 162(m) impact of $3.3 million and $6.7

million, respectively.

(3) Tax adjustments

for the three and nine months ended September 30, 2025, include the tax effect for,

at a 27.1% statutory blended tax rate, the adjustments made to net income of $12.8 million

and $25.4 million, respectively, partially offset by 162(m) impact of $1.7 million and $5.1

million, respectively.

(4) Adjusted net

income attributable to non-controlling interests (“NCI”) for the three and nine

months ended September 30, 2026, includes net income attributable to NCI of $7.3 million

and $4.7 million, respectively, as well as adjustments attributable to NCI of $4.4 million

and $11.5 million, respectively.

(5) Adjusted net

income attributable to NCI for the three and nine months ended September 30, 2025 includes

net income attributable to NCI of $0.7 million and $1.0 million, respectively, as well as

adjustments attributable to NCI of $3.2 million and $8.9 million, respectively.

Guidance Reconciliation of Net Income to

EBITDA and Adjusted EBITDA

Three Months Ending

December 31, 2026

Year Ending

December 31, 2026

Guidance Range

(in thousands)

Low

High

Low

High

Net income

$ 3,100

$ 9,100

$ 55,000

$ 61,000

Interest expense

9,800

10,800

43,000

44,000

Provision for income taxes

4,700

5,700

32,000

33,000

Depreciation and amortization

15,300

17,300

62,000

64,000

EBITDA

32,900

42,900

192,000

202,000

Income from equity method investments

(900 )

(4,000 )

Other, net

3,700

5,700

23,000

25,000

Stock-based compensation

12,800

13,800

50,000

51,000

Adjusted EBITDA

$ 48,500

$ 61,500

$ 261,000

$ 274,000

Guidance Reconciliation of Net Cash Provided

by Operating Activities to Free Cash Flow

Year Ending

December 31, 2026

Guidance Range

(in thousands)

Low

High

Net cash provided by operating activities

$ 127,500

$ 142,500

Cash used in purchases of property and equipment

(20,000 )

(12,500 )

Free cash flow

$ 107,500

$ 130,000

Use of Non-GAAP Financial Measures

This press release contains the non-GAAP financial

measures EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income attributable to Astrana, and adjusted EPS – diluted,

of which the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”)

is net income. This press release also contains the non-GAAP financial measure free cash flow, of which the most directly comparable

financial measure presented in accordance with U.S. GAAP is net cash provided by operating activities. These measures are not in accordance

with, or alternatives to, GAAP, and may be calculated differently from similar non-GAAP financial measures used by other companies. We

use Adjusted EBITDA, Adjusted EBITDA margin, adjusted EPS – diluted, and free cash flow as supplemental performance measures of

our operations, for financial and operational decision-making, and as supplemental means of evaluating period-to-period comparisons on

a consistent basis and, for free cash flow, to reflect the cash flow trends in our business. Adjusted EBITDA is calculated as earnings

before interest expense, interest income, income taxes, depreciation, and amortization, excluding income or loss from equity method investments,

non-recurring and non-cash transactions, and stock-based compensation. We define Adjusted EBITDA margin as Adjusted EBITDA over total

revenue. Adjusted net income attributable to Astrana is calculated as net income, excluding income or loss from equity method investments,

non-recurring and non-cash transactions, stock-based compensation, amortization of intangible assets attributable to acquisitions, certain

tax adjustments, and amounts related to net income or loss attributable to non-controlling interests. We define adjusted EPS –

diluted as adjusted net income attributable to Astrana over weighted average shares of common stock outstanding – diluted. We define

free cash flow as net cash provided by operating activities minus cash used in purchases of property and equipment.

We believe the presentation of these non-GAAP

financial measures provides investors with relevant and useful information, as it allows investors to evaluate the operating performance

of the business activities without having to account for differences recognized because of non-core or non-recurring financial information.

When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful

understanding of our ongoing operating performance. In addition, these non-GAAP financial measures are among those indicators we use

as a basis for evaluating operational performance, allocating resources, and planning and forecasting future periods. Non-GAAP financial

measures are not intended to be considered in isolation, or as a substitute for, GAAP financial measures. Other companies may calculate

EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income attributable to the Company, adjusted EPS – diluted, and free

cash flow differently, limiting the usefulness of these measures for comparative purposes. To the extent this press release contains

historical or future non-GAAP financial measures, we have provided corresponding GAAP financial measures for comparative purposes. The

reconciliations between certain GAAP and non-GAAP measures are provided above.

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2629047d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

November 2026

Third Quarter 2026 Earnings Supplement

Forward Looking Statements

Use of Non-GAAP Financial Measures

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include any statements about the

Company's business, financial condition, operating results, plans, objectives, expectations and intentions, expansion plans, estimates of our total addressable market, our ability to successfully complete and realize the benefits of anticipated acquisitions,

integration of acquired companies and any projections of earnings, the anticipated synergies and other benefits of acquired businesses and any future acquisitions, revenue, expenses, EBITDA, Adjusted EBITDA and Adjusted EBITDA margins, adjusted EPS - diluted,

free cash flow or other financial items, such as the Company's projected capitation and future liquidity, our ability to successfully integrate and effectively leverage artificial intelligence capabilities in our business and operations, statements relating to our

cybersecurity measures and expectations regarding our ability to contain and remediate the cybersecurity incident, expectations regarding the expected impact of changes in Medicare Advantage rates, as well as statements or expectations regarding the material

weakness in internal control over financial reporting and the Company’s ability to remediate such material weakness in a timely manner and may be identified by the use of forward-looking terms such as “anticipate,” “could,” “can,” “may,” “might,” “potential,”

“predict,” “should,” “estimate,” “expect,” “project,” “believe,” “plan,” “envision,” “intend,” “continue,” “target,” “seek,” “will,” “would,” and the negative of such terms, other variations on such terms or other similar or comparable words, phrases or terminology.

Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company’s management, and

some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown,

including the risk factors described from time to time in the Company’s reports to the U.S. Securities and Exchange Commission (the “SEC”), including without limitation the risk factors discussed in the Company’s last Annual Report on Form 10-K and subsequent

quarterly reports on Form 10-Q filed with the SEC.

Because the factors referred to above could cause actual results or outcomes to differ materially from those expressed or implied in any forward-looking statements, you should not place undue reliance on any such forward-looking statements. Any forward-looking statements speak only as of the date of this presentation and, unless legally required, the Company does not undertake any obligation to update any forward-looking statement, as a result of new information, future events or otherwise.

This presentation may contain statistics and other data that in some cases has been obtained from or compiled from information made available by third-party service providers. The Company makes no representation or warranty, express or implied, with respect

to the accuracy, reasonableness or completeness of such information.

This presentation contains the non-GAAP financial measures EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income attributable to Astrana, and adjusted EPS – diluted of which the most directly comparable financial measure presented in

accordance with U.S. generally accepted accounting principles (“GAAP”) is net income. This presentation also contains the non-GAAP financial measure free cash flow, of which the most directly comparable financial measure presented in accordance with U.S

GAAP is net cash provided by operating activities. These measures are not in accordance with, or alternatives to, GAAP, and may be calculated differently from similar non-GAAP financial measures used by other companies. The Company uses Adjusted EBITDA,

Adjusted EBITDA margin, adjusted EPS – diluted, and free cash flow as supplemental performance measures of our operations, for financial and operational decision-making, and as supplemental means of evaluating period-to-period comparisons on a consistent

basis, and, for free cash flow, to reflect the cash flow trends in our business. Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation, and amortization, excluding income or loss from equity method

investments, non-recurring and non-cash transactions, stock-based compensation, and, for periods on or prior to December 31, 2023, APC excluded assets costs. Beginning in the third quarter ended September 30, 2022, the Company has revised the calculation

for Adjusted EBITDA to exclude provider bonus payments and losses from recently acquired IPAs, which it believes to be more reflective of its business. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue. Adjusted net income

attributable to Astrana is calculated as net income, excluding income or loss from equity method investments, non-recurring and non-cash transactions, stock-based compensation, amortization of intangible assets attributable to acquisitions, certain tax

adjustments, and amounts related to net income or loss attributable to non-controlling interests. The Company defines adjusted EPS - diluted as adjusted net income attributable to Astrana over weighted average shares of common stock outstanding - diluted.

The Company defines free cash flow as net cash provided by operating activities minus cash used in purchases of property and equipment.

The Company believes the presentation of these non-GAAP financial measures provides investors with relevant and useful information, as it allows investors to evaluate the operating performance of the business activities without having to account for

differences recognized because of non-core or non-recurring financial information. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company’s

ongoing operating performance. In addition, these non-GAAP financial measures are among those indicators the Company uses as a basis for evaluating operational performance, allocating resources, and planning and forecasting future periods. Non-GAAP

financial measures are not intended to be considered in isolation, or as a substitute for, GAAP financial measures. Other companies may calculate EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income attributable to Astrana, adjusted EPS –

diluted, and free cash flow differently, limiting the usefulness of these measures for comparative purposes. To the extent this Presentation contains historical or future non-GAAP financial measures, the Company has provided corresponding GAAP financial

measures for comparative purposes. The reconciliation between certain GAAP and non-GAAP measures is provided in the Appendix.

The Company has not provided a quantitative reconciliation of applicable non-GAAP measures, such as the projected adjusted EBITDA to the most comparable GAAP measure, such as net income, on a forward-looking basis within this presentation because the

Company is unable, without unreasonable efforts, to provide reconciling information with respect to certain line items that cannot be calculated. These items, which could materially affect the computation of forward-looking GAAP net income, are inherently

uncertain and depend on various factors, some of which are outside of the Company’s control.

Q3 2026

Financial Results

Revenue $1,023.6 7%1

Adj. EPS – Diluted3 $0.71 4%1

YTD Free Cash Flow4 $105.45 5%5

Third Quarter 2026 Performance Highlights

$ in millions, except for per share information

1. All comparisons are to the three months ended September 30, 2025, unless otherwise stated.

2. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP Financial Measures” slides for more information.

3. See “Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS – Diluted” and “Use of Non-GAAP Financial Measures” slides for more information.

4. See “Reconciliation and Guidance Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow” and “Use of Non-GAAP Financial Measures” slides for more information.

5. Free cash flow is provided for the nine months ended September 30, 2026 and compared to the nine months ended September 30, 2025.

Adj. EBITDA2 $77.2 13%1

NI attr. to ASTH $13.0 3,372%1

Actual FY 2025

Results

FY 2026 Guidance

Range2,3,4

Growth at

Midpoint of

Guidance5

Total Revenue $3,181.8 $3,900 - $4,000 24.1%

Adjusted

EBITDA2

$205.4 $261 - $274 30.2%

Free Cash Flow3 $104.5 $107.5 - $130 13.6%

Q3 2026

Financial Results1

Revenue $1,023.6

Adjusted EBITDA2 $77.2

YTD Free Cash Flow3 $105.4

1. Q3 2026 Financial Results are provided for the three months ended September 30, 2026 except for free cash flow, which is provided for the nine months ended September 30, 2026.

2. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA,” “Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP Financial Measures” slides for more information. There can

be no assurance that actual amounts will not be materially higher or lower than these expectations. See “Forward-Looking Statements” on slide 2.

3. See “Reconciliation and Guidance Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow” and “Use of Non-GAAP Financial Measures” slides for more information. There can be no assurance that actual

amounts will not be materially higher or lower than these expectations. See “Forward-Looking Statements” on slide 2.

4. Narrowing guidance for Revenue, Adjusted EBITDA and Free Cash Flow.

5. Comparisons are to the year ended December 31, 2025, unless otherwise stated.

$ in millions

FY2026 Guidance

Growth

Sustainably growing membership to bring better care to

more Americans

Astrana now serves approximately 1.5 million patients in value-based arrangements,

including approximately 1.2 million members in our Care Partners segment

Closed a tuck-in acquisition of an independent physician association in Georgia on

October 1, 2026

Third Quarter 2026 Highlights and Recent Updates

Operating Leverage

Driving operating leverage across our business through our

Care Enablement suite

Added two new Care Enablement clients: a primary and multispecialty care group in

Connecticut and a hospital in California

Year-to-date G&A expense of approximately 6.2% of revenue, improvement of

approximately 80 basis points year over year

Risk Progression

Increasing alignment through total cost of care

responsibility in value-based arrangements

82% of FY2026 capitation revenue expected to be generated under full-risk

arrangements

43% of Care Partners members expected to be in full-risk arrangements by year-end

Outcomes and Cost

Achieving superior patient outcomes while managing cost

Consolidated medical cost trend year to date tracking below our full-year assumption of

approximately 5.2%

Annual Wellness Visit (AWV) program has reached nearly 65% of eligible members year

to date, helping identify risks earlier and close gaps in care

Projected

Full-risk

Partial-risk

Members by Risk

Arrangement2

35%

47%

73% 76% 82%

100%

65%

53%

27% 24% 18%

2021 2022 2023 2024 2025 2026 E

43%

57%

2026 E

Capitated Revenue by Risk Arrangement1

Our partial-risk membership presents an embedded opportunity for increased platform value and risk alignment.

We succeed in these contracts by continuing to drive positive patient outcomes.

1. Revenue by risk arrangement represents capitation revenue only.

2. Members by risk arrangement represent Care Partners membership only.

3. 2026 E based on Full Year 2026 forecast.

Prudently transitioning to full-risk contracts to better align incentives around

patient outcomes and improve unit economics

2025 2026 E3 2026 E3

Revenue by Type1

61% 26% 9% 4%

Medicare Medicaid Commercial Other Third Parties

Revenue By Payer Type1

85% 15%

Full-risk Partial-risk

Revenue by Risk Arrangement1,2

46% 54%

Full-risk Partial-risk

Members by Risk Arrangement3

Our Value-Based Care Business is Diverse

1. Revenue for the quarter ended September 30, 2026.

2. Revenue by risk arrangement represents capitation revenue only.

3. Members by risk arrangement represent Care Partners membership only as of September 30, 2026.

92%

2% 2%

Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other Income

Revenue ($ in millions) Adj. EBITDA ($ in millions)

$561 $687 $774

$1,144

$1,387

$2,035

$3,182

2019 2020 2021 2022 2023

~32% CAGR

2024

$54.2

$102.8

$133.5 $140.0 $146.6

$170.4

$205.4

2019 2020 2021 2022 2023 2024

~26% CAGR

2025

$3,900-

$4,000

$261-

$274

2026 E1 2026 E1 2025

Astrana grows profitably across all market conditions

Note: For more information, see “Reconciliation of Net Income to EBITDA and Adjusted EBITDA”, “Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA”, and “Use of Non-GAAP Financial Measures“ slides for

more information.

1. 2026 E based on guidance (bar is at midpoint).

Quarter over Quarter Segment Revenue

Revenue

$ in millions

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Care Partners

High-performing network of

aligned providers

$892.5

$909.7

Care Delivery

High-quality system of

employed providers

$86.9

$92.1

$85.1

Care Enablement

Full-stack tech, clinical, and

operations platform

$87.3

$78.9

$87.7

Inter-company

$(115.9)

$(112.9)

$(117.4)

Total

$956.0

$950.5

$965.1

$932.8 $74.7 $85.6 $(120.6) $972.5

$897.7

Note: Numbers may not total due to rounding. Certain amounts disclosed in the prior periods have been recast to conform to the current period presentation. Specifically, segments are presented net of intrasegment eliminations.

Q3 2026 $968.8 $91.0 $92.0 $(128.2) $1,023.6

Selected Financial Results

Three Months Ended September 30,

$ in thousands, except per share data 2026 2025

Revenue

Capitation, net $ 936,662 $ 863,380

Risk pool settlements and incentives 24,324 30,798

Management fee income 14,105 15,217

Fee-for-service, net 35,122 40,080

Other revenue 13,403 6,573

Total revenue 1,023,616 956,048

Total expenses 983,737 936,838

Income from operations 39,879 19,210

Net income $ 20,269 $ 1,077

Net income attributable to non-controlling interests 7,317 704

Net income attributable to Astrana Health, Inc. $ 12,952 $ 373

Earnings per share – diluted $ 0.26 $ 0.01

EBITDA1 $ 58,718 $ 35,462

Adjusted EBITDA1 $ 77,205 $ 68,482

Adjusted EPS – Diluted2 $ 0.71 $ 0.68

Summary of Selected Financial Results

1. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP Financial Measures” slides for more information.

2. See “Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS – Diluted” and “Use of Non-GAAP Financial Measures” slides for more information.

$ in thousands Care

Partners

Care

Delivery

Care

Enablement

Intersegment

Elimination

Corporate

Costs

Consolidated

Total

Total revenues $ 968,757 91,017 92,001 (128,159) - 1,023,616

% change vs prior year quarter 8% 5% 5%

Cost of services 829,490 69,116 47,915 (46,453) - 900,068

General and administrative expenses 77,694 22,229 18,425 (81,713) 31,412 68,047

Depreciation and amortization 12,480 1,263 1,226 - 653 15,622

Total expenses 919,664 92,608 67,566 (128,166) 32,065 983,737

Income (loss) from operations $ 49,093 (1,591) 24,435 7

(32,065) 39,879

% change vs prior year quarter 94% 56% 4%

For the three months ended September 30, 2026

Segment Results

1. Income from operations for the intersegment elimination represents sublease income between segments. Sublease income is presented within other income which is not presented in the table.

$ in millions 9/30/2026 12/31/2025 $ Change

Cash and cash equivalents1 $396.2 $429.5 $(33.3)

Working capital $193.9 $248.0 $(54.1)

Total stockholders’ equity $868.3 $793.3 $75.0

Balance Sheet Highlights

1. Excluding restricted cash and marketable securities.

1. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue.; 2. Other, net, for the three months ended September 30, 2026 relates to post-acquisition integration costs and a fair value remeasurement of a

previously held equity method investment that is now fully acquired, partially offset by non-cash change to the fair value of our interest rate swap.; 3. Other, net for the three months ended September 30, 2025 relates to $13.0 million

for a legal matter with a provider associated with CFC Health Plan, Inc., transaction and other costs related to our acquisitions, including $12.7 million related to our completed acquisition of certain businesses and assets of Prospect

Medical Holdings, Inc., non-cash changes in the fair value of our call option and collar agreement, and severance.

Three Months Ended September 30,

$ in thousands 2026 2025

Net Income $ 20,269 $ 1,077

Interest expense 15,021 17,718

Interest income (4,147) (3,522)

Provision for income taxes 11,953 4,594

Depreciation and amortization 15,622 15,595

EBITDA 58,718 35,462

Income from equity method investments (860) (1,019)

Other, net 3,7842

26,3403

Stock-based compensation 15,563 7,699

Adjusted EBITDA

Adjusted EBITDA margin1

$ 77,205

$ 68,482

Reconciliation of Net Income to EBITDA & Adjusted EBITDA

For the twelve months ended TTM Ended Year Ended

$ in millions September 30,

2026 2025 2024 2023 2022 2021 2020 2019

Net Income $ 58.4 $ 24.1 $ 49.9 $ 57.8 $ 45.7 $ 46.1 $ 122.1 $ 15.8

Interest expense 64.6 50.0 33.1 16.1 7.9 5.4 9.5 4.7

Interest income (17.9) (12.2) (14.5) (14.2) (2.0) (1.6) (2.8) (2.0)

Provision for income taxes 28.2 15.5 30.9 32.0 40.9 31.7 56.3 10.0

Depreciation and amortization 63.1 45.7 27.9 17.7 17.5 17.5 18.4 18.3

EBITDA1 196.5 123.1 127.3 109.5 110.1 99.1 203.5 46.8

(Income) loss from equity

method investments (4.3) (1.7) (4.5) (5.1) (5.7)9 5.39

(0.3)9 2.9

Gain on sale of equity method

investment - - - - - (2.2) - -

Other, net 24.02 45.43 13.04 6.25 3.36

(1.7)7

(0.5)7 2.010

Stock-based compensation 48.6 38.6 34.5 22.0 16.1 6.7 3.4 0.9

APC excluded assets costs - - - 14.0 16.29 26.49

(103.3)9 1.5

Adjusted EBITDA1 $ 264.8 $ 205.4 $ 170.4 $ 146.6 $ 140.0 $ 133.5 $ 102.8 $ 54.2

Net Revenue $ 3,911.8 $ 3,181.8 $ 2,034.5 $ 1,386.7 $ 1,144.2 $ 773.9 $ 687.2 $ 560.6

Adjusted EBITDA Margin8 7% 6% 8% 11% 12% 17% 15% 10%

Reconciliation of Net Income to EBITDA & Adjusted EBITDA

(continued)

1. See “Use of Non-GAAP Financial Measures” slide for more information.; 2. Other, net, for TTM ended September 30, 2026, relates to post-acquisition integration costs, an allowance on receivables that the Company plans to recover from the payer, non-routine legal matters, severance, fair value remeasurement of a previously held

equity method investments that is now fully acquired, and transaction and other costs related to our acquisitions including Prospect, partially offset by non-cash changes to the fair value of an equity purchase financing obligation and our interest rate swap, and employer retention tax credits related to COVID-19 relief.; 3. Other, net, for

the year ended December 31, 2025, relates to $13.0 million for a legal matter with a provider associated with CFC HP, transaction and other costs related to our acquisitions including $25.9 million for Prospect, debt issuance costs incurred in connection with our Second Amended and Restated Credit Facility, and severance, partially offset

by employer retention tax credits related to COVID-19 relief.; 4. Other, net for the year ended December 31, 2024 relates to transaction costs incurred for our investments and tax restructuring fees, anticipated recoveries from one time losses relating to third party payer payments associated with the CHS transaction, financial guarantee

via a letter of credit that we provided in support of two local provider-led ACOs, reimbursement from a related party of the Company for taxes associated with the December 2023 Excluded Assets Spin-off, non-cash gain on debt extinguishment related to one of our promissory note payables, non-cash realized loss from sale of one of our

marketable equity securities, non-cash changes in the fair value of our call option, an equity purchase financing obligation, contingent liabilities, and our collar agreement.; 5. Other, net for the year ended December 31, 2023 consists of nonrecurring transaction costs and tax restructuring fees incurred, non-cash changes in the fair value of

an equity purchase financing obligation, contingent liabilities, and our collar agreement, and excise tax related to a nonrecurring buyback of the Company’s stock from APC.; 6. Other, net for the year ended December 31, 2022 consists of one-time transaction costs incurred, non-cash changes in the fair value of an equity purchase financing

obligation and contingent liabilities.; 7. Other, net for the years ended December 31, 2021 and 2020 relate to COVID-19 relief payments recognized in 2021 and 2020.; 8. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue.; 9. Certain APC minority interests where APC owns the asset but not the right to

the dividends is reclassified from APC excluded asset costs to income from equity method investments.; 10. Other, net for the year ended December 31, 2019 is related to goodwill impairment.

Reconciliation of Net Income to Adjusted Net Income

Attributable to Astrana and Adjusted EPS - Diluted

Three Months Ended September 30,

$ in thousands, except for share and per share data 2026 2025

Net income $ 20,269 $ 1,077

Income from equity method investments (860) (1,019)

Other, net1 3,784 26,340

Stock-based compensation 15,563 7,699

Amortization of intangible assets attributable to acquisitions 13,779 14,177

Tax adjustments (5,562)2

(10,614)3

Adjusted net income attributable to non-controlling interests (11,747)4

(3,871)5

Adjusted net income attributable to Astrana Health, Inc.6 $ 35,226 $ 33,789

Weighted average shares of common stock outstanding – diluted 49,915,989 49,473,417

Adjusted earnings per share – diluted6 $ 0.71 $ 0.68

1. The components of other, net, as set forth in the table above, are described in the footnotes to the table under “Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin”. Please see the footnotes to such table for additional information.; 2. Tax

adjustments for the three months ended September 30, 2026, includes the tax effect for, at a 27.4% statutory blended tax rate, the adjustments made to net income of $8.8 million, partially offset by 162(m) impact of $3.3 million.; 3. Tax adjustments for the three months ended

September 30, 2025, includes the tax effect for, at a 27.1% statutory blended tax rate, the adjustments made to net income of $12.8 million, partially offset by 162(m) impact of $1.7 million.; 4. Includes net income attributable to non-controlling interests ("NCI") of $7.3 million,

as well as adjustments attributable to NCI of $4.4 million, for the three months ended September 30, 2026.; 5. Includes net income attributable to NCI of $0.7 million, as well as adjustments attributable to NCI of $3.2 million, for the three months ended September, 2025.; 6. See

“Use of Non-GAAP Financial Measures” slide for more information.

$ in thousands Actual Results Guidance1

Nine Months Ended

September 30, 2026

Year Ended

December 31, 2025

Nine Months Ended

September 30, 2025

Year Ending

December 31, 2026

Low High

Net cash provided by operating activities $ 117,077 $ 114,597 $ 117,484 $ 127,500 $ 142,500

Cash used in purchases of property and

equipment (11,711) (10,106) (7,042) (20,000) (12,500)

Free cash flow2 $ 105,366 $ 104,491 $ 110,442 $ 107,500 $ 130,000

1. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. See “Forward-Looking Statements” on slide 2.

2. See “Use of Non-GAAP Financial Measures” slide for more information.

Reconciliation and Guidance Reconciliation of Net Cash Provided by

Operating Activities to Free Cash Flow

Guidance Reconciliation of Net Income to EBITDA &

Adjusted EBITDA

1. Note: See “Use of Non-GAAP Financial Measures” slide for more information. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. See “Forward-Looking Statements”

on slide 2.

2026 Guidance Range

$ in thousands Low High

Net Income $ 55,000 $ 61,000

Interest expense 43,000 44,000

Provision for income taxes 32,000 33,000

Depreciation and amortization 62,000 64,000

EBITDA

192,000 202,000

Income from equity method investments (4,000) (4,000)

Other, net 23,000 25,000

Stock-based compensation 50,000 51,000

Adjusted EBITDA1 $ 261,000 $ 274,000

Investor Relations

investors@astranahealth.com

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