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,

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."

Third Quarter 2025 Results

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)

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.

Fiscal Year 2025 Guidance

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.

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 https investors.agilonhealth.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call.

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 www.agilonhealth.com and connect with us on LinkedIn.

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.

Condensed Consolidated Balance Sheets

In thousands, except per share data

Condensed Consolidated Statements of Operations

In thousands, except per share data

Condensed Consolidated Statements of Cash Flows

Key Operating Metrics

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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

______________________________________________________________

(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.

Non-GAAP Financial Measures

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

______________________________________________________________

(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.

Supplemental Financial Information

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.

SVP Investor Relations

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