P3 Health (PIII) Q4 2025 Earnings Transcript

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Date

Aug. 11, 2026 astatine 12 a.m. ET

Call participants

• Chief Executive Officer — Aric Coffman

• Chief Medical Officer — Amir Bacchus

• Chief Financial Officer — Leif Pedersen

• Head of Investor Relations — Gabriella Gabel

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Full Conference Call Transcript

Gabriella Gabel: Thank you, operator, and convey you for joining america today. Before we proceed with the call, I would similar to punctual everyone that definite statements made during this telephone are forward-looking statements nether the U.S. national securities laws, including statements regarding our fiscal outlook and semipermanent target. These forward-looking statements are lone predictions and are based mostly connected our existent expectations and projections astir aboriginal events and fiscal trends that we judge whitethorn impact our business, fiscal information and results of operations. These statements are taxable to risks and uncertainties that could origin existent results to disagree materially from humanities acquisition oregon contiguous expectations.

Additional accusation concerning factors that could origin existent results to disagree and statements made connected this telephone is contained successful our periodic reports filed with the SEC. The forward-looking statements made during this telephone talk lone arsenic of the day hereof and the institution undertakes nary work to update oregon revise these forward-looking statements. We volition notation to definite non-GAAP fiscal measures connected this call, including adjusted operating expense, adjusted EBITDA, adjusted EBITDA per subordinate per month, normalized adjusted EBITDA, aesculapian margin, aesculapian borderline per subordinate per period and currency flow. These non-GAAP fiscal measures are successful summation to and not a substitute for oregon superior to the measures of fiscal show prepared successful accordance with GAAP.

There are a fig of limitations related to the usage of those non-GAAP fiscal measures. For example, different companies whitethorn cipher likewise titled non-GAAP fiscal measures differently. Please notation to the appendix of our net merchandise for a reconciliation of these non-GAAP fiscal measures to the astir straight comparable GAAP measures. Information presented connected this telephone is contained successful the property merchandise that we issued contiguous and successful our SEC filings, which whitethorn beryllium accessed from the Investors leafage of the P3 Health Partners website. I volition present crook the telephone implicit to Aric Coffman, CEO of P3 Health Partners.

Aric Coffman: Thank you, Gabby. Good afternoon, and convey you for joining america contiguous to perceive astir our results and aboriginal direction, including important astute maturation into a caller geography, which we volition item successful a bit. We are excited astir 2026 and beyond arsenic we execute connected our plan. I privation to commencement by framing the fiscal trajectory of the concern arsenic we determination into 2026 earlier Amir and Leif supply penetration into our 2025 performance. For 2026, we are guiding to an adjusted EBITDA astatine a midpoint of $10 million, representing a important betterment from our 2025 adjusted EBITDA nonaccomplishment of $161 million. We person wide visibility into that improvement, supported by actions already underway.