0001832466FALSE00018324662026-01-122026-01-12
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 12, 2026
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ALIGNMENT HEALTHCARE, INC.
(Exact name of registrant as specified in its charter)
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| Delaware |
001-40295 |
46-5596242 |
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(Commission File Number) |
(I.R.S. Employer Identification No.) |
1100 W. Town and Country Road, Suite 1600
Orange, California 92868
(Address of Principal Executive Offices) (Zip Code)
(844) 310-2247
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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:
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Trading Symbol(s) |
Name of each exchange on which registered |
| Common Stock, par value $0.001 per share |
ALHC |
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 o
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. o Members of the Company’s senior management team are scheduled to meet with investors and analysts at an industry conference and various other meetings on January 12-15, 2026.
Item 7.01 Regulation FD Disclosure.
During the conference and meetings, the Company intends to address aspects of its prospects and performance as described below. The date and time of presentations to investors are available via the Investor Relations calendar of events and presentations on the Company's website at www.alignmenthealth.com. The Company’s presentation during the industry conference on January 14, 2026 is expected to be webcast and a replay will be available on the Company's Investor Relations website.
Update on 2026 Membership Outlook, 2026 Profitability Expectations and Full-Year 2025 Guidance
The Company has completed the Annual Enrollment Period (“AEP”) for 2026 and currently estimates that it will have approximately 275,300 members enrolled in its HMO and PPO contracts (“Health Plan Members”) as of January 1, 2026. This figure represents Health Plan Member growth of approximately 31% year-over-year when compared with the Company's Health Plan Membership as of January 1, 2025. Additionally, the Company expects to have 290,000 to 296,000 members as of December 31, 2026, representing approximately 24% to 27% growth relative to the midpoint of the Company’s latest Health Plan Membership guidance for year-end 2025 provided on October 30, 2025.
Furthermore, the Company is announcing its expectation that consensus adjusted EBITDA of approximately $145 million in 2026 will be within its full-year 2026 guidance range. 2026 guidance will be provided at its fourth-quarter 2025 earnings call.
Lastly, the Company is reaffirming its full-year 2025 guidance ranges on health plan membership, revenue, adjusted gross profit and adjusted EBITDA provided on October 30, 2025.
The 2025 financial guidance was previously issued in the Company’s press release dated October 30, 2025, as follows:
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$ Millions |
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Health Plan Membership |
232,500 |
234,500 |
Revenue |
$3,931 |
$3,946 |
Adjusted Gross Profit1 |
$474 |
$483 |
Adjusted EBITDA2 |
$90 |
$98 |
1.Adjusted gross profit is a non-GAAP financial measure that is presented as supplemental disclosure, that the Company defines as income (loss) from operations before depreciation and amortization, clinical equity-based compensation expense, clinical restructuring costs and selling, general, and administrative expenses. The Company cannot reconcile its estimated ranges for adjusted gross profit to loss from operations, the most directly comparable GAAP measure, and cannot provide estimated ranges for loss from operations, without unreasonable efforts because of the uncertainty around certain items that may impact loss from operations, including equity-based compensation expense and depreciation and amortization, that are not within its control or cannot be reasonably predicted.
2. Adjusted EBITDA is a non-GAAP financial measure that is presented as supplemental disclosure, that the Company defines as net income (loss) before interest expense, income taxes, depreciation and amortization expense, certain litigation costs, gains or losses on right of use assets, gains or losses on sale of property and equipment, restructuring costs and equity-based compensation expense. The Company cannot reconcile its estimated ranges for Adjusted EBITDA to net loss, the most directly comparable GAAP measure, and cannot provide estimated ranges for net loss, without unreasonable efforts because of the uncertainty around certain items that may impact net loss, including equity-based compensation expense and depreciation and amortization, that are not within its control or cannot be reasonably predicted.
The Company believes that non-GAAP financial measures provide an additional way of viewing aspects of its operations that, when viewed with GAAP results, provide a more complete understanding of its results of operations and the factors and trends affecting its business. These non-GAAP financial measures are also used by its management to evaluate financial results and to plan and forecast future periods. However, non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. For more information on the Company’s use of non-GAAP financial measures, please refer to its SEC filings, which are available on its Investor Relations site at alignmenthealth.com. The Company will not be providing any GAAP or other financial information with respect to its fourth quarter earnings at this time as it is in the process of closing its books for fiscal year 2025.
Press Release
The Company issued a press release on January 12, 2026, regarding the update on its membership outlook and 2025 full-year guidance. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Management Presentation
On January 12, 2026, the Company posted a presentation in the “Investor Relations” portion of the Company's website at www.alignmenthealth.com. The Company intends to give this presentation during meetings with investors and analysts at the industry conference and in various other meetings on January 12-15, 2026. A copy of the presentation is attached and furnished as Exhibit 99.2 to this Current Report on Form 8-K.
Cautionary Statement
This Current Report on Form 8-K contains 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, and the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are subject to risks and uncertainties and are based on assumptions that may prove to be inaccurate, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Important risks and uncertainties that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the Company's ability to attract new members and enter new markets, including the need for certain governmental approvals; its ability to maintain a high rating for its plans on the Five Star Quality Rating System; its ability to develop and maintain satisfactory relationships with care providers that service its members; risks associated with being a government contractor; changes in laws and regulations applicable to its business model; risks related to its indebtedness; changes in market or industry conditions and receptivity to its technology and services; results of litigation or a security incident; and the impact of shortages of qualified personnel and related increases in its labor costs. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2024, and the other periodic reports it files with the SEC. All information provided in this Current Report on Form 8-K is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law.
The information in this Item 7.01 and Exhibits 99.1 and 99.2 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information and exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
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Description |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
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.
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Alignment Healthcare, Inc. |
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| Date: January 12, 2026 |
By: |
/s/ James M. Head |
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James M. Head |
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Chief Financial Officer |
EX-99.1
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alhcjpm2026releasev6cleanu.htm
EX-99.1
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Exhibit 99.1
Alignment Healthcare Reports 31% Year-Over-Year Membership Growth to 275,300 as of Jan. 1, 2026
●Guides year-end 2026 health plan membership range of 290,000 to 296,000.
●Announces its expectation that consensus adjusted EBITDA of approximately $145 million in 2026 will be within its full-year 2026 guidance range.
●Reaffirms its full-year 2025 guidance ranges on health plan membership, revenue, adjusted gross profit and adjusted EBITDA.
ORANGE, Calif., (Jan. 12, 2026) -- Alignment Healthcare, Inc. (NASDAQ: ALHC), an award-winning Medicare Advantage (MA) company, today announced Jan. 1 health plan membership of approximately 275,300, representing 31% year-over-year growth following a strong annual enrollment period (AEP). Since its IPO in 2021, the company has achieved a compounded annual membership growth rate of approximately 30%, underscoring sustained performance in the MA market.
Following its AEP results, the company expects to have health plan membership of 290,000 to 296,000 at year-end 2026, representing growth of approximately 24% to 27% relative to the midpoint of its year-end 2025 membership guidance provided on Oct. 30, 2025. Furthermore, the company is announcing its expectation that consensus adjusted EBITDA of approximately $145 million in 2026 will be within its full-year 2026 guidance range. Full-year 2026 guidance will be provided at its fourth-quarter 2025 earnings call.
Lastly, the company is reaffirming its full-year 2025 guidance ranges on health plan membership, revenue, adjusted gross profit and adjusted EBITDA provided Oct. 30, 2025.
“Alignment Healthcare continues to set the bar high for Medicare Advantage done right,” said John Kao, founder and CEO, Alignment Healthcare. “As we mark five years as a public company, we are proving strong business performance comes from delivering on our promise to seniors: better care, better outcomes and lower costs. The strength of our model is driving industry-leading performance in MA today and positions us for scalable, repeatable growth.”
Alignment’s proven care-centered model continues to deliver high-quality outcomes and create shareholder value by serving seniors. Based on Centers for Medicare & Medicaid Services star ratings, 100% of its members are enrolled in plans rated 4 stars or higher for the second consecutive year.
Non-GAAP Measures
Adjusted gross profit is a non-GAAP financial measure that is presented as supplemental disclosure, that we define as income (loss) from operations before depreciation and amortization, clinical equity-based compensation expense, clinical restructuring costs and selling, general, and administrative expenses. We cannot reconcile our estimated ranges for adjusted gross profit to loss from operations, the most directly comparable GAAP measure, and cannot provide estimated ranges for loss from operations, without unreasonable efforts because of the uncertainty around certain items that may impact loss from operations, including equity-based compensation expense and depreciation and amortization, that are not within our control or cannot be reasonably predicted.
Adjusted EBITDA is a non-GAAP financial measure that is presented as supplemental disclosure, that we define as net income (loss) before interest expense, income taxes, depreciation and amortization expense, acquisition expenses, certain litigation costs, gains or losses on right of use ("ROU") assets, gains or losses on sale of property and equipment, restructuring costs and equity-based compensation expense. We cannot reconcile our estimated ranges for Adjusted EBITDA to net loss, the most directly comparable GAAP measure, and cannot provide estimated ranges for net loss, without unreasonable efforts because of the uncertainty around certain items that may impact net loss, including equity-based compensation expense and depreciation and amortization, that are not within our control or cannot be reasonably predicted.
About Alignment Healthcare
Alignment Health is championing a new path in senior care that empowers members to age well and live their most vibrant lives. A consumer brand name of Alignment Healthcare (NASDAQ: ALHC), Alignment Health’s mission-focused team makes high-quality, low-cost care a reality for its Medicare Advantage members every day. Based in California, the company partners with nationally recognized and trusted local providers to deliver coordinated care, powered by its customized care model, 24/7 concierge care team and purpose-built technology, AVA®. As it expands its offerings and grows its national footprint, Alignment upholds its core values of leading with a serving heart and putting the senior first. For more information, visit www.alignmenthealth.com.
Forward-Looking Statements
This release contains 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, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and our financial outlook for the year ended December 31, 2025. Forward-looking statements are subject to risks and uncertainties and are based on assumptions that may prove to be inaccurate, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to attract new members and enter new markets, including the need for certain governmental approvals; our ability to maintain a high rating for our plans on the Five Star Quality Rating System; our ability to develop and maintain satisfactory relationships with care providers that service our members; risks associated with being a government contractor, including potential federal reductions in MA funding; changes in laws and regulations applicable to our business model; risks related to our indebtedness; changes in market or industry conditions and receptivity to our technology and services; results of litigation or a security incident; and the impact of shortages of qualified personnel and related increases in our labor costs.
For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024, and the other periodic reports we file with the SEC. All information provided in this release is as of the date hereof, and we undertake no duty to update or revise this information unless required by law.
# # #
Investor Contact
Harrison Zhuo
hzhuo@ahcusa.com
Media Contact
Priya Shah
mPR, Inc. for Alignment Health
alignment@mpublicrelations.com
EX-99.2
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jpm2026deckvf.htm
EX-99.2
jpm2026deckvf
1 1 Medicare Advantage Done Right Exhibit 99.2
2 Legal Disclaimer Forward Looking Statements This presentation contains 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, and the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are subject to risks and uncertainties and are based on assumptions that may prove to be inaccurate, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Important risks and uncertainties that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the Company's ability to attract new members and enter new markets, including the need for certain governmental approvals; its ability to maintain a high rating for its plans on the Five Star Quality Rating System; our ability to develop and maintain satisfactory relationships with care providers that service our members; risks associated with being a government contractor; changes in laws and regulations applicable to its business model; risks related to its indebtedness, including the potential for rising interest rates; changes in market or industry conditions and receptivity to its technology and services; results of litigation or a security incident; and the impact of shortages of qualified personnel and related increases in its labor costs. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2024, and the other periodic reports it files with the SEC. All information provided in this Current Report on Form 8-K is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law. This presentation includes certain market and industry data and statistics, which are based on publicly available information, industry publications and surveys, reports from government agencies, reports by market research firms and our own estimates based on our management’s knowledge of, and experience in, the industry and market in which we compete. Third-party industry publications and forecasts have been obtained from sources we generally believe to be reliable. In addition, certain information contained in this presentation represents management estimates. While we believe our internal estimates to be reasonable, they have not been verified by any independent sources. Such data involve risks and uncertainties and are subject to change. This presentation contains certain “non-GAAP” financial measures within the meaning of Item 10 of Regulation S-K promulgated by the SEC. We believe that non-GAAP financial measures provide an additional way of viewing aspects of our operations that, when viewed with the GAAP results, provide a more complete understanding of our results of operations and the factors and trends affecting our business. These non-GAAP financial measures are also used by our management to evaluate financial results and to plan and forecast future periods. However, non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Non-GAAP financial measures used by us may differ from the non-GAAP measures used by other companies, including our competitors. To supplement our consolidated financial statements presented on a GAAP basis, we disclose the following non-GAAP measures: Medical Benefits Ratio, Adjusted EBITDA and Adjusted Gross Profit, as these are performance measures that our management uses to assess our operating performance. Because these measures facilitate internal comparisons of our historical operating performance on a more consistent basis, we use these measures for business planning purposes and in evaluating acquisition opportunities.
3 The Name Alignment is the Foundation of Our Differentiated Model Our model aligns our stakeholders in the healthcare ecosystem – aligned objectives means everybody wins Providers / Hospitals • Additional clinical support at no cost to the provider with our Care Anywhere clinical teams • Better patient economics through shared surplus gainshares when we improve health outcomes • Growing patient panels through our strong product offerings and premium member experience Brokers • Satisfied seniors reduces friction in the renewal process with members • Stable benefit design enable brokers to grow confidently with our products • High and consistent star ratings supports sales efforts to members Health Plan • Improved health outcomes through the targeted care by our Care Anywhere clinical teams improves seniors’ lifestyles and lowers costs • Supplemental benefits that enrich senior lifestyles • A premium member experience through our 24/7 concierge member services CMS • Savings across the healthcare system by avoiding costly downstream visits through timely clinical intervention and chronic care management • A partner in achieving CMS’s triple aim: ✓ Better care for individuals ✓ Better health for populations ✓ Lower cost Seniors Better benefits and outcomes at a lower cost
4 Our Durable Growth Engine is Just Getting Started Notes: 1. Total membership excludes members in RBO and ACO REACH 2. 2025G reflects the guidance provided as of October 29, 2025 3. 2026G reflects the guidance provided as of January 12, 2026 4. Includes FY2025E guided membership. 45 Markets Across CA, NC, NV, AZ, TX 275,300 Total Members as of Jan. 1, 2026 30% Membership CAGR Since Inception4 12,766 19,640 20,731 35,337 40,309 49,313 68,323 86,100 98,400 119,200 189,100 232,500 - 234,500 290,000 - 296,000 $127 $205 $264 $442 $560 $757 $959 $1,168 $1,434 $1,824 $2,704 $3,939 ($400) $100 $600 $1,100 $1,600 $2,100 $2,600 $3,100 $3,600 $4,100 $4,600 0 50,000 100,000 150,000 200,000 250,000 300,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025G 2026G Total Membership Total Revenue ($M)
5 Defying Expectations and Industry Trends +129% +1% (37%) (26%) (45%) (52%) (70%) (20%) 30% 80% 130% 180% 01/01/2024 04/01/2024 07/01/2024 10/01/2024 01/01/2025 04/01/2025 07/01/2025 10/01/2025 Trailing 24 Months Share Price Performance ALHC CVS UNH ELV HUM CNC MOH Notes: 1. As of 12/31/2025 ALHC
6 Our Model was Built for the Future of MA Commitment to clinical excellence: investing in employed clinical resources to provide more care to high-risk seniors Managing risk and caring for seniors is our core competency: preference to assume financial risk and upside instead of globally capping Actionable data powered by machine learning AI to empower clinical decisions: Operate with daily visibility into key utilization & clinical metrics Business model designed to scale: capital-efficient home and virtual care model focuses on small minority of members that represent the vast majority of costs Approach MA as a care management business: not an actuarial pricing business Alignment’s Principles of Success in Medicare Advantage: Transparency, Visibility, Control, Durability ~4% of medical expenses for at-risk members invested in employed clinical model, including >450 employed clinical staff comprising ~25% of our total full-time employees. Over 60% of members in at-risk contracts. AVA technology: 200+ unique data sources, 250+ dashboards, 40+ workflow and engagement applications, 200+ AI models. Now positioning ourselves for the deployment of agentic AI. Not dependent on owned brick and mortar clinics. Empower, instead of compete with, existing community doctors. Allows for capital-efficient replicability. Daily clinical meetings, joint operating sessions with providers, emphasis on clinical gap closures, care delivery though home- based health and senior advocacy.
7 74% MEMBERSHIP 5% INSTITUTIONAL CLAIMS 7% MEMBERSHIP 19% INSTITUTIONAL CLAIMS 7% MEMBERSHIP 1% INSTITUTIONAL CLAIMS HEALTHY PRE-CHRONIC HEALTHY UTILIZER Notes: 1. Based on at-risk members 2. Based on encounter data 3. Based on Care Anywhere eligible & enrolled members with an “Extreme” risk score. Estimated number of visits per year includes members who had an initial CAW visit plus estimates including program-based follow-up activities and engagement (telephonic and virtual). 12% MEMBERSHIP 74% INSTITUTIONAL CLAIMS 74% MEMBERSHIP 5% INSTITUTIONAL COSTS 26% MEMBERSHIP 95% INSTITUTIONAL COSTS Average Member Primary Care Physician (PCP) Visits Per Year: ~5 (2) CHRONIC Estimated Care Anywhere Member Touches Per Year: ~24 (3) We Control and Avoid Costs by Providing More Care AVA | Member Risk Stratification AVA stratifies members into risk categories; Care Anywhere teams proactively target interventions for chronic, high-risk members 1
8 $0 $100 $200 $300 $400 $500 $600 $700 $800 0-1 Chronic Condition 2 Chronic Conditions 3 Chronic Conditions 4 Chronic Conditions 5 Chronic Conditions 6+ Chronic Conditions Effective Care Management Drives Financial Outcomes Notes: 1. Based on 2023 to 2025 dates of service, paid through September 2025. Part C revenue and medical expense only. At-risk membership only. Part C Gross Margin PMPM by Number of Member Chronic Conditions1 • Our Care Anywhere team is a multidisciplinary team of employed clinicians fully dedicated to caring for Alignment’s highest-risk members at the home and virtually • We provide targeted clinical intervention and higher levels of preventative care by leveraging real-time visibility into clinical indicators through our AVA platform Delivering High Quality & Low Cost Managing the polychronic population is our core competency The Care Anywhere Team Physician Nurse Case Manager Behavioral Health Coach Care Coordinator Medical Assistant Social Worker Part C Gross Margin PMPM ($)
9 Our Model Enables Us to Control Costs while Growing Quickly Notes: 1. Alignment MBR reflects adj. MBR excluding ACO REACH. MBR metrics for peers represent the most comparable reported measure to an individual MA MBR. YoY membership comparisons exclude the impact of acquired membership. 2. Based on Average Quarterly ended Membership 2025 • Alignment has differentiated itself by achieving superior growth while leveraging its care model and AVA to manage medical costs • During 2024 to 3Q 2025, peers averaged 1% annual membership growth and an annual increase in MBR of 160bps, with faster growing health plans generally experiencing greater increases in MBR • Meanwhile, Alignment consistently grew above 20% over the measurement period and managed medical costs effectively to moderate or even lower its MBR -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Y o Y C h a n g e i n M B R ( % ) YoY Change in MA Membership (%) YoY Change in MBR (%) vs Change in Membership (%): 2024 and YTD 3Q 2025 B e tt e r Better ALHC 2024 ALHC YTD 3Q 2025 Linear Regression of Peer Performance Peers ALHC
10 The ALHC Business Model is More Insulated from Reimbursement Risk … Fuels Product Investment … 100% 123% 135% 90% 95% 100% 105% 110% 115% 120% 125% 130% 135% 140% 2023 2024 2025G Supplmenetal Benefit pmpm (Indexed to 2023) 2023 Continuous Improvements to the AVA Risk Stratification AI Models 2024 Implemented Robust Provider Partner Performance Management 2025 Deploy De-Delegation of Shared Risk Providers 2026 & Beyond Palliative Care Management, Concierge Case Management, Improved Transitions of Care, Integrated Case Management A Culture of Continuous Improvement and Innovation… … to Further Accelerate our Growth Flywheel while Improving Margin Notes: 1. 2025G Adj. EBITDA Margin reflects the midpoint of guidance provided as of October 29, 2025. Supplemental benefit PMPM reflects 3Q 2025 YTD. First and Second v28 Phase-Ins 119,200 189,100 233,500 -1.9% 0.0% 2.4% -2.5% -1.5% -0.5% 0.5% 1.5% 2.5% 3.5% 100,000 120,000 140,000 160,000 180,000 200,000 220,000 240,000 260,000 2023 2024 2025G Health Plan Membership Adj. EBITDA Margin First and Second v28 Phase-Ins Higher quality care with richer product benefits for seniors
11 California Durability Expansion Markets Replicability 94% 92% 100% 100% 74% 79% 66% 65% 2023 2024 2025 2026 ALHC National Stars Advantages Reinforce Competitive Positioning 100% of Alignment’s members are in plans rated 4 stars or above, versus 65% for the industry Rating Year Payment Year 2023 2024 2025 2026 2024 2025 2026 2027 Percentage of Membership in Plans Rated 4 Stars or Greater 1 North Carolina: 5 star-rated plan in for the third consecutive year Nevada: Two 5 star-rated plans Texas and Arizona: 4.5 star and 4.0 star-rated plans respectively Notes: 1. Rating years 2023 to 2025 based on respective December CMS membership data of each rating year. Rating Year 2026 based on CMS December 2025 membership data. +35% CA HMO: 4 star-rated plan and nineth consecutive year rated 4 stars or greater CA PPO: 4 star-rated plan and second consecutive year rated 4 stars or greater
12 Disciplined Growth Demonstrates our Differentiated MA Model Strong AEP Establishes Foundation for Year-End 2026 Membership Guidance Range of 290,000 to 296,000 80% 20% 01/01/1900 New to MA MA Plan Switchers 209,900 275,300 01/01/2025 01/01/2026 Disciplined Growth During a Year of Significant Disruption Jan. 1 Medicare Advantage Enrollment Percentage of AEP Sales by Prior Enrollment Status +31% YoY Jan. 1 Net Medicare Advantage Enrollment Growth by Geography +41,500 (+23% YoY) +23,800 (+84% YoY) 1 California Ex-California Supported by Strong Member Retention Jan. 1 Voluntary Disenrollment Resulting in Growth Momentum Across All Markets Demonstrates a Better MA Mousetrap with Growth Through Plan Switchers 7.9% 6.4% 2025 2026 19% Improvement
13 Replicating our Model Across Markets - Growth with Clinical Excellence 2024 Deepen Sales and Distribution Channels 2025 Leverage Product Advantages 2026 Invest in New Market Infrastructure Using Internally Generated Cash Flows 2027 Launch New Markets 51% 100% 100% 83% 65% 62% 2024 2025 2026 ALHC Ex-CA Markets Industry … Have Underpinned Rapid Growth of our Ex-California Presence 91% 86% 81% 9% 14% 19% 155,500 209,900 275,300 Jan 2024 Jan 2025 Jan 2026 California Ex-California The Replicability of Our Cost Management Outcomes… …and Strength of our Stars Results… Members in Plans Rated 4 Stars or Greater 2Gross Margin PMPM by Cohort Year1 Membership by Geography ~$110 ~$190 ~$120 ~$200 New Member Loyal Member California Ex-California Notes: 1. Reflects Part C gross margin only. ALHC At-Risk data reflects 2014- July 2025 dates-of-service. Claims paid through November 2025. Based on continuous At-Risk membership / market performance. At-risk defined as a member where Alignment manages and is at-risk for the institutional claims. CA pro forma to reflect 4.0 Stars; historical NC RBO shown based on estimated gross revenue. Reflects Part C third party medical expense relative to Part C revenue, including annual clinical model investments. 2. Rating years 2024 and 2025 based on respective December CMS membership data of each rating year. Rating Year 2026 based on CMS December 2025 membership data.
14 • 233,500 members implying 24% membership growth YoY1 • Delivering on financial promises throughout the year, including quarterly profitability goals and expectations to be free cash flow positive. YE adjusted EBITDA guidance raised from $48M to $94M at the midpoint from initial guidance to current guidance • Demonstrate growth replicability with sales momentum in new states • Lead with quality: 100% of members in plans in plans rated 4+ Stars • Continuously improve through investments in clinical model and scalability initiatives Profitability Inflection in 2025 Strengthens Competitive Position in 2026 Notes: 1. Based on full-year 2025 guidance midpoint provided as of Oct. 30, 2025 2025 Profitability Inflection and Steady Growth • 275,300 members as of Jan. 1, implying 31% membership growth YoY • Aggressively investing in scalability and replicability: upgrading people, processes and technology • Use internally generated cash flows to fund organic new market expansions and reinvestments in the business • Expect consensus adjusted EBITDA of $145M to be within our FY 2026 guidance range • Continued Stars payment advantages in 2026 and 2027 2026 Operational Replicability and Disciplined Scaling
15 Our Opportunity to Take Share in MA is Significant and Growing 17,495 35,494 46,554 31% 51% 58% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 0 10,000 20,000 30,000 40,000 50,000 60,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 MA Enrollment (000) MA Penetration Notes: 1. Data from the 2025 Medicare Trustees Report The MA Market is Projected to Grow Even Further Over the Next Decade ALHC Current Footprint Enrollment: 275,300 Total Members as of Jan. 1, 2026 Geographic Presence: 45 Counties and 5 States Market Share: Less than 1% National Share Approximately 6% Share in Existing Markets
16 • Startup costs for new market openings to expand our addressable market opportunities • Expansion of business development pipeline • Escalating the size, scale and intensity of marketing campaigns across markets • Investing in our brand image and generate national recognition • Workflow process automation • Transition to an event-based data architecture in preparation for broader AI deployment using large language models Investing to Scale the Platform for Disciplined Durable Growth • Expand team of AI engineers and data scientists, and deepen bench strength • Clinical personnel for the next phase of our clinical innovations in palliative care mgmt. and concierge case mgmt. Deepening Bench Strength Tech, Infrastructure, and AI Capabilities Sales and Branding • Invest in the strength of our provider operations and deployment of new clinical programs – next evolution of clinical model Clinical Innovation New Market Expansion Leveraging Our Strong Position in 2026 to Invest in Future Outcomes
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