–All 2024 Operating and Financial Metrics Above High End of Guidance Ranges

–Very strong New Provider Signings; Implemented Providers +11.2% from Year-end 2023

–Full-year 2024 Net Cash Provided by Operating Activities of $109.3 million, +35.3% from 2023, with De Minimis Capital Expenditures

–Year-end 2024 Cash Balance of $491.1 million and No Debt

–2025 Guidance Reflects Continued Momentum and Profitable Growth Despite Challenging Medicare Advantage and Value-based Environment

ARLINGTON, VA – February 27, 2025 – Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial and operating results for the fourth quarter and full year ended December 31, 2024. Each of the Company’s operating and financial performance metrics were above the high end of its guidance ranges for 2024, as highlighted below.

Highlights from 2024 include:

•Very strong new provider signings with Implemented Providers increasing +11.2% from 2023;

•Fee-for-service collections growth of +13.6% year over year, and strong value-based care performance;

•Shared savings of $176.6 million through the Medicare Shared Savings Program (MSSP) for the 2023 performance year, a +34.1% increase from 2022;

•Adjusted EBITDA growth of +25.2% over full-year 2023; and

•Full-year 2024 Net Cash Provided by Operating Activities was $109.3 million compared to $80.8 million in 2023 (+35.3%) with de minimis capital expenditures. Free cash flow (defined as net cash

provided by operating activities less capital expenditures, primarily purchases of property and equipment) of $109.3 million (+35.4% year over year), approximately 121% of Adjusted EBITDA.

Key Operating and Non-GAAP Financial Metrics d

Full-Year 2024 Actual Performance versus Guidance d

Key Operating and Non-GAAP Financial Metrics g

The Company's balance sheet at December 31, 2024 included $491.1 million of cash and cash equivalents and no debt, compared to cash and cash equivalents of $389.5 million and no debt at December 31, 2023 (+26.1%). Full-year 2024 Net Cash Provided by Operating Activities was $109.3 million compared to $80.8 million in 2023 (+35.3%) with de minimis capital expenditures. Free Cash flow for the year ended December 31, 2024 was $109.3 million compared to $80.7 million in the prior year (+35.4%).

2025 Financial and Business Outlook g h i

Privia Health’s key actions and areas of focus in 2025 include:

•Increasing density and scale in existing states through organic provider growth;

•Continuing to perform in value-based risk arrangements for positive margin contribution in challenging Medicare Advantage (MA) market;

•Achieving operating leverage to drive Adjusted EBITDA growth, and converting at least 80% of Adjusted EBITDA to Free Cash Flow; and

•Pursuing business development efforts to enter new states and expand in existing states to increase overall addressable market.

The Company’s 2025 operating and financial guidance is as follows g h i:

•Guidance assumes minimal year-over-year increase in value-based shared savings accruals given current environment

•Guidance assumes no new business development activity or capital deployment

•De minimis capital expenditures expected in full-year 2025

•At least 80% of Adjusted EBITDA expected to convert to free cash flow in full-year 2025

•Effective tax rate expected to be approximately 26-28%

g.Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of Gross Profit and Net Income. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.

h.See “Key Metrics and Non-GAAP Financial Measures” for more information as to how the Company defines and calculates Implemented Providers, Attributed Lives, Practice Collections, Care Margin, Platform Contribution and Adjusted EBITDA, and for a reconciliation of the most comparable GAAP measures to Care Margin, Platform Contribution, Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income Per Share.

Certain non-recurring or non-cash and other expenses will be treated as an add back in the reconciliation of Net Income to Adjusted EBITDA, and the reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share, the details of which can be found in the Reconciliation schedules near the end of this and in future quarterly financial press releases.

i.Any slight variations in totals due to rounding.

The Company will host a conference call on February 27, 2025, at 8:00 am ET to discuss these results and management’s outlook for future financial and operational performance. You can visit ir.priviahealth.com/news-and-events/events-and-presentations to listen to the call via live webcast. The webcast will be archived and available for replay for on-demand listening shortly after the completion of the call under the same link. If you wish to participate in the live conference call, then please dial 888-596-4144 (or 646-968-2525 for international callers) and provide Conference ID 5704885.

This news release and the financial statements contained herein, and the slide presentation for the webcast, are also available on the Privia Health Investor Relations website at ir.priviahealth.com.

Privia Health™ is a technology-driven, national physician enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual settings. Our platform is led by top industry talent and exceptional physician leadership, and consists of scalable operations and end-to-end, cloud-based technology that reduces unnecessary healthcare costs, achieves better outcomes, and improves the health of patients and the well-being of providers. For more information, visit priviahealth.com.

The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States ("GAAP"). From time to time, in press releases, financial presentations, earnings conference calls or otherwise, the Company may disclose certain non-GAAP financial measures. The non-GAAP financial measures presented in this press release should not be viewed as alternatives or substitutes for the Company's reported GAAP results. A reconciliation to the most directly comparable GAAP financial measure is set forth in the tables that accompany this release.

The Company believes that the non-GAAP financial measures presented in this press release are relevant and provide useful information to the Company's management, investors, and other interested parties about the Company's operating performance because the measures allow them to understand and compare the Company's actual and expected operating results during the prior, current and future periods in a more consistent manner. The non-GAAP measures presented in this press release may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of the results of operations and trends affecting the Company's business. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to financial measures calculated in accordance with GAAP.

The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Form 10-K is filed with the Securities and Exchange Commission (“SEC”). This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward-looking statements can be identified by words such as “aims,” “anticipates,” "assumes," “believes,” “estimates,” “expects,” “forecasts,” “future,” “intends,” “likely,” “may,” “outlook,” “plans,” “potential,” “projects,” “seeks,” “strategy,” “targets,” “trends,” “will,” “would,” “could,” “should,” and variations of such terms and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. In particular, these include statements relating to, among other things, our future actions, business plans, objectives and prospects; expectations for new health system and other partnerships; and our future operating or financial performance and projections, including our full year guidance for 2025. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected.

We caution you not to place undue reliance upon any of these forward-looking statements.

Factors related to these risks and uncertainties include, but are not limited to: compliance with applicable healthcare laws and government regulations in the heavily regulated industry in which the Company operates; the Company’s dependence on relationships with its medical groups, some of which the Company does not own; the Company’s growth strategy, which may not prove viable and the Company may not realize expected results; the Company’s inability to enter into a definitive agreement for its partnership in Ohio; difficulties implementing the Company’s proprietary end-to-end, cloud-based technology solution for Privia physicians and new medical groups; the high level of competition in the Company’s industry and the Company’s failure to compete and innovate; challenges in successfully establishing a presence in new geographic markets; the Company’s reliance on its electronic medical record vendor, which the Privia Technology Solution is integrated and built upon; changes in the payer mix of patients and potential decreases in the Company’s reimbursement rates as a result of consolidation among commercial payers; the Company’s use, disclosure, and other processing of personally identifiable information, including health information, is subject to the Health Insurance Portability and Accountability Act of 1996 and other federal and state privacy and security regulations; and those factors referenced in Part II, Item 1A, other important factors discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company’s subsequent Quarterly Reports on Form 10-Q. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.

Condensed Consolidated Statements of Operations(j)

(j) Any slight variations in totals due to rounding.

Condensed Consolidated Balance Sheets(k)

(k) Any slight variations in totals are due to rounding.

Condensed Consolidated Statements of Cash Flows(l)

(l) Any slight variations in totals are due to rounding.

Privia Health reviews a number of operating and financial metrics, including the following key metrics and non-GAAP financial measures, to evaluate the Company’s business, measure performance, identify trends affecting the Company’s business, formulate business plans, and make strategic decisions.

Key Metrics(m)

Non-GAAP Financial Measures (q)(r)

Reconciliation of Gross Profit to Care Margin(s)

Reconciliation of Gross Profit to Platform Contribution(t)

Reconciliation of Net Income to Adjusted EBITDA(v)

Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share(x)

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (z)