P3 Health Partners (NasdaqCM:PIII) Q4 2025 Earnings call March 26, 2026 04:30 PM ET Company ParticipantsAmir Bacchus - Chief Medical OfficerAric Coffman - CEOGabby Gabel - Head of Investor RelationsJoshua Raskin - Partner of Managed Care and ProvidersLeif Pedersen - CFOConference Call ParticipantsRyan Langston - VP of Health Care Facilities, Providers, Managed Care, and Emerging Payor and Providers Research AnalystOperatorDay, welcome to the P3 Health fourth quarter 2025 earnings conference call. All partic ...

P3 Health Partners (NasdaqCM:PIII) Q4 2025 Earnings call March 26, 2026 04:30 PM ET Speaker5day, welcome to the P3 Health fourth quarter 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40033 P3 Health Partners Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizat ...

Exhibit 99.1 P3 Health Partners Announces Fourth Quarter and Full Year 2025 Results Providing 2026 Guidance, Indicating a $10 Million Adjusted EBITDA Midpoint Management to Host Conference Call and Webcast March 26, 2026 at 4:30 PM ET HENDERSON, NV—March 26, 2026—P3 Health Partners Inc. ("P3" or the "Company") (NASDAQ: PIII), a patient-centered and physician-led population health management company, today announced its financial results for the fourth quarter and full year ended December 31, 2025, and provi ...

Share P3 Health Partners Announces Fourth Quarter and Full Year 2025 Results P3 Health Partners Announces Fourth Quarter and Full Year 2025 Results Management to Host Conference Call and Webcast March 26, 2026 at 4:30 PM ET Providing 2026 Guidance, Indicating a $10 Million Adjusted EBITDA Midpoint HENDERSON, Nev.--(BUSINESS WIRE)--P3 Health Partners Inc. ("P3†or the "Company†) (NASDAQ: PIII), a patient-centered and physician-led population health management company, today announced its financial results f ...

Core Viewpoint - P3 Health Partners Inc. is set to release its financial results for the fourth quarter and full year 2025 on March 26, 2026, with a conference call scheduled to discuss these results [1] Financial Results Announcement - The financial results for the fourth quarter and full year 2025 will be released on March 26, 2026 [1] - A conference call will be held at 1:30 PM PT / 4:30 PM ET on the same day to discuss the results [1] - The press release will be available on the Investor page of P3's website prior to the conference call [1] Company Overview - P3 Health Partners Inc. is a leading population health management company focused on improving healthcare for patients and providers [1] - The company has over 2,800 affiliated primary care providers across the United States [1] - P3 operates in 24 counties across four states, providing value-based care coordination and administrative services [1] Recent Developments - P3 Health Partners has formed a Joint Venture Management Services Organization with Commonwealth Primary Care ACO to enhance support for primary care physicians in multiple states [1]

Core Insights - P3 Health Partners Inc. will participate in the Noble Capital Markets' 21st Annual Emerging Growth Equity Conference on December 3, 2025 [1][2] - The company focuses on population health management, aiming to improve healthcare outcomes for patients and providers [3] Company Overview - P3 Health Partners is a physician-led organization with a network of over 2,800 affiliated primary care providers across the United States [3] - The company operates in 27 counties across five states, managing care for thousands of patients [3] - P3 supports primary care providers through value-based care coordination and administrative services, which enhance patient outcomes and reduce costs [3] - The organization emphasizes an integrated approach to patient care, improving the overall patient experience [3]

Financial Data and Key Metrics Changes - Capitated revenue increased by approximately 6% year-over-year, with total capitated revenue for the quarter at $341.6 million, or about $982 per member per month [5][15] - Adjusted EBITDA loss for the quarter was $45.9 million, with a year-to-date adjusted EBITDA loss of $85.2 million [8][18] - The company revised its full-year adjusted EBITDA guidance to a range of a $110 million loss to a $95 million loss, reflecting current performance expectations [9][20] Business Line Data and Key Metrics Changes - Membership for the quarter was approximately 116,000 members, aligning with expectations [8] - Medical margin for the quarter was $4.4 million, or $13 per member per month, compared to $500,000 or $1 per member per month in the prior period [16] - Year-to-date medical margin was $52.2 million, or $50 per member per month, with normalized medical margin at $80.8 million, or $78 per member per month [17] Market Data and Key Metrics Changes - The normalized adjusted EBITDA loss year-to-date was approximately $70 million, providing a clearer reflection of underlying business performance [8][18] - The operational improvement plan has achieved over $100 million in EBITDA improvement year-over-year [7] Company Strategy and Development Direction - The company is focused on improving stability, strengthening operating discipline, and maturing its clinical foundation [5] - A strategic joint venture is expected to add approximately 13,000 fully accredited ACO members, enhancing profitability and cash flow [7] - The company is rationalizing its provider network to improve margin performance, exiting groups that do not align clinically or economically [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core operating model, highlighting stable medical cost trends and improved provider alignment [22] - The company anticipates favorable macro tailwinds heading into 2026, with expected improvements in the rate environment communicated by CMS [22] - Management believes the foundation is in place for meaningful profitability in 2026, supported by disciplined execution and alignment of the network [22] Other Important Information - The company has identified $120 million to $170 million in EBITDA expansion opportunities for 2026 [11][21] - The operational improvements are expected to lead to a more stable and scalable operating platform [10] Q&A Session Summary Question: What convinces the plans to cede margin in their MA books? - Management indicated that payers are motivated by the need for investment in high-risk patient management and quality metrics, which drives renegotiation conversations [25][26] Question: Was the guidance reduction driven by a single payer or more broadly? - The guidance reduction was primarily related to mid-year settlements coming in less than expected and some medical cost initiatives being pushed out [36][37] Question: What was the prior period dollar amount in the third quarter? - The prior period amount was a $3 million decrement, with a total unfavorable impact of $24 million in Q3 due to mid-year true-ups [42][44] Question: What are the PMPM revenue growth expectations in 2026? - The aggregate expectation for PMPM revenue growth is about a 5% net improvement in premium, with further guidance on coding improvements expected in the next quarter [48][49]

Financial Data and Key Metrics Changes - Capitated revenue increased by approximately 6%, with total capitated revenue for the quarter at $341.6 million, or about $982 per member per month [5][15] - Adjusted EBITDA loss for the quarter was $45.9 million, with a year-to-date adjusted EBITDA loss of $85.2 million [8][18] - The company revised its full-year adjusted EBITDA guidance to a range of -$110 million to -$95 million, reflecting current expectations [9][20] Business Line Data and Key Metrics Changes - Membership was approximately 116,000 members, aligning with expectations [8] - Medical margin for the quarter was $4.4 million, or $13 per member per month, compared to $500,000 or $1 per member per month in the prior period [16] - Year-to-date medical margin was $52.2 million, or $50 per member per month [16] Market Data and Key Metrics Changes - The normalized adjusted EBITDA loss year-to-date was approximately $70 million, providing a clearer reflection of underlying performance [8] - The operational improvement plan achieved over $100 million in EBITDA improvement year-over-year [7] Company Strategy and Development Direction - The company is focused on improving stability, strengthening operating discipline, and maturing its clinical foundation [5] - A strategic joint venture is expected to add approximately 13,000 fully accredited ACO members, enhancing profitability and cash flow [7] - The company is rationalizing its provider network to improve margin performance, exiting groups that do not align clinically or economically [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core operating model, highlighting stable medical cost trends and improved provider alignment [22] - The company anticipates favorable macro tailwinds heading into 2026, with expected improvements in the rate environment communicated by CMS [22] - Management identified $120 million-$170 million in EBITDA expansion opportunities for 2026, positioning the company for meaningful profitability [23] Other Important Information - The company ended the quarter with $37.7 million in cash, maintaining a disciplined approach to working capital management [18] - The normalized medical cost trend has remained flat year-over-year, reflecting progress in clinical execution and cost management [17] Q&A Session Summary Question: What convinces the plans to cede margin in their M&A books? - Management indicated that payers are motivated by the investment made into their membership, particularly concerning high-risk patients and quality metrics [26] Question: Have you made an attempt to have the plans participate in a potential surplus? - Management confirmed that they take the risk from the payers, who receive their administrative margin, while the company operates on a percentage of premium [28] Question: Was the guidance reduction driven by a single payer or more broad-based? - The guidance reduction was primarily related to mid-year settlements coming in less than expected and was more broad-based than just one payer [36] Question: What was the prior period dollar amount in the third quarter? - The prior period amount net in the P&L was a $3 million decrement, with a total unfavorable impact of $24 million in Q3 due to mid-year true-ups [42][44] Question: What are the odds of another prior period adjustment in 2026? - Management expects a more consistent method of booking expenses and revenue moving forward, which should preclude significant normalization adjustments [46] Question: What was the PMPM revenue growth expectation in 2026? - Management anticipates about a 5% net improvement in premium across their markets, with further guidance on coding improvements expected in the next quarter [48]

Financial Data and Key Metrics Changes - Capitated revenue increased by approximately 6% year-over-year, with total capitated revenue for the quarter at $341.6 million, or about $982 per member per month [5][14] - Adjusted EBITDA loss for the quarter was $45.9 million, with a year-to-date adjusted EBITDA loss of $85.2 million [7][17] - Normalized adjusted EBITDA year-to-date was a loss of approximately $70 million, reflecting the underlying performance of the business [7][17] - Medical margin for the quarter was $4.4 million, or $13 per member per month, compared to $500,000, or $1 per member per month in the prior period [15] Business Line Data and Key Metrics Changes - Membership was approximately 116,000 members, in line with expectations [7] - The operational improvement plan achieved over $100 million in EBITDA improvement year-over-year [6] - The company is moving forward with a strategic joint venture that will add approximately 13,000 fully accredited ACO members [6] Market Data and Key Metrics Changes - The normalized medical cost trend has remained flat year-over-year, despite rising cost trends across the industry [5][8] - Tier one providers performed 17.4% higher in STARS HEDIS gap closures compared to non-tier one providers in the first half of the year [9] Company Strategy and Development Direction - The company is focused on improving stability, strengthening operating discipline, and maturing the clinical foundation [5] - There is an intentional rationalization of the provider network to improve margin performance, including exiting groups that do not align clinically or economically [6] - The company aims to achieve meaningful profitability in 2026, supported by a stable operating model and favorable macro tailwinds [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core operating model, highlighting stable medical cost trends and improved provider alignment [20] - The company anticipates favorable macroeconomic conditions heading into 2026, with payers shifting towards more sustainable benefit designs [21] - Management revised full-year adjusted EBITDA guidance to a range of minus $110 million to minus $95 million, reflecting current expectations [8][18] Other Important Information - The company ended the quarter with $37.7 million in cash, maintaining a disciplined approach to working capital management [17][18] - There are $120 million to $170 million of EBITDA opportunities identified for the next five quarters [7][10] Q&A Session Summary Question: What convinces the plans to cede margin in their MA books? - Management indicated that payers are motivated by the investment made into their membership, particularly concerning high-risk patients and quality metrics [25][30] Question: Was the guidance reduction driven by a single payer or market? - The guidance reduction was more broad-based, primarily due to mid-year settlements coming in less than expected and structural controls being put in place [34] Question: How are non-core assets performing? - There are still headwinds associated with one market, but part of the EBITDA expansion opportunities for 2026 relates to contractual adjustments in that market [36] Question: What was the unfavorable impact in Q3 related to prior periods? - The total unfavorable impact in Q3 was $24 million, with a $21 million impact from mid-year true-ups [40] Question: What are the PMPM revenue growth expectations in 2026? - The aggregate expected improvement in premium is about 5%, with further guidance on coding improvements to be provided in the next quarter [45]