Key Takeaways Fresenius Medical sees growth from FME25 savings, value-based care and the 5008X CAREsystem rollout.FMS' Value-Based Care hit EUR 2B in revenues in 2025, with 42% Q4 organic growth and breakeven profit.FMS faces a EUR 150-200M headwind from the TDAPA phase-out, flat U.S. volumes and China regulatory drag.Fresenius Medical Care AG & Co. (FMS) is well-positioned for growth, backed by strong profitability improvements from its FME25+ transformation program and growing momentum in value-based care ...

Core Insights - Counterpart Health, a subsidiary of Clover Health Investments, has released a whitepaper analyzing the impact of its AI-powered platform, Counterpart Assistant (CA), on flu preventative care within Clover Health's Medicare Advantage population [1][5]. Group 1: Impact on Immunization and Acute Care - Influenza is a significant health issue for Medicare beneficiaries, with 90% to 95% of flu-related hospitalizations occurring in adults with chronic conditions [2]. - The use of CA by Primary Care Physicians (PCPs) has been shown to increase immunization rates and reduce avoidable acute care events, particularly for patients with complex chronic conditions [4]. - Patients with a relationship with a CA PCP were 1.39 times more likely to be vaccinated compared to those without [8]. Group 2: Clinical Outcomes for High-Risk Patients - The relationship with a CA PCP is associated with a 17% lower incidence rate of flu-related acute care events for patients with Chronic Obstructive Pulmonary Disease (COPD) and an 11% lower incidence rate for those with Congestive Heart Failure (CHF) [8]. - Additionally, COPD patients experienced 22% fewer flu-related acute care encounters, while CHF patients had 18% fewer encounters [8]. Group 3: Value-Based Care Model - The findings suggest that equipping primary care with timely insights enables earlier interventions, leading to fewer avoidable acute events and lower overall healthcare costs [5]. - Counterpart Health aims to expand CA's capabilities to support preventive care and chronic disease management across Medicare populations, promoting a shift from reactive to proactive care [5][9].

4 th Quarter 2025 Results February 26, 2026 Parth Mehrotra, CEO David Mountcastle, CFO Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that express the Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to: 2026 financial guidance and other projections and forecasts. These forward-looking statements involve a number of risks, uncertainties (some of whi ...

Core Insights - The company is transitioning from a turnaround phase to the 'FME Reignite' strategy, focusing on high-volume hemodiafiltration (HDF) to enhance long-term mortality reduction and operational efficiency [1] - Care Enablement in China is facing challenges due to volume-based procurement and regulatory changes, impacting earnings and delaying tenders [2] - The fourth quarter margin expansion was driven by higher-than-expected contributions from TDAPA-regulated products, with a significant performance step-up anticipated in 2025 due to the FME25+ transformation program [3] Group 1 - U.S. treatment volumes remain flat due to elevated mortality and missed treatments, but the company targets long-term growth of over 2% as mortality patterns normalize [1] - The FME25+ program aims for EUR 1.2 billion in total sustainable savings by the end of 2027, with EUR 400 million in additional savings identified [3] Group 2 - 2026 is expected to be a transition year with flat revenue expectations, primarily due to changes in risk contracting in Value-Based Care and the phasing out of temporary TDAPA benefits [3] - Management anticipates a regulatory earnings headwind of EUR 150 million to EUR 200 million, reflecting the transition of phosphate binders into the bundle and the expiry of ACA tax subsidies [3] Group 3 - The company plans to replace 20% of its U.S. clinic installed base with 5008X machines in 2026, incurring significant upfront training and rollout costs before realizing efficiency gains in 2027 [3] - Management introduced a 2028 aspiration of 3% to 7% operating income CAGR, noting that excluding 'regulatory noise' from TDAPA, the underlying growth trajectory is in the low teens [3]

Helen Giza CEO & Chair of the Management Board Martin Fischer CFO February 24, 2026 Q4/FY 2025 Earnings Call Safe harbor statement: In this Safe harbor statement, "the Company" and "Fresenius Medical Care" refer to Fresenius Medical Care AG & Co. KGaA, a German partnership limited by shares, prior to its conversion of legal form, and to Fresenius Medical Care AG, a German stock corporation, after its conversion of legal form. This presentation includes certain forward-looking statements within the meaning o ...

Fresenius Medical Care AG Investor Presentation FY 2025 Safe harbor statement: In this Safe harbor statement, "the Company" and "Fresenius Medical Care" refer to Fresenius Medical Care AG & Co. KGaA, a German partnership limited by shares, prior to its conversion of legal form, and to Fresenius Medical Care AG, a German stock corporation, after its conversion of legal form. This presentation includes certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as ...

Core Insights - Humana's latest Value-Based Care By the Numbers Report indicates that value-based care significantly enhances the health experience for Medicare Advantage patients by providing personalized and preventive care [1][2][5] Patient Impact - Medicare Advantage members under value-based care arrangements experience 24.3% fewer inpatient admissions compared to those in Original Medicare, 13.4% fewer emergency department visits, and 7.6% fewer admissions [8] - There is improved management of chronic conditions for older adults, leading to better health outcomes [7] - Patients report higher satisfaction levels, with a 13-point higher Net Promoter Score for those receiving value-based care compared to fee-for-service providers [14] Clinical Benefits - Value-based care allows clinicians to spend more time with patients, improving practice sustainability and reducing clinician burnout [3][4] - The model emphasizes proactive care, leading to better health outcomes rather than focusing solely on patient volume [4] Preventive Care - The report highlights increased rates of preventive care, including more eye exams and kidney health evaluations for diabetic patients, and higher medication adherence for hypertension and diabetes [8] Expansion Opportunities - Humana identifies potential to extend value-based care into specialty care, noting that patients with heart failure receive higher quality care under value-based arrangements [10] Technological Investments - Humana is investing in technology and data-sharing capabilities to enhance care coordination, including a new data exchange initiative with Providence to streamline secure data sharing [11]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $16.35 for 2025, slightly ahead of expectations, with a full-year revenue of nearly $448 billion, reflecting a 12% growth from 2024 [4][23] - For 2026, the company expects adjusted earnings per share to exceed $17.75, indicating a growth of at least 8.6% [6][24] - The medical care ratio for 2025 was 89.1%, slightly better than expected, while the operating cost ratio was 13.3% [23][25] Business Line Data and Key Metrics Changes - UnitedHealthcare's medical cost trend for 2025 was approximately 7.5%, with an expectation of 10% for 2026 [9][85] - The company anticipates a contraction of 1.3 million to 1.4 million members in Medicare Advantage for 2026 due to competitive market dynamics [10][11] - Medicaid membership is expected to contract by approximately 565,000 to 715,000 members due to reduced eligibility and state funding shortfalls [11][12] Market Data and Key Metrics Changes - The company expects continued pressure in the Medicaid business in 2026, driven by state funding shortfalls and elevated medical trends [11][12] - The commercial market is expected to see a contraction in fully insured group and individual enrollment, partially offset by growth in self-funded offerings [13][14] Company Strategy and Development Direction - The company is focusing on operational discipline, leveraging technology and AI, and renewing its commitment to innovation and accountability [4][6] - There is a strategic refocus on integrated value-based care, with plans to align Optum Financial Services with Optum Insight to enhance healthcare technology and financial technology innovation [7][18] - The company aims to improve margins and operational performance through pricing adjustments and cost management efforts [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to recover margins and improve performance in 2026, despite challenges in Medicare and Medicaid funding [6][10] - The company is committed to enhancing customer experience and satisfaction through AI-enabled operational improvements [14][21] - Management emphasized the importance of execution and operational focus to achieve long-term growth and stability [28][80] Other Important Information - The company plans to invest nearly $1.5 billion in technology and innovation in 2026, with expectations for continued investment in 2027 [29][30] - A significant charge of $1.6 billion in 2025 was primarily related to restructuring and optimization efforts within Optum [5][23] Q&A Session Summary Question: Decline in traditional MA lives and future margins - Management acknowledged the decline in Medicare Advantage lives and indicated that margin recovery efforts are underway, with expectations for improvement in 2026 and beyond [33][39] Question: Fourth quarter Optum Health performance - Management noted that fourth quarter results were slightly disappointing due to restructuring actions but expressed confidence in future stability and performance improvements [42][45] Question: Medicaid rate relief and margin assumptions - Management confirmed expectations for some margin contraction in Medicaid due to ongoing dislocation of rates and elevated medical trends, despite some rate relief [56][57] Question: Optum Rx membership growth and client retention - Management highlighted strong performance in Optum Rx, with a successful selling season and high retention rates, contributing to modest earnings growth expectations for 2026 [60][66] Question: Breakdown of commercial risk lives decline - Management indicated that the largest share of membership decline is connected to the exchange business, with expectations for margin recovery in 2026 [71][73]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $16.35 for 2025, slightly ahead of expectations, excluding a $1.6 billion net of tax charge [5][24] - For 2026, the company expects adjusted earnings per share to exceed $17.75, indicating a growth of at least 8.6% [6][25] - Revenues for 2025 were nearly $448 billion, reflecting a 12% growth from 2024 [24] Business Line Data and Key Metrics Changes - UnitedHealthcare's medical cost trend for 2025 was approximately 7.5%, with an expectation of 10% for 2026 [9][84] - The company anticipates a contraction of 1.3 million to 1.4 million members in Medicare Advantage for 2026 due to competitive market dynamics [10] - Medicaid membership is expected to contract by approximately 565,000 to 715,000 members due to reduced eligibility and state funding shortfalls [11] Market Data and Key Metrics Changes - The company expects both fully insured group and individual enrollment to contract in 2026, partially offset by growth in self-funded offerings [13] - The commercial risk lives decline is primarily attributed to the exchange business, with an expected loss of over 500,000 members [71] Company Strategy and Development Direction - The company is focusing on operational discipline, leveraging technology and AI, and aligning its services to better serve the U.S. health system [5][6] - There is a strategic refocus on integrated value-based care, with plans to enhance operational efficiencies and improve patient outcomes [20][21] - The integration of Optum Financial Services with Optum Insight aims to create a more modern healthcare transaction system [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to historical earnings quality and growth, emphasizing the importance of operational focus and execution [30][31] - The company acknowledges challenges from Medicare funding reductions and rising medical costs but believes that strategic actions will lead to improved performance [6][10] - Management is committed to transparency and accountability, with plans to publish performance metrics and independent reviews [32] Other Important Information - The company plans to invest nearly $1.5 billion in technology and innovation in 2026 [31] - The operating cost ratio for 2026 is expected to be 12.8%, reflecting disciplined cost management and productivity initiatives [26] Q&A Session Summary Question: Decline in Medicare Advantage lives and future margins - Management indicated that the focus for 2026 is on margin recovery rather than membership targets, with expectations of a 50 basis point improvement in Medicare Advantage margins [34][40] Question: Fourth quarter performance of Optum Health - Management acknowledged underperformance in the fourth quarter due to restructuring actions but expressed confidence in a more stable performance moving forward [43][46] Question: Medicaid rate relief and margin assumptions - Management expects some margin contraction in Medicaid due to ongoing rate dislocation and elevated medical trends, projecting rate increases of 6%-7% for 2026 [57] Question: Optum Rx performance and new clients - Management highlighted strong performance in securing new clients, attributing success to affordability, transparency, and execution [65][66] Question: Breakdown of commercial risk lives decline - The largest share of the expected decline in commercial risk lives is linked to the exchange business, with a focus on margin recovery for 2026 [71][72]

InnovAge Conference Call Summary Company Overview - **Company**: InnovAge - **Industry**: Healthcare, specifically focused on value-based care for dual eligibles (Medicare and Medicaid beneficiaries) [2][3] Core Business Model - InnovAge operates a vertically integrated payer-provider platform delivering personalized value-based care to medically and socially complex dual eligibles [3] - The company takes full financial accountability for outcomes and costs across the full scope of Medicare and Medicaid services, with an average premium of approximately $9,500 per participant per month [4] Operational Highlights - InnovAge operates 20 centers across six states, with two additional centers under development, serving nearly 8,000 participants [5] - The company has invested heavily in scalable technology and operating infrastructure, enhancing payer-grade utilization management capabilities [5] - The focus is now on optimizing the platform for responsible growth, expanding margins, and leveraging data and technology [6] Financial Performance - In Q1 FY2026, InnovAge achieved a 7.5% adjusted EBITDA margin and positive operating cash flow on a trailing 12-month basis [13] - The company expects continued growth and margin expansion, with long-term potential for adjusted EBITDA margins around 10% [14] Market Position and Growth Strategy - InnovAge is the only PACE organization with significant scale and geographic diversification, positioning it as a partner of choice for health systems and communities [12] - The company is exploring joint ventures with local health systems to enhance care coordination and expand access [12] - There is a significant market opportunity for PACE programs, which remain underpenetrated, particularly among dual eligibles [11] Regulatory Environment - There is growing bipartisan recognition of the value that PACE delivers, which supports sustained growth of PACE programs [11] - InnovAge is preparing for potential changes in Medicare risk adjustment models and is taking a conservative approach to manage associated risks [41][42] Technology and Operational Improvements - Recent investments include the rollout of the Epic EMR and Oracle financial platform, aimed at improving quality, compliance, and efficiency [21][22] - The company is leveraging AI to enhance clinical decision-making and reduce costs [23][24] Enrollment and Acuity Management - InnovAge is balancing enrollment growth with acuity mix to ensure appropriate risk reflection and economic viability [27][28] - The company has successfully rebalanced its participant mix to maintain economic leverage while prioritizing patient care [28] De Novo and Acquisition Strategy - InnovAge is evaluating both De Novo center development and bolt-on acquisitions, with a focus on markets with large and growing senior populations [29][30] - The company has identified opportunities to acquire subscale PACE programs that are struggling to meet expectations [31] Lessons Learned and Future Outlook - Key lessons from recent De Novo launches emphasize the importance of strong community relationships and awareness of the PACE model [33][35] - InnovAge is well-positioned to leverage its investments and operational improvements to deliver quality care and create value for stakeholders [45] Conclusion - InnovAge's unique integrated model, operational discipline, and strategic investments position it for continued growth and success in the evolving healthcare landscape [15][45]