Clover Health Investments (CLOV) investor relations material

Executive summary

• Achieved $28 million GAAP net income in Q2 2026, a $39 million year-over-year improvement, with Medicare Advantage membership up 48% to approximately 157,309 members.

• Total revenues rose 56% year-over-year to $743.2 million for Q2 and 59% to $1.49 billion for the first half, driven by strong MA membership growth and higher per-member premiums.

• Adjusted EBITDA reached $41 million in Q2 2026, up 139% year-over-year, and $81.2 million for the first half.

• Cash, cash equivalents, and investments totaled $443 million at quarter-end.

• Raised full-year 2026 guidance across all key metrics, reflecting strong business momentum and improved cohort economics.

Financial highlights

• Q2 2026 consolidated gross profit was $153 million, up 54% year-over-year; first half gross profit rose 50% to $312.5 million.

• Premiums earned, net, grew 57% year-over-year to $737.8 million for Q2 and 60% to $1.48 billion for the first half.

• Adjusted SG&A as a percentage of revenue improved to 15.1% in Q2 2026 from 17.3% in Q2 2025.

• Insurance Benefits Expense Ratio (BER) for Q2 2026 was 87.6%, down from 88.4% year-over-year.

• Diluted EPS was $0.05 for Q2 2026 and $0.10 for the first half, compared to $(0.02) in both periods last year.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $2.92–$3.00 billion, gross profit to $525–$555 million, adjusted EBITDA to $70–$85 million, and GAAP net income to $20–$35 million.

• Average Medicare Advantage membership projected at 156,000–158,000 for FY26.

• Expects Q3 gross profit to be stronger than Q4 due to seasonality; Q4 investments to increase, leading to a seasonal EBITDA loss.

• Liquidity and capital resources are projected to be sufficient for at least the next 12 months.

• Entering 2027 with a larger, more mature membership base and increased operating leverage.