1Q26 Model Update

Research evidence excerpt

1Q26 Model Update

TD Cowen Privia Health Group

Global Research May 11, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

Privia operates a multi-state management services organization (MSO) that provides FFS rate- ■ Quarterly earnings

lift, RCM, EHR and practice management technology to primary physician practices that are ■ Deployment of B/S capital

just beginning their shift to VBC. PRVA’s still-predominant FFS exposure and its longer path ■ New market entry announcements

to global risk represent a scalable, lower-investment strategy today. PRVA is successfully ■ Shared savings program results

engaging a portion of the physician market that would like to stay independent while looking to

move into risk-sharing arrangements.

Base Case Assumptions Upside Scenario Downside Scenario

■ ~HSD% avg gross collections growth 2026 ■ >HSD% avg gross collections growth in ■ <HSD% avg gross collections growth 2026

■ As % of care margin, EBITDA margin 2026 ■ As % of care margin, EBITDA margin does

improves to ~29% in 2026 ■ As % of care margin, EBITDA margin not reach ~29% in 2026

improves beyond ~29% in 2026

Price Performance Company Description

Privia operates a multi-state management services organization (MSO) that provides revenue

$28

cycle and electronic medical records technology to majority and minority-owned physician

practices that are still primarily engaged in fee-for-service (FFS) primary care delivery.

The company’s proprietary end-to-end tech solution enables providers to practice more

24 efficiently. PRVA provides revenue cycle, payor contracting, online scheduling, virtual visits,

value reporting, referral and care management services. PRVA operates its MSO through a

22 percentage of collections + share of risk savings.