1Q26 Model Update

Research evidence excerpt

1Q26 Model Update

Health Care Facilities & Services

P3 Health Partners

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 21, 2026

Price: $13.86 (05/21/2026) 1Q26 Model Update

Price Target: $14.00 (Prior $3.00)

HOLD (2)

ESG SCORE: 69/100

Ryan Langston THE TD COWEN INSIGHT

646 562 1418

PIII reported 1Q26 adj EBITDA of $26m, well ahead of our est ($7m), and increased the

ryan.langston@tdsecurities.com

midpoint of EBITDA guidance +$30m. We are increasing our FY26 EBITDA to +$21m from a

Christian Borgmeyer, CFA previous ($51m); now est ~$170m of normalized EBITDA improvement yty. Our PT moves to

646 562 1430 $14, reflecting ~0.34x 2027E EV/Revenue. 1Q follows a general theme from payers/capitated

christian.borgmeyer@tdsecurities.com

providers with better-than-expected 1Q26 results

William Spivack

202 868 5302 1Q26 Key Call Commentary - PIII attributed the 1Q26 performance to improvement in payer

william.spivack@tdsecurities.com contract structure, operational execution, and an improving macro environment. They

Gary Taylor characterized these factors as durable changes rather than transitory tailwinds. MA funding

646 562 1450 improved 15% yty, and delegated functions expanded across 63% of membership. In the

gary.taylor@tdsecurities.com quarter, PIII benefited from ~$17m in favorable PYD and payer settlements (in about a 65%/35%

split). PIII increased FY26 EBITDA guidance from a previous ($20m) to +$40m to an updated

Key Data

+$20m to +$60m, citing the favorable PYD/payer settlements in 1Q26 as well as mgmt

Symbol NASDAQ: PIII

confidence in operating trajectory for the balance of the year.

Beta: 0.47

52-Week Range: $13.86-$1.52 Estimates & Price Target - We are raising our 2026/2027 Adj EBITDA estimates from ($51m)/