8-K - CLOV - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 14, 2026

CLOVER HEALTH INVESTMENTS, CORP.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-39252	98-1515192
(State or Other Jurisdiction	(Commission File Number)	(IRS Employer
of Incorporation)		Identification No.)	Address Not Applicable(1)	Address Not Applicable(1)
---	---
(Address of Principal Executive Offices)	(Zip Code)

Not Applicable(1)

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

	Trading
Title of each class	Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share	CLOV	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

(1) We are a remote-first company. Accordingly, we do not maintain a headquarters. For purposes of compliance with applicable requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, stockholder communications required to be sent to our principal executive offices may be directed to the email address: secretary@cloverhealth.com, or to our agent for service of process at The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801.

Item 7.01. Regulation FD Disclosure.

On December 16, 2025, Clover Health Investments, Corp. (the “Company”) issued a press release announcing that its Chief Executive Officer, Andrew Toy, will present at the 43rd Annual J.P. Morgan Healthcare Conference on Thursday, January 15, 2026, at 11:15 a.m. Eastern Time. A live webcast of the presentation will be accessible through the investor relations section of the Company’s website. The slide presentation to be used during the presentation is attached hereto as Exhibit 99.2 and incorporated herein by reference.

On January 14, 2026, the Company issued a press release announcing preliminary Medicare Advantage Annual Election Period ("AEP") results, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information set forth in this Item 7.01 (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

This Current Report on Form 8-K and accompanying exhibits (the "Form 8-K") contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding future events and Clover Health’s future results of operations, financial position, business strategy and future plans. Forward-looking statements are not guarantees of future performance, and you are cautioned not to place undue reliance on such statements. In some cases, you can identify forward looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “can,” “could,” “should,” “would,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “guidance,” “objective,” “plan,” “seek,” “grow,” “target,” “if,” “continue” or the negative of these words or other similar terms or expressions that concern Clover’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in the Form 8-K include, but are not limited to, expected 2026 GAAP Net Income profitability and Clover’s anticipated financial results associated with CMS’ Stars rating of 4.0 for Clover’s PPO MA plans for payment year 2026, its 2026 financial outlook, future membership growth and retention, Clover assistant usage and investment, CMS’ 2026 rate update, Part D direct subsidies, and cost efficiency initiatives, as well as our expectations related to Clover’s GAAP Net Income, liquidity, future performance, future operations and future results. These statements are subject to known and unknown risks, uncertainties and other factors that may cause Clover Health’s actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this Form 8-K. Forward-looking statements involve a number of judgments, risks and uncertainties, including, without limitation, risks related to: our expectations regarding results of operations, financial condition, and cash flows; our expectations regarding the development and management of our business; any current, pending, or future legislation, regulations or policies that could have a negative effect on our revenue, profit margins, cash flows and business, including rules, regulations and policies relating to healthcare, Medicare generally and medical loss ratios; our ability to successfully enter new service markets and manage our operations; anticipated trends and challenges in our business and in the markets in which we operate; our ability to effectively manage our beneficiary base and provider network; our ability to maintain and increase adoption and use of Clover Assistant, including the expansion of Clover Assistant for external payors and providers under the brand name Counterpart Assistant; the anticipated benefits associated with the use of Clover Assistant, including our ability to utilize the platform to manage our medical expenses; our ability to maintain or improve our Star Ratings or otherwise continue to improve the financial performance of our business; our ability to develop new features and functionality that meet market needs and achieve market acceptance; our ability to retain and hire necessary employees and staff our operations appropriately; the timing and amount of certain investments in growth; the outcome of any known and unknown litigation and regulatory proceedings; our ability to maintain, protect, and enhance our intellectual property; general economic conditions and uncertainty; persistent high inflation and fluctuating interest rates; and geopolitical uncertainty and instability. Additional information concerning these and other risk factors is contained in Clover Health’s most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2025, and in our subsequent filings with the SEC, in each case where relevant, including the Risk Factors sections therein, and in its other filings with the SEC. The forward-looking statements included in this Form 8-K are made as of the date hereof. Except as required by law, Clover Health undertakes no obligation to update any of these forward-looking statements after the date of this Form 8-K or to conform these statements to actual results or revised expectations.

Item 9.01. Financial Statements and Exhibits.

(d) List of Exhibits

Exhibit No.	Description
99.1	Press release dated January 14, 2026
99.2	Slide Presentation dated January 14, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Clover Health Investments, Corp.
Date:	January 14, 2026	By:	/s/ Peter Kuipers
		Name:	Peter Kuipers
		Title:	Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

ex991-pressreleasedatedj

Clover Health Announces 53% Growth in Medicare Advantage Membership During AEP, Increasing to 153,000 Members as of January 1, 2026; Expects First-Ever Full Year GAAP Net Income Profitability in 2026 ● Clover delivers market-leading Medicare Advantage growth, establishing a strong path to achieve its first-ever full year GAAP Net Income profitability in 2026. ● Disciplined, core-market growth, strong returning member retention, and improving cohort economics position Clover for compounding earnings and margin expansion. ● Powered by AI, Clover continues to bring industry-leading clinical quality to members, with ~97% of Clover’s January 1, 2026 membership in flagship PPO plan that is ranked #1 nationally on core HEDIS metrics. WILMINGTON, Del., Jan. 14, 2026 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover,” “Clover Health” or the “Company”), today announced 53% year- over-year membership growth in its Medicare Advantage (MA) PPO plans for the 2026 plan year. Following this strong Annual Enrollment Period (AEP), Clover enters 2026 with approximately 153,000 members, reflecting disciplined growth primarily in core markets, with strong retention, supporting Clover’s path toward expected full year 2026 GAAP Net Income profitability. Key AEP and Business Highlights: ● Strategic Growth: Clover reports a 53% Medicare Advantage membership increase year-over-year, achieved amidst a broader industry retreat, which is concentrated in established core markets where the Company maintains strong Clover Assistant (CA) coverage and a differentiated Home Care offering to deliver better care and drive improving cohort performance. ● Expects Full Year 2026 GAAP Net Income Profitability: Clover expects to be positioned to achieve first-ever Full Year GAAP Net Income profitability driven by strong cohort economics and efficiencies from continued SG&A leverage and optimization. ● Strong Visibility into Cohort Economics Improvement: Clover anticipates meaningful new member cohort improvement and continued strong returning cohort performance, complementing sustained growth and supported by: ○ Financial impact of 4.0 Stars during payment year 2026 for Clover’s PPO plans, ○ Favorable 2026 CMS final rate update & increased Part D direct subsidy, ○ Strong returning member retention, ○ Focus on increasing Clover Assistant coverage & PCP adoption, and ○ Continued operating leverage as SG&A efficiency improves with scale. ● Stable Benefits & Strong Member Retention: Clover strategically maintained stable plan benefits year-over-year, delivering >95% AEP member retention. This reinforces the stability of the Company’s membership base and the enduring value of Clover plan offerings to attract and retain members. This led to intentional PPO growth, with the vast

majority of Clover's new membership being MA switchers located within core markets, as expected. ● Industry-Leading Quality: >97% of Clover’s January 1, 2026 MA membership is in its flagship PPO plan, which is ranked as the #1 PPO plan nationally on core HEDIS quality measures for the second year in a row1, reinforcing the strength of Clover’s clinical and economic performance. "This year’s AEP performance shows what happens when robust plan benefits, Clover Assistant-enabled clinical performance, and a deepening market presence in local communities come together,” said Jamie Reynoso, CEO of Medicare Advantage at Clover Health. “We have replicated our AEP growth playbook from last year, and are proud to have exceeded our expectations in delivering market-leading growth this enrollment period. This is a direct result of targeted, sustainable, and concentrated growth in our core markets where we continue to scale Clover Assistant and Home Care to meet members where they are.” "We are entering 2026 on a strong financial trajectory," said Andrew Toy, Chief Executive Officer of Clover Health. "We believe this year will demonstrate the full power of Clover’s model: significant member growth and strong returning member retention, layered onto meaningfully improving cohort performance and the continued impact of Clover Assistant. Together, we believe these dynamics will create compounding earnings and margin expansion over time, which we expect to position Clover to deliver its first year of GAAP Net Income profitability in 2026.” Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding future events and Clover Health’s future results of operations, financial position, business strategy and future plans. Forward-looking statements are not guarantees of future performance, and you are cautioned not to place undue reliance on such statements. In some cases, you can identify forward looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “can,” “could,” “should,” “would,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “guidance,” “objective,” “plan,” “seek,” “grow,” “target,” “if,” “continue” or the negative of these words or other similar terms or expressions that concern Clover’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, expected 2026 GAAP Net Income profitability and Clover’s anticipated financial results associated with CMS’ Stars rating of 4.0 for Clover’s PPO MA plans for payment year 2026, its 2026 financial outlook, future membership growth and retention, Clover assistant usage and investment, CMS’ 2026 rate update, Part D direct subsidies, and cost efficiency 1 This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2024 Star ratings, applying the measure ranges used by CMS.

initiatives, as well as our expectations related to Clover’s GAAP Net Income, liquidity, future performance, future operations and future results. These statements are subject to known and unknown risks, uncertainties and other factors that may cause Clover Health’s actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Forward-looking statements involve a number of judgments, risks and uncertainties, including, without limitation, risks related to: our expectations regarding results of operations, financial condition, and cash flows; our expectations regarding the development and management of our business; any current, pending, or future legislation, regulations or policies that could have a negative effect on our revenue, profit margins, cash flows and business, including rules, regulations and policies relating to healthcare, Medicare generally and medical loss ratios; our ability to successfully enter new service markets and manage our operations; anticipated trends and challenges in our business and in the markets in which we operate; our ability to effectively manage our beneficiary base and provider network; our ability to maintain and increase adoption and use of Clover Assistant, including the expansion of Clover Assistant for external payors and providers under the brand name Counterpart Assistant; the anticipated benefits associated with the use of Clover Assistant, including our ability to utilize the platform to manage our medical expenses; our ability to maintain or improve our Star Ratings or otherwise continue to improve the financial performance of our business; our ability to develop new features and functionality that meet market needs and achieve market acceptance; our ability to retain and hire necessary employees and staff our operations appropriately; the timing and amount of certain investments in growth; the outcome of any known and unknown litigation and regulatory proceedings; our ability to maintain, protect, and enhance our intellectual property; general economic conditions and uncertainty; persistent high inflation and fluctuating interest rates; and geopolitical uncertainty and instability. Additional information concerning these and other risk factors is contained in Clover Health’s most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2025, and in our subsequent filings with the SEC, in each case where relevant, including the Risk Factors sections therein, and in its other filings with the SEC. The forward- looking statements included in this press release are made as of the date hereof. Except as required by law, Clover Health undertakes no obligation to update any of these forward-looking statements after the date of this press release or to conform these statements to actual results or revised expectations. About Clover Health: Clover Health (Nasdaq: CLOV) is a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare. This includes a focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. For our members, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. For healthcare providers outside Clover Health's Medicare Advantage plan, we extend the benefits of our data- driven technology platform to a wider audience via our subsidiary, Counterpart Health, and aim

to enable enhanced patient outcomes and reduced healthcare costs on a nationwide scale. Clover Health has published data demonstrating the technology’s impact on Medication Adherence, Congestive Heart Failure, Chronic Obstructive Pulmonary Disease, and in Underserved Populations as well as the earlier identification and management of Diabetes and Chronic Kidney Disease. Investor Relations: Ryan Schmidt investors@cloverhealth.com Press Inquiries: press@cloverhealth.com

ex992-slidepresentationd

Investor Presentation January 2026 LGTMs: Date: Andrew T. (CEO) LGTM 1/8/26 Peter K. (CFO) LGTM 1.7.26 Karen S. (Legal) LGTM 1.7.26

This presentation and the accompanying oral presentation include forward-looking statements, including, without limitation, statements regarding future events and Clover Health Investments, Corp.’s (“Clover Health,” “we,” “our,” or “us”) expectations regarding GAAP Net Income, Adjusted EBITDA, Adjusted Net income from continuing operations, Adjusted SG&A, Adjusted SG&A as a percentage of revenue, Insurance BER, Normalized Insurance BER (collectively, “non-GAAP financial measures,” as defined herein), targeted revenues, growth and profitability, contribution profit, future unregulated pro forma liquidity and cash, future results of operations, financial condition, guidance, market size and opportunity, business strategy and plans and the factors affecting our performance and our objectives for future operations. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under Item 1A. “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed on March 3, 2025 with the Securities and Exchange Commission (the “SEC”), as such risk factors may be updated in our subsequent filings with the SEC. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation and the accompanying oral presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward-looking statements are not guarantees of future performance and you are cautioned not to place undue reliance on such statements. The forward-looking statements included in this presentation and the accompanying oral presentation are made as of the date hereof. Except as required by law, Clover Health undertakes no obligation to update any of these forward-looking statements after the date hereof or to conform these statements to actual results or revised expectations. In addition to U.S. Generally Accepted Accounting Principles (“GAAP”) financial measures, this presentation and the accompanying oral presentation include non-GAAP financial measures that are non-GAAP financial measures are provided to enhance the reader’s understanding of Clover Health’s past financial performance and our prospects for the future. Non-GAAP financial measures are supplemental to and should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of historical non-GAAP financial measures to historical GAAP measures is included in the Appendix of this presentation. 2 Disclaimer

Positioned for 2026 GAAP Net Income Profitability 3 Strong Path to Success in 2026 Market-Leading Growth Industry-Leading Clinical Quality

~97% of members in current 4 Star payment year PPO Increasing 3rd party customers & onboarding more clinicians onto CA Strong medical cost trend & cohort economics, gaining SG&A leverage 4 2025 Accomplishments #1 PPO Plan Nationally on HEDIS Quality(3) Targeting Sustained Adjusted EBITDA Profitability(2) High retention in core markets, MA switchers, minimal e-broker exposure Rapidly Expanding CPH 3rd Party CA Use 2026 AEP Growth +53%, up from +27% in 2025(1) (1) Medicare Advantage membership growth as of the beginning of January 2026 as compared to January 2025, and beginning of January 2025 compared to January 2024. (2) Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as Net Income (Loss) from continuing operations before depreciation and amortization, loss on investment, stock-based compensation, premium deficiency reserve expense (benefit), restructuring (recoveries) costs, and non-recurring legal expenses and settlements. Adjusted EBITDA performance during the full-year 2025 is based on previously provided FY25 guidance in association with Clover Health’s November 4, 2025 earnings 8-K, and has not been updated since that time. (3) Achieved 4.94 and 4.72 out of 5 Stars on HEDIS measures for Star Rating years 2025 and 2026, respectively, both the top-performing score on core HEDIS measures for PPO Medicare Advantage plans nationwide. This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2023 & 2024 Star ratings, applying the measure ranges used by CMS. Clover Health will be paid on 4.0 Stars for its flagship PPO plans in Payment Year 2026; percentage of members in PPO plans is based on the month beginning January 2026 membership. Expect FY26 GAAP Net Income Profitability

5 Our Vision Empower Every Physician with Technology to Identify, Manage & Treat Chronic Diseases Earlier Earlier Diagnosis & Treatment Earlier Disease Management Higher Quality Clinical Care Affordable & Accessible Care

6 Our Company (1) Backed by strong IP portfolio with dozens of active / pending patents, including patents for Machine learning models for diagnosis suspecting, among many more that can be found here. Significant TAM & Market Runway AI-Powered Clover Assistant(1) Leading Medicare Advantage physician enablement technology company focused on wide network PPO Differentiated Home Care Strategic Market Leading Growth

Investment Highlights 7 AI Leader in Medicare Advantage Scales automatically alongside commercial LLM innovation Models trained to support improved clinical outcomes Platform built AI-first to enable physician-led care Model Drives Sustainable Growth +53% Growth, >95% retention, stable YoY benefits Strong & improving cohort economics #1 PPO Plan nationally on HEDIS quality measures(1) (1) Clover Health’s Medicare Advantage PPO plans received a score of 4.72 on HEDIS for the Plan Year 2026, Payment Year 2027 Star ratings, which is the #1 score on HEDIS quality measures in the nation for PPO. This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2024 Star ratings, applying the measure ranges used by CMS. Empowers Any Doctor on Wide Network PPO

8 Diabetes Earlier Diagnosis (1) This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2024 Star ratings, applying the measure ranges used by CMS. (2) “Clover Assistant Use and Diagnosis and Progression of Chronic Kidney Disease” www.cloverhealth.com/clinicalcare/ckd; “Clover Assistant Use and Diagnosis, Treatment, and Progression of Diabetes” www.cloverhealth.com/clinicalcare/diabetes; “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Heart Failure Care” https://cdn.counterparthealth.com/whitepapers/2025_05_chf_whitepaper.pdf; “Counterpart Assistant Drives Clinical Excellence”, for detailed methodology and the HEDIS performance of the broader industry visit, please see here; “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Chronic Obstructive Pulmonary Disease Care” https://cdn.counterparthealth.com/whitepapers/2025_08_copd_whitepaper.pdf; “Bridging the Divide: Counterpart Assistant Use by PCPs in Underserved Chronic Disease Populations Associated with Earlier Diagnosis and Less Frequent Hospitalization” https://cdn.counterparthealth.com/whitepapers/counterpart-sedn.pdf Socioeconomically Disadvantaged Impact COPD Fewer Hospitalizations CHF Fewer Hospitalizations Leader in AI Enabled Clinical Improvement CKD Earlier Diagnosis HEDIS #1 PPO Nationwide(1) Clover is at the forefront of applying AI in practice to drive real-world clinical results and improved patient outcomes(2)

9 Model Fundamentals Enable Profitability on Market-Leading Growth

Anticipate >$70 PMPM revenue tailwind from 4 Star rating & favorable rate update, complementing +53% membership growth YoY 10(1) Contribution Profit (Loss) ($PMPM) represents Incurred contribution profit (loss), per member per month (PMPM) year-to-date as of the period ended September 30, 2025. Contribution profit (loss) calculated taking the cohort Gross Profit less the member acquisition costs and variable SG&A on a PMPM basis. (2) Clover Health will be paid on 4.0 Stars for its flagship PPO plans in Payment Year 2026. Clear Line of Sight to Meaningful New Member Cohort Economic Improvement Medicare Advantage Membership New Member Contribution Profit (Loss) ($PMPM)(1) +53% Growth YoY +27% Growth YoY 4 Stars(2) & Rate Impact

11 Drivers Reinforcing Better Cohort Economics Strong returning member retention Increasing Clover Assistant coverage Continued operating leverage as SG&A efficiency improves with scale Favorable 2026 CMS final rate update & Increased Part D direct subsidy Financial impact of 4.0 Star 2026 payment year

12(1) Clover Health cohort information represents incurred membership data from dates of service including 2021 through the third quarter ended 2025. Within any given performance year, Gross Profit $ PMPM differential represents the member weighted average difference between Year 2 and Year 1 cohorts, as well as Year 3 and Year 1 cohort differentials. Inclusive of both Clover Assistant and non Clover Assistant cohorts. (2) MCR differentials represent the difference between the aggregate MCR across the CA cohorts in a Tenure Group and the aggregate MCR across the Non-CA cohorts in a Tenure Group. Clinical Model Increases Member Lifetime Value Cohorts perform increasingly better over time, establishing foundation for long-term MA success Insurance Gross Profit ($PMPM) Differential by Year(1) Clover Assistant MCR Differential by Tenure(2)

Differentiated Layering Effect Improving Cohort Economics Membership Growth Growing Membership 13 Improving Cohorts + Growing Membership = Compounding Profitability Over Time Layered Cohort Profitability Note: Illustrative, Not to Scale.

Counterpart Health Brings Clover’s AI Technology to Every Medicare-Eligible Life 14

Goal: Increasing total lives on Counterpart to equal & exceed those on Clover’s Medicare Advantage Plan (1) Clover Health’s Medicare Advantage PPO plans received a score of 4.72 on HEDIS for the Plan Year 2026, Payment Year 2027 Star ratings, which is the #1 score on HEDIS quality measures in the nation. This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2024 Star ratings, applying the measure ranges used by CMS. (2) For Clover MA members whose PCPs use CA as compared to those whose PCPs do not. Differential represents the difference between the aggregate MCR across the CA cohorts and the aggregate MCR across the Non-CA cohorts. (3) A clinician is considered “live on CA” for these statistics if they completed their individual account registration. YoY data is for November 18, 2024 through November 18, 2025. Bringing Clover’s Care Model to More Plans & Providers Nationwide 15 Proven AI-Powered Clinical Software SaaS & Tech-Enabled Services Rapidly Expanding User Base Extensive Nationwide Opportunity New revenue model Established product market fit #1 Nation PPO HEDIS(1) Improves MCR 1,500+ bps(2) CA beyond core MA markets +450% YoY customer users(3) Scaling CPH alongside growing MA profit engine

16 Across customers, the same core challenges consistently & increasingly emerge MA Payors (Primary Path) Risk-Bearing Providers & Aggregators MCRs Pressured Stars Performance Fragmented Data Independent PCP Performance Resonating with Customers

Proven PPO Advantage in Clover MA Plan Novel clinical insights at the point-of-care Nation-Leading PPO HEDIS(1) Performance Driven by Counterpart's HEDIS flywheel Unified Platform Across Risk, Quality, & Cost Hundreds of sources centralized into single longitudinal solution 17 Industry Reality Counterpart Health A Uniquely Proven & Repeatable Solution Wide Network PPO Pressure Stars Pressure Fragmented Tools Independent PCP Reach Limited Enterprise-Grade Capabilities; Rapid Integration Deployable across large systems & independent practices nationwide #1 PPO HEDIS ~1,500 MCR Differential (1) Clover Health’s Medicare Advantage PPO plans received a score of 4.72 on HEDIS for the Plan Year 2026, Payment Year 2027 Star ratings, which is the #1 score on HEDIS quality measures in the nation. This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2024 Star ratings, applying the measure ranges used by CMS.

Looking Ahead 18

Counterpart Health Expansion: Accelerate CA adoption to more clinicians beyond core MA plan markets Expect to Deliver FY26 GAAP Net Income Profitability: Expect meaningfully improved new member contribution profit, strong returning member performance, continued SG&A leverage & optimization (1) Clover Health will be paid on 4.0 Stars for its flagship PPO plans in Payment Year 2026. Our Focus for 2026 19 Market Leading, Self-Funded Growth: Benefit from 4 Stars(1), strong retention, stable benefits & industry pullback Maintain Industry-Leading Clinical Quality & Outcomes: Focus on Stars improvement & increase coverage of CA powered care

Q&A 20

Appendix

Well-Rounded Management Team of Technology Experts & Seasoned Managed Care Professionals Vivek Garipalli Executive Chairman ______________________________________________________________________________________________ >20 years of healthcare & financial leadership Andrew Toy Chief Executive Officer __________________________________________________________________________________________________________________________________ >20 years of technology & healthcare leadership Peter Kuipers Chief Financial Officer _____________________________________________________________________________ >25 years of financial & technology leadership Jamie Reynoso Divisional CEO of Medicare Advantage _____________________________________________________________________________ >30 years of healthcare leadership Brady Priest Divisional CEO of Home Care _____________________________________________________________________________ >20 years in industry Aric Sharp Divisional CEO of Value Based Care _____________________________________________________________________________ >25 years in industry Conrad Wai CEO of Counterpart Health _____________________________________________________________________________ >15 years of technology experience Rachel Fish Chief People Officer _____________________________________________________________________________ >15 years in industry Wendy Richey Chief Compliance Officer _____________________________________________________________________________ >40 years in industry Karen Soares General Counsel _____________________________________________________________________________ >20 years of legal experience Theresa Mirell SVP, Business Enablement _____________________________________________________________________________ >15 years in industry 22 From Prior IR Deck

Designed to improve quality of care Having Supported Clinical Decision-Making for Thousands of Practitioners 23 Novel clinical insights at point-of-care Enhanced care coordination 100+ AI / ML models powering treatment recommendations Captures & synthesizes data from 100+ sources Generating millions of clinically oriented and personalized insights From Prior IR Deck

Longitudinal care to most at-risk; via CA-powered Physician-led pods Clover’s Approach Clinical, physician enablement, AI-Powered technology Earlier disease identification & management & subsequent care treatment Not focused on Risk Delegation Wide network PPO; Focused on affordability / accessibility Home Care Technology Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software 24 Risk Delegation / Capitation Care Strategy (1) Represents third quarter 2025 YTD Insurance Benefits expense ratio (“BER”) for Clover Health, as well as most recent results of other public companies with “Traditional MA Plan” approaches that have reported results as of the time of this presentations deck publication. Insurance BER is a non-GAAP financial measure. We calculate our Insurance BER by taking the total of Insurance net medical expenses incurred and quality improvements, and dividing that total by premiums earned on a net basis, in a given period. Please refer to Non-GAAP Financial Measures provided in Appendix A in the November 4, 2025 earnings press release for a reconciliation of BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure. Network Construct Outsourced one-time visits; Primarily rely on nurses & nursing assistants Traditional MA Approaches InsurTech, back-office & administrative Delayed / reactive healthcare, and/or downstream risk delegation Large focus / reliance Majority HMO approach; Narrow choice 3Q25 YTD Performance(1) High 80% to low 90% loss ratios; with industry average MA membership growth +4% YoY BER of 89.4% with MA membership growth +35% YoY From Prior IR Deck

Better AI Clinical Insights 25 Clear Line of Sight to Sustainable Growth Year 2 of Above-Market Growth Same strategy; accelerating in 2026 Expected Cohort Economics Consistent execution; no surprises 2026: Replicated Growth Playbook Manageable Membership Growth Clean, intentional, core-market PPO growth Stable Benefits Year-over-Year Predictable growth; high retention 2025: Returned to Growth 2 1 34 5 Improved Health & Quality Outcomes Drive MA Growth & Increased CA Coverage Reinvest in Benefits Reduced Total Cost of Care

Stable benefits YoY; technology moat Precise Growth Amidst Industry Retreat 26 Medicare Advantage Membership Exceeding Expectations with Market Leading +53% MA Membership Growth(1) >95% AEP retention; improved YoY ~97% of members in 4 Star PPO plan for Payment Year 2026(2) Minimal e-broker exposure ~85% MA switcher new sales Primarily core market growth (1) Medicare Advantage membership growth as of the beginning of January 2026, as compared to January 2025. (2) Clover Health will be paid on 4.0 Stars for its flagship PPO plans in Payment Year 2026. The Company achieved a 4.0 Star Rating for Payment Year 2026 for its PPO plans. Percentage of members in PPO plans is based on the month beginning January 2026 membership. +53% Growth YoY +27% Growth YoY

27Source: CMS, Kaiser Family Foundation. (1) 2025 NJ market share data represents total MA enrollees for the quarter ended September 2025. New Jersey Medicare Advantage spend is calculated using NJ enrollment as percentage of national as proxy for spending. Meaningful Runway for Medicare Advantage Expansion within Core New Jersey Markets Core Market Dynamics Strong & stable benefit offering focused on low OOP costs Competitors signaling 2026 pullback Achieved NJ largest net growth in 2025 CLOV #3 total MA market share / #2 Individual Non-SNP market share ~743K ~1MNJ MA Enrollment: NJ MA Spend Significant New Jersey Growth Opportunity(1) ~13% Market Share

28 Strong Retention & Strategic Growth Increasingly Better Performing Cohorts Significantly Improved New & Returning Contribution Profit Driving market-leading growth with anticipated improvement toward expected FY26 GAAP Net Income Profitability Unique Framework for Increasing Growth + Profitability

29 A Different Approach to Empowering Accessible & Affordable Healthcare Technology-Centric Care Platform Better Chronic Disease Management Built for an aging population & the future of Medicare, we enable value-based outcomes for fee-for-service physicians Physician enablement technology, powered by AI Longitudinal care for highest risk via Clover Assistant powered, MD-led teams Clinical outcomes improved, reducing total cost of care, nation-leading HEDIS measures(2) Better care for chronic diseases. Demonstrated by impact on CHF, COPD, CKD, Diabetes, and Underserved Communities(1) (1) “Clover Assistant Use and Diagnosis and Progression of Chronic Kidney Disease” www.cloverhealth.com/clinicalcare/ckd; “Clover Assistant Use and Diagnosis, Treatment, and Progression of Diabetes” www.cloverhealth.com/clinicalcare/diabetes; “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Heart Failure Care” https://cdn.counterparthealth.com/whitepapers/2025_05_chf_whitepaper.pdf; “Counterpart Assistant Drives Clinical Excellence”, for detailed methodology and the HEDIS performance of the broader industry visit, please see here; “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Chronic Obstructive Pulmonary Disease Care” https://cdn.counterparthealth.com/whitepapers/2025_08_copd_whitepaper.pdf; “Bridging the Divide: Counterpart Assistant Use by PCPs in Underserved Chronic Disease Populations Associated with Earlier Diagnosis and Less Frequent Hospitalization” https://cdn.counterparthealth.com/whitepapers/counterpart-sedn.pdf (2) Clover Health’s Medicare Advantage PPO plans achieved 4.94 and 4.72 out of 5 Stars on HEDIS measures for Star Rating years 2025 and 2026, respectively, both the top-performing score on core HEDIS measures for PPO Medicare Advantage plans nationwide. This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2023 & 2024 Star ratings, applying the measure ranges used by CMS. From Prior IR Deck

Care Platform: Clover Assistant is the Leader in Clinical AI Millions of clinical documents, collected & reconciled Synthesis of 100+ Data Sources Robust IP and patent portfolio(1) Insights from >100 Proprietary Models Surfacing relevant clinical suggestions at time of encounter Clinical Orientation, Dynamic Actions Early Diagnosis & Treatment Patient-Specific Insights & Next Steps Care Gaps: Preventative + Chronic Care Medication Adherence Transitional Care & ADT Population Health Management Data Deduplication / Normalization Enriched Clinical Data Repository Post-Discharge Encounter Mappings Machine Learning (ML) & AI Models for Diagnosis Suspecting Empowering physicians to practice medicine using their clinical judgement 30 EHR Data Evidence-Based Protocols Lab Data PCP & Specialist Charts Claims Data Pharmacy Data From Prior IR Deck (1) Backed by strong IP portfolio with dozens of active / pending patents, including patents for Machine learning models for diagnosis suspecting, among many more that can be found here.

Clover Home Care Cohort has Significantly Improved MCR from 2021 to 2024(1) Care Platform: Differentiated Home Care at Critical Moments Higher Disease Acuity Lower Disease Acuity Clover Assistant Powered Network PCPs Care Intensity (1) Our data shows that since 2021, MCRs for members enrolled in our In-Home Care program (highest acuity population) have decreased over a 3 year period. Longitudinal, MD-led, primary care in the home for highest acuity population Readmission prevention and post-acute Assessment visits for unknown / emerging risk Clover Home Care 31 From Prior IR Deck

Clover Health 4.72 / 5 Stars on HEDIS Measures for Star Rating Year 2026, continuing to drive exceptional clinical quality for members(1) 32 (1) Clover Health’s Medicare Advantage PPO plans received a score of 4.72 on HEDIS for the Plan Year 2026, Payment Year 2027 Star ratings; The Company achieved an overall 3.5 Star Rating for financial Payment Year 2027 for its PPO plans. This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2023 & 2024 Star ratings, applying the measure ranges used by CMS. Clover Top Rated PPO Plan in the Nation on HEDIS Measures for the Second Consecutive Year(1) From 3Q25 Supp. Deck

Differentiated Impact in Socioeconomically Disadvantaged: Higher diagnosis rates, earlier disease detection, and fewer all-cause inpatient hospitalizations (8% to 21% fewer), and 30-day readmissions (12% to 21% fewer) across patients with diabetes, CKD, CHF, and COPD HEDIS (Stars Measure): Use of Clover Assistant helped achieve 4.94 and 4.72 out of 5 Stars on HEDIS measures for Star Rating years 2025 and 2026, respectively, both the top-performing score on core HEDIS measures for PPO Medicare Advantage plans nationwide 33 Better Health Outcomes Across Chronic Conditions Clover Assistant Whitepapers and Case Studies(1) Diabetes: Earlier diagnosis, leading to earlier treatment (~36 months earlier on average), reduced reliance on insulin, and lower incidence of hypoglycemia Chronic Kidney Disease (CKD): Earlier diagnosis of CKD stage 3 and higher (~18 months earlier on average). Even more significant for seniors in areas of higher deprivation, including rural America, where CKD disproportionately impacts seniors Congestive Heart Failure (CHF): Lower all-cause hospitalizations (18% lower) and 30-day readmissions (25% lower) Chronic Obstructive Pulmonary Disease (COPD): Lower all-cause hospitalizations (15% lower) and 30-day readmissions (18% lower) Using proprietary AI & ML models, Clover Assistant improves care coordination for doctors and is correlated with improved patient health outcomes (1) “Clover Assistant Use and Diagnosis and Progression of Chronic Kidney Disease” www.cloverhealth.com/clinicalcare/ckd; “Clover Assistant Use and Diagnosis, Treatment, and Progression of Diabetes” www.cloverhealth.com/clinicalcare/diabetes; “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Heart Failure Care” https://cdn.counterparthealth.com/whitepapers/2025_05_chf_whitepaper.pdf; “Counterpart Assistant Drives Clinical Excellence”, for detailed methodology and the HEDIS performance of the broader industry visit, please see here; “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Chronic Obstructive Pulmonary Disease Care” https://cdn.counterparthealth.com/whitepapers/2025_08_copd_whitepaper.pdf; “Bridging the Divide: Counterpart Assistant Use by PCPs in Underserved Chronic Disease Populations Associated with Earlier Diagnosis and Less Frequent Hospitalization” https://cdn.counterparthealth.com/whitepapers/counterpart-sedn.pdf From 3Q25 Supp. Deck

Note: Case study outlines how CA empowers Primary Care Providers (PCPs) who care for patients in socioeconomically disadvantaged neighborhoods (“SEDN” Patients), with advanced clinical technology not usually available to resource constrained practices. “Bridging the Divide: Counterpart Assistant Use by PCPs in Underserved Chronic Disease Populations Associated with Earlier Diagnosis and Less Frequent Hospitalization” https://cdn.counterparthealth.com/whitepapers/counterpart-sedn.pdf (1) Higher new diagnosis rates among members from disadvantaged areas joining a Clover MA plan from another MA plan in their first year post-enrollment. Less acute care utilization: Across patients with diabetes, CKD, CHF, and COPD → fewer all-cause inpatient hospitalizations (8% to 21% fewer), and 30-day readmissions (12% to 21% fewer) Diagnosis at Earlier Stages: Patients from this population with CKD first diagnosed on average during Stage 2, versus more advanced Stage 3A. Patients with diabetes diagnosed with better A1C levels, on average Higher Diagnosis Rates(1) of diabetes (75% higher), CKD (89% higher), CHF (89% higher) and COPD (70% higher) Clover Assistant Enables Better Care for Patients from Socioeconomically Disadvantaged Neighborhoods 34 Case study demonstrates Clover Assistant’s ability to help PCPs to better identify & manage diseases for disadvantaged members From 3Q25 Supp. Deck

Note: Kidney Function measured via GFR (Glomerular Filtration Rate). (1) “Clover Assistant Use and Diagnosis and Progression of Chronic Kidney Disease” www.cloverhealth.com/clinicalcare/ckd Earlier Diagnosis Leads to Earlier Treatment Example: Chronic Kidney Disease ~1.5 years CA Patients Non-CA Patients Diagnosed CKD Stage 3 Diagnosed CKD Stage 3 Time (Years) CKD is diagnosed earlier and disease trajectory improves in patients seen by providers using Clover Assistant(1) K id ne y Fu nc tio n (G FR ) 35 From Prior IR Deck Clover Health Whitepaper

Note: This slide reflects our examination of data from Clover Health members who had no previously recorded diagnosis of diabetes, were flagged by the ‘at-risk’ algorithm in Clover Assistant, and where the clinician had a visit informed by Clover Assistant data (2018 - 2022) and the clinician confirmed diabetes. (1) Represents percentage (%) of pre-existing diagnoses similar in the two groups. (2) “Clover Assistant Use and Diagnosis, Treatment, and Progression of Diabetes” www.cloverhealth.com/clinicalcare/diabetes Days Since Clover Assistant Visit M em be rs N ew ly D ia gn os ed w ith D ia be te s (1 ) Earlier Diagnosis Leads to Earlier Treatment Example: Diabetes Patients started on oral diabetic medications after Clover Assistant raised potential diabetes diagnosis for physician consideration(2) D ia be te s M ed ic at io n Fi lls 36 Clover Health WhitepaperFrom Prior IR Deck

Earlier Diabetes Treatment Leads to: Note: This slide reflects our examination of data from Clover Health members who had no previously recorded diagnosis of diabetes, were flagged by the ‘at-risk’ algorithm in Clover Assistant, and where the clinician had a visit informed by Clover Assistant data (2018 - 2022) and the clinician confirmed diabetes. (1) “Clover Assistant Use and Diagnosis, Treatment, and Progression of Diabetes” www.cloverhealth.com/clinicalcare/diabetes Diabetes Diagnosed & Managed ~3 Years Earlier(1) Lower Use of Insulin(1) Lower Instances of Hypoglycemia(1) Oral Meds Started Oral Meds Started Non-CA Patients CA Patients Time (Years) B lo od S ug ar In di ca to r (H bA 1c ) Non-CA Patients CA Patients Pe rc en ta ge T ak in g In su lin Days Since Oral Meds Started Non-CA Patients CA Patients Pe rc en ta ge w ith H yp og ly ce m ia E ve nt Days Since Oral Meds Started 37 Clover Health WhitepaperFrom Prior IR Deck

Av er ag e N um be r i n 20 24 Clover Assistant Supports Better Clinical Outcomes Example: Congestive Heart Failure (“CHF”) 38 Clover Assistant PCP relationship associated with better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day readmissions for members with CHF(1) (25%) (18%) CA CHF Cohort Non-CA CHF Cohort Hospitalization & Readmissions for CHF Patients Note: Case study outlines how CA supports provider management of patients with Congestive Heart Failure (CHF) in the Clover Health MA plans, and its association with improved clinical care and outcomes in 2024. (1) “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant's Role in Heart Failure Care” www.counterparthealth.com/results Clover Health WhitepaperFrom Prior IR Deck

Av er ag e N um be r i n 20 24 39 Clover Assistant PCP relationship associated with better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day readmissions for members with COPD(1) (18%) (15%) CA COPD Cohort Non-CA COPD Cohort Hospitalization & Readmissions for COPD Patients Note: Case study outlines how CA supports provider management of patients with Chronic obstructive pulmonary disease (COPD) in the Clover Health MA plans, and its association with improved clinical care and outcomes in 2024. (1) “Driving Clinical Excellence in Chronic Disease: Counterpart Assistant’s Role in Chronic Obstructive Pulmonary Disease Care” https://cdn.counterparthealth.com/whitepapers/2025_08_copd_whitepaper.pdf Clover Health Whitepaper Chronic Obstructive Pulmonary Disease (“COPD”) Significantly Lower Rates of Inpatient Hospitalizations: 15% fewer all-cause hospitalizations 18% fewer 30-day readmissions From Prior IR Deck

Medication fills increased by ~5% on the day of the Clover Assistant visit and remained ~3% higher 90 days post-visit among patients previously non-adherent to their medications for diabetes, high blood pressure, and high cholesterol(1) Days Since Visit Note: Analyses examined data from Clover Health Medicare Advantage plan members from 2018, 2019, 2022, and 2023. We intentionally excluded data from 2020 and 2021 to minimize the impact of the COVID-19 pandemic’s disruption of the healthcare system, including medication-related behaviors. (1) “Clover Assistant Use and Medication Adherence for Common Chronic Conditions” www.cloverhealth.com/clinicalcare/medadherence Pe rc en t w ith M ed ic at io n Fi ll Clover Assistant Correlated with Improved Medication Adherence CA with Medication Adherence Feature CA without Medication Adherence Feature 40 Clover Health WhitepaperFrom Prior IR Deck

41(1) The table above includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these non-GAAP measures, see Appendix A in the November 4, 2025 earnings press release. CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) AND NORMALIZED INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) Non-GAAP Financial Measures From 3Q25 Supp. Deck

42 About Non-GAAP Financial Measures We use non-GAAP measures in this presentation, including Adjusted EBITDA, Adjusted Net income from continuing operations, Adjusted SG&A, Insurance BER, and Normalized Insurance BER. These non-GAAP financial measures are provided to enhance the reader’s understanding of Clover Health’s past financial performance and our prospects for the future. Clover Health’s management team uses these non-GAAP financial measures in assessing Clover Health’s performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP, and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental to and should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP measures, which are included earlier in this presentation, together with other important financial information included in our filings with the SEC and on the Investor Relations page of our website at investors.cloverhealth.com. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see Appendix A in the November 4, 2025 earnings press release: "Explanation of Non-GAAP Financial Measures." From 3Q25 Supp. Deck