#1Capital Markets Investor Presentation November 16, 2021 Davita © 2021 DaVita Inc. All rights reserved.#2Context, Non-GAAP Measures and Forward-Looking Statements Context. DaVita is a Fortune 500Ⓡ health care provider focused on transforming care delivery to improve quality of life for patients. We are committed to patient-centric care and achieving strong clinical outcomes for our patients. This is a presentation for our stockholders and potential investors and thus will focus on the financial aspects of the business. Non-GAAP Measures. During this presentation we will discuss certain non-GAAP financial measures. A reconciliation of historical non-GAAP measures to the most comparable GAAP financial measures can be found elsewhere in this presentation. We do not provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These non-GAAP financial measures do not include certain items that are included in our GAAP results, including items such as impairment charges, (gain) loss on ownership changes, restructuring charges, accruals for legal matters and debt prepayment and refinancing charges, any of which may be significant. Forward-Looking Statements. In addition, DaVita Inc. and its representatives may from time to time make written and oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"), including statements in this presentation, filings with the Securities and Exchange Commission ("SEC"), reports to stockholders and in meetings with investors and analysts. All statements in this presentation, other than statements of historical fact, are forward-looking statements and as such are intended to be covered by the safe harbor for "forward-looking statements" provided by the PSLRA. Without limiting the foregoing, statements including the words "expect," "intend," "will," "could," "plan," "anticipate," "believe," "forecast," "guidance," "outlook," "goals," and similar expressions are intended to identify forward-looking statements. These forward-looking statements include but are not limited to statements regarding our future operations, financial condition and prospects, such as our financial guidance for future periods and the assumptions underlying such projections; the expected future impacts of the novel coronavirus (COVID-19), including on our revenues, treatment volumes, availability or cost of supplies, mix expectation, such as the percentage or number of patients under commercial insurance, capacity utilization, travel and expenses, the continuing impact on the U.S. and global economies, and overall impact on our patients and teammates; as well as other statements regarding our expectations for integrated and value-based care programs and integrated care economics, including expected growth in the patient population managed by these programs; our anticipated growth of the home dialysis program; plans for acquisitions and other strategic transactions; expected Medicare rate increases and sequestration; expectations for Medicare Advantage Choice; outlook for commercial and government rates and mix; labor cost expectations; costs associated with future ballot initiatives; anticipated international growth; anticipated impacts of investments in innovative transplant care; our goals for environmental and sustainability initiatives, some of which are aspirational; our ongoing stock repurchase program; and debt expenses, among other things. Our actual results and other events could differ materially from any forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things: the continuing impact of the dynamic and evolving COVID-19 pandemic, including, without limitation, on our patients, teammates, physician partners, suppliers, business, operations, reputation, financial condition and results of operations; the government's response to the COVID-19 pandemic, including, among other things, federal, state and local vaccine mandates or surveillance testing requirements; the availability, acceptance, impact and efficacy of COVID-19 vaccines, treatments and therapies; further spread or resurgence of the virus, including as a result of the emergence of new strains of the virus, such as the Delta variant; the continuing impact of the pandemic on our revenue and non-acquired growth due to lower treatment volumes; the pandemic's continuing impact on the U.S. and global economies, unemployment, labor market conditions, inflation and evolving monetary policies; any potential negative impact on our commercial mix, which may persist even after the pandemic subsides; and continuing COVID-19-related costs, such as increased costs to procure equipment and clinical supplies, and higher salary and wage expense driven in part by labor market conditions and a high demand for our clinical personnel, any of which may also have the effect of heightening many of the other risks and uncertainties discussed below; the concentration of profits generated by higher-paying commercial payor plans for which there is continued downward pressure on average realized payment rates, and a reduction in the number or percentage of our patients under such plans, including, without limitation, as a result of restrictions or prohibitions on the use and/or availability of charitable premium assistance, which may result in the loss of revenues or patients, or our making incorrect assumptions about how our patients will respond to any change in financial assistance from charitable organizations; our ability to successfully implement our strategies with respect to home-based dialysis, value-based care and/or integrated kidney care in the desired time frame and in a complex, dynamic and highly regulated environment, including, among other things, maintaining our existing business; recovering our investments; entering into agreements with payors, third party vendors and others on terms that are competitive and, as appropriate, prove actuarially sound; structuring agreements and arrangements to comply with evolving rules and regulations; and further developing our integrated care and other capabilities to provide competitive programs at scale; the extent to which the ongoing implementation of healthcare reform, or changes in or new legislation, regulations or guidance, enforcement thereof or related litigation or court decisions result in a reduction in coverage or reimbursement rates for our services, a reduction in the number of patients enrolled in higher-paying commercial plans or that are enrolled in or select Medicare Advantage plans or other material impacts to our business; or our making incorrect assumptions about how our patients will respond to any such developments; a reduction in government payment rates under the Medicare End Stage Renal Disease program or other government-based programs and the impact of the Medicare Advantage benchmark structure; risks arising from potential changes in laws, regulations or requirements applicable to us, such as potential and proposed federal and/or state legislation, regulation, executive action, judicial action or other initiatives, including those related to healthcare and/or labor matters, such as the AB 290 ballot initiative in California or the case pending before the U.S. Supreme Court regarding the scope and interpretation of the Medicare as Secondary Payor Act; the impact of the political environment and related developments on the current healthcare marketplace and on our business, including with respect to the Affordable Care Act, the exchanges and many other core aspects of the current healthcare marketplace, as well as the composition of the U.S. Supreme Court and the current presidential administration and congressional majority; our ability to attract, retain and motivate teammates and our ability to manage operating cost increases or productivity decreases whether due to union organizing activities, legislative or other changes, demand for labor, volatility and uncertainty in the labor market, the current highly competitive labor market conditions, or other reasons; noncompliance by us or our business associates with any privacy or security laws or any security breach by us or a third party involving the misappropriation, loss or other unauthorized use or disclosure of confidential information; changes in pharmaceutical practice patterns, reimbursement and payment policies and processes, or pharmaceutical pricing, including with respect to hypoxia inducible factors, among other things; legal and compliance risks, such as our continued compliance with complex, and at times, evolving government regulations and requirements; continued increased competition from dialysis providers and others, and other potential marketplace changes, including increased investment in and availability of funding to new entrants in the dialysis and pre-dialysis marketplace; our ability to maintain contracts with physician medical directors, changing affiliation models for physicians, and the emergence of new models of care introduced by the government or private sector that may erode our patient base and reimbursement rates, such as accountable care organizations, independent practice associations and integrated delivery systems; our ability to complete acquisitions, mergers, dispositions, joint ventures or other strategic transactions that we might announce or be considering, on terms favorable to us or at all, or to integrate and successfully operate any business we may acquire or have acquired, or to successfully expand our operations and services in markets outside the United States, or to businesses outside of the provision of dialysis; the variability of our cash flows, including without limitation any extended billing or collections cycles; the risk that we may not be able to generate or access sufficient cash in the future to service our indebtedness or to fund our other liquidity needs; and the risk that we may not be able to refinance our indebtedness as it becomes due, on terms favorable to us or at all; factors that may impact our ability to repurchase stock under our stock repurchase program and the timing of any such stock repurchases, as well as our use of a considerable amount of available funds to repurchase stock; risks arising from the use of accounting estimates, judgments and interpretations in our financial statements; impairment of our goodwill, investments or other assets; and the other risk factors, trends and uncertainties set forth in our Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, and the risks and uncertainties discussed in any subsequent reports that we file or furnish with the SEC from time to time. The forward-looking statements should be considered in light of these risks and uncertainties. All forward-looking statements in this presentation are based solely on information available to us on the date of this presentation. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law. Industry and Market Data. Market data and certain industry data and forecasts used throughout this presentation were obtained from sources we believe to be reliable, including market research databases, publicly available information, reports of governmental agencies and industry publications and surveys, but we have not independently verified any third-party sources. Forecasts are particularly likely to be inaccurate over long periods of time. These and other factors could cause actual results and other events to differ materially from those expressed in the estimates made by third parties and by us. 2 © 2021 DaVita Inc. All rights reserved.#3Our journey Who we are 3 © 2021 DaVita Inc. All rights reserved. Where we're going Key Financial Drivers / Outlook#4Recognizing our heroes 2021 DaVita Inc. All rights reserved. RESPECT YEALING The ALL-PAME The Village Lives The Village Lives The Village The Village The Village Lives Lives The Village Lives WECARE Davita Davita. WE STAY AT WORK FOR YOU YOU STAY AT HOME FOR US Davita. Kidney Care Kidney Care Davita#55 Longstanding focus on improving outcomes From 2017-2019: 7% reduction in Hospitalizations 4% reduction in Mortality © 2021 DaVita Inc. All rights reserved.#6Consistent leadership on publicly reported data 2017 FIVE-STAR CENTER RATED BY CMS CENTERS FOR MEDICARE & MEDICAID SERVICES 2018 FIVE-STAR CENTER RATED BY CMS CENTERS FOR MEDICARE & MEDICAID SERVICES STOP Wish You and & Before SMOKING 2019 FIVE-STAR CENTER RATED BY CMS CENTERS FOR MEDICARE & MEDICAID SERVICES 2020 FIVE-STAR CENTER RATED BY CMS CENTERS FOR MEDICARE & MEDICAID SERVICES Note: CMS did not report for 2021 due to COVID 6 © 2021 DaVita Inc. All rights reserved. WECAR STANLEY Davita. STOP Be DID YOU WASH YOUR REPU STOP!!!! WASH 2 NOTICE Use hand sanitizer#7Expanding access to quality care across our global footprint International clinical outcomes show consistent improvement under DaVita operation: • Serving 38,000+ patients in 10 countries DaVita International HQ • Hospital admissions declined 17% since 20181 • Patient mortality declined 14% since 20181 1) 2018 to 2020 7 © 2021 DaVita Inc. All rights reserved. Brazil, China, Colombia, Germany, Malaysia, Poland, Portugal, Saudi Arabia, Singapore, and United Kingdom. *#8Our commitment to ESG Patient Care Teammate Engagement Healthy Communities For more information: DaVita.com/communitycare 8 © 2021 DaVita Inc. All rights reserved. Leading with Integrity and Accountability Environmental Stewardship *#9Leading Kidney Platform Note: All data 2021F 65,000+ teammates 241,000+ patients globally 3,100+ clinics 35M life-saving treatments 60M+ Lab results per year 1,750+ ₪1, Home programs Track record of clinical focus, quality, cost management 9 © 2021 DaVita Inc. All rights reserved. *#1010 Delivering on our commitments 2019 Capital Markets Message 1 Growing patient demand 2 Strong operators and cost management 3 Declining capital expenditure 4 Disciplined capital allocation © 2021 DaVita Inc. All rights reserved. Results > Treatments declined due to COVID-related mortality Adjusted margins remained stable despite impact from COVID Reduction in CapEx and continued strong free cash flows Adjusted EPS well ahead of 2019 plan *#11Our journey Who we are 11 © 2021 DaVita Inc. All rights reserved. Where we're going Key Financial Drivers / Outlook#122021-2025 Outlook (CAGR) Adjusted OI¹ 3-7% CAGR Adjusted EPS1 8-14% CAGR 1) From the midpoint of 2021 and 2025 adjusted guidance 12 © 2021 DaVita Inc. All rights reserved. *#13Meet José. He is a 25-year-old man who loves cross-country running. He shares in his family's love for soccer. 13 © 2021 DaVita Inc. All rights reserved.#14Fragmented patient experience Chronic Kidney Disease (CKD) Not under Don't feel sick Nephrologist care 12-15 hrs/week at dialysis >4 co-morbidities >50% crash into dialysis 19+ 11 hospital pills/day days/year 2021 DaVita Inc. All rights served. End Stage Kidney Disease (ESKD)#1515 We support patients across their entire kidney care journey © Prevention Transition Treatment © 2021 DaVita Inc. All rights reserved. G Transplant#16Where we're going Leading Kidney Care Platform Clinical Right Site of Care Integrated Care Technology 16 © 2021 DaVita Inc. All rights reserved.#17Where we're going Leading Kidney Care Platform Clinical Right Site of Care Integrated Care Technology 17 © 2021 DaVita Inc. All rights reserved.#1818 Next-generation predictive analytics Data Ingestion: Clinical Claims Medication (8") Remote Monitoring 78 84 Health Info Exchange Q © 2021 DaVita Inc. All rights reserved. ESKD CKD Clinical Suite of predictive models Undiagnosed CKD patients Risk of transition to ESKD Risk of hospitalization Patient segmentation Risk of high-cost events Patients eligible for Home Risk of Home therapy loss *#19Example models 19 © 2021 DaVita Inc. All rights reserved. Risk of Transition to ESKD Hospitalization Risk Clinical *#20Where we're going Leading Kidney Care Platform Clinical Right Site of Care Integrated Care Technology 20 © 2021 DaVita Inc. All rights reserved.#21Significant movement between sites of care Return to in- center ESKD treatment modalities In-center dialysis (ICHD) Conversion to Home Home dialysis 21 © 2021 DaVita Inc. All rights reserved. Hospital admission Hospital dialysis Discharge $ Post-acute dialysis Discharge Readmission Right Site of Care Back to dialysis if transplant fails GO Transplant#22Where do our patients receive care? 22 Right Site of Care 85% 82% 80% In-center dialysis 10% 13% 15% Home dialysis 5% 5% 5% Hospital dialysis 2009 2019 2021F © 2021 DaVita Inc. All rights reserved. *#23Continued Home growth¹ 2019 Home penetration Right Site of Care 2021F Home penetration 13% Patients leaving Home therapy Home new starts ICHD to Home conversions (1) Modality selections and decisions related to a patient's care are always made by the attending nephrologist and patient, and provided pursuant to a physician's order © 2021 DaVita Inc. All rights reserved. 23 15% *#24Building the leading home dialysis program Right Site of Care Convenient Confident Connected Note: Modality selections and decisions related to a patient's care are always made by the attending nephrologist and patient, and provided pursuant to a physician's order © 2021 DaVita Inc. All rights reserved. 24#25Innovation in transplant care miromatrix. Right Site of Care NephroSant tm Investment in startup to create fully transplantable bioartificial human kidneys Investment in innovative lab to predict transplant failure to enable intervention 25 © 2021 DaVita Inc. All rights reserved. *#26Where we're going Leading Kidney Care Platform 26 Clinical Right Site of Care Integrated Care Technology © 2021 DaVita Inc. All rights reserved.#27What is Integrated Care? Coordinating the fragmented journey for patients like José R 27 © 2021 DaVita Inc. All rights reserved. 29 .... *#28Focus on reducing total medical cost across the Kidney continuum Integrated Care Population Total cost per year¹ $22K Early-stage CKD 91% Late-Stage CKD 7% $31K ESKD - Dialysis 2% $91K ESKD - Transplant 1% $24K² 1) 2020 USRDS Annual Data Report 2) Excluding costs associated with transplant surgery 28 © 2021 DaVita Inc. All rights reserved. *#29Two main types of programs Payor Partnerships 29 © 2021 DaVita Inc. All rights reserved. Integrated Care Government Innovation Models *#3030 Uniquely positioned to deliver Access 500 hours © 2021 DaVita Inc. All rights reserved. Data 2 200K ESKD Integrated Care Technology Relationships 4500 nephrologists 1000 hospitals *#31Demonstrated, industry-leading performance ESCO Non-dialysis Savings Rate - Cumulative PY1-PY4 ESCO Non-dialysis Savings Rate 2019 (PY4) 10.6% DaVita 4.6% Non-DaVita 12.1% DaVita Integrated Care 2.6% Non-DaVita DaVita achieved >2X per patient savings vs. rest of industry Consistent performance with our payor programs 31 © 2021 DaVita Inc. All rights reserved. Source: CMS, CEC PY4 Model Results exclude guaranteed non-dialysis discount *#32Where are we on our journey? Integrated Care 2015-2020 2021-2022 2023+ Establishing the model Rapid growth Tipping point 32 © 2021 DaVita Inc. All rights reserved. *#33Single ESKD patient economics Illustrative steady state IKC economics, $ per patient per year $100-115K $8-13K Integrated Care Model of $2-4K DaVita Share of Net Savings Benchmark Medical Costs Total Savings Payor Share Partner Share Care Costs 33 © 2021 DaVita Inc. All rights reserved. *#34What could this look like? 34 2025 90,000-140,000 Patients Integrated Care Long-term 200,000-300,000 Patients ($50M)-$50M Annual Adjusted Ol $150M-300M Annual Adjusted Ol © 2021 DaVita Inc. All rights reserved. *#35Success factors1 (1) 35 Volume Continued CMMI support for IKC Payor adoption Patient enrollment Revenue Payor engagement Cost Clinical performance Program funding levels Physician engagement List not exhaustive. For more information about the risks and uncertainties associated with our integrated care program, see our Quarterly Report on Form 10-Q filed with the SEC on October 28, 2021. © 2021 DaVita Inc. All rights reserved. *#36Where we're going Leading Kidney Care Platform Clinical Right Site of Care Integrated Care Technology 36 © 2021 DaVita Inc. All rights reserved.#3733 37 Lack of information connectivity Schedule Optimization Patient Admissions + H Hospital Systems GD Integrated Care Teams |80 Mobile Patient Engagement Tools Modality Choice © 2021 DaVita Inc. All rights reserved. Technology ୫ Nephrologist#38Purpose built for Kidney Care Clinical workflows 38 © 2021 DaVita Inc. All rights reserved. Technology Outpatient scale#39Where we're going Leading Kidney Care Platform Clinical Right Site of Care Integrated Care Technology 39 © 2021 DaVita Inc. All rights reserved.#40Our journey Who we are 40 © 2021 DaVita Inc. All rights reserved. Where we're going Key Financial Drivers / Outlook#41Our journey Who we are 41 © 2021 DaVita Inc. All rights reserved. Where we're going Key Financial Drivers / Outlook#42Components of Long Term Forecast¹ Consistent operating income growth COVID recovery Anticipated growth in IKC Capital discipline 1) 2021-2025 adjusted guidance 42 © 2021 DaVita Inc. All rights reserved. *#43NAG (%) Improving volume outlook Illustrative 2019 2020 2021F 2022F 2023F 2024F 2025F 43 © 2021 DaVita Inc. All rights reserved. Expect higher growth relative to pre-COVID level Pre-COVID NAG NAG COVID Impact *#44Revenue per treatment (RPT) dynamics expected in the future 1) Typical Dynamics + Annual rate increases Aging population reducing commercial mix From the midpoint of 2021 and 2025 adjusted guidance Note: applicable to US dialysis region 44 © 2021 DaVita Inc. All rights reserved. Other Dynamics - Sequestration Expected mix normalization post-COVID + Accelerated MA penetration ? Inflation RPT Outlook: 0.5% - 1.5%¹ *#45Expect continued cost management strength Typical Dynamics + Facility cost management Inflation (incl. wage rate) + Home growth 1) From the midpoint of 2021 and 2025 adjusted guidance Note: applicable to US dialysis region 45 © 2021 DaVita Inc. All rights reserved. Other Dynamics - Technology implementation + Expected net COVID impact (PPE, T&E, capacity utilization) CPT Outlook: 1.0% - 2.0%¹ *#46International continues to deliver adjusted Ol¹ growth $ in millions ลลง -$3 -$46 2017 2018 $2 2019 $23 $34 2020 9/30/2021 LTM Non-GAAP measure. See appendix for reconciliation of this non-GAAP measure to the most comparable GAAP measure. From the midpoint of 2021 and 2025 adjusted guidance 46 © 2021 DaVita Inc. All rights reserved. Expect continued adjusted operating income growth of $10-20M per year² *#47Illustrative IKC program economics by year Pre-G&A Operating Income No Revenue recognized in year 1 Year 1 47 © 2021 DaVita Inc. All rights reserved. Year 2 Year 3 Year 4 Year 5 Pre-G&A Operating Income Model of Care costs Revenue *#48Supported by fixed costs IT/Analytics 50% Expected annual run- rate IKC fixed costs Nephrologist Engagement 20% R&D/Innovations 15% Overhead 15% 48 © 2021 DaVita Inc. All rights reserved. $100-125M *#49Illustrative US Ancillary¹ adjusted operating income bridge $0 ($100) 2021F PY cohorts New membership 2022F PY cohorts New membership 2023F (1) Including IKC 49 © 2021 DaVita Inc. All rights reserved. *#50What could this look like? 50 2025 90,000-140,000 Patients Long-term 200,000-300,000 Patients ($50M)-$50M Annual Adjusted Ol $150M-300M Annual Adjusted Ol © 2021 DaVita Inc. All rights reserved. *#512021-2025 adjusted Ol outlook (CAGR) Low High US Dialysis 1,2 2% 4% International2 0% 1% US Ancillary (including IKC)2 1% 2% Overall 3% 7% 1) 2) 22 Includes the estimated impact of COVID From the midpoint of 2021 and 2025 adjusted guidance 51 © 2021 DaVita Inc. All rights reserved. *#522021 to 2023 adjusted operating income bridge Adjusted Operating Income $1,785M - Labor - COVID Impact - IT Depreciation - Ballot - Sequestration - IKC 3% -7% CAGR $1,635M +COVID Impact + Ballot + IKC 2021F1 Core performance Other 2022F 1 Core performance Other 2023F 1) From midpoint of 2021 and 2023 adjusted guidance range 52 © 2021 DaVita Inc. All rights reserved. *#532021-2025 outlook on other items Debt Expense Higher rates due to increasing benchmark Tax Rate Assumed effective tax rate of 25% to 27% Non-controlling Interest Expected to grow with US Dialysis Operating Income Share Repurchases Consistent standards - expect continued use of a significant portion of FCF for share repurchases Other Income/ (Loss) No net impact expected 53 © 2021 DaVita Inc. All rights reserved. *#54CapEx CapEx, $ in millions 54 $987 Maintenance Development $677 2018 9/30/2021 LTM © 2021 DaVita Inc. All rights reserved. Expect CapEx to be stable through 2025 *#55Free cash flow¹ (FCF) FCF as a proportion of Adjusted Net Income 1,2 136% 2019 133% 2020 107% 9/30/2021 YTD FCF expected to remain above Adjusted Net Income¹ with difference contracting over time³ 2) 3) 25 1) Free cash flow and adjusted net income are non-GAAP measures. See appendix for reconciliation of these non-GAAP measure to the most comparable GAAP measure FCF as a proportion of adjusted net income is FCF divided by adjusted net income attributable to DaVita Inc. both from continuing operations From the midpoint of 2021 and 2025 adjusted guidance 55 © 2021 DaVita Inc. All rights reserved. *#56M&A¹ Disciplined approach to acquisitions and capital allocation Investing in strategic innovation and growth in kidney 1) Includes minority investments 56 © 2021 DaVita Inc. All rights reserved. *#57Commitment to Prudent Leverage 3.5x 3.0x 2.7x 2011 Healthcare Partners acquisition¹ 3.5x 2012 3.2x 3.1x 3.0x 3.0x 2013 2014 2015 2016 3.6x 2017 DMG divestiture² 4.5x 2018 3.3x 3.1x 3.2x 2019 2020 9/30/2021 Note: Leverage Ratio as defined in Credit Agreement, which is a non-GAAP measure, and is based on net debt. See appendix for reconciliation of this non-GAAP measure to the most comparable GAAP measure Healthcare Partners (renamed DaVita Medical Group, or DMG) acquisition completed in November 2012 1) 2) DMG divestiture announced in December 2017 and closed in June 2019. 57 © 2021 DaVita Inc. All rights reserved. *#58Debt Maturity Schedule Credit Agreement and Bond Debt outstanding, $ in millions Term Loan A Revolver1 Term Loan B 9/30/21 LTM Consolidated EBITDA2 $2,558 $2,384 4.625% Sr. Notes 3.750% Sr. Notes $2,579 $2,750 $1,500 $29 $126 $170 $27 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Note: Excludes other debt and deferred financing cost 1) 2) $1,000 revolver expires in 2024 Consolidated EBITDA as defined per Credit Agreement, which is a non-GAAP measure. See appendix for reconciliation of this non-GAAP measure to the most comparable GAAP measure 58 © 2021 DaVita Inc. All rights reserved. *#59Share repurchase program Ending share count, in millions (-43%) 59 -9% 182 2017 166 -24%) (-13%) 126 -6% 110 103 2018 2019 2020 9/30/2021 © 2021 DaVita Inc. All rights reserved. Consistent standards - expect continued use of a significant portion of FCF for share repurchases *#602021-2025 Outlook (CAGR) Adjusted OI¹ 3-7% CAGR Adjusted EPS1 8-14% CAGR 1) From the midpoint of 2021 and 2025 adjusted guidance 60 © 2021 DaVita Inc. All rights reserved. *#61Closing 61 © 2021 DaVita Inc. All rights reserved. 2#62Non-GAAP Financial Measures As used in this presentation, the term "adjusted" refers to non-GAAP measures as follows, each as reconciled to its most comparable GAAP measure as presented in the non-GAAP reconciliations in this appendix. For income measures, the term "adjusted" refers to operating performance measures that exclude certain items such as impairment charges, (gain) loss on ownership changes, restructuring charges, accruals for legal matters and debt prepayment and refinancing charges. These non-GAAP or "adjusted" measures are presented because management believes these measures are useful adjuncts to GAAP results. However, these non-GAAP measures should not be considered alternatives to the corresponding measures determined under GAAP. Specifically, management uses adjusted operating income and adjusted net income from continuing operations attributable to DaVita Inc. to compare and evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe these non-GAAP measures also are useful to investors and analysts in evaluating our performance over time and relative to competitors, as well as in analyzing the underlying trends in our business. Furthermore, we believe these presentations enhance a user's understanding of our normal consolidated results by excluding certain items which we do not believe are indicative of our ordinary results of operations. As a result, adjusting for these amounts allows for comparison to our normalized prior period results. Free cash flow from continuing operating represents net cash provided by operating activities from continuing operations less distributions to noncontrolling interests and all capital expenditures (including development capital expenditures, routine maintenance and information technology); plus contributions from noncontrolling interests and proceeds from the sale of self-developed properties. Management uses this measure to assess our ability to fund acquisitions and meet our debt service obligations and we believe this measure is equally useful to investors and analysts as an adjunct to cash flows from operating activities from continuing operations and other measures under GAAP. It is important to bear in mind that these non-GAAP "adjusted" measures are not measures of financial performance or liquidity under GAAP and should not be considered in isolation from, nor as substitutes for, their most comparable GAAP measures. 62 © 2021 DaVita Inc. All rights reserved.#63Adjusted net income from continuing operations attributable to DaVita Inc. (in millions) Net income from continuing operations attributable to DaVita Inc. Operating charges: Goodwill impairment charges Loss on changes in ownership interests, net General and administrative: Accruals for legal matters Debt prepayment, refinancing and redemption charges Related income tax 2019 2020 $ 707 $ 783 $ 16 125 I 33 I 35 Nine months ended September 30, 2021 791 89 (35) (33) Adjusted net income from continuing operations attributable to DaVita Inc. $ 830 $ 890 $ 791 63 © 2021 DaVita Inc. All rights reserved. *#64Free cash flow from continuing operations (in millions) Net cash provided by continuing operating activities Less: Distributions to noncontrolling interests Plus: Contributions to noncontrolling interests Cash provided by continuing operating activities attributable to DaVita Inc. Less: Expenditures for routine maintenance and information technology Less: Expenditures for development Plus: Proceeds from sale of self-developed properties Free cash flow from continuing operations 64 © 2021 DaVita Inc. All rights reserved. Nine months ended September 30, 2021 2019 2020 $ (233) 1,973 $ 1,979 (253) $ 1,401 (177) 57 43 28 1,797 1,769 1,252 (355) (399) (289) (373) (275) (163) 58 93 43 $ 1,127 $ 1,188 $ 843 *#65International adjusted operating income (in millions) Operating (loss) income from continuing operations Goodwill and other asset impairment charges Impairment of investment Restructuring charges (Gain) loss on ownership changes Equity investment loss (income): Loss due to impairments in APAC JV Loss related to restructuring charges Loss due to business sale in APAC JV Adjusted operating (loss) income from continuing operations 65 © 2021 DaVita Inc. All rights reserved. $ 2017 (329.2) $ 2018 2019 2020 (23.4) $ (122.8) $ 23.2 $ 3.1 124.9 280.1 1.7 (6.3) 1.2 6.3 7.5 1.0 Rolling twelve months ended September 30, 2021 34.4 8.7 $ (46.4) $ (2.8) $ 2.1 23.2 34.4 *#66Leverage ratio Under our new senior secured credit facilities (the New Credit Agreement) dated August 12, 2019 and our prior senior secured credit facilities (the Prior Credit Agreement), the leverage ratio is defined as all funded debt plus the face amount of all letters of credit issued, minus cash and cash equivalents, not to exceed certain limits under the New Credit Agreement, including short-term investments, divided by "Consolidated EBITDA". The leverage ratio determines the interest rate margin payable by the Company for its new Term Loan A and new revolving line of credit under the New Credit Agreement by establishing the margin over the base interest rate (LIBOR) that is applicable. The following leverage ratios were calculated using "Consolidated EBITDA" as defined in the credit agreement that was in effect at the end of each period. The calculation below is based on the last twelve months of "Consolidated EBITDA", as of the end of the reported period and pro forma for routine acquisitions that occurred during the period. The Company's management believes the presentation of "Consolidated EBITDA" is useful to users to enhance their understanding of the Company's leverage ratio under its credit agreement in effect at that time. The leverage ratio calculated by the Company is a non-GAAP measure and should not be considered a substitute for debt to net income attributable to DaVita Inc., net income attributable to DaVita Inc. or total debt as determined in accordance with United States generally accepted accounting principles (GAAP).. For the periods ended June 30, 2019 and September 30, 2018, as allowed by our Prior Credit Agreement, the Company elected to calculate debt using GAAP in effect at the commencement of the Prior Credit Agreement; therefore, the Company did not adjust its debt balance to include the lease liabilities under ASC Topic 842. The Company's calculation of its leverage ratio might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures by other companies. Rolling twelve months (in millions) 2011(1) 2012(1) 2013(1) 2014(1) 2015(1) 2016(1) 2017(1) 2018 (1) 2019(2) 2020(2) ended September 30, 2021 Net income (3) $ 478 $ 536 $ 633 $ 723 $ 270 $ 880 $ 664 $ 159 $ 707 $ 783 $ 984 Income taxes 316 360 381 446 296 456 (41) 358 280 314 315 Interest expense 225 269 398 383 383 385 395 451 398 272 250 Depreciation and amortization 267 344 529 591 638 720 777 591 615 630 667 Goodwill and other asset impairment charges 24 210 296 982 62 125 Noncontrolling interests and equity investment income, net 96 Stock-settled stock-based compensation Loss contingency reserve Debt prepayment, refinancing and redemption charges Settlement charge (Gain) loss on changes in ownership interest, net Gain on settlement, net 49 ༄ཝ 109 127 162 173 171 196 184 223 235 241 45 60 57 57 38 35 73 663 90 98 397 17 14 11 98 48 33 89 495 (404) (23) (86) 16 (530) Valuation adjustment on disposal group 317 Other 80 "Consolidated EBITDA" $ 1,534 $ 659 2,332 (13) 26 (29) 43 5 41 $ 2,511 $ 2,502 $ 2,540 $ 2,585 $ 2,460 $ 2,151 $ (12) 2,432 $ 29 2 2,460 $ 2,558 Total debt, excluding debt discount and other deferred financing costs Letters of credit issued $ 4,513 $ 48 $ 4,561 $ 8,576 $ 116 8,692 $ 8,434 $ 8,520 $ 71 96 8,504 $ 8,616 $ 9,226 94 9,320 $ 9,192 97 $ 9,289 $ $ 9,438 $ 105 9,543 10,191 $ 37 $ 10,228 $ 8,181 73 8,254 $ 8,164 $ 8,997 65 69 $ 8,228 $ 9,067 Less: Cash and cash equivalents including short-term investments (excluding DMG's physician owned entities cash) (4) Consolidated net debt $ Last twelve months "Consolidated EBITDA" Leverage ratio $ 1,534 2.7x (394) 4,167 $ $ (534) 8,158 $ 2,332 $ 3.5x (826) 7,678 $ 2,511 $ 3.1x (1,190) 7,426 $ 2,502 $ 3.0x (1,817) 7,503 $ 2,540 $ 3.0x (1,108) 8,181 $ 2,585 $ 3.2x (619) 8,923 $ 2,460 $ 3.6x (502) 9,726 $ 2,151 $ 4.5x (750) 7,504 $ 2,432 $ 3.1x (333) (750) 7,895 $ 8,317 2,460 $ 3.2x 2,558 3.3x 1) Amounts presented in this table represent the respective elements of and total for "Consolidated EBITDA" as defined and measured for the respective periods under the terms of the credit agreement governing our senior secured credit facilities. For certain line items, these amounts will differ from the amounts presented for the same line items in our most recently filed consolidated financial statements for the same periods because those financial statement line items are presented on a continuing operations basis, while the calculation of "Consolidated EBITDA" provided in our credit agreement is on a consolidated basis and as such also includes certain line items included in net (loss) income from discontinued operations. 2) The credit agreement governing our new senior secured credit facilities requires divestitures to be excluded from the calculation of "Consolidated EBITDA;" as a result, the 2019 and 2020 amounts presented in this table give pro forma effect to the DMG sale as if it had occurred on January 1, 2020. 3) The reported net income for 2019 and 2020 is our reported net income from continuing operations attributable to DaVita Inc. as the New Credit Agreement requires divestitures to be reflected on a pro forma basis, as such DMG is excluded from our leverage ratio calculation. The reported net income for all prior years is our reported net income attributable to DaVita Inc. 4) This excludes amounts not readily convertible to cash related to the Company's non-qualified deferred compensation plans for all periods presented. The New Credit Agreement limits the amount deducted for cash and cash equivalents, including short-term investments, to the lesser of all unrestricted cash and cash equivalents, including short-term investments of the Company or $750 million. 66 © 2021 DaVita Inc. All rights reserved.