Oncology Institute, Inc.

Report of Independent Registered Public Accounting Firm

Shareholders and Board of Directors

Cerritos, California

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of The Oncology Institute, Inc. (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, stockholders’ equity (deficit), and cash flows for each of the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated March 12, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Fee-For-Service (“FFS”) Accounts Receivable and Revenue

As described in Notes 2, 4 and 5 to the consolidated financial statements, the Company’s FFS accounts receivable and revenue were $35.4 million and $148.5 million as of and for the year ended December 31, 2025, respectively. FFS revenue represents revenue earned under contracts in which the Company bills and collects for medical services rendered by the Company’s employed or contracted physicians. The Company records FFS accounts receivable and revenue net of an allowance for contractual adjustments, which represents the expected amounts to be collected from third-party payors and patients. The Company estimates the expected amounts to be collected using a portfolio approach, which includes consideration of historical gross charges and cash collections.

We identified the valuation of FFS accounts receivable and accuracy of FFS revenue as a critical audit matter. The principal considerations for this relate to the determination of the portfolios and the period of historical gross charges and cash collections data used in the portfolio approach. Auditing these elements involved especially challenging and subjective auditor judgment due to the nature and extent of audit effort required to address these matters.

The primary procedures we performed to address this critical audit matter included:

•Testing management’s portfolio approach by assessing the appropriateness of the portfolios and period of historical gross charges and cash collections data used, testing the completeness and accuracy of the underlying historical gross charges and cash collections, and recalculating the collection percentages.

•Testing a sample of FFS transactions by agreeing to underlying support and recalculating the net FFS revenue and account receivables balances using the recalculated collection percentages.

•Developing an independent estimate of FFS revenue using historical net revenue recognized by service and comparing it to the estimate recorded by management.

/s/BDO USA, P.C.

We have served as the Company’s auditor since 2019.

Costa Mesa, California

March 12, 2026