InnovAge Holding Corp

Except as set forth below, there have been no material changes to the risk factors previously disclosed inour 2023 10-K.

Labor relations matters could have a material adverse effect on our business, reputation, prospects, results of operations and financial condition.

On October 27, 2023, following a demand from a labor union for the Company to recognize it as the collective bargaining representative of the nurses in our Pennsylvania centers, we filed a petition with the National Labor Relations Board to conduct two elections. The National Labor Relations Board conducted the elections on December 6, 2024, at which the nurses in our Pennsylvania centers voted to unionize. These employees represent approximately 1% of our total workforce. Even though we are currently unaware of other unionization efforts, it is possible that additional employees in our Pennsylvania centers or in other geographies may follow. As we negotiate collective bargaining agreements for the two new bargaining units at the Pennsylvania centers, and any other units that may organize in the future, employees may threaten and/or engage in work stoppages and strikes, and our labor costs may continue to increase as a result. The unavailability of staff, or the inability of the Company to control labor costs related to these matters and future efforts to unionize, could have a material adverse effect on our business, reputation, prospects, results of operations and financial condition.