Well Health Technologies Corp. · TSX:WELL
Well Health Technologies — Q3 2025 Earnings Presentation
22 slides from Well Health Technologies's earnings presentation, November 2025
Slide 1: Q3 2025 Earnings Presentation
%% 80? WELL Health ee ee TECHNOLOGIES CORP Q3 2025 Earnings Presentation
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward- looking statement
Slide 3: WELL Q3 2025 Key Financial Highlights
WELL Q3 2025 Key Financial Highlights Q3 Revenue Q3 Adj. EBITDA Q3 Adj. Gross Margin $364.6M $59.9M 45.5% +56% Y/Y +296% Y/Y +500 bps Y/Y Q3 Revenue exc. CM Impact1 Q3 Adj. EBITDA exc. CM Impact2 Q3 FCFA2S $347.0M $42.3M $15.1M +48% Y/Y +180% Y/Y Inc. CRH Divestiture $30.2M 1) The impact from Circle
Slide 4: WELL Q3 2025 Operational Highlights
WELL Q3 2025 Operational Highlights1 4,500+ 43,000+ 2.7M+ Providers in WELL's Clinic Total Care Interactions Unique Providers supported Network2 +29% YoY by WELL's Technology (1,300+ physicians in CA) (+19% organic) 1.7M+ 1.08M +38% Patient visits (CAN + US) CAN patient visits YoY CAN patient visit
Slide 5: Strategically Controlled Operating Platforms
1) Strategically Controlled Operating Platforms are defined as WELL owning a majority control of the business. 2) CyberWELL is another strategically controlled operating platform, but has been excluded due to its size
Slide 6: Q3-2025 Earnings – Additional Topics to be Covered
Q3-2025 Earnings – Additional Topics to be Covered Key updates on the following: 1. Canadian Clinics Update 2. WELLSTAR 3. HEALWELL AI 4. Strategic Alternatives Processes for US Assets
Slide 7: WELL Canadian Clinics Financial Performance
WELL Canadian Clinics Financial Performance WELL Canadian Clinics WELL Canadian Clinics WELL Canadian Clinics Count1 Annual Revenue Growth Annual Adj. EBITDA Growth (C$ in 000s) (C$ in 000s) 450,000 70,000 250 227 400,000 60,000 200 350,000 50,000 300,000 150 250,000 40,000 128 200,000 30,000 100 15
Slide 8: WELL Providers Are Seeing more Patients
WELL Providers Are Seeing more Patients WELL Canadian Clinics Billable Providers in WELL’s Patient Visit / Billable Provider Patient Visits Canadian Clinics Network 1,200,000 2,500 600 1,080,910 523 2,068 1,000,000 500 2,000 441 1,769 403 800,000 779,587 400 1,500 1,359 600,000 548,307 300 1,000 400
Slide 9: WELL Canada Experiencing Accelerating Growth
WELL Canada Experiencing Accelerating Growth WELL Canada WELL Canada Quarterly Revenue Growth Quarterly Adj. EBITDA Growth (C$ in 000s) (C$ in 000s) 140,000 129,340 25,000 120,000 20,987 20,000 100,000 93,543 80,000 15,000 14,036 73,720 12,110 60,000 10,000 40,000 5,000 20,000 0 0 Q3 2023 Q3 2024 Q3
Slide 10: Deal and Effective Total Consideration/Sh. EBITDA Multiples
Deal and Effective1 Total Consideration/Sh. EBITDA Multiples Deal Multiple Effective Multiple 12.0x 10.5x 10.0x 9.4x 8.0x 6.3x 5.8x 6.0x 5.2x 5.2x 4.3x 3.9x 4.0x 3.1x 2.0x 2.2x 2.0x 1.4x 1.4x nmf 0.0x 2018- 2021 2022 3 2023 2024 Total Total exc. 2020 2 MyHealth Total $22.4M $230.3M $5.8M $7.4M $14.8
Slide 11: Canadian Clinic Recent M&A Activity
Canadian Clinic Recent M&A Activity Q1-2025 Q2-2025 Q3-2025 +11 Clinics +3 Clinics +5 Clinics 4 transactions 3 transactions 5 transactions +$31.5M +$8.0M +$27.5M Annual Revenue Annual Revenue Annual Revenue +71 Providers +46 Providers +81 Providers Total Canadian Clinics Total Canadian Clinics Total
Slide 12: Increased Pace of Canadian Clinical Transactions
Increased Pace of Canadian Clinical Transactions Number of Transactions Revenue Acquired & Absorbed (MM C$) 14 80.0 12 70.0 12 67.0 10 60.0 57.5 10 52.9 50.0 8 40.0 6 6 30.0 4 4 20.1 20.0 2 10.0 0 0.0 2022 2023 2024 2025 2022 2023 2024 2025 YTD YTD
Slide 13: Largest M&A Pipeline of Canadian Clinics under LOI
Largest M&A Pipeline of Canadian Clinics under LOI Under LOI: ~$235M 8 61 Canadian Clinics Revenue Signed LOIs Clinics Under LOI: ~$250M 12 Total WELL1 Revenue Signed LOIs Total WELL $350M+ 35+ 130+ Pipeline2 Revenue Targets Engaged Clinics 1) HEALWELL AI’s LOIs are included 2) The Total WELL Pipeli
Slide 14: WELLSTAR: Financing and Other Corporate Updates
WELLSTAR: Financing and Other Corporate Updates $62M Series B Financing Financing led by Mawer, Edgepoint, and PICTON 50% Premium over Series A Shares ($535M valuation) Expected Close: Dec 2025 1) The closing of this transaction is subject to regulatory approval
Slide 15: WELLSTAR: Continued Financial Out-performance
WELLSTAR: Continued Financial Out-performance Revenue (IFRS)1 Monthly Recurring Revenue (MRR) Adj. EBITDA2 (C$ in 000s) (C$ in 000s) 20,000 6,000 7,000 18,263 5,497 6,398 +67% +63% +61% 18,000 6,000 5,000 16,000 5,000 14,000 4,000 12,000 +18% 10,934 +18% 3,367 4,000 3,776 +41% 10,000 9,260 3,000 2,8
Slide 16: HEALWELL AI Revenue and Adj. EBITDA
Revenue (IFRS)1 Commentary (C$ in 000s) 40,000 35,000 30,354 30,000 25,000 20,000 15,000 10,000 6,688 5,000 0 Q3 2024 Q3 2025 Adj. EBITDA (C$ in 000s) 3,000 2,000 1,000 713 0 -1,000 -2,000 -3,000 -2,834 -4,000 Q3 2024 Q3 2025 1) Reported figures reflect HEALWELL’s consolidated continuing operations.
Slide 17: Strategic Alternatives Processes for US Assets
Strategic Alternatives Processes for US Assets
Slide 18: Q3-2025 Financial Highlights: Record Revenue & Adj EBITDA
Q3-2025 Financial Highlights: Record Revenue & Adj EBITDA Revenue (IFRS) Adj. EBITDA (C$ in 000s) (C$ in 000s) 400,000 70,000 57,426 364,599 350,000 8,220 59,917 60,000 37,873 300,000 35,165 1,398 35,165 50,000 250,000 234,135 40,000 200,000 30,000 150,000 20,000 100,000 15,134 50,000 10,000 1 0 0 1
Slide 19: Q3-2025 Financial Highlights – Record Adj. Net Income
Q3-2025 Financial Highlights – Record Adj. Net Income (C$ in 000s) 45,000 13,102 40,997 40,000 35,000 8,045 30,000 -1,948 25,000 17,723 20,000 15,000 10,000 5,000 4,074 0 Q3-24 1 CM Deferral Gain on sale HEALWELL Net Growth Q3-25 Increase Decrease Total (1) Q3-2024 figures were restated. (2) CM Net
Slide 20: Q3-2025 Financial Highlights – FCFA2S
Q3-2025 Financial Highlights – FCFA2S (C$ in 000s) 35,000 15,103 30,244 30,000 25,000 4,796 20,000 1,440 -3,180 16,137 15,141 15,000 -675 -3,376 10,000 5,000 0 Q3-24 HEALWELL Change in Wisp Change in Change in Change in Q3-25 CRH Q3-25 & CM FCFA2S Sh. EBITDA Taxes & Interest Capex Divestiture Inc. C
Slide 21: Outlook: 2025 and Beyond
Outlook: 2025 and Beyond 2025 Guidance: 2025 Guidance exc. CM1 Strategic Alternatives $1.40-1.45B Revenue $1.36-1.41B Revenue Being Executed on for All $190-210M Adj. EBITDA $150-170M Adj. EBITDA US Care Businesses WELL Canada WELL Canada 1.5-Yr Target2 of >40% Adj. EBITDA >$800M Revenue Growth2 for
Slide 22: Contact
° WELL Health TECHNOLOGIES CORP Contact Hamed Shahbazi CEO, Chairman & Founder hamed@well.company Tyler Baba Investor Relations investor@well.company www.well.company 550-375 Water Street Vancouver, BC V6B 5C6 Canada
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