Healwell Ai Inc. Class A · TSX:AIDX
Healwell Ai Inc. Class A — Q3 2025 Earnings Presentation
22 slides from Healwell Ai Inc. Class A's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 6, 2025
Slide 2: Disclaimer
Disclaimer This presentation contains forward - looking statements and forward - looking information within the meaning of applicable securitie s laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forw ard - looking st
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 $30.2M 1) The impact from Circle
Slide 4: WELL Q3 2025 Operational Highlights
WELL Q3 2025 Operational Highlights1 4,500+ 43,000+ 2.7M+ Providers in WELL's Clinic Total Care Interactions Unique Providers supported Network2 +29% YoY by WELL's Technology (1,300+ physicians in CA) (+19% organic) 1.7M+ 1.08M +38% Patient visits (CAN + US) CAN patient visits YoY CAN patient visit
Slide 5: WELL Health Technologies Corp.
WELL Health Technologies Corp. (TSX: WELL) Core Operating Business & Capital Allocation Focus Canadian Clinics Network Diagnostics & Preventative & Primary Care Specialty Care Exec Health Strategically Controlled Operating Platforms 1 WELLSTAR – Future IPO HEALWELL – TSX: AIDX WELL Health USA (Dives
Slide 6: Q3-2025 Earnings – Additional Topics to be Covered
Q3-2025 Earnings – Additional Topics to be Covered Key updates on the following: 1. Canadian Clinics Update 2. WELLSTAR 3. HEALWELL AI 4. Strategic Alternatives Processes for US Assets 6
Slide 7: WELL Canadian Clinics Financial Performance
WELL Canadian Clinics Financial Performance WELL Canadian Clinics WELL Canadian Clinics WELL Canadian Clinics Count1 Annual Revenue Growth Annual Adj. EBITDA Growth (C$ 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 +19% 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 1,00
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: WELL Canadian Clinic Capital Allocation Track Record
WELL Canadian Clinic Capital Allocation Track Record Includes all acquired and absorbed clinics across cohorts, showing effective multiple performance over time. 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
Slide 11: Canadian Clinic Recent M&A Activity
Canadian Clinic Recent M&A Activity 2025 clinic transactions to date with corresponding revenue and billable provider metrics Q1-2025 Q2-2025 Q3-2025 +11 Clinics +3 Clinics +5 Clinics 4 transactions 3 transactions 5 transactions +$31.5M +$8.0M +$27.5M Annual Revenue Annual Revenue Annual Revenue +71
Slide 12: Increased Pace of Canadian Clinical Transactions
Increased Pace of Canadian Clinical Transactions Includes all acquired and absorbed clinics across annual cohorts Number of Transactions Revenue Acquired & Absorbed (MM C$) 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
Slide 13: Largest M&A Pipeline of Canadian Clinics under LOI
Largest M&A Pipeline of Canadian Clinics under LOI WELL continues to execute on a robust pipeline, driving growth and sustaining strong operational momentum. Under LOI: ~$235M 8 61 Canadian Clinics Revenue Signed LOIs Clinics Under LOI: ~$250M 12 Total WELL1 Revenue Signed LOIs Total WELL $350M+ 35+
Slide 14: WELLSTAR: Financing and Other Corporate Updates
WELLSTAR: Financing and Other Corporate Updates High - quality institutional backing reinforces WELLSTAR’s leadership as a high - growth, pure - play SaaS healthcare company preparing for public listing in 2026. Key Financing Terms IPO Update Dec 2024 Series A Financing + Microquest & Bluebird iT $6
Slide 15: WELLSTAR: Continued Financial Out-performance
WELLSTAR: Continued Financial Out-performance Revenue (IFRS)1 Monthly Recurring Revenue (MRR) Adj. EBITDA2 (C$ 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 - Now a Pure-Play Global SaaS, Services & AI Company
HEALWELL AI - Now a Pure - Play Global SaaS, Services & AI Company Serving Health Systems and Life Sciences Sector Revenue (IFRS)1 Commentary (C$ in 000s) 40,000 35,000 - WELL has acquired Polyclinic, two clinics in 30,354 30,000 the GTA 25,000 20,000 15,000 10,000 6,688 - WELLSTAR has acquired Mutu
Slide 17: Strategic Alternatives Processes for US Assets
Strategic Alternatives Processes for US Assets 17
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
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 22 22