Waystar Holding Corp. · NASDAQ:WAY

Waystar — Merger or Acquisition (July 2025)

11 slides from Waystar's merger presentation, Jul 23, 2025

1. Slide 1: Waystar to acquire Iodine Software

   ANNOUNCEMENT Waystar to acquire Iodine Software July 23, 2025 © 2025 Waystar. All rights reserved.

2. Slide 2: Forward-Looking Statements

   FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar’s expectations relating to future operating r

3. Slide 3: Strategic Rationale: Simplify Healthcare Payments

   STRATEGIC RATIONALE Simplify Healthcare Payments + Accelerates Eradicates Expands Enhances AI-powered Denials TAM and Revenue Growth Transformation at the Source Provider Reach and Profitability © 2025 Waystar. All rights reserved. Advances our mission to Integrates clinical intelligence Broadens Wa

4. Slide 4: Iodine Acquisition Transaction Overview

   PRO FORMA OWNERSHIP  Transaction funded with approximately 50% in cash and 50% in Waystar common stock  Iodine shareholders will own approximately 8% of Waystar on a fully diluted, pro forma basis  Iodine’s largest shareholder, Advent, is expected to receive 100% of its IODINE ACQUISITION transac

5. Slide 5: AI-powered Software Platform

   TRANSFORMING HEALTHCARE AI-powered Software Platform REVENUE CYCLE CONTINUUM: PRE, DURING + POST CARE C O N F I D E N T I A L Prior Clinical Utilization + Eligibility check + Patient cost estimation + authorization + Co-pay collection + management + documentation + Charge capture + Clean claim submi

6. Slide 6: Iodine Software: AI-powered Clinical Intelligence

   AI-powered Clinical Intelligence UNMATCHED FINANCIAL + OPERATIONAL IMPACT PROVEN RESULTS Iodine Software Accelerate health systems’ ability to capture the full value of care, reduce administrative Medical Documentation Post-discharge burden, and further infuse the Necessity Accuracy Revenue Protecti

7. Slide 7: Aligned in Mission. Amplified in Impact.

   ACCELERATING WAYSTAR’S GROWTH Aligned in Mission. Amplified in Impact. 6B+ + 34% 1.5B FORCE MULTIPLIER 1M+ 50% 160M+ MARKET Payment All Inpatient Medical 1M+ REACH Providers U.S. Patients Encounters PROVIDERS Transactions Discharges in U.S. Concepts #1 1st 12 Years+ 15+ Years 160+ 86% AI Platform, R

8. Slide 8: Waystar's Proven Track Record of M&A Execution

   ORGANIC GROWTH + DISCIPLINED ACQUISTIONS Waystar’s Proven Track Record of M&A Execution INTEGRATION SUCCESS  100%+ identified synergies achieved across nine prior acquisitions  Excellent outcomes for clients, team members, and Waystar shareholders CONSISTENT APPROACH TO M&A  Create a unified, clo

9. Slide 9: Strengthens Waystar's Financial Profile

   IODINE ACQUISTION Strengthens Waystar’s Financial Profile IODINE ACCRETIVE TO PROFILE WAYSTAR NON-GAAP NET INCOME PER DILUTED SHARE  Assuming full-year impact, neutral to non-GAAP net income per TAM Expansion of 15%+  diluted share in 2026 and modestly accretive in 2027 LEVERAGE Revenue Derived fr

10. Slide 10: Continued Strong Momentum in Q2'25

    SECOND QUARTER 2025 Continued Strong Momentum in Q2’25 C O N F I D E N T I A L PRELIMINARY Q2’25 RESULTS Earnings call $271M 15% + P R O P R I E T A R Y Waystar’s second quarter 2025 Approximate Approximate results as previously scheduled Q2 2025 year-over-year on July 30, 2025. revenue* growth* | ©

11. Slide 11: Thank you

    Thank you Simplify healthcare payments Visit waystar.com © 2025 Waystar. All rights reserved.

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