Claritev Corporation · NYSE:CTEV
Claritev — Q1 2026 Earnings Presentation
20 slides from Claritev's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Results and Business Update
Claritev Corporation Q1 2026 Results and Business Update May 7, 2026 Confidential and Proprietary – Do not distribute without permission 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation includes statements that express our management’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.”
Slide 3: Our purpose is simple: transparent and affordable healthcare
Our purpose is simple. We work to help make healthcare transparent and affordable for all. Confidential and Proprietary – Do not distribute without permission 3
Slide 4: The Vision
The Vision To Make Healthcare More Transparent and Affordable for All Patients Public Sector Providers Brokers | Employers Channel Partners Payers | TPA International Strategy & Insights Services PRODUCTS Claims Payment & Data & Network Intelligence Revenue Integrity Analytics Enterprise Data Platfo
Slide 5: Our Competitive Advantage
Our Competitive Network scale A multi-decade network footprint Advantage embedded across payers and providers Data & analytics $500M+ High provider acceptance Invested in 400k custom business rules derived Our solutions minimize provider from 750+ payers and 45+ years of R&D in 5 yrs abrasion and ac
Slide 6: Our Mission in Action
Our Mission in Action 750+ 60M Insurance carriers, plan admins Health Plan and other payer clients Members Served* >100K ~$180B Employers/Plan Claim Charges Sponsors Served* Processed For more than 45 years, Claritev has been delivering affordability, efficiency, 1.4M $25B Providers Potential Saving
Slide 7: Q1 2026 Highlights
Q1 2026 Highlights +5.8% +3.4% ~$44M 6 Q1 2026 Results New Exceeded Prior Year Revenue Adjusted EBITDA ACV Closed in Logos vs. PY vs. PY Bookings Key Highlights 2026 Investor Day Signed: World Trade Center Health Program March 16, 2026 Signed: Top 5 Health System Signed: Major Payer NSA Expansion AC
Slide 8: Results and Highlights
Results and Highlights $ in millions Quarter ended March 31 First Quarter 2026 Q1 2026 Q1 2025 105.8% 5.8% Total Net Revenue Retention Rate2 $244.7 $231.3 Revenues $146.9M (60.0%) Adjusted EBITDA1 3.4% (18.0%) Adjusted EBITDA1 $146.9 $142.1 $36.8M Unlevered free cash flow3 ~$44M ACV Bookings4 Adjust
Slide 9: Revenue by Service Line
Revenue by Service Line $ in millions Quarter ended March 31 Service Line 2026 2025 Change Claims Intelligence $166.3 $153.4 8.4% Network $47.5 $46.9 1.2% Payment & Revenue $30.9 $31.0 (0.4)% Integrity Total Revenue $244.7 $231.3 5.8%
Slide 10: Claritev PSAV Normalized Analysis - Rate/Volume/Mix
(Claims with Identified Savings) Claritev PSAV Normalized Analysis* - Rate/Volume/Mix PSAV Claim Volume (000’s) Rate/Vol/Mix ($M’s) - Revenue per Claim Analysis (Claims with Identified Savings) 4,000 - $(2) (-0.9%) 3,600 -8% -3% 3,314 3,273 $6 $(8) 3,200 3,129 3,148 $206 3,043 $204 2,800 FY25 Q1 FY2
Slide 11: Key Claims Volume/Pricing Trends
(Claims with Identified Savings) Key Claims Volume/Pricing Trends Total Claims (with Savings) Charges Per Claim Potential Savings Per Claim Revenue Per Claim Q1 ‘26 Drivers 120% 114% • Volume: Modest 112% 112% decline offset by AI 110% 109% Initiatives identifying 106% more savings per claim 109% 10
Slide 12: Claritev 2026 Revenue Walk
Claritev 2026 Revenue Walk $ in millions Bookings conversion to +2-4% Revenue & Expansion $985 - $1,000 Property & Casualty Business Mid-90s is historic $965 normalized GRR range MSD Growth +6-7% driven by (2%) volume & mix (5-6%) +4-5% 2025 1x Items Gross Revenue Net Revenue ACV Revenue 2026 Retent
Slide 13: FY 2026 Guidance
FY 2026 Guidance FY 2026 Revenue $985 million to $1 billion Adjusted EBITDA1 $605 million to $615 million Total Capital Spend2 $160 million to $170 million Effective Tax Rate 24% to 28% Free Cash Flow $0 to $10 million 1 We have not reconciled the forward-looking Adjusted EBITDA guidance included ab
Slide 14: Strategic Investment Prioritization
Strategic Investment Prioritization Our primary use of capital is invest in our business, serve our clients, care for our associates, and maximize shareholder value. Organic investments to HIGHEST PRIORITY Guiding Principles fuel Vision 2030 Plan • Diversify & Accelerate HIGH PRIORITY Debt paydown •
Slide 15: Claritev has Been Re-Invigorated and is Positioned to Accelerate Growth
Claritev has Been Re-Invigorated and is Positioned to Accelerate Growth Essential Role in Healthcare Ecosystem 1 Growth opportunity to significantly expand TAM and accelerate growth in analytics with untapped international opportunity Operating Platform Built For Significant Scale 2 Ability to lever
Slide 16: Appendix
& claritev’ Appendix
Slide 17: Debt Structure
Debt Structure $ in millions DEBT STRUCTURE (Outstanding Principal Balances) 3/31/2026 Rate Maturity 2025 Revolving Credit Facility $ 125 SOFR+3.75% DEC-29 First-Out First Lien Term Loans 322 SOFR+3.75% DEC-30 Second-Out First Lien Term Loans 1,132 SOFR+4.60%+CSA1 DEC-30 Second-Out First Lien A Note
Slide 18: Reconciliation of GAAP and Non-GAAP Items
Reconciliation of GAAP and Non-GAAP Items $ in thousands Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net loss $ (73,560) $ (80,570) $ (69,753) $ (62,640) $ (71,319) Adjustments: Interest expense 99,542 99,408 101,232 99,746 91,636 Interest income (182) (279) (471) (323) (48
Slide 19: Reconciliation of GAAP and Non-GAAP Items, continued
Reconciliation of GAAP and Non-GAAP Items, continued $ in thousands, except share and per share data Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net loss $ (73,560) $ (80,570) $ (69,753) $ (62,640) $ (71,319) Adjustments: Amortization of intangible assets 85,908 85,844 85,9
Slide 20: Reconciliation of GAAP and Non-GAAP Items, continued
Reconciliation of GAAP and Non-GAAP Items, continued $ in thousands Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net cash (used in) provided by operating activities $ (45,779) $ 66,286 $ 19,857 $ 61,237 $ (30,056) Purchases of property and equipment (46,767) (29,909) (36,203