Slide 1: Claritev Corporation Q2 2025 Results and Business Update
Claritev Corporation Q2 2025 Results and Business Update August 6, 2025 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: Q2 2025 Highlights
Q2 2025 Highlights Launched our International New Partnerships Key Wins Business Unit Added an enterprise subscription deal packaging BenInsights with minimum $80m total contract value (TCV) over 10 years Organic growth with Top-5 Client • Signed agreement with Achieved 3-year NCQA Accreditation Bur
Slide 4: Growth and Progress by Market Vertical – Q2 2025
Growth and Progress by Market Vertical – Q2 2025 Payors | TPA1 – Core Business 01 Brokers | Employers 02 Government 03 • Hosted first Claritev Broker Summit • Closed one new logo • 5 new logos attended by 11 organizations – creating • Submitted bid on multi-year project (Q3 • 5-year contract renewal
Slide 5: The Vision: Combining Technology, Data and Insights
COMBINING The Vision TO IMPACT Technology, To Make Healthcare More Affordable and Transparent for All Affordability, Data and Insights Transparency and Patients Quality in Healthcare Gov’t Providers Brokers | Channel Partners Employers (e.g., Oracle) Payors International PRODUCTS Affordability Solut
Slide 6: Financial Highlights
Financial Highlights During the Second Quarter 2025: 103.5% Total Net Revenue Retention Rate2,3 Returned to topline and profitability $154.0M 63.8% growth; exceeded internal targets leading to full-year guidance raise Adjusted EBITDA1,3 Adjusted EBITDA Closed $16M in annual contract value margin1,3
Slide 7: Q2 2025 and Year-to-Date Results
Q2 2025 and Year-to-Date Results $ in millions Sequential Quarter Prior Year Quarter Six Months Ended June 30 Q2 2025 Q1 2025 Q2 2025 Q2 2024 1H 2025 1H 2024 4.4% 3.5% 1.0% Revenues 18.0%) (18.0%) v 8.4% 5.0% 0.9% Adjusted EBITDA1 Adjusted EBITDA Margin2 63.8% 61.4% 63.8% 62.8% 62.6% 62.7% 1 See rec
Slide 8: Q2 2025 Revenue by Service Line
Q2 2025 Revenue by Service Line $ in millions Current Quarter Sequential Quarter Prior Year Quarter Service Line Q2 2025 Q1 2025 % Change Q2 2024 % Change Analytics-Based $157.0 $153.4 2.3% $159.9 (1.8)% Network-Based $54.1 $46.9 15.4% $45.7 18.4% Payment & Revenue Integrity $30.5 $31.0 (1.7)% $27.9
Slide 9: Q2 2025 Analytics-Based Services
Q2 2025 Analytics-Based Services Revenue $ in millions Current Quarter Sequential Quarter Prior Year Quarter Data-driven reimbursement Q2 2025 Q1 2025 % Change Q2 2024 % Change solutions for out-of-network claims $157.0 $153.4 2.3% $159.9 (1.8%) & support for NSA compliance Actionable, digestible in
Slide 10: Q2 2025 Network-Based Services
Q2 2025 Network-Based Services Revenue $ in millions Current Quarter Sequential Quarter Prior Year Quarter Q2 2025 Q1 2025 % Change Q2 2024 % Change Build and manage custom healthcare provider networks $54.1 $46.9 15.4% $45.7 18.4% with access to 1.4M credentialed providers Quarter Highlights • Stro
Slide 11: Q2 2025 Payment & Revenue Integrity Services
Q2 2025 Payment & Revenue Integrity Services Revenue $ in millions Current Quarter Sequential Quarter Prior Year Quarter Q2 2025 Q1 2025 % Change Q2 2024 % Change $30.5 $31.0 (1.7%) $27.9 9.4% Identify, correct and prevent improper billing to optimize Quarter Highlights accuracy and reduce waste and
Slide 12: Medical Charges Processed and Identified Potential Savings
Medical Charges Processed and Identified Potential Savings $ in billions Current Quarter Sequential Quarter Prior Year Quarter Q2 2025 Q1 2025 % Change Q2 2024 % Change Commercial Health Plans Medical charges processed $21.1 $20.9 1.3% $19.8 6.6% Potential medical cost savings $5.8 $5.8 0.2% $5.8 0.
Slide 13: Claritev Share of Savings – As Reported
Claritev Share of Savings – As Reported $ in millions Current Sequential Quarter Prior Year Quarter Key Drivers of Identified Quarter Savings Volume and Revenue as a % of Q2 2025 Q1 2025 Variance Q2 2024 Variance Savings PSAV1 • Core PSAV revenue as a percentage of savings Identified potential savin
Slide 14: Claritev PSAV Normalized Analysis - Rate/Volume/Mix
Claritev PSAV Normalized Analysis* - Rate/Volume/Mix PSAV Claim Volume (000’s) Rate/Vol/Mix ($M’s) - Revenue per Claim Analysis + $5 6,000 (+2.3%) 5,000 -14% -1% 3,740 3,784 3,609 3,546 $(2) 4,000 3,313 3,272 $199 3,000 2,000 $7 1,000 0 $195 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 Total Clai
Slide 15: Updated FY 2025 Guidance
Updated FY 2025 Guidance Prior FY 2025 Updated FY 2025 Revenue (2)% to Flat vs. 2024 Flat to 2% vs. 2024 Adjusted EBITDA Margin1 62.5% to 63.5% No Change Capital Expenditures2 $155M to $165M $170M to $180M Effective Tax Rate 25% to 28% No Change Free Cash Flow $(75)M to $(65)M $(20)M to $20M 1 We ha
Slide 16: Capital Allocation Prioritization
Capital Allocation Prioritization Our primary and prioritized use of capital is investment in our business to drive organic growth. Organic investments to HIGHEST PRIORITY fuel Vision 2030 Plan HIGH PRIORITY Debt paydown Value creating M&A LOW PRIORITY NEAR TERM LOW % OF CAPITAL ALLOCATION Share buy
Slide 17: Appendix
é3 claritev” Appendix
Slide 18: Balance Sheet
Balance Sheet $ in millions DEBT STRUCTURE (Outstanding Principal Balances) 6/30/2025 Rate Maturity 2025 Revolving Credit Facility $ 80 SOFR+3.75% DEC-29 New First-Out First Lien Term Loans $ 324 SOFR+3.75% DEC-30 New Second-Out First Lien Term Loans $ 1,141 SOFR+4.60%+CSA1 DEC-30 New Second-Out Fir
Slide 19: Reconciliation of GAAP and Non-GAAP Items
Reconciliation of GAAP and Non-GAAP Items $ in thousands, except share data Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Net loss $ (62,640) $ (71,319) $ (137,965) $ (391,450) $ (576,727) Adjustments: Interest expense 99,746 91,636 81,252 81,792 81,129 Interest income (323)
Slide 20: 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 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Net (loss) income $ (62,640) $ (71,319) $ (137,965) $ (391,450) $ (576,727) Adjustments: Amortization of intangible assets 85,971
Slide 21: Reconciliation of GAAP and Non-GAAP Items, continued
Reconciliation of GAAP and Non-GAAP Items, continued $ in thousands Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Net cash provided by operating activities $ 61,237 $ (30,056) $ (33,413) $ 72,842 $ 18,471 Purchases of property and equipment (24,623) (38,866) (30,434) (31,700)