Well Health Technologies Corp. · TSX:WELL
Well Health Technologies — FY2025 Earnings Presentation
27 slides from Well Health Technologies's earnings presentation, March 2026
Slide 1: Q4-2025 and Year End Earnings Presentation
%% 80? WELL Health ee ee TECHNOLOGIES CORP Q4-2025 and Year End 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 2025: A Defining Year
WELL 2025: A Defining Year 2025 Revenue 2025 Adj. EBITDA 2025 Adj. Net Income $1.40 B $203.7M $126.5M +52% Y/Y +336% Y/Y +1479% Y/Y Normalized1 2025 Revenue Normalized1 2025 Adj. EBITDA Normalized1 2025 Adj. Net Income $1.35 B $148.6M $99.0M +34% Y/Y +17% Y/Y +102% Y/Y 1) Normalized financials exclu
Slide 4: Impact Metrics: Proof the Model Works
Impact Metrics: Proof the Model Works 2 hours Time saved per Doctor ~80 in 20251 vs. 34 industry Appointments booked by using WELL AI Voice average2. 4M+ online through Daily NPS OceanMD Network3 80+ Saved weekly per clinic Successful capture of using Online Booking & 78% patient digital consent 1.5
Slide 5: WELL 2025 Operational Highlights
WELL 2025 Operational Highlights1 4,600+ 43,000+ 10.5M+ Providers in WELL's Clinic Total Care Interactions2 Unique Providers supported Network +26% YoY by WELL's Technology (1,400+ physicians in Canada) (+14% organic) 6.9M+ 4.3M +37% Patient visits (CAN + US) CAN patient visits YoY CAN patient visit
Slide 6: WELL Clinic Network by Province
MANITOBA QUEBEC 5 Primary Care Clinics 4 Private Care Clinics 12 Specialty Care Clinics 2 Specialty Care Clinic TOTAL: 17 Clinics TOTAL: 6 Clinics BRITISH COLUMBIA 42 Primary Care Clinics ONTARIO 5 Executive Care Clinics ALBERTA 28 Specialty Care Clinics 41 Primary Care Clinics 13 Primary Care Clini
Slide 7: WELLTRUST - Where Clinics Meet Clinical Research
WELLTRUST - Where Clinics Meet Clinical Research Accelerating Ethical, AI-powered Clinical Research Recruitment Across WELL-operated clinics AI-Powered Recruitment HEALWELL's DARWEN AI identifies high-fit patients with chronic, rare, and complex conditions for clinical trial matching at scale. Platf
Slide 8: WELL 2025 Shareholder EBITDA to FCFA2S Conversion
WELL 2025 Shareholder EBITDA to FCFA2S Conversion 2025 Adj. Shareholder EBITDA 2025 FCFA2S Cashflow Conversion2 $149.0M $58.2M 39% +275% Y/Y +19% Y/Y 58% excluding Cash Interest Normalized1 Adj. Shareholder Normalized Cashflow 2025 FCFA2S exc. Cash Interest Conversion2 EBITDA $110.9M $86.3M 52% +15%
Slide 9: Q4 & Full-Year 2025 Earnings – Topics to be Covered
Q4 & Full-Year 2025 Earnings – Topics to be Covered Key updates on the following: 1. Canadian Clinics Update 2. Update on WELLSTAR & HEALWELL AI 3. Strategic Alternatives Processes for US Assets
Slide 10: WELL Canadian Clinics Financial Performance
WELL Canadian Clinics Financial Performance WELL Canadian Clinics WELL Canadian Clinics WELL Canadian Clinics Count1 Annual Revenue Growth Annual Adj. EBITDA Growth (C$ in 000s) (C$ in 000s) 500,000 70,000 300 450,000 252 60,000 250 400,000 350,000 50,000 200 300,000 40,000 150 250,000 128 30,000 20
Slide 11: 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 4,500,000 4,279,513 2,500 2,500 4,000,000 2,207 3,500,000 2,000 2,000 1,939 3,124,631 1,792 1,744 3,000,000 1,623 1,500 1,500 1,425 2,5
Slide 12: WELL Canada Experiencing Accelerating Growth
WELL Canada Experiencing Accelerating Growth WELL Canada WELL Canada Annual Revenue Growth Annual Adj. EBITDA Growth (C$ in 000s) (C$ in 000s) 600,000 90,000 81,017 521,438 80,000 500,000 70,000 400,000 387,444 60,000 56,313 50,000 45,960 299,135 300,000 40,000 200,000 30,000 20,000 100,000 10,000 0
Slide 13: Canadian Clinic Recent M&A Activity
Canadian Clinic Recent M&A Activity Q1-2025 Q2-2025 Q3-2025 Q4-2025 +11 Clinics +3 Clinics +5 Clinics +25 Clinics 4 transactions 3 transactions 5 transactions 7 transactions +$31.5M +$8.0M +$27.5M +$45.6M Annual Revenue Annual Revenue Annual Revenue Annual Revenue +71 Providers +46 Providers +81 Pro
Slide 14: Increased Pace of Canadian Clinical Transactions
Increased Pace of Canadian Clinical Transactions Number of Transactions Revenue Acquired & Absorbed (MM C$) 20 19 120 113 18 16 100 14 80 12 10 10 57 60 53 8 6 40 6 4 4 20 20 2 0 0 1 2022 2023 2024 2025 2022 2023 2024 2025 1) 2023 figures include revenues from the Manitoba Clinic, acquired December
Slide 15: Canadian Clinics under LOI and WELL Canada M&A Pipeline
Canadian Clinics under LOI and WELL Canada M&A Pipeline Canadian Clinics ~$260M 6 79 Under LOI or Advanced Stage: Revenue Signed LOIs Clinics Total WELL Canada1 Under LOI or Advanced Stage: ~$272M 10 Revenue Signed LOIs Total WELL Canada $455M+ 40+ 125+ Pipeline2 Revenue Targets Engaged Clinics 1) W
Slide 16: DARWEN AI — Proprietary AI Engine
Data & Context Intelligence Clinical Validation & Credibility Multi-provider context across patient journey including patient + 47 peer-reviewed publications and collaborations provider + billing data Brand, Security & Trust DARWEN AI — Proprietary AI Engine Years of proven performance in regulated
Slide 17: WELLSTAR: Continued Financial Out-performance
WELLSTAR: Continued Financial Out-performance Year-End Annual Recurring Revenue Revenue1 Adj. EBITDA3 (ARR)2 (C$ in 000s) (C$ in 000s) (C$ in 000s) 80,000 80,000 25,000 72,949 72,552 21,568 70,000 +63% 70,000 +35% 20,000 +66% 60,000 60,000 53,880 50,000 50,000 +43% 44,808 15,000 +17% 12,955 40,000 3
Slide 18: HEALWELL Revenue (IFRS) and Adj. EBITDA
Revenue (IFRS)1 Adj. EBITDA1 (C$ in 000s) (C$ in 000s) 35,000 2,000 32,216 1,144 1,000 30,000 0 25,000 -1,000 20,000 -2,000 15,000 -3,000 10,000 -4,000 6,794 5,000 -5,000 -5,012 0 -6,000 Q4 2024 Q4 2025 Q4 2024 Q4 2025 1) Reported figures reflect HEALWELL’s consolidated continuing operations. The di
Slide 19: Global AI Expansion
G LO BA L A I E X PA N S I O N M U LT I - M I L L I O N D O L L A R U . S . C O N T R AC T Middle East First AI contract in the Middle East with a Multi-million dollar, multi-year HIE contract won via SMART Search major governmental health system. competitive procurement USA Active Patient ID deploy
Slide 20: Strategic Alternatives Processes for US Assets
Strategic Alternatives Processes for US Assets
Slide 21: Normalized Revenue and Adjusted EBITDA
Normalized Shareholder Normalized Revenue Normalized Adjusted EBITDA Adjusted EBITDA (C$ in 000s) (C$ in 000s) (C$ in 000s) 1,600,000 160,000 120,000 148,638 110,896 1,400,000 1,345,135 140,000 127,026 100,000 96,640 120,000 88,208 1,200,000 113,394 1,000,777 80,000 1,000,000 100,000 776,054 80,000
Slide 22: 2025 Financial Highlights: Record Revenue
2025 Financial Highlights: Record Revenue (C$ in 000s) 1,600,000 55,044 1,400,179 1,400,000 231,419 1,345,135 1,200,000 112,939 81,089 1,000,777 1,000,000 919,688 800,000 600,000 400,000 200,000 0 1 1 2024 2024 CM/CRH Net Impact 2024 Normalized HEALWELL Net Growth 2025 Normalized 2025 CM/CRH Net Imp
Slide 23: 2025 Financial Highlights: Record Adjusted EBITDA
2025 Financial Highlights: Record Adjusted EBITDA (C$ in 000s) 250,000 55,044 203,682 200,000 150,000 15,936 148,638 5,676 80,361 127,026 100,000 50,000 46,665 0 1 1 2024 2024 CM/CRH Net Impact Normalized 2024 HEALWELL Net Growth Normalized 2025 2025 CM/CRH Net Impact 2025 As Reported Normalized Inc
Slide 24: 2025 Financial Highlights – Record Adjusted Net Income
2025 Financial Highlights – Record Adjusted Net Income (C$ in 000s) 140,000 27,444 126,453 120,000 100,000 34,159 99,009 80,000 13,808 60,000 40,935 48,942 2,100 40,000 20,000 8,007 - 1 2 1 2024 2024 CM/CRH Net Impact Normalized 2024 HEALWELL Non-operating items Net Growth Normalized 2025 2025 CM/CR
Slide 25: 2025 Financial Highlights – FCFA2S
2025 Financial Highlights – FCFA2S Free Cashflow Attributable to Shareholders (C$ in 000s) 90,000 80,000 27,436 70,000 -11,338 60,000 58,157 -6,817 50,000 48,907 1,490 -1,521 40,000 30,000 20,000 10,000 0 2024 HEALWELL Change in Wisp Change in Change in Change in 2025 & CM FCFA2S Sh. EBITDA Taxes &
Slide 26: Outlook: 2026 and Beyond
Outlook: 2026 and Beyond 2026 Guidance: 2026 Guidance on CM Strategic Alternatives $1.55-1.65B Revenue Deferrals1: Being Executed on for All $175-185M Adj. EBITDA $17.6M US Care Businesses WELL Canada 1.5-Yr Target2 of Spin-out of WELLSTAR >$800M Revenue >$100M Adj. EBITDA 1) This guidance provides
Slide 27: Contact
° WELL Health TECHNOLOGIES CORP Contact Hamed Shahbazi CEO, Chairman & Founder hamed@well.company Eva Fong Chief Financial Officer eva.fong@well.company Pardeep Sangha Investor Relations investor@well.company www.well.company Vancouver, BC Canada
WELL Health Technologies — FY2025 Earnings Presentation on 6ix