Slide 1: Claritev Corporation Q3 2025 Results and Business Update
Claritev Corporation Q3 2025 Results and Business Update November 7, 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: Q3 2025 Call Highlights
Q3 2025 Call Highlights Partnerships Key Events 2025 Q3 Results Brand momentum at HLTH and Oracle AI World Exceeded Prior Year Renewed Top Ten customers Hosted Claritev Client +6.7% +162 bps Conference in Laguna Niguel Q3 Revenue Adjusted EBITDA vs. PY Margin vs. PY Expanded brand sponsorships ~$15M
Slide 4: Growth and Progress by Market Vertical – Q3 2025
Growth and Progress by Market Vertical – Q3 2025 Payors | TPA1 – Core Business 01 Brokers | Employers 02 Government 03 • 4 new logos • Hosted first Claritev Broker Summit • Closed new business • Completed renewal of all Top Ten • Launched Premier Broker Program • Submitting bids on multi-year projec
Slide 5: The Vision
The Vision To Make Healthcare More Transparent and Affordable for All Patients Government Providers Brokers | Channel Partners Employers (e.g., Oracle) Payors | TPA International PRODUCTS Payment & Value Driven Data & Decision Analytics Network Revenue Integrity Health Plan Science Solutions Solutio
Slide 6: Financial Highlights
Financial Highlights During the Third Quarter 2025: 106.7%Total Net Revenue Retention Rate1,3 Second straight quarter of topline and $155.1M 63.1% profitability growth; exceeded internal targets leading to full-year guidance raise Adjusted EBITDA2,3 Adjusted EBITDA Closed ~$15M in annual contract va
Slide 7: Q3 2025 and Year-to-Date Results
Q3 2025 and Year-to-Date Results $ in millions Year-over-Year Quarter-over-Quarter Nine Months ended Sequential Quarter Prior Year Quarter September 30 Q3 2025 Q2 2025 Q3 2025 Q3 2024 Q3 YTD 2025 Q3 YTD 2024 1.8% 6.7% 2.9% Revenues (18.0%) 0.7% 9.5% 3.7% Adjusted EBITDA1 Adjusted EBITDA Margin2 63.1
Slide 8: Revenue by Service Line
Revenue by Service Line $ in millions Current Quarter Sequential Quarter Prior Year Quarter Service Line Q3 2025 Q2 2025 % Change Q3 2024 % Change Analytics-Based $164.4 $157.0 4.7% $157.7 4.2% Network-Based $52.9 $54.1 (2.2)% $46.2 14.6% Payment & Revenue $28.6 $30.5 (6.0)% $26.6 7.5% Integrity Tot
Slide 9: Q3 2025 Analytics-Based Services
Q3 2025 Analytics-Based Services Revenue $ in millions Current Quarter Sequential Quarter Prior Year Quarter Data-driven reimbursement Q3 2025 Q2 2025 % Change Q3 2024 % Change solutions for out-of-network claims $164.4 $157.0 4.7% $157.7 4.2% & support for NSA compliance Actionable, digestible insi
Slide 10: Q3 2025 Network-Based Services
Q3 2025 Network-Based Services Revenue $ in millions Current Quarter Sequential Quarter Prior Year Quarter Build and manage custom Q3 2025 Q2 2025 % Change Q3 2024 % Change healthcare provider networks with $52.9 $54.1 (2.2)% $46.2 14.6% access to 1.4M credentialed providers Quarter Highlights Integ
Slide 11: Q3 2025 Payment & Revenue Integrity Services
Q3 2025 Payment & Revenue Integrity Services Revenue $ in millions Current Quarter Sequential Quarter Prior Year Quarter Identify, correct and prevent Q3 2025 Q2 2025 % Change Q3 2024 % Change improper billing to optimize $28.6 $30.5 (6.0) % $26.6 7.5% accuracy and reduce waste and abuse in the heal
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 Q3 2025 Q2 2025 % Change Q3 2024 % Change Commercial Health Plans Medical charges processed $21.6 $21.1 2.4% $20.5 5.5% Potential medical cost savings $5.7 $5.8 (3.2)% $6.0
Slide 13: Claritev Share of Savings – As Reported
Claritev Share of Savings – As Reported $ in millions Current Sequential Quarter Prior Year Quarter Quarter Key Drivers of Identified Savings Volume and Revenue as a % of Q3 2025 Q2 2025 Variance Q3 2024 Variance Savings PSAV1 • In our core PSAV revenue model, revenue as a 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 + $6 6,000 (+3.0%) 5,000 -13% -4% 3,740 3,784 3,609 3,546 4,000 3,314 3,273 3,129 $(9) 3,000 2,000 $15 $205 1,000 0 $199 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 FY2
Slide 15: FY 2025 Guidance
FY 2025 Guidance Previous: FY2025 Updated: FY2025 Comments Improved revenue outlook due to sequential performance of Revenue Flat to +2% vs. 2024 2.8% to 3.2% vs. 2024 core business and first revenue from International Tightening margin outlook with year-over-year margin Adjusted EBITDA %1 62.5% to
Slide 16: Strategic Investment Prioritization
Strategic Investment Prioritization Our primary uses of capital are to: 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 • Expand solutions, HI
Slide 17: Appendix
& claritev’ Appendix
Slide 18: Balance Sheet
Balance Sheet $ in millions DEBT STRUCTURE (Outstanding Principal Balances) 9/30/2025 Rate Maturity 2025 Revolving Credit Facility $ 70 SOFR+3.75% DEC-29 New First-Out First Lien Term Loans 323 SOFR+3.75% DEC-30 New Second-Out First Lien Term Loans 1,138 SOFR+4.60%+CSA1 DEC-30 New Second-Out First L
Slide 19: Reconciliation of GAAP and Non-GAAP Items
Reconciliation of GAAP and Non-GAAP Items $ in thousands, except share data Three Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Net loss $ (69,753) $ (62,640) $ (71,319) $ (137,965) $ (391,450) Adjustments: Interest expense 101,232 99,746 91,636 81,252 81,792 Interest income (471)
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 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Net (loss) income $ (69,753) $ (62,640) $ (71,319) $ (137,965) $ (391,450) 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 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Net cash (used in) provided by operating activities $ 19,857 $ 61,237 $ (30,056) $ (33,413) $ 72,842 Purchases of property and equipment (36,203) (24,623) (38,866