Claritev Corporation · NYSE:CTEV
Claritev — Q4 2025 Earnings Presentation
21 slides from Claritev's earnings presentation, Feb 23, 2026
Slide 1: Claritev Corporation Q4 2025 Results and Business Update
Claritev Corporation Q4 2025 Results and Business Update February 23, 2026 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
Our purpose is simple. We work to help make healthcare transparent and affordable for all. 3
Slide 4: Our Mission in Action
Our Mission in Action 700+ 60M Insurance carriers, plan admins Health Plan and other payor 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 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 Strategy & Insights Services PRODUCTS Payment & Revenue Data & Analytics Claims Intelligence Network Solutions Integrity
Slide 6: Fiscal Year 2025 Highlights
Fiscal Year 2025 Highlights Ecosystem Engagement Completing the TURN FY 2025 Results Exceeded Expectations Renewed Top Ten customers +3.7% ~$67M New Market Verticals Launched FY25 Revenue ACV Closed in vs. PY Bookings International Expansion +4.5% 650+ FY25 Adj EBITDA Closed vs. PY Opportunities Exp
Slide 7: Business Highlights Fourth Quarter 2025
Business Highlights Fourth Quarter 2025 FINANCIAL GROWTH PRODUCT | TECHNOLOGY Exceeded Q4 Bookings Forecast, closing Delivered and deployed new features and 6.2% Revenue Growth vs Q4 ‘24 ~$23M of ACV solutions across all product lines Leveraged Network Builder [automates Signed 10 new logos in Q4 –
Slide 8: Quarterly and Year-over-Year Results
Quarterly and Year-over-Year Results $ in millions Year-over-Year Quarter ended December 31 Year Yearended December3131 Ended December Q4 2025 Q4 2024 FY 2025 FY 2024 6.2% 3.7% $246.6 $232.1 $965.4 $930.6 Revenues 7.0% 4.5% (18.0%) $151.3 $602.6 $576.7 $141.4 Adjusted EBITDA1 Adjusted EBITDA Margin1
Slide 9: Financial Highlights
Financial Highlights Fourth Quarter 2025: Full Year 2025: 106.2% 103.7% Total Net Revenue Retention Rate1 Total Net Revenue Retention Rate1 $151.3M (61.4%) $602.6M (62.4%) Adjusted EBITDA2 Adjusted EBITDA2 $72.1M $270.5M Unlevered free cash flow2 Unlevered free cash flow2 ~$23M ~$67M ACV Bookings3 A
Slide 10: Revenue by Service Line
Revenue by Service Line $ in millions Quarter ended December 31 Year Yearended December3131 Ended December Service Line 2025 2024 Change 2025 2024 Change Claims Intelligence $165.1 $157.1 5.1% $639.8 $634.8 0.8% Network $52.8 $47.2 11.9% $206.7 $185.2 11.6% Payment & Revenue $28.7 $27.8 3.2% $118.9
Slide 11: Medical Charges Processed and Identified Potential Savings
Medical Charges Processed and Identified Potential Savings $ in billions Quarter ended Year Ended 12/31/25 12/31/24 % Change 12/31/25 12/31/24 % Change Commercial Health Plans Medical charges processed $22.9 $21.5 6.5% $86.5 $80.1 7.9% Potential medical cost savings $5.9 $6.0 (1.7)% $23.2 $23.2 -- %
Slide 12: Claritev Share of Savings – As Reported
Claritev Share of Savings – As Reported $ in millions Quarter ended Year Ended Q4 2025 Q4 2024 Variance FY 2025 FY 2024 Variance PSAV1 Identified potential savings $4,468 $4,356 $112 $17,346 $17,569 ($223) Revenues $207 $201 $6 $811 $823 ($12) 2 Revenues as a % of identified savings 4.63 % 4.61 % bp
Slide 13: Claritev PSAV Normalized Analysis - Rate/Volume/Mix
(Claims with Identified Savings) Claritev PSAV Normalized Analysis* - Rate/Volume/Mix PSAV Claim Volume (000’s) Rate/Vol/Mix ($M’s) - Revenue per Claim Analysis + $1 (+0.6%) 6,000 $206 5,000 -11% +1% 3,756 3,800 3,609 3,547 4,000 3,314 3,273 3,129 3,148 3,000 2,000 $2 $205 1,000 0 $(1) FY24 Q1 FY24
Slide 14: Claritev 2026 Revenue Walk
Claritev 2026 Revenue Walk $ in millions Bookings conversion to +2-4% Revenue & Expansion Property & Casualty $980 - $1,000 Business 93%-95% is MSD Growth historic driven by normalized market factors, $965 GRR range price, & mix +6-7% (2%) (5-6%) +4-5% 2025 One-time Gross Revenue Existing Client ACV
Slide 15: FY 2026 Guidance
FY 2026 Guidance FY 2026 Revenue $980 million to $1 billion Adjusted EBITDA1 $605 million to $615 million Capital Expenditures2 $160M to $170M 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 above to the mo
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) 12/31/2025 Rate Maturity 2025 Revolving Credit Facility $ 20 SOFR+3.75% DEC-29 First-Out First Lien Term Loans 323 SOFR+3.75% DEC-30 Second-Out First Lien Term Loans 1,135 SOFR+4.60%+CSA1 DEC-30 Second-Out First Lien A Notes
Slide 19: Reconciliation of GAAP and Non-GAAP Items
Reconciliation of GAAP and Non-GAAP Items $ in thousands Three Months Ended Year Ended December 31, 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 2025 2024 Net loss $ (80,570) $ (69,753) $ (62,640) $ (71,319) $ (137,965) $ (284,282) $ (1,645,831) Adjustments: Interest expense 99,408 101,232 99
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 Year Ended December 31, 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 2025 2024 Net loss $ (80,570) $ (69,753) $ (62,640) $ (71,319) $ (137,965) $ (284,282) $ (1,645,831) Adj
Slide 21: Reconciliation of GAAP and Non-GAAP Items, continued
Reconciliation of GAAP and Non-GAAP Items, continued $ in thousands Three Months Ended Year Ended December 31, 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 2025 2024 Net cash provided by (used in) operating activities $ 66,286 $ 19,857 $ 61,237 $ (30,056) $ (33,413) $ 117,324 $ 107,616 Purcha