Slide 1: Investor presentation
Powering how Americans Investor presentation save, spend, and invest in health Copyright © 2026 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice. 1
Slide 2: #1 HSA provider
10.6M #1 HSA provider HSAs +7% YoY $36.5B HSA assets +14% YoY 17.8M Total Accounts +4% YoY 1 in 4 +100k 200+ HSAs in the US clients Network partners are with us Source: HealthEquity key metrics reported as of Jan 31, 2026. #1 HSA by number of accounts based on 2025 Midyear Devenir HSA report, Octobe
Slide 3: Healthcare is becoming more consumer-driven
Healthcare is becoming more consumer-driven Traditional Modern patient consumer Reliant on employer- Empowered by chosen plans and transparency, choice, and ‘blind’ pricing. portable wealth. “I’ll go where my “I’ll shop for the best value insurance tells me” for my health dollars” 3
Slide 4: Healthcare Affordability Is the Defining Challenge
For employees Healthcare Affordability Is the Defining 1 in 3 31 million US adults borrowed adults have skipped or money to pay for medical Challenge postponed care1 care2 For employers $25K 9% healthcare cost 1 Kaiser Family Foundation, Americans’ Challenges with Health Care Costs, 2025 healthcare
Slide 5: A simple, powerful financial tool
A simple, powerful financial tool Tax-advantaged savings account for healthcare Pre-tax Tax-free Tax-free contributions growth withdrawals 5
Slide 6: Enrollment is the starting point. Engagement drives value.
Enrollment is the starting point. Engagement drives value. Moving the HSA from a passive benefit to a strategic financial asset. ▪ Plan design ▪ Auto enrollment Expanded ▪ Health Payment access Accounts HSA Improved High Deductible utilization Health Plan HSA ▪ Health & financial education ▪ Matchin
Slide 7: Built for outcomes, not transactions
Built for outcomes, not transactions 7
Slide 8: One flywheel. Multiple growth levers.
One Spend flywheel. Save Multiple growth levers. Invest Average annual saving and spending rates sourced from The 2025 Midyear Devenir HSA report, Oct 9, 2025 8
Slide 9: Reframing our growth
Account retention Reframing More Enrollment & Engagement our growth Save, Spend & Invest Increased asset balance Legislative trends 9
Slide 10: Trust is the foundation of the platform
Trust is the foundation of the platform This past year we fortified our systems, environments and procedures to detect and prevent fraud and cybercrime. 98% 80% 2.5M Reduction in erroneous Lower fraud Registered passkeys to decline of genuine rate vs. industry secure accounts transactions peers Sour
Slide 11: Extending the platform for the next phase of growth
Extending the platform for the next phase of growth Retail New app Marketplace onboarding with Passkey
Slide 12: AI Powering the future
AI Powering the future HSAnswers Agentic support AI powered claims processing
Slide 13: How our flywheel translates to revenue
How our Spend smarter. flywheel Interchange & Marketplace revenue translates to revenue Invest for the future. Service revenue Save more. Custodial revenue
Slide 14: Engagement drives our platform
Engagement drives our platform 2 in 3 new HSAs come from existing client relationships 3.6M member app downloads $15B+ annual member spend $18.0B in HSA cash $18.5B in invested assets Source: Internal data, Q4 FY26 financial reporting
Slide 15: Engagement drives our platform
Engagement drives our platform 3.6m 2.5m App Passkeys downloads implemented $11B $18B Card spend Total cash annual balance
Slide 16: Extending from Account to active platform
Extending from Account to active platform 16
Slide 17: Built to lead the next decade of healthcare affordability
Built to lead the next decade of healthcare affordability Putting health back in Health Savings Account
Slide 18: Appendix
Appendix Copyright © 2026 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice.
Slide 19: Cash and capital allocation
Strategy Cash and capital allocation Cash flow Cash drivers Capital allocation Multi-year custodial $457M yield tailwind Organic growth Fiscal year 2026 net cash Growing revenue Portfolio M&A flows provided by operating and expanding activities margins fuel cash growth Return of capital Adjusted EBI
Slide 20: HSA cash maturity schedule
HSA cash maturity schedule $18.0 billion total HSA cash assets as of 3.6% January 31, 2026 HSA cash custodial assets repricing in $billions $6.4 $17.3 billion in fixed-rate contracts $4.5 FY27, 28, 29, 30 $2.3 $2.4 maturing yields are below the $1.7 current forward curve expectations for new rates e
Slide 21: HSA key metrics
HSAs HSA key metrics HSAs (000s) HSA Assets ($M) Total Accounts (000s) Net new HSA sales Invested assets Acq HSAs Cash assets HSA 10.6M Beg HSAs $36,464 10,570 $32,111 9,889 FSA 3.3M 681 8,692 581 616 $25,214 $18,482 708 $14,676 HRA 2.4M $10,208 9,889 COBRA 0.4M 7,984 8,692 $17,435 $17,982 $15,006 C
Slide 22: Fiscal fourth quarter financial results
Fiscal fourth quarter financial results Revenue ($M) Adjusted EBITDA(1) ($M) Three Months Twelve Months Three Months Twelve Months $1,313.4 $566.0 $1,199.8 $471.8 $999.6 $132.9 $369.2 $334.6 $311.8 $107.8 $262.4 $98.8 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 7% Q4FY26 growth YoY 2
Slide 23: Capital structure
Capital structure ($ in millions) January 31, 2026 January 31, 2025 Cash, cash equivalents $319 $296 & marketable securities Long-term debt, net $957 $1,056 of debt issuance costs
Slide 24: Guidance | Fiscal year 2027
Guidance | Fiscal year 2027 HealthEquity fiscal year ending January 31, 2027 Guidance as of: March 17, 2026 ($ in millions, except per share) Revenue $1,405 - $1,415 Net Income $239 - $246 Net income per diluted share $2.78 - $2.85 Non-GAAP net income** $392 - $400 Non-GAAP net income per diluted sh
Slide 25: Copyright © 2026 HealthEquity, Inc. All rights reserved.
Copyright © 2026 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice. 25