Slide 1: 3Q'25 Earnings Presentation
3Q’25 Earnings Presentation October 29, 2025 © 2025 Waystar. All rights reserved.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar’s expectations relating to future operating r
Slide 3: Introductions
INTRODUCTIONS Matt Hawkins Steve Oreskovich Sue Dooley Chief Executive Officer Chief Financial Officer VP of Investor Relations © 2025 Waystar. All rights reserved. 3
Slide 4: Strong 3Q performance: key highlights
12% 17% Revenue growth1 Adjusted EBITDA growth1,2 KEY HIGHLIGHTS Strong 3Q 42% $96M performance Adjusted EBITDA margin2 Unlevered free cash flow2 Growth rates and key metrics are at or above long-term financial targets 11% YoY growth in clients 113% Net revenue with >$100k in TTM revenue3 retention
Slide 5: Revenue growth
3Q’25 RESULTS Revenue growth1 Consistent and durable YoY revenue growth $ in millions $271 $269 $256 $240 $244 $235 $225 $207 $197 $138 $132 15% $130 Subscription growth $121 $121 $121 CAGR over last 8 $117 $94 $102 quarters 18% Volume-based growth CAGR over last 8 $125 $131 $134 $112 $118 $122 quar
Slide 6: Growth in clients with >$100K revenue
3Q’25 RESULTS Growth in clients with >$100K revenue1 Continued strong YoY growth as clients adopt more of the platform 1,306 1,268 1,244 1,203 1,173 1,117 1,080 1,046 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 YoY 7% 7% 9% 14% 15% 15% 14% 11% (1) See definition of Customer Count with >$100,000
Slide 7: Net Revenue Retention
3Q’25 RESULTS Net Revenue Retention1 3Q’25 NRR above historical range of 108%-110% 114% 115% 113% 109% 109% 109% 110% 108% Higher NRR the past three quarters reflect a benefit from rapid time to revenue associated with new client go-lives in early 2024 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25
Slide 8: Adjusted EBITDA
3Q’25 RESULTS Adjusted EBITDA1 Delivered 40%+ Adjusted EBITDA margin over the past 8 quarters $113 $113 $ in millions $108 $100 $97 $93 $94 $86 Higher adjusted EBITDA margins in 2025 driven by favorable revenue mix and benefits of operating cost savings initiatives being ahead of conscious reinvestm
Slide 9: Adjusted net leverage ratio
3Q’25 RESULTS Adjusted net leverage ratio1 $1 billion+ debt paid in 2024 reduced annual interest by over $100 million; net leverage of 1.9x at 3Q’25 and 0.9x decline YTD in line with target reduction of 1x annually 6.6x • Repriced First Lien Loan on 8/12/25 to SOFR +200bp (from SOFR +225bp) 2.8x • S
Slide 10: Unlevered free cash flow
3Q’25 RESULTS Unlevered free cash flow1 YTD 3Q’25 conversion of adj. EBITDA to uFCF of 86% above long-term target of 70%; YTD 3Q’25 benefits from deferral of ~$23M federal tax payments to 4Q’25 $ in millions Interest Paid Cash from Operations $285 $265 CapEx $59 $223 $123 $185 $193 $101 $243 $170 $1
Slide 11: 2025 Guidance
FY’25 2025 Guidance Raising guidance midpoints by $53M and $31M for revenue and adj. EBITDA, respectively; raise includes $30M and $12M in revenue and adj. EBITDA, respectively, to account for one full quarter of Iodine FY’25 Guidance FY’24 Actual YoY% Change Low Mid-point High Mid-point Revenue $1,
Slide 12: Guidance assumptions
• ~$42M stock-based compensation expense • ~$78M net interest (based on 1-month SOFR1 base rate of 3.9%, net of hedges, and no additional debt or discretionary paydowns) FY’25 • ~21% non-GAAP effective tax rate on adjustable items Guidance • added back to non-GAAP net income ~186M fully diluted, wei
Slide 13: Waystar: Simplify Healthcare Payments
WAYSTAR | SIMPLIFY HEALTHCARE PAYMENTS © 2025 Waystar. All rights reserved. 13
Slide 14: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES To supplement the consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation contains certain non-GAAP financial measures as defined below. We present non-GAAP financial measures as
Slide 15: Key Performance Metric Definitions
KEY PERFORMANCE METRIC DEFINITIONS Net Revenue Retention Rate Our Net Revenue Retention Rate compares twelve months of client invoices for our solutions at two period end dates. To calculate our Net Revenue Retention Rate, we first accumulate the total amount invoiced during the twelve months ending
Slide 16: GAAP Income Statement
GAAP Income Statement Unaudited, $ in thousands Consolidated Statement of Operations 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25 Revenue 224,792 234,543 240,112 244,102 943,549 256,435 270,654 268,651 Cost of revenue (exclusive of depreciation and amortization expenses) 75,192 80,451 80,545 79,5
Slide 17: Non-GAAP Income Statement
Unaudited, $ in thousands Non-GAAP Income Statement Non-GAAP Consolidated Statements of Operations 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25 Revenue 224,792 234,543 240,112 244,102 943,549 256,435 270,654 268,651 Cost of revenue (exclusive of depreciation and amortization expenses), adjusted 7
Slide 18: Non-GAAP Reconciliations and Key Metrics
Non-GAAP Reconciliations and Key Metrics Unaudited, $ in thousands, except per share amounts Reconciliation of Non-GAAP Adjusted EBITDA 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25 Net income/(loss) (15,932) (27,685) 5,413 19,079 (19,125) 29,269 32,184 30,648 Interest expense 57,184 50,541 18,459
Slide 19: Net Debt and Leverage
Net Debt and Leverage Unaudited, $ in thousands Reconciliation of Net Debt FY'23 FY'24 3Q'24 3Q'25 First lien term loan facility outstanding debt, current 17,983 11,668 12,909 11,668 First lien term loan facility outstanding debt, net of current portion 1,712,833 1,151,878 1,153,864 1,143,127 Second
Slide 20: © 2025 Waystar Holding Corp. All rights reserved. Waystar®, the Waystar Star Logo, and
© 2025 Waystar Holding Corp. All rights reserved. Waystar®, the Waystar Star Logo, and all other trademarks, trade names, service marks, and logos referenced herein, unless otherwise noted, belong to Waystar Holding Corp. or its affiliates. © 2025 Waystar