Slide 1: Investor Presentation
Investor Presentation THIRD QUARTER | FISCAL YEAR 2026
Slide 2: Disclaimer
Disclaimer This presentation includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statem
Slide 3: Our Mission: Making care easier every day
OUR MISSION Making care easier every day 3
Slide 4: Phreesia Acquires AccessOne, Expanding Our Suite of Payment Solutions
PHREESIA ACQUIRES ACCESSONE, EXPANDING OUR SUITE OF PAYMENT SOLUTIONS TRUSTED LEADER IN LEADING PLATFORM FOR Patient Activation Receivables Financing Solutions + Solutions for Providers Takes minimal credit risk Facilitates >$4B in annual across approximately patient payments1,2 $450M portfolio Purc
Slide 5: Strategic Rationale
STRATEGIC RATIONALE Extend Reach to Provider Financing + Patient Access Registration Payment Solutions Provider Financing Network Solutions Aligned with Phreesia’s Strengthens $74 Billion in Attractive mission to make care right-to-win with financed out-of- financial profile easier every day health
Slide 6: Q3 FY2026 Results Highlights
Q3 FY2026 RESULTS HIGHLIGHTS Total Revenue +13% +3% Total Revenue Per AHSC1 +6% +1% Year-over-year Sequential Year-over-year Sequential In millions (Q3 FY 2025 - Q3 FY 2026) In thousands (Q3 FY 2025 - Q3 FY 2026) AHSCs2 $116 $117 $120 $107 $110 $26.6 $25.2 $25.3 $26.3 $26.2 4,411 4,467 4,520 4,237 4
Slide 7: Creating a better, more engaging healthcare experience
Creating a better, more engaging healthcare experience Who we are: Leading provider of comprehensive solutions that transform the healthcare experience by activating patients in their care. Our Scale1 Financial Highlights1 What we do: Empower healthcare organizations to maximize efficiency, drive gr
Slide 8: Attractive Industry Tailwinds
ATTRACTIVE INDUSTRY TAILWINDS Staffing Patient Financial Patient-Centered Responsibility Care • 1.3M healthcare staff represent • $749B out-of-pocket spend by 20324 • Personalized health content built $37B in annual spending1 on the principles of privacy and • HDHPs represent 51% of health plan cons
Slide 9: Our Value Proposition and How We Make Money
OUR VALUE PROPOSITION AND HOW WE MAKE MONEY Healthcare Services Orgs Patients Life Sciences and Other Organizations • Simplified operations and enhanced • Improved patient experience • Direct digital communications staff efficiency proposition • High patient usage • Improved brand conversion and Val
Slide 10: Our Multi-Sided Network Has Depth and Breadth
OUR MULTI-SIDED NETWORK HAS DEPTH AND BREADTH ACROSS PROVIDERS AND LIFE SCIENCES COMPANIES AND OTHER ORGANIZATIONS Life Sciences Companies and Providers Other Organizations Phreesia serves more than 4,500 AHSCs1,2 Pharma Manufacturers and Other Organizations Specialty Health systems Approximately 10
Slide 11: Our Innovative Solutions Improve Efficiency, Cash Flow and Health Outcomes
OUR INNOVATIVE SOLUTIONS IMPROVE EFFICIENCY, CASH FLOW AND HEALTH OUTCOMES Access to care Registration Revenue cycle Network Provider directory Mobile and in-office intake Point-of-service payments Education and engagement Patient scheduling Virtual registration Insurance verification Patient insigh
Slide 12: Multiple Components to Revenue
MULTIPLE COMPONENTS TO REVENUE Grow footprint within Cross-sell new applications Profitable1 growth with Partnerships and M&A Land new clients existing clients to existing clients attractive unit economics • Direct sales model • Additional providers within • Proven ability to • Continue to invest in
Slide 13: Total Addressable Market - Pro Forma AccessOne Acquisition
TOTAL ADDRESSABLE MARKET - PRO FORMA ACCESSONE ACQUISITION1 Subscription-based revenue Payment solutions Network solutions ~50K addressable healthcare services clients2 $111B out-of-pocket4 spend DTC point-of-care and other in United States in United States marketing6 spend ~1.5M individual provider
Slide 14: Scalable and Predictable Sources of Revenue
SCALABLE AND PREDICTABLE SOURCES OF REVENUE1 Revenue model Drivers Q3 FY26 % rev Subscription and related services2 • New healthcare services clients • Includes base package and add-on applications • Majority of fees charged per provider per month (PPPM) • Expansion within existing clients 46% • New
Slide 15: Financial Overview
Financial Overview1 (Fiscal Quarter Ended October 31, 2025) 1. Because the AccessOne Acquisition was completed on November 12, 2025, subsequent to the end of the quarter, AccessOne’s results are not included in this discussion and, unless the context provides otherwise, the disclosures included here
Slide 16: Fiscal Year 2026 Outlook
FISCAL YEAR 2026 OUTLOOK FY2026 Outlook $479M to $481M1 Total revenue $99M to $101M2 Adjusted EBITDA3 Approximately 4,5154 AHSCs 5 Total revenue per AHSC6 greater than FY257 1. Total revenue outlook issued on December 8, 2025. The updated revenue outlook includes approximately $7.5 million of expect
Slide 17: Fiscal Year 2027 Outlook
FISCAL YEAR 2027 OUTLOOK FY2027 Outlook $545M to $559M1 Total revenue $125M to $135M2 Adjusted EBITDA3 Mid-single-digit percentage growth in AHSCs4 Low-double-digit percentage growth in Total revenue per AHSC5 1. Total revenue outlook issued on December 8, 2025. The revenue range provided for fiscal
Slide 18: Revenue Growth and Productivity Have Driven Significant Operating Leverage
REVENUE GROWTH AND PRODUCTIVITY HAVE DRIVEN SIGNIFICANT OPERATING LEVERAGE Total Revenue and Adjusted EBITDA1 in millions (FY2019 - FY2026) Total Revenue Adjusted EBITDA1 27% $479-$481 $99-$101 CAGR2 (FY2019-FY2025) $420 $37 $356 $4 $5 $4 $281 $213 $(35) $149 $(59) $125 $100 $(92) FY2019 FY2020 FY20
Slide 19: Multiple Ways to Drive Revenue From Our Growing Network
MULTIPLE WAYS TO DRIVE REVENUE FROM OUR GROWING NETWORK Total revenue components in millions (FY2019 - FY2025) Subscription & Related Payment Processing Fees Network Solutions 28% 18% 36% $197 CAGR1 CAGR1 $102 CAGR1 (FY2019-FY2025) (FY2019-FY2025) $95 (FY2019-FY2025) $122 $165 $78 $96 $129 $65 $74 $
Slide 20: Balance Between Network (AHSC) Growth and Expansion of Base
BALANCE BETWEEN NETWORK (AHSC) GROWTH AND EXPANSION OF BASE (TOTAL REVENUE PER AHSC) Average Healthcare Services (AHSCs1) and Total revenue per AHSC2 (FY2019 - FY2026) AHSC Total Revenue per AHSC In thousands ~ 4,515 $102.8 >FY25 4,203 $98.4 $98.9 $99.9 3,601 $86.9 $79.4 2,856 $67.0 2,074 1,711 1,49
Slide 21: Consistent Payment Volume and Transaction-Level Economics
CONSISTENT PAYMENT VOLUME AND TRANSACTION-LEVEL ECONOMICS Payment Processing Fees / Payments Volume in millions and Payment Facilitator Volume / Take Rate in Percentage (FY2019 - FY2025) Payment Volume Take Rate Percentage1 Payment Processing Fees Patient Payment Volume (in millions)2 Payment Facili
Slide 22: Investing in Growth While Achieving Operating Leverage
INVESTING IN GROWTH WHILE ACHIEVING OPERATING LEVERAGE Operating Expense Trends in millions and as a % of total revenue (FY2022 - FY2025 & Q3 FY26) Research & Development Sales & Marketing General & Administrative 32% 32% 54% 32% 50% 29% 28% 25% 24% 41% $117 22% $112 $151 $147 18% 29% $80 $80 $91 15
Slide 23: Operating Leverage Drove an Inflection in Cash Flow in FY2025
OPERATING LEVERAGE DROVE AN INFLECTION IN CASH FLOW IN FY2025 Operating Cash Flow and Free Cash Flow1 in millions (Q4 FY2024 - Q3 FY2026) Operating Cash Flow Free Cash Flow1 Net cash (used in) provided by operating activities $10 $9 $9 $7 $16 $4 $15 $15 $15 $2 $11 $6 $(6) $(1) $(11) $(3) Q4 FY24 Q1
Slide 24: Financial Appendix
& Phreesia Financial Appendix 24
Slide 25: Detailed Income Statement
DETAILED INCOME STATEMENT1 $ and shares in Millions Fiscal year ended January 31 Fiscal quarter ended October 31 FY 2023 FY 2024 FY 2025 Q3 2025 Q3 2026 Revenue: Subscription and related services $ 129.0 $ 165.4 $ 196.5 $ 49.4 $ 55.5 Payment processing fees 78.4 94.6 101.7 24.7 27.4 Total healthcare
Slide 26: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION1 $M Fiscal year ended January 31, 2019 2020 2021 2022 2023 2024 2025 Net loss $ (15.1) $ (20.3) $ (27.3) $ (118.2) $ (176.1) $ (136.9) $ (58.5) Interest expense (income), net 3.5 2.4 1.6 1.1 (1.1) (2.2) (0.3) Income tax (expense) benefit — (1.8) — 0.2 0.5 1.5 2.7 Depre
Slide 27: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION1 $M Fiscal quarter ended Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Net (loss) income $ (6.4) $ (3.9) $ 0.7 $ 4.3 Interest expense (income), net — 0.2 (0.6) (0.4) Income tax (expense) benefit 1.0 0.7 (1.2) 0.9 Depreciation and amortization 6.8 6.9 7.4 7.5 Stock-based compensation
Slide 28: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION1 $M Fiscal quarter ended Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Net cash (used in) provided by operating $ (3.1) $ (0.7) $ 11.1 $ 5.8 $ 16.3 $ 14.9 $ 14.8 $ 15.5 activities Less: Capitalized internal-use software (5.4) (4.6) (3.0) (3.6) (4.3) (3