WELL Health Reports Record FY2025 Results; Canadian Patient Services Adjusted EBITDA Up 43% with Record Free Cash Flow

• WELL achieved record annual revenue of $1.40 billion in 2025, an increase of 52% compared to the prior year. This growth was mainly driven by acquisitions, organic growth and the inclusion of HEALWELL results in WELL’s consolidated financial reporting. WELL achieved record Adjusted EBITDA⁽¹⁾ of $203.7 million in 2025, an increase of 336% compared to $46.7 million in 2024, representing Adjusted EBITDA⁽¹⁾ margin of 14.5%.
• Excluding Circle Medical (“CM”) and CRH Medical Corporation (“CRH”) related one-time events from both FY 2025 and 2024, normalized⁽²⁾ revenue would have reached $1.35 billion in 2025, representing a 34% increase compared to the previous year, while Adjusted EBITDA⁽¹⁾ would have been $148.6 million in 2025, representing 17% YoY growth.
• Canadian Patient Services revenue increased 39% to $444.3 million and Adjusted EBITDA⁽¹⁾ increased 43% to $58.1 million in 2025, driven by acquisitions and organic growth of 13% for the Canadian Patient Services business.
• WELL achieved record Operating Free Cash Flow Attributable to Shareholders or “FCFA2S”⁽¹⁾ in 2025 of $58.2 million representing an increase of approximately 19% as compared to $48.9 million in 2024.
• WELL is pleased to provide a positive outlook for 2026 with annual guidance for revenue of between $1.55 billion to $1.65 billion, and Adjusted EBITDA⁽¹⁾ in the range of $175 million to $185 million. The annual guidance includes approximately $17.6 million of expected CM deferrals. Excluding the impacts of CRH and Circle Medical deferrals, the Company expects to continue to deliver performance in line with prior years of achieving better than 10% annual growth in Adjusted EBITDA⁽¹⁾ and free cashflow growth, including acquisitions.

VANCOUVER, British Columbia–(BUSINESS WIRE)–WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) (the “Company” or “WELL”), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce it has filed its audited annual financial statements for the fiscal year and fourth quarter ended December 31, 2025, the related management’s discussion and analysis (“MD&A”), and accompanying CEO and CFO certifications under its profile on SEDAR+ at www.sedarplus.ca.

Hamed Shahbazi, Chairman and CEO of WELL commented, “2025 was a defining year for WELL. We achieved $1.40 billion in revenue and over $200 million in Adjusted EBITDA⁽¹⁾ while meaningfully improving our margin profile, and we met our guidance on both measures. More importantly, 2025 was the year we crystallized who we are: WELL is building the infrastructure for a healthier Canada. Our clinics deliver care, WELLSTAR powers the digital workflows, HEALWELL applies AI at enterprise scale, and CyberWELL protects the data. With the expansion of our credit facility and the largest acquisition pipeline in our history, we are well positioned to accelerate growth in our highest-return market while unlocking value from our US portfolio.”

Mr. Shahbazi further adds, “We are also very excited with the progress of our WELLSTAR subsidiary which continues to play a central role in digitally enabling healthcare providers across Canada by delivering a highly integrated, increasingly AI-enabled platform that reduces administrative burden and improves clinical workflows. We believe the market has yet to fully appreciate the value embedded in WELLSTAR, and the planned spin-out is designed to surface that value for our shareholders.”

Eva Fong, WELL’s Chief Financial Officer, commented, “In 2026, we expect our acquisition pipeline in Canada to remain active, with a continued emphasis on higher-margin primary care and diagnostics assets. During 2025, we continued to execute on our Canadian clinic growth strategy with discipline, completing 19 clinic acquisition transactions and adding approximately $112.6 million in annualized clinical revenue. These investments were supported by strong operating cash flow and the expansion of our senior secured credit facility, all of which enhance our financial flexibility and liquidity. With a strengthened balance sheet and sound leverage profile, we are well positioned to continue our growth plans. Our capital allocation strategy remains focused on delivering a minimum of 10% normalized Adjusted EBITDA growth annually while reinvesting capacity into top-line growth through our Canadian acquisition pipeline.”

Fiscal 2025 Annual Financial Highlights:

• WELL achieved record annual revenue of $1.40 billion in 2025, an increase of 52% compared to revenue of $919.7 million generated in 2024. This growth was mainly driven by organic growth, acquisitions completed over the last twelve months and the inclusion of HEALWELL results in WELL’s consolidated financial reporting. Excluding CM and CRH impacts from both 2025 & 2024, normalized⁽²⁾ revenue would have reached $1.35 billion in 2025, representing a 34% increase compared to $1.00 billion in 2024.
• Adjusted Gross Margin⁽¹⁾ percentage was 44.2% in 2025 compared to Adjusted Gross Margin⁽¹⁾ percentage of 39.5% in 2024. The increase in Adjusted Gross Margin⁽¹⁾ percentage was primarily driven by revenue mix and the addition of higher margin HEALWELL revenue.
• Adjusted EBITDA⁽¹⁾ was $203.7 million in 2025, an increase of 336% compared to Adjusted EBITDA⁽¹⁾ of $46.7 million in 2024. Adjusted EBITDA⁽¹⁾ margin was 14.5% in 2025, compared to 5.1% in 2024. Excluding CM & CRH impacts from both 2025 & 2024, normalized⁽²⁾ Adjusted EBITDA⁽¹⁾ would have been $148.6 million in 2025, representing 17% YoY growth compared to $127.0 million in 2024.
• Adjusted EBITDA⁽¹⁾ attributable to WELL shareholders was $149.0 million in 2025, an increase of 275% compared to Adjusted EBITDA⁽¹⁾ to WELL shareholders of $39.8 million in 2024.
• Adjusted Net Income⁽¹⁾ was $126.5 million, or $0.50 per share in 2025, compared to Adjusted Net Income⁽¹⁾ of $8.0 million, or $0.03 per share in 2024.
• Operating Adjusted Free Cashflow⁽¹⁾ available to shareholders (or FCFA2S) was $58.2 million in 2025 compared to FCFA2S of $48.9 million in 2024. FCFA2S was impacted by elevated capital expenditures focused on upgrading our clinical portfolio.

Segmented Revenue:

• Canadian Patient Services revenue was $444.3 million in 2025, an increase of 39% compared to $319.1 million in 2024.
• U.S. Patient and Provider Services revenue was $763.5 million in 2025, an increase of 43% compared to $532.2 million in 2024.
• WELLSTAR, the Company’s pure-play SaaS technology subsidiary, achieved revenue of $68.1 million in 2025, an increase of 59% compared to $42.9 million in 2024. WELLSTAR’s growth was driven by healthy organic growth and acquisitions.

Annual 2025 Key Metrics:

• WELL achieved over 6.9 million patient visits in 2025, including Canada and the US, representing an increase of 21% compared to 5.7 million patient visits in 2024.
• Canadian Patient Services visits increased to 4.3 million patient visits in 2025, an increase of 37% over the past year primarily driven by acquisitions as well as 10% organic growth, including the clinic absorption program.
• As of the end of 2025, WELL reported 252 clinics across Canada, including primary care, diagnostics, allied health, specialty and executive health clinics.

Fourth Quarter 2025 Business Highlights:

On November 3, 2025, the Company announced that it completed a series of strategic transactions with its subsidiary, HEALWELL, to streamline operations, accelerate clinical research, and focus on high-growth AI and software initiatives. The transactions included (i) the sale of HEALWELL’s Polyclinic Family Medicine and Specialty Clinics Group (“Polyclinic”) to WELL, (ii) the formation of a 50/50 clinical research joint venture between HEALWELL and WELL, (iii) combining the businesses of Bio Pharma Services Inc. and Canadian Phase Onward Inc. within the joint venture, and (iv) the sale of HEALWELL’s interest in Mutuo Health Solutions Inc. (“Mutuo”) to WELLSTAR.

On November 13, 2025, the Company announced that WELLSTAR’s OceanMD business unit was awarded a material provincial eReferral contract following a competitive procurement process. With this strategic contract, WELLSTAR now facilitates over 1.7 million eReferrals annually across four Canadian provinces with participation from more than 20,000 physicians across 3,800 clinics nationwide.

On December 8, 2025, the Company announced that WELLSTAR had completed its Series B Preferred Share investment in the aggregate amount of approximately $62.0 million at an offering price of C$1.50 per Series B Share. Upon closing, WELLSTAR issued $59.0 million Series B Shares to the institutional investors, plus an additional amount of approximately $3.0 million of Series B Shares to management of both WELLSTAR and the Company.

Events Subsequent to December 31, 2025:

On February 1, 2026, WELL completed the acquisition of a leading technology-enabled e-consult platform in Alberta, together with eight primary care clinics, which is expected to contribute approximately $45.0 million in pro forma annual revenue. The eight primary care clinics closed on December 1, 2025, while the E-Consult platform transaction closed on February 1, 2026. E-consults are secure digital consultations that allow primary care providers to obtain specialist guidance electronically, helping reduce wait times, avoid unnecessary referrals and diagnostics, and improve patient care coordination.

On February 4, 2026, the Company announced that it had expanded and extended its senior secured credit facility to $400 million, with an additional $100 million uncommitted accordion, under a syndicate led by Royal Bank of Canada, JPMorgan Chase Bank, and Toronto-Dominion Bank, effectively doubling prior capacity and extending the maturity to January 2030.

On March 17, 2026, WELLSTAR announced it has completed the acquisition of two medical billing assets: PatientSERV, closed on December 1, 2025, is Ontario’s leading uninsured and third‑party medical billing platform; Lambert Médico Factures, closed on February 1, 2026, is one of Québec’s most established medical billing providers. These acquisitions significantly expand WELLSTAR’s presence in Canada’s largest provincial markets and extend its billing coverage to six provinces nationwide.

Outlook:

WELL is expecting strong operational performance to continue into 2026 with a greater emphasis on leveraging the depth of the Company’s product and technology offerings from WELLSTAR and HEALWELL. The Company also continues to focus the majority of its M&A and capital allocation activity in Canada where it derives the highest return on capital. Management will continue to pursue its focus on optimizing operations for organic growth and profitability. The Company also intends to proceed with the spin-out of WELLSTAR, subject to market conditions. As such, management is pleased to provide the following guidance:

• Annual revenue for 2026 is expected to be in the range of $1.55 billion to $1.65 billion
• Annual Adjusted EBITDA⁽¹⁾ for 2026 is expected to be in the range of $175 million to $185 million

WELL’s 2026 guidance assumes, among other things, the following: approximately $17.6 million in deferred Circle Medical revenue is expected to be recognized in 2026⁽³⁾ and will result in close to 100% contribution to Adjusted EBITDA⁽¹⁾; only includes acquisitions announced to date. Excluding the impacts of CRH and Circle Medical deferrals, the Company expects to continue to deliver performance in line with prior years of achieving better than 10% annual growth in Adjusted EBITDA⁽¹⁾ and free cashflow growth, including acquisitions.

For WELL Canada, which includes Canadian Clinics, WELLSTAR and CyberWELL, the Company is targeting over $800 million in revenue and over $100 million in Adjusted EBITDA⁽¹⁾ within 18 months, inclusive of acquisitions and organic growth.

We remain resolutely committed to completing the sale of our US care delivery assets. Active processes are underway for all three of Wisp, Circle Medical, and CRH, and our objective is to announce transactions that unlock value for shareholders.

Conference Call:

WELL will hold a conference call and simultaneous webcast to discuss its fourth quarter and annual audited consolidated financial results, on Thursday, March 19, 2026 at 1:00 pm ET (10:00 am PT). The call will be hosted by Hamed Shahbazi, Chairman and Chief Executive Officer, and Eva Fong, Chief Financial Officer. Please dial in 10 minutes prior to the start of the call.

Please use the following dial-in numbers: 1-800-717-1738 (Toll Free) or 1-289-514-5100 (International).

The conference call will also be simultaneously webcast and can be accessed at the following audience URL: https://well.company/events.

Selected Unaudited Financial Highlights:

Please see SEDAR for complete copies of the Company’s audited annual consolidated financial statements and annual MD&A for the year ended December 31, 2025.

Footnotes:

1. Non-GAAP financial measures and ratios.
   
   In addition to results reported in accordance with IFRS, the Company uses certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include Adjusted Net Income, Adjusted Net Income Per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow. The Company believes these supplementary financial measures reflect the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
   
   Adjusted Net Income and Adjusted Net Income per Share
   
   The Company defines Adjusted Net Income as net income (loss), after excluding the effects of share-based payments, amortization of acquired intangible assets, time-based earnout expense, change in fair value of investments, change in fair value of derivative liability, share of income (loss) of associates, impairment charge, gain/losses that are not reflective of ongoing operating performance and non-controlling interests, and revenue precluded from recognition under IFRS 15 that relates to certain patient services revenue that the Company believes should be recognized as revenue based on its contractual relationships. Adjusted Net Income Per Share is Adjusted Net Income divided by weighted average number of shares outstanding. The Company believes that these non-GAAP financial measures provide useful information to analyze our results, enhance a reader’s understanding of past financial performance and allow for greater understanding with respect to key metrics used by management in decision making. More specifically, the Company believes Adjusted Net Income is a financial metric that tracks the earning power of the business that is available to WELL shareholders.
   
   EBITDA and Adjusted EBITDA
   
   EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA represents net income (loss) before interest, taxes, depreciation, and amortization. The Company defines Adjusted EBITDA as EBITDA (i) less net rent expense on premise leases considered to be finance leases under IFRS and (ii) before transaction, restructuring, and integration costs, time-based earn-out expense, change in fair value of investments, change in fair value of derivative liability, share of loss of associates, impairment charge, foreign exchange gain/loss, and share-based payments, (iii) revenue precluded from recognition under IFRS 15 that relates to certain patient services revenue that the Company believes should be recognized as revenue based on its contractual relationships, and (iv) gains/losses that are not reflective of ongoing operating performance. The Company considers Adjusted EBITDA a financial metric that measures cash that the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. EBITDA and Adjusted EBITDA should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance in accordance with IFRS.
   
   Adjusted Gross Profit and Adjusted Gross Margin
   
   The Company defines Adjusted Gross Profit as revenue less cost of sales (excluding depreciation and amortization) and Adjusted Gross Margin as adjusted gross profit as a percentage of revenue. Adjusted gross profit and adjusted gross margin should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company does not present gross profit in its consolidated financial statements as it is a non-GAAP financial measure. The Company believes that adjusted gross profit and adjusted gross margin are meaningful metrics that are often used by readers to measure the Company’s efficiency of selling its products and services.
   
   Adjusted Free Cash Flow
   
   The Company defines Adjusted Free Cash Flow Attributable to Shareholders as Adjusted EBITDA Attributable to Shareholders, less cash interest, less cash taxes and less capital expenditures. Adjusted Net income, Adjusted Net Income per Share, Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted Free Cash Flow are not recognized measures for financial statement presentation under IFRS and do not have standardized meanings. As such, these measures may not be comparable to similar measures presented by other companies and should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with IFRS.
2. Normalized Revenue and Normalized Adjusted EBITDA
   
   The Company’s Revenue and non-GAAP financial measures including Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income and Adjusted Net Income per share (basic and diluted) were materially impacted by the revenue deferral at Circle Medical and the revenue impact at CRH Medical resulting from impaired revenue cycle management services due to the cybersecurity incident experienced by the Company’s U.S. billing provider. Since these one-time impact and deferred revenues do not significantly include added cashflow, management provides its key results and outlook including and excluding these one-time and deferred revenues to facilitate improved insights to WELL’s financial results.
3. Circle Medical Deferred Revenue Adjustments
   Circle Medical’s deferred revenue adjustments or “CM Deferrals” refer to adjustments related to the deferred recognition of certain revenues at Circle Medical in accordance with IFRS 15. Since Deferred revenues do not include significant added cashflow, management provides its key results and outlook including and excluding deferred revenues to facilitate improved insights to WELL’s financial results. For more details, please refer to the Overall Performance section of the Company’s 2025 Annual MD&A.

WELL HEALTH TECHNOLOGIES CORP.

Per: “Hamed Shahbazi”

Hamed Shahbazi

Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

https://www.well.company

WELL is building the infrastructure for a healthier Canada. Through its comprehensive healthcare and digital platforms, WELL operates the largest owned and operated outpatient healthcare ecosystem in Canada with more than 250 clinics, and its technology solutions enable more than 43,000 healthcare providers across Canada and the US. WELL’s subsidiaries include WELLSTAR, a pure-play healthcare SaaS platform, HEALWELL AI, a global healthcare AI company, and CyberWELL, a healthcare cybersecurity division. WELL is publicly traded on the Toronto Stock Exchange under the symbol ‘WELL’ and on the OTC Exchange under the symbol ‘WHTCF’. To learn more about WELL, please visit: www.well.compan

Contacts

For further information:

Pardeep Sangha

Vice President, Investor Relations

[email protected]
604-628-7266

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