WELL Health Technologies Q4 2025 Earnings Report

WELL Health Technologies EPS Results

• Actual EPS: C$0.20
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

WELL Health Technologies Revenue Results

• Actual Revenue: $384.77 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

WELL Health Technologies Announcement Details

• Quarter: Q4 2025
• Date: 3/19/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, March 19, 2026
• Conference Call Time: 1:00PM ET

WELL Health Technologies (TSE:WELL) Corp is the owner and operator of a portfolio of Primary Hclinics delivering healthcare-related services It operates through below segments: clinical operations and allied health, Electronic medical record (EMR), Billing and revenue cycle management solutions, Digital apps, Cybersecurity, CRH, MyHealth, and corporate/shared services. Its segments are grouped in three divisions; Omni-channel Patient Services - Primary includes clinical operations and allied health. Omni-channel Patient Services - Specialized comprises CRH and MyHealth under two segments. Virtual Services include EMR, billing and revenue cycle management solutions, digital apps, and cybersecurity.

WELL Health Technologies Q4 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Record 2025 financials: Revenue of CAD 1.4B (+52% YoY), Adjusted EBITDA of CAD 203.7M (14.5% margin) and Adjusted Net Income of CAD 126.5M, with free cash flow to shareholders of CAD 58.2M.
• Positive Sentiment: Underlying (normalized) growth: Excluding Circle Medical and CRH impacts, 2025 normalized revenue was CAD 1.35B, normalized Adjusted EBITDA was CAD 148.6M (+17% YoY) and normalized adjusted net income was CAD 99M (+102%).
• Positive Sentiment: Technology momentum: WELLSTAR reached ARR of CAD 72.6M (revenue CAD 72.9M, +63%) and HEALWELL AI contributed CAD 112.9M in 2025 with improving profitability and recent enterprise wins including a multimillion-dollar U.S. statewide HIE contract.
• Positive Sentiment: Scale and M&A runway in Canada: WELL operates 252 clinics (4.3M Canadian visits, +37%), ~1,400 physicians, ~CAD 260M revenue under LOI (broader CAD 455M+ pipeline) and expanded its senior secured credit facility to CAD 400M to fund further acquisitions.
• Neutral Sentiment: U.S. asset strategic review and resolution progress: Active sale processes for WISP, Circle Medical and CRH, an agreement in principle with the DOJ for Circle Medical (provision updated to CAD 3.3M) and partial re‑recognition of CRH revenue after the cyber incident, but timing and value realization remain uncertain.

Presentation

[Operator]

Good afternoon, ladies and gentlemen, and welcome to the WELL Health Technologies Corp. Fourth Quarter 2025 and Fiscal Year 2025 Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Thursday, March 19, 2026. I would now like to turn the conference over to Pardeep Sangha, Investor Relations. Please go ahead.

[Pardeep Sangha, VP of Investor Relations at WELL Health Technologies]

Thank you, operator, and welcome everyone to WELL Health's fiscal fourth quarter and year-end 2025 financial results conference call for the period. Joining me on the call today are Hamed Shahbazi, Chairman and CEO, and Eva Fong, the company's CFO. I trust that everyone has received a copy of our financial results press release that was issued earlier today. Portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws, including future-oriented financial information and financial outlook information. These forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors, many of which are outside of WELL's control, that may cause the actual results, performance, or achievements of WELL to differ materially from the anticipated results, performance, or achievements implied by such forward-looking statements.

[Pardeep Sangha, VP of Investor Relations at WELL Health Technologies]

These factors are further outlined in today's press release and in our Management's Discussion and Analysis. We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions, or circumstances on which any such statement is based.

[Pardeep Sangha, VP of Investor Relations at WELL Health Technologies]

Revenue, Adjusted EBIT, Adjusted Gross Profit, Adjusted Gross Margin, Normalized and Adjusted EBITDA, Adjusted EBITDA Margin, Shareholder EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow on this conference call, all of which are non-GAAP and non-IFRS measures. For more information on how to define these terms, please refer to the definitions set out in today's press release and in our Management's Discussion and Analysis.

[Pardeep Sangha, VP of Investor Relations at WELL Health Technologies]

The company believes that Adjusted EBIT is a meaningful financial metric as it measures cash generated from operations, which the company can use to fund capital requirements, service future interests and principal debt payments, and fund future growth initiatives. Adjusted EBITDA should not be construed as an alternative to net income or loss determined in accordance with IFRS. Hamed Shahbazi, Chairman and CEO. Hamed.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Thank you, Pardeep, and good day, everyone. We appreciate everyone for joining us today as we discuss our fourth quarter and full year 2025 financial results. 2025 was a defining year for WELL Health. We crossed CAD 1.4 billion in annual revenue, an increase of 52% year-over-year. We achieved CAD 203.7 million in Adjusted EBITDA, with margins improving to 14.5% from 5.1% in the previous year. We delivered record Adjusted Net Income of CAD 126.5 million or CAD 0.50 per share, up from CAD 0.03 per share in 2024. We generated CAD 58.2 million in free cash flow attributable to shareholders, an increase of 19%. We met our stated annual guidance on both revenue and Adjusted EBITDA.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

For perspective, five years ago, time since then. That trajectory gives us confidence, not because of where we've been, but because it demonstrates the compounding nature of our model. We believe the conditions for that compounding are stronger today than any point in time in our history. Beyond the financial milestones, 2025 was the year our long-term vision clearly took shape.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

The infrastructure for a healthier Canada, a healthcare ecosystem to help prevent it. Our clinics deliver outstanding care. WELLSTAR powers the digital workflows behind that care. HEALWELL AI applies AI at enterprise scale, and CYBERWELL protects the data. No other company in Canada brings all of those capabilities together. If healthcare is going to become smarter and more preventative, it needs a new kind of operating system. We're building it. Before going further, I want to present our results transparently.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Let me provide a normalized view that excludes the impacts of Circle Medical's deferred revenue and certain one-time items at CRH related to the cyber incident that impacted our revenue cycle management partner from both 2025 and 2024 to give shareholders a clean apples to apples comparison of our underlying business performance. On a normalized basis, 2025 revenue was CAD 1.35 billion. Normalized Adjusted EBITDA was CAD 148.6 million, a 17% year-over-year increase. Normalized adjusted net income was CAD 99 million, up 102%. Each of these figures represents meaningful growth and is consistent with our commitment from a few years ago to deliver greater than 10% Adjusted EBITDA growth annually on an absolute basis.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

I will present both reported. Eva will provide additional detail on the bridges between the two later in the call. Now, those financial results are the output. I want to now share something that I'm really proud of, and that is what's driving those financial results at the clinic level. Because I believe the real story of WELL is what's happening inside our network every day, which is the real-world impact our platform is delivering to providers and patients.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Clinicians across our network are saving up to two hours per day using our AI transcription capabilities provided through the WELLSTAR platform. That time goes directly back into patient care. Across our clinics, online booking and self check-in are saving more than 80 hours per week per clinic administrative workload. Our patients are responding. WELL achieved a net promoter score of approximately 80 in 2025, well above.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Also, more than four million run rate appointments were booked online through the OceanMD network throughout the year, and 78% of patient digital consents are now being captured through our platforms, which speaks to the adoption and trust our technology has earned. On the referral side, we processed more than one and a half million e-referrals in 2025, reducing paperwork and shortening wait times across the healthcare ecosystem. These are not theoretical efficiencies. They're measured, repeatable improvements at scale across 252 clinics and our WELLSTAR network. They are the reason our providers are seeing more patients, our margins are expanding, and our physicians increasingly want to join our network rather than practice independently. Moving on, let me provide some key operational highlights.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

At the end of 2025, WELL had over 4,600 billable and non-billable providers delivering care across our network of physical and virtual clinics. Of that number, we now have 1,400 physicians in Canada, which is approximately 1.5% of all physicians practicing in the country. Beyond our own clinics, over 43,000 healthcare providers across Canada, the majority of whom are physicians, benefit from WELLSTAR's SaaS and technology capabilities. We estimate that well over 40% of all physicians in Canada engage with our WELLSTAR platform in some capacity. Patient visits were very strong in 2025, particularly in Canada. Total care interactions exceeded 10.5 million, a 26% increase year over year, with 14% organic growth.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Canadian patient visits reached 4.3 million in 2025, an increase of 37% year-over-year, with organic growth of 10%, including both clinic absorptions and same clinic expansion. For the third consecutive quarter, Canadian patient visits surpassed one million visits in a single quarter. System-wide, inclusive of the U.S. and Canada, we delivered 6.9 million patient visits in 2025, a 21% year-over-year increase. Organic growth system-wide was 3%. The slower organic growth was attributable to Circle Medical, where patient visits declined year-over-year due to the company's significant focus on compliance. We expect this headwind to improve later this year as Circle Medical's compliance matures. The scale of our Canadian presence is worth pausing on. WELL now operates 252 clinics across Canada spanning primary care, diagnostics, specialty, allied health, and executive health.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Approximately 70% of the Canadian population now lives within 20 km of a WELL clinic, a figure that reaches approximately 75% of the population within the provinces where we operate. We represent approximately 1.5% of outpatient care delivered nationally. The Canadian primary care and clinical market remains overwhelmingly fragmented. Our target is 10% within eight-10 years, and our modeling shows that we can achieve that while reducing our growth rate to half our present growth rate over time. The runway is substantial, and our objectives are achievable. Moving on, I want to spend some time on WELLTRUST, which we launched last month in partnership with HEALWELL AI. WELLTRUST sits at the intersection of our clinical network and the world of clinical research, and I believe it illustrates something important about where WELL is heading.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

WELLTRUST is a consent-based platform that enables ethical AI-powered patient identification for clinical research. The core idea is straightforward. WELL operates 252 clinics and delivers 4.3 million patient visits per year in Canada. That network represents one of the largest concentrated pools of real-world patient data in the country. WELLTRUST allows us to mobilize that data with explicit patient consent to match patients suffering from chronic, rare, or complex conditions with life-saving innovations and new therapeutics through clinical trials and research studies. The first commercial application uses HEALWELL's DARWEN AI engine, which is backed by 47 peer-reviewed publications to identify high-fit patients across our network and connect them with pharmaceutical sponsors and clinical trial networks. This is not a theoretical capability.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

The platform launched in February and is now live in 56 clinics, with approximately 30,000 patients having provided their consent to date. I want to explain why this matters strategically. Clinical trial recruitment is one of the largest bottlenecks and cost centers in pharmaceutical R&D. Roughly 80% of clinical trials fail to meet enrollment timelines, and patient recruitment alone can represent 30%-40% of total trial costs. A platform that can identify consenting pre-qualified patients from a large, diverse, real-world clinical network is genuinely valuable to pharma sponsors and is something that a technology company without an owned clinic network simply cannot replicate. This is the WELL thesis in action. Our clinics are not just care delivery assets generating fee-for-service revenue. They are the foundation for higher margin digital services that become possible only at our scale.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

WELLTRUST is the first product built on this insight, and we expect it to be the foundation for additional use cases, including real-world evidence generation and enhanced clinical decision support. Importantly, WELLTRUST operates on a consent-first model. Patients have full, transparent, and revocable control over whether their data is being used for research purposes. Participation is entirely voluntary and has no bearing on the care patients receive at our clinics. We believe this approach is not only ethically necessary but also commercially advantageous because it builds the trust that makes the platform sustainable over time. While WELLTRUST is not yet a material revenue generator, we believe it represents a meaningful new revenue stream as it scales, and we will provide updates on its commercial progress in the coming quarters.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Before moving to our three presentation topics for today, I want to address our cash flow generation because WELL Health is fundamentally a cash flow generator. As a reminder, shareholder EBITDA excludes the portion of earnings belonging to non-controlled interests. In 2025, WELL achieved CAD 149 million in adjusted shareholder EBITDA, representing an increase of 275% year-over-year. WELL's free cash flow attributable to shareholders was CAD 58.2 million in 2025, an increase of 19% year-over-year. This translates to a cash flow conversion of 39% from adjusted shareholder EBITDA to free cash flow. This number is lower because of the deferred revenues which did not produce cash flow. As such, it is more applicable to consider the normalized results since they are aligned with cash flow generation activities.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

On a normalized basis, excluding Circle Medical and CRH impacts, adjusted shareholder EBITDA was CAD 110.9 million, an increase of 15% year-over-year. This translates to cash flow conversion of 52% from adjusted shareholder EBITDA to free cash flow attributable to shareholders. If one were to exclude cash interest paid, the cash flow conversion would be closer to 78%. Eva will provide additional detail on free cash flow and our balance sheet position later on in the call. Now that we've covered our headline results, the impact our platform is delivering, and our operational cash flow performance, I'd like to turn to the three topics we'll be covering in the rest of the presentation. First, a deep dive into our Canadian clinics business, including our M&A track record and pipeline.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Second, an update on WELLSTAR and HEALWELL AI, including their competitive positioning and financial performance. Third, an update on the strategic review processes for our U.S. assets. The first topic I'll address this morning is the success of our Canadian business. As you can see from these charts, the historical performance of our Canadian clinics business has been exceptionally strong. Over the past four years, our Canadian clinics business has exceeded 47% CAGR in revenue. During the 12 months ended December 31, 2025, Canadian clinics achieved revenue of CAD 444.3 million. For perspective, five years ago, our Canadian clinics revenue was CAD 36.7 million for the year. Adjusted EBITDA attributable to our Canadian clinics business was grown at a CAGR of over 44%.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

During the 12 months ended December 31, 2025, Canadian clinics achieved Adjusted EBITDA of CAD 58.1 million, 43% better than the previous year. Our Canadian clinics network has grown to 252 clinics as compared to 128 clinics at Q1 2022. Moving on, patient visits in our Canadian network totaled 4.3 million in 2025, up 37% from 2024. The number of billable providers reached 2,207, up 23%. We continue to recruit more physicians than ever, and the WELL brand is gaining recognition as a place where doctors can focus on patient care rather than clinic administration and charting. That value proposition is working. The efficiency story is clear in the data.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Patient visits per billable provider reached 1,939 in 2025 compared to 1,744 in 2024, an increase of 11%. Patient visits are growing faster than our provider count, which demonstrates increasing productivity across the network. While many factors contribute, we believe our technology tooling, including our AI transcription and digital workflows, is a key driver. Looking at our total WELL Canada business, which includes Canadian clinics, WELLSTAR, and CYBERWELL, but excludes HEALWELL AI, one can see that WELL Canada generated revenue of CAD 521 million in 2025, an increase of 35% compared to 30% growth in the prior year. Adjusted EBITDA reached CAD 81 million, an increase of 44% compared to 23% growth in the prior year.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

I want to highlight that EBITDA is now growing faster than revenue in Canada, which was not the case last year. This is a direct result of our clinic transformation program and the operating leverage built into our business model. Moving to our recent Canadian clinic M&A activity, in Q4, we acquired 25 clinics across seven transactions, adding CAD 45.6 million in annual revenue and 100 new providers. Q4 was our most active quarter for M&A in the company's history in terms of the number of transactions completed. Our pace of acquisitions has picked up in 2025. For the full year, we completed 19 transactions. Acquired CAD 113 million in clinical revenue, more than doubling the prior year's 10 transactions and CAD 53 million.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

We continue to streamline, automate, and AI-enable our corporate development process with the goal of making our M&A engine more efficient and scalable as we move into 2026. Our pipeline continues to grow. We continue to have approximately CAD 260 million in clinic revenue under LOI or in advanced stage, covering six signed LOIs and 79 potential clinic targets. For all of WELL Canada, including WELLSTAR, we now have approximately CAD 272 million in revenue under LOI or at an advanced stage. Our total WELL Canada pipeline, including pre-LOI targets, represents more than 40 targets engaged, over CAD 455 million in annual revenue and more than 125 clinics. This is the largest pipeline we've ever had, and it gives us strong visibility into our growth trajectory for 2026 and beyond.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Now moving to our second topic. I want to discuss our two technology subsidiaries, WELLSTAR and HEALWELL AI. I know investors are paying close attention to the recent disruption caused by AI against the broader SaaS sector and the valuation compression many software companies have experienced. We believe both WELLSTAR and HEALWELL AI are well-insulated from AI disruption because they provide essential mission-critical infrastructure for healthcare, a sector that is non-discretionary by nature. Taken together, WELLSTAR and HEALWELL AI form the operating system for modern healthcare delivery in Canada. WELLSTAR software runs the clinic, HEALWELL AI makes it smarter, and WELL's owned and operated network gives both platforms a distribution advantage that standalone software companies cannot replicate. The slide in front of you outlines the competitive moats that we have built into each business.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

For WELLSTAR, the key points are that it is a system of record as it relates to the agentic workflows it manages for clinics it serves. Deeply integrated into billing, scheduling, and patient workflows with high switching costs and strong brand trust built over years in a regulated environment. For HEALWELL, the moat is built on clinical validation, with 47 peer-reviewed publications backing its DARWEN AI engine. A global distribution network through Orion, serving over 70 enterprise customers across 11 countries, and a data flywheel that becomes more defensible with each new deployment. I won't read through each item here on the slide, but I would encourage investors to spend some time with it. These are structural advantages that underpin our confidence in both businesses. Moving on. Let's look at WELLSTAR's financial performance.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

We're pleased to report that WELLSTAR delivered another strong year, generating revenue of CAD 72.9 million, an increase of 63% year-over-year. WELLSTAR achieved year-end annual recurring revenue or ARR of CAD 72.6 million at the end of 2025, an increase of 35% as compared to 2024. This reflects the annualized run rate as of year-end. Adjusted EBITDA of CAD 21.6 million in 2025, an increase of 66% as compared to adjusted EBITDA of CAD 13 million in 2024. Adjusted EBITDA margins were 30% in 2025 for WELLSTAR on a pre-shared services basis. I want to point out that once we add in shared services and public company overhead costs, the EBITDA margins for WELLSTAR are expected to be slightly lower when we go public. Moving on to HEALWELL.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

HEALWELL is a global healthcare software company with enterprise-grade data science and AI offerings, serving 70 of the largest health systems here in Canada and globally in 11 countries, with customers such as the NHS in the U.K., the governments of France, Spain, Saudi Arabia, Abu Dhabi, New Zealand, Australia, and health systems in the United States. In 2025, we had three quarters of inclusion of HEALWELL into our financial statements. HEALWELL's total revenue contribution in 2025 to WELL Health, including HEALWELL's continuing and discontinued operations, was CAD 112.9 million. Looking at continuing operations for Q4, which gives the best picture of where HEALWELL is heading, revenue in Q4 2025 was CAD 32.2 million, an increase of 374% year-over-year.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

The healthcare software division grew 489%, primarily driven by the Orion Health transaction, while the AI division grew 67%. HEALWELL also reported positive adjusted EBITDA of CAD 1.1 million in Q4, compared to a loss of CAD 5 million in Q4 2024. We're extremely proud of the progress made by HEALWELL, a company that we helped launch. HEALWELL has moved from an incubation stage company to a profitable pure play AI and SaaS business in under two years. Moving on. HEALWELL is now moving from pilot phases to live enterprise deployments. Since our last earnings call, HEALWELL has secured contracts across three major markets. In the Middle East, HEALWELL signed its first landmark contract with a major governmental health system to deliver AI-based SMARTSearch, marking its strategic entry into this high-growth region.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

In the United States, HEALWELL is actively delivering SMARTIdentify within its U.S. healthcare environment to improve patient matching and data integrity, another AI product. In Canada, HEALWELL has successfully deployed SMARTSearch within a provincial healthcare system and delivered SMARTSummary to automate structured clinical reporting and reduce clinical burden. The most significant recent win, though, is the multimillion-dollar multi-year U.S. health information exchange contract announced on March 5th.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

This is a statewide contract supporting secure data exchange for millions of patient lives secured through competitive procurement. It was won through a coordinated bid between Orion Health and VeroSource, another HEALWELL company, integrating HEALWELL's AI-based smart modules directly into Amadeus AI platform. This contract validates the strategy of combining Orion's healthcare information infrastructure with HEALWELL's AI intelligence layer. The third topic I'd like to talk about is our current strategic review process of our U.S. assets.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

We're of course limited in what we can say about these strategic review processes, especially given the advanced nature of some of our work here and the negotiations we're engaged in. Nonetheless, I will give you some high-level color. Firstly, we remain committed to our strategy of divesting the U.S. company's U.S. healthcare delivery assets, including WISP, Circle Medical, and CRH. I can confirm that we are now in active discussions with potential buyers for all three assets, which is an improvement from last quarter when only two of the assets were in active discussions.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

As I indicated in my letter to shareholders a couple months ago, we are seeing strong interest and engagement from prospective buyers, and we did see a significant increase in the level of interest at the end of the last year, which we had not seen before, and we've seen that level sustain and even continue to increase. We're navigating these conversations deliberately and with discipline to ensure we maximize value for our shareholders and find the right long-term partners for these high-quality businesses. With that, I'd like to comment on each U.S. business. I'll start with WISP. WISP achieved annual revenue of CAD 115 million in 2025, an increase of 14% from CAD 101 million in 2024. Adjusted EBITDA was CAD 1.3 million in 2025, compared to CAD 5 million the year before.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

The adjusted EBITDA decline reflects investment in growth initiatives that we expect to benefit the business moving forward. WISP continues to demonstrate strong top-line momentum in a large and underserviced women's health market. Moving on to Circle Medical. Let me start with announcing that we're pleased to have reached an agreement in principle with the DOJ on the matters they were reviewing as it relates to Circle Medical. As a result of this agreement in principle, we've updated our provision to $3.3 million, which is the total amount that we expect to pay. This amount is only slightly higher than our previously estimated provision of roughly $2.8 million. We will report back to shareholders once we have finalized the agreements that govern the figures I just provided.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Circle Medical reported revenue of CAD 145.1 million in 2025, an increase of 90%. However, revenue included approximately CAD 36.8 million of net deferred revenue. On a normalized basis, removing deferral impacts from both years, Circle Medical's revenue was CAD 108.3 million, a decrease of 19% year-over-year. The important nuance is that despite the decline in normalized revenue, Circle Medical's normalized Adjusted EBITDA improved to CAD 10.4 million, up 316% from CAD 2.5 million in the prior year. We're encouraged by the Adjusted EBITDA improvement and the progress on our compliance program. Finally, CRH and Provider Staffing.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

As for CRH, the combined CRH anesthesia and staffing businesses been performing very well, having generated revenue of CAD 503.4 million in 2025, compared to CAD 355 million in 2024, an improvement of 42% year-over-year. Adjusted EBITDA for combined anesthesia and staffing was CAD 103 million in 2025, compared to CAD 57 million in 2024, an improvement of 79%. These results all are indicative of the growth and strong profitability of these two assets. On a normalized basis, once the one-time effects of the cybersecurity incident are accounted for that affected 2024 and 2025, normalized revenue for 2025 would have been CAD 485 million, compared to CAD 380 million in 2024, a 28% improvement.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Normalized adjusted EBITDA for combined anesthesia and staffing was CAD 85 million in 2025, compared to CAD 81 million in 2024, an improvement of 4.5%. To put this in context, in 2024, the cybersecurity incident that affected our U.S. billing partner required us to derecognize approximately $18 million in revenue under IFRS. Despite having delivered the collectibility for $13 million of that amount, which has now been re-recognized, USC continues to be assessed. With the CRH impacts now behind us and the agreement in principle on Circle Medical, we expect the trackability of our results to improve meaningfully moving forward. I will now turn the call over to our CFO, Eva Fong, who will review the financials for 2025. Eva.

[Eva Fong, CFO at WELL Health Technologies]

Thank you, Hamed. Rather than repeating our reported figures, which are available in our financial statements, I want to focus on our normalized financial performance, which removes the impact of Circle Medical and CRH from both 2025 and 2024 to provide a cleaner picture of the underlying growth. Normalized revenue was CAD 1.35 billion in 2025, an increase of 34%. Normalized Adjusted EBITDA was CAD 148.6 million, an increase of 17%. Normalized shareholder Adjusted EBITDA was CAD 110.9 million, up 15%. I want to put these growth rates in context. A few years ago, when we made a commitment to shareholders that we would deliver a minimum of 10% absolute Adjusted EBITDA growth annually and reinvest the balance of our capacity into top-line growth. That is a deliberate strategy.

[Eva Fong, CFO at WELL Health Technologies]

We're not over-optimizing for either growth or earnings. We are balancing both because we believe that is what creates the most durable long-term value. With 17% normalized Adjusted EBITDA growth and 34% normalized revenue growth in 2025, we are delivering on that commitment while simultaneously building scale that will drive earnings for years to come. More specifically, HEALWELL AI contributed significant revenue with a smaller EBITDA contribution given its earlier stage of integration and new clinical acquisitions completed in 2025, which is typically lower margin before we apply our clinic transformation program. We expect margins on these assets to improve as they mature within the network.

[Eva Fong, CFO at WELL Health Technologies]

In this revenue bridge, we can see that the reported revenue of CAD 990 million in 2024 on the far left, and revenue of CAD 1.4 billion in 2025 on the far right of the graph. Excluding the impact of Circle Medical and CRH leads to normalized revenue of CAD 1 billion in 2024 and CAD 1.35 billion in 2025. The 34.4% growth in normalized revenue can be attributed to CAD 113 million to HEALWELL and CAD 231 million to organic and inorganic growth. In this adjusted EBITDA bridge, we can see the reported adjusted EBITDA of CAD 46.7 million in 2024 on the far left of the graph, and reported adjusted EBITDA of CAD 200.7 million in 2025 on the far right of the graph.

[Eva Fong, CFO at WELL Health Technologies]

Excluding the impact of Circle Medical and CRH leads to a normalized Adjusted EBITDA of CAD 127 million in 2024 and normalized Adjusted EBITDA of CAD 148.6 million in 2025. The 17% growth in normalized Adjusted EBITDA can be attributed to CAD 5.7 million to HEALWELL and CAD 15.9 million to growth. Now on to our annual adjusted net income. Overall, our annual 2025 results reflect continued profitability in the business. In this adjusted net income bridge, we can see the reported adjusted net income of CAD 8 million in 2024 on the far left, and adjusted net income of CAD 126.5 million in 2025 in the far right of the graph.

[Eva Fong, CFO at WELL Health Technologies]

Excluding the impact of Circle Medical and CRH leads to normalized adjusted net income of CAD 48.9 million in 2024 and normalized adjusted net income of CAD 99.9 million in 2025. The 102% increase in normalized adjusted net income is driven by CAD 34.2 million in growth. Now, free cash flow. Free cash flow attributable to shareholders was CAD 58.2 million in 2025 compared to CAD 48.9 million in 2024. The increase was driven by a CAD 27.4 million improvement in adjusted shareholder EBITDA, offset by higher taxes, interest and capital expenditures, as well as a small negative cash flow contribution from HEALWELL. Capital expenditures were elevated due to investment in new equipment and clinical facilities, particularly our executive health and longevity clinics.

[Eva Fong, CFO at WELL Health Technologies]

We view these as growth investments that will generate returns in the coming periods. The increase in cash taxes in 2025 compared to 2024 reflects higher U.S. cash taxes, increased profitability in certain Canadian operations, and incremental tax liabilities associated with recently acquired businesses. We expect our cash taxes will decrease when we start utilizing Canadian losses against profits in 2026 onwards. Now turning to our balance sheet as of December 31st, 2025. WELL ended 2025 with a solid balance sheet, holding cash and cash equivalents of CAD 133.8 million. We remain in good standing and fully compliant with all covenants related to our two credit lines at WELL, J.P. Morgan in the U.S. and Royal Bank of Canada.

[Eva Fong, CFO at WELL Health Technologies]

The outstanding debt from these credit lines was approximately CAD 377 million as of December 31st, 2025. Now, this doesn't include HEALWELL's credit facility with the bank, with The Bank of Nova Scotia, which is also in good standing with outstanding debt of CAD 48.8 million at the end of December. Importantly, at the end of January 2026, we expanded our senior secured credit facility to CAD 400 million with an additional CAD 100 million uncommitted accordion under a syndicate led by Royal Bank of Canada, J.P. Morgan. This effectively doubles our prior capacity and extends the maturity to January 2030. This enhanced facility gives us significant financial flexibility to execute on our Canadian acquisition pipeline, which, as Hamed described earlier, is the largest we have ever had.

[Eva Fong, CFO at WELL Health Technologies]

We resumed our normal course issuer bid on NCIB in the fiscal year. In 2025, the company bought back approximately 408,100 shares in 2025. We're expecting to continue with our share buyback program in 2026 as permitted. I'm pleased to report that we have the cash and available resources to continue to fund our organic and inorganic growth program, which are focused on Canadian clinics and WELLSTAR. That concludes my financial update, and I will now turn the call back over to Hamid.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Thank you, Eva. Now for our outlook. We're pleased to provide guidance for fiscal 2026. We expect annual revenue in the range of CAD 1.55 billion-CAD 1.65 billion for the year, representing reported growth of 11%-18% and normalized growth of 15%-22%. We expect Adjusted EBITDA in the range of CAD 175 million-CAD 185 million. This guidance includes approximately CAD 17.6 million in Circle Medical deferred revenue expected to be recognized in 2026, which carries close to 100% EBITDA contribution.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

It also only includes acquisitions announced to date, excluding the impacts of CRH and Circle Medical deferrals, meaning on a normalized basis, the company expects to continue to deliver performance in line with prior years of achieving better than at least 10% annual growth in adjusted EBITDA and free cash flow growth, including acquisitions. Our guidance is sensitive to the timing of additional M&A and divestitures, and we'll update the market as needed and appropriate.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

For WELL Canada specifically, which includes Canadian clinics and WELLSTAR, we delivered over 44% adjusted EBITDA growth in 2025, and we're targeting over CAD 800 million in revenue and CAD 100 million in adjusted EBITDA within 18 months. We also intend to proceed with the spin-out of WELLSTAR subject to market conditions, and we remain resolutely committed to completing the sale of our U.S. care delivery assets.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Active processes are underway, and our objective is to announce transactions that unlock value for shareholders. In closing, 2025 demonstrated that WELL's model compounds. We delivered record results, accelerated our Canadian growth engine, strengthened our balance sheet, and advanced value unlocking initiatives across WELLSTAR, HEALWELL, and our U.S. portfolio. The strategic clarity we have today built around infrastructure for a healthier Canada positions us well for the years ahead.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

I would like to thank our board of directors, our senior management team across WELL Clinics, WELLSTAR, HEALWELL, and CYBERWELL, and WELL USA, and all of our employees and contractors. In particular, I want to thank our healthcare practitioners and frontline workers who provide remarkable patient care every day. They're the true heroes of the healthcare ecosystem, and we're grateful for the opportunity to serve them. It brings meaning to everything that we do.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Thank you all for joining us today, and thank you to our shareholders, investors, and analysts for their continued support. We'll now open the call for questions. Operator?

[Operator]

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. If you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any key. The first question comes from David Kwan with TD Cowen. Please go ahead.

[David Kwan, Director and Equity Research Analyst at TD Cowen]

Good morning. Want to ask about the CRH, I guess the revenue that you guys were able to recognize. The revenue for CRH, I guess, was up over 20% this quarter sequentially, which is much more than what we've seen historically, just due to seasonality. Also saw a good jump in the gross margin. I'm guessing that the $13 million that you said you were able to recognize happened in Q4. Also was this, I guess, a key reason why the fiscal 2026 Adjusted EBITDA guidance was materially below kind of where the street was?

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Yeah. Thanks, David. I'm glad you asked that question. You know, the delta between our guidance and street expectations is largely explained by the noise associated with the Circle Medical deferrals and the CRH cyber incident impact. I think the Circle Medical deferrals were generally well understood by the street since those revenues were not derecognized. They were simply deferred and therefore trackable. In the case of CRH, however, in Q4, we were able to re-recognize the $13 million of the $18 million that was derecognized last year, as we were able to demonstrate under IFRS that these items were collected. When you sort of normalize for these items, our guidance is very much in line with our established practice of committing at least 10% bottom line growth while reinvesting the balance in top line growth.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

We're confident in delivering on that framework, but I think that gives much better perspective, hopefully, you know, understanding that CRH carried that kind of impact.

[David Kwan, Director and Equity Research Analyst at TD Cowen]

That's great. Thanks for the color there, Hamed. Then just one question on kind of capital allocation. I appreciate all the color that you've given as it relates to the sale processes and

[David Kwan, Director and Equity Research Analyst at TD Cowen]

Share buybacks. You've got a convertible debenture that's maturing at the end of this year. I was wondering if you could provide some color as to what your plans are with that?

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Yeah. Thanks, David. You know, we have numerous different ways that we can deal with that. I think, you know, again, we have some line of sight on you know, some divestiture income that could come, but we also have opportunities for you know, leveraging our current lines or you know, which obviously have been boosted, but we also have other opportunities. I think it's something that we wanna deal with probably around the mid-year point. We'll keep everyone posted on that, but we're you know, more than confident that our capital structure can provide a solid solution.

[David Kwan, Director and Equity Research Analyst at TD Cowen]

Great. Thank you.

[Operator]

Thank you. The next question comes from Gianluca Tucci from Haywood Securities. Please go ahead.

[Gianluca Tucci, Research Analyst at Haywood Securities]

Hi. Afternoon, guys. Hamed, I was going through the MD&A and did notice that you reached an agreement with the State of California as it pertains to Circle. Just wondering if you can add some context there.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Yeah. Thanks, Gianluca. As I noted in my script, you know, we're really pleased to have come to an agreement in principle. You know, under IFRS, once we reached that agreement in principle, we needed to update our provision for the year, even though we have not finalized that agreement. The way that it works is we go through a negotiation. We sort of, you know, agree in principle on the amounts, and then there's a process to finalize. Look, I think this provides a lot of, you know, hopefully clarity and trust in our original provision, which I think is really important.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

The fact that we came so close to that original provision shows that we did assess this properly and the very significant market reaction that occurred last year was probably an overreaction to the matter. Now, noting that, the disclosure around this came at, I think on or around Labour Day, so it wasn't a great market at that time. Yeah, no, we're very pleased and once it is complete, we will update the market.

[Gianluca Tucci, Research Analyst at Haywood Securities]

Excellent. Thank you, sir. Just secondly, on the expanded credit facility, is the bulk of that earmarked for M&A here in Canada? Just wondering, like as it pertains to your targets here for, like, WELL Canada, how can I be thinking about the deployment of capital in the near to mid-term?

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Yeah. Thanks for asking. That expanded credit line that is being upsized from CAD 200 million to CAD 400 million with a CAD 100 million accordion gives us a lot of dry powder. We can use it for a variety of things. Note that that only sits on the security perimeter around our Canadian Clinics division. Of course, we could use it for other things outside of that, but that is the main, you know, focus for it. I would say that, look, it allows us to continue to be highly opportunistic and in picking up assets that we think are, you know, exciting, you know, both on the primary care and the diagnostic business.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Note that two-thirds of our EBITDA in Canadian Clinics comes from diagnostic imaging and specialized care, mostly diagnostic imaging. That is a business that we are very fond of. We really like the predictability of that business. We are the largest license holders in Ontario pursuant to the public-private partnership framework, the IntraHealth framework, licensing framework there. We'll continue to grow there. That is a priority for us and it's great to have the, you know, the underlying capital to do that. You know, keep in mind that in diagnostics in a big province like Ontario requires licensing. This isn't something that you can just do if you have physicians and equipment. You know, the province requires actual licenses.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

When we acquire assets, most people are not valuing the licensure because those licenses can be worth by themselves CAD millions. Consider that, you know, from a capital allocation perspective, there is great value, enduring long-term value in those types of assets. That is where we're looking to allocate some of that capital as well. As well as, I would say longevity and exec care. Generally speaking, we're leaning into higher margin areas that we feel have, you know, long-term compounding capabilities.

[Gianluca Tucci, Research Analyst at Haywood Securities]

Great color, Hamed. Thank you. I'll pass the line.

[Operator]

Comes from Erin Kyle with CIBC. Please go ahead.

[Erin Kyle, Director Equity Research at CIBC]

Hi there. Thanks for taking the questions. Just to follow up to that last one there, sort of a similar question here. With the CAD 260 in revenue under LOI or close to for Canadian Clinics, as of the end of the quarter, maybe you can talk a bit more about the opportunity there, how it's kind of broken out into primary care and preventative care, and then just how you expect to kind of finance those acquisitions, cash on hand or the upsized credit facility that you just spoke about. Can you just remind us if there's a leverage target, or a leverage ceiling rather, that you try to maintain?

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Yeah. Thanks, Erin. Great question. Look, we generally like the leverage target of around three and a half for the company. You know, we can stomach a little bit higher than that on a temporary basis, but sort of our target leverage tends to be about three and a half. As for the CAD 260 million under LOI in advance, it is a pretty good kind of mix between, I would say, you know, specialized care, diagnostics, and primary care. Noting that primary care has a very big breadth. That's the thing with healthcare. I mean, it's not all just, you know, your plain vanilla primary care clinics.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

There's lots of opportunity out there within the private care area, you know, in the procedural health areas, things like, you know, trigger point injections, all kinds of different procedures where physicians are generally getting paid more for doing things. I mean, when you look at healthcare in general, healthcare practitioners, when they physically engage in, you know, whether it's shots or other various different types of procedures, they generally do obtain more reimbursement. We are focusing in some of those areas and have some of those under LOI. Diagnostics, as I mentioned earlier, we really like that business. There continues to be excellent potential. We're still very much a small market share earner comparatively, even though we're the biggest.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

I would say those continue to be the big areas for us. I think it's, there's very good sort of balance between that mix.

[Erin Kyle, Director Equity Research at CIBC]

Thanks, Hamed. That's helpful color there. My other question is just on the margin profile for the segments in the quarter, specifically on primary care. Just EBITDA margin was a bit below where we'd expected for the quarter. Anything specific to call out there, or is it really just integration of some recent acquisitions?

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Yeah, thanks. It's mostly timing. I think you'll see that improve this year. It's mostly timing in relation to, you know, the different assets that we absorbed and we acquired and the process and timing that it takes for clinic transformation. Also noting that some of the new M&A that we are engaging in is of higher margin. I expect that to improve over the next year or two.

[Erin Kyle, Director Equity Research at CIBC]

That's helpful. Thank you.

[Operator]

Thank you. The next question comes from Michael Freeman with Raymond James. Please go ahead.

[Michael Freeman, Equity Research Analyst at Raymond James]

Hey there. Good afternoon. Congratulations on finishing a big year and these results. I wonder if you could speak more about the assumptions that inform your guidance. Your 2026 guidance and then your 18-month target for WELL Canada.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Sure, yeah. Look, I think with our assumptions, the guidance importantly does not include any new M&A, right? It includes all the M&A announced to date. It is relying on the organic growth that we are expecting. It relies on the deferred revenues and other, you know, features that we've talked about on this call. For that reason, it is sensitive to, you know, key announcements or catalysts that we would make. For example, if we make a divestiture, we will have to, you know, come back with new guidance that effectively, you know, clarifies or adjusts for that divestiture.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Look, this comes back to WELL and its commitment to deliver at least 10% absolute EBITDA growth. I mean, I think that's if there's one big thing to take away from this call, and I hope and I'm hoping this has been clear over the past years, but both Eva and I on this call are trying to really, you know, reconfirm that WELL is committed to that at least. Really important because we are not over-optimizing for top line and bottom line. We're taking a really balanced approach that we think benefits long-term value for the company.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

There are great companies in the past, such as Descartes, that have taken the same approach where the Street can be confident and clear that we have a commitment. You know, beyond that commitment, we're going to really drive growth in the business. I think that's the framework in which we're coming with this. I think it's really important to first of all ensure that you are normalizing the results because of all these impacts that we've had to deal with. Then secondly, layering on the growth commitments that we've indicated. For example, this past year, look at our free cash flow growth.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

You know, free cash flow growth is a really important metric to track because that would have transcended all of the adjustments with Circle Medical and CRH. Our free cash flow growth grew 19% year-over-year. We're saying, "Hey, look, we're going to grow at least 10% without in EBITDA, with basically" Well, we gave the midpoint, which I think was around 10%, but we're saying we're going to grow at least 10% overall on an absolute basis from an EBITDA perspective.

[Michael Freeman, Equity Research Analyst at Raymond James]

Okay. All right. Thank you. That, that's very, very helpful. I wonder, so now looking at the divestment of U.S. assets. You know, you mentioned on this call that you are approaching a resolution with the DOJ with Circle Medical, and it looks like the, you know, the cyber issue with CRH has been in large part resolved. I wonder how would you describe both of these events precipitating their effect on the sale processes for these two assets?

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Yeah, it's a good question. Look, I think they definitely add noise, particularly on the Circle Medical side. I think with the CRH side, you know, this is something that happened to, you know, a significant number of companies. This was a major industry issue and matter that affected, you know, companies like CRH. I think, but of course, it still adds noise and it's something that has to be worked out. We're really pleased to, you know, be in a position to provide more clarity to the street on CRH, and I think that's definitely resonating as well in our private conversations around sale processes.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Of course, you know, having line of sight and understanding of where we're gonna end up with DOJ subject to, you know, signed agreements, you know, we're really pleased that we have that clarity moving forward. I do believe it's gonna really help our processes moving forward.

[Michael Freeman, Equity Research Analyst at Raymond James]

Okay. Yeah, and just further, you mentioned that since the end of the year, you noticed that there is more interest than ever in your assets. Do you think this was a result potentially of these, you know, the DOJ and the cyber issue coming or approaching resolution?

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Actually, thank you. That is an important point of clarification. No, that is irrespective of these lines of sight. What we're trying to say there is that in general, we're seeing the market improve. You know, private equity sponsors who tend to be the significant majority of transactions occurring in this space are becoming more accustomed to the challenges and volatility that the industry presents. Of course, you know, the U.S. administration has, you know, it was in its first year, and I think that people were trying to figure out which way that U.S. administration was gonna go in terms of reimbursement policy.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

There was concerns around, you know, sticky inflation, how is that going to impact things and where was that gonna be going. Of course, there was a little bit more clarity around the trajectory of interest rates at that point in time. Note that these, you know, big healthcare platforms that are especially driven through M&A like CRH tend to be more, inflation sensitive because they do generally leverage debt in order to tuck in acquisitions. I think, you know, these are sort of more big picture macro reasons that I think were perking up the market and we were just seeing more inquiries and more interest in the sector. That generally makes sense.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

In Trump's first term, it did take a little bit of time for people to get acclimatized to you know, his administration's approach and focus and style and all that kind of good stuff. I think we're seeing the same thing here.

[Michael Freeman, Equity Research Analyst at Raymond James]

Gotcha. All right. Thank you very much. I'll pass it on.

[Operator]

Thank you. The next question comes from Daniel Rosenberg with Paradigm. Please go ahead.

[Daniel Rosenberg, Equity Research Analyst at Paradigm]

Hi. Thanks for taking my question. My first one continues on the theme of the strategic initiatives. I was curious to hear if your thoughts have changed at all along the WELLSTAR spin out, just given current market conditions, how you're thinking about it and timing of something like that. How have your thoughts changed?

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Thanks, Daniel. Our thoughts have not changed very much, because we feel that WELLSTAR is a beneficiary of the AI disruption. I could zoom out a little bit, our view, and I think generally what we're seeing play out in the market is that AI disruption is real, and it's creating a new class of winners and losers, that you know, investors really pay attention to that. We're seeing that play out in terms of valuations as well.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Companies that have real moats, that are participating in areas like system of record or system of action that have, you know, integration moats, that have regulatory moats, these companies may actually become more valuable, not less valuable, because they're able to demonstrate that AI disruption will not be able to, you know, essentially transcend those moats. For that reason, we're continuing to prepare. You know, some of our increased costs from a G&A perspective reflected adding, you know, Pubco-style costs for WELLSTAR and getting it prepared. You know, we're very confident.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Of course, we have to do a really good job conveying our messaging and demonstrating that WELLSTAR is, you know, and its agentic platform are delivering and represent the future of Canadian healthcare. You know, we feel really confident with that. You know, proof will be in the pudding. Based on our discussions with certain investors around the street, there's very much appetite and interest in wanting to see WELLSTAR be public and backing WELLSTAR. We look forward to that.

[Daniel Rosenberg, Equity Research Analyst at Paradigm]

Thanks for that color. Switching gears to the clinic pipeline. Obviously you're at an impressive 25 in pursuing M&A along the clinic business. I'm just wondering how you think about it longer term, sustaining that kind of cadence. You're a bigger company, so being able to have that same kinda impact, as you yourself grow bigger, through that channel. Any color there would be appreciated.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

When you talk about impact, what do you mean in terms of impact on the industry or impact in terms of our financials? Could you clarify that a little bit?

[Daniel Rosenberg, Equity Research Analyst at Paradigm]

I mean, your pipeline has grown, but so have you as a total business. I'm wondering if you could sustain that cadence of M&A that it can drive the

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Yeah.

[Daniel Rosenberg, Equity Research Analyst at Paradigm]

Impressive growth we've seen.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Look, I think the three most important things in M&A are discipline, and discipline. I think you're gonna see us get even more disciplined as we grow. You know, we're just getting better and better with each deal. Our models become more sophisticated. Our diligence teams get smarter and better. We just try to learn from everything that we do. I think we can sustain these types of numbers. I'm not sure we're always gonna have the type of percentage increase in terms of number of transactions that we've had, but I don't think we necessarily have to in order to achieve our goals. We're not going to do transactions for the sake of doing transactions.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

The objective here is not, you know, to just grow for the sake of growth. If we find good deals, we'll do them. If not, we'll stand down. I think what's gonna be important is balance sheet discipline, maintaining, you know, reasonable leverage ratios and I think that will very much happen. You know, we're very pleased because we can just see that it's not just that the financial results compound. Our knowledge in getting these deals compounds, and we get better over time. M&A is not an easy thing to do. It's hard work. It's hard doing good deals. It's hard integrating. It's hard making sure that the cultures all match, and we're getting pretty good at it.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

You know, we'll get better.

[Daniel Rosenberg, Equity Research Analyst at Paradigm]

Great. Thanks for taking my questions.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Thank you.

[Operator]

Thank you. That concludes our Q&A session. I will turn the call back over to Hamed Shahbazi for closing comments.

[Hamed Shahbazi, Chairman and CEO at WELL Health Technologies]

Well, thank you very much for all the questions today and for tuning in. We really appreciate it, and we're very excited about our 2026 year as we noted, and we look forward to speaking with you later in May. Have a wonderful day.

[Operator]

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

Participants

Executives

• Eva Fong, CFO
• Hamed Shahbazi, Chairman and CEO
• Pardeep Sangha, VP of Investor Relations

Analysts

• Daniel Rosenberg, Equity Research Analyst at Paradigm
• David Kwan, Director and Equity Research Analyst at TD Cowen
• Erin Kyle, Director Equity Research at CIBC
• Gianluca Tucci, Research Analyst at Haywood Securities
• Michael Freeman, Equity Research Analyst at Raymond James