• WELL achieved quarterly revenues of $368.3 million in Q1-2026, an increase of 25% as compared to Q1-2025 driven by organic growth, acquisitions and the inclusion of HEALWELL results in WELL's consolidated financial reporting.
• WELL achieved Adjusted EBITDA⁽¹⁾ of $43.1 million in Q1-2026, an increase of 56% as compared to Q1-2025, representing an Adjusted EBITDA Margin⁽¹⁾ of 12%.
• Canadian Patient Services revenues⁽⁴⁾ increased by 30% to $130.3 million and Adjusted EBITDA⁽¹⁾ increased by 28% to $17.0 million in Q1-2026, driven by acquisitions and organic growth of 8% for the Canadian Patient Services business.
• WELL recorded a total of 1.9 million patient visits in Q1-2026, an increase of 17% as compared to Q1-2025, driven by 33% YoY growth of Canadian patient services visits and strong organic growth of 13% in Canada.
• WELL reaffirms its previously provided guidance for annual revenue between $1.55 billion to $1.65 billion with Adjusted EBITDA⁽¹⁾ in the range of $175 million to $185 million.

Vancouver, British Columbia--(Newsfile Corp. - May 7, 2026) - 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 its interim consolidated financial results for the quarter ended March 31, 2026.

Hamed Shahbazi, Chairman and CEO of WELL commented, "We are very pleased to report a strong start to 2026, with solid first quarter performance that saw our revenue run rate approach the $1.5 billion per year mark. Our Canadian clinics business continued to be a key driver of growth, achieving a revenue run rate of over half a billion dollars per year while delivering 30% year-over-year revenue growth, including 13% organic growth⁽³⁾. Our broader WELL Canada platform, inclusive of WELLSTAR and CYBERWELL, also delivered strong results with 26% year-over-year revenue growth and 15% growth in Adjusted EBITDA⁽¹⁾, with WELLSTAR continuing to deliver Rule of 40 performance. We delivered record patient visits in the quarter, with Canadian visits growing 33% year-over-year, reflecting both our acquisition discipline and the underlying demand for accessible, tech-enabled care across our network. These results reflect the increasing scale, resilience and profitability of our Canadian operations, as well as the continued demand for WELL's tech-enabled solutions across the global healthcare ecosystem. With WELLSTAR, CYBERWELL and our growing Canadian clinic footprint working together, we are building the operating system for modern Canadian healthcare and creating significant long-term value for our shareholders."

Eva Fong, Chief Financial Officer of WELL, commented, "We are pleased with our strong start to 2026, supported by the disciplined execution of our financial strategy. WELL maintains a clean and healthy balance sheet, which was further strengthened through the expansion of our senior secured credit facility, enhancing our liquidity and positioning us to continue executing against our acquisition program. We expect our Canadian pipeline to remain active throughout 2026, with a continued focus on strategic and accretive opportunities in primary care, diagnostics and other high-quality healthcare assets. We also expect Q2 to be the final quarter of Circle Medical Deferrals⁽²⁾, positioning the business for improved comparability. With strong cash resources, liquidity and disciplined capital allocation, we believe the Company is well-positioned to pursue sustainable growth while continuing to create long-term value for shareholders."

First Quarter 2026 Financial Highlights:

• WELL achieved quarterly revenue of $368.3 million in Q1-2026, an increase of 25% compared to revenue of $294.1 million generated in Q1-2025. This growth was driven mainly by organic growth, acquisitions completed over the last twelve months and the inclusion of HEALWELL results in WELL's consolidated financial reporting.
• Adjusted Gross Profit⁽¹⁾ was $163.2 million in Q1-2026, an increase of 39% compared to Adjusted Gross Profit⁽¹⁾ of $117.5 million in Q1-2025, driven by higher revenues and improvement in Adjusted Gross Margin⁽¹⁾ percentage. Adjusted Gross Margin⁽¹⁾ percentage was 44.3% in Q1-2026 compared to Adjusted Gross Margin⁽¹⁾ percentage of 39.9% in Q1-2025. The increase in Adjusted Gross Margin⁽¹⁾ percentage was driven primarily by revenue mix, the impact of Circle Medical Deferrals⁽²⁾, and the addition of higher margin HEALWELL revenue.
• Adjusted EBITDA⁽¹⁾ was $43.1 million in Q1-2026, an increase of 56% as compared to Adjusted EBITDA⁽¹⁾ of $27.6 million in Q1-2025.
• Adjusted EBITDA attributable to WELL Shareholders⁽¹⁾ was $30.5 million in Q1-2026, an increase of 50% compared to Adjusted EBITDA attributable to WELL Shareholders⁽¹⁾ of $20.3 million in Q1-2025.
• Adjusted Net Income⁽¹⁾ was $15.5 million, or $0.06 per share in Q1-2026, compared to Adjusted Net Income⁽¹⁾ of $7.5 million, or $0.03 per share in Q1-2025.
• Operating Adjusted Free Cash Flow Attributable to Shareholders ("FCFA2S")⁽¹⁾ was $1.6 million in Q1-2026, compared to FCFA2S⁽¹⁾ of $11.8 million in Q1-2025. FCFA2S⁽¹⁾ in Q1-2026 reflected strategic investments to upgrade our clinical portfolio, increased cash tax payments tied to improved segment profitability, the impact of Circle Medical Deferrals realized in the quarter ⁽²⁾, and increased interest payments associated with upsized credit line.
• During Q1-2026, the Company recognized deferred revenue related to Circle Medical Deferrals of $12.8 million. Excluding the impact of Circle Medical Deferrals⁽²⁾, revenue would have been $355.5 million in Q1-2026, representing 18% YoY growth for the period. Excluding the impact of Circle Medical Deferrals⁽²⁾, Adjusted Gross Margin⁽¹⁾ would have been 42.3%, Adjusted EBITDA⁽¹⁾ would have been $30.2 million, Adjusted EBITDA attributable to WELL Shareholders⁽¹⁾ would have been $21.5 million, and Adjusted Net Income⁽¹⁾ would have been $9.2 million.

Segmented Revenue⁽⁴⁾:

• Canadian Patient Services revenues were $130.3 million in Q1-2026, an increase of 30% compared to $99.9 million in Q1-2025.
• USA Patient and Provider Services revenues were $178.1 million in Q1-2026, an increase of 2% compared to $173.8 million in Q1-2025.
• WELLSTAR, the Company's SaaS technology and services subsidiary, achieved revenues of $21.8 million in Q1-2026, an increase of 27% as compared to $17.1 million in Q1-2025. WELLSTAR's growth was driven by healthy organic growth and acquisitions.

First Quarter 2026 Patient Visit Metrics:

• WELL recorded a total of 1.9 million patient visits in Q1-2026, an increase of 17% compared to 1.6 million patient visits in Q1-2025.
• Canadian Patient Services visits increased 33% over the past year, primarily driven by acquisitions as well as 13% organic growth, including the clinic absorption program.
• In addition, WELL recorded approximately 3.0 million patient interactions in Q1-2026, an increase of 20%, representing approximately 12.0 million patient interactions on an annualized run-rate.
• As of the end of the first quarter, WELL reported 253 clinics across Canada, including primary care, diagnostics, allied health, specialty and executive health clinics.

First Quarter 2026 Business Highlights:

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.

On March 20, 2026, the Company expressed strong support for the Ontario government's announcement of a provincewide Primary Care Medical Record system and confirmed its intent to actively participate in the forthcoming procurement process led by Supply Ontario. The initiative is part of Ontario's Primary Care Action Plan, backed by more than $3.4 billion in funding aimed at connecting approximately two million additional residents to primary care by 2029. WELLSTAR, WELL's majority-owned subsidiary, currently powers and supports approximately 8,165 physicians and 1,669 clinics across Ontario through its suite of provincially certified EMR platforms, including OSCAR Pro, Juno EMR, and AwareMD.

Events Subsequent to March 31, 2026:

On April 2, 2026, WELL announced a strategic partnership with AliveCor, the global leader in AI-powered personal ECG technology, through which Canadian-registered cardiologists from WELL's network will provide clinician reviews of ECG recordings submitted by Canadian users of AliveCor's Kardia platform. Upon submission, each ECG is evaluated within 24 hours by a WELL-affiliated cardiologist, who confirms or refines Kardia's initial AI-generated result and provides written guidance on next steps for care. The partnership addresses a meaningful gap in specialist access at a time when elective cardiology wait times in Canada have increased significantly, with patients waiting an average of 15.3 weeks for specialist consultation.

On April 14, 2026, WELL announced that its majority-owned subsidiary, CYBERWELL, launched CYDEcore™ Fusion, a proprietary cybersecurity platform that consolidates WELL's prior cybersecurity assets into a single unified operating model with centralized leadership and service delivery. The platform aggregates data across security operations, monitoring, and governance activities, applying AI-driven analytics to identify patterns, surface emerging risks, and support ongoing cyber resilience. CYBERWELL serves organizations across healthcare, critical infrastructure, energy, financial services, and the public sector, regulated environments where cybersecurity is a foundational operational requirement.

Outlook:

WELL is expecting strong operational performance to continue into 2026 with a greater emphasis on leveraging the depth of the product and technology offerings from the Company's Strategically Controlled Technology Platforms, WELLSTAR and HEALWELL.

Management will continue to pursue its focus on optimizing operations for organic growth and profitability and is pleased to reaffirm its annual guidance for 2026, as follows:

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

WELL's 2026 guidance assumes, among other factors, the following: approximately $17.6 million in Circle Medical Deferrals⁽²⁾ is expected to be recognized in 2026 and will result in close to 100% contribution to Adjusted EBITDA⁽¹⁾; guidance reflects only acquisitions announced to date. Excluding the impacts of Circle Medical Deferrals⁽²⁾, the Company expects to continue its multi-year trend of delivering better than 10% annual growth in Adjusted EBITDA⁽¹⁾ and free cash flow, inclusive of acquisitions and organic growth.

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 12 months or less, inclusive of acquisitions and organic growth.

The Company remains fully committed to disciplined capital allocation, with its Canadian Clinic program as the primary destination for incremental capital. This focus is the central rationale behind the Company's intention to proceed with the spin-out of WELLSTAR (subject to market conditions) and its ongoing evaluation of strategic alternatives for its US care delivery assets.

WELL is in the process of advancing a number of technology and AI related investments that we expect to drive structural margin improvement and create capacity for continued reinvestment into the Company's highest return growth investments.

Conference Call:

WELL will hold a conference call and simultaneous webcast to discuss its First Quarter 2026 financial results for the period ended March 31, 2026, on Thursday, May 7, 2026 at 5:00 pm ET (2:00 pm 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 condensed interim consolidated financial statements (unaudited) and interim MD&A for the quarter ended March 31, 2026.

Footnotes:

_{1 Non-GAAP Financial Measures}

In addition to results reported in accordance with International Financial Reporting Standards ("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 Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted EBITDA attributable to WELL Shareholders, Adjusted EBITDA attributable to Non-controlling interests, Adjusted Net Income, and Adjusted Net Income Per Share (basic and diluted). 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 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 total segment revenue or consolidated revenue, as applicable. 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 EBITDA
The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization less (i) net rent expense on premise leases considered to be finance leases under IFRS 16 "Leases" and before (ii) transaction, restructuring, and integration costs, legal settlements and defense costs, time-based earn-out expense, change in fair value of investments, change in fair value of derivative liability, share of income (loss) of associates, impairment charge, foreign exchange gain/loss, and share-based payments, and (iii) gains/losses that are not reflective of ongoing operating performance. The Company considers Adjusted EBITDA to be a financial metric that measures cash flow that the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. Adjusted EBITDA should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance defined under IFRS. Adjusted EBITDA for Q1-2026 includes deferred revenue related to Circle Medical ("Circle Medical Deferrals") of $12.8 million.

Adjusted EBITDA Margin
The Company defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Total Segment Revenue.

Adjusted EBITDA Attributable to WELL Shareholders/Adjusted EBITDA Attributable to Non-Controlling Interests
The Company defines Adjusted EBITDA attributable to WELL Shareholders (or Shareholder EBITDA) and Adjusted EBITDA attributable to Non-controlling interests as the sum of the Adjusted EBITDA for each relevant legal entity multiplied by WELL's or the non-controlling interests' equity ownership, respectively.

Adjusted Net Income and Adjusted Net Income Per Share, Basic and Diluted
The Company defines Adjusted Net Income as net income (loss), after excluding the effects of share-based payments, amortization of acquired intangible assets, interest accretion, 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, gains/losses that are not reflective of ongoing operating performance and non-controlling interests. The Company revised its definition of Adjusted Net Income starting from the quarter ended September 30, 2024 to exclude share of loss of associates and gains/losses that are not reflective of ongoing operating performance. Comparative figures have been adjusted to conform to the current period definition. Adjusted Net Income Per Share is Adjusted Net Income divided by the 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.

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 Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted EBITDA attributable to WELL Shareholders, Adjusted EBITDA attributable to Non-controlling interests, Adjusted Net Income, and Adjusted Net Income per Share (basic and diluted) 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.

Certain of the Company's 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 after the billing provider cyberattack. For more details, please refer to the Overall Performance section of the Company's 2025 Annual MD&A.

_{2 Circle Medical Deferred Revenue Adjustments}

Circle Medical's deferred revenue adjustments or "Circle Medical Deferrals" refer to adjustments related to the deferred recognition of certain revenues at Circle Medical in accordance with IFRS 15 "Revenue from Contracts with Customers". 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.

_{3 Organic Growth}

Reported organic growth includes contributions from the Company's clinic absorption program.

_{4 Segmented Revenue}

Segmented Revenue includes intercompany revenue.

WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL Health Technologies Corp. (TSX: WELL) is Canada's largest outpatient healthcare company and a leading provider of technology-enabled healthcare solutions. WELL is building the infrastructure for a healthier Canada, where every patient gets better care, every provider is empowered by AI, and every piece of health data is protected. WELL owns and operates more than 250 clinics in Canada, supporting more than 4 million annual patient visits. Through its subsidiary WELLSTAR, WELL provides electronic medical records, AI-powered clinical tools, patient engagement platforms and IT management services. WELL provides cybersecurity services through its CYBERWELL subsidiary. WELL is publicly traded on the TSX under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more, please visit: www.well.company.

Forward-Looking Statements

This news release may contain "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company's goals, strategies and growth plans; expectations regarding continued revenue and EBITDA growth; the expected benefits and synergies of completed acquisitions; 2026 guidance affirmation, long-term strategic objectives, liquidity expectations, WELL's acquisition pipeline, the Circle Medical Deferrals, WELL's growth initiatives, revenue contributions from completed acquisitions, the different Ontario procurement and funding opportunities, as well as information in the "Outlook" section herein. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-Looking Information generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-Looking Information involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL's comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions and the ability to complete acquisitions; risks inherent in the primary healthcare sector in general; continued patient and consumer demand for WELL's products and services; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedarplus.ca, including its most recent Annual Information Form. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

This news release contains financial outlook information (collectively, "FOI") about estimated annual run-rate revenue, deferred revenue contributions, Adjusted EBIDTA, operating Adjusted free cash flow attributable to shareholders, Adjusted gross profit, and Adjusted gross margin growth outlook, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOI. FOI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL's anticipated future business operations on an annual basis. Readers are cautioned that the FOI contained in this news release should not be used for purposes other than for which it is disclosed herein.

Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296548

Source: WELL Health Technologies Corp.