Waterdrop Inc. Q3 FY2024 earnings call

• Company remains committed to healthy operations and sustainable growth, delivering solid Q3 results. Total revenue 704 million yen, net profit 92.8 million yen, up over 160% y-o-y. • Insurance business focused on enhancing user value, new products launched, FIP growth. First-year premiums over 2 billion yen, operating margin ~20%. • Medical performance responded to new charging laws, user numbers and per-funding amounts rising, segment loss narrowed. • Healthcare sector expanded network with pharmaceuticals, enrolled patients growing y-o-y and q-o-q. • AI: Launched AI Top Sales Platform 3.0, commercialization of AI platform, partnerships with insurers and non-insurance sectors. • Share buybacks: ~50.91 million ADSs repurchased, ~$102 million; second special cash dividend ~$7.3 million. • CSR: Whatifour Charity platform partnered with 115 public charitable organizations, published 2023 ESG report, co-authored ESG white paper, received ESG awards.

Total revenue for Q3 was 704 million yen, with net profit attributable to ordinary shareholders around 92.8 million yen, up over 160% y-o-y. For the nine months of 2024, total revenue was 2.08 billion yen, up 5.8% y-o-y, and net profit was 216 million yen, a 142% increase. Insurance business: Q3 revenue ~2.04 billion yen, ARFPP 20.4% y-o-y and 14.8% q-o-q; insurance-related income ~600 million yen, -3% y-o-y and +4.7% q-o-q; operating profit ~120 million yen, margin ~20%. First-year premiums over 2 billion yen, operating margin ~20%. Medical performance: User numbers and per-funding amounts rising, segment loss narrowed. Healthcare sector: Network expanded with pharmaceuticals, enrolled patients growing y-o-y and q-o-q. AI: Launched AI Top Sales Platform 3.0, collaboration with insurers and non-insurance sectors, 10 clients in various industries, 8 in task-moving phase.

• Continue investing in R&D to build core competitive advantage. • Leverage technology for long-term, high-quality, sustainable growth, AI capabilities positioning for opportunities.

• Forward-looking statements subject to risks and uncertainties outlined in public filings with the SEC. • Potential actual results differing materially from current expectations.