PHR · Phreesia, Inc.

May 27, 2026 Dear Phreesia stakeholders, Phreesia had a solid first quarter to build on in fiscal 2027. We entered the new fiscal year with an experienced team, a strong financial profile and continued momentum across several key initiatives, including positioning AccessOne for future growth, the successful launch of our healthcare provider (HCP) marketing offerings and the infusion of AI into the Phreesia operating model. In the first fiscal quarter, we continued to execute on our growth strategy for AccessOne. We successfully renewed and expanded AccessOne’s securitization facility with PNC Bank, which increased the size of the facility to $300 million and extended the term by approximately three years. It also increased the percentage of the facility that we can deploy to non-investment grade healthcare services clients. We believe this expanded access to capital will enable us to pursue the opportunities we are seeing within our Phreesia base as well as net-new opportunities.

March 30, 2026 Dear Phreesia stakeholders, As we reflect on our fiscal year 2026, we made many important decisions that we believe will set us up for success over the next several years. We achieved several critical financial milestones ahead of our internal targets, including achieving positive GAAP net income ($2.3 million) and crossing $100 million of Adjusted EBITDA 1 and $50 million of free cash flow 2 ($78.8 million net cash from operating activities) for fiscal year 2026. Phreesia’s platform enables more than 1 in 6 patient visits in the U.S. to improve access, affordability and health outcomes. In fiscal year 2026, we extended our reach in the payment and network solutions areas, increasing our addressable market and overall value proposition to existing and new clients. As our business continues to evolve and diversify, we want to ensure that we continue to be surrounded by high-caliber independent directors who complement our existing Board composition. To that