CWAN Investor Day 2025 Presentation

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CWAN Investor Day September 3, 2025 NYSE, NYC

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CWAN.COM Safe Harbor PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward -looking statements include the following factors in reference to Clearwater (including its recently completed acquisitions), our possible or assumed future results of operations, possible or assumed performance, business strategies, technology developments, financing and investment plans, competitive position, industry, economic and regulatory environment, potential growth opportunities and the effects of competition. Forward- looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “bel ieve,” “could,” “estimate,” “expect,” “intend,” “aim,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms but are not the exclusive means of identifying such statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond Clearwaters’ control, that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the f orward-looking statements. These risks and uncertainties include, but are not limited to, Clearwaters’ ability to successfully integrate the operations and technology of Enfusion, Beacon and Bistro (the “Recent Acquisitions”) with those of Clearwater and to obtain third party data rights, retain and incentivize the employees of the Recent Acquisitions, retain the clients of the Recent Ac quisitions, repay debt incurred in connection with the Recent Acquisitions and meet financial covenants imposed in connection with such debt, risks that synergies and growth from the Recent Acquisitions may not be fully realized or may take longer to realize than expected, Clearwaters' ability to keep pace with rapid technological change and market developments, including artificial intelligence, competitor s in its industry, the possibility that market volatility, a downturn in economic conditions or other factors may cause negative trends or fluctuations in the value of the assets on Clearwaters’ platform, Clearwaters' ability to manage growth, Clearwaters' ability to attract and retain skilled employees, the possibility that Clearwaters' solutions fail to perform properly, disruptions and failures in Clearwaters' and third parties’ computer equipment, cloud-based services, electronic delivery systems, networks and telecommunications systems and infrastructure, the fa ilure to protect Clearwater, its customers’ and/or its vendors’ confidential information and/or intellectual property, claims of infringement of others’ intellectual property, factors relat ed to Clearwaters' ownership structure as well as other risks and uncertainties detailed in Clearwaters’ periodic public filings with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to those di scussed under “Risk Factors” in Clearwaters’ Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 26, 2025 (as amended by Amendment No. 1 thereto, filed with the SEC on March 7, 2025), and in other periodic reports Clearwater Analytics subsequently files with the SEC, including Clearwater’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 filed with the SEC on August 6, 2025. These filings are available at www.sec.gov and on our website, investors.cwan.com. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward- looking statements represent our management’s beliefs and assumptions only as of the date of the release of this investor pre sentation. and should not be relied upon as representing Clearwaters’ expectations or beliefs as of any date subsequent to the time they are made. Clearwater does not undertake to and specifica lly declines any obligation to update any forward- looking statements that may be made from time to time by or on behalf of Clearwater. This presentation also contains estimates and other statistical data made by independent parties and by Clearwater relating t o market size and growth and other data about Clearwater. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither Clearwater nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which Clearwater operates are necessarily subject to a high degree of uncertainty and risk. In light of the foregoing, you are urged not to rely on any forward-looking statement or third-party data in reaching any conclusion or making any investment decision about any securities of Clearwater.

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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Financial Information and NPS. Net Promoter Score ("NPS") refers to our net promoter score, which can range from a low of negative 100 to a high of positive 100, that we use to gauge customer satisfaction. NPS benchmarks can vary significantly by industry, but a score greater than zero represents a company having more promoters than detractors. Our methodology of calculating NPS reflects responses from customers who purchase investment accounting and reporting, performance measurement, compliance monitoring and risk analytics solutions from us and choose to respond to the survey question. In particular, it reflects responses given in the second quarter of 2025 and reflects a sample size of 176 response s over that period. NPS gives no weight to customers who decline to answer the survey question. This presentation contains certain non-GAAP measures, including non-GAAP gross margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP diluted share count and non-GAAP effective tax rate. The non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to sim ilar measures presented by other companies. However, we believe that this non-GAAP information is useful as an additional means for investors to evaluate our operating performance, when reviewed in conjunction with our GAAP financial statements. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP, and because these amounts are not determined in accordance with GAAP, they should not be used exclusively in evaluating our business and operations. In addition, undue relia nce should not be placed upon non-GAAP or operating information because this information is neither standardized across companies nor subjected to the same control activities and audit proc edures that produce our GAAP financial results. Our non-GAAP statement of operations measures, including non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA, adjusted EBITDA margin and free cash flow, are adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items that management believes are not indicative of our ongoing operations. These adjusted measures exclude the impact of share-based compensation and eliminate potential differences in results of operations between periods caused by factor s such as financing and capital structures, taxation positions or regimes, restructuring, impairment and other charges. A reconciliation of certain of the non-GAAP measures is presented in the Appendix to this presentation and in the Current Report on Form 8-K filed in reference to our earnings for the second quarter of 2025. No Offer or Solicitation. This presentation is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1 933, as amended.

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CWAN.COM Agenda PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Clearwater and the market since the last time we met 1 Powering growth 2 CWAN new capabilities and the right to win 3 The technology 4 Financials 5

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CWAN.COM Coming Together CWAN.COM

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CWAN.COM

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CWAN.COM Today’s Presenters PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Jim Cox Chief Financial Officer Souvik Das Chief Technology Officer Subi Sethi Chief Operating Officer Scott Erickson Chief Revenue Officer Kirat Singh President, Risk, and Alternative Assets Sandeep Sahai Chief Executive Officer

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CWAN.COM Clearwater since we last met The organic core business Sandeep Sahai Chief Executive Officer

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CWAN.COM In 2023, we forecasted 20% revenue growth 600 500 400 300 200 100 $168.0 $203.2 $252.0 $303.4 $364 $437 $524 21%YOY 24%YOY 20%YOY 20%YOY 20%YOY Revenue $ in millions 0 2019 2020 2021 2022 2024 2025 PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 20%YOY $174.5 2023 H1

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CWAN.COM …and we delivered consistent top line growth $168.0 $203.2 $252.0 $303.4 $368.2 $451.8 21%YOY 23%YOY 2019 2020 2021 2022 2024 2025 PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 23%YOY 2023 H1 *Midpoint of guidance **Clearwater core business Revenue $ in millions ↑ $4.2 ↑ $14.8 $258** 600 500 400 300 200 100 0 21%YOY 24%YOY 20%YOY $729*

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CWAN.COM In 2023, we forecasted 76% gross margin and a 50 bps improvement from there 600 500 400 300 200 100 75.1% 75.6% 75.1% 76% 76.5% Revenue $ in millions 0 2019 2020 2021 2022 2024 2025 77% 2023 73.1% PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM …and we significantly exceeded gross margin expectations 600 500 400 300 200 100 75.1% 75.6% 75.1% 76.5% 78.2% Revenue $ in millions 0 2019 2020 2021 2022 2024 2025 78.9%* 2023 H1 73.1% *Last standalone Clearwater core reporting 240 bps delivered against 100 bps expectation (+140) PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 170 bps delivered against 50 bps expectation (+120)

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CWAN.COM In 2023, we forecasted 200 bps EBITDA improvement YoY 250 200 150 100 50 28% 29% 27% 27% 29% Revenue $ in millions 0 2019 2020 2021 2022 2024 2025 31% 2023 30% PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM …and again, we exceeded non-GAAP EBITDA expectations PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 29% 32% Revenue $ in millions 2019 2020 2021 2022 2024 2025 H1 35.5%* 2023 H1 250 200 150 100 50 0 28% 29% 27% 30% *Last standalone Clearwater core reporting PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 300 bps delivered against 200 bps expectation (+100) 650 bps delivered against 400 bps expectation (+250)

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CWAN.COM All while maintaining world class client retention Quarterly Gross Revenue Retention Rate 10 20 30 40 50 60 70 80 90 100 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 97% 98% 98% 98% 99% 99% 99% 98% 98% 98% 0 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 At least 98% for 25 out of the past 26 quarters PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM Clearwater execution gives us the right to aim higher The evolving marketplace & platform to power the industry

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Our vision for the future remains the same PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM Be the world’s most trusted and comprehensive technology platform that simplifies the entire investment lifecycle... and eventually revolutionize the world of investing.

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CWAN.COM 1 2 Growth in alternatives and multi-asset strategies 3 4 Global portfolios, fragmented regulations makes risk management critical GenAI is transforming data insights and decision-making Speed and complexity are outpacing legacy infrastructure PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. Investing is now faster, more global, more complex A new era of investment management

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CWAN.COM Alternative investments are no longer “alternative” Growth of the global alternatives Industry 2018-2028. US$ Trillions 0 5 10 15 20 25 $30 2015 2020 2025 2030 9 15 24 Alternatives as a core growth engine demand modernization 0.2% 0.6% 12.4% 0% 2% 4% 6% 8% 10% 12% 14% Level 1 assets Stocks and Money Funds Level 2 assets Level 3 assets Options, SWAPs, PE shares, mortgage- backed, etc More ComplexLess Complex 2010 - 2023 CAGR Corporate, Insurance, IAM asset complexity growth 7x more difficult to support operationally (Clearwater estimate based on processing time) PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED.

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CWAN.COM Diversification across publics and privates is happening everywhere Globalization of asset allocation & geopolitics APAC private credit increase due to need for flexible financing solutions to fuel growth +70% APAC private credit growth 2020 - 2023 Global investors continue to invest in international markets 39.2% Allocation to International markets across institutional portfolios UK PRA regulations increase risk reporting requirements 50+ Reporting requirement updates from the PRA. Data sovereignty at the core Private equity investments decreased in China but deal values increased in APAC 22% YOY Private Equity Deal Size Increase in APAC (23 – 24) PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED.

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PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM INVESTMENT LIFECYCLE GLOBALPORTFOLIO Investment Research Portfolio Construction & Rebalancing Pre/Post Trade Compliance Order Execution & Portfolio Management Risk Evaluation & Analytics Performance Attribution Transaction Reconciliation ABOR Regulatory & Financial Reporting Client Reporting & Advisory Infrastructure EQUITY MMF REAL ESTATE PRIVATE DEBT Derivatives FIXED INCOME PRIVATE EQUITY Every new asset & global location add layers of complexity

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CWAN.COM Growth demands more than just more systems Every new asset or jurisdiction we enter brings more manual workarounds. We’re juggling over a dozen systems, and none are built for today’s regulatory complexity. We’re not just inefficient – we’re exposed. A €40B European multi-asset manager PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED.

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CWAN.COM Investment lifecycle Risk and Performance Research Client Reporting and Advisory IBOR + ABOR Pre / Post Trade Compliance OEMS / PMS Reconciled Data PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED.

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CWAN.COM Risk and Performance Research Accounting, Client Reporting and Advisory IBOR + ABOR Pre-Trade Compliance OEMS / PMS Equities Every platform has their own security master, requiring data ingestion and reconciliation at every step PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED.

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CWAN.COM Risk and Performance Research Accounting, Client Reporting and Advisory IBOR + ABOR Pre-Trade Compliance OEMS / PMS Equities Risk and Performance Research Accounting, Client Reporting and Advisory IBOR + ABOR Pre-Trade Compliance OEMS / PMS Alternatives Risk and Performance Research Accounting, Client Reporting and Advisory IBOR + ABOR Pre-Trade Compliance OEMS / PMS Fixed Income USA Europe Asia Risk and Performance Research Accounting, Client Reporting and Advisory IBOR + ABOR Pre-Trade Compliance OEMS / PMS Equities Risk and Performance Research Accounting, Client Reporting and Advisory IBOR + ABOR Pre-Trade Compliance OEMS / PMS Alternatives Risk and Performance Research Accounting, Client Reporting and Advisory IBOR + ABOR Pre-Trade Compliance OEMS / PMS Fixed Income Risk and Performance Research Accounting, Client Reporting and Advisory IBOR + ABOR Pre-Trade Compliance OEMS / PMS Equities Risk and Performance Research Accounting, Client Reporting and Advisory IBOR + ABOR Pre-Trade Compliance OEMS / PMS Alternatives Risk and Performance Research Accounting, Client Reporting and Advisory IBOR + ABOR Pre-Trade Compliance OEMS / PMS Fixed Income PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED.

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CWAN.COM If you had to build your systems from the ground up, you would have a single, integrated solution Instead of… …you should have a Single Data Ingestion SystemEach system and client having their own data management process Single Front-to-Back SystemUtilizing separate systems for different stages of the investment lifecycle Real-Time Risk and PerformanceHaving a batch warehouse to aggregate risk analytics and performance data Single Security MasterEvery system representing the same security in different ways PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. We know that there is a better way

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PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM FRONT OFFICE MIDDLE & BACK OFFICE Platform Comprehensive Post-Trade RiskPerformance Attribution for Alts & Derivatives Client Reporting Data Management Post-Trade Compliance Regulatory Reporting Multi- GAAP Solutions Core Accounting -ABOR Data Ingestion, Aggregation & Reconciliation Connectivity with Markets & Custodian Pre-Trade Risk for Alts Structured Product & Derivatives Workflow Pre-Trade Compliance Trading Venue Connectivity Portfolio Rebalancing IBOR PMS OEMS Single Instance/ Multi-Tenant Asset Class Coverage Cloud-Native Technology No Capability Limited Capability At Market Above Market Clearwater has a single security master, single data ingestion platform that processes $10+ trillion for over 1,450+ clients every day

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CWAN.COM Platform Comprehensive Post-Trade RiskPerformance Attribution for Alts & Derivatives Client Reporting Data Management Post-Trade Compliance Regulatory Reporting Multi- GAAP Solutions Core Accounting -ABOR Data Ingestion, Aggregation & Reconciliation Connectivity with Markets & Custodian Pre-Trade Risk for Alts Structured Product & Derivatives Workflow Pre-Trade Compliance Trading Venue Connectivity Portfolio Rebalancing IBOR PMS OEMS Single Instance/ Multi-Tenant Asset Class Coverage Cloud-Native Technology FRONT OFFICE MIDDLE & BACK OFFICE Enfusion has a single security master and a real-time platform that powers 900+ clients PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED.

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CWAN.COM Beacon adds an extensible, real-time cross asset risk capability while Bistro adds alternative assets visualization and analytics FRONT OFFICE MIDDLE & BACK OFFICE Comprehensive Post-Trade RiskPerformance Attribution for Alts & Derivatives Client Reporting Data Management Post-Trade Compliance Regulatory Reporting Multi- GAAP Solutions Core Accounting -ABOR Data Ingestion, Aggregation & Reconciliation Connectivity with Markets & Custodian Pre-Trade Risk for Alts Structured Product & Derivatives Workflow Pre-Trade Compliance Trading Venue Connectivity Portfolio Rebalancing IBOR PMS OEMS Single Instance/ Multi-Tenant Asset Class Coverage Cloud-Native Technology Platform PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED.

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CWAN.COM CWAN’s open and extensible architecture PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. CWAN NETWORK Research Pre-Trade Compliance OEMS / PMS IABOR (ABOR+IBOR) Risk & Performance Reconciliation Reporting Artificial Intelligence SingleAccounting Engine Single Data Plane Single Security Master Marketplace for other Reporting and Analytics Engines Client proprietary models and analytics Shared Security Master creating a CWAN compliant standard for the industry Other OEMS / PMS Systems

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CLEARWATERANALYTICS.COM I am intrigued to see what you guys can do in building a game changing platform. It is the holy grail, but I just haven’t seen anyone bring this home - yet. You have the intellectual firepower and some key capabilities, so you’ve earned the right to try. CEO of a large Asset Manager

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This architecture and approach powers the leading platforms across industries. Ours is one of the few industries where the transition is still in the early days. And CWAN is leading that charge.

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CWAN.COM The GenAI acceleration is here. Are we built for it? AI is only as good as the data it can learn from PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 80% of firms say disconnected systems and data silos are their biggest barrier to leveraging AI Legacy firm AI-ready firm All the data in one place All actions on the platform Audit-ready + explainable Every client has their own data store Across many systems

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CWAN.COM Powering Growth: Robust TAM

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CWAN.COM From Integration to Acceleration: Enfusion and Beacon

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CWAN.COM Enfusion re-acceleration PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. ARR ($ in millions) 250 200 150 100 50 $93 $127 $165 $185 $210 37% 30% 12% 14% Revenue ($ in millions) 250 200 150 100 50 $112 $150 $175 $202 40% 34% 17% 15% CWAN.COM 2020 2021 2022 2023 2024 0 2020 2021 2022 2023 2024 0 $80 PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM The Hedge Fund industry: resilient growth Hedge Fund global AUM by strategy PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. 5,000 4,000 3,000 2,000 1,000 Revenue $ in millions Fund of Fund Equity Hedge Relative Value Macro Event-driven 0 2019 2020 2021 2022 2024 Q22023 For 61% of the market, ENFN has some clients but is significantly better positioned to win with CWAN Risk PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM The Enfusion re-acceleration PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. ALREADY UNDERWAY Q4 LAUNCHPARTIALLY UNDERWAY PARTIALLY UNDERWAY PARTIALLY UNDERWAY Dedicated Product, Sales, and Engineering teams focused on hedge funds Drive innovation Dedicated Focus on Hedge Funds Dedicated back to base teams Build adjacent products Improve NPS and reduce churn Grow NRR Move away from seat-based pricing Package to improve value to clients Measured but consistent price increases Commercial Model Empowered sales teams Integrate marketing to drive brand GTM Investments Drive accountability at every level Clear Roles & Responsibilities

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CWAN.COM Enfusion re-acceleration: bridge to 20% growth PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. 13% +4% +4% ~20% Starting Growth Rate Hedge Fund Focus Commercial Model Changes Cross-Sell and Upsell Ending Growth Rate +2%

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CWAN.COM The Beacon & BISTRO growth story PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. ALREADY UNDERWAY Dramatic increase in GTM investments Continue to drive growth with current segments Continue to grow current markets ALREADY UNDERWAY Cross sell to 1450+ Clearwater clients and 900+ Enfusion Portfolio data readily available Access to Clearwater and Enfusion Clients Q4 LAUNCH Enable sale to Global Macro, Event driven and Relative value investors Hedge Fund Risk Q4 LAUNCH BISTRO & Beacon can provide a comprehensive solution for alternative assets Alternative Investments Q4 LAUNCH Risk for insurance ALM Risk for global macro Build packaged products

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CWAN.COM The Continuing Clearwater Growth Story Subi Sethi Chief Operating Officer Scott Erickson Chief Revenue Officer

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CWAN.COM The 1 to 4 bps journey PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Total Investment Management Technology Spend4bps 4bp 2bp 1bp 3bp PRISM EMEA MLx LPx APAC Front Office applications New geography specific needs Current spend we address Alternative assets risk and modeling

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CWAN.COM Growth in NRR Enabling the 1 to 4 bps journey PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 109% Q2 2023 114% Q2 2025 NPS 60+ The 1 to 4 bps Journey PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM More clients do meaningful work with us PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 61 110 +21 with Beacon & EnfusionNumber of +$1m Clients (count) Top 5 clients make up only 9% of the total ARR H1 2023 H1 2024 H1 2025H1 2022 The 1 to 4 bps Journey 100+ Fortune 500, almost all of which have significantly grown PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM Durable 115% NRR waterfall, multiple irons in the fire PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 100% +4-5% +7-8% +5% +2% ~115% Beginning ARR Churn Upsell / New Mandates Cross-Sell / New Products Commercial Model and Price AUM Tailwind Ending ARR -2% The 1 to 4 bps Journey

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CWAN.COM Agentic solutions driving... margin expansion PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Investment Approach 01 Human in the Loop Don’t wait for 100% precision 02 Mix of Short, Medium and Long terms impact programs 03 Self Funding Exciting Returns 80%+ Trailing 12 months in CW core: 83%+ Trailing 3 months in steady state CW core: The 1 to 4 bps Journey

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CWAN.COM Insurance is a $6.3b ARR global opportunity — larger outside the U.S. $10T $13T $11T Grow Insurance 1. Global recognition as a disruptive market leading platform 2. Large marquee clients in each geography 3. Current ARR of $279m against an estimated TAM of $6.3b in the Insurance market Global Insurance AUM APAC EMEA NA PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM Insurance is a $6.3b ARR global opportunity — larger outside the U.S. PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 1. Global recognition as a disruptive market leading platform 2. Large marquee clients in each geography 3. Current ARR of $279m against an estimated TAM of $6.3b in the Insurance market $2.8B $2.3B $1.2B $4M ARR 0.35% captured $242M ARR 9% captured $33M ARR 1.4% captured Global Insurance TAM Grow Insurance APAC EMEA NA

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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. 122 263250 200 150 100 +481 with Beacon & Enfusion Grow Globally Number of international clients PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. H1 2022 H1 2023 H1 2024 H1 2025 50

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CWAN.COM Trusted by leading Asset Managers and Owners PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. ASSET OWNERS (Corporations, Foundations, Government and Pensions) ASSET MANAGERS 41 new logos in the LTM 50 new logos in the LTM Grow Asset Managers and Owners

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CLEARWATERANALYTICS.COMCWAN.COM CWAN New Capabilities and Additional Right to Win

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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Total Investment Management Technology Spend4bps PRISM EMEA MLx LPx Front Office applications New geography specific needs Current spend we address Alternative assets risk and modeling 4bp 2bp 1bp 3bp Beacon & Bistro Platform Enfusion Platform APAC PRISM Together, we unlock 4bps

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CWAN.COM In Phase 1, GTM should be incrementally better PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 1 Clearwater Enfusion Beacon & BISTRO Enfusion’s front-office capabilities Bistro’s insights into Alternatives assets Beacon’s risk and performance platform Clearwater’s powerful middle office automation Beacon’s and Wilshire’s multi- asset risk and performance attribution Clearwater’s powerful middle office automation The vast and high NPS customer based from Clearwater and Enfusion

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CWAN.COM Since the acquisition, we’ve had meaningful wins that leverage multiple platforms PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Risk analytics and reporting Jun 2025 SOLUTION Enfusion PMS/OMS integrated with IG Prime Jul 2025 SOLUTION Tech: Enfusion PMS/OMS + Beacon/cross-asset trading/risk + Clearwater. Aug 2025 SOLUTION Global reporting platform Jun 2025 SOLUTION Large Asian Bank PMS/OEMS and risk Jun 2025 SOLUTION

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CWAN.COM Then, we’ll build the comprehensive solution PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 2 Platform integration and cross-sell Consolidate our strengths into new comprehensive solutions for our clients One single modular platform with full seamless integrated UI and architecture OEMS for Insurance 3 Risk for Hedge Funds Full front- to-back for Asset Managers Pre- integrated data for Beacon Integrated IBOR and ABOR Single Security Master across front-to-back investment lifecycle Single UI/UX across all platform’s modules Generative AI at the core, tailored for each persona CWAN Compliant security data

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CLEARWATERANALYTICS.COM Sample clients utilizing existing integration Prior to the acquisitions, clients have already integrated the platforms Client Integrated PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CLEARWATERANALYTICS.COMCWAN.COM Structured for Growth

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CWAN.COM Insurance Hedge Funds Asset Managers Asset Owners Product and client- facing organizations are now aligned to our four focus markets. CWAN markets PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM Insurance Hedge Funds Asset Managers Asset Owners Risk & Performance Alternatives & BISTRO Prism & Funds Accounting Each product capability will build industry leading capabilities … and be informed by the needs of each market CWAN capabilities PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM Milestones completed in Q2 to ensure success of the new structure PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Created and deployed a single vision for the integrated company 1 Reorganized GTM and R&D teams to align with the markets we serve and our product capabilities 2 Consolidated Operations under a single integrated leadership 3 Achieved G&A synergies on day 1 4 Double the R&D investment for Hedge Funds 5

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CWAN.COM The Technology Souvik Das Chief Technology Officer

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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Investment Research Portfolio Construction & Rebalance Pre/Post Trade compliance OEMS/PMS Risk Evaluation & Analytics Performance Attribution Transaction Reconciliation ABOR Regulatory & Financial Reporting Client Reporting and Advisory User Experience Investment Lifecycle Risk Analytics & Scenario Analysis Order & Execution Management Portfolio Optimization & Management Public & Private Security Characteristic Accounting Entries & Transactions Trade Reconciliation Other Calculation Engines Generative AI Layer Single Data Master for all Assets Single Security Master Public Single Security Master Private One integrated platform CWAN Investment Data Hub Data Inputs & Recipients

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CWAN.COM The journey ahead PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. Changes sync across multiple systems in near real time API Driven interoperability across multiple sub-systems Phase 2 Event-Driven Connectivity Phase 3: Unification Single Security Master Research Pre-Trade Compliance OEMS / PMS IABOR (ABOR+IBOR) Risk & Performance Reconciliation Reporting Artificial Intelligence SingleAccounting Engine Single Data Plane Single Security Master Single Security Master Unified Data across all systems Seamless front-to-back workflows Modular and open architecture Gen AI Infused Agentic Workflows Phase 3 Unified Platform Components connected by file exchange Available Today and used by multiple clients Phase 1 Interoperability

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CWAN.COM Why is it hard to do what we do? PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 3,500+ Data sources ~140 Security types 35+ Accounting bases and regulatory regimes 1 million+ Active securities 2,400+ Custodian feeds

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CWAN.COM CWAN NETWORK Research Pre-Trade Compliance OEMS / PMS IABOR (ABOR+IBOR) Risk & Performance Reconciliation Reporting Artificial Intelligence SingleAccounting Engine Single Data Plane Single Security Master CWAN Compliant – evolve into an industry standard PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Single Security Master The industry has no defined data format for alternative assets. We are creating one. With $10T on our platform, managed daily for 2,350+ clients – we will emerge as the “Standard for reporting for Alternative Assets”

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CWAN.COM CWAN NETWORK CWAN NETWORK Research Pre-Trade Compliance OEMS / PMS IABOR (ABOR+IBOR) Risk & Performance Reconciliation Reporting Generative AI PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Increasingly, embedded in all that we do, is Generative AI. Data being available in one logical database enables our models to learn quickly. Artificial Intelligence SingleAccounting Engine Single Data Plane Single Security Master Next: Build customer facing context sensitive workflows using Agentic AI Now: Engineering, Operations and Client solutions now use Agentic AI tools built internally

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CWAN.COM Product demo

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CWAN.COM Alternative Assets and Risk Kirat Singh President, Risk, and Alternative Assets

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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. Unified Risk View Public and Private Extensible Platform Full Transparency Near Real Time Shock and Stress test Across all CWAN markets – Asset Managers, Insurance, Hedge Funds, and Asset Owners Risk management with Beacon

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CWAN.COM Built for Private Credit & Insurance Unified Portfolio view Advanced analytics Portfolio Management & Reporting Operations & Compliance Portfolio Risk Returns BIS Management Advanced Insights Alternative Asset visualization with Blackstone Bistro PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM Growth in Multi-Asset Strategy 2023 $16T 13% of global AUM 2015 ~$7T ~10% of global AUM Global Investments $1.5T FDI inflows in 2024 Where foreign invest ent flows op destination econio ies Foreign direct investment (FDI ) inflows, top 10 destination economies, billions of dollars, 2024 United States Singapore ong ong SAR, China China uxembourg Canada Bra il Australia Egypt United Arab Emirates Source U rade based on information from he Financial imes, fDi arkets . PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Growth in Alternatives 2016 2025 $21.1T 15% of global AUM $10.1T 12% of global AUM Why Risk is at the center of investment management

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CWAN.COM Risk & Performance – competitive edge Our competition provides inflexible systems that do not cover the entire book into which a client may invest – the core architecture of Wilshire, Beacon & Clearwater gives us a significant edge PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 02 Single data plane, integrated from front to back a. Data and model input transparency b. Security and reference data utilized across the investment lifecycle c. A single pricing environment, enabling consistency across our clients’ portfolios 03 Risk & Exposure a. Cross asset valuation and risk models – across private and public securities b. Better liquidity and capital regulatory reporting because of our single data plane 04 Front Office a. We support both start of day and intraday risk calculations b. We enable pre-trade modelling and enable execution downstream 01 Out of the box and extensible derivatives and alternatives models a. Extensibility - models, risk measures, scenarios and instrument coverage b. Clients can bring their own models

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CWAN.COM 2025 Growth Guidance Jim Cox Chief Financial Officer

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CWAN.COM 2025 Guidance Breakdown PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. Illustrative Expectation Framework 2024 Rev Expected Growth % of Revenue within 2025 In Year Revenue expectation 2025 CWAN $451.8 20% 100% $542 Enfusion $201.6 13% 69% $157 Beacon 67% $30 Total $729 Midpoint of current guide: $729 Enfusion Within 2025, they are consolidated for 8.3 months Beacon ARR at the time of acquisition was approximately $44m Within 2025, they are consolidated for 8 months FY 2025E Guide $726m to $732m

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CWAN.COM 2025 Growth Guidance PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. $51.3 3% QoQ $130.6 ~$10.5 3% QoQ ~$56 5% QoQ ~$137 ~$10.8 4% QoQ ~$58 8% QoQ ~$148 0% QoQ $126.9 Q1 2025 Q2 2025 Q3 2025E Q4 2025E Beacon Enfusion Beacon + Enfusion CWAN 250 200 150 100 50 (Revenue $ in millions, QoQ normalized) 0 $126.9 $181.9 $203-204 $214-219 FY 2025E guidance: $726-732 PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM Continued Operational Improvement

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CWAN.COM Current Operating Model (Non-GAAP) PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. % of Revenue FY-22 FY-23 FY-24 Q2-2025 Gross Margin 75% 77% 78% 77.4% R&D 25% 26% 24% 22.2% S&M 13% 12% 11% 13.2% G&A 11% 10% 11% 10.0% EBITDA Margin 27% 29% 32% 32.1% +YoY 200 bps +YoY 350 bps

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CWAN.COM Current Operating Model (Non-GAAP) PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. % of Revenue FY-22 FY-23 FY-24 Q2-2025 FY 2025 Gross Margin 75% 77% 78% 77.4% ~77.5% R&D 25% 26% 24% 22.2% ~22.5% S&M 13% 12% 11% 13.2% ~13% G&A 11% 10% 11% 10.0% ~10% EBITDA Margin 27% 29% 32% 32.1% ~32% +YoY 200 bps +YoY 350 bps

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CWAN.COM Current Operating Model (Non-GAAP) PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. % of Revenue FY-22 FY-23 FY-24 Q2-2025 FY 2025 FY 2026 FY 2027 Long term targets1 Gross Margin 75% 77% 78% 77.4% ~77.5% ~78.0% ~78.5% ~82%+ R&D 25% 26% 24% 22.2% ~22.5% ~22.0% ~21.5% ~20% S&M 13% 12% 11% 13.2% ~13% ~13% ~13% ~13% G&A 11% 10% 11% 10.0% ~10% ~9% ~8% ~7% EBITDA Margin 27% 29% 32% 32.1% ~32% ~34% ~36% ~42%+ +YoY 200 bps +YoY 350 bps +YoY 50 bps +YoY 50 bps -YoY 50 bps -YoY 50 bps -YoY 100 bps -YoY 100 bps 1. These are not projections; they are goals/targets and are forward-looking, subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. Nothing in this presentation should be regarded as a representation by any person that these goals/targets will be achieved and the Company undertakes no duty to update its goals.

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CWAN.COM Gross Margin - Expect Continuous Improvements Consistent with our Track Record PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Non-GAAP Gross Margin 75% 77% Already Yielding 400 bps improvement on ENFN Path to Additional Gross Margin Expansion Incremental Margin Opportunities 2 Automation of operational workflows 3 Improved commercial model to reduce churn 4 Global workforce strategy 5 Network effect of single security platform 1 Broader deployment of Generative AI 2024 Q2 2025 Historical Gross Margin CWAN: 78.2% ENFN: 68.7%

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CWAN.COM Even with margin improvement R&D spend doubles in 3 years Significant investments in R&D to continue to drive scale, innovation, client delight and growth 250 200 150 100 50 22.3% ~22.5% R&D spend $ in millions $37.4 $50.3 $60.9 $74.8 $97.3 $108.5 0 2019 2020 2021 2022 2024 2025 E PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 2023 2027 E 24.8% 24.2% 24.7% 26.4% 24.0% 2X Growth in R&D spend in 2025 expected to be more than total R&D spend in 2020 ~21.5% $67.8

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CWAN.COM G&A - levers to reduce as % of revenue going forward PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 100 80 60 40 20 9.8% ~10.0% G&A Spend $ in millions $16.4 $27.2 $25.3 $33.1 $35.3 $31.2 $48.8 0 2019 2020 2021 2022 2024 2025 E2023 2027 E 13.4% 10.0% 10.9% 9.6% ~8.0%G&A COST CURVE BENDS THROUGH: 1. Scale 2. Best in Class Process and System Rationalization 3. Global Footprint 10.8% PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM Stock based compensation to decline as % of revenue PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. SBC as a % of Revenue 29.4% 24.6% 18.5% 14.4% 2023 2024 2025E 2026E $108 $111 $135 $135-140SBC ($M) PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.

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CWAN.COM Leverage and Capital Allocation

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CWAN.COM De-Leveraging PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. TTM Based Leverage By Dec 2025 By Dec 2026 Target Debt to TTM EBITDA <4.0 X Debt to EBITDA <3.0 X Debt to EBITDA ~3.0x Debt to Annualized Q4:25(E) EBITDA A More Representative View of Leverage: EOY 2025 Estimated Debt at EOY 2025 is $800 Annualized Q4:25(E) EBITDA is $266M … 1 year early Forecast Debt to TTM EBITDA 3.5 X Debt to EBITDA

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CWAN.COM Cash flow margins expanding with EBITDA EBITDA FCF $72.7 ($1.7) $81.1 $50.6 $105.9 $79.0 $145.7 $141.6 $103.4 $67.1 2025E: $235 2025E: $175 FY 2021 FY 2022 FY 2023 FY 20241 2025E 16.7% 21.5% 31.3% ~24.0% 1 Excludes TRA Payment of $72.5m PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. FY 2021 FY 2022 FY 2023 FY 2024 2025E (0.7%) FCF Margin 1CAGR from 2021 to 2024 2CAGR from 2022 to 2024

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CWAN.COM $317.0 $9.6-$19.1 $19.1-$38.2 -$50.0 $210-238 EBITDA – Street Estimate CapEx Change in Working Capital Interest Excess Free Cashflow With deleveraging targets met without any paydown, use of excess free cash flow available for excess debt repayment AND also available to offset acquisition share dilution 1.0-2.0% of Revenue 2.0-4% of Revenue PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 2026 E

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CWAN.COM Announcing a $100 million share repurchase authorization PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 1 Remain fully committed to bringing leverage below 3 times by December 31, 2026 2 Even with the new reduced leverage goal of 3.5x by the end of 2025, we will have capacity to start the buyback this year 3 In 2026, we will have capacity to paydown debt and effect this share repurchase

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