1 Investor Presentation August 2025

2 - CONFIDENTIAL - Forward Looking Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements regarding the potential of our Proprietary Ultra Low Temperature Cryoablation technology, the durability and reproducibility of the clinical data from our FULCRUM-VT pivotal study, our research, development and regulatory plans, and our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements speak only as of the date of this presentation and are subject to a number of known and unknown risks, assumptions, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by any forward-looking statements and which may be beyond our control. We caution you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the ability to implement business plans, forecasts and other expectations after the recently completed business combination, the outcome of any legal proceedings that may be instituted against us, the ability to recognize the anticipated benefits of the recently completed business combination, which may be affected by, among other things, competition, our ability to grow and manage growth profitability, and our ability to meet Nasdaq’s listing standards, risks that internal and external costs required for ongoing and planned activities may be higher than expected, which may cause us to use cash more quickly than we expect or change or curtail some of our plans, or both; risks that our expectations as to expenses, cash usage, and cash needs may prove not to be correct for other reasons such as changes in plans or actual events being different than our assumptions, our ability to achieve future financial targets, changes in our business or external market conditions, challenges inherent in developing, manufacturing, launching, marketing, and selling new products, interruptions or delays in the supply of components or materials for, or manufacturing of, our products, unanticipated increases in costs or expenses, continued or sustained budgetary, inflationary, or recessionary pressures, uncertainties in contractual relationships, reductions in research and development spending or changes in budget priorities by customers, uncertainties relating to our research and development activities, potential product performance and quality issues, and intellectual property risks. Risks regarding our business are described in detail in our Securities and Exchange Commission (“SEC”) filings, our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and our other filings with the SEC, which are available on the SEC’s website at www.sec.gov. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. The forward-looking statements contained in this presentation reflect our current views with respect to future events, and we assume no obligation to update any forward-looking statements except as required by applicable law. Management's Estimates We have based our estimates of the total addressable market and growth forecasts on a number of internal and third-party estimates and resources, including, without limitation, third party reports and the experience of the management team across the industries. While we believe our assumptions and the data underlying our estimates are reasonable, these assumptions and estimates may not be correct and the conditions supporting such assumptions or estimates may change at any time, thereby reducing the predictive accuracy of these underlying factors. In addition, the novelty of the markets for our products may make our assumptions and estimates more uncertain. As a result, our estimates of the total addressable market and growth forecasts for our products are subject to significant uncertainty and may prove to be incorrect. If third-party or internally generated data prove to be inaccurate or we make errors in our assumptions based on that data, the total addressable market for our products may be smaller than we have estimated, our future growth opportunities and sales growth may be impaired, any of which could have a material adverse effect on our business, financial condition and results of operations. Industry and Market Data; Trademarks Certain information contained in the presentation relates to or is based on studies, publications, statistics and surveys from third-party sources, and on our own internal estimates and research. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. While we believe that the third-party sources and our internal research are reliable, such sources and research have not been verified by any independent source. Any data on past performance or modeling contained herein is not an indication as to future performance. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such industry and market data. The information contained in the third-party citations referenced in this presentation is not incorporated by reference into this presentation. This presentation may include trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. The inclusion of particular trademarks, service marks, trade names and copyrights of other companies is not intended to, and does not, imply a relationship with us or our endorsement or sponsorship. We own or have rights to various trademarks, service marks, trade names and copyrights in connection with the operation of our business which are also included in this presentation. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the, ℠, ©, or ® symbols, but we will assert, to the fullest extent under applicable law, the right of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Disclaimer

3 - CONFIDENTIAL - Leadership Team Over 200 Combined Years of Med Tech Experience Doug Kurschinski VP Clinical Affairs Daniel George Interim Chief Financial Officer Todd Usen Chief Executive Officer Debbie Kaster Chief Business Officer Nabil Jubran Chief Compliance Officer Alex Babkin Chief Technology Officer Select Prior Experiences Ilya Grigorov VP Global Marketing & Product Management

4 - CONFIDENTIAL - Adagio Medical Overview Proprietary Ultra Low Temperature Cryoablation (ULTC): The Coolest Innovation in Ventricular Tachycardia (VT) Ablation 1) Based on management's analysis and calculations using internal and third-party estimates and resources, subject to certain assumptions and limitations. 2) As of August 11, 2025 3) See slide 13 for references Estimated $5.8B total addressable market (TAM) for VT ablation1 Only 6% of TAM is served with existing technologies, which were all designed for Atrial Fibrillation (AF)1 VT ablation moving to first line treatment option Established reimbursement Large Market with Significant Unmet Need 2-year head start over other purpose-designed VT systems Improved safety, effectiveness and usability demonstrated through CE mark study3 CE Mark April 2024 300+ patients treated2 2-Year Competitive Head Start within VT Granted FDA Breakthrough Designation April 2025 Over 85% enrolled2 Enrollment completion expected 2H-2025 U.S. FULCRUM-VT Pivotal IDE Swiftly Enrolling Robust IP covering ULTC and Pulsed Field Cryoablation (PFCA) Product design optimization program focused on enhanced next generation devices Strong IP and Pipeline

5 - CONFIDENTIAL - Estimated $5.8B Global TAM for VT Ablation Large, Underpenetrated Market with Established U.S. Reimbursement Note: Market size, number of procedures and patients, and current market penetration are based on management's analysis and calculations using internal and third-party estimates and resources, subject to certain assumptions and limitations. ~1.6M Global Patients Eligible for VT Ablation Annually ~200K U.S. Patients Eligible for VT Ablation Annually Structural Heart Disease VTs ~730K Cases Unserved Idiopathic VT and Premature Ventricular Contractions ~780K Cases Unserved ~70K ~30K ~$5.8B Global TAM ~$1.6B U.S. TAM (Assumes $8K ASP in U.S.) ~100K current VT ablation procedures represent only 6% penetration of the global TAM ~1.6M Global Patients Eligible for VT Ablation Annually

6 - CONFIDENTIAL - Challenges of Current VT Ablation Catheters Current Products Were Designed for Atrial Ablations 1) Ding WY, Pearman CM, Bonnett L, et al. Complication rates following ventricular tachycardia ablation in ischaemic and non-ischaemic cardiomyopathies: a systematic review. Journal of Interventional Cardiac Electrophysiology (2022) 63:59–67 2) Cheung JW, Yeo I, Ip JE, et al. Outcomes, Costs, and 30-Day Readmissions After Catheter Ablation of Myocardial Infarct–Associated Ventricular Tachycardia in the Real World. Circ Arrhythm Electrophysiol. 2018;11:e006754 Current catheters often lack depth for effective lesions in the ventricle Inadequate lesion durability leads to recurrence of VT “Thermal Effect” leads to migrating microbubbles Current catheters require irrigation in fluid compromised heart failure patients Most catheters are “repurposed” AF ablation catheters Intensely contracting ventricular structures require catheter stability not provided by current catheters Existing Product Drawbacks Current Procedural Complication Rates1,2 The market is in need of a purpose-built treatment that can achieve lesion depth in the ventricle with low complications and high efficacy in reducing VT episodes 2.7% 2.0% 5.6% 1.7% 0.4% 1.8% 11.5%

7 - CONFIDENTIAL - Freedom From All-cause mortality, VT storm, ICD shock, intervention for sustained VT Freedom from VT recurrence, CV hospitalization or death Cardiac ablation appears superior to AAD as both prophylaxis and response to VT events in ICD population Clinical Evidence Supporting VT Ablation as First Line Therapy is Building 1) Sapp JL, Tang ASL, Parkash R, Stevenson WG, et al, Catheter Ablation or Antiarrhythmic Drugs or Ventricular Tachycardia. N Engl J Med 2024 Nov 16. doi: 10.1056/NEJMoa2409501 2) Tung R, Xue Y, Chen M, Jiang C, et al. First-Line Catheter Ablation of Monomorphic Ventricular Tachycardia in Cardiomyopathy Concurrent With Defibrillator Implantation: The PAUSE-SCD Randomized Trial. Circulation. 2022;145:1839–1849 VANISH-21 PAUSE-SCD2 Ablation vs Antiarrhythmic Drugs (AAD) in post-myocardial infarction implantable cardioverter-defibrillators (ICD) patients with prior VT events Prophylactic ablation + ICD vs AAD + ICD in secondary prevention or inducible primary prevention patients Randomized trial with results published in November 2024 Trial compared VT ablation to AAD as first-line therapy Study found ablation to be superior to AAD (p=.03) Randomized trial published in May 2022 compared VT ablation to AAD as first-line therapy at ICD implantation Study found early catheter ablation reduced outcomes of VT recurrence, cardiovascular hospitalization, or death

8 - CONFIDENTIAL - 0 200 400 600 800 1000 1200 1400 1600 2005 2010 2015 2020 2025 2030 Global Procedures1 VT Market Poised for AF-Like Acceleration Fueled by Data Supporting Guidelines and Purpose-Built VT Solution 1) The current catheter market size, historical and future market growth are based on management's analysis and calculations using internal and third-party estimates and resources, subject to certain assumptions and limitations. 2) Sapp JL, Tang ASL, Parkash R, Stevenson WG, et al, Catheter Ablation or Antiarrhythmic Drugs or Ventricular Tachycardia. N Engl J Med 2024 Nov 16. doi: 10.1056/NEJMoa2409501 3) Tung R, Xue Y, Chen M, Jiang C, et al. First-Line Catheter Ablation of Monomorphic Ventricular Tachycardia in Cardiomyopathy Concurrent With Defibrillator Implantation: The PAUSE-SCD Randomized Trial. Circulation. 2022;145:1839–1849 4) Ding WY, Pearman CM, Bonnett L, et al. Complication rates following ventricular tachycardia ablation in ischaemic and non-ischaemic cardiomyopathies: a systematic review. Journal of Interventional Cardiac Electrophysiology (2022) 63:59–67 Large patient population (~12M patients) Significant investment in ablation and mapping technology Procedural standardization; stable, predictable efficacy Reduced complexity, complications and procedure time Large, heterogeneous (and sick) patient population (1.6M patients) Market in need of purpose-built catheter addressing VT-specific requirements − Lower rate of complications − Safe ablation of large, deep lesions − Low-risk (endocardial) approach − Catheter stability − Hemodynamic management AF: Historic 10-13% Growth1 VT: Historic 5-8% Growth1 2012: Positive guideline changes for AF catheter ablation 2023: Pulsed field ablation (PFA) widely accepted as faster, safer, and more efficacious 2024: Commercialization of the first approved PFA systems Poised for Acceleration VANISH 2 and PAUSE-SCD studies provide emerging evidence for VT ablation as a 1st line therapy2,3 Studies starting in 2010 led to guidelines now supporting AF ablation as 1st line therapy4

9 - CONFIDENTIAL - 9 Fr 115 mm working length vCLAS Catheter Purpose Engineered for VT Ablations Clinically Tested in Patients with Ischemic and Non-Ischemic Cardiomyopathy Durable lesions of titratable depth and size Endocardial ablations of mid-myocardial scar Catheter stability during energy delivery Time and effort: efficient procedures with few lesions No irrigation simplifies hemodynamic management Open platform works with current mapping technologies Overview CATHETER SPECIFICATIONS  15 mm long cryoablation element  8 electrodes  Bidirectionally deflectable No need for irrigation

1 0 - CONFIDENTIAL - Greater Than 2x Lesion Depth with ULTC Note: Video courtesy Dr. Petr Neuzil, Nemecina Na Homolce, Prague, CZ. Preclinical images are adopted from Verma et al. 1) De Potter T, Balt, JC, Boersma L, et al. First-in-Human Experience With Ultra-Low Temperature Cryoablation for Monomorphic Ventricular Tachycardia. J Am Coll Cardiol EP 2023; 9(5):686-691; Verma A, Essebag V, Neuzil P, et al. Cryocure-VT: the safety and effectiveness of ultra-low-temperature cryoablation of monomorphic ventricular tachycardia in patients with ischaemic and non-ischaemic cardiomyopathies. EP Europace 2024; 26(4):euae076 0 2 4 6 8 10 12 14 16 18 Radiofrequency ULTC Lesion Depth Healthy Tissue Scar  Deep (as well as large area) ischemic scars  Mid-myocardial non-ischemic scars  All-cause sub-epicardial circuits from endocardium 2.1x 2.6x Minimal attenuation in scar tissue Standard Deviation Ventricle Depth from Different Energy Sources1 ULTC Freeze and Lesions (Pre-Clinical) Wider Deeper

1 1 - CONFIDENTIAL - ULTC vs. Traditional Cryo Device Example Cryogen Approx. Min. Cryogen Temp. Approx. Ablation Element Temp. Cooling Power Use Case Lesion Depth Limitations / Advantages Traditional Cryo (Nitrous Oxide-Based) Nitrous oxide -85°C -60°C Low Endocardial; limited to atrial applications Shallow; ineffective for ventricular ablation X Requires occlusion of flow; not suitable for thick myocardial tissue Joule-Thomson Argon-Based Cryo Argon (Joule-Thomson expansion) -180°C -140°C Low Epicardial only; typically in surgical settings Moderate; limited by surface cooling X Not compatible with catheter-based endocardial use; requires direct surgical access ULTC Near-critical nitrogen -195°C -145°C High Endocardial including ventricular ablation Deep; effective even in high-perfusion areas  Enables durable lesions in thick myocardial tissue Next Gen ULTC Critical Nitrogen with on-tip expansion cooling -195°C -170°C Very High Endocardial and ventricular ablation Deep; effective in high perfusion areas  Shorter ablation times due to enhanced thermal gradient  Lower operating pressures improve procedural safety  Optimized lesion control, ability to titrate treatment, and overall procedural efficiency Comparison of Cryogens Used in Medical Devices for Cardiac Applications Medtronic Cryoballoon Medtronic Linear Ablation AtriCure cryoFORM Medtronic Cardioblate CryoFlex Adagio vCLAS Adagio Next Gen

1 2 - CONFIDENTIAL - CRYOCURE-VT Study Results Note: vCLAS Catheter and Cryoablation Console are CE marked. VT Cryoablation System is an investigational device in the U.S., limited by Federal law to investigational use (IDE #G220229). 1) Verma A, Essebag V, Neuzil P, et al. Cryocure-VT: the safety and effectiveness of ultra-low-temperature cryoablation of monomorphic ventricular tachycardia in patients with ischaemic and non-ischaemic cardiomyopathies. Europace 2024;26:euae076 Clinical Results Supported CE Mark Approval1 Consistent results in both ischemic and non-ischemic cardiomyopathy 60% chronic effectiveness 60% reduction in use of amiodarone Significant reduction in VT Burden 81% Freedom From ICD Shock at 6 months 0 % SAFETY Material Adverse Effects Procedural Characteristics Average # of lesions: 9 Average Procedure Time: 185 minutes 94% 97% ACUTE EFFECTIVENESS MORPHOLOGIES

1 3 - CONFIDENTIAL - Favorable Safety and Effectiveness Profile Adagio Results Address Challenges of Currently Approved and Investigational Devices for VT Source: Adagio Medical CS-300, Data on File. Note: Note that the comparisons in the table above are not based on data from head-to-head trials and are not direct comparisons. Differences in trial designs, patient groups, trial endpoints, study sizes and other factors may impact the comparisons. *For reference only: variability in end-points definition and lack of randomization 1) All complications reflect the rate of “serious adverse events” although the definitions vary between the studies 2) Acute effectiveness reflects non-inducibility of the targeted VTs, although definitions vary between the studies 3) Chronic effectiveness reflects primary endpoints of the study inclusive of the freedom from recurrence at 6 months, although definitions vary between the studies 4) Index procedure only. Higher values reported in limited number of staged procedures Manufacturer / Device / Study Energy Source Indication Access Procedure Time, min # of Lesions Irrigation Volume, L Acute Complications1 Acute Effectiveness2 Chronic All Death Stroke Effectiveness3 CRYOCURE-VT ICM+NICM Endocardial 188 9 0 6.3% 0% 0% 94% 60% Thermocool PM ICM Endocardial 270 34 1.5 4.3% 1.3% 0% 76% 62% Thermocool IDE ICM Endocardial 315 24 1.3 18.0% 3.4% 0% 49% 53% LESS-VT IDE NICM Endocardial + Epicardial 2324 NR 0.754 21.1% 1.2% 0.6% 93% 58% SERF Needle ICM+NICM Endocardial 282 10 0.09 18.8% 6.3% 6.3% 97% 50% BWH & JnJ SERF Needle ICM+NICM Endocardial 316 12 0.07 (est.) 19.5% 0% 0% 65% 40% Approved by FDA for use in U.S. Investigational Device in the U.S. Radiofrequency Ablation Non-Ischemic Cardiomyopathy Ischemic Cardiomyopathy NICM ICM

1 4 - CONFIDENTIAL - UCSF LBMH Banner St. Davids MUSC VUMC OSU U M JHU Sentara Brigham & Women Beth - Israel Cornell Northwell UPenn Mt. Sinai McGill MHI Baptist Health Vanderbilt FULCRUM-VT* Pivotal Study *FEASIBILITY OF ULTRA-LOW TEMPERATURE CRYOABLATION FOR RECURRING MONOMORPHIC VT, NCT #05675865 Source: Adagio Medical CS-300. Data on File. 1) As of August 11, 2025 Overview FULCRUM-VT Centers Proposed Indication: treatment of drug-refractory, recurrent, sustained monomorphic ventricular tachycardia in patients with ischemic or non-ischemic structural heart disease Study Design Single arm; 206 patients across ~20 sites Ischemic cardiomyopathy Non-ischemic cardiomyopathy FDA Performance Goals Status Over 85% Enrolled1 Breakthrough Device Designation by FDA Expected enrollment completion: 2H-2025 Metrics Value Cryocure-VT Reference Primary Safety Major Adverse Events @ 7 days ≤ 20% 0% Primary Effectiveness Freedom from VT recurrence @ 6 month ≥ 50% 60%

1 5 - CONFIDENTIAL - Pipeline: Next Generation ULTC – Single Freeze Initial Pre-clinical Evaluation of the Augmented Ultra-Low Temperature Cryoablation Catheter for Ventricular Ablations Katia Dyrda, Atul Verma, Borislav Dinov, Thomas Fink, Santi Raffa, Tom De Potter, Vidal Essebag Presented at: Images courtesy Dr. Katia Dyrda 8.5 Fr sheath provides improved compatibility Enabled by “new physics” – expansion of the cryogen within the distal cryoablation element Lower ablation temperatures allow for faster ablation without bonus freeze More flexible and deflectable shaft design enabled by lower internal pressure Significant COGS reduction compared to vCLAS Overview Smaller • Colder • Deeper • Faster

1 6 - CONFIDENTIAL - Improved Usability with Next Gen ULTC 1) Including LVOT, peri-valvular areas, apical septum 2) Target characteristics based on the commonly used curve definitions. Final specifications TBD. Catheter Specifications User Benefits vCLAS Next Gen Lower Commercial Barriers Improved In-Sheath Torqueability Challenging Locations Navigation1 Smaller Hearts Navigation Improved Tissue Opposition Improved Retrograde Access Perceived Overall Safety Sheath compatibility > 9 Fr 8.5 Fr    Bi-directional deflection2 F/F D/F    Ablation element length 15 mm 12 mm    Number of electrodes 8 6 Shaft design Uniform Stiffness Variable Stiffness       D-curve F-curve Agilis 8.5 Fr sheath Stiffer Softer The Softest Deflection Curves Variable Stiffness Shaft Design

1 7 - CONFIDENTIAL - Pulsed Field Cryoablation Desired Depth with Less Energy than PFA Alone Increased impedance of frozen tissue dramatically reduces PFA current Consistent tissue contact No phrenic nerve capture No or minimal skeletal muscle activation No or minimized microbubbles No or minimized coronary spasm vs PFA Demonstrated in AF through the PARALLEL study – but even more applicable to VT Pulsed Current ~ 25 amp2 Zero < 1 amp Ablation Time <10s of seconds1 ~60-120 seconds3,4 ~30 seconds5,6 PFA ULTC PFCA Catheter Pulsed E-field Target Tissue -30°C -145°C -145°C <0°C -30°C 1Shapira-Daniels A, et al. Circ Arrhythm Electrophysiol 2019; 2Verma A, et al. J Cardiovasc Electrophysiol 2022. 3De Potter T, et al. JACC EP 2022; 4De Potter T, et al. JACC EP 2023; 5Essebag V et al. J. Cardiovasc Electrophysiol 2025 6Dewland T, et al. HRS 2023, submitted to JACC EP

1 8 - CONFIDENTIAL - Established U.S. Reimbursement VT Ablation Covered by Existing Codes 1) The incremental payment gets added to the standard payment for the intervention 2) Payment amount varies and depends on hospital specific charges and metrics Existing U.S. Reimbursement $22-27k Inpatient (DRG) Payment Amount ~40% % of VT Ablation Procedures $24.5k Outpatient (APC) Payment Amount ~60% % of VT Ablation Procedures Breakthrough Designation Increases Likelihood of Additional Payment Through NTAP1 New Technology Add-On Payment (NTAP) for Inpatient Procedures Goal of NTAP is to cover the majority (up to 65%) of costs in excess of DRG2 Breakthrough Designation reduces the criterion for NTAP  Cost – higher charge per case  Substantial clinical improvement – waived by CMS for devices with Breakthrough Designation  Newness – waived by CMS for devices with Breakthrough Designation

1 9 - CONFIDENTIAL - Select Financials and Capitalization ($ in millions) At 6/30/25 Cash and Cash Equivalents $8.2M Convertible Notes Payable (including accrued interest) $22.49M Shares Outstanding 15.38M Total Base Warrants ($10 ex. price) 7.53M Total Convert Warrants ($25 ex. price) 1.50M

2 0 - CONFIDENTIAL - Business Highlights 1) Market size and current market penetration are based on management's analysis and calculations using internal and third-party estimates and resources, subject to certain assumptions and limitations. Two-Year Lead with Purpose Built Catheter for VT Ablation Addressing Underserved, 6% Penetrated, $5.8 Billion VT Ablation Market1 Promising Results from CE Mark Study for VT Breakthrough Device Designation from FDA Surpassed 85% Enrollment of FULCRUM-VT IDE Study to Support Potential FDA Approval Next Gen Device Addresses Evolving Needs of Market Established Reimbursement with VT Ablation Covered by Existing Codes