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Financial Data and Key Metrics Changes - Total company revenue for Q4 2025 was $539.1 million, a 15.9% increase from $465 million in Q4 2024 [8] - For the full year 2025, revenue reached $2.2 billion, up 13.9% from $1.9 billion in 2024 [9] - Adjusted EBITDA for Q4 2025 was $95.3 million, a 22.9% increase from $77.5 million in Q4 2024 [14] - Adjusted net income attributable to the company was $36.1 million for Q4 2025, compared to $22.2 million in the prior year [16] Business Line Data and Key Metrics Changes - Occupational health center segment revenue was $490.6 million in Q4 2025, a 12.2% increase year-over-year [19] - On-site health clinics segment reported revenue of $36.2 million in Q4 2025, a 112% increase from the same quarter prior year, largely due to the acquisition of Pivot [22] - Other businesses generated revenue of $12.3 million in Q4 2025, a 12.6% increase year-over-year [23] Market Data and Key Metrics Changes - Total patient visits increased 9% to over 51,000 visits per day in Q4 2025 [9] - Workers' compensation visits per day increased 9.1%, while employer service visits increased 9.4% compared to the prior year [10] - The blue-collar economy added over 450,000 net jobs in 2025, growing at a rate of 0.4% [12] Company Strategy and Development Direction - The company plans to continue with smaller bolt-on acquisitions, which are expected to be accretive due to top line and cost synergies [18] - A strong pipeline for de novo openings is anticipated, with targets of 7 to 9 new sites in 2026 [33] - The company is actively monitoring the New York workers' compensation fee schedule for potential expansion opportunities [34] Management's Comments on Operating Environment and Future Outlook - Management remains positive on the long-term outlook for the U.S. labor market, expecting to add 5.2 million jobs from 2024 through 2034 [12] - The company anticipates stable injury incidence rates and an aging workforce will provide strong tailwinds for business growth [13] - Management expressed confidence in achieving the 2026 revenue target of $2.25 billion to $2.35 billion [36] Other Important Information - The company generated $118.7 million in operating cash flow in Q4 2025, an increase from $93.7 million in Q4 2024 [27] - Free Cash Flow for the full year was $197.8 million, with a conversion rate of 114% [29] - A cash dividend of six and a quarter cents per share was declared, payable on March 19, 2026 [39] Q&A Session Summary Question: How are you contemplating weather or potential elevated respiratory activity to start the year? - Management does not anticipate significant impacts from weather or respiratory activity on operations [42][43] Question: Can you walk us through your thought process on evaluating new opportunities for de novos or M&A? - The company closely monitors Return on Invested Capital and has a track record of successful M&A and de novo execution [44][45] Question: Can you provide more detail about the New York opportunity and how quickly you could enter the market? - Management is looking for a comprehensive review of the fee schedule and believes they can move quickly to establish new centers if conditions improve [49][50][53] Question: What is the expected cadence for 2026 and how will de novo investments be spread throughout the year? - The company expects to have a pickup in Q1 from recent acquisitions and plans to spread de novo openings throughout the year [56][58] Question: How is labor retention trending and what type of wage inflation is built into the guide? - Labor trends are normal with wage inflation in the 2%-3% range, and turnover is decreasing, indicating a more stable workforce [66][68] Question: Who are you taking market share from and is this sustainable growth? - The company has developed technologies to capture additional customers and improve retention, supporting sustainable growth [71][72][74]

Financial Data and Key Metrics Changes - Total company revenue for Q4 2025 was $539.1 million, a 15.9% increase from $465 million in Q4 2024 [8] - For the full year 2025, revenue reached $2.2 billion, up 13.9% from $1.9 billion in 2024 [9] - Adjusted EBITDA for Q4 2025 was $95.3 million, a 22.9% increase from $77.5 million in Q4 2024 [14] - Adjusted net income attributable to the company was $36.1 million for Q4 2025, compared to $22.2 million in the prior year [16] Business Line Data and Key Metrics Changes - Occupational health center revenue was $490.6 million in Q4 2025, a 12.2% increase year-over-year [19] - On-site health clinics revenue was $36.2 million in Q4 2025, a 112% increase from the same quarter prior year, largely due to the acquisition of Pivot [22] - Other businesses generated revenue of $12.3 million in Q4 2025, a 12.6% increase year-over-year [23] Market Data and Key Metrics Changes - Total patient visits increased 9% to over 51,000 visits per day in Q4 2025 [10] - Workers' compensation visits per day increased 9.1%, while employer service visits increased 9.4% compared to the prior year [10] - The blue-collar economy added over 450,000 net jobs in 2025, growing at a rate of 0.4% [12] Company Strategy and Development Direction - The company plans to continue with smaller bolt-on acquisitions, which are expected to be accretive due to top line and cost synergies [18] - The company is targeting 7 to 9 de novo openings in 2026, which would be a record for the company [33] - The company is actively monitoring the New York workers' compensation fee schedule for potential opportunities to enter the market [34] Management Comments on Operating Environment and Future Outlook - Management remains positive on the long-term outlook for the US labor market, expecting to add 5.2 million jobs from 2024 through 2034 [12] - The company anticipates upside to employment projections if capital commitments related to reshoring initiatives are realized [13] - Management expects to achieve revenue targets of $2.25 billion to $2.35 billion for 2026, with an Adjusted EBITDA target of $450 million to $470 million [36] Other Important Information - The company generated $118.7 million in operating cash flow in Q4 2025, compared to $93.7 million in Q4 2024 [27] - Free Cash Flow for the full year was $197.8 million, with a conversion rate of 114% [29] - The company declared a cash dividend of $0.0625 per share, payable on March 19, 2026 [39] Q&A Session Summary Question: How are you contemplating weather or potential elevated respiratory activity to start the year? - Management does not anticipate significant impact from weather or respiratory activity on operations [42][43] Question: Can you walk us through your thought process on evaluating new opportunities for de novos or M&A? - Management closely monitors ROIC and considers various return hurdles and valuation metrics for new opportunities [44][45] Question: Can you provide more detail about the New York opportunity and how quickly you could enter the market? - Management is looking for a comprehensive review of the fee schedule and believes they can move quickly to establish new centers if conditions improve [48][50][53] Question: What specific items or seasonality should we consider for the 2026 outlook? - Management expects a pickup in Q1 from the Nova and Pivot acquisitions, with no changes in the number of days compared to 2025 [56][58] Question: How is retention trending and what type of wage inflation is built into the guide? - Labor trends are normal with wage inflation in the 2%-3% range, and turnover is decreasing, indicating a more stable workforce [66][68] Question: Who are you taking market share from and is this sustainable growth? - Management has improved go-to-market strategies and technology to capture additional customers, supporting sustainable growth [71][72]

Financial Data and Key Metrics Changes - Total company revenue for Q4 2025 was $539.1 million, a 15.9% increase from $465 million in Q4 2024 [6] - For the full year 2025, revenue reached $2.2 billion, up 13.9% from $1.9 billion in 2024 [7] - Adjusted EBITDA for Q4 2025 was $95.3 million, a 22.9% increase from $77.5 million in Q4 2024 [12] - Adjusted net income attributable to the company was $36.1 million for Q4 2025, compared to $22.2 million in the prior year [15] Business Line Data and Key Metrics Changes - Occupational health center segment revenue was $490.6 million in Q4 2025, a 12.2% increase year-over-year [18] - Workers' compensation revenue in Q4 2025 was $328.5 million, up 13.6% from the prior year [19] - On-site health clinics segment reported revenue of $36.2 million in Q4 2025, a 112% increase year-over-year, largely due to the acquisition of Pivot [21] Market Data and Key Metrics Changes - Total patient visits increased 9% to over 51,000 visits per day in Q4 2025 [7] - Workers' compensation visits per day increased 9.1%, while employer service visits increased 9.4% compared to the prior year [8] - The U.S. labor market grew at a rate of 0.1% in 2025, but the blue-collar economy added over 450,000 net jobs, growing at 0.4% [10] Company Strategy and Development Direction - The company plans to continue with smaller bolt-on acquisitions, which are expected to be highly accretive due to top-line and cost synergies [17] - The company is targeting 7 to 9 de novo openings in 2026, which would be a record for the company [32] - The company is actively monitoring the New York workers' compensation fee schedule for potential opportunities to expand into the state [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for the U.S. labor market, expecting to add 5.2 million jobs from 2024 through 2034 [10] - The company anticipates steady growth in revenue per visit and visits, with a focus on maintaining efficiency gains captured in 2025 [36] - Management noted that they are largely through the integration process for the Nova and Pivot acquisitions and have captured most expected synergies [32] Other Important Information - The company generated $118.7 million in operating cash flow in Q4 2025, compared to $93.7 million in Q4 2024 [27] - Free Cash Flow for the full year was $197.8 million, with a conversion rate of 114% [29] - The company declared a cash dividend of $0.0625 per share, payable on March 19, 2026 [37] Q&A Session Summary Question: How are you contemplating impacts from weather or potential elevated respiratory activity? - Management indicated that weather has not significantly impacted operations and does not anticipate material effects from respiratory activity [42] Question: Can you elaborate on your Return on Invested Capital assessment for new opportunities? - Management stated they closely monitor ROIC and have a track record of successful M&A and de novo execution, typically resulting in strong ROICs [44] Question: What are your expectations regarding the New York opportunity? - Management highlighted the need for a comprehensive look at the fee schedule and expressed readiness to move quickly into the market once conditions improve [51] Question: How do you view the 2026 outlook in terms of seasonality and de novo investments? - Management confirmed that they expect a pickup in Q1 from recent acquisitions and are working on spreading de novo openings throughout the year [58] Question: What is the impact of the Select services agreement expiration on margins? - Management noted that they are nearing completion of the hiring process and expect TSA costs to ramp down by mid-2026, which will have some impact on margins [62] Question: How is labor retention trending and what wage inflation is built into the guide? - Management reported normal wage inflation trends of 2%-3% and noted improvements in retention and reduced turnover [67][68]

4th Quarter 2025 Results February 26, 2026 ©2026 Concentra Inc. All rights reserved. Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that express Concentra Group Holdings Parent, Inc.'s ("Concentra," the "Company," "we" or "our") current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to, financial guidance and other projections and forecasts. Forward looking ...

Concentra Group (CON) came out with quarterly earnings of $0.28 per share, beating the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +21.74%. A quarter ago, it was expected that this provider of occupational health services would post earnings of $0.37 per share when it actually produced earnings of $0.39, delivering a surprise of +5.41%.Over the ...

Debt and Financial Obligations - The company has significant negative covenants in its Credit Agreement that limit its ability to engage in mergers, sell assets, incur additional debt, and pay dividends [246]. - Failure to maintain the required leverage ratio, based on the ratio of indebtedness to consolidated EBITDA, could result in an event of default under the Credit Facilities [247]. - The company’s ability to pay interest and principal on its indebtedness is dependent on cash flow generated by its subsidiaries, which may face legal and contractual restrictions [248]. - The company may incur additional indebtedness despite its substantial existing debt, which could exacerbate financial risks in a rising interest rate environment [250]. - The company is subject to risks associated with refinancing its debt, and failure to do so on favorable terms could negatively impact its financial condition [252]. - The company’s credit ratings are crucial for maintaining liquidity and favorable borrowing costs, and any downgrade could adversely affect its capital position [253]. - The company relies on dividends from its subsidiaries as its principal source of cash to meet obligations, which include service costs and debt repayments [293]. - The ability to pay dividends on common stock is not guaranteed and is subject to the discretion of the Board, economic conditions, and financial performance [294]. - The company is subject to regular reviews and audits by tax authorities, which could result in material tax liabilities if positions are not accepted [311]. - The company regularly assesses the likely outcomes of tax audits and disputes to determine the appropriateness of tax reserves [311]. Separation and Operational Challenges - The company has a limited history of operating as a standalone public entity, and its pre-Separation financial information may not accurately reflect its future performance [254]. - The company may not fully achieve the expected benefits of its Separation from Select, which could adversely affect its business and financial condition [257]. - The ongoing costs related to the Separation process are expected to be significant and may exceed initial estimates, impacting the company's financial results [265]. - The transfer of IT Systems from Select to the company is complex and costly, with potential risks of data loss that could adversely affect operations [266]. - The company may face increased costs in its supply chain due to decreased purchasing power following the Separation from Select [268]. - Revenue may decrease as the company struggles to maintain existing customer relationships and attract new customers due to its smaller size [268]. - The Transition Services Agreement with SMC is critical, and any failure by SMC to perform could lead to increased costs and operational disruptions [270]. - The company is in the process of creating its own systems to replace those currently provided by SMC, which may be complex and costly [271]. - Indemnification obligations to SMC could result in substantial liabilities that adversely affect the company's financial condition [273]. - The company has joint and several liability with Select for consolidated U.S. federal income taxes for periods prior to the Distribution [275]. - The agreements with Select and SMC may not reflect terms that would have resulted from arm's-length negotiations, potentially leading to less favorable conditions [277]. Market and Stock Performance - An active trading market for the company's common stock may not be sustained, impacting capital raising efforts [278]. - The stock price may experience significant volatility due to various factors, including market conditions and operational performance [279]. - The company must maintain effective internal control over financial reporting, as failures could lead to loss of investor confidence and affect stock price [285]. - The company may experience dilution of ownership if additional shares of common stock or convertible debt securities are issued for acquisitions or other corporate purposes [289]. - The company’s financial results could be adversely affected if estimates or judgments based on critical accounting policies prove incorrect, potentially leading to a decline in stock price [295]. External Risks and Compliance - Public health threats, such as pandemics, may create uncertainties about future operating results and financial conditions, impacting overall business performance [301]. - The company’s operations could be disrupted if key management personnel are lost, affecting the execution of business strategy [303]. - Attracting and retaining skilled employees is critical for the company’s success, and challenges in the labor market may impact this ability [304]. - Climate change and related regulatory measures could adversely affect the company’s operations and financial condition [307]. - Evolving expectations regarding ESG practices from stakeholders may impose additional compliance costs and risks on the company [308]. - Changes in tax laws could negatively impact the company’s effective tax rate and overall financial position [310]. Interest Rate and Financial Instruments - As of December 31, 2025, the company had outstanding borrowings under credit facilities consisting of a $942.9 million term loan and no outstanding borrowings under the revolving facility [432]. - The company entered into a derivative swap contract effective March 3, 2025, limiting the Term SOFR rate to a fixed rate of 3.829% on $300 million of principal outstanding under the term loan, applicable through February 29, 2028 [433]. - A derivative collar contract was also entered into effective March 3, 2025, capping the Term SOFR rate at 4.500% and setting a floor at 3.001% on $300 million of principal outstanding under the term loan, applicable through February 29, 2028 [434]. - As of December 31, 2025, the Term SOFR rate was 3.69%, with $642.9 million of term loan borrowings subject to variable interest rates [434]. - A hypothetical 0.25% change in market interest rates would have no material impact on the company's annual interest expense and financial results [435]. - Interest rate risk is primarily related to variable rate long-term indebtedness indexed against Term SOFR, influenced by various macroeconomic factors [431]. - The company does not hold or use derivative financial instruments for trading purposes [431].

Core Viewpoint - Consolidated Edison, Inc. reported a strong financial performance for 2025, with net income increasing to $2,023 million or $5.66 per share, up from $1,820 million or $5.26 per share in 2024, reflecting the resilience of its regulated businesses and strategic investments [1][2]. Financial Performance - For 2025, adjusted earnings were $2,038 million or $5.70 per share, compared to $1,868 million or $5.40 per share in 2024, excluding certain impairment losses and transaction costs [1][2]. - In Q4 2025, net income was $297 million or $0.82 per share, down from $310 million or $0.90 per share in Q4 2024, while adjusted earnings were $320 million or $0.89 per share, compared to $340 million or $0.98 per share in the same period [1][2]. Strategic Investments and Future Outlook - The company plans to invest $6,595 million in 2026 and $6,759 million in 2027, with a total of $24,339 million expected from 2028 to 2030, funded through internal resources and long-term debt issuance [1][2]. - Con Edison anticipates a compounded annual growth rate of 6% to 7% for adjusted earnings per share over the next five years, with 2026 adjusted EPS guidance set between $6.00 and $6.20 [1][2]. Operational Highlights - The company emphasized the importance of maintaining cost discipline while investing in critical projects to support the clean energy transition and regional growth [1][2]. - Con Edison has increased its dividend for the 52nd consecutive year, reflecting its commitment to delivering value to shareholders [1][2]. Revenue and Expenses - Total operating revenues for 2025 were $16,918 million, up from $15,256 million in 2024, driven by higher electric and gas sales [3][4]. - Operating expenses increased to $13,987 million in 2025 from $12,524 million in 2024, primarily due to higher costs in purchased power and maintenance [3][4].

Industry Overview - The healthcare industry has significantly benefited from a shift in investor focus from the crowded AI sector to healthcare, which offers more attractive risk-reward profiles [1] - Healthcare companies outperformed the MSCI World Index by 7.5% in Q4 2025, driven by deregulation initiatives under the Trump administration [2] - The demand for AI-powered technologies in healthcare is increasing, particularly for medical imaging, early disease identification, and drug development [3] Financial Performance - The healthcare sector is expected to see annualized profit growth of 11.5%, which is higher than most equity sectors, despite short-term volatility [4] - Medicare Advantage reimbursement remains uncertain, with a proposed 0.09% payment increase causing concern among investors [5] Investment Methodology - The selection of innovative healthcare stocks was based on a market capitalization above $2 billion and a positive analyst upside of at least 20% as of February 9 [7] - The strategy of imitating top hedge fund stock picks has shown significant outperformance, with a return of 427.7% since May 2014 [8] Company Highlights - **Prestige Consumer Healthcare Inc. (NYSE:PBH)**: Reported Q3 sales of $283.4 million, a 2.4% year-over-year decline, and net income of $46.7 million. The company also finalized the acquisition of Pillar5 Pharma [11][12] - **Alignment Healthcare, Inc. (NASDAQ:ALHC)**: Price target increased to $28 from $22, with significant upside potential. The company is expected to report profitability this year with an anticipated FY2025 EPS of $0.23 [14][16] - **Concentra Group Holdings Parent, Inc. (NYSE:CON)**: Anticipates FY2026 revenue between $2.25 billion and $2.35 billion, slightly below consensus. The company is expanding its services and recently opened a new medical center in Georgia [19][20]

Core Insights - Concentra is emerging as a dominant player in its segment of the healthcare industry, showcasing a unique structural advantage that supports consistent growth [1] Company Analysis - Concentra's growth potential is attributed to its strong brand recognition and solid financials, positioning it favorably within the healthcare sector [1] Industry Trends - The healthcare industry is witnessing shifts that favor companies like Concentra, which are able to leverage their structural advantages for sustained growth [1]