2025 Earnings Presentation February 2026 1 Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this presentation other than statements of hist ...

Core Insights - PACS Group, Inc. has acquired three post-acute care facilities, two in Alaska and one in Idaho, totaling 230 beds [1][2] - The acquisitions include real estate for the two Alaska facilities, while the Idaho facility will operate under a lease [2] - This expansion increases PACS' portfolio to 324 communities across 17 states, with nearly 36,000 beds [3] Company Strategy - The company focuses on disciplined growth in the post-acute care sector as part of its operating and investment strategy [3] - Key elements of the growth strategy include expanding operational footprint and selectively increasing real estate ownership [3] - PACS aims to revolutionize post-acute care nationally, enhancing care delivery and long-term performance in strong market fundamentals [3] Company Overview - PACS Group, Inc. is a holding company investing in post-acute healthcare facilities and services, founded in 2013 [4] - It operates 324 post-acute care facilities serving over 31,000 patients daily [4] - The company has been recognized as one of Utah's Best Companies to work for in 2022 and 2023, and ranked among Utah's Fastest Growing Companies [4]

Core Insights - Encompass Health Corporation (EHC) has opened a new rehabilitation hospital in Lake Worth, Florida, expanding its presence in the state to 26 locations [2][5] - The new facility is equipped with 50 beds and aims to assist patients recovering from complex medical issues, including strokes and major surgeries [2][4] - EHC's approach emphasizes an interdisciplinary care model, providing tailored treatment plans to enhance patients' mobility and quality of life [4] Company Expansion - The Lake Worth facility features advanced rehabilitation technologies, private patient rooms, and comprehensive care services, including in-house dialysis and pharmacy [3][9] - EHC operates a total of 173 rehabilitation hospitals across 39 states and Puerto Rico, positioning itself for sustained growth in the post-acute care segment [5][6] - The company plans to open seven new hospitals and add approximately 127 beds to existing facilities in 2025 [6] Financial Performance - EHC's net operating revenues increased by 10.6% year over year in the first nine months of 2025 [6] - Year-to-date, EHC shares have gained 23.3%, outperforming the industry growth of 10.3% [7] Market Position - EHC currently holds a Zacks Rank of 3 (Hold), with several competitors in the medical space holding higher ranks [10] - The company is well-positioned to meet the rising demand for rehabilitation services as the U.S. population ages and chronic health conditions become more prevalent [4]

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Company Overview - The Ensign Group operates 344 facilities [15], employing over 50,500 individuals [5] across 17 states [15, 27], with a focus on post-acute care [5] - The company has experienced significant growth, with a 15% annual revenue growth rate and a 16% annual EBITDAR growth rate since 2014 [15] - The Ensign Group's real estate portfolio includes 144 owned properties [15] - The company's mission is to support operations in dignifying post-acute care [14] Financial Performance and Guidance - The company's 2025 revenue guidance is $4.91 billion [15], with EPS guidance of $6.30 [15] - The company forecasts annual revenue between $4.89 billion and $4.94 billion, and diluted adjusted EPS between $6.22 and $6.38 for 2025 [85] - Q1 2025 revenue increased by 16.1% to $1.173 billion compared to $1.0102 billion in Q1 2024 [82] - Q1 2025 consolidated adjusted net income increased by 18% to $89 million compared to $75.4 million in Q1 2024 [82] Operational Strategy and Growth - The company focuses on a local leadership strategy in fragmented markets [20], with an emphasis on high-quality healthcare outcomes [20] - The company's skilled nursing operations have improved significantly within five quarters, including a 454 bps increase in occupancy, a 324 bps increase in EBITDAR margin, and a 311 bps increase in skilled mix revenue [43] - 28.8% of the company's skilled nursing operations have been operated for less than three full years [42] - The company operates a Captive REIT, Standard Bearer Healthcare REIT, Inc [17]

Company Overview - The Ensign Group, Inc. (ENSG) has been providing post-acute care since 1999 through its independent subsidiaries [6] - The company operates 343 facilities with over 38,000 beds/units across the care continuum and employs more than 50,500 individuals [18] - The company has experienced a 15% annual revenue growth rate and a 16% annual EBITDAR growth rate since 2014 [18] Financial Performance and Guidance - The company's 2025 revenue guidance is $4.91 billion [18] - The company's 2025 EPS guidance is $6.30 [18] - Q1 2025 revenue reached $1.173 billion, a 16.1% increase compared to Q1 2024 [113] - Same facility skilled nursing facility revenue increased by 5.6% in Q1 2025 compared to Q1 2024 [113] - Consolidated adjusted net income increased by 18.0% in Q1 2025 compared to Q1 2024, reaching $89 million [113] Portfolio and Acquisitions - The company operates in 17 states [19, 35] - The company has 143 owned properties [19] - The company's occupancy rate is 82.6% [19] - The company's skilled mix days is 33.1% [19] - The company completed 73 acquisitions since 2023 [22] - The company completed 16 acquisitions from January 1, 2025, to April 1, 2025 [21] Standard Bearer REIT - Standard Bearer REIT has 137 properties with a real estate fair value of $1.5 billion [85] - Standard Bearer REIT operates in 16 states with 13,920 operating beds/units [85] - Standard Bearer REIT has a weighted average lease tenor of 14.3 years [85, 91] - 98% of Standard Bearer REIT's leases expire after 2031 [92] - Standard Bearer REIT's total rental revenue for Q1 2025 was $28.401 million, including $4.497 million from third-party tenants and $23.904 million from Ensign's independent subsidiaries [146]