Company Overview - BrightSpring's headquarters is located in Louisville, and the meeting includes both in-person attendees and those joining via webcast [1] - The agenda includes a company overview by the CEO Jon Rousseau, followed by detailed reviews of pharmacy businesses [1] Pharmacy Business Review - The meeting will cover various segments of the pharmacy business, including specialty, infusion, and home and community pharmacy [1] - A Q&A session with pharmacy leaders will follow the pharmacy overview [1] Provider Business Review - After a break, the agenda will shift to provider businesses, starting with home health, hospice, rehab, and personal care [2] - A Q&A session with provider leaders is scheduled before lunch [2] Financial Discussion - Post-lunch, discussions will include insights from government relations and business development teams [2] - The financials of the company will be discussed, concluding with a wrap-up and Q&A session with Jon and other leaders [2] - The goal is to conclude the meeting by 2:00 p.m. Eastern [2]

BRIGHTSPRING INVESTOR DAY 29 79 145 38 154 188 141 198 63 213 133 18 200 200 200 143 143 143 70 184 218 Agenda March 17, 2026 1 Pharmacy Business Unit Overviews Specialty Pharmacy Infusion Pharmacy Home and Community Pharmacy The BrightSpring Platform Jon Rousseau, President and Chief Executive Officer Benito Fernandez, Chief Commercial Officer Robert Thomson, Chief Growth Officer Christopher Urban, RPh, Chief Operating Officer Rich Denness, President Scott Greenwell, PharmD, President Pharmacy Q&A Provider ...

Core Insights - The article highlights four overlooked safe haven stocks that are appealing to investors seeking stability amid market volatility, particularly with the CBOE Volatility Index (VIX) rising significantly [1] Group 1: Stock Summaries - **Envela (ELA)**: This Texas-based luxury goods reseller has seen a 110% gain over the past year, though it is down 2.99% year-to-date. It has a low beta of 0.281, indicating low volatility, and trades at a trailing P/E of 33x with 74.2% insider ownership [1] - **York Water (YORW)**: This company has paid uninterrupted dividends for over 200 years and recently raised its quarterly dividend to $0.228 per share, yielding approximately 2.72%. Full-year 2025 revenue grew 3.37% to $77.49 million, but earnings per share (EPS) slightly decreased to $1.39 [1] - **MGE Energy (MGEE)**: The utility company reported a full-year EPS of $3.72, beating estimates by 2.01%, and revenue of $743.65 million, exceeding estimates by 3.36%. The company has a beta of 0.782 and has consistently raised its dividend, now at $0.475 per share [1] - **Enhabit (EHAB)**: This home health operator is set to be acquired at $13.80 per share in a $1.10 billion deal. The stock has surged 48.16% year-to-date and 60.14% over the past year, with significant operational improvements noted in its hospice segment [1] Group 2: Market Context - The elevated volatility in the market, indicated by the VIX at 25.50 and up 34.9% over the past month, is driving investors toward stocks that offer stability and predictable income [1] - The 10-year Treasury yield has decreased to 4.13%, making dividend-paying equities more attractive compared to fixed-income investments [1]

Core Insights - Residential Home Health has acquired Covenant Home Health, enhancing its presence in Eastern Pennsylvania and expanding its reach into Philadelphia and Delaware counties [1] - The acquisition is part of Residential's strategy to grow through quality care, clinical excellence, and strong local leadership [1] - The integration aims to maintain personalized care while expanding services to more patients [1] Company Overview - Residential Home Health is part of Graham Healthcare Group, which employs over 3,000 professionals and serves more than 20,000 patients daily [1] - Covenant Home Health is recognized for its skilled nursing, therapy, and supportive care services in Eastern Pennsylvania [1] - The acquisition will not affect Covenant Private Duty's ownership or offerings [1] Strategic Goals - The acquisition reflects a commitment to delivering measurable outcomes and strengthening community partnerships [1] - Residential plans to retain Covenant's employees to ensure a seamless transition for patients and staff [1] - Current patients will experience no interruption in services during the transition [1]

Core Insights - Extendicare reported strong Q4 results with adjusted EBITDA of CAD 45.6 million, up 36.4% year over year, and revenue of CAD 462 million, an 18% increase, driven by acquisitions and strong demand for home health services [2][6][3] Financial Performance - Q4 net operating income (NOI) included CAD 3.9 million of favorable out-of-period items, with a 30.2% improvement in NOI, excluding these items, reflecting a CAD 14.3 million increase [1] - Adjusted funds from operations (AFFO) per share in Q4 was CAD 0.337, slightly down from the prior year, but rose 6% to CAD 0.301 when excluding out-of-period items [6] - Long-term care revenue increased by CAD 26.3 million, or 11.8%, driven by contributions from newly acquired LTC homes [10] Home Health Segment - The ParaMed home health segment achieved 15.3% organic volume growth, with revenue up 33.6% year over year, supported by demographic trends and capacity constraints in long-term care [7][5] - The NOI margin in the home health segment improved by 280 basis points to 13.2% [7] Acquisition and Growth Strategy - Extendicare is acquiring CBI Home Health for CAD 570 million, expected to add approximately 10 million hours and 8,500 team members, contributing an estimated CAD 478 million in revenue [5][13] - The acquisition is projected to be 9% accretive to earnings per share, increasing to 15% with anticipated synergies of CAD 7.4 million [13] Redevelopment and Capital Returns - The company is progressing on its Ontario long-term care redevelopment program, with seven LTC homes under construction totaling CAD 692.3 million [4][16] - A 5% increase in the monthly dividend to CAD 0.0441 was announced, with a payout ratio of approximately 42% to 46% [4][18]

Financial Data and Key Metrics Changes - For Q4 2025, total company revenue was $3.6 billion, representing a 29% increase year-over-year [25] - Full year 2025 total revenue reached $12.9 billion, reflecting a 28% growth from 2024 [28] - Adjusted EBITDA for Q4 was $184 million, a 41% increase compared to Q4 2024, while full year adjusted EBITDA was $618 million, up 34% year-over-year [29][11] - The adjusted EBITDA margin for the company was 4.8%, a 20 basis point increase from 2024 [11] Business Line Data and Key Metrics Changes - Pharmacy Solutions segment revenue for Q4 was $3.2 billion, achieving 32% year-over-year growth, while full year revenue was $11.4 billion, up 31% [25][28] - Provider Services segment revenue in Q4 was $394 million, representing a 13% increase year-over-year, with home healthcare revenue growing 19% to $217 million [27][20] - In the Pharmacy Solutions segment, infusion and specialty revenue was $2.6 billion, growing 43% year-over-year, while home and community pharmacy revenue declined 1% to $593 million [26] Market Data and Key Metrics Changes - The average daily census in home healthcare grew 15% to almost 35,000 in Q4, driven by strong quality metrics and strategic acquisitions [21] - Specialty and infusion script growth was 30% year-over-year in Q4, with total pharmacy script volume at 10.8 million [17] Company Strategy and Development Direction - The company plans to divest the community living business to streamline operations and focus on core patient populations [6] - The acquisition of Amedisys and LHC Home Health Assets is expected to enhance the company's home health capabilities, contributing approximately $30 million to adjusted EBITDA in 2026 [13][35] - The company aims to build a unique and scaled home and community healthcare platform, emphasizing quality outcomes and operational best practices [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of home health and hospice, anticipating a strong growth trajectory over the next 5 to 10 years [50] - The company expects total revenue growth of approximately 14% year-over-year for 2026, with adjusted EBITDA growth of about 25% [13][34] - Management highlighted the importance of executing sales investments and operational efficiencies to drive volume growth and margin expansion [38][39] Other Important Information - The company achieved a leverage ratio of 2.99 times as of December 31, 2025, down from 4.16 times in 2024, indicating improved financial health [32] - The company is initiating a foundation to support community and patient activities, reflecting its commitment to social responsibility [14] Q&A Session Summary Question: Variability in 2026 Outlook - Management noted consistency in Q1 and emphasized the importance of executing strategies to drive volume growth across businesses [37] Question: LDD Introductions and Landscape - Management confirmed expectations for 16-20 new LDD introductions over the next 12-18 months, with a focus on expanding capabilities [40][41] Question: EBITDA and Margins for Segments - Management indicated broad-based margin expansion is expected due to operational efficiencies and favorable product mix [45][46] Question: Home Health Rate Environment - Management expressed optimism about home health rates, projecting a flat baseline with potential for future increases [50] Question: Specialty Drug Launches and Margins - Management highlighted the multifactorial growth in specialty pharmacy, including brand LDDs and generic conversions, which improve margins [55] Question: Amedisys Asset Margins - Management acknowledged the lower margin profile of the Amedisys assets but expressed confidence in improving margins through integration [61][62] Question: Pharmacy Revenue Guidance Components - Management outlined expected revenue headwinds from IRA impacts and generic conversions but anticipated strong growth across pharmacy businesses [70][71] Question: Infusion Business Update - Management reported double-digit growth in the infusion business and plans for significant investments to enhance capabilities [73][75]

Financial Data and Key Metrics Changes - For Q4 2025, total company revenue was $3.6 billion, representing a 29% growth from the prior year period [25] - Full year 2025 total revenue was $12.9 billion, reflecting a 28% year-over-year growth [10] - Adjusted EBITDA for Q4 was $184 million, an increase of 41% compared to Q4 2024 [28] - Full year adjusted EBITDA was $618 million, representing a 34% growth year-over-year [28] - The adjusted EBITDA margin for the company was 4.8%, a 20 basis point increase versus 2024 [10] Business Line Data and Key Metrics Changes - Pharmacy Solutions segment revenue in Q4 was $3.2 billion, achieving 32% year-over-year growth [25] - Provider Services segment revenue for Q4 was $394 million, representing a 13% growth compared to the prior year [26] - Home Health care revenue grew 19% year-over-year to $217 million in Q4 [26] - Rehab revenue grew 8% year-over-year to $75 million in Q4 [26] - Personal care revenue grew 4% year-over-year to $102 million in Q4 [26] Market Data and Key Metrics Changes - Home healthcare represented approximately 55% of revenue in the provider segment, growing 19% year-over-year [20] - Average daily census in home healthcare grew 15% to almost 35,000 in Q4 [20] - Specialty and infusion script growth was 30% year-over-year in Q4 [16] Company Strategy and Development Direction - The company plans to divest the community living business to streamline operations and focus on core patient populations [5] - The acquisition of Amedisys and LHC Home Health Assets closed in Q4 2025, expected to enhance the home health business [6] - The company aims to build a unique and scaled home and community healthcare platform demonstrating leading quality outcomes [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of home health and hospice, anticipating a strong runway over the next 5 to 10 years [51] - The company expects total revenue to grow approximately 14% year-over-year in 2026, with adjusted EBITDA expected to grow approximately 25% [11] - Management highlighted the importance of executing sales investments and operational efficiencies to drive volume growth [39] Other Important Information - The company achieved a leverage ratio of 2.99 times as of December 31, 2025, down from 4.16 times in 2024 [32] - The company anticipates receiving approximately $715 million in net cash proceeds from the community living sale [33] Q&A Session Summary Question: What are the points of variability in the 2026 outlook? - Management noted consistency in Q1 and emphasized the importance of executing strategies to drive volume growth across businesses [38] Question: Can you discuss the expected EBITDA and margins for each segment? - Management indicated broad-based margin expansion is expected due to operational efficiencies and favorable product mix [46][48] Question: What is the impact of specialty drug launches on earnings? - Management explained that while prices may decline with generic launches, margins could improve due to better negotiation capabilities [56] Question: How will the Amedisys acquisition impact margins? - Management acknowledged the current margin profile of the acquired assets and expressed confidence in improving margins through integration efforts [63] Question: What is the outlook for the infusion business? - Management reported strong growth in the infusion business and plans to expand resources and capabilities in this area [76]

Core Insights - The Pennant Group, Inc. reported a 36.3% revenue increase in 2025, driven by a dual-track strategy of rapid acquisitions and same-store operational improvements [6] - The integration of Signature Healthcare at Home is highlighted as a successful model for the larger acquisition of over 50 locations from UnitedHealth and Amedisys [6] - The company anticipates a phased ramp-up in operations for the recently acquired Southeast locations through October 2026, with a disciplined M&A pause in Home Health and Hospice during the first half of 2026 [6] Financial Performance - The Senior Living segment is experiencing a post-pandemic recovery, with occupancy and revenue per room increasing due to stable local leadership [6] - Full-year 2026 guidance includes a 1.3% reimbursement rate decrease in Home Health, with plans for margin expansion through operational efficiencies [6] - The company expects a 100 basis point increase in occupancy and approximately 6% growth in revenue per occupied room in the Senior Living segment [6] Strategic Initiatives - A new Nashville service center is established to support regional expansion and enhance peer accountability clusters [6] - Clinical outperformance is demonstrated by CMS star ratings of 4.2, significantly above the national average of 3.0, which is crucial for high-value referral partnerships [6] - The UnitedHealth/Amedisys transaction includes a Transition Services Agreement (TSA), which may create temporary fluctuations in early 2026 financial results [6] Debt and Liquidity - The company's net debt to adjusted EBITDA ratio stands at 1.7x, indicating significant liquidity for future investments despite recent acquisitions [6][7] - A $100 million term loan was secured to support the $147.2 million investment in the UnitedHealth acquisition [7]

Core Insights - Extendicare Inc. reported strong financial results for Q4 and the full year 2025, highlighting a 15.3% organic growth in the home health segment and a 5% increase in monthly dividends [3][15][13] Financial Performance - Q4 2025 revenue increased by $70.5 million or 18.0% to $462.0 million, driven by acquisitions and home health care growth [16][31] - Adjusted EBITDA for Q4 2025 rose by $12.2 million or 36.4% to $45.6 million, reflecting strong performance in the home health care segment [9][31] - Net earnings for Q4 2025 increased by $5.7 million or 28.4% to $25.6 million, primarily due to higher Adjusted EBITDA [16][32] Acquisition Strategy - Extendicare announced the acquisition of CBI Home Health for $570 million, expected to close in Q2 2026, which will enhance its service-focused growth strategy [5][6] - The acquisition is anticipated to generate annualized run-rate synergies of approximately $7.4 million, with an implied purchase price multiple of 8.4x CBI Home Health's Adjusted EBITDA after synergies [10][12] Dividend Policy - The company increased its monthly dividend by 5% to 4.41 cents per share, reflecting sustained operating performance and a strong capital structure [3][13] Business Segments - Home health care revenue for Q4 2025 increased by 33.6% to $197.5 million, with average daily volume (ADV) rising by 27.3% [24][25] - Long-term care revenue for Q4 2025 increased by 10.8% to $249.3 million, with NOI margin at 10.3% [21][23] Financial Position - As of December 31, 2025, Extendicare had cash and cash equivalents of $347.9 million, including net proceeds from a $200 million private placement [28][31] - The company secured a $214.5 million upsizing of its senior secured credit facility to support the CBI acquisition [6][29]

Core Insights - The Pennant Group, Inc. reported a revenue of $289.32 million for the quarter ended December 2025, marking a year-over-year increase of 53.2% and an EPS of $0.34 compared to $0.24 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $273.04 million by 5.97%, while the EPS also surpassed the consensus estimate of $0.31 by 8.52% [1] Revenue Breakdown - Home health services revenue reached $116.43 million, exceeding the estimated $112.9 million, reflecting a year-over-year increase of 74.4% [4] - Hospice services generated $97.06 million, surpassing the estimated $92.42 million, with a year-over-year growth of 53.1% [4] - Senior living services reported revenue of $56.05 million, slightly below the estimated $57.06 million, but still showing a year-over-year increase of 19.6% [4] - Total revenue from home health and hospice services was $233.27 million, exceeding the average estimate of $220.6 million, representing a year-over-year change of 64.3% [4] - Home care and other services generated $19.78 million, surpassing the estimated $15.28 million, with a year-over-year increase of 66.7% [4] Stock Performance - The shares of The Pennant Group have returned +20.4% over the past month, significantly outperforming the Zacks S&P 500 composite, which changed by +0.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]