Second Quarter 2025 Earnings Presentation August 1, 2025 1 Forward-Looking Statements; Non-GAAP Financial Information Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-lo ...

Core Insights - Ashland (ASH) reported a revenue of $463 million for the quarter ended June 2025, reflecting a year-over-year decline of 14.9% and an EPS of $1.04 compared to $1.49 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $468.37 million by 1.15%, and the EPS was also below the consensus estimate of $1.15, resulting in a surprise of -9.57% [1] Revenue Breakdown - Revenue from Intermediates was $33 million, slightly below the average estimate of $34.81 million, marking a year-over-year decline of 8.3% [4] - Revenue from Specialty Additives reached $131 million, exceeding the estimated $123.73 million, but still represented a decline of 12.7% year-over-year [4] - Personal Care revenue was reported at $147 million, slightly above the estimate of $146.57 million, with a year-over-year decrease of 16% [4] - Life Sciences revenue was $162 million, below the average estimate of $169.65 million, showing a year-over-year decline of 16.9% [4] Adjusted EBITDA Performance - Adjusted EBITDA for Life Sciences was $54 million, slightly below the average estimate of $55.16 million [4] - Adjusted EBITDA for Intermediates was reported at $7 million, exceeding the average estimate of $3.48 million [4] - Adjusted EBITDA for Specialty Additives was $26 million, close to the average estimate of $26.25 million [4] - Adjusted EBITDA for Personal Care was $41 million, below the average estimate of $43.05 million [4] Stock Performance - Ashland's shares have returned +1.3% over the past month, underperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance in the near term [3]

Core Insights - BrightSpring Health Services (BTSG) achieved an all-time high stock price of $25.57 on June 9, reflecting a remarkable 120% increase over the past year, contrasting with declines in the broader medical sector [1][8] - The company outperformed competitors Amedisys (AMED) and Option Care Health (OPCH), which saw stock increases of 2.7% and 12.2%, respectively [2][8] Financial Performance - In Q1 2025, BrightSpring reported a 14% year-over-year revenue growth and a 111% increase in adjusted EPS, both exceeding Zacks Consensus Estimates [6][8] - Adjusted EBITDA rose by 19%, supporting management's confidence in achieving continued double-digit growth in revenues and EBITDA for the full year [6] Quality Metrics - Over 80% of BrightSpring's Home Health branches are rated 4 stars or higher, with a declining 60-day hospitalization rate and patient satisfaction around 90% [7][8] - In Hospice services, the company provides 50% more visits and time with patients than the national average, achieving all-time high quality scores [7] - Rehabilitation services reported that 52% of catastrophic neuro event patients regained independence, while Personal Care achieved a satisfaction score of 4.6 out of 5 [7] Valuation - BrightSpring's stock is currently trading at a forward 12-month price-to-sales (P/S) ratio of 0.32, lower than the industry average of 0.39 and below competitors like Amedisys (1.23X) and OPCH (0.90X) [11][12] - Despite being above its one-year median of 0.24X, the stock remains undervalued compared to peers, indicating improved investor sentiment [12] Future Earnings Estimates - The Zacks Consensus Estimate for BrightSpring's 2025 earnings suggests an 82.1% year-over-year improvement [9] - Current estimates for Q1 2025 earnings are 0.22, with projections for the next year at 1.02 [10]

Financial Performance - BrightSpring's total revenue for Q1 2025 reached $2878 million, a 25.9% increase year-over-year[18] - Adjusted EBITDA for Q1 2025 was $131.1 million, representing a 28.2% growth compared to the previous year[18] - Pharmacy Solutions revenue grew by 28.1% to $2532 million in Q1 2025[18] - Provider Services revenue increased by 12.1% to $346 million in Q1 2025[18] Segment Performance - Within Pharmacy Solutions, Infusion and Specialty revenue saw a 33.2% increase, reaching $1952 million[18] - Home and Community Pharmacy revenue grew by 13.6% to $581 million[18] - Pharmacy Segment EBITDA increased by 31.2% to $116 million[18] - Home Health Care revenue within Provider Services grew by 20.9% to $178 million[18] Business Metrics - Home Health Care average daily census increased by 11.6% year-over-year, reaching 30,241 in Q1 2025[29] - Prescriptions dispensed in Pharmacy Solutions increased by 10.4% year-over-year[25] - Revenue per script in Pharmacy Solutions grew by 16.0% year-over-year to $232.79[25] Guidance - The company updated its FY 2025 total revenue guidance to a range of $12000 million to $12500 million, representing a 19.1% to 24.1% year-over-year growth[37]