Slide 1: Earnings Presentation: Fourth Quarter and Full Year 2025 Results & 2026 Outlook
Earnings Presentation Fourth Quarter and Full Year 2025 Results & 2026 Outlook
Slide 2: Non-GAAP Financial Measures & Cautionary Statements
Non-GAAP Financial Measures & Cautionary Statements Non-GAAP Financial Measures This presentation of Ventas, Inc. (the “Company,” “we,” “us,” “our” and similar terms) includes certain financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”)
Slide 3: Table of Contents
Table of Contents 04 About Ventas 19 Capture Value- Creating External 06 Fourth Quarter and Full Growth Focused on Year 2025 Highlights Senior Housing 08 2026 Outlook 24 Driving Strong Execution and Cash Flow Generation 14 Delivering Profitable Throughout The Organic Growth in Portfolio Senior Housi
Slide 4: About Ventas
4 About Ventas
Slide 5: About Ventas
About Ventas Ventas is a leading S&P 500 company with approximately 1,400 properties that benefit 25+ years of operation a large and growing aging population. As the world’s second largest owner of senior housing, we create environments where seniors thrive and investments flourish. properties withi
Slide 6: Fourth Quarter and Full Year 2025 Highlights
Fourth Quarter and Full Year 6 2025 Highlights
Slide 7: Fourth Quarter and Full Year 2025 Highlights
Fourth Quarter and Full Year 2025 Highlights1 4Q25 FINANCIAL & PROPERTY PERFORMANCE FULL YEAR 2025 HIGHLIGHTS Financial Highlights 5.2x $3.48 $0.89 10% Net Debt to Further Adjusted EBITDA, with 2025 Normalized FFO Per Share Normalized FFO/share Normalized FFO/share YoY Growth liquidity of $5.3B2 as
Slide 8: 2026 Outlook
8 2026 Outlook
Slide 9: Full Year 2026 Outlook & Increased Quarterly Dividend
FULL YEAR 2026 OUTLOOK SELECT GUIDANCE ASSUMPTIONS 3 Full Year 2026 Guidance Ranges & Midpoints Per Sh. Amounts ▪ Normalized FFO per share growth of 8% YoY 2 at guidance midpoint Attributable Net Income Per Share Range $0.52 - $0.62 of $3.83 Attributable Net Income Per Share Midpoint $0.57 Full Year
Slide 10: We Are Executing a Focused Strategy to Drive Growth
We Are Executing a Focused Strategy to Drive Growth… 1. 2. 3. Deliver profitable Capture value-creating Drive strong execution organic growth in external growth focused and cash flow generation senior housing on senior housing throughout portfolio 10
Slide 11: Ventas 1-2-3 Strategy Is Driving Enterprise Growth & Creating Value
Ventas 1-2-3 Strategy Is Driving Enterprise Growth & Creating Value Achieved 2,200bp increase in SHOP NOI as a % of total VTR Annualized NOI over the past 4 years Key Takeaways Execution of VTR strategy has grown SHOP to represent more than half of total company NOI, powered by: 16% 4 consecutive ye
Slide 12: Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand
Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand The U.S. is expected to see the largest surge in seniors as Baby Construction activity remained depressed in 4Q25, further Boomers begin turning 80 in 2026 reducing units under construction and deliveries 28% 0.5% Expected 80+ popul
Slide 13: Positioned for Significant Multiyear Occupancy, Rate and NOI Growth
28% Positioned for Significant Multiyear Occupancy, Rate and NOI Growth MULTIYEAR GROWTH LEVERS OUTSIZED OCCUPANCY UPSIDE OPPORTUNITY IN U.S. SHOP PORTFOLIO UK Occupancy Growth 4Q25 U.S. Rate Growth Canada ~86% Average Occupancy1 Operating Leverage ~82% ~88% U.S. NNN-to-SHOP U.S. ex Conversions Conv
Slide 14: Delivering Profitable Organic Growth in Senior Housing
Delivering Profitable Organic 14 Growth in Senior Housing
Slide 15: Strong 4Q 2025 SHOP Same-Store Performance
4Q 2025 SHOP SAME-STORE CASH NOI STRONG SAME-STORE YOY OCCUPANCY GROWTH, LED BY U.S. $235.6 +490bp 15.4% Strong 4Q 2025 $204.2 +370bp SHOP Same-Store +300bp +300bp Performance1 4Q24 4Q25 Average 87.1% 90.1% Occupancy SHOP Same-Store U.S. Average U.S. IL Average U.S. AL Average +300bp YoY Average Occ
Slide 16: Senior Housing Provides Valuable Benefits to Residents at an Affordable Cost
Senior Housing Provides Valuable Benefits to Residents at an Affordable Cost VTR SENIOR HOUSING VALUE PROPOSITION REPLACEMENT EXPENSE TO LIVING AT HOME Benefits to Residents At an Affordable Cost • Senior housing provides an attractive value Safety Ease of living proposition to residents and their f
Slide 17: Ventas OITM Active Asset Management Approach
Ventas OITM Active Asset Management Approach, Grounded in Data Analytics Proprietary data analytics and experiential insights platform drives portfolio actions and optimizes the combination of Right Markets, Assets and OperatorsTM High Frequency, Impactful Dynamic Engagement Pricing Real Time Automa
Slide 18: Ventas Competitive Advantage from Large Diverse Network of SHOP Operators
WINNING TOGETHER Ventas Competitive Advantage from Strategic expansion, collaborative approach Large Diverse Network of SHOP ▪ Ventas engages and expands with the highest performing operators Operators who have established local market clusters, product-specific expertise and a high concentration of
Slide 19: Capture Value-Creating External Growth Focused on Senior Housing
Capture Value-Creating External 19 Growth Focused on Senior Housing
Slide 20: $4.8 Billion External Growth Adds >20% Additional Units in SHOP
External Growth Adds >20% Additional Units in SHOP since 4Q24 RIGHT MARKETS $4.8 Billion ▪ Investments focused on markets with attractive senior housing supply/demand fundamentals, wealth and favorable local economies o Communities located in markets with uncapped net demand of U.S. Senior Housing A
Slide 21: $4.8 Billion of U.S. Senior Housing Acquisitions Closed Since 4Q24
$4.8 Billion of U.S. Senior Housing Acquisitions Closed Since 4Q241 1. Includes U.S. Senior Housing Investments at 100% share since October 1, 2024 through February 2, 2026 21
Slide 22: 2026 Investment Guidance of $2.5 Billion with Strong Momentum
2026 Investment Guidance of $2.5 Billion with Strong Momentum1 Fast Start to 2026 Investment Activity Selected Senior Housing Investment Criteria Closed Senior Housing Investments at Q4 Earnings Release Date Right Market, Asset, OperatorTM $842 M Increase Enterprise Growth Rate Double-Digit to Mid-T
Slide 23: Major Acquisition Growth Opportunity in U.S. Senior Housing
Major Acquisition Growth Opportunity in U.S. Senior Housing U.S. SENIOR HOUSING TOTAL ADDRESSABLE MARKET INDEPENDENT LIVING, ASSISTED LIVING AND MEMORY CARE UNITS BY OWNERSHIP 4% ~$450-$600B U.S. Senior Housing market size1,2 10% 86% All Other REITs Private Investors, Untapped addressable market is
Slide 24: Drive Strong Execution and Cash Flow Generation Throughout The Portfolio
Drive Strong Execution and Cash Flow 24 Generation Throughout The Portfolio
Slide 25: Balance Sheet Strength and Flexibility
BALANCE SHEET STRENGTH AND FLEXIBILITY UPCOMING DEBT MATURITIES Balance sheet strength and strong access to capital provides liquidity Repaid $500M of 1Q26 debt maturities with proceeds from 5.0% 10- and flexibility to fund external growth and refinance debt maturities year Senior Notes issued in De
Slide 26: Leading National Outpatient Medical Platform
Leading National Outpatient Medical Platform Has Strong Performance Track Record and Significant Competitive Advantages Positioned to Take Advantage of Shift to Outpatient Care 2 Prime Locations With Strong Credit Tenants Consolidated Indexed Outpatient Demand Growth 83% Strong Credit Investment Gra
Slide 27: Appendix
27 Appendix
Slide 28: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended Q4 YoY For the Twelve Months Ended FY YoY December 31, Change December 31, Change 2025 2024 ’25-’24 2025 2024 ’25-’24 Net income attributable to common stockholders $ 70,202 $ 56,835 24 % $ 251,381 $ 81,153 210 % Non-GAAP Net income attributable to common stockholders per
Slide 29: 2026 Guidance
Net Income and FFO Attributable to Common Stockholders2 NOI2 2026 Guidance1 FY 2026 FY 2026 - Per Share FY 2026 Dollars in millions USD, except per Low High Low High Low High share amounts, totals may not sum due to rounding, unaudited Net income attributable to common stockholders $260 $310 $0.52 $
Slide 30: Non-GAAP Financial Measures Reconciliation: Adjusted EBITDA
For the Three Months Ended December 31, 2025 September 30, 2025 Non-GAAP Net income attributable to common stockholders $ 70,202 $ 66,047 Adjustments: Financial Measures Interest expense 154,468 158,124 Reconciliation Loss on extinguishment of debt, net 53 119 Adjusted EBITDA Taxes (including tax am
Slide 31: Net Income to NOI – Trailing 5 Quarters Reconciliation
For the Three Months Ended For the Years Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 2024 2025 Net Income to NOI – Net income attributable to common stockholders $ 56,835 $ 46,868 $ 68,264 $ 66,047 $ 70,202 $ 81,153 $ 251,381 Trailing 5 Quarters Adjustme
Slide 32: Senior Housing Operating Portfolio Same-Store Cash
Trailing 5-Quarter Comparison 4Q24 1Q25 2Q25 3Q25 4Q25 Total revenues $ 896,360 $ 968,904 $ 1,032,714 $ 1,088,546 $ 1,185,999 Adjustments: Revenues not included in cash operating revenues1 (8,932) (7,361) (6,468) (6,414) (5,696) Revenue impact from change in FX 571 3,845 (1,174) (1,942) — Senior Hou
Slide 33: Outpatient Medical and Research Portfolio
Trailing 5-Quarter Comparison 4Q24 1Q25 2Q25 3Q25 4Q25 Total revenues $ 216,950 $ 221,999 $ 221,487 $ 226,881 $ 227,535 Outpatient Medical Adjustments: and Research Straight-lining of rental income (1,014) (2,079) (2,620) (3,564) (2,836) Non-cash rental income (1,818) (1,822) (1,994) (2,594) (2,853)
Slide 34: Fourth Quarter 2025 Same-Store Cash NOI by Segment
For the Three Months Ended December 31, 2025 For the Three Months Ended December 31, 2024 Non-GAAP Financial SHOP OM&R Triple-Net Non-Segment Total SHOP OM&R Triple-Net Non-Segment Total NOI $ 330,852 $ 149,896 $ 129,713 $ 10,283 $ 620,744 $ 234,677 $ 143,332 $ 153,197 $ 6,489 $ 537,695 Measures Rec
Slide 35: Full Year 2025 Same-Store Cash NOI by Segment
For the Year Ended December 31, 2025 For the Year Ended December 31, 2024 Non-GAAP Financial SHOP OM&R Triple-Net Non-Segment Total SHOP OM&R Triple-Net Non-Segment Total NOI $ 1,184,064 $ 590,169 $ 588,073 $ 30,748 $ 2,393,054 $ 866,383 $ 579,271 $ 606,225 $ 17,204 $ 2,069,083 Measures Reconciliati