Slide 1: 4th Quarter 2025 Earnings Presentation
4th Quarter 2025 Earnings Presentation March 3, 2026
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements Statements contained in this presentation, other than statements of historical fact, are forward-looking statements. These statements can be identified by the use of words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “continues,”
Slide 3: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights 170k+ Consolidated Surgical Cases (2.1)% Y/Y Growth 1.3% Same-Facility Growth 170k+ $885m $885M Net Revenue Surgical Cases Net Revenue 2.4% Y/Y Growth 3.5% Same-Facility Growth 15% Total Joint Growth YoY 88k+ Musculoskeletal1 procedures Same-Facility $157m Adjusted 3.5
Slide 4: Full Year 2025 Highlights
Full Year 2025 Highlights ~670k Consolidated Surgical Cases 2.0% Y/Y Growth 3.4% Same-Facility Growth $3.3B+ Net Revenue 6.2% Y/Y Growth ~670k $3.3B+ 4.9% Same-Facility Growth Surgical Cases Net Revenue 19% Total Joint Growth YoY 270k+ Musculoskeletal1 procedures Same-Facility 74 Surgical Robots in
Slide 5: 2026 Financial Outlook
2026 Financial Outlook Revenue $3.35b+ Adjusted EBITDA $530m+ Organic Adjusted EBITDA Growth 4.2%+ Same-Facility Revenue Growth 3.0%+ First Quarter 2026 Revenue First Quarter 2026 Adjusted EBITDA ~23.5% of 2026 Revenue guidance ~19% of 2026 Adjusted EBITDA guidance Pa ge 5 | S UR GER Y PARTN ER S
Slide 6: 2026 Adjusted EBITDA Outlook Bridge from 2025
2026 Adjusted EBITDA Outlook Bridge from 2025 $ in millions 2025 Adjusted EBITDA $526 Annualize 2025 Acquisitions & Divestitures 9 Funding Annual Cash Incentive at Target (15) 2025 Normalized Performance $520 Provider Tax & Medicaid Pressures (8) Incremental Tariff Pressures (4) Organic Growth 22+ 2
Slide 7: Supplemental Non-GAAP Reconciliations
Supplemental Non-GAAP Reconciliations
Slide 8: Supplemental Non-GAAP Disclosures
Supplemental Non-GAAP Disclosures Three Months Year Ended Ended December 31, December 31, 2025 2025 Income before income taxes 42.6 116.9 Plus (minus): Net income attributable to non-controlling interests (44.0) (176.8) Interest expense, net 67.6 272.6 Depreciation and amortization 59.9 176.0 Equity