Concentra Group Holdings Parent, Inc. · NYSE:CON
Concentra Group Holdings Parent — Investor Presentation (January 2026)
59 slides from Concentra Group Holdings Parent's investor presentation, Jan 28, 2026
Slide 1: Concentra Investor Book January 2026
©2026 Concentra Inc. All rights reserved. Concentra Investor Book January 2026 Improving the health of America’s workforce, one patient at a time
Slide 2: All rights reserved.
©2026 Concentra Inc. All rights reserved.
Slide 3: Forward-Looking Statements
3 Forward-Looking Statements This presentation contains forward-looking statements that express Concentra Group Holdings Parent, Inc.'s ("Concentra," the "Company," "we" or "our") current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future
Slide 4: Table of Contents (by section)
4 1 Company Overview 2 Value Proposition 3 Facilities & People 4 Industry Overview 5 Growth Strategy 6 Spotlight: Onsite Health Clinics 7 Financial Performance 8 Appendix Table of Contents (by section)
Slide 5: Table of Contents (by page number)
5 Table of Contents (by page number) 1 Investor Book 19 Value Proposition 37 Growth Strategy 2 Mission Statement 20 Differentiated Value Proposition 38 Growth Levers 3 Disclaimer 21 Strong Clinical Outcomes and ROI 39 Growth Algorithm 4 Table of Contents (Overview) 22 Operational Excellence & Patien
Slide 6: Company Overview
Concentra’ Company Overview
Slide 7: Concentra At-a-Glance
©2026 Concentra Inc. All rights reserved. Concentra At-a-Glance Concentra is the largest provider of occupational health services in the United States by number of locations1, with a mission of improving the health of America’s workforce, one patient at a time KEY STATISTICS ~13k Total colleagues &
Slide 8: Our Investment Highlights Underpin a Clear Path for Continued Growth and Success
8 Our Investment Highlights Underpin a Clear Path for Continued Growth and Success (1) By Occupational Health Center count, when compared against other pure-play occupational health service providers; (2) Based on number of work-related injuries per the BLS in 2024 (most recently available data); (3
Slide 9: Concentra Has a 45+ Year History of Stable Growth
9 Concentra Has a 45+ Year History of Stable Growth 202120181995 1999 2010 Founded as a single occupational healthcare facility in Amarillo, TX 1979 Acquires (219 Occupational Health Centers) 1997 Acquires Acquires Acquire and Acquires 100% of from and other investors 2015 Completes IPO Merges with
Slide 10: We Have Built an Extensive Footprint Across the U.S.
10 We Have Built an Extensive Footprint Across the U.S. Our broad geographic footprint serves ~200,000 employers and enables us to care for millions of employees 628 Occupational Health Centers 411 Onsite Health Clinics 64% 85% of U.S. employer locations are within ~12 miles of a Concentra occupatio
Slide 11: We Deliver High Quality Service Through Multiple Access Points
11 (1) As of March 31, 2025; (2) TTM as of March 31, 2025, figures are rounded, remaining percentage comprised of other businesses (pharmacy repackaging operations and third-party employer services administration) We Deliver High Quality Service to Employers and Patients Through Multiple Access Poin
Slide 12: One-Stop Shop Service Offering & Full Continuum of Care
12 One-Stop Shop Service Offering & Full Continuum of Care Vision Testing Drug and alcohol screens Select Services Offered Lab services Immunizations Physical examinations Performance evaluations Physical examinations Other tests / screens Drug and alcohol screens (1) As of FY 2025 (remainder of vis
Slide 13: Highly Diverse Business with Strong Underlying Fundamentals
13 (1) Occupational Health Center revenue, TTM as of March 31, 2025; (2) Based on occupational health centers operated by Concentra as of March 31, 2025; (3) Excludes Nova occupational health centers. Percentages represent rounded approximations and may not total 100%. We Have a Highly Diverse Busin
Slide 14: Employers and Ecosystem Partners
14 Employers Top 1,000 employer customers represent ~37% of revenue1,2 98% of top 100 employer customers have been with us for 10+ years1 100% of Fortune 100 companies1 Major ecosystem partners have been with us for 20+ years on average1 Workers’ compensation and employer services ecosystem partners
Slide 15: Demonstrated Track Record of Financial Performance & Steady Growth
15 Demonstrated Track Record of Financial Performance & Steady Growth $1.72 $1.76 $1.78 $1.81 $1.84 $1.85 $1.86 $1.88 $1.90 $1.93 $2.01 $2.09 $2.16 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $334 $339 $346 $355 $361 $364 $365 $368 $377 $38
Slide 16: Stable Cost of Services Over Time
16 Stable Cost of Services Over Time ⚫ Over the past three years, Concentra has experienced stable cost of services, including variable labor costs, as a percentage of our revenues ⚫ Our staffing model does not rely heavily on labor which has seen inflationary pressures (e.g., registered nurses), an
Slide 17: Resilient Performance Through Crises
17 COVID-19 Pandemic Global Financial Crisis (GFC) $75 $1 $94 $90 $88 $92 $276 $253 $390 $334 $361 2007 2008 2009 2010 2019 2020 2021 2022 2023 G F C Resilient performance through the Global Financial Crisis: Nimble adjustments to labor force to match decreased visit volumes Optimized cash flow
Slide 18: Experienced Leadership Team
18 Experienced Leadership Team with ~300 Years of Combined Experience with Concentra MATTHEW DICANIO President & Chief Financial Officer ▪ Joined Concentra in 2015 ▪ 20+ years of experience in management, finance and M&A ▪ Tenure: 11 years WILLIAM KEITH NEWTON Chief Executive Officer ▪ Joined Concen
Slide 19: Value Proposition
Concentra’ Value Proposition
Slide 20: Differentiated Value Proposition
20 We are a Leader Across the Fragmented Occupational Health Landscape due to Our Differentiated Value Proposition Local & Regional Occupational Health-Focused Providers Other Groups (urgent care, hospital/ED, primary care, etc.) Strong Clinical Outcomes and ROI for Employer Customers Multiple, Flex
Slide 21: Strong Clinical Outcomes and ROI for Employers
21(1) These claim studies conducted by Concentra are based on approximately 500,000 closed claims evaluated between 2020 to 2023 for a select number of Concentra customers, including employers and a workers’ compensation insurance carrier; (2) Seen by Concentra in FY 2025 Lower claim costsShorter cl
Slide 22: Operational Excellence & Patient Experience
22 (1) As of FY 2025; (2) Patient Satisfaction represents the percentage of patients rating their visit experience a 9 or 10, on a scale of 1-10 77% 79% 81% 2023 2024 2025 9 or 10 Patient Satisfaction (on a scale of 1-10)2 Based on 3.5 million patients surveyed from 2023-2025 Proprietary Systems and
Slide 23: Technology & Innovation
23 We invest in employer-focused technologies designed to provide a fully digital experience ⚫ Omnichannel communication capabilities to deliver seamless access to information across multiple channels (HUB, web / mobile, voice / chat) ⚫ Data connectivity with leading industry partners to increase ef
Slide 24: Facilities & People
Concentra’ Facilities & People
Slide 25: Occupational Health Centers Designed on a Proven Archetype
25 ~8,000 sq. ft. Average size of center1 ~12 Average FTEs per center1 8–12 Examination rooms per center Procedure Rooms Drug Screen Bays Onsite Specialty Care Pharmacy Digital Whiteboard Key Center Stats Other Features Exam room Lab area Digital x-ray Physical therapy Center Site Criteria ✓ Locatio
Slide 26: We Strategically Staff Our Centers
26 (1) According to the Association for Advancing Physician and Provider Recruitment’s 2023 Benchmarking Report, representing more than 150 organizations and more than 19,000 active searches; (2) As of December 31, 2025 Injury care Physical therapy Physical examinations Other tests / screens Drug an
Slide 27: Supporting Infrastructure
27 ▪ Our foundational verticals and infrastructure support all Concentra facilities and segments, from the location-level to the executive-level ▪ Our experienced leadership, effective interdepartmental teams, and longstanding commitment to innovation and technology are designed to support the deliv
Slide 28: Industry Overview
Concenira’ Industry Overview
Slide 29: Our Industry Has Seen Stable Growth Over Time
29 Our Industry Has Seen Stable Growth Over Time… Stable workplace injury incidence rate (1) U.S. Bureau of Labor Statistics; (2) U.S. Bureau of Labor Statistics, 2024 is most recently available information, excludes illnesses; (3) Represents average Concentra growth in visit-related incremental rev
Slide 30: Driven by Ongoing Workforce Needs and Challenges
30 …Driven by Ongoing Workforce Needs and Challenges (1) Bain & Company; (2) Travelers Reports Increase in Retirement Ages, Turnover and Recovery Times (June 4, 2025); (3) National Council on Compensation Insurance, since 2000; (4) Travelers study, based on indemnity claim data in 2016-2020 accident
Slide 31: Medical Expenses Drive Costs of Work-Related Injuries
31 Medical Expenses Are a Driving Force in Massive Costs of Work-Related Injuries ⚫ Every $1 of medical expense cost can have an impact on nearly $4 of non-medical workers’ compensation claims and indemnity costs ⚫ Concentra not only lowers medical costs for employers, but also expedites employees’
Slide 32: Workers' Compensation 101: Ecosystem Overview
32 Workers’ Compensation 101: Ecosystem Overview The below diagram outlines the complex journey of a workers’ compensation claim and the key stakeholders within the ecosystem Concentra prioritizes omnichannel communication and data connectivity with all stakeholders in the complex workers’ compensat
Slide 33: Workers' Compensation 101: Direction of Care
33 Workers’ Compensation 101: Direction of Care Legislation for direction of care for workers’ compensation varies state by state and can be highly nuanced Employer has more control Shared control Employee has more control Description Employer generally has initial choice of provider for injured wor
Slide 34: Workers' Compensation 101: Reimbursement & Fee Schedules
34 Workers’ Compensation 101: Reimbursement & Fee Schedules Workers’ compensation rules are complex and vary from state to state, creating significant barriers to expansion for local/regional groups Workers’ compensation reimbursement operates under state-specific frameworks State-driven system ▪ Ea
Slide 35: Workers' Compensation 101: Rate Updates & Increases
35 Workers’ Compensation 101: Rate Updates & Increases Workers’ compensation rates are updated regularly in various ways, with many states having automatic annual updates and/or inflationary adjustments Concentra actively engages with state regulators across the U.S. to advocate for fee schedules th
Slide 36: Fragmented Competitive Landscape of Occupational Health Centers
36 Fragmented Competitive Landscape of Occupational Health Centers 628 68 44 25 22 20 11 Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6 2 C e n te r c o u n t ~55% of workplace injuries are treated at urgent care centers, hospital ER’s, primary care practices, outpatie
Slide 37: Growth Strategy
Concentra’ Growth Strategy
Slide 38: Multiple Levers to Continue Accelerating Our Growth
38 Multiple Levers to Continue Accelerating Our Growth (1) Represents average Concentra growth in visit-related incremental revenue from reimbursement rates across workers’ compensation and employer services from 2016-2025 based on Concentra data; (2) Includes acquisitions and de novos; (3) Excludes
Slide 39: Occupational Health Centers: Growth Algorithm
39 Occupational Health Centers: Growth Algorithm Note: Figures reflect Occupational Health Centers operating segment only; 2025 excludes impact from acquisition of Nova Medical Centers Our long-term growth algorithm is underpinned by: stable organic/same-center volume growth + steady flow of semi-or
Slide 40: Occupational Health Centers: Acquisitions & De Novos
40 Occupational Health Centers: Acquisitions & De Novos TX MT CA ID NV AZ OR IL NM CO WY MN SD IA ND UT KS NE WA WI OK MI MO NY PA FL IN AL GA AR LA NC VA TN KY OH MS ME SC MI WV VT NH MA CT NJ MD DE RI AK HI 3 to 15 15 to 100 Total potential clinic opportunities per state Significant geographic exp
Slide 41: Market Case Study: Hampton Roads, Virginia
41 Market Case Study: Hampton Roads, Virginia Leveraging a combination of de novos and attractive M&A to achieve local market scale and density First entered the market by acquiring TaylorMade (including their onsite health clinic and mobile unit); turned their two occupational health centers into n
Slide 42: Sales & Marketing Strategy
42 Sales & Marketing Strategy Relationship-driven and tech-enabled approach to customer capture/retention and revenue optimization Payor Relations Focus on insurance carriers, injury and non-injury TPAs, and other ecosystem partners Enterprise Accounts Corporate-level relationships with large nation
Slide 43: Spotlight: Onsite Health Clinics
Spotlight: Onsite Health Clinics
Slide 44: High Growth, Capital-Light Operating Segment
44 High Growth, Capital-Light Operating Segment Preventive care Injury care Physical therapy Advanced primary care Athletic training services Urgent care Episodic services First aid Medical Oversight Clinician Model Registered Nurse Model Preventive Model Episodic Services Onsite Health Clinic servi
Slide 45: Multi-billion Dollar Industry With Significant Tailwinds
45 Multi-billion Dollar Industry With Significant Tailwinds Source: Mercer, Christensen Group Insurance, Centers for Medicare and Medicaid Services (CMS), National Association of Worksite Health Centers, Dun & Bradstreet (1) Concentra estimate for occupational health and advanced primary care onsite
Slide 46: Multi-Pronged Growth Execution
46 Multi-Pronged Growth Execution $56 $57 $59 $59 $60 $61 $62 $63 $64 $65 $72 $91 $110 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Onsite Health Clinics TTM Revenue ($mm) +25% CAGR Our Onsite Health Clinics operating segment has grown consi
Slide 47: Strong, Rising Position in Competitive Landscape
47 Strong, Rising Position in Competitive Landscape (1) Per company websites and third-party resources 800 700 411 250 160 150 90 75 50 Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6 Competitor 7 Competitor 8 Approximate # of onsite health clinics1 Service Offering: Oc
Slide 48: Financial Performance
Concentra’ Financial Performance
Slide 49: Financial Highlights
49 Financial Highlights Size & Scale ▪ $2.16bn Revenue and $432mm Adjusted EBITDA1 in FY 2025 ▪ 14%-15% YoY growth in Revenue and Adjusted EBITDA in FY 2025 Growth Algorithm ▪ Mid-to-high single digit organic/semi-organic growth o (a) Stable organic/same-center volume growth + (b) steady flow of sem
Slide 50: Consistent Profitability with Continued Improvement
50 Consistent Profitability with Continued Improvement 20%+ Adjusted EBITDA margin1 Robust Free Cash Flow2 Generation >100% Annual FCF conversion2 Prudent Deleveraging Strategy ≤3.0x Targeted net leverage3 by end of 2026 Stable Revenue Growth Mid-to-High Single-digit growth Dividend $0.0625 Quarterl
Slide 51: Free Cash Flow Generation
51 Free Cash Flow Generation Strong Free Cash Flow Generation & ROIC (1) Non-GAAP measure, see appendix for a reconciliation to the most comparable GAAP measure; (2) Free Cash Flow conversion calculated as (Cash Flow from Operations – Cash Flow from Investing Activities excluding Business Combinatio
Slide 52: Leverage and Capital Allocation Strategy
52 Leverage Prudent management of leverage levels, targeting ≤3.0x net leverage by end of 2026 M&A and De Novos Strong pipeline of bolt-on acquisitions and de novos + disciplined approach to enhancing footprint for short- and long- term value creation Capital Expenditures Continued strategic investm
Slide 53: Financial Summary (2023-2025)
53 Financial Summary (2023-2025) ($ in thousands) FY 2023 FY 2024 FY 2025 Revenue $1,838,081 $1,900,192 $2,163,417 YoY Growth 3.4% 13.9% Adjusted EBITDA1 $361,334 $376,856 $431,863 Adjusted EBITDA Margin1 19.7% 19.8% 20.0% YoY Growth 4.3% 14.6% Key Statistics: # of Occupational Health Centers 544 55
Slide 54: Appendix
Concentra’ Appendix
Slide 55: Reconciliation to Adjusted EBITDA (2022-2025)
55 Reconciliation to Adjusted EBITDA (2022-2025) TTM ($ in thousands) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Income from Operations $258,529 $263,667 $272,434 $281,673 $287,632 Depreciation and Amortization 73,667 73,165 72,718 72,896 73,051 Stock Compensation Expense 2,141 1,784 1,248 713 651 Sepa
Slide 56: Reconciliation to COVID-Adjusted EBITDA (2019-2023)
56 Reconciliation to COVID-Adjusted EBITDA (2019-2023) ($ in thousands) FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Income from Operations $176,606 $162,515 $305,264 $258,529 $287,632 Depreciation and Amortization $96,807 $87,865 $82,210 73,667 73,051 Stock Compensation Expense $3,069 $2,512 $2,142 2,14
Slide 57: Reconciliation to Adjusted EBITDA (2007-2010)
57 Reconciliation to Adjusted EBITDA (2007-2010) Note: May not foot due to rounding. For periods when Concentra was under prior ownership, the most directly comparable GAAP measure that is available is income from operations. ($ in millions) 2007 2008 2009 2010 Income from Operations $41.9 $55.9 $59
Slide 58: Reconciliation to Free Cash Flow
58 Reconciliation to Free Cash Flow Note: May not foot due to rounding ($ in millions) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021-FY 2025 Net Cash Provided by Operating Activities $291 $274 $234 $275 $279 $1,353 Net Cash Used in Investing Activities $(62) $(58) $(75) $(71) $(415) $(681) Busines
Slide 59: Reconciliation to Return on Invested Capital (ROIC)
59 Reconciliation to Return on Invested Capital (ROIC) Note: May not foot due to rounding; (1) Assumes the weighted average effective tax rate between 2023 and 2025 (24.1%) as the effective tax rate in each period shown; (2) ROIC calculated as (i) Net Operating Profit After Tax ("NOPAT") divided by
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