Pacs Group, Inc. · NYSE:PACS
Pacs — Q1 2026 Earnings Presentation
31 slides from Pacs's earnings presentation, May 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 2026 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward- looking statements contained in Section 27A of the Securitie
Slide 3: Healthcare Elevated
Healthcare Elevated PACS is elevating healthcare in the post-acute care space by delivering on our mission and values to create real change. By striving for the best while staying true to who we are, we're forging a bright future for post-acute care delivery and support across the nation. MISSION To
Slide 4: Financial Snapshot and Business Updates
Financial Snapshot and Business Updates Financial Snapshot as of 3/31/2026 Updates for the Quarter Ending 3/31/2026 Last Twelve Months Revenue • Q1 Performance $5.43B ◦ ~11% YoY increase in Revenue ◦ ~75% YoY increase Adj. EBITDA Last Twelve Months Adj. EBITDA • Continued execution against disciplin
Slide 5: 2026 Guidance
2026 Guidance(1) $5.65B to $5.75B $605M to $625M Annual Revenue Adj. EBITDA(2) ~8% over 2025 ~22% over 2025 Revenue Growth to Midpoint Adj. EBITDA Growth to Midpoint(2) (1) Revised 2026 Guidance excludes contributions from future acquisitions, whereas prior guidance assumed a nominal level of M&A ac
Slide 6: Our Story
Our Story Locally-Led, Strategic Scale Leading Post- Founded in 2013 Centrally-Supported and Density (1) Acute Company Model Facility administrators Founded by Jason The company operates and local leadership Owner and operator of Murray and Mark 323 facilities across 17 teams who best post-acute fac
Slide 7: PACS at a Glance
PACS at a Glance (1) 323 Facilities(2) 20 31,900+ 1 Patients 21 ~48,000 7 12 8 24 Employees 19 140 10 2 5 12 7 94.8% 27 Occupancy Rate for Mature Facilities 5 33.0% 3 Avg. Skilled Mix for Mature Facilities 4.4 Avg. CMS QM Star Rating for Mature Facilities (1) Metrics presented as of 3/31/2026; map d
Slide 8: PACS Growth Over Time
PACS Growth Over Time Poised to Continue Leading Industry Consolidation Significant Potential for Consolidation 89% 314 321 323 Other Operators Number of Facilities Operated by PACS Cumulative Facility Count ~15,000 SNF Facilities in 208 the US 150 Founded in Southern 138 314 California with 2 Acqui
Slide 9: PACS Flywheel: Focus on Continuous Improvement of Best Practices
PACS Flywheel: Focus on Continuous Improvement of Best Practices Drives Patient Mix and Occupancy Financial improvements Implement Local & Superior Leadership Model Unit Economics Drive Better Higher Revenue PPD Flywheel effect drives Patient Care improved clinical outcomes, superior financial resul
Slide 10: Post-Acute Continuum of Care
Post-Acute Continuum of Care Among Institutional Care Settings, Skilled Nursing Facilities are the Lowest-Cost Option Higher Acuity, Higher Cost Lower Acuity, Lower Cost Short-Term Acute Long-Term Acute Inpatient Transitional Care & Assisted Living / Home Health / Care Hospital Care Hospital Rehabil
Slide 11: Our Focus on Quality Drives Consistent and Differentiated Results
Our Focus on Quality Drives Consistent and Differentiated Results PACS Has a Proven Track Record in Improving Facility CMS Quality Measure Star Rating to 4 or 5 Stars (1)(2) 78.4% facilities Discrete Levers with 4 or 5 Stars 4.5x increase in 4- Aimed at Improving Quality and 5- Star facilities 279 2
Slide 12: Our Model: Locally-Led, Centrally-Supported
Our Model: Locally-Led, Centrally-Supported Post Acute Services Our Regional Teams Facility administrator (“Local CEO”) P Each region has a PACS Services Regional Vice President Interdisciplinary Team (“IDT”) (“RVP”) and cross-functional support team Medical directors Clinicians • Clinical support p
Slide 13: We Attract, Train and Retain Highly Capable Clinicians, Administrators and Leadership
We Attract, Train and Retain Highly Capable Clinicians, Administrators and Leadership Our Leaders Are Highly Motivated and Entrepreneurial Our Aligned Incentive Structure is Attractive & Empowering Administrators(1) Clinicians(2) • Receive mentorship through an • Training & tuition support for Admin
Slide 14: PACS Services
PACS Services PACS Services provides the controls and guidelines that support administrative functions, allowing local teams to confidently deliver high-quality, compliant care 14
Slide 15: Maturing Cohorts of SNFs
Maturing Cohorts of SNFs Facilities & Bed Count (1) 32,016 32,854 32,757 • 12% improvement in Occupancy from New to 291 290 Mature (2) 287 22,950 78 44 • 7% improvement in Skilled 203 102 74 Mix from New to Mature (2) 64 62 48 • Revenue PPD increase by 21% on average as 76 149 172 buildings move fro
Slide 16: We Strategically Own and Acquire Real Estate
We Strategically Own and Acquire Real Estate Roadmap to Unlock Value Through Operational and Financial Improvements Improve local leadership, Acquire underperforming quality, and operational “Unlock” value and long-term custodial care performance Focus on improvements trapped equity by facilities ac
Slide 17: Annual Historical Performance
Annual Historical Performance Three months ended March 31, 2026 Total Revenue ($ in millions) Adjusted EBITDA ($ in millions) (1) $5,289 $505.0 % : 46 48 % R R: CAG AG – ’25 $4,090 2 5 C ’21 –’ ’21 $3,111 $279.5 $255.5 $2,422 $237.5 $170.4 $1,420 $1,167 $104.1 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Slide 18: Q1 Historical Performance
Q1 Historical Performance Three months ended March 31, 2026 Total Revenue ($ in millions) Adjusted EBITDA ($ in millions) (1) % R: 26 $1,420 G 7% $170.4 6 CA $1,277 R: 3 – ’ 2 AG ’23 C – ’26 ’23 $920 $97.6 $708 $74.1 $66.1 Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2023 Q1 2024 Q1 2025 Q1 2026 (1) See recon
Slide 19: Quarterly Performance by Cohort
Quarterly Performance by Cohort (1)(2) Three months ended March 31, 2026 Occupancy Average Daily Revenue Rate $487 $533 94.8% $440 88.9% 82.7% New Ramping Mature New Ramping Mature Skilled Mix by Revenue Skilled Mix by Nursing Patient Days 55.5% 33.0% 46.7% 26.5% 27.8% 38.7% New Ramping Mature New R
Slide 20: Same Store Historical Performance
Same Store Historical Performance (1)(2) Three months ended March 31, 2026 Occupancy Average Daily Revenue Rate $484 $504 89.6% 90.9% 2025 2026 2025 2026 Skilled Mix by Revenue Skilled Mix by Nursing Patient Days 50.2% 50.4% 29.7% 30.2% 2025 2026 2025 2026 (1) SNF facilities and beds only, excludes
Slide 21: Executive Team
Executive Team Jason Murray, Chairman and Chief Executive Officer Carey Hendrickson, Chief Financial Officer ◦ 10+ years at PACS ◦ Nearly 40 years of experience as a finance professional ◦ 20+ years of experience as a healthcare executive ◦ Seasoned public healthcare company CFO ◦ Nursing home admin
Slide 22: Appendix
Appendix 22
Slide 23: Income Statement
Income Statement Three Months Ended March 31, ($ in millions except for share and per share values) 2026 2025 Revenue Patient and resident service revenue $ 1,420.0 $ 1,277.0 Other revenues 0.5 0.2 Total Revenue $ 1,420.5 $ 1,277.2 Operating Expenses Cost of services 1,074.5 1,023.8 Rent - cost of s
Slide 24: Balance Sheet
Balance Sheet March 31, December 31, ($ in millions) 2026 2025 ASSETS Cash and cash equivalents $ 248.0 $ 197.0 Accounts receivable, net 648.0 628.1 Other receivables 85.2 74.0 Prepaid expenses and other current assets 86.9 170.6 Total current assets 1,068.1 1,069.7 Property and equipment, net 1,308
Slide 25: Summary of Cash Flow
Summary of Cash Flow Three Months Ended March 31, ($ in millions) 2026 2025 Net cash provided by/(used in): Operating activities $ 236.3 $ 150.3 Investing activities (127.0) (16.4) Financing activities (67.7) (4.1) Net change in cash $ 41.6 $ 129.8 Cash, cash equivalents, and restricted cash - begin
Slide 26: Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR
Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR Three Months Ended March 31, ($ in millions) 2026 2025 Net income $ 80.7 $ 28.4 Less: Net loss attributable to noncontrolling interest 0.0 (0.1) Add: Interest expense 6.4 6.9 Provision for income taxes 33.1 14.4 Depreciation and am
Slide 27: Quarterly Reconciliation of Net Income to Adjusted EBITDA
Quarterly Reconciliation of Net Income to Adjusted EBITDA Year Ended December 31, ($ in millions) 2025 2024 2023 2022 2021 Net income $ 191.5 $ 55.4 $ 112.9 $ 150.5 $ 47.9 Less: Net (loss) income attributable to noncontrolling interest (0.1) (0.4) 0.0 — — Add: Interest expense 28.3 44.3 49.9 25.5 5.
Slide 28: Quarterly Reconciliation of Net Income to Adjusted EBITDA
Quarterly Reconciliation of Net Income to Adjusted EBITDA Three Months Ended March 31, ($ in millions) 2026 2025 2024 2023 Net income $ 80.7 $ 28.4 $ 34.8 $ 37.6 Less: Net (loss) income attributable to noncontrolling interest 0.0 (0.1) 0.0 0.0 Add: Interest expense 6.4 6.9 16.1 10.7 Provision for in
Slide 29: Quarterly Reconciliation of Net Income to Adjusted EBITDA and LTM Adjusted EBITDA
Quarterly Reconciliation of Net Income to Adjusted EBITDA and LTM Adjusted EBITDA Three Months Ended March 31, December September June 30, LTM ($ in millions) 2026 31, 2025 30, 2025 2025 Net income $ 80.7 $ 59.8 $ 52.3 $ 51.0 $ 243.8 Less: Net loss attributable to noncontrolling interest 0.0 0.1 (0.
Slide 30: Reconciliation of GAAP Metrics to Net Leverage Ratio
Reconciliation of GAAP Metrics to Net Leverage Ratio March 31, ($ in millions) 2026 Add: Current maturities of long-term debt $ 8.4 Line of credit 45.0 Long-term debt, less current maturities, net of deferred financing fees 239.8 Less: Cash and cash equivalents 248.0 Net Debt $ 45.2 Divided by: LTM
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