The Joint Corp. · NASDAQ:JYNT
The Joint — Q4 2025 Earnings Presentation
40 slides from The Joint's earnings presentation, Mar 12, 2026
Slide 1: Investor Presentation
Investor Presentation As of December 31, 2025, reported March 12, 2026 NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 1 ‹#›
Slide 2: Safe Harbor Statements
Safe Harbor Statements This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of industry trends, our future financial and operating performance and our
Slide 3: Our Mission and Vision
OUR MISSION OUR VISION is to improve quality of life is to build America’s most through routine accessible health and affordable chiropractic care. and wellness services company. NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 3
Slide 4: Reasons to Join: Reasons to Invest
Reasons to Join: Reasons to Invest Leading Chiropractic Care Franchise Concept New Large & Growing Market Strategic Attractive Asset-light Model Plan to Strong Recurring Revenue Strengthen Category Leader & Creator Core and Reignite Growth NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. |
Slide 5: Quality, convenient, affordable chiropractic care in a retail setting
Quality, convenient, affordable chiropractic care in a retail setting Serving patients seeking pain relief and ongoing health and wellness Proven membership-based, walk-in, no-insurance model in an open bay setting NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 5
Slide 6: Strong Operational KPIs
Strong Operational KPIs 14.4M 1.7M 797K 41% 85% adjustments unique patients new patients of new patients were system-wide gross in 2025 treated in 2025 in 2025 new to chiropractic sales from monthly in 20251 memberships in 2025 1 Estimated, based on new patient intake surveys. NASDAQ: JYNT | © 2026
Slide 7: Substantial Market Growth Opportunity
Substantial Market Growth Opportunity The Joint has ~5% of the Out-of-Pocket Share Annual Spending on Chiropractic Care 1 Annual Out-of-Pocket Spending $41.6%2 – 48.7%1 of Total $22.0B $9.2B to $10.7B The Joint ~5% $532.4M System-Wide Sales3 Insurance + Out-of- Other Pocket ~95% Independent & Chain
Slide 8: Only 3.4% of Franchise Concepts Have 900+ Units
Only 3.4% of Franchise Concepts Have 900+ Units Percentage of Franchise Brands by # of Units 900+ Units 3.4% 301-900 Units 5.6% 101-300 Units 12.7% 0-50 Units 51-100 Units 68.1% 10.2% Source: FRANdata NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 8
Slide 9: Top Franchise Recognition... Several Years Running
Top Franchise Recognition... Several Years Running #1 Chiropractic #37 of the Services Category Top 500 #139 in 2025 of the Top 400, up from #150 in 2024. One of the 6th year breaking top 200 Top 50 Franchises NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 9
Slide 10: Growing Market Opportunity
Growing Market Opportunity Mid-term Market ~1950 Potential Clinics In the U.S. The Joint Patient Base with usable addresses • All 50 States, DC and Puerto Rico • All Canadian Provinces and Territories • 74 Countries on 6 Continents Similar Points of Distribution • Analyze demographics and psychograp
Slide 11: The Joint: First Mover Advantage
The Joint: First Mover Advantage Clinic Count Companies Insurance Private Pay 12/31/25 The Joint Corp. 1 960 ✔ ️ Airrosti 154 ✔ ️ ✔ ️ HealthSource Chiropractic 143 ✔ ️ ChiroOne 109 ✔ ️ 100% Chiropractic 61 ✔ ️ ✔ ️ Curis Functional Health (Previously The BackSpace) 39 ✔ ️ ✔ ️ NuSpine 24 ✔ ️ AlignLife
Slide 12: Clinic Portfolio
Clinic Portfolio Total Clinics Open at year-end 967 9601 935 125 75 Franchised Company-owned or managed 838 135 126 706 96 579 513 64 442 60 399 842 885 370 48 800 47 312 61 712 246 47 610 4 515 453 352 394 265 309 242 175 82 12 26 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 13: Growing National Footprint
Growing National Footprint 960 Locations 885 Franchised Clinics 75 Corporate Clinics As of 12/31/25 NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 13
Slide 14: Multi-year, Phased Approach
Multi-year, Phased Approach 2.0 3.0 Strengthen Core Capture New Revenue & Become through Additional Pure Play Franchisor Channels & Markets NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 14
Slide 15: Strengthen Clinic Economics
Excel in Patient Build People Strengthen Experience Capability & Culture Clinic Economics OUR PATIENTS Turbo Charge Sales & Reignite Innovate & & Profits Growth Broaden Relevance Rapidly Grow Clinic Network NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 15 NASDAQ: JYNT | © 2026 The Joi
Slide 16: Refranchising Company-Owned Clinics
Refranchising Company-Owned Clinics • Signed Asset Purchase Agreement for the sale of 22 corporate-owned or managed clinics in Q4 2025 • Letter of Intent for sale of five additional corporate-owned or managed clinics in Q1 2026 • 48 remaining corporate-owned clinics (~5% of total portfolio) • All bu
Slide 17: Driving Stronger New Patient Acquisition
Driving Stronger New Patient Acquisition Shift from broad wellness-focused communications to a message centered on chiropractic care for pain relief • Increased National Marketing • High-impact media program began in November 2025 • Driving improved awareness and generating new leads • Improved webs
Slide 18: Sales Driving Initiatives
Sales Driving Initiatives • Continuing to test enhanced pricing structure in approximately 300 clinics • Comp sales trends expected to improve during the course of 2026 • Evaluating additional offerings to more closely match evolving patient needs, with the goal of improving retention rates NASDAQ:
Slide 19: Elevating The Patient Experience
Elevating The Patient Experience • Launched mobile app in July 2025 • Continuing to introduce new feature updates • 23,000+ patients shared app feedback • Average rating of 4.9 / 5.0 • 75% of patients waited less than 5 minutes to see a doctor • Average user “Intent to Recommend” of 9.7 / 10.0 • Ind
Slide 20: Robust Clinic Economics
~$250k - $275k initial build-out Robust Clinic Economics System-wide Sales & Potential Chart includes: 4-Wall Clinic Contribution1 $571 • 2% of gross sales for the National (5 yr. avg., $ in 000s) $535 $530 Marketing Fund $482 $498 • Local marketing expenses, wages, $455 rent and G&A expenses $415 $
Slide 21: Operating Metrics
Operating Metrics • $3.6M Q4 2025 consolidated Adjusted EBITDA +7.8% vs Q4 2024 • $140M Q4 2025 system-wide sales1 (3.9)% vs Q4 2024 • (3.8)% Q4 2025 comp sales 2 vs Q4 2024 1 System-wide sales include revenues at all clinics, whether operated or managed by the company or by franchisees. While franc
Slide 22: 2026 Guidance Metrics
2026 Guidance Metrics 2026 Guidance 2025 Low High Actual System-wide Sales 1 ($ in Millions) $519 $552 $532.4 Comp Sales 2 (%) (3)% 3% (0.4)% Consolidated Adjusted EBITDA ($ in Millions) $12.5 $13.5 $13.0 New Franchised Clinic Openings (#) 30 35 29 1 System-wide sales include revenues at all clinics
Slide 23: Establishing a Foundation for Sustainable Growth
Establishing a Foundation for Sustainable Growth ✓ Improving financial position of franchisees and stockholders ✓ On track to become a pure-play franchisor ✓ Creating operating leverage ✓ Commitment to responsible capital allocation ✓ Prioritizing growth through testing new channels, B2B, and enteri
Slide 24: Post-Refranchising Model
Post-Refranchising Model Revenue Growth Clinic Sales System Wide Sales Comp Growth New Clinic Growth Revenue Royalty Marketing Technology Franchise ~11.0% of Sales Stream Fees Fees Fees 7.0% 2.0% 1.5% 0.5% NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 24
Slide 25: Driving Higher Profitability
Driving Higher Profitability Post-Refranchising Run Rate (est. mid-2026) Enhanced Profitability Royalties & Fees Adj. EBITDA Margin Mid-2026 ~10% - 12% of System Sales 2024 2025 expected run rate Gross Margin 9% 12% ~19% - 21% ~83% - 85% of Revenue G&A Expense Net Income ~40% - 42% of Revenue Mid-20
Slide 26: Capital Allocation Priorities
Capital Allocation Priorities Investing In Growth Buy Back RD Share Initiatives Territories Repurchases NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 26
Slide 27: Appendix
Appendix NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 27
Slide 28: Leading Market Growth
Leading Market Growth The Joint 13-yr. CAGR 38% 1 vs. Industry 5-yr. CAGR 5.1% 2 System-wide Sales ($ in M) People will continue to $530.3 $532.4 $488.0 seek more noninvasive, $435.3 holistic ways to manage their pain. $361.1 $260.0 We’ll be there to $220.3 treat them. $126.9 $165.1 $98.6 $70.1 $46.
Slide 29: Strengthening Balance Sheet
Strengthening Balance Sheet $ in Millions 12/31/25 12/31/24 Unrestricted cash $23.6 $25.1 Restricted cash $0.7 $0.9 Borrowings on $20 Million JP Morgan Chase LOC $0.0 $0.0 Stock repurchase plan • Repurchased 1.1M shares for $9.0M during the fourth quarter • Repurchased 1.3M shares for $11.3M during
Slide 30: Three Months Ended December 31, 2025
Three Months Ended December 31, 2025 3 months ended 3 months ended $ in Millions 1 Difference 12/31/25 12/31/24 Revenue $15.2 $14.7 +$0.5 Cost of revenues $2.8 $3.2 ($0.4) Selling and marketing $3.5 $2.8 +$0.7 Depreciation and amortization $0.4 $0.4 +$0.0 G&A $7.7 $7.5 +$0.2 Net income (loss) from c
Slide 31: Year-Ended December 31, 2025
Year-Ended December 31, 2025 12 months ended 12 months ended $ in Millions 1 Difference 12/31/25 12/31/24 Revenue $54.9 $52.2 +$2.7 Cost of revenues $11.2 $11.5 ($0.3) Selling and marketing $13.3 $11.0 +$2.3 Depreciation and amortization $1.6 $1.4 +$0.2 G&A $29.6 $30.1 ($0.5) Net income (loss) from
Slide 32: Board of Directors
Board of Directors Matthew E. Rubel Ronald V. DaVella, CPA Suzanne M. Decker Christopher M. Grandpre Jeff Gramm Abe Hong Sandi Karrmann Sanjiv Razdan Lead Director, 2017 Director, 2014 Director, 2017 Director, 2025 Director, 2024 Director, 2018 Director, 2025 Director, 2024 • Executive Chair KidKraf
Slide 33: Executive Team
Executive Team Sanjiv Razdan Scott Bowman Debbie Gonzalez Charles Nelles Beth Gross Craig Sherwood Andra Terrell Ron Stilwell Dr. Steve Knauf SVP, SVP, Operations & VP of Chiropractic CEO, Pres. & Dir. CFO CMO CTO SVP, HR SVP, Legal Development Patient Experience & Compliance • The Coffee Bean & • L
Slide 34: Revolutionizing Access to Chiropractic Care
Revolutionizing Access to Chiropractic Care Features Industry Problems The Joint’s Solutions Affordability (per appointment) $76 Average1 $37 Average for 2025 Convenient Locations Medical Centers / Offices Retail Locations Multiple Locations Limited Locations 960 Clinics2 Walk-in / No Appointment Ap
Slide 35: Patient Demographics
Patient The Joint1 Demographics Median Age 40 years Generation Mix Gen Z 19% Millennial 41% Gen X 28% Baby Boomer 12% Gender Female 48% 1 Patients who visited The Joint Chiropractic in 2024. NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 35
Slide 36: Transformative Opportunity for Chiropractors
Transformative Opportunity for Chiropractors Industry The Joint Annual Salary Median $76,5301 Starting $85,0002 • Appointments required • No appointments necessary Accessibility • Medical centers & offices • Clustered, high-visibility retail locations • Traditional office hours • Open evenings + wee
Slide 37: Performance Metrics and Non-GAAP Measures
Performance Metrics and Non-GAAP Measures This presentation includes commonly discussed performance metrics. System-wide sales include revenues at all clinics, whether operated by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes t
Slide 38: GAAP – Non-GAAP Reconciliation
GAAP – Non-GAAP Reconciliation Quarterly Three Months Ended December 31, 2025 2024 from from from from Continuing Discontinued Net Continuing Discontinued Net Operations Operations Operations Operations Operations Operations Non-GAAP Financial Data: Net income (loss) $ 937,129 $ 53,968 $ 991,097 $ 9
Slide 39: GAAP – Non-GAAP Reconciliation
GAAP – Non-GAAP Reconciliation Annual Year Ended December 31, 2025 2024 from from from from Continuing Discontinued Net Continuing Discontinued Net Operations Operations Operations Operations Operations Operations Non-GAAP Financial Data: Net (loss) income $ (268,157) $ 3,175,422 $ 2,907,265 $ (1,61
Slide 40: Sanjiv Razdan, President & CEO
Sanjiv Razdan, President & CEO sanjiv.razdan@thejoint.com The Joint Corp. https://www.facebook.com/thejointchiro 16767 N. Perimeter Dr., Suite 110, Scottsdale, AZ 85260 | (480) 245-5960 @thejointchiro Scott Bowman, CFO scott.bowman@thejoint.com https://twitter.com/thejointchiro The Joint Corp. @thej