Pacs Group, Inc. · NYSE:PACS
Pacs — Q3 2026 Earnings Presentation
37 slides from Pacs's earnings presentation, November 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation November 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 9/30/2026 Updates for the Quarter Ending 9/30/2026 Last Twelve Months Revenue • Q3 Performance $5.71B ◦ 11.5% YoY increase in Revenue ◦ 33.6% YoY increase in Adj. EBITDA Last Twelve Months Adj. EBITDA • Continued execution against disc
Slide 5: 2026 Guidance
2026 Guidance(1) $5.95B to $6.05B $685M to $695M Annual Revenue Adj. EBITDA(2) ~13% over 2025 ~37% over 2025 Revenue Growth to Midpoint Adj. EBITDA Growth to Midpoint(2) (1) Revised 2026 Guidance includes the expected contribution from the 32 Florida facilities acquired on October 1 and the 11 Texas
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 355 facilities across 20 teams who best post-acute fac
Slide 7: PACS at a Glance
PACS at a Glance (1) 355 Facilities(2) 20 34,700+ 7 1 Patients 21 ~50,000 7 3 12 8 24 Employees 19 140 10 1 2 5 12 7 93.1% 27 Occupancy Rate for Mature Facilities 25 31.3% Avg. Skilled Mix for Mature Facilities 4 4.5 Avg. CMS QM Star Rating for Mature Facilities (1) Metrics presented as of 9/30/2026
Slide 8: PACS Growth Over Time
PACS Growth Over Time Poised to Continue Leading Industry Consolidation Significant Potential for Consolidation 355 88% 314 321 Other Operators Number of Facilities Operated by PACS Cumulative Facility Count(2) ~15,000 SNF Facilities in 208 the US 150 Founded in Southern 138 314 California with 2 Ac
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) 78.9% facilities Discrete Levers with 4 or 5 Stars 5.1x increase in 4- Aimed at Improving Quality and 5- Star facilities 317 1
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: Strengthened Compliance Foundation
Strengthened Compliance Foundation A layered approach connects monitoring, risk review, investigation and privacy safeguards 1 2 3 4 Audit & monitoring Risk & reporting Hotline & response Privacy safeguards Standardized clinical Enterprise Risk Clearer issue Dedicated privacy audit playbook, tools M
Slide 16: Embedding Accountability Into PACS Operations
Embedding Accountability Into PACS Operations Compliance expectations reinforced through training, incentives, ownership & follow-through TRAINING INCENTIVES Consistent expectations Consequences tied to compliance Mandatory annual courses, role-specific education Selected compliance metrics now affe
Slide 17: Maturing Cohorts of SNFs
Maturing Cohorts of SNFs Facilities & Bed Count (1) 35,933 • Mature facility 32,854 32,016 321 Occupancy is 16.9% 287 291 35 higher than New 22,950 78 90 facilities(2) 102 203 64 62 48 • Mature facility Skilled 76 196 Mix is 10.2% higher 137 149 than New Facilities(2) 65 FY 2023 FY 2024 FY 2025 Q3 2
Slide 18: 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 19: Annual Historical Performance
Annual Historical Performance Nine months ended September 30, 2026 Total Revenue ($ in millions) Adjusted EBITDA ($ in millions) (1)(2) $5,289 $505.0 $512.8 % : 46 48 % R : CAG $4,347 GR ’25 $4,090 5 CA Q3: – ’2 ’21 Q3: ’21– $175.7 $1,499 $3,111 $279.5 $255.5 $2,422 $237.5 Q2: Q2: $166.8 $1,428 $1,1
Slide 20: Q3 Historical Performance
Q3 Historical Performance Three months ended September 30, 2026 Total Revenue ($ in millions) Adjusted EBITDA ($ in millions) (1) 24% $1,499 R: CAG % $175.7 6 $1,345 8 – ’2 :5 ’23 AGR 2 6C –’ $1,026 ’23 $131.5 $789 $44.2 $49.1 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Q3 2023 Q3 2024 Q3 2025 Q3 2026 (1) See r
Slide 21: Quarterly Performance by Cohort
Quarterly Performance by Cohort(1)(2) Three months ended September 30, 2026 Occupancy Average Daily Revenue Rate $474 $521 93.1% $370 87.0% 76.2% New Ramping Mature New Ramping Mature Skilled Mix by Revenue Skilled Mix by Nursing Patient Days 53.1% 31.3% 39.5% 39.8% 25.7% 21.1% New Ramping Mature Ne
Slide 22: Same Store Historical Performance
Same Store Historical Performance(1) Three months ended September 30, 2026 Occupancy Average Daily Revenue Rate $486 $506 89.3% 91.3% 2025 2026 2025 2026 Skilled Mix by Revenue Skilled Mix by Nursing Patient Days 48.1% 49.1% 28.3% 29.5% 2025 2026 2025 2026 (1) SNF facilities and beds only, excludes
Slide 23: YTD Performance by Cohort
YTD Performance by Cohort(1)(2) Nine months ended September 30, 2026 Occupancy Average Daily Revenue Rate $482 $527 93.8% $418 87.8% 80.3% New Ramping Mature New Ramping Mature Skilled Mix by Revenue Skilled Mix by Nursing Patient Days 54.1% 32.0% 40.3% 42.6% 25.7% 26.7% New Ramping Mature New Rampi
Slide 24: YTD Same Store Historical Performance
YTD Same Store Historical Performance(1) Nine months ended September 30, 2026 Occupancy Average Daily Revenue Rate $486 $505 89.3% 90.9% 2025 2026 2025 2026 Skilled Mix by Revenue Skilled Mix by Nursing Patient Days 49.3% 49.7% 29.0% 29.8% 2025 2026 2025 2026 (1) SNF facilities and beds only, exclud
Slide 25: Case Study: Florida Acquisition
Case Study: Florida Acquisition Transaction Overview Combined Geographic Footprint • On September 1, 2026, PACS announced definitive agreements to acquire the operations of 32 skilled nursing facilities across Florida, marking its Before(1) entry into a new state • 20 States • The portfolio comprise
Slide 26: Executive Team
Executive Team Jason Murray, Chairman and Chief Executive Officer Carey Hendrickson, Chief Financial Officer ◦ 10+ years at PACS ◦ Nearly 40 years of experience as a finance professional ◦ 20+ years of experience as a healthcare executive ◦ Seasoned public healthcare company CFO ◦ Nursing home admin
Slide 27: Appendix
Appendix 27
Slide 28: Income Statement
Income Statement Three Months Ended September 30, Nine Months Ended September 30, ($ in millions except for share and per share values) 2026 2025 2026 2025 Revenue Patient and resident service revenue $ 1,498.1 $ 1,344.3 $ 4,345.6 $ 3,930.2 Other revenues 0.5 0.3 1.5 0.8 Total Revenue $ 1,498.6 $ 1,
Slide 29: Balance Sheet
Balance Sheet September 30, December 31, ($ in millions) 2026 2025 ASSETS Cash and cash equivalents $ 115.3 $ 197.0 Accounts receivable, net 660.3 628.1 Other receivables 89.8 74.0 Prepaid expenses and other current assets 81.3 170.6 Total current assets 946.7 1,069.7 Property and equipment, net 1,4
Slide 30: Summary of Cash Flow
Summary of Cash Flow Nine Months Ended September 30, ($ in millions) 2026 2025 Net cash provided by/(used in): Operating activities $ 583.1 $ 407.6 Investing activities (538.3) (145.9) Financing activities (148.7) (63.5) Net change in cash $ (103.9) $ 198.2 Cash, cash equivalents, and restricted cas
Slide 31: Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS
Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS Three Months Ended September 30, Nine Months Ended September 30, ($ in millions except for per share values) 2026 2025 2026 2025 Net income $ 60.8 $ 52.3 $ 217.8 $ 131.7 Less: Net loss attributable to noncontrolling interest 0.0 (0
Slide 32: Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR
Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2026 2025 2026 2025 Net income $ 60.8 $ 52.3 $ 217.8 $ 131.7 Less: Net loss attributable to noncontrolling interest 0.0 (0.1) (0.1) (0.1) Net income a
Slide 33: Annual Reconciliation of Net Income to Adjusted EBITDA
Annual 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) — — — Net income attributable to PACS Group, Inc. $ 191
Slide 34: Q3 Historical Reconciliation of Net Income to Adjusted EBITDA
Q3 Historical Reconciliation of Net Income to Adjusted EBITDA Three Months Ended September 30, ($ in millions) 2026 2025 2024 2023 Net income $ 60.8 $ 52.3 $ 16.2 $ 19.9 Less: Net (loss) income attributable to noncontrolling interest 0.0 (0.1) 0.6 0.0 Net income attributable to PACS Group, Inc. $ 60
Slide 35: 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 September June 30, March 31, December LTM ($ in millions) 30, 2026 2026 2026 31, 2025 Net income $ 60.8 $ 76.3 $ 80.7 $ 59.8 $ 277.6 Less: Net loss attributable to noncontrolling interest 0.0 (0.1) 0
Slide 36: Reconciliation of GAAP Metrics to Net Leverage Ratio
Reconciliation of GAAP Metrics to Net Leverage Ratio September 30, ($ in millions) 2026 Add: Current maturities of long-term debt $ 8.0 Line of credit — Long-term debt, less current maturities, net of deferred financing fees 264.4 Less: Cash and cash equivalents 115.3 Net Debt $ 157.1 Divided by: LT
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