Carriage Services, Inc. · NYSE:CSV
Carriage Services — Q4 2025 Earnings Presentation
11 slides from Carriage Services's earnings presentation, February 2026
Slide 1: Investor Presentation
FEBRUARY 2026 Investor Presentation A L L R I G H T S R E S E R V E D
Slide 2: Notice to Investors
Notice to Investors Certain statements made herein or else whereby, or on behalf of, the Company that are not historical facts are intended to be forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
Slide 3: Our Long-Term Strategic Framework
Our Long-Term Strategic Framework 1 3 2 Disciplined Capital Allocation Purposeful Growth Relentless Improvement • 3.5x - 4.0x long-term • Evolution of legacy leverage target range • 10 - 20% targeted CAGR in systems with Trinity • Targeted 15 - 20% Return preneed sales, enabling a • Newly formed on
Slide 4: CSV Q4 2025 Execution Highlights
CSV Q4 2025 Execution Highlights Funeral Cemetery Other ▪ 2.6% growth in average per ▪ 25.5% growth in Q4 2025 vs. contract (1) Q4 2025 vs. Q4 Q4 2024 cemetery preneed ▪ Project Trinity underway with 2024 sales driven by strong sales testing of contract and tracking production and delivery functiona
Slide 5: Q4 2025 At A Glance
Q4 2025 At A Glance Q4 2025 Company Overview Q4 Financial Highlights YTD Q4 YTD Q4 $ in mm, unless per share amounts 2025 2024 • Ticker: CSV (NYSE) Total Revenue $417.4 $404.2 • Market cap: ~$696 mm(1) NYSE listed • One of two publicly traded funeral and cemetery Total Field EBITDA $187.0 $180.7 ser
Slide 6: Cash Flow YTD Q4 2025 Overview
Cash Flow YTD Q4 2025 Overview $ in 000s $44,483 $93,034 Cash flow returned to shareholders ($32,341) ($59,026) ($20,628) ($10,300) $1,165 ($7,025) $1,688 ($7,674) YE 2024 Cash Operating Cash Flow Working Capital Proceeds from Acquisitions Capital Expeditures Net Movement in Dividends Other (1) YE 2
Slide 7: Long-Term Growth Profile
Long-Term Growth Profile Total Revenue & Adjusted Consolidated EBITDA Margin Adjusted Diluted EPS $ in millions $42 0 $41 5 $404 $417 $3.20 $41 0 $383 $40 5 $376 $40 0 $370 $39 5 39% $3.02 $39 0 $38 5 $38 0 $37 5 $37 0 $36 5 $36 0 $329 $35 5 $35 0 $2.65 $34 5 $2.61 $34 0 $33 5 $33 0 $32 5 $32 0 $31
Slide 8: Appendix
Appendix A L L R I G H T S R E S E R V E D D E P A R T M E N T 8
Slide 9: Appendix: 2026 Outlook
Appendix: 2026 Outlook Full Year 2026 Outlook $ in mm, unless per share amounts 2026 Outlook(1) Total Revenue $440 - $450 Adjusted Consolidated EBITDA(2) $135 - $140 Adjusted Diluted EPS(2) $3.35 - $3.55 Adjusted Free Cash Flow(2)(3) $40 - $50 Capital Expenditures $25 - $30 (1) Includes the expected
Slide 10: Appendix: Reconciliation of Non-GAAP measures
Appendix: Reconciliation of Non-GAAP measures(1) Operating Income to Adjusted Consolidated EBITDA Cash Provided by Operating Activities to Adjusted and Adjusted Consolidated EBITDA Margin Free Cash Flow $ in thousands $ in thousands YTD Q4 2025 YTD Q4 2024 YTD Q4 2025 YTD Q4 2024 Operating income $
Slide 11: Appendix: Reconciliation of Non-GAAP measures
Appendix: Reconciliation of Non-GAAP measures(1) Operating Income to Adjusted Consolidated EBITDA and Adjusted Consolidated EBITDA Margin(2) $ in thousands 2015 2016 2017 2018 2019 2019 2021 2022 2023 2024 2025 Operating income $ 48,648 $ 50,204 $ 48,941 $ 43,307 $ 47,443 $ 47,443 $ 93,660 $ 79,726