Enhabit, Inc. · NYSE:EHAB
Enhabit — Q3 2025 Earnings Presentation
34 slides from Enhabit's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter Earnings Call Supplemental Information
Third Quarter Earnings Call Supplemental Information November 5, 2025
Slide 2: Disclaimer: Forward looking statements
Enhabit Home Health & Hospice 2 Disclaimer Forward looking statements This presentation contains historical information, as well as 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 1934, as amen
Slide 3: Contents
Contents Overview 2025 Priorities for Success Quarterly Results at a Glance Consolidated Results Clinical Expertise and High-Quality Outcomes Home Health Segment KPI Performance Hospice Segment KPI Performance Balance Sheet Guidance Appendix A: Supplemental Financial and Operational metrics Appendix
Slide 4: Overview
Enhabit Home Health & Hospice 4 Overview 109 Hospice locations co-located with Home Health locations(1) Home Health Locations Hospice Locations Home Health & Hospice State Home Health Only State (1) As of September 30, 2025 - due to scale, not all locations can be represented by locational markers 1
Slide 5: 2025 Priorities for Success
Enhabit Home Health & Hospice 5 2025 Priorities for Success • 3rd consecutive quarter of Adj. EBITDA growth vs. prior year. • Home health year over year quarterly admissions growth since Q1 2024, 2nd consecutive quarter of year over year ADC improvement. • Continued Hospice outperformance with recor
Slide 6: Quarterly Results at a Glance
Enhabit Home Health & Hospice 6 Improved financial performance • Net income attributable to Enhabit, Inc. of $11.1M. • Net service revenue rose 3.9% to $263.6M, down (0.9)% sequentially due to temporary impact from national payer contract disruption. • G&A expenses as % of revenue improved 90bps yea
Slide 7: Consolidated Results Q3 '25 vs. '24
Enhabit Home Health & Hospice 7 Consolidated Results Q3 '25 vs. '24($ in millions, except per share data) 2025 2024 Home health net service revenue $200.5 $201.0 (0.2) % Hospice net service revenue 63.1 52.6 20.0 % Total net service revenue $263.6 $253.6 3.9 % % of revenue % of revenue Cost of servi
Slide 8: Clinical Expertise and High-Quality Outcomes
Enhabit Home Health & Hospice 8 Clinical Expertise and High-Quality Outcomes Enhabit National Average % Better Than Average QoPC Star Rating1 3.1 3.0 3.3% 67% of our home health agencies are 3 Stars or higher; 21% are 4 Stars or higher1 HHCAHPS Star Rating2 4.0 3.7 8.1% 99% of our home health agenci
Slide 9: Home Health Q3 Revenue KPI Performance
Enhabit Home Health & Hospice 9 Home Health Q3 Revenue KPI Performance Growth combined with continued focus on healthy payer mix as Payer Innovation strategy continues to set the stage to both stabilize absolute Medicare volume decline and grow Payer Innovation volumes. Successful execution on strat
Slide 10: Home Health Q3 Profitability KPI Performance
Enhabit Home Health & Hospice 10 Home Health Q3 Profitability KPI Performance Gross margin of 46.3% lower year over year and sequentially primarily on lower unit revenues. Home health sequential gross margin drivers: • Unit Revenue: lower sequentially (2.0)% on lower Medicare volumes partially offse
Slide 11: Hospice Q3 Revenue KPI Performance
Enhabit Home Health & Hospice 11 Hospice Q3 Revenue KPI Performance Revenue per patient day improved 6.7% year over year and increased 0.4% sequentially. Continued strong growth momentum in the quarter with ADC increasing 12.6% to prior year and 3.2% sequentially. Admissions growth 1.4% year over ye
Slide 12: Hospice Q3 Profitability KPI Performance
Enhabit Home Health & Hospice 12 Hospice Q3 Profitability KPI Performance Gross margin of 55.5% increasing 450 bps year over year and higher 250 bps sequentially. Hospice sequential revenue drivers: • Unit Revenue: increased 0.4% sequentially. • Unit Cost: decreased (4.8)% sequentially primarily on
Slide 13: Balance Sheet Strength Continues to Improve
Enhabit Home Health & Hospice 13 Balance Sheet Strength Continues to Improve Leverage ratio decrease from Q4 2023 largely due to bank debt reduction during this period Leverage Ratio Improved 1.5x Turns $100M Reduction in Total Debt(1) Since Q4 2023 7 straight quarters of prepayments including $10M
Slide 14: 2025 Guidance
Enhabit Home Health & Hospice 14 2025 Guidance ($ in millions, except per share data) 2024 Actuals(1) 2025 Previous Guidance 2025 Updated Guidance Net service revenue $1,034.8 $1,060 to $1,073 $1,058 to $1,063 Adjusted EBITDA $100.1 $104 to $108 $106 to $109 Adjusted EPS $0.21 $0.47 to $0.55 $0.50 t
Slide 15: Adjusted Free Cash Flow Assumptions
Enhabit Home Health & Hospice 15 Adjusted Free Cash Flow Assumptions ($ in millions) Certain cash flow items 2024 Full Year 2025 YTD 2025 Prior Assumptions Updated 2025 Assumptions Adjusted EBITDA(1) $100.1 $80.5 $104 to $108 $106 to $109 Less: Cash interest expense(2) 42.7 25.3 $32 to $33 $32 to $3
Slide 16: Appendix A
Enhabit Home Health & Hospice 16 Appendix A
Slide 17: Debt & Liquidity Metrics
Enhabit Home Health & Hospice 17 Debt & Liquidity Metrics ($ in millions) September 30, 2025 December 31, 2024 $400 million term loan facility, due 2027(1)(2) $333.5 $348.0 Advances under revolving credit facility, due 2027(1) 125.0 160.0 Finance lease obligations 5.3 7.4 Total debt $463.8 $515.4 Le
Slide 18: Consolidated Adjusted EBITDA
Enhabit Home Health & Hospice 18 Consolidated Adjusted EBITDA ($ in millions) Q3 2025 % of Consolidated Revenue Q3 2024 % of Consolidated Revenue Home health segment Adjusted EBITDA(1) $33.9 $36.5 Hospice segment Adjusted EBITDA(1) 17.2 10.0 Home office general and administrative expenses (24.1) 9.1
Slide 19: Home Health Segment
Enhabit Home Health & Hospice 19 Home Health Segment ($ in millions) Q3 '25 vs. '242025 2024 Net service revenue: Medicare $113.4 $117.3 (3.3) % Non-Medicare 85.2 81.5 4.5 % Private duty(1) 1.9 2.2 (13.6) % Home health net service revenue 200.5 201.0 (0.2) % Cost of service 107.7 105.9 1.7 % Gross m
Slide 20: Home Health Operational Metrics
Enhabit Home Health & Hospice 20 Home Health Operational Metrics (net service revenue $ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 YTD 2025 Medicare $128.3 $121.7 $117.3 $117.3 $484.6 $114.2 $116.0 $113.4 $343.6 Non-Medicare 82.6 86.3 81.5 80.8 331.2 84.4 87.8 85.2
Slide 21: Hospice Segment
Enhabit Home Health & Hospice 21 Hospice Segment ($ in millions) Q3 '25 vs. '242025 2024 Net service revenue $63.1 $52.6 20.0 % Cost of service 28.1 25.8 8.9 % Gross margin 55.5 % 51.0 % General and administrative expenses 17.7 16.5 7.3 % Net income attributable to noncontrolling interests 0.1 0.3 (
Slide 22: Hospice Operational Metrics
Enhabit Home Health & Hospice 22 Hospice Operational Metrics (net service revenue $ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 YTD 2025 Hospice net service revenue $49.2 $50.4 $52.6 $57.8 $210.0 $59.3 $60.2 $63.1 $182.6 (actual amounts) Total admissions 3,032 2,888
Slide 23: Consolidated Results – YTD 2025
Enhabit Home Health & Hospice 23 Consolidated Results – YTD 2025 Year-To-Date '25 vs. '24($ in millions, except per share data) 2025 2024 Home health net service revenue $607.0 $624.4 (2.8) % Hospice net service revenue 182.6 152.2 20.0 % Total net service revenue $789.6 $776.6 1.7 % % of Revenue %
Slide 24: Home Health Segment Results – YTD 2025
Enhabit Home Health & Hospice 24 Home Health Segment Results – YTD 2025 ($ in millions) Year-To-Date '25 vs. '242025 2024 Net service revenue: Medicare $343.6 $367.3 (6.5) % Non-Medicare 257.4 250.5 2.8 % Private duty(1) 6.0 6.6 (9.1) % Home health net service revenue 607.0 624.4 (2.8) % Cost of ser
Slide 25: Hospice Segment Results – YTD 2025
Enhabit Home Health & Hospice 25 Hospice Segment Results – YTD 2025 ($ in millions) Year-To-Date '25 vs. '242025 2024 Net service revenue $182.6 $152.2 20.0 % Cost of service 83.2 75.0 10.9 % Gross margin 54.4 % 50.7 % General and administrative expenses 52.8 48.5 8.9 % Net income attributable to no
Slide 26: Payer Sources As a % of Revenue
Enhabit Home Health & Hospice 26 Payer Sources As a % of Revenue Third Quarter Year-To-Date Fiscal Year Consolidated 2025 2024 2025 2024 2024 Medicare 66.9% 66.7% 66.3% 66.6% 66.8% Medicare Advantage 23.2% 23.3% 23.5% 23.2% 23.0% Managed Care 8.9% 8.9% 8.9% 9.1% 9.1% Medicaid 0.7% 1.1% 0.8% 0.9% 0.9
Slide 27: Large and Growing Addressable Markets
Enhabit Home Health & Hospice 27 (1) MedPAC Report to Congress as of March 2023. (2) MedPAC Tab H Hospice December 2024 (3) MedPAC Tab G Home Health December 2024. (Calculated based on 30-day home health period.) (4) AARP 2024 Survey. (5) Centers for Medicare & Medicaid Services, Medicare Trustees’
Slide 28: Appendix B
Enhabit Home Health & Hospice 28 Appendix B
Slide 29: Reconciliation of Earnings Per Share to Adjusted Diluted Earnings Per Share
Enhabit Home Health & Hospice 29 Reconciliation of Earnings Per Share to Adjusted Diluted Earnings Per Share (actual amounts) Q3 Year-To-Date 2025 2024 2025 2024 Earnings per common share: Diluted earnings per share attributable to Enhabit, Inc. common stockholders $0.22 $(2.20) $0.67 $(2.20) Impair
Slide 30: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Enhabit Home Health & Hospice 30 Reconciliation of Net Income (Loss) to Adjusted EBITDA ($ in millions) Q3 Year-To-Date 2025 2024 2025 2024 Net income (loss) $11.6 $(109.5) $35.7 $(108.2) Interest expense and amortization of debt discounts and fees 8.3 10.8 26.4 32.8 (Benefit from) provision for inc
Slide 31: Segment Adjusted EBITDA Reconciliation
Enhabit Home Health & Hospice 31 Q3 Year-To-Date ($ in millions) 2025 2024 2025 2024 Income (loss) before income taxes and noncontrolling interests $8.4 $(108.8) $42.2 $(106.7) Non-segment general and administrative expenses 27.1 25.3 82.6 88.7 Interest expense and amortization of debt discounts and
Slide 32: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow
Enhabit Home Health & Hospice 32 Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow ($ in millions) Q3 Year-To-Date 2025 2024 2025 2024 Net cash provided by operating activities $37.8 $28.4 $66.3 $55.3 Unusual or nonrecurring items that are not typical of ongoing
Slide 33: Reconciliation of Gross Margin to Adjusted EBITDA Margin
Enhabit Home Health & Hospice 33 Reconciliation of Gross Margin to Adjusted EBITDA Margin Q3 Year-To-Date 2025 2024 2025 2024 Gross margin as a percentage of revenue 48.5 % 48.1 % 49.2 % 48.8 % General and administrative expenses (40.0) % (40.9) % (40.7) % (41.4) % Stock-based compensation 0.8 % 1.4
Slide 34: Reconciliation of Net Income (Loss) to Trailing Twelve-Month Adjusted EBITDA
Enhabit Home Health & Hospice 34 Reconciliation of Net Income (Loss) to Trailing Twelve-Month Adjusted EBITDA ($ in millions) Quarter Ended Trailing Twelve Months Ended December 31, March 31, June 30, September 30, September 30, December 31, 2024 2025 2025 2025 2025 2024 Net income (loss) $(45.8) $1