Corecivic, Inc. · NYSE:CXW
Corecivic — Q3 2025 Earnings Presentation
31 slides from Corecivic's earnings presentation, 2025
Slide 1: Investor Presentation Third Quarter 2025
Investor Presentation Third Quarter 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements as to our beliefs and expectations of the outcome of future events that are "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform
Slide 3: CoreCivic Operates at the Intersection of Government and Real Estate Infrastructure
CoreCivic Operates at the Intersection of Government and Real Estate Infrastructure Company Overview • Diversified government-solutions company with the scale and differentiated expertise to solve the tough challenges that governments face in flexible, cost-effective ways • Revenues, Net Income, and
Slide 4: Largest Private Owner of Real Estate Utilized by Government Agencies
Largest Private Owner of Real Estate Utilized by Government Agencies Manage 15.8 million(1) square feet of real estate used by government SAFETY • 92.1% of NOI for the quarter ended September 30, 2025 • 13.8 million(1) square feet • 45 total facilities, including 68,025 correctional/detention beds •
Slide 5: Industry Market Share
Industry Market Share • The private corrections industry cares for less than 8% of the nation's prison population • CoreCivic is the largest non-government owner of correctional and detention real estate in the United States ➢ We own approximately 57% of all privately owned correctional and detentio
Slide 6: Occupancy Recovery Could Drive Significant Earnings Growth
Occupancy Recovery Could Drive Significant Earnings Growth • The COVID-19 pandemic had a significant impact on our occupancy and cash flows. • Facility occupancy has been rising steadily since the end of the COVID-19 pandemic. ICE COVID-19 Impact Period utilization, along with new state contracts, d
Slide 7: SW Border Apprehensions Declining, but ICE Detention Population Rising
SW Border Apprehensions Declining, but ICE Detention Population Rising • After hitting multi-decade highs during the federal fiscal years 2021-2024, apprehension rates along the US Southwest border have slowed in F2025 due to enhanced enforcement and deterrence, particularly since the implementation
Slide 8: Private Sector Advantages vs "Alternative" Beds
Private Sector Advantages vs "Alternative" Beds To boost total available detention beds, accelerate deportation initiatives and explore cost savings, the current administration has considered non-traditional detention options outside of the private sector. This pool of "alternative" beds may include
Slide 9: ICE Demand Leads to Facility Activations in 2025
ICE Demand Leads to Facility Activations in 2025 Estimated Estimated Design Annual Revenue Stabilized Facility Capacity (in thousands) Occupancy Dilley Immigration Processing Center 2,400 $ 180,000 Q3 2025 West Tennessee Detention Facility 600 30,000 Q1 2026 Midwest Regional Reception Center 1,033 6
Slide 10: Facility Utilization – Capacity to Meet ICE Needs
Facility Utilization – Capacity to Meet ICE Needs In July 2025, ~$45B was approved for ICE detention capacity under the One Big Beautiful Bill Act, the highest ever approved, and is intended to fund ~100,000 detention beds. If utilized, ICE will need more than ~40,000 additional detention beds. Desi
Slide 11: Extensive History of Durable Earnings and Cash Flows
Extensive History of Durable Earnings and Cash Flows Adjusted EBITDA ($ in millions)(1) • Long term stable cash flows from government partners due to essential, 40% $500 mission critical infrastructure and valued $427 $441 $444 35% $423 $418 services $415 $405 $398 $396 $402 30% $400 $381 $386 $388
Slide 12: Current Financial Performance
Current Financial Performance September 30, June 30, March 31, December 31, September 30, For the quarter ended 2025 2025 2025 2024 2024 Net Income $26.3MM $38.5MM $25.1MM $19.3MM $21.1MM Diluted EPS $0.24 $0.35 $0.23 $0.17 $0.19 Adjusted Diluted EPS(1) $0.24 $0.36 $0.23 $0.16 $0.20 Normalized FFO P
Slide 13: Updated 2025 Guidance Summary
Updated 2025 Guidance Summary (in thousands) Full Year 2025 Low-End High-End Net Income $ 107,032 $ 113,032 Expenses associated with mergers and acquisitions 2,319 2,319 Gain on sale of real estate assets, net (2,461) (2,461) Asset impairments 1,482 1,482 Income tax benefit for special items (372) (
Slide 14: Positioned for Long-Term Success and Value Creation
Positioned for Long-Term Success and Value Creation • Significant liquidity of $248 million as of September 30, 2025 • Extensive balance sheet flexibility • Next debt maturity not until October 2027 ($238.5 million) • Strong cash flow to manage debt leverage within target band of 2.25x to 2.75x net
Slide 15: Debt Reduction Due to Multi-Year Capital Allocation Strategy
Debt Reduction Due to Multi-Year Capital Allocation Strategy Debt Maturity Schedule – June 30, 2020 Debt Maturity Schedule – September 30, 2025 ($ in millions) ($ in millions) $1,400 $1,400 $382.7 $1,200 $1,200 $1,000 $1,000 $800 $800 $157.5 $600 $600 $508.0 $400 $294.0 $266.4 $400 $7.4 $631.0 $227.
Slide 16: Active Share Repurchase Plan & History of Returning Capital to Shareholders
Active Share Repurchase Plan & History of Returning Capital to Shareholders • As a C-Corp: − 2009-2011: We returned $491 million through a stock buyback program − 2012: We returned $60 million through quarterly dividends STOCK BUYBACKS, DIVIDENDS AND TTM LEVERAGE ($MM) • As a REIT: $300 − 2013-2020:
Slide 17: Why CoreCivic
Why CoreCivic Compelling Investment Opportunity… • Largest private owner of correctional real estate Market Leader with Critical Infrastructure in Market with • Overcrowding, understaffing, obsolescence and inadequate capacity at public facilities drive private market need High Entry Barriers • Sign
Slide 18: Corporate Responsibility Reporting
Corporate Responsibility Reporting
Slide 19: Unprecedented Commitment to ESG within the Corrections Industry
Unprecedented Commitment to ESG within the Corrections Industry • CoreCivic released the Company’s seventh Corporate Responsibility Report in April 2025, demonstrating the continued commitment to transparency and accountability and providing more robust disclosures to show how the Company betters th
Slide 20: Company's ESG Focus Benefits All Stakeholders
Company's ESG Focus Benefits All Stakeholders Holistic Approach Toward Preparing Inmates for Successful Reentry… More Humane Conditions Focus on Rehabilitation & Reentry • Reduced Overcrowding • Ban the Box • Modern Real Estate Amenities / Facility Design • Education & Vocational Training • Improved
Slide 21: Human Rights – CoreCivic's Approach and Goals
Human Rights – CoreCivic's Approach and Goals Human rights are foundational in all that we do, therefore the salient rights of residents and employees are considered throughout our ESG and corporate strategies. We recognize the inherent dignity of every person and the benefits of promoting a culture
Slide 22: CoreCivic's Quality Assurance and Government Oversight
CoreCivic's Quality Assurance and Government Oversight Over 1,000 on-site contract monitors and government partner employees have continuous oversight c ensure compliance of our facilities to help 21
Slide 23: CoreCivic's Quality Assurance and Government Oversight
CoreCivic's Quality Assurance and Government Oversight American Correctional Association ("ACA") • CoreCivic Safety facilities that maintain ACA accreditation undergo audits by independent auditors trained and assigned by the ACA on a three-year cycle. • ACA audits review all facets of correctional
Slide 24: CoreCivic's Health Services – Care Delivery
CoreCivic's Health Services – Care Delivery • Whether CoreCivic directly provides health services or coordinates with partner agencies and third-party providers, we are committed to providing quality care in line with correctional health standards set by organizations like National Commission on Cor
Slide 25: Highly Qualified, Proven Management Team
Highly Qualified, Proven Management Team Damon T. Hininger Patrick Swindle David Garfinkle Chief Executive Officer President & Chief Operating Officer EVP and Chief Financial Officer • Transitioning to Special Advisor to the • Transitioning to CEO on January 1, 2026 • Began at CoreCivic in 2001 CEO
Slide 26: CEO Transition – A Deliberate Succession Plan
CEO Transition – A Deliberate Succession Plan • Patrick Swindle, who currently serves as the Company's President and Chief Operating Officer, will assume the role of CEO of the Company, effective on January 1, 2026: ➢ Promoted to President January 1, 2025 ➢ Mr. Swindle will fill the Board vacancy cr
Slide 27: Appendix
& coreCivic Appendix
Slide 28: Reconciliation to Adjusted Diluted EPS
Reconciliation to Adjusted Diluted EPS For the Three For the Three For the Three For the Three For the Three Months Ended Months Ended Months Ended Months Ended Months Ended Period September 30, June 30, March 31, December 31, September 30, ($ in thousands, except per share amounts) 2025 2025 2025 2
Slide 29: Calculation of FFO, Normalized FFO and AFFO
Calculation of FFO, Normalized FFO and AFFO For the Three For the Three For the Three For the Three For the Three Months Ended Months Ended Months Ended Months Ended Months Ended Period September 30, June 30, March 31, December 31, September 30, ($ in thousands, except per share amounts) 2025 2025 2
Slide 30: Calculation of NOI and Segment NOI
Calculation of NOI and Segment NOI For the Three For the Three For the Three For the Three For the Three Months Ended Months Ended Months Ended Months Ended Months Ended Period September 30, June 30, March 31, December 31, September 30, ($ in thousands, except per share amounts) 2025 2025 2025 2024
Slide 31: Calculation of EBITDA and Adjusted EBITDA
Calculation of EBITDA and Adjusted EBITDA For the Three For the Three For the Three For the Three For the Three Months Ended Months Ended Months Ended Months Ended Months Ended Period September 30, June 30, March 31, December 31, September 30, ($ in thousands, except per share amounts) 2025 2025 202