Ardent Health, Inc. · NYSE:ARDT
Ardent Health — Q3 2025 Earnings Presentation
15 slides from Ardent Health's earnings presentation, Nov 13, 2025
Slide 1: 3Q25 Earnings Presentation
3Q25 Earnings Presentation November 12, 2025
Slide 2: Important Disclaimers
Important Disclaimers Forward-Looking Statements This presentation may contain certain “forward-looking statements,” as that term is defined in the U.S. federal securities laws. These forward-looking statements include, but are not limited to, statements other than statements of historical facts, in
Slide 3: Important Disclaimers: Non-GAAP Financial Information
Important Disclaimers Non-GAAP Financial Information We have included certain financial measures in this presentation that have not been prepared in a manner that complies with U.S. generally accepted accounting principles ("GAAP"), including Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EBI
Slide 4: 3Q25 Volume Summary
3Q25 Volume Summary 3Q25 volumes reflect continuation of strong 1H25 demand trends 3Q25 3Q25 YTD 2.4% 3Q25 YTD adjusted admissions growth consistent Growth Growth with 2025 guidance of 2% - 3% Admissions 5.8% 6.7% Adjusted Admissions 2.9% 2.4% 3Q25 increase in total surgeries of 1.4% reflects improv
Slide 5: 3Q25 Financial Results Summary
3Q25 Financial Results Summary 3Q25 revenue grew 8.8% and adjusted EBITDA increased 46% with margins expanding 240bps. Strong operating cash flow of $154M. 3Q25 3Q25 YTD Excluding a $43M YoY % YoY % adjustment for a change in Amount Growth Amount Growth accounting estimate, total Total Revenue (in m
Slide 6: Two non-recurring items impacted 3Q25 reported results
Two non-recurring items impacted 3Q25 reported results • During the quarter, a change in accounting estimate resulting from a modification to the technique used to estimate the collectability of accounts receivable and new information provided by recently completed Accounts hindsight evaluations of
Slide 7: Operating Highlights: Payor Mix
Operating Highlights: Payor Mix 3Q25 Payor Mix 3Q24 Payor Mix % of Net Patient Service Revenue % of Net Patient Service Revenue 5.6% 5.6% Self-Pay and Self-Pay and Other Other 38.9% 39.6% Medicare Medicare 45.5% 44.3% Managed Care Managed Care 10.0% 10.5% Medicaid Medicaid Managed Care increased 120
Slide 8: We expect industry headwinds to impact 2H25 financial results more than previously projected
We expect industry headwinds to impact 2H25 financial results more than previously projected Previous Assumption Current Trend • Expense growth expected to moderate from • 3Q25 professional fees increased 11% YoY Professional 12% in FY2024 to upper-single-digits during • Expect 4Q25 growth to also b
Slide 9: Full-Year 2025 Guidance Update
Full-Year 2025 Guidance Update Re-affirming revenue; Revising Adjusted EBITDA to reflect incremental industry pressures of professional fees and payor dynamics Dollars in millions, except per share data Previous Current The two non-recurring items (change Low High Low High in accounting estimate for
Slide 10: Capital Structure to Support Growth
Capital Structure to Support Growth Strong balance sheet and ample liquidity to support growth strategy. Over $600M in cash and improved lease-adjusted net leverage to 2.5x in 3Q25 vs. 2.7x in 2Q25 and 3.5x in 3Q24. Available Liquidity Net Leverage Ratio Profile 1. Net leverage is calculated as net
Slide 11: Key Takeaways
Key Takeaways Ardent remains encouraged by the strong demand environment The company has prudently re-set 2025 guidance to reflect industry pressures • 2025 guidance midpoint reflects 6% revenue growth and 9% adjusted EBITDA growth Management has already begun implementing actions to mitigate near-t
Slide 12: APPENDIX
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Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Net income $ 1,207 $ 46,005 $ 155,873 $ 158,817 Income tax (benefit) expense (3,410) 11,062 38,114 36,997 Interest expense 13,914 14,629 42,819 52,050 Depreciation and amortiza
Slide 14: Non-GAAP Reconciliation: Full-Year 2025 Guidance
Non-GAAP Reconciliation: Full-Year 2025 Guidance Dollars in millions Previous Current Low High Low High Net income $342 – $386 $207 – $234 Income tax expense 91 – 101 51 – 58 Interest expense 63 – 59 58 – 56 Depreciation and amortization 146 – 143 156 – 153 Noncontrolling interest earnings (97) – (1
Slide 15: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) 1. Other non-operating losses (gains) include losses and gains realized on certain non-recurring events or events that are non-operational in nature. 2. Cybersecurity Incident recoveries, net represent insurance recovery proceeds associated with the Cybersecurity