Enhabit, Inc. · NYSE:EHAB
Enhabit — Q2 2025 Earnings Presentation
33 slides from Enhabit's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter Earnings Call Supplemental Information
Second Quarter Earnings Call Supplemental Information August 6, 2025
Slide 2: Disclaimer
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 amended (the “Exchange Act”)) that i
Slide 3: Contents
Contents Overview 4 2025 Priorities for Success 5 Quarterly Results at a Glance 6 Consolidated Results 7 Clinical Expertise and High-Quality Outcomes 8 Home Health Segment KPI Performance 9-10 Hospice Segment KPI Performance 11-12 Consolidated Adjusted EBITDA 13 Debt and Liquidity Metrics 14 Guidanc
Slide 4: Overview
Overview We are a leading provider of home health and hospice services that strives to provide superior, cost-effective care where patients prefer it: in their homes For over 25 years, we've provided care with high-quality outcomes becoming a trusted partner of health systems, payers and other risk-
Slide 5: 2025 Priorities for Success
2025 Priorities for Success Strategy Execution Q2 2025 Highlights • Home health momentum delivered 2nd quarter of sequential growth in net service revenue and Adjusted EBITDA, Growth Financial People while continuing to stabilize Medicare Health Quality ADC. • Hospice consistent growth with 6th • Ho
Slide 6: Quarterly Results at a Glance
Quarterly Results at a Glance Home Health Hospice Consolidated Non-Medicare admissions Average daily census grew Improved financial increased 5.2% 12.3% year over year performance • Total admissions growth of 1.3% year • ADC has increased sequentially every • Net income attributable to Enhabit, Inc.
Slide 7: Consolidated Results
Consolidated Results Q2 ($ in millions, except per share data) 2025 2024 '25 vs. '24 Home health net service revenue $205.9 $210.2 (2.0)% Hospice net service revenue 60.2 50.4 19.4% Total net service revenue $266.1 $260.6 2.1 % % of revenue % of revenue Cost of service 50.9% $135.5 50.6% $131.8 2.8%
Slide 8: Clinical Expertise and High-Quality Outcomes
Clinical Expertise and High-Quality Outcomes Standardized National % Better Protocols Enhabit Average Than Average ✓ QoPC 67% of our home health agencies are 3 3.1 3.0 3.3% Stars or higher; 21% are 4 Stars or higher1 Star Rating1 Disciplined Use of Technology ✓ HHCAHPS 99% of our home health agencie
Slide 9: Home Health Q2 Revenue KPI Performance
Home Health Q2 Revenue KPI Performance ADC growth to prior year of 0.5% on admissions growth of 1.3% partially offset by lower recertification volumes. Total ADC sequential improvement of 2.1% reflects the second straight quarter of sequential growth with recertification volumes improving 5.3%. Grow
Slide 10: Home Health Q2 Profitability KPI Performance
Home Health Q2 Profitability KPI Performance Cost per patient day flat to prior year with improved clinical staff productivity on improved volumes offsetting market inflation related impacts. Gross margin of 47.9% lower sequentially and year over year primarily on lower unit revenues. Q2 home health
Slide 11: Hospice Q2 Revenue KPI Performance
Hospice Q2 Revenue KPI Performance Continued strong growth momentum in the quarter with ADC increasing 3.7% sequentially and 12.3% to prior year. Admissions growth 8.7% year over year, with discharged average length of stay lower year over year. ADC growth every quarter since Q1 2024. Revenue per pa
Slide 12: Hospice Q2 Profitability KPI Performance
Hospice Q2 Profitability KPI Performance Cost per patient day of $78.7 only up 1.0% year over year as improved clinical productivity offset market- related inflation impacts. Gross margin of 53.0% increasing 240 bps year over year and lower (180) bps sequentially. Q2 hospice year over year revenue d
Slide 13: Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA % of % of Consolidated Consolidated ($ in millions) Q2 2025 Revenue Q2 2024 Revenue Home health segment Adjusted EBITDA(1) $39.3 $44.2 Hospice segment Adjusted EBITDA(1) 14.0 9.1 Home office general and administrative expenses (26.4) 9.9% (28.1) 10.8% Consolidated Adjust
Slide 14: Debt & Liquidity Metrics
Debt & Liquidity Metrics ($ in millions) June 30, 2025 December 31, 2024 $400 million term loan facility, due 2027(1)(2) $338.3 $348.0 Advances under revolving credit facility, due 2027(1) 135.0 160.0 Finance lease obligations 6.0 7.4 Total debt $479.3 $515.4 Less: Cash and cash equivalents 37.1 28.
Slide 15: 2025 Guidance
2025 Guidance Updated as of August 6, 2025 ($ in millions, except per share data) 2024 Actuals(1) 2025 Previous Guidance 2025 Updated Guidance Net service revenue $1,034.8 $1,050 to $1,080 $1,060 to $1,073 Adjusted EBITDA $100.1 $101 to $107 $104 to $108 Adjusted EPS $0.21 $0.41 to $0.51 $0.47 to $0
Slide 16: Adjusted Free Cash Flow Assumptions
Adjusted Free Cash Flow Assumptions ($ in millions) 2024 Full Year 2025 YTD 2025 Prior 2025 Certain cash flow items Assumptions Assumptions Adjusted EBITDA(1) $100.1 $53.5 $101 to $107 $104 to $108 Less: Cash interest expense(2) 42.7 17.4 $37 to $39 $32 to $33 Cash income tax payments, net(3)(4) 1.9
Slide 17: Appendix A
Appendix A Enhabit Home Health & Hospice 17
Slide 18: Home Health Segment
Home Health Segment Q2 ($ in millions) 2025 2024 '25 vs. '24 Net service revenue: Medicare $116.0 $121.7 (4.7) % Non-Medicare 87.8 86.3 1.7 % Private duty(1) 2.1 2.2 (4.5) % Home health net service revenue 205.9 210.2 (2.0) % Cost of service 107.2 106.9 0.3 % Gross margin 47.9 % 49.1 % General and a
Slide 19: Home Health Operational Metrics
Home Health Operational Metrics (net service revenue $ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 YTD 2025 Medicare $128.3 $121.7 $117.3 $117.3 $484.6 $114.2 $116.0 $230.2 Non-Medicare 82.6 86.3 81.5 80.8 331.2 84.4 87.8 172.2 Private duty(1) 2.3 2.2 2.2 2.3 9.0 2.0 2.1 4.1
Slide 20: Hospice Segment
Hospice Segment Q2 ($ in millions) 2025 2024 '25 vs. '24 Net service revenue $60.2 $50.4 19.4 % Cost of service 28.3 24.9 13.7 % Gross margin 53.0 % 50.6 % General and administrative expenses 17.7 16.3 8.6 % Net income attributable to noncontrolling interests 0.2 0.1 100.0 % Segment Adjusted EBITDA(
Slide 21: Hospice Operational Metrics
Hospice Operational Metrics (net service revenue $ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 YTD 2025 Hospice net service revenue $49.2 $50.4 $52.6 $57.8 $210.0 $59.3 $60.2 $119.5 (actual amounts) Total admissions 3,032 2,888 3,046 3,059 12,025 3,274 3,140 6,414 Patient da
Slide 22: Consolidated Results – YTD 2025
Consolidated Results – YTD 2025 Year-To-Date ($ in millions, except per share data) 2025 2024 '25 vs. '24 Home health net service revenue $406.5 $423.4 (4.0)% Hospice net service revenue 119.5 99.6 20.0% Total net service revenue $526.0 $523.0 0.6% % of Revenue % of Revenue Cost of service 50.5% 265
Slide 23: Home Health Segment Results – YTD 2025
Home Health Segment Results – YTD 2025 Year-To-Date '25 vs. '24 ($ in millions) 2025 2024 Net service revenue: Medicare $230.2 $250.0 (7.9) % Non-Medicare 172.2 169.0 1.9 % Private duty(1) 4.1 4.4 (6.8) % Home health net service revenue 406.5 423.4 (4.0) % Cost of service 210.6 216.8 (2.9) % Gross m
Slide 24: Hospice Segment Results – YTD 2025
Hospice Segment Results – YTD 2025 Year-To-Date ($ in millions) 2025 2024 '25 vs. '24 Net service revenue $119.5 $99.6 20.0 % Cost of service 55.1 49.2 12.0 % Gross margin 53.9 % 50.6 % General and administrative expenses 35.1 32.0 9.7 % Net income attributable to noncontrolling interests 0.3 0.2 50
Slide 25: Payer Sources
Payer Sources As a % of Revenue Second Quarter Year-To-Date Fiscal Year Consolidated 2025 2024 2025 2024 2024 Medicare 66.0% 65.7% 66.0% 66.5% 66.8% Medicare Advantage 23.9% 23.5% 23.6% 23.1% 23.0% Managed Care 8.9% 9.6% 8.9% 9.3% 9.1% Medicaid 0.7% 1.0% 0.9% 0.9% 0.9% Other 0.5% 0.2% 0.6% 0.2% 0.2%
Slide 26: Outlook: Attractive Industry Tailwinds
Outlook: Attractive Industry Tailwinds Demographic Trends and Our Ability to Deliver Cost-Effective, High-Quality Care Supports Long-Term Growth Aging Population Cost Efficiency of Home Health Care Large and Growing Addressable Markets(5) Number of people age 65 or older, by age group (millions) ~5%
Slide 27: Appendix B
Appendix B Enhabit Home Health & Hospice 27
Slide 28: Reconciliation of Earnings Per Share to Adjusted Diluted Earnings Per Share
Reconciliation of Earnings Per Share to Adjusted Diluted Earnings Per Share Q2 Year-To-Date (actual amounts) 2025 2024 2025 2024 Earnings per common share: Diluted earnings per share attributable to Enhabit, Inc. common stockholders $0.10 $— $0.45 $— Gain on sale of investment and disposal of assets
Slide 29: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Q2 Year-To-Date ($ in millions) 2025 2024 2025 2024 Net income $5.7 $0.4 $24.1 $1.3 Interest expense and amortization of debt discounts and fees 8.7 10.9 18.1 22.0 Provision for (benefit from) income taxes 2.3 (0.1) 9.7 0.8 Depreciation and amortizatio
Slide 30: Reconciliation of Income Before Income Taxes to Segment Adjusted EBITDA
Reconciliation of Income Before Income Taxes And Noncontrolling Interests to Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin Q2 Year-To-Date ($ in millions) 2025 2024 2025 2024 Income before income taxes and noncontrolling interests $8.0 $0.3 $33.8 $2.1 Non-segment general and administrat
Slide 31: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow Q2 Year-To-Date ($ in millions) 2025 2024 2025 2024 Net cash provided by operating activities $10.6 $9.6 $28.5 $26.9 Unusual or nonrecurring items that are not typical of ongoing operations(1) 3.4 4.8 4.4 8.5 Capi
Slide 32: Reconciliation of Gross Margin to Adjusted EBITDA Margin
Reconciliation of Gross Margin to Adjusted EBITDA Margin Q2 Year-To-Date 2025 2024 2025 2024 Gross margin as a percentage of revenue 49.1 % 49.4 % 49.5 % 49.1 % General and administrative expenses (40.7)% (42.2)% (41.0)% (41.6)% Stock-based compensation 1.4 % 0.9 % 1.4 % 0.8 % Noncontrolling interes
Slide 33: Reconciliation of Net Income (Loss) to Trailing Twelve-Month Adjusted EBITDA
Reconciliation of Net Income (Loss) to Trailing Twelve-Month Adjusted EBITDA Trailing Twelve Quarter Ended Months Ended September 30, December 31, March 31, June 30, June 30, December 31, ($ in millions) 2024 2024 2025 2025 2025 2024 Net income (loss) $(109.5) $(45.8) $18.4 $5.7 $(131.2) $(154.0) In