Extendicare Inc. · TSX:EXE
Extendicare — Merger or Acquisition (November 2025)
28 slides from Extendicare's merger presentation, Nov 19, 2025
Slide 1: Growing Together: Acquisition of CBI Home Health LP
For discussion: • Do we consider moving slides 8,9,10 to an appendix? • Do we want to add BS / liquidity slide and / or JV slide to appendix? Growing Together Acquisition of CBI Home Health LP November 2025
Slide 2: Cautionary statement (1/2)
Cautionary statement (1/2) General Company, including, without limitation: statements regarding the acquisition claims, increased insurance costs and other claims; the ability of the of CBI Home Health LP (“CBI Home Health”) and CBI GP Holdco Inc. (the Company to maintain and increase resident occup
Slide 3: Cautionary statement (2/2)
Cautionary statement (2/2) Financial outlook and future-oriented financial information contained in this GAAP measures and applicable reconciliations, please refer to “Non-GAAP can be no assurance as to the accuracy or completeness thereof. Market and presentation about prospective financial perform
Slide 4: Executive Summary
Executive Summary 4
Slide 5: Extendicare (TSX: EXE)
Extendicare (TSX: EXE) A diversified Canadian seniors’ care provider executing its services-focused growth model • Extendicare is a leading provider of care and services for seniors across Canada through its three business segments: long-term care (“LTC”), home health care, Long-term care and manage
Slide 6: Investment highlights
Investment highlights Canada’s largest seniors’ care provider focused on long-term care and home health care 57 years • Strong growth opportunities: Organic growth driven by of providing seniors’ care demographic trends augmented by deep acquisition pipeline in a fragmented Canadian seniors care mar
Slide 7: CBI Home Health acquisition
CBI Home Health acquisition Creating a national home health care platform through a highly accretive and complementary acquisition • The acquisition of CBI Home Health will create the largest home Accretion health care platform in Canada • Advances Extendicare’s services focused growth strategy +15%
Slide 8: Extendicare Overview
Extendicare Overview 8
Slide 9: Services-focused growth
Services-focused growth Diversified business model drives growth without significant capital requirements Direct care for seniors NOI contribution by segment(1) Home health care TTM Q3-2025 Adjusted NOI(1) $210.5M (net earnings $80.0M) Long-term care Managed 59 Home 13.5M Home health care Long-term
Slide 10: Meeting the needs of a growing demographic
Meeting the needs of a growing demographic Compelling growth opportunities in long-term care and home health care The number of Canadians aged 85+ will Building new LTC homes to address the double by 2036 and triple by 2051(1) rising demand for long-term care Canadian Population 85+ 3x • Seniors age
Slide 11: Ontario LTC beds per 1,000 people aged 75+
Ontario LTC beds per 1,000 people aged 75+ Development activity has not kept up with growing demand; home health care bridges the gap • From 1996 to 2006, over 23,000 LTC beds Ontario LTC beds per 1,000 people over 75 were added in Ontario, raising the ratio to 100 LTC beds per 1,000 Ontarians aged
Slide 12: Home health care
Home health care Industry leading recruiting, training programs and technology platform help drive strong volume and NOI growth; highly fragmented market offers M&A opportunities • Robust demand for home health care services driven by Home Health Care Adjusted NOI & NOI Margin(2)(3) an aging Canadia
Slide 13: Long-term care
Long-term care Industry-leading scale, funding increases and improved operating performance driving NOI growth • LTC segment has returned to pre-pandemic occupancy and LTC Adjusted NOI & NOI Margin(1)(2) NOI(1) $100M 11.0% 12% 10.4% • Extendicare operates 59 fully owned long-term care homes $90M $80
Slide 14: Managed services | Extendicare Assist and SGP
Managed services | Extendicare Assist and SGP Growth in SGP purchasing clients and JV homes drive NOI growth Managed Services NOI and NOI Margin(3) • Highest margin segment, focused on expanding service $45M 100% offerings and geographic reach $40M 90% 80% $35M • Extendicare’s managed services segme
Slide 15: Building for the future
Building for the future In partnership with Axium, opened three new LTC homes since Q1 2024 with six more currently under construction • JV with Axium (15% Extendicare/85% Axium) funds LTC redevelopment • Extendicare earns development fees during construction and management fees upon completion in M
Slide 16: Organic growth augmented with M&A driving strong operating results
Organic growth augmented with M&A driving strong operating results 55% Adjusted EBITDA CAGR since 2022 EXE Consolidated NOI, Adjusted EBITDA, AFFO and AFFO per Basic Share(1)(3) $250 $1.40 Pro Forma(2) $1.16 $225.1 $1.20 $200 $0.96 $186.2 $1.00 $150 $166.0 Millions $0.80 $132.4 $0.56 $129.2 $0.60 $1
Slide 17: CBI Home Health Acquisition
CBI Home Health Acquisition 17
Slide 18: CBI Home Health overview
CBI Home Health overview Transformative opportunity to acquire a leading national home health care platform • Founded in 1984, CBI Home Health is the home health care segment of CBI Health • Acquired by OMERS Private Equity in 2011 • National platform; operates across seven provinces $61.9M • Highly
Slide 19: Strong partnerships drive robust customer relationships
Strong partnerships drive robust customer relationships and support patients across the home health care spectrum Over 95% of revenue derived from government contracts Revenue by Province (1) • High-quality revenue with longstanding, diverse publicly-funded contracts Ontario • Provides comprehensive
Slide 20: Acquisition of CBI Home Health
Acquisition of CBI Home Health Compelling post-synergy EBITDA multiple and post-closing leverage of 3.3x Pro Forma Total Debt to Adjusted EBITDA Acquisition Summary Acquisition Financing • CBI Home Health acquisition funding $570M sources: Purchase Price(1) ‒ $26M cash on hand ‒ $200M equity private
Slide 21: Pro forma impact of the transaction
Pro forma impact of the transaction Acquisition is immediately accretive to Extendicare’s standalone performance Standalone(1) Pro Forma CBI Home Health(2) • Immediately accretive pre-synergies: ($ millions) ($ millions) $2,196.3 ~ +9% Earnings per Share(3) $1,718.3 ~ +15% AFFO per Share(3) $227.9 •
Slide 22: Strategic rationale
Strategic rationale Acquisition creates the largest home health care platform in Canada National home health care company with compelling financial profile that is highly accretive Diversifies geographic footprint and establishes a sizeable market presence in Alberta Provides new avenues for org
Slide 23: Appendices
Appendices 23
Slide 24: Appendix A: Joint Venture with Axium Infrastructure
Appendix A: Joint Venture with Axium Infrastructure Funds LTC redevelopment and expansion, driving revenue growth in Managed Services Extendicare Sell Project to JV Identify Project Develop Project Manage Operations Manage Recycle Capital Sell project to JV, with Construction & Pipeline of 18 Acquir
Slide 25: Appendix B: Pro forma financial information and non-GAAP reconciliation
Appendix B: Pro forma financial information and non-GAAP reconciliation Reconciliation of pro forma net operating income to Adjusted EBITDA and pro forma net earnings to FFO and AFFO Pro Forma Consolidated Financial Information and non-GAAP reconciliation Notes: CBI Home Extendicare (1) Represents t
Slide 26: Appendix C: Risk factors (1/2)
Appendix C: Risk factors (1/2) An investment in securities of the Company is subject to a number of risks, not be refunded, and the Company will use the proceeds that otherwise would Home Health and their subsidiaries operate could have a negative effect on including, without limitation, the risks s
Slide 27: Appendix C: Risk factors (2/2)
Appendix C: Risk factors (2/2) Information Provided with Respect to CBI Home Health Dilution The description of, and information about, CBI Home Health and its business The Offering is not conditional on the closing of the Acquisition. If the contained in this presentation, as well as pro forma info
Slide 28: Helping people live better
Helping people live better