Ardent Health, Inc. · NYSE:ARDT
Ardent Health — Q1 2026 Earnings Presentation
11 slides from Ardent Health's earnings presentation, May 6, 2026
Slide 1: 1Q26 Earnings Presentation
1Q26 Earnings Presentation May 5, 2026
Slide 2: Important Disclaimers: Forward-Looking Statements
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, Adjusted EBITDAR
Slide 4: 1Q26 Results Summary
1Q26 Results Summary Strong 1Q26 performance including 7% revenue growth, 26% Adjusted EBITDA growth, and an adjusted admissions increase of 2% 1Q26 YoY % 1Q26 financial results included a $10.9 million gain, Amount Change included in other operating expenses, from an increase in the carrying value
Slide 5: 1Q26 Volume Summary
1Q26 Volume Summary 1Q26 YoY % Change 1Q26 adjusted admissions growth of 2.0% was consistent with 2026 guidance of 1.5% - 2.5% Admissions (1.1%) Adjusted Admissions 2.0% 1Q26 total surgeries increased 1.2%, a modest Inpatient Surgeries 0.1% improvement from 0.2% growth in full-year 2025. Outpatient
Slide 6: Capital Structure to Support Opportunistic Growth
Capital Structure to Support Opportunistic Growth Strong balance sheet and ample liquidity to support growth strategy Available Liquidity Net Leverage Ratio Profile 1 2 1. Net leverage is calculated as net debt / Adjusted EBITDA, with net debt calculated as total debt less cash and cash equivalents;
Slide 7: Reaffirming Full-Year 2026 Guidance
Reaffirming Full-Year 2026 Guidance Dollars in millions, except per share data Full-Year 2026 Guidance 2026 Adjusted EBITDA Guidance Assumptions: Low High 4% core Adjusted EBITDA Total revenue $6,400 – $6,700 growth on a normalized 2025 base of $475M Net income attributable to Ardent Health, Inc. $1
Slide 8: Appendix
& BAILEY MioIEAL Corte, im eye inal Be a Eee pais to ele APPENDIX 7 Sore HW oe F a iis . a
Slide 9: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended March 31, 2026 2025 (in thousands) Net income $ 58,488 $ 58,965 Income tax expense 16,103 15,233 Interest expense 12,211 14,176 Depreciation and amortization 42,986 36,201 Noncontrolling interest earnings (18,638) (17,582) Other non-operating losses 1 — 217
Slide 10: Non-GAAP Reconciliation (continued)
Non-GAAP Reconciliation (continued) 1. Other non-operating losses include losses 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 Incident, net of i
Slide 11: Non-GAAP Reconciliation: Full-Year 2026 Guidance
Non-GAAP Reconciliation: Full-Year 2026 Guidance Full Year Ending December 31, 2026 Dollars in millions Low High Net income $221 $280 Income tax expense 58 73 Interest expense, net 56 53 Depreciation and amortization 175 170 Noncontrolling interest earnings (92) (97) Cybersecurity Incident recoverie