Acadia Healthcare Company, Inc. · NASDAQ:ACHC
Acadia Healthcare — Q1 2026 Earnings Presentation
23 slides from Acadia Healthcare's earnings presentation, Apr 29, 2026
Slide 1: 2026 Earnings – 1st Quarter
Tufts Medicine Behavioral Health Hospital (Tufts Joint Venture) Malden, Massachusetts 2026 Earnings – 1st Quarter April 29, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation contains “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, including statements related to our strategy, growth and anticipated operating results
Slide 3: Strong performance in Q1
Strong performance in Q1 Key themes from Q1 • 1Q26 Revenue was at high end of guidance; Adj. EBITDA and Adj. EPS exceeded Achieved strong results guidance and revised outlook • Increasing Full Year Guidance for Adj. EBITDA ($580 - $615M) and Adj. EPS ($1.35 - $1.60) • Strong volume performance in Ac
Slide 4: 1st Quarter 2026 Results
1st Quarter 2026 Results 1Q 2026 Results 1Q 2025 Results % Change Revenue $829 $771 8% Adj. EBITDA $144 $134 7% Adj. EPS $0.37 $0.40 (8%) $ in Millions, except per share values 4
Slide 5: Revenue Bridge
Revenue Bridge 1Q25 Actual to 1Q26 Actual Revenue $ in Millions $829 58 (9) 25 (11) $771 (6) 1Q25 Revenue NY MDCD1 Supplemental Bad Debts Closed Facilities Core Growth 1Q26 Actual Payments2 & Denials Note: all bridge amounts shown are on an approximate basis 1. New York Medicaid has implemented rest
Slide 6: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge 1Q25 Actual to 1Q26 Actual Adj. EBITDA $ in Millions (4) 15 (10) (9) $144 2 22 $134 (5) 1Q25 NY MDCD Supplemental Bad Debts Closed Core 2026 New PLGL2 1Q26 Actual EBITDA Payments1 & Denials Facilities Growth Facility Openings Note: all bridge amounts shown are on an approximat
Slide 7: Same Facility Volume Growth Drivers
Same Facility Volume Growth Drivers 1Q26 Actual Same Facility Volume Growth1 % Growth 1.6% 1.3% 2.1% (1.8%) Underlying "Core NY MDCD ‘23 - ’25 Ramping 1Q26 Same Facility Business" Growth Facilities Volume Growth Note: all bridge amounts shown are on an approximate basis. Numbers may not add due to r
Slide 8: Same Facility Revenue per Patient Day Drivers
Same Facility Revenue per Patient Day Drivers 1Q26 Actual Same Facility Revenue per Patient Day % Growth (1.0%) 5.6% 3.5% 1.0% 2.0% Underlying Rate Mix Shift Net Supplemental Bad Debts & Same Facility Growth payments1 Denials Revenue per Patient Day Note: all bridge amounts shown are on an appro
Slide 9: Adjusted Earnings per Share Bridge
Adjusted Earnings per Share Bridge 1Q25 Actual to 1Q26 Actual Adjusted Earnings Per Share $ in per diluted share (0.05) 0.10 $0.40 (0.08) 0.01 (0.01) $0.37 1Q25 Adj. EPS EBITDA Depreciation Interest Stock Tax 1Q26 Adj. EPS and Expense Compensation Amortization and Other Note: all bridge amounts show
Slide 10: New facility openings represents >$200M incremental EBITDA opportunity
New facility openings represents >$200M incremental EBITDA opportunity Bed adds by year1 # of Beds +1,821 12,809 249 249 707 Gross bed adds: ~400- 1,572 At full maturity, 2023-2025 de 665 10,988 200 Gross bed 600 novo/JV cohorts and 2026 facilities adds: 1,089 Gross bed currently under construction
Slide 11: Total Capital Expenditures and Cash Flow from Operations
Total Capital Expenditures and Cash Flow from Operations 1Q25 Actual to 1Q26 Actual Total Capital Expenditures Cash Flow from Operations $ in Millions $ in Millions -98 +50 $175 $62 152 $77 52 $11 22 25 1Q25 1Q26 1Q25 1Q26 Growth CapEx Routine CapEx Cash Flow from Operations 1Q26 Free Cash Flow1 imp
Slide 12: Key Balance Sheet Statistics
Key Balance Sheet Statistics Debt Balances as of March 31, 2026 $ in Millions $2,583 • Net Leverage2 is ~3.9x TTM March 31, 2026 Adjusted EBITDA ($150) $2,433 • Expected 2026 Net Leverage 2 Ratio between 3.9x – 4.2x • Expect Q2 Net Leverage2 to be 4.4x – 4.5x due to timing of TN supplemental payment
Slide 13: 2Q 2026 Guidance and Assumptions
2Q 2026 Guidance and Assumptions 2nd Quarter Guidance includes: • ~$15M in startup losses • No incremental new supplemental payments 2Q26 Guidance Notable headwinds in Q2: Revenue $835 – $850 • ~$49M in out-of-period TN supplemental payments in Q2 2025 (~$39.5M EBITDA) Adj. EBITDA $142 – $152 • ~$10
Slide 14: Updated Full Year 2026 Guidance
Updated Full Year 2026 Guidance Full Year 2026 Guidance Full Year 2026 Guidance Change (April) (February) Revenue $3,370 – $3,450 $3,370 – $3,450 - Adj. EBITDA $580 – $615 $575 – $610 +$5 Adj. EPS $1.35 – $1.60 $1.30 – $1.55 +$0.05 Operating Cash Flow $285 – $325 $280 – $320 +$5 Capital Expenditures
Slide 15: Updated Full Year 2026 Guidance Assumptions
Updated Full Year 2026 Guidance Assumptions Assumption Change Same Facility Volume Growth 1 – 2% +1% Same Facility Revenue per Patient Day Growth 1 – 2% (1%) Total Bed Additions 400 – 600 beds - Startup Losses $47 – $51 ($2) Operating Cash Flow $285 – $325 +$5 Total Capital Expenditures $255 – $280
Slide 16: Healthcare
H EA LTH C A RE
Slide 17: Revenue by Service Line
Revenue by Service Line Three Months Ended March 31, 2026 2025 % Change Acute Inpatient Psychiatric Facilities $471 $412 14% Specialty Treatment Facilities $128 $137 (7%) Comprehensive Treatment Centers $140 $137 2% Residential Treatment Centers $90 $84 6% Total Revenue $829 $771 8% $ in Millions. N
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three Months Ended March 31, 2026 2025 (in thousands) Net income attributable to Acadia Healthcare Company, Inc. $ 4,105 $ 8,374 Net income attributable to noncontrolling interests 359 690 Provision for income taxes 6,500 4,404 Interest expense, net 38,330 29,182 Depre
Slide 19: Adjusted Earnings per Share Reconciliation
Adjusted Earnings per Share Reconciliation Three Months Ended March 31, 2026 2025 (in thousands, except per share amounts) Net income attributable to Acadia Healthcare Company, Inc. $ 4,105 $ 8,374 Adjustments to income: Transaction, legal and other costs (b) 22,013 31,072 Debt extinguishment costs
Slide 20: Other Information (1/4)
Other Information (1/4) We have included certain financial measures in this press release, including those listed below, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the SEC. These non-GAAP financial measures include, and are defined, as follows:
Slide 21: Other Information (2/4)
Other Information (2/4) Total facility results include operating results for all of our facilities and services but exclude general and administrative costs related to our corporate functions. Such costs related to our corporate functions include, amongst others, costs for accounting and finance, in
Slide 22: Other Information (3/4)
Other Information (3/4) (a) Represents the equity-based compensation expense of Acadia. Equity-based compensation expense is excluded from Adjusted EBITDA because we believe that the cost of equity awards granted to employees does not contribute to the earnings potentially available for distribution
Slide 23: Other Information (4/4)
Other Information (4/4) (d) Represents legal settlements expense in excess of the Company's primary and excess insurance policies. Legal settlements expense for the three months ended March 31, 2026, relates to costs associated with the settlement of Sandoval v. Acadia Healthcare Company, Inc., Mari
Acadia Healthcare Company — Q1 2026 Earnings Presentation on 6ix