Slide 1: Fourth Quarter 2025 Supplemental Information
Fourth Quarter 2025 Supplemental Information March 4, 2026
Slide 2: Disclaimers: Forward looking statements
Enhabit Home Health & Hospice 2 Disclaimers 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 ame
Slide 3: Contents
Contents Overview 4 2025 Year in Review 5 Quarterly Results at a Glance 6 2026 Priorities 7 Consolidated Results 8 Clinical Expertise and High-Quality Outcomes 9 Home Health Segment KPI Performance 10-11 Hospice Segment KPI Performance 12-13 Balance Sheet 14 Adjusted Free Cash Flow Assumptions 15 Ap
Slide 4: Overview
Enhabit Home Health & Hospice 4 Overview 111 Hospice locations co-located with Home Health locations(1) Home Health Locations Hospice Locations Home Health & Hospice State Home Health Only State (1) As of December 31, 2025 - due to scale, not all locations can be represented by locational markers 11
Slide 5: 2025 Year in Review: Return to Growth / Strengthened Balance Sheet
Enhabit Home Health & Hospice 5 2025 Execution - Return to Growth / Strengthened Balance Sheet Well Positioned for Continued Success in 2026 Reconciliations to GAAP provided in Appendix B Consistent Growth Revenues +2.4% and Adj. EBITDA +8.4% FY Improved Leverage and Free Cash Flow Provides Ability
Slide 6: Quarterly Results at a Glance
Enhabit Home Health & Hospice 6 Improved financial performance • Total net service revenue rose to $270.4M, an increase of 2.6% sequentially and 4.7% year over year. • Net loss attributable to Enhabit, Inc. of $38.7M.(1) • Adjusted EBITDA increased 11.6% to $28.0M, rose 3.7% sequentially. • Reduced
Slide 7: 2026 Priorities for Success
Enhabit Home Health & Hospice 7 2026 Priorities for Success • Increase patient census • Optimize VPE to enable capacity expansion • Open new de novo locations - 3-6 home health / 9-12 hospice • Strategic M&A opportunities - targeting $25-$50M investment • Continue to de-lever balance sheet • Optimiz
Slide 8: Consolidated Results Q4 '25 vs. '24
Enhabit Home Health & Hospice 8 Consolidated Results Q4 '25 vs. '24($ in millions, except per share data) 2025 2024 Home Health net service revenue $206.8 $200.4 3.2 % Hospice net service revenue 63.6 57.8 10.0 % Total net service revenue $270.4 $258.2 4.7 % % of revenue % of revenue Cost of service
Slide 9: Clinical Expertise and High-Quality Outcomes
Enhabit Home Health & Hospice 9 Clinical Expertise and High-Quality Outcomes Enhabit National Average % Better Than Average HHCAHPS Star Rating1 3.9 3.7 5.4% 99% of our home health agencies are 3 Stars or higher; 75% are 4 Stars or higher2 30-Day Hospital Readmission Rate2 14.4% 18.0% 20.0% % of pat
Slide 10: Home Health Q4 Revenue KPI Performance
Enhabit Home Health & Hospice 10 Home Health Q4 Revenue KPI Performance Home health returns to growth, as total revenue increased approximately $6.3 million, or 3.1% sequentially, and 3.2% year over year Q4 home health sequential revenue drivers: • Volume: increase in average daily census of 2.1%, p
Slide 11: Home Health Q4 Profitability KPI Performance
Enhabit Home Health & Hospice 11 Home Health Q4 Profitability KPI Performance Gross margin of 47.7%, improvement of 140bps sequentially and higher by 30bps year over year Q4 Home Health sequential Gross Margin drivers: • Unit Revenue: improvement of 1% on an increase in revenue per patient day of 1.
Slide 12: Hospice Q4 Revenue KPI Performance
Enhabit Home Health & Hospice 12 Hospice Q4 Revenue KPI Performance Revenue per patient day increased 0.3% sequentially and 0.1% year over year reflects CMS Medicare reimbursement rate increase effective October 2025, offset by favorable non-recurring collections rate benefit in prior year Continued
Slide 13: Hospice Q4 Profitability KPI Performance
Enhabit Home Health & Hospice 13 Hospice Q4 Profitability KPI Performance Gross margin of 52.0%, decreasing 350bps sequentially and in line year over year Q4 hospice sequential revenue drivers: • Unit Revenue: +0.3% sequentially with combination of CMS rate increase partially offset by favorable non
Slide 14: Balance Sheet Strength Continues to Improve
Enhabit Home Health & Hospice 14 Balance Sheet Strength Continues to Improve Leverage ratio decrease from Q4 2023 largely due to bank debt reduction during this period Leverage Ratio Improved 1.7 Turns $125M Reduction in Total Debt(1) Since Q4 2023 8 straight quarters of prepayments inclusive of $20
Slide 15: Adjusted Free Cash Flow Assumptions
Enhabit Home Health & Hospice 15 Adjusted Free Cash Flow Assumptions ($ in millions) Certain cash flow items 2024 Full Year 2025 Full Year Adjusted EBITDA(1) $100.1 $108.5 Less: Cash interest expense(2) 42.7 32.4 Cash income tax payments (refunds), net(3) 1.9 0.8 Working capital and other(3)(4) (1.8
Slide 16: Appendix A
Enhabit Home Health & Hospice 16 Appendix A
Slide 17: Debt & Liquidity Metrics
Enhabit Home Health & Hospice 17 Debt & Liquidity Metrics ($ in millions) December 31, 2025 December 31, 2024 $400 million term loan facility, due 2027 (1)(2) $328.7 $348.0 Advances under revolving credit facility, due 2027(1) 115.0 160.0 Finance lease obligations 4.6 7.4 Total debt $448.3 $515.4 Le
Slide 18: Consolidated Adjusted EBITDA
Enhabit Home Health & Hospice 18 Consolidated Adjusted EBITDA ($ in millions) Q4 2025 % of Consolidated Revenue Q4 2024 % of Consolidated Revenue Home Health Segment Adjusted EBITDA $37.0 $35.5 Hospice Segment Adjusted EBITDA 13.6 13.3 Home office general and administrative expenses (22.6) 8.4 % (23
Slide 19: Home Health Segment
Enhabit Home Health & Hospice 19 Home Health Segment ($ in millions) Q4 '25 vs. '242025 2024 Net service revenue: Medicare $111.6 $117.3 (4.9) % Non-Medicare 93.4 80.8 15.6 % Private duty(1) 1.8 2.3 (21.7) % Home Health net service revenue 206.8 200.4 3.2 % Cost of service 108.2 105.5 2.6 % Gross ma
Slide 20: Home Health Operational Metrics
Enhabit Home Health & Hospice 20 Home Health Operational Metrics (net service revenue $ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Medicare $128.3 $121.7 $117.3 $117.3 $484.6 $114.2 $116.0 $113.4 $111.6 $455.2 Non-Medicare 82.6 86.3 81.5 80.8 331.2 8
Slide 21: Hospice Segment
Enhabit Home Health & Hospice 21 Hospice Segment ($ in millions) Q4 '25 vs. '242025 2024 Net service revenue $63.6 $57.8 10.0 % Cost of service 30.5 27.6 10.5 % Gross margin 52.0 % 52.2 % General and administrative expenses 19.4 17.0 14.1 % Net income attributable to noncontrolling interests 0.1 (0.
Slide 22: Hospice Operational Metrics
Enhabit Home Health & Hospice 22 Hospice Operational Metrics (net service revenue $ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Hospice net service revenue $49.2 $50.4 $52.6 $57.8 $210.0 $59.3 $60.2 $63.1 $63.6 $246.2 (actual amounts) Total admissions
Slide 23: Consolidated Results – YTD 2025
Enhabit Home Health & Hospice 23 Consolidated Results – YTD 2025 ($ in millions, except per share data) Year-To-Date '25 vs. '242025 2024 Home Health net service revenue $813.8 $824.8 (1.3) % Hospice net service revenue 246.2 210.0 17.2 % Total net service revenue $1,060.0 $1,034.8 2.4 % % of Revenu
Slide 24: Home Health Segment Results – YTD 2025
Enhabit Home Health & Hospice 24 Home Health Segment Results – YTD 2025 ($ in millions) Year-To-Date '25 vs. '242025 2024 Net service revenue: Medicare $455.2 $484.6 (6.1) % Non-Medicare 350.8 331.2 5.9 % Private duty(1) 7.8 9.0 (13.3) % Home Health net service revenue 813.8 824.8 (1.3) % Cost of se
Slide 25: Hospice Segment Results – YTD 2025
Enhabit Home Health & Hospice 25 Hospice Segment Results – YTD 2025 ($ in millions) Year-To-Date '25 vs. '242025 2024 Net service revenue $246.2 $210.0 17.2 % Cost of service 113.7 102.6 10.8 % Gross margin 53.8 % 51.1 % General and administrative expenses 72.2 65.5 10.2 % Net income attributable to
Slide 26: Payer Sources as a % of Revenue
Enhabit Home Health & Hospice 26 Payer Sources As a % of Revenue Fourth Quarter Fiscal Year Consolidated 2025 2024 2025 2024 Medicare 64.1% 66.8% 65.8% 66.8% Medicare Advantage 24.9% 22.5% 23.9% 23.0% Managed Care 9.5% 9.2% 9.1% 9.1% Medicaid 1.1% 1.3% 0.8% 0.9% Other 0.4% 0.2% 0.4% 0.2% Total 100.0
Slide 27: Large and Growing Addressable Markets
Enhabit Home Health & Hospice 27 (1) MedPAC Tab E December 2025. (2) MedPAC Tab I Hospice December 2025. (3) MedPAC Tab H Home Health December 2025. (Calculated based on 30-day home health period.) (4) AARP 2024 Survey. (5) National Health Expenditures published September 2025 by CMS. (6) Includes M
Slide 28: Appendix B
Enhabit Home Health & Hospice 28 Appendix B
Slide 29: Reconciliation of Earnings Per Share to Adjusted Diluted EPS
Enhabit Home Health & Hospice 29 Reconciliation of Earnings Per Share to Adjusted Diluted Earnings Per Share (in millions except $ Diluted EPS amounts) Q4 Year-To-Date 2025 2024 2025 2024 Amount Diluted EPS Amount Diluted EPS Amount Diluted EPS Amount Diluted EPS Net income (loss) attributable to En
Slide 30: Reconciliation of Net Income (Loss) to Adjusted EBITDA – Consolidated
Enhabit Home Health & Hospice 30 Reconciliation of Net Income (Loss) to Adjusted EBITDA – Consolidated ($ in millions) Fourth Quarter Year-To-Date 2025 2024 2025 2024 Net income (loss) $(38.3) $(45.8) $(2.6) $(154.0) Interest expense, net 7.4 10.1 33.8 42.9 (Benefit from) provision for income taxes
Slide 31: Segment Adjusted EBITDA Reconciliation
Enhabit Home Health & Hospice 31 Q4 Year-To-Date ($ in millions) 2025 2024 2025 2024 Income (loss) before income taxes and noncontrolling interests $(40.8) $(51.3) $1.4 $(158.0) Non-segment general and administrative expenses 24.8 24.6 107.4 113.3 Interest expense, net 7.4 10.1 33.8 42.9 Depreciatio
Slide 32: Reconciliation of Operating Cash Flow to Adjusted Free Cash Flow
Enhabit Home Health & Hospice 32 Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow ($ in millions) Q4 Year-To-Date 2025 2024 2025 2024 Net cash provided by operating activities $4.3 $(4.1) $70.7 $51.2 Unusual or nonrecurring items that are not typical of ongoing
Slide 33: Reconciliation of Gross Margin to Adjusted EBITDA Margin
Enhabit Home Health & Hospice 33 Reconciliation of Gross Margin to Adjusted EBITDA Margin Q4 Year-To-Date 2025 2024 2025 2024 Gross margin as a percentage of revenue 48.7 % 48.5 % 49.0 % 48.7 % General and administrative expenses (41.5) % (40.5) % (40.9) % (41.2) % Stock-based compensation 2.5 % 1.4
Slide 34: Reconciliation of Net Income (Loss) to Trailing Twelve-Month Adjusted EBITDA
Enhabit Home Health & Hospice 34 Reconciliation of Net Income (Loss) to Trailing Twelve-Month Adjusted EBITDA ($ in millions) Quarter Ended Trailing Twelve Months Ended March 31, June 30, September 30, December 31, December 30, December 31, 2025 2025 2025 2025 2025 2024 Net income (loss) $18.4 $5.7
Slide 35: Additional Disclaimers
Enhabit Home Health & Hospice 35 Additional Disclaimers ADDITIONAL INFORMATION AND WHERE TO FIND IT This communication may be deemed to be solicitation material in respect of the transaction between the Company, Anchor Parent, LLC and Anchor Merger Sub, Inc. The Company expects to announce a special