Acadia Healthcare Company, Inc. · NASDAQ:ACHC
Acadia Healthcare — 44th Annual J.P. Morgan Healthcare Conference (January 2026)
19 slides from Acadia Healthcare's conference presentation, Jan 13, 2026
Slide 1: 44th Annual J.P. Morgan Healthcare Conference
44*> Annual J.P. Morgan Healthcare Conference January 2026 ACADIA.
Slide 2: Safe Harbor
Safe Harbor This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statements that address future results or occurrences. In some cases, you can identify forward-looking statements by
Slide 3: Agenda
Agenda {a} Reiterating 2025 Guidance (B) Overview of Acadia (c} 2025 Progress (D} 2025 Challenges © Looking to 2026
Slide 4: We are reiterating our 2025 guidance
We are reiterating our 2025 guidance $3.28B - $3.30B $601M - $61IM 2025 Revenue 2025 Adj. EBITDA $1.94 - $2.04 2025 Adj. EPS
Slide 5: $3.3B in Revenue
$3.3B in Revenue for Trailing Twelve Months ("TTM") through 9/30/2025 Acadia at a glance: the largest BH-focused provider nationally #1 Pure-play Behavioral Health (BH) provider in the US >B2kk Patients treated daily across our 4 service lines 277 Facilities across the nation 59 Acute facilities! 31
Slide 6: Acadia continues to be the preferred behavioral health partner for leading health systems
Acadia continues to be the preferred behavioral health partner for leading health systems across the country Landscape of our 21) \9 partnerships He Acadia delivers significant & value to health systems: Pecrener| [apt ae Lennon [emnorsox] aes ] [ + Behavioral health expertise y with deep experience
Slide 7: Strong diversification across service lines, payors and geography
Strong diversification across service lines, payors and geography Total revenue: $3.3B TTM ending 9/30/2025 Revenue by service line Revenue by payor Revenue by geography PA Specialty Commercial ther cre seus: Medicaid Medicar 4% 11% 496" MoO RIE Other BL
Slide 8: The Behavioral Health industry has a large unmet need and low industry maturity
The Behavioral Health industry has a large unmet need and low industry maturity recognized unmet need Low industry maturity Most operators are smaller scale (e.g, >50% of the IP psychiatric beds are in small facilities, of the ~19k OTPs in the US, the top 3 providers combined ‘operate ~20%) ~30M ‘Am
Slide 9: Our strategy focused on setting the standard for quality across the industry, while expanding access
Our strategy focused on setting the standard for quality across the industry, while expanding access Deliver high quality patient care Enhancing our capabilities Expanding access Outcomes - our care seeks to improve quality of life and stabilize our patients during times of critical need Quality - o
Slide 10: 2025 recap: significant progress across key initiatives
oi sa CONFIDENTIAL 2025 recap: significant progress across key initiatives PETC) @ Our significant investment in care is yielding results, with strong KP! performance high-quality across patient outcomes, patient safety, patient experience, and regulatory measures patient care @ strong workforce res
Slide 11: Our investments enable us to set a new standard and demonstrate strong patient outcomes
Our investments enable us to set a new standard and demonstrate strong patient outcomes and experience Improvement in overall rating of care in Q3 2025 vs Q3 2024 Improvement in likelihood to a Te eee ee recommend in Q3 2025 vs Q3 2024 Patients included in our outcomes g Increase in the number patie
Slide 12: Likewise, CTC is offering fast, high-quality patient experience
‘ewise, CTC is offering fast, high-quality patient experience Comprehensive services Differentiated access and experience 99%+ BS >50% © eS Quality score across Percentage of CTC ses % each of CARF's 13 patients illicit-opioid-free oe ane measures (opioid at six months (as of Q4 / \ clinics)’ 2025)
Slide 13: 2025 was another year of strong bed growth
2025 was another year of strong bed growth 2025 bed additions by quarter across Acute, Specialty, and RTC Quarter Beds added Beds closed Net beds added Qa 378 -192 gg 196 a2 101 ° j= @ 429 -84 L~y 345 4 181 “106 a Jolin 7,089 -382 al + Added 1,089 new beds in 2025 As previously disclosed, we closed
Slide 14: 2025 recap: financial results were below expectations
CONFIDENTIAL 2025 recap: while we were pleased with our progress on quality and clinical outcomes, financial results were below expectations $700M “54 = $606 _ cae ° | = 2025 midpoint Increased PLCL Volume Rate pressure 2025 midpoint guidance -Feb 2025 tigation costs. —_underperformance guidance ~ l
Slide 15: Weaker volume environment impacting recent cohort occupancy ramp
Weaker volume environment impacting recent cohort occupancy ramp Occupancy rate at recently launched facilities,' % Historical avg occupancy stated in last year’s JPM Healthcare Presentation? Initially anticipated occupancy in 2025 IMBEst. occupancy in 2025 Historical avg Historical avg occupancy in
Slide 16: Bed growth opportunity
opportunity Bed adds by year from de novos and JVs;! # [[Projected [ll Actual beds added [ill Starting + 13,160, Gross bes adds ,089 Total 2023net 2024net 2025net 2026 Pro- bedsasof bedadds bedadds bedadds estimated Forma '26 Eoy 2022 bed adds Bed Count 1 Seuree:CompanyFinancits At full maturity2, 2
Slide 17: We are tracking several headwinds and tailwinds that impact 2026
We are tracking several headwinds and tailwinds that impact 2026 pp ol Acute care volume softness/ongoing payor pressure Weaker government reimbursement environment NY State exclusion of Medicaid referrals to PA (-$25-30M EBITDA) 9 fr) Qa & Nonrecurring 2025 TN supplemental payments ($29M EBITDA) Ma
Slide 18: We continue to focus on multiple operational improvement initiatives
We continue to focus on multiple operational improvement initiatives Operation improvement focus areas a Ls ; , , QOercitity Focused facility turnarounds, increasing access to care by deepening relationships in communities and Tinproving sual cheae of fsbo 2 partncronip enhancement, ara scabllaing a
Slide 19: Acadia Healthcare
HEALTHCARE
Acadia Healthcare Company — 44th Annual J.P. Morgan Healthcare Conference (January 2026) on 6ix