Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation Fourth Quarter 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements as to our beliefs and expectations of the outcome of future events that are "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform
Slide 3: CoreCivic Operates at the Intersection of Government and Real Estate Infrastructure
CoreCivic Operates at the Intersection of Government and Real Estate Infrastructure Company Overview • Diversified government-solutions company with the scale and differentiated expertise to solve the tough challenges that governments face in flexible, cost-effective ways • Revenues, Net Income, and
Slide 4: Largest Private Owner of Real Estate Utilized by Government Agencies
Largest Private Owner of Real Estate Utilized by Government Agencies Manage 15.7 million(1) square feet of real estate used by government SAFETY • 90.8% of NOI for the quarter ended December 31, 2025 • 13.8 million(1) square feet • 44 total facilities, including 67,785 correctional/detention beds •
Slide 5: Industry Market Share
Industry Market Share • The private corrections industry cares for less than 8% of the nation's prison population • CoreCivic is the largest non-government owner of correctional and detention real estate in the United States ➢ We own approximately 57% of all privately owned correctional and detentio
Slide 6: Occupancy Recovery Could Drive Significant Earnings Growth
Occupancy Recovery Could Drive Significant Earnings Growth • The COVID-19 pandemic had a significant impact on our occupancy and cash flows. • Facility occupancy has been rising steadily since the end of COVID-19 Impact Period the COVID-19 pandemic. ICE utilization, along with new state contracts, d
Slide 7: SW Border Apprehensions Declining, but ICE Detention Population Rising
SW Border Apprehensions Declining, but ICE Detention Population Rising • After hitting multi-decade highs during the federal fiscal years 2021-2024, apprehension rates along the US Southwest border slowed in F2025 due to enhanced enforcement and deterrence, particularly since the implementation of E
Slide 8: Private Sector Advantages vs "Alternative" Beds
Private Sector Advantages vs "Alternative" Beds To boost total available detention beds, accelerate deportation initiatives and explore cost savings, the current administration has considered non-traditional detention options outside of the private sector. This pool of "alternative" beds may include
Slide 9: ICE Demand Leads to Facility Activations in 2025 / 2026
ICE Demand Leads to Facility Activations in 2025 / 2026 Estimated Estimated Design Annual Revenue Stabilized Facility Capacity (in thousands) Occupancy Dilley Immigration Processing Center 2,400 $ 180,000 Q3 2025 West Tennessee Detention Facility 600 30,000 Q1 2026 Midwest Regional Reception Center
Slide 10: Facility Utilization – Capacity to Meet ICE Needs
Facility Utilization – Capacity to Meet ICE Needs In July 2025, ~$45B was approved for ICE detention capacity under the One Big Beautiful Bill Act, the highest ever approved, and is intended to fund ~100,000 detention beds. If utilized, ICE will need more than ~30,000 additional detention beds. Desi
Slide 11: Extensive History of Durable Earnings and Cash Flows
Extensive History of Durable Earnings and Cash Flows Adjusted EBITDA ($ in millions)(1) • Long term stable cash flows from government partners due to essential, 40% $500 mission critical infrastructure and valued $427 $441 $444 $441 35% $423 $418 services $415 $405 $398 $396 $402 30% $400 $381 $386
Slide 12: Current Financial Performance
Current Financial Performance December 31, September 30, June 30, March 31, December 31, For the quarter ended 2025 2025 2025 2025 2024 Net Income $26.5MM $26.3MM $38.5MM $25.1MM $19.3MM Diluted EPS $0.26 $0.24 $0.35 $0.23 $0.17 Adjusted Diluted EPS(1) $0.27 $0.24 $0.36 $0.23 $0.16 Normalized FFO Pe
Slide 13: Introducing 2026 Guidance
Introducing 2026 Guidance (in thousands) Full Year 2026 Low-End High-End Net Income $ 147,500 $ 157,500 Depreciation and amortization of real estate assets 104,250 103,500 Funds From Operations $ 251,750 $ 261,000 Maintenance capital expenditures on real estate assets (35,000) (30,000) Stock-based c
Slide 14: Positioned for Long-Term Success and Value Creation
Positioned for Long-Term Success and Value Creation • Significant liquidity of $409 million as of December 31, 2025 • Extensive balance sheet flexibility • Next debt maturity not until October 2027 ($238.5 million) • Strong cash flow to manage debt leverage within target band of 2.25x to 2.75x net d
Slide 15: Debt Reduction Due to Multi-Year Capital Allocation Strategy
Debt Reduction Due to Multi-Year Capital Allocation Strategy Debt Maturity Schedule – June 30, 2020 Debt Maturity Schedule – December 31, 2025 ($ in millions) ($ in millions) $1,400 $1,400 $382.7 $1,200 $1,200 $1,000 $1,000 $800 $800 $157.5 $600 $600 $508.0 $7.4 $400 $294.0 $266.4 $400 $631.0 $227.9
Slide 16: Active Share Repurchase Plan & History of Returning Capital to Shareholders
Active Share Repurchase Plan & History of Returning Capital to Shareholders • As a C-Corp: − 2009-2011: We returned $491 million through a stock buyback program − 2012: We returned $60 million through quarterly dividends STOCK BUYBACKS, DIVIDENDS AND TTM LEVERAGE ($MM) • As a REIT: $300 − 2013-2020:
Slide 17: The Value Proposition
The Value Proposition Adjusted EBITDA ($ in millions)(1) 40% $500 35% $441 $444 $441 $427 $423 $418 $415 $405 $398 $396 $402 30% $400 $381 $386 $388 $366 $331 25% $316 $311 25% 25% 25% $300 24% 23% 23% 23% 22% 22% 22% 22% 21% 22% 20% $200 17% 16% 17% 17% 15% 10% $100 5% $- 0% 2009 2010 2011 2012 201
Slide 18: Why CoreCivic
Why CoreCivic Compelling Investment Opportunity… • Largest private owner of correctional real estate Market Leader with Critical Infrastructure in Market with • Overcrowding, understaffing, obsolescence and inadequate capacity at public facilities drive private market need High Entry Barriers • Sign
Slide 19: Corporate Responsibility Reporting
Corporate Responsibility Reporting
Slide 20: Unprecedented Commitment to Corporate Responsibility within the Corrections Industry
Unprecedented Commitment to Corporate Responsibility within the Corrections Industry • CoreCivic released the Company’s seventh Corporate Responsibility Report in April 2025, demonstrating the continued commitment to transparency and accountability and providing more robust disclosures to show how t
Slide 21: Company's Mission Benefits All Stakeholders
Company's Mission Benefits All Stakeholders Holistic Approach Toward Preparing Inmates for Successful Reentry… More Humane Conditions Focus on Rehabilitation & Reentry • Reduced Overcrowding • Ban the Box • Modern Real Estate Amenities / Facility Design • Education & Vocational Training • Improved M
Slide 22: Human Rights – CoreCivic's Approach and Goals
Human Rights – CoreCivic's Approach and Goals Human rights are foundational in all that we do, therefore the salient rights of residents and employees are considered throughout our corporate strategies. We recognize the inherent dignity of every person and the benefits of promoting a culture of indi
Slide 23: CoreCivic's Quality Assurance and Government Oversight
CoreCivic's Quality Assurance and Government Oversight Over 1,000 on-site contract monitors and government partner employees have continuous oversight c ensure compliance of our facilities to help 22
Slide 24: CoreCivic's Quality Assurance and Government Oversight
CoreCivic's Quality Assurance and Government Oversight American Correctional Association ("ACA") • CoreCivic Safety facilities that maintain ACA accreditation undergo audits by independent auditors trained and assigned by the ACA on a three-year cycle. • ACA audits review all facets of correctional
Slide 25: CoreCivic's Health Services – Care Delivery
CoreCivic's Health Services – Care Delivery • Whether CoreCivic directly provides health services or coordinates with partner agencies and third-party providers, we are committed to providing quality care in line with correctional health standards set by organizations like National Commission on Cor
Slide 26: Highly Qualified, Proven Management Team
Highly Qualified, Proven Management Team Patrick Swindle David Garfinkle Tony Grande Chief Executive Officer and President EVP and Chief Financial Officer EVP and Chief Development Officer • Transitioned to CEO on January 1, 2026 • Began at CoreCivic in 2001 • Began at CoreCivic in 2003 • Began at C
Slide 27: CEO Transition – A Deliberate Succession Plan
CEO Transition – A Deliberate Succession Plan • Patrick Swindle, who previously served as the Company's President and Chief Operating Officer, assumed the role of CEO of the Company, effective on January 1, 2026: ➢ Promoted to President January 1, 2025 ➢ Mr. Swindle filled the Board vacancy created
Slide 28: Appendix
& coreCivic Appendix
Slide 29: Reconciliation to Adjusted Diluted EPS
Reconciliation to Adjusted Diluted EPS For the Three For the Three For the Three For the Three For the Three Months Ended Months Ended Months Ended Months Ended Months Ended Period December 31, September 30, June 30, March 31, December 31, ($ in thousands, except per share amounts) 2025 2025 2025 20
Slide 30: Calculation of FFO, Normalized FFO and AFFO
Calculation of FFO, Normalized FFO and AFFO For the Three For the Three For the Three For the Three For the Three Months Ended Months Ended Months Ended Months Ended Months Ended Period December 31, September 30, June 30, March 31, December 31, ($ in thousands, except per share amounts) 2025 2025 20
Slide 31: Calculation of NOI and Segment NOI
Calculation of NOI and Segment NOI For the Three For the Three For the Three For the Three For the Three Months Ended Months Ended Months Ended Months Ended Months Ended Period December 31, September 30, June 30, March 31, December 31, ($ in thousands, except per share amounts) 2025 2025 2025 2025 2
Slide 32: Calculation of EBITDA and Adjusted EBITDA
Calculation of EBITDA and Adjusted EBITDA For the Three For the Three For the Three For the Three For the Three Months Ended Months Ended Months Ended Months Ended Months Ended Period December 31, September 30, June 30, March 31, December 31, ($ in thousands, except per share amounts) 2025 2025 2025