The Pennant Group, Inc. · NASDAQ:PNTG
The Pennant — Investor Presentation (June 2026)
33 slides from The Pennant's investor presentation, June 2026
Slide 1: Investor Presentation
Investor Presentation June 2026
Slide 2: Disclaimer
Disclaimer Statements in this presentation concerning the future prospects of The Pennant Group, Inc. (“Pennant” or the “Company”) are forward looking statements based on management’s current expectations, assumptions and beliefs about our business, financial performance, operating results, the indu
Slide 3: Executive Summary
Executive Summary • Leading operator in a large, growing market with strong secular tailwinds enabling patients to age in place • Innovative, decentralized operating model that empowers local leaders and drives proven outcomes • Demonstrated track record of success ‒ 31.9% Revenue CAGR from 2023 – 2
Slide 4: Our Story
Our Story Innovative, Decentralized Solution of Choice in Our Established Track Record Operating Model Communities Founded in 2010 Empower local leaders to drive Focus on delivering innovative, exceptional clinical, financial, high-quality solutions to Spun-off from Ensign (Nasdaq: community and cul
Slide 5: Our Mission and Values
Our Mission and Values Pennant is a premier leadership company, creating life-changing opportunities and setting the standard for excellence in healthcare through our core values and unique operating model. Life-Changing Service 5
Slide 6: Pennant at a Glance
Pennant at a Glance $583.3mm $72.4mm 2026 Consolidated Adj. 2026 Revenue(3) EBITDAR(2)(3) 175 69 Home Health, Hospice and Senior Living Communities(1) Home Care Agencies(1) Home Health, Hospice and Home Care Agencies (5) ~60k 78.7% Average Senior Living Senior Living Communities HH Admissions(3) Occ
Slide 7: Underpinned by an Aging US Population
Underpinned by an Aging US Population…. Projected US Population Over Age 65(1) (in millions) 120.0 100.0 We are Here 80.0 60.0 22.8% of the Total 40.0 Population 18.7% of the Total Population 20.0 -- 2022 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 2095 2100 65 to 74 75 to
Slide 8: Our Industries Have Attractive Fundamentals
…Our Industries Have Attractive Fundamentals Home Health Care Expenditures ($ in billions)(1) • Home Health expenditures expected to increase ~95% $283 by 2032(1) $261 $242 $225 • Home Health remains the lowest-cost post-acute care $208 $192 $178 setting; ~97% lower than other facility-based setting
Slide 9: Our Services are Critical to the Healthcare System
Our Services are Critical to the Healthcare System Our Businesses Provide Life-Changing Services in the Home Setting Post-Acute Care Continuum Highest Short-Term Acute Care Acuity / Cost Hospital (STACH) Long-Term Acute Care $467mm $116mm Hospital (LTACH) YTD ‘26 Revenue(1) YTD ‘26 Revenue(1) Inpati
Slide 10: Strong Track Record of Growth
Strong Track Record of Growth Total Revenue ($ in millions) 31.9% CAGR from 2023 to $947.7 2025, demonstrating consistent and robust growth $215.0 across all segments $695.2 YoY 36% Home Health & Hospice led $175.8 $583.3 the way as key drivers of $544.9 $116.5 revenue, reflecting strong $150.4 mark
Slide 11: Strong Track Record of Growth (Cont'd)
Strong Track Record of Growth (Cont’d) Consolidated Adjusted EBITDA and Rent(1)(2) ($ in millions) 33.4% Consolidated Adjusted EBITDA CAGR from 2023 to 2025, underscoring the company's strong financial momentum YoY 40.4% Consolidated Adjusted EBITDA margin increased $72.5 from 7.6% in 2023 to 7.9% $
Slide 12: Investment Highlights
MS PENNANT GROUP Investment Highlights
Slide 13: Pennant's Key Investment Highlights
Pennant’s Key Investment Highlights 1 Model Decentralized Operating Model Driven by Local Leaders 2 Quality Partner of Choice due to High Quality Care 3 Growth Significant Future Growth Opportunities 4 Platform Leading Support Services and Technology Offering 5 Financial Strong Financial Performance
Slide 14: Our Innovative Operating Model Delivers Superior Outcomes
1 Our Innovative Operating Model Delivers Superior Outcomes… “Cluster” Model Drives… Pennant’s Model Creates a Flywheel Effect Empowered Local Decision Making Adapt to changing needs of patients, partners and community Comprehensive Support Technology- and people-driven support that allows on-site t
Slide 15: Driven by Our Local Leaders
1 …Driven by Our Local Leaders Why Our Local Leaders are Critical to Our Success The CEO Opportunity We Attract: ✓ Highly-motivated, entrepreneurial leaders who own their results Our CEO in training program is designed to help aspiring leaders gain ✓ Mission-driven leaders with diverse experience an
Slide 16: High Quality Care and Strong Clinical Outcomes
2 High Quality Care and Strong Clinical Outcomes…. Demonstrated Clinical Outperformance… …Leads to Strong Community Partnerships High Star Rating & Lower Hospitalizations Quality of Care(1) Community relationships based on ✓ Average 4.1 Star Rating vs. ✓ Only 10.0%(2) of Home Health communication, t
Slide 17: Makes Us the Partner of Choice in Our Communities
2 ….Makes Us the Partner of Choice in Our Communities Clinic and Community Hospitals Skilled Nursing Facilities Senior Living and Other Physicians • Long term referral relationships • Referrals driven by Pennant’s • Developed strong care • Pennant’s businesses have a driven by preferred provider str
Slide 18: Significant Growth Opportunities
Strategically Invest in and 3 Significant Growth Opportunities Integrate Other Post-Acute Care Leverage Businesses Operational Capabilities to Expand 5 Partnerships Add New 4 Operations Focus on 3 Organic Growth Grow Talent Base and Develop Leaders 2 1 Camie Jesse Rhon Kat We believe Pennant is well
Slide 19: Proven Performance Through Organic Growth
3 Proven Performance Through Organic Growth Cornerstone & Pinnacle Revenue for Various Acquisition Vintages Organic Growth in Existing Operations ($ in millions) CAGR $5.5 19.6% Strong revenue growth by both Cornerstone $4.6 and Pinnacle across various acquisition 2023 $29.5 $32.7 CAGR Vintage(1) 10
Slide 20: Well-Positioned to Grow Through Our Disciplined Acquisition Strategy
3 Well-Positioned to Grow Through Our Disciplined Acquisition Strategy Significant Growth Opportunity Remains in Highly-Fragmented Markets… Our Proven M&A Playbook % Market Share of Top Operators in Select Pennant End Markets Focus on selectively acquiring strategic 1 and underperforming operations
Slide 21: Track Record of M&A Success
3 Track Record of M&A Success Reputation as a Partner and Acquiror of Choice Allows Us to Screen a Proprietary Pipeline of Demonstrated Improvements in Opportunities Acquired HH&H Agency Performance ($ in thousands) $876 Our disciplined approach to M&A delivers $3,938 $622 compelling opportunities b
Slide 22: Dedicated Support Services for Our Agency and Community Partners
4 Dedicated Support Services for Our Agency and Community Partners How We Support Affiliate Locations Tech-Driven Value Adds Accounts Receivable Innovative use of technology EMR tools that enhance the efficiency and effectiveness Accounting Financial Ecosystem of care delivery Clinical Support HR Ac
Slide 23: Strong Financial Performance
5 Strong Financial Performance… Strong Revenue Growth Diversified Portfolio Creates Greater Stability Service Mix Senior Living, $947.7 20.0% $695.2 $544.9 $583.3 Home (1) 2023 2024 2025 2026 Health and Hospice, Cons. Adj. EBITDA and Adj. Rent(2)(3) 80.0% Payor Mix Managed $48.4 Care 16.1% $42.5 $38
Slide 24: and Balance Sheet Management
5 …and Balance Sheet Management Focus on Maintaining a Strong Balance Sheet Debt Terms – Revolving Credit Facility Net Debt / LTM Consolidated Adj. EBITDA(1) Total Debt Facility $350.0mm(2) 2.1x 2.1x Amount Drawn $201.9mm(3) ~$160.8mm of 1.4x Weighted Average Borrowing acquisition 5.88% firepower as
Slide 25: Experienced Management Team with Deep Healthcare Expertise
6 Experienced Management Team with Deep Healthcare Expertise Best-in-class Management Team with ~61 Years of Combined Experience at Pennant/Ensign and the Industry Brent Guerisoli, Chief Executive Officer Kirk Cheney, Chief Legal Officer • Joined Pennant/Ensign in 2012 • Joined Pennant/Ensign in 201
Slide 26: Appendix
MB PENNANT GROUP Appendix |
Slide 27: Financial Overview – Segment Growth
Financial Overview – Segment Growth Segment Revenue ($ in millions) Home Health & Hospice Revenue(6) Senior Living Revenue $732.7 $215.0 $519.4 $317.8 $466.8 $175.8 $394.5 $150.4 $240.1 $116.5 $202.7 $194.6 $414.9 $279.3 $264.1 $199.9 2023 2024 2025 2026 2023 2024 2025 2026 Home Health Hospice Segme
Slide 28: Financial Overview – Segment Metrics
Financial Overview – Segment Metrics Segment Metrics (units in actual, $ in actual / unit) Home Health Admissions & Avg. Medicare Revenue / Episode Senior Living Occupancy Rate (%) $3,677 $3,755 $3,689 $3,533 78.5% 78.8% 79.7% 78.7% 110,000 86,076 59,741 59,668 60,000 43,508 10,000 (1) 2023 2024 202
Slide 29: Financial Overview – Balance Sheet
Financial Overview – Balance Sheet Strong Balance Sheet Positions Pennant Well to Continue Acquisition Strategy Pennant – Balance Sheet Information December 31, June 30, 2023 2024 2025 2026 Cash $6,059 $24,246 $17,024 $15,273 Current Assets 80,077 122,856 167,406 183,591 Total Assets $539,691 $679,5
Slide 30: Financial Overview – Expenses
Financial Overview – Expenses Expenses Overview ($ in millions, % of total revenue) 2026 Composition of Expenses (% of total opex) Pennant – Composition of Expenses Year Ended Six Months Ended December 31, June 30, ($ in millions) 2023 2024 2025 2026 Cost of Services 1.1% Total Revenue $544.9 $695.2
Slide 31: Lease Overview
Lease Overview We Have Favorable, Long-Term Leases and are Viewed as the Tenant of Choice by Our Landlords Triple Net (NNN) 10.7 Years Lease Coverage(2) Lease Agreements Weighted Average Remaining Lease Tenor 2023–2026 LTM Lease Coverage(2) ✓ Ability to negotiate favorable lease terms as we ✓ 15-25
Slide 32: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Reconciliation of Net Income to Adjusted EBITDA and EBITDAR Six Months Ended June 30, ($ in thousands) 2026 2025 Consolidated net income $21,191 $16,503 Less: Net income attributable to noncontrolling interest 3,590 1,643 Add: Provision for income taxes
Slide 33: Reconciliation of Non-GAAP Financial Measures (cont'd)
Reconciliation of Non-GAAP Financial Measures (cont’d) Reconciliation of Net Income to Adjusted EBITDA and EBITDAR Year Ended December 31, ($ in thousands) 2025 2024 2023 Consolidated net income $33,764 $24,339 $13,910 Less: Net income (loss) attributable to noncontrolling interest 4,186 1,780 531 A
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