Brightspring Health Services, Inc. · NASDAQ:BTSG
Brightspring Health Services — Investor Day (March 2026)
115 slides from Brightspring Health Services's investor day presentation, Mar 17, 2026
Slide 1: BrightSpring Investor Day
BRIGHTSPRING INVESTOR DAY March 17, 2026 1
Slide 2: Agenda
Agenda The BrightSpring Platform Jon Rousseau, President and Chief Executive Officer Pharmacy Business Unit Overviews Specialty Pharmacy Benito Fernandez, Chief Commercial Officer Robert Thomson, Chief Growth Officer Christopher Urban, RPh, Chief Operating Officer Infusion Pharmacy Rich Denness, Pre
Slide 3: Forward Looking Statements
x Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking • factors outside of our control, including those listed, which have required and could in the future require us to r
Slide 4: The BrightSpring Platform
THE BRIGHTSPRING PLATFORM Jon Rousseau President & Chief Executive Officer 4
Slide 5: Provide Needed Solutions
A leading pharmacy and health care provider in the U.S., serving large and growing markets characterized by significant unmet needs, with high-quality and integrated services that improve outcomes and reduce cost ✓ ✓ ✓ PROVIDE FOCUS ON LEVERAGE NEEDED OPERATIONAL SCALED SOLUTIONS CAPABILITIES CAPABI
Slide 6: Evolution of BrightSpring Enterprise Pre-IPO to Today
Evolution of BrightSpring Enterprise Pre-IPO to Today Rebranded to Continued execution on complex care delivery through operational and service quality ResCare acquired Merger with Geographic expansion through de novos and accretive tuck-in acquisitions by KKR PharMerica Reduction in leverage to bel
Slide 7: Our Platform Provides High ROI Services in the Home & Community
Our Platform Provides High ROI Services in the Home & Community to Complex Specialty and Seniors Populations The Problem: Suboptimized Complex Patient Care The Solution: BrightSpring H&C Services 5% of the Population 50% Represents 50% of Healthcare Spending (1) 5% Seniors and Home Specialty Communi
Slide 8: Key Pillars of the BrightSpring Platform
Key Pillars of the BrightSpring Platform Pharmacy Solutions Managing critical medication therapy Specialty: leading independent pharmacy primarily focused on Oncology, Rare solutions to complex patients across in Disease, and value-add manufacturer services patient homes and across communities Infus
Slide 9: Positioned at the Center of Secular Growth Trends
Positioned at the Center of Secular Growth Trends Across a Large and Expanding Total Addressable Market Favorable Demographic Trends Growth in Pharmacy Spend Number of people over age 85 Specialty Drug spend has outpaced in the U.S is expected to double traditional drug spend since 2014 by the year
Slide 10: Large and Growing End Markets and Service Line Opportunities
Large and Growing End Markets and Service Line Opportunities BrightSpring Meets Patients Market Size / Growth By Business Unit Where They Are Across a $2Bn TAM Pharmacy Solutions Addressable Market Annual Growth US Healthcare Spending for High-Cost and Infusion $140bn7 11% High-Need Patients Across
Slide 11: Unwavering Commitment to Clinical Quality and Execution
Pharmacy Solutions Segment Provider Services Segment Unwavering Commitment to Clinical Quality and Execution Focus on quality and operational excellence results in attractive outcomes underpinning patient growth Pharmacy Solutions Provider Services 91% Top 20% 73% of branches 4+ STARs SHP Performers
Slide 12: Benefits of Integrated Enterprise and Scale that Drive Growth
Benefits of Integrated Enterprise and Scale that Drive Growth Scale Advantages and Best Practices Scaled Platform Procurement and Contracting Geographic One of the Nation’s Coverage Allows Technology and Data / Analytics Largest Independent for Accessible Platforms of both and Timely 2 Pharmacy and
Slide 13: Operational Excellence through Best Practice in Lean Optimization
Operational Excellence through Best Practice in Lean Optimization Lean Procurement & Operational Excellence Business Process Optimization Foundation Standardized, lean sourcing model applied to all Interdisciplinary teams to identify opportunities new initiatives ensuring cost savings and risk for i
Slide 14: Integrated Technology and Data Platform
Future Technology Driving Revenue and Operational Excellence Digitization Integrated Technology Automation and Data Platform With Key Achievements Across Analytics Pharmacy and Provider Care Delivery Technology Service Lines Optimized Infrastructure AI Platform Clinical Impact: Operational Enablemen
Slide 15: Growth Drivers
Growth Drivers 1 2 3 Core Growth Strategic Growth M&A Continued Execution of Drive additional Accretive integrated care Acquisitions Adjacent Provider opportunities and Pharmacy Investments patient/payer Continued In Technology markets Continuing Platform Market Share De Novo Efficiencies Gains thro
Slide 16: Further Develop Integrated Care Internally and with Partners
Further Develop Integrated Care both Internally and with Third-Party Partners and Payers Externally Service Capabilities to Drive More Integrated and Coordinated Care Across Patients and Settings: Multiple High-Touch Services Coordinated Solutions Network Density & Proximity Technology investments E
Slide 17: Robust Financial Performance and Outlook
Robust Financial Performance and Outlook ($’s in millions) Operating Revenue Adjusted EBITDA Leverage Cash Flow ($’s in billions) ($’s in millions) ($’s in millions) Long-Term Pre IPO / Post-Equity Leverage Leverage +28% y/y +34% y/y $617.6 and Debt Transactions $12.9 $490.2 Leverage Ratio(1)(2) Rat
Slide 18: The BrightSpring Difference
The BrightSpring Difference ✓ Creating great value through focus on H&C services to a large and growing population of complex patients, with services that all improve outcomes and reduce cost. That’s everything that we do. Prioritizing attractive markets, leveraging scale and creating efficiencies i
Slide 19: Pharmacy Solutions
BRIGHTSPR HEALTH SERVICES Pharmacy Solutions ~
Slide 20: Specialty Pharmacy
SPECIALTY PHARMACY Specialty / Infusion Sub-Segment Ben Fernandez, Chief Commercial Officer Robert Thomson, Chief Growth Officer Christopher Urban, RPH, Chief Operating Officer 20
Slide 21: Comprehensive Specialty Pharmacy Platform for Cancer, Rare, and Orphan Diseases
Comprehensive Specialty Pharmacy Platform for Cancer, Rare, and Orphan Diseases Mission Our focus is to improve the lives of patients living with cancer, rare, and orphan diseases Vision We help patients navigate the complexities of care through: Best-in-class Timely and affordable Compassion and Le
Slide 22: Specialty Pharmacy Has Grown Organically into a Market Leading Platform
Specialty Pharmacy Has Grown Organically into a Market Leading Platform 20+ Year Track Record as a Premier Independent Specialty Pharmacy Partner Sales Force by FTE Sales Force by FTE Onco360 in 2014 Onco360, CareMed, ConnectMed360 in 2026 12 ~275 Sales Force FTE Sales Force FTE 39 2 149 4 Limited D
Slide 23: Comprehensive Specialty Pharmacy and Hub Platform
Comprehensive Specialty Pharmacy and Hub Platform Specialty Pharmacy HUB & Patient Services Oncology & Hematology Rare & Orphan Cancer, Rare & Orphan LDD Access LDD Access Service Service Service Data Data Data Clinical Clinical Clinical Technology Technology Technology Non-Commercial Pharmacy Sales
Slide 24: Specialty Pharmacy Key Differentiation Drives Volume and Earnings Growth
Specialty Pharmacy | Key Differentiation Drives Volume and Earnings Growth Leading Service Levels and Quality Internal and external third-party quality and service level metrics at “world-class” levels Trade Relationships Deep and long-standing pharma manufacturer and biotech relationships and value
Slide 25: Specialty Pharmacy Proven Value Proposition for All Key Stakeholders
Specialty Pharmacy | Proven Value Proposition for All Key Stakeholders Onco360 and CareMed have developed a cancer and rare specialty pharmacy dispensing and clinical model that provides value-based solutions for patients, physicians, manufacturers, payors, and hospitals Manufacturers Physicians Hos
Slide 26: Go-To Partner to Pharma Across Cancer, Rare and Orphan Disease
Go To Partner To Pharma Across Cancer Rare Based Broad and Orphan Disease LDD Growth and Acceleration to Exclusive & Ultra Narrow Network Partnerships Select Manufacturer Partners New Product Launch Growth Recent LDD Cohort Revenue Acceleration Key Success Factors: ✓ Established Relationships 31% ✓
Slide 27: Well-Positioned to Leverage Robust Brand and Generic Pipeline
Well-Positioned to Leverage Robust Brand and Specialty Generic Pharmacy Pipeline Growth Driven by Oncology Pipeline Expansion and Brand-to-Generic Conversions Significant and continued near-term growth expected in the Specialty Pharmacy market, driven by over 250 new Oncology, Rare, and Neuro therap
Slide 28: Serving as a Partner to Physicians, Patients, and Families
Serving as a Partner to Physicians, Patients, and Families Specialty’s market share and platform allow physicians to focus on providing their patients the care that they need and deserve FIELD ORGANIZATION FIELD REIMBURSEMENT & OPS ⚫ Nationwide coverage with ~275 ⚫ Strengthen provider relations & su
Slide 29: Comprehensive Pharmacy Coverage Across Commercial and Medicare Plans
Comprehensive Pharmacy Coverage Across Commercial and Medicare Plans Preferred Contracts Direct Payor Agreement Letters of Agreement ▪ Strategic specialty pharmacy ▪ Comprehensive agreements ▪ Effective at both the NDC or network agreements with across all major payers, including patient-specific le
Slide 30: Long Term Commitment To Generating Value To Our Key Stakeholders
Long Term Commitment To Generating Value To Our Key Stakeholders Through A Relentless Special Pharmacy Commitment | Unapparelled to Patient in Value Proposition Care the Industry Clinical Focus Specialty Pharmacy Focus and Board-Certified Oncology & Certified Pharmacists | Disease-State Specific Cli
Slide 31: Infusion Pharmacy
INFUSION PHARMACY Specialty / Infusion Sub-Segment Rich Denness, President 31
Slide 32: Infusion Pharmacy Overview
Infusion Pharmacy Overview Who We Are Who We Serve Amerita is a “super-regional” alternate Expertly administered acute and chronic site infusion company focused on serving infusion services in-home and in clinics both Acute and Chronic patients with high-touch clinical oversight ▪ Amerita is one of
Slide 33: Well-Positioned to Grow through Market Penetration and Expansion
Well-Positioned to Grow Due through Market Penetration and Market Expansion Strategies 2025 Estimated Infusion Revenue by Setting ($B) (1) $9.2 ▪ Home infusion market is growing at an estimated 11% annually $27.6 ▪ Acute (~$5B TAM): Infusion Pharmacy is a Top 2 - 3 provider in markets it covers(2) M
Slide 34: Increasing Scale Across the U.S.
Increasing Scale Across the U.S. 32 20 24/7 Full-service infusion pharmacies States Cleanroom, compounding, TPN capabilities ▪ Sustained track record of growth through organic market penetration and M&A activities ▪ OptionOne, InfusionRx, Nextron, EventusRx ▪ Growing census of both Acute and Chronic
Slide 35: Infusion Pharmacy Acute Opportunity
Infusion Pharmacy | Acute Opportunity Acute Patients Discharged Opportunity in the Where Amerita Plays, from Hospital Acute Space Amerita Wins ▪ Complex Infections: Treating ▪ Coverage Opportunity: ~1/3 of ▪ Top Provider in Many Markets: patients with serious infection the Total Addressable Market A
Slide 36: Infusion Pharmacy Chronic Opportunity
Infusion Pharmacy | Chronic Opportunity Opportunity in the Chronic/Specialty Patients Growth Strategy Chronic Space ▪ Autoimmune & Neurological ▪ Coverage Opportunity: ~50% of ▪ Speed and consistency of Disorders: Conditions such as the Total Addressable Market operating model multiple sclerosis, mi
Slide 37: Infusion Pharmacy Reasons to Expand
Infusion Pharmacy | Reasons to Expand Underserved Patients Scalable Strategy Payer Access High Quality Care Amerita currently covers Utilizing both a local With excellent national Amerita is proven to 33% of the Acute patient talent pool of payer access and the scale provide high-quality population
Slide 38: Infusion Pharmacy Clinical Innovation Opportunities
Infusion Pharmacy | Clinical Innovation Opportunities Alzheimer’s ▪ Early adopter and largest provider of Leqembi to treat early-stage Alzheimer’s Disease (AD) ▪ Member of Eisai Alzheimer’s advisory board ▪ Collaborating on opportunity with external partners to provide non-clinical support to patien
Slide 39: Infusion Pharmacy Operational Excellence
Infusion Pharmacy | Operational Excellence Measured from the time referral is received to 30-45 minutes communication of patient benefits (including Acute turnaround time out of pocket costs) Measured from the time referral is received to full 12-14 Days financial clearance (including prior authoriz
Slide 40: Infusion Pharmacy Investments Driving Growth and Efficiency
Infusion Pharmacy | Investments Driving Growth and Efficiency People Strategic investment in key leaders throughout the organization and targeted expansion of commercial liaisons in existing and new markets Technology Automating processes to improve accuracy and speed across operations, RCM, and com
Slide 41: Infusion Pharmacy Current and Future Growth Drivers
Infusion Pharmacy | Current and Future Growth Drivers Acute and Chronic Infusion Market Opportunity Talent Alternate Site Strategy ▪ Chronic and acute sales and ▪ Continuous pursuit of hiring ▪ Refurbish and relocate existing growth focus on targeted strong talent across all functions AISs therapies
Slide 42: Home and Community Pharmacy
HOME AND COMMUNITY PHARMACY Home and Community Pharmacy Sub-Segment Scott Greenwell, President 42
Slide 43: Home and Community Pharmacy Our Mission and Brands
Home and Community Pharmacy | Our Mission and Brands PharMerica exists to make pharmacy care safer, more reliable, and personal – leveraging national scale with local, relationship-based service. By continuously improving our technology and clinical practices, we serve patients across behavioral hea
Slide 44: Platform Overview: National Reach to Address Diverse Demand
Home and Community Pharmacy | Platform Overview: National Reach to Address Diverse Demand ▪ Leading independent non-retail/PBM pharmacy in the U.S., with nationwide service 120 Locations and 45+ years of high-quality clinical oversight ▪ Diversified customer base includes Senior Living, Behavioural,
Slide 45: Operational Excellence Drives Quality Metrics
Operational Excellence Drives Quality Metrics ▪ Enables facilities to administer medications as scheduled, avoiding treatment disruptions and additional burden 96.9% ▪ Reduces need for emergency or stat fills, lowering operational stress and cost On-time delivery ▪ Improves care consistency for high
Slide 46: National Coverage through a Footprint Built-Out Over Decades
National Coverage through a Footprint Built-Out Over Decades Kent Spokane Vancouver Wallingford Concord Great Falls West Henrietta Pittston Portland Eugene Greensburg Albany Indianapolis Grand Rapids Cambridge Meridian Lowell Taunton Hudson Milwaukee Cottonwood Rapid City Fridley Warren Madison Warr
Slide 47: Key Strategic Differentiators for Home and Community Pharmacy
Key Strategic Differentiators for Home and Community Pharmacy Enabling reliable, local execution with national strength, while improving outcomes, retention, and growth for our partners National Footprint and Infrastructure Key BrightSpring Differentiators ▪ Leading independent provider with flexibl
Slide 48: Large Market Opportunity
Home and Community Pharmacy | Large Market Opportunity Uniquely Positioned to Win ~$24Bn Total Addressable Market(1) ▪ Model is structurally aligned to how the market Growing 2% Annually is evolving ▪ Scale with local execution is now decisive Growth driven by aging ▪ Operational complexity favors i
Slide 49: Asset Maximization & Operational Streamlining
Home and Community Pharmacy | Asset Maximization & Operational Streamlining Standardization as the Automation to Reduce Technology Enabled Data, Analytics, and Foundation Operational Overhead Clinical Quality & Safety AI Enablement Customer Facing Benefits: Efficiency while Augmenting Services ⚫ Mor
Slide 50: Investment Strategy
Home and Community Pharmacy | Investment Strategy Technology Investments ▪ Machine learning to identify patterns in utilization, adherence, and risk before issues surface ▪ Robotic Process Automation (RPA) to eliminate manual, repetitive work across operations and revenue cycle ▪ AI-supported clinic
Slide 51: Growth Focus
Home and Community Pharmacy | Growth Focus • Senior Living / ALF • Behavioral Investments in Attractive End Markets • Hospice and PACE • Skilled Nursing ▪ IRA implementation accelerates market exit by weaker Scale Converts IRA Risk into competitors, expanding PharMerica's addressable a Competitive M
Slide 52: Customer Support: Quality Care & Cost Containment
Home and Community Pharmacy | Customer Support: Quality Care & Cost Containment High-Touch, Clinically Operational Measurable Stability in a Reliable Integrated LTC Efficiency at Cost Disrupted Partnership Model Scale Containment Market Local pharmacy Utilization EHR integration and Waste reduction,
Slide 53: Experienced Leadership with Proven Scale & Execution
Home and Community Pharmacy | Experienced Leadership with Proven Scale & Execution Deep Pharmacy & Proven at Building Clinically Led, Technology-Enabled Regulatory & Healthcare Expertise Scaled Pharmacy Patient-Centered Operating Discipline Operational Rigor Platforms Care Models Leadership team Dem
Slide 54: Why BrightSpring's Home and Community Pharmacy Will Win
Why BrightSpring’s Home and Community Pharmacy Will Win Structural Market Tailwinds IRA-driven disruption accelerates exit of under-scaled competitors, expanding PharMerica’s addressable market Durable Competitive Advantages Scale, PBM relationships, and LTC-optimized operations protect margins and
Slide 55: Pharmacy Q&A
Pharmacy Q&A 55
Slide 56: Provider Services
BRIGHTSPR HEALTH SERVICES Provider Services
Slide 57: Home Health
HOME HEALTH Home Health Care Sub-Segment Elizabeth Robinson, President 57
Slide 58: Home Health Overview
Home Health Overview BrightSpring provides patient-centric and compassionate nursing and therapy primarily to senior patients with a variety of conditions, injuries, and rehabilitation needs Services Provided Home Health Teams ▪ Daily assistance to patients receiving service Clinical Managers ▪ Shor
Slide 59: Who We Are: Home Health and Private Duty Nursing
Who We Are | Home Health and Private Duty Nursing Adoration Home Health Private Duty Nursing ▪ Serving patients with a variety of conditions,, ▪ Nursing, Certified Nurse Aides, Personal Care injuries, surgeries, and rehabilitation needs Workers, Companions, and Caregivers ▪ Providing expert medical
Slide 60: Home Health Differentiation
Home Health Differentiation Patient-centric and compassionate clinical care with proven value, provided primarily to senior patients recovering from surgery or illness or living with chronic diseases Why Patients Choose Us Where We Are Focused Key Differentiators ▪ Leading quality metrics and ▪ Cont
Slide 61: Large and Growing Home Health Market Opportunity
Large and Growing Home Health Market Opportunity with Tie-In Across BrightSpring BrightSpring has a large, expanding TAM ~$119Bn Growing ~7% driven by an aging population in need of US Home Care Providers Market (1) Annually (1) convenient, accessible care Skilled Nursing, including BHS BHS Primary
Slide 62: Home Health Expanding Geographic Footprint
Home Health | Expanding Geographic Footprint (1) 21 / 12 Total States / CON States 181 Total Branches >27K Total Patients Providing care to patients, where they reside, across a wide and geographically-expanding footprint 1. Metric on the slide includes Amedisys and LHC acquisitions 62
Slide 63: Home Health Amedisys and LHC Assets Acquisition
Home Health | Amedisys and LHC Assets Acquisition Assets CON States and Branches Strategic Focus and Growth Complimentary Geographies: ▪ New CON states (AR, KY, ▪ Focus on integration of IL, WV, NJ; NY pending) branches and implementing ▪ Significant Certificate of strategic growth plans Need (“CON”
Slide 64: Home Health Best Practices Create Superior Outcomes
Home Health | Best Practices Create Superior Outcomes Focusing on readmissions prevention ( <60-day benchmark) 15.9% 99% Average re-admission TOIC Creating strategic partnerships with payers and in post acute care ▪ Preferred Provider contracts with payers ▪ 4 Signed Agreements and Contracts Pending
Slide 65: Home Health Delivers High Quality Care
Home Health Delivers High Quality Care 96% Adoration: 99% of patients said “Always” vs. National Average 96% “In the last 2 months of care, how often did home health providers from this In Patient Care agency treat you with courtesy and respect?” vs. National Average 90% 94% Adoration: 93% of patien
Slide 66: Built for the Future: 2026 Focus Areas
Built for the Future: 2026 Focus Areas Investments in Sales & Marketing team, training, and tools Expanded Patient Reach to increase reach and productivity of educational efforts Continued focus on payer mix, reimbursement, and Mix Focus/Contracts additional growth through contracting Integrate and
Slide 67: Home Health Long Term Growth Drivers
Home Health Long Term Growth Drivers Proven multi-pronged growth strategy provides clear path to continue to build on historical growth Attractive ▪ Highly fragmented market offers significant further opportunity, with proprietary access to 4 M&A opportunities through internal relationships and Brig
Slide 68: Home-Based Primary Care Overview
Home-Based Primary Care Overview Home-Based Primary Care BrightSpring coordinates and manages patients across Skilled Nursing, Senior Living Communities, IDD / Behavioral, and In-Patient Homes FFS 25% 500+ ~300k 50% Supported Payer patients in VBC ALFs/SNFs in annual patient hospitalization Models p
Slide 69: Home-Based Primary Care Presence Today
Home-Based Primary Care Presence Today Strategic Growth Plan Increase density in the markets currently serviced ▪ Further operational efficiencies, optimize client serves ▪ Create stronger brand recognition Expand into new markets with BTSG overlap ▪ Leverage cross-selling opportunity ▪ Maximize BTS
Slide 70: Home-Based Primary Care Beyond Standard Care
Home-Based Primary Care Beyond Standard Care Medicare Advantage Value-Based Care I-SNP / IE-SNP ▪ Optimizing patient outcomes through pro-active and ▪ Managing complex seniors in institutional and senior living proximal care models that deliver high-quality, cost- settings; committed to enhancing cl
Slide 71: Hospice
Hospice Home Health Care Sub-Segment Rhonda Sanders, Chief Growth Officer 71
Slide 72: Hospice at a Glance
Hospice at a Glance Broad Geographic Reach Average Daily Census (2025A) ▪ Coast-to-coast services ▪ > 90 locations across 21 states ▪ Overlap with home health 6,925 Integrated Service Offering 6,774 ▪ Hospice ▪ Palliative 6,535 ▪ OnePoint Patient Care (BTSG Hospice Pharmacy) ▪ Home Health ▪ Home-Bas
Slide 73: Hospice Market Growth and Trends
Hospice Market Growth and Trends Industry Trends Driving Demand Demographic Shifts ~$31Bn US Hospice Market (1) ▪ Aging baby boomers and Growing ~4.6% Annually (1) increased life expectancy Chronic Illness & Dementia Trends 65+ demographic projected to nearly ▪ Rising prevalence of cancer, double in
Slide 74: Broad Geographic Reach and Scale of Hospice Services
Broad Geographic Reach and Scale of Hospice Services 21 States (6 CON) >90 Locations 74
Slide 75: Hospice is Well-Positioned to Address Industry Needs
Hospice is Well-Positioned to Address Industry Needs Current Market Our Platform and Solution Our scale provides cost efficiencies and strengthens market Small operators lack scale position, while also allowing us to implement best practices and efficiencies deliver greater value with improved resil
Slide 76: Hospice Differentiators
Hospice Differentiators ▪ Best in Class Clinical and Quality Outcomes Strategic ▪ Lower Cost of Care for Advanced Positioning Illness Patients ▪ Strategic Payer Alignment Top Advanced Healthcare Illness Systems Practices ▪ Early Engagement in Palliative Value Based Care Bridge Program Palliative Phy
Slide 77: Strong Hospice Operating Performance Across Key Metrics
Strong Hospice Operating Performance Across Key Metrics in 2025 ~ 30% 99 Days More Visits Provided than Nat’l Avg Average Discharge Length of Stay + 140 Basis Points 22,808 (+19% y/y) Margin Improvement Y/Y Total Admissions (Including Acquisitions) Referral Conversion Rate Referral Conversion Rate h
Slide 78: Hospice Building Through Clinical Quality
Hospice | Building Through Clinical Quality Hospice Visits Last CAHPS Survey - Three Days of Life Overall Hospice Rating Key Quality Metrics Consistently Exceed National Averages: HVLDL (Hospice Visits Last Days of Life) ▪ 76.1% versus 48.3% national average ▪ 98% of BTSG hospices exceed the nationa
Slide 79: Consistently Improving Hospice Star Ratings
Consistently Improving Hospice Star Ratings Quality Improvement Drivers Star Rating Highlights Three Quality domain focus within SHP Star Rating Predictor Report - Hospice Branches ≥ 4 Stars CAHPS Satisfaction Survey 70% ▪ Timely Help ▪ Communication 60% ▪ Help for Pain and Symptoms Eligibility comp
Slide 80: Hospice Levers for Expanded Patient Reach and Impact
Hospice Levers for Expanded Patient Reach and Impact Organic Growth Strategy De novo and CON Strategy Integrated Market Strategy Strategic Focus and Growth ▪ Hospital, SNF, and ▪ Target CON states ▪ Right Care, Right Time ▪ Lower rehospitalization assisted living referral with limited new Intake Str
Slide 81: Exceptional Quality Outcomes, and Sustained Long-Term Growth
Hospice | Exceptional Quality Outcomes, and Sustained Long-Term Growth Coast to Coast Services ▪ Broad geographic reach allows for greater market diversification, expanded referral networks, ability to scale best practices enterprise-wide, and strengthened negotiating position with vendors Integrate
Slide 82: Rehab Care & Personal Care
REHAB CARE & PERSONAL CARE Rehab Care & Personal Care Sub-Segments Kim More, Senior Vice President 82
Slide 83: Rehab Care Overview
Rehab Care Overview Rehab sits at the intersection of aging demographics, chronic disease, functional decline, and cost containment, yet remains structurally underserved Neuro Rehabilitation Other Rehab Services ▪ Home & Community ▪ Behavioral therapies for Adults and Children: treatment for anxiety
Slide 84: Rehab Care in the U.S. is Fragmented and Built for Episodes
Rehab care in the U.S. is Fragmented and Built for Episodes, not Outcomes, with Fragmented Market Total Rehab Assumes Brain and Spinal Cord Injury Reality ▪ Linear recovery ▪ Non-linear ▪ Short length of stay progression ▪ Fixed facility settings ▪ Fluctuating acuity ▪ Prioritizes volume over outcom
Slide 85: Rehab The Solution: Differentiated Model
Rehab | The Solution: Differentiated Model Comprehensive care for chronic conditions is delivered in lower cost settings providing significant savings to states & hospital systems, with exceptional outcomes and reduced hospitalizations Tailored to Deliver Designed to Support: Benefits to Our Model:
Slide 86: Supporting Large Opportunity & Demand for Brain and Spinal Cord Injury Services
Rehab | Supporting Large Opportunity & Demand for Brain and Spinal Cord Injury Services Demand for BrightSpring’s ~$6Bn US Neurorehabilitation Market(1) Rehab Services is: Growing ~7% Annually(1) ▪ Cumulative: • 2.9 million Americans sustain a Many patients experience multiple 1 in 60 Traumatic Brai
Slide 87: Rehab Part B Program: Rehab in Motion
Rehab Part B Program: Rehab in Motion Who does Part B Rehab Serve? ▪ Seniors in AL/IL settings ▪ Provides multi-disciplinary therapy PT, OT, SLP with dedicated building teams ▪ Focused on reducing frailty and minimizing fall or hospitalization risk Expanding the BTSG Continuum of Care Expansion into
Slide 88: Rehab Positioned to Win in a Shifting Environment
Rehab | Positioned to Win in a Shifting Environment The Environment has Shifted Why BrightSpring is Positioned to Win Aging in place is no longer optional — it is We combine national scale, integrated care required due to supply constraints and cost delivery, and deep clinical capability to deliver
Slide 89: Rehab Geographic Footprint
Rehab | Geographic Footprint • No dependency on beds or real estate • Capital asset-light expansion Structural • Capacity flexes with demand Advantages • Earlier intervention + longer engagement • Model scales with people Why Scale Matters Brain Injury • Referrals across state lines Demand • Payers
Slide 90: Rehab is Well Positioned for Expansion
Rehab is Well Positioned for Expansion and Increased Impact Moving Forward De Novo Payor Contracts Strategic M&A ▪ Disciplined de novo strategy Diversified Payer Mix: Acquisitions in key (~8 new markets / year) geographies across multiple focused on proven markets ▪ Governmental (50%) segments and p
Slide 91: Rehab Delivering Life-Changing Outcomes and Quality of Care
Rehab | Delivering Life-Changing Outcomes and Quality of Care Mayo-Portland Adaptability Inventory (MPAI) ▪ Measures brain-injured patient impairment in Ability, Adjustment, & Participation MPAI Score of 9 between admission and discharge vs. 5 national average ▪ Home & Community: Achieving RCID (Ro
Slide 92: Rehab Putting It All Together
Rehab | Putting It All Together High Demand for Services New TBIs occur every year and prior injuries accumulate and reemerge over time especially with an aging population. Brain injuries are cumulative, chronic, and episodic. Facility-Based Care Not Appropriate The US healthcare system built on fac
Slide 93: Personal Care Overview
Personal Care Overview Supporting activities that address social determinants of health, including dietary and nutrition management, cognitive and social engagement, and medication management, among others Enhancing Quality of Life Lower Cost Care Patient Preferred Setting Providing home care servic
Slide 94: Personal Care at a Glance
Personal Care at a Glance Personal Care presence in 21 states across the country 16,100+ persons served in 161 locations WA ND MT MN ME 12,000+ employees; over SD WI 10,300 caregivers and 1,700 in OR VT Clinical and Operations / ID NY NH WY MI Program leadership MA IA CT NE PA RI IL IN OH NJ NV UT C
Slide 95: Personal Care Growth Opportunity
Provider Services Segment Personal Care | Growth Opportunity Long-Term Growth Revenue(1) Payer Mix(2) Ability to Bend the Cost Curve in the Home ▪ 90% of adults over 65 want to remain in 28% their current homes as they grow older $402M 70% ▪ Services are comparatively lower-cost and significantly re
Slide 96: Personal Care Quality Metrics
Personal Care | Quality Metrics Regulatory requirements including but not limited to: Supervision, Care Plans, 87% Documentation of Service Delivery, Emergency Preparedness and Exposure Control Plans. Overall Quality Overall Quality Score has improved 2.7% since 2023 State specific audit tool used t
Slide 97: Personal Care Patient Testimonials
Personal Care | Patient Testimonials Patient Testimonial “ “ I just want to once again sincerely thank you for your presence and genuine care, as well as all the caregivers who helped over the last few days. Being trained as a care ethicist myself (that’s what I teach), I know caregiving is not just
Slide 98: Provider Q&A
Provider Q&A j of
Slide 99: Health Policy Considerations
HEALTH POLICY CONSIDERATIONS Government Relations Daryn Demeritt, SVP of Government Relations 99
Slide 100: Government Relations Team Overview
Government Relations Team Overview Team ▪ Five internal team members with over 110 years of political and advocacy experience ▪ Three federal firms supporting lobbying, strategy, and policy analysis ▪ 20 state-focused firms, two national state-focused firms ▪ Strong buy-in and partnership with leade
Slide 101: Government Relations Team Enables Informed Perspectives Heading Into 2026
Government Relations Team Enables Informed Perspectives Heading Into 2026 Government Relations Team Approach 2026 Environment Perspectives ▪ Mid-term elections will meaningfully Mission Focused impact federal agenda Core Principals Are Top of Mind ▪ Limited vehicles to move federal ▪ Retain the best
Slide 102: Summary of Recent Results and Focus Areas Looking Ahead
Summary of Recent Results and Focus Areas Looking Ahead Summary of 2025 & Early 2026 Results 2026 Focus Areas ▪ Secured Congressional and CMS support for IRA ▪ Seek additional protections for ‘26 and impacts onward for IRA drug pricing impacts ─ Two CMS memos to payers helped secure additional ▪ Con
Slide 103: Capital Allocation and M&A
CAPITAL ALLOCATION AND M&A Jen Phipps, Chief Financial Officer Chris Consalus, SVP of Corporate Development 103
Slide 104: Capital Allocation Flexibility Represents Upside to Long-Range Plan
Capital Allocation Flexibility Represents Upside to Long-Range Plan Cash Flow Generation Capability Long Term Leverage Target of 2.5x or Below ▪ Operating cash flow generation of at least 60% of Adj. EBITDA Consistent de-leveraging since IPO driven by operational ▪ Capex investments: 1% of revenue p
Slide 105: BrightSpring Mergers and Acquisitions Overview
BrightSpring Mergers and Acquisitions Overview M&A Track Record Key Areas of Interest Effective Median Acquisition ▪ 10–15 acquisitions annually, primarily smaller, accretive 76 out of 79 Multiples Over Time (1) of acquired businesses transactions for geographic reasons since 2018 have increased the
Slide 106: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK Jen Phipps, Chief Financial Officer 106
Slide 107: Financial Metrics – Revenue and Adjusted EBITDA
Financial Metrics – Revenue and Adjusted EBITDA Revenue Profile Provider Services +28.2% $12,911 +20.9% +31.0% Pharmacy Solutions $10,072 $1,465 +11.1% ($ in millions) $7,691 $1,318 $6,363 +12.8% +6.4% $1,169 $1,098 $11,446 $8,754 +30.7% $5,264 $6,522 +23.9% +34.2% 2022 2023 2024 2025 Adjusted EBITD
Slide 108: Pharmacy and Provider KPI Growth Over the Years
Pharmacy and Provider KPI Growth Over the Years Pharmacy Solutions KPIs Scripts Dispensed Revenue per Script Gross Profit per Script 41,816,584 43,367,072 $263.93 $21.64 37,390,655 34,147,632 $209.35 +21.4% +3.7% $174.44 +26.1% $18.42 $18.23 $154.17 $17.83 +11.8% +20.0% +9.5% +13.1% (1.0%) (2.2%) 20
Slide 109: 2026 Guidance, Excluding Community Living
2026 Guidance, Excluding Community Living FY 2025 FY 2026 Guidance1 ($ in millions) December 31, 2025 Provided February 27, 2026 $12,600 – $13,100 Pharmacy Revenue $11,446 10.1% – 14.5% y/y1 $1,850 – $1,900 Provider Revenue $1,465 26.3% – 29.7% y/y1 $14,450 – $15,000 Total Revenue $12,911 11.9% – 16
Slide 110: Adjusted EBITDA Long-Range Plan
BrightSpring’s Adjusted EBITDA Long-Range Plan ~15-20% Adjusted EBITDA CAGR expected from the end of 2026 to 2028 18% CAGR ~15-20% ORGANIC CAGR 2020-2025 2026-2028 ~26% CAGR + Accretive Capital Deployment 2023(1)-2025 (2) $790M $618M $460M $391M $370M $337M $273M 2020 2021 2022 2023 2024 2025 2026 2
Slide 111: Closing Remarks & Q&A
CLOSING REMARKS & Q&A Jon Rousseau, President and Chief Executive Officer 111
Slide 112: Fundamental Drivers of BrightSpring's Success
Fundamental Drivers of BrightSpring’s Success LARGE, GROWING MARKET WITH CLEAR UNMET NEEDS PROVIDE HIGH ROI SERVICES TO COMPLEX POPULATIONS COMPANY OUTCOMES & CAPABILITIES DRIVE MARKET SHARE GAINS SCALED, ONE-COMPANY PLATFORM HAS MULTIPLES ADVANTAGES ATTRACTIVE FINANCIAL TRACK RECORD AND GROWTH PROF
Slide 113: Q&A
Q&A 113
Slide 114: Appendix
Appendix 114
Slide 115: Continuing Operations Non-GAAP Reconciliations
Continuing Operations Non-GAAP Reconciliations For the Three Months Ended For the Twelve Months Ended ($ in thousands) December 30, 2024 December 30, 2025 December 30, 2024 December 30, 2025 Net Income (Loss) from Continuing Operations $ 4,282 $ 49,551 $ (68,931) $ 104,796 Income Tax Expense (Benefi
BrightSpring Health Services — Investor Day (March 2026) on 6ix