Pacs Group, Inc. · NYSE:PACS
Pacs — Q4 2025 Earnings Presentation
26 slides from Pacs's earnings presentation, Feb 26, 2026
Slide 1: 2025 Earnings Presentation
2025 Earnings Presentation February 2026 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities
Slide 3: Healthcare Elevated
Healthcare Elevated PACS is elevating healthcare in the post-acute care space by delivering on our mission and values to create real change. By striving for the best while staying true to who we are, we're forging a bright future for post-acute care delivery and support across the nation. MISSION To
Slide 4: Financial Snapshot and Business Updates
Financial Snapshot and Business Updates Financial Snapshot as of 12/31/2025 Updates for the Year Ending 12/31/2025 Last Twelve Months Revenue • 2025 Performance $5.29B ◦ ~29% YoY increase in Revenue ◦ ~81% YoY increase Adj. EBITDA Last Twelve Months Adj. EBITDA • Continued execution against discipli
Slide 5: 2026 Guidance
2026 Guidance $5.65B to $5.75B $555M to $575M Annual Revenue Adj. EBITDA(1) ~8% over 2025 ~12% over 2025 Revenue Growth to Midpoint Adj. EBITDA Growth to Midpoint(1) (1) A reconciliation of Adjusted EBITDA guidance to Net Income on a forward-looking basis cannot be provided without unreasonable effo
Slide 6: Our Story
Our Story Locally-Led, Strategic Scale Leading Post- Founded in 2013 Centrally-Supported and Density (1) Acute Company Model Facility administrators Founded by Jason The company operates and local leadership Owner and operator of Murray and Mark 321 facilities across 17 teams who best post-acute fac
Slide 7: PACS at a Glance
PACS at a Glance (1) 321 Facilities 102 Owned/JV Facilities & 219 Leased Facilities 20 1 31,700+ 21 Patients 6 12 24 8 ~47,000 20 Employees 140 2 5 7 10 12 27 94.9% Occupancy Rate for Mature Facilities 5 1 33.4% Avg. Skilled Mix for Mature Facilities (1) Metrics for the year ended December 31, 2025;
Slide 8: PACS Growth Over Time
PACS Growth Over Time Poised to Continue Leading Industry Consolidation Significant Potential for Consolidation 89% 321 Other Operators 314 Number of Facilities Operated by PACS Cumulative Facility Count ~15,000 SNF Facilities in the US 208 Founded in Southern 150 California with 2 Acquired 138 314
Slide 9: PACS Flywheel: Focus on Continuous Improvement of Best Practices Drives Patient Mix and Occupancy
PACS Flywheel: Focus on Continuous Improvement of Best Practices Drives Patient Mix and Occupancy Financial improvements Implement Local & Superior leadership model unit economics Drive Better Higher Revenue PPD Flywheel effect drives Patient Care improved clinical outcomes, superior financial resul
Slide 10: Our Focus on Quality Drives Consistent and Differentiated Results
Our Focus on Quality Drives Consistent and Differentiated Results PACS Has a Proven Track Record in Improving Facility CMS Quality Measure Star Rating to 4 or 5 Stars (1)(2) 73.4% facilities Discrete Levers with 4 or 5 Stars 4.2x increase in 4- Aimed at Improving Quality and 5- Star facilities 279 2
Slide 11: Our Model: Locally-Led, Centrally-Supported
Our Model: Locally-Led, Centrally-Supported Post Acute Services Our Regional Teams Facility administrator (“Local CEO”) P Each region has a PACS Services Regional Vice President Interdisciplinary Team (“IDT”) (“RVP”) and cross-functional support team Medical directors Clinicians • Clinical support p
Slide 12: We Attract, Train and Retain Highly Capable Clinicians, Administrators and Leadership
We Attract, Train and Retain Highly Capable Clinicians, Administrators and Leadership Our Leaders Are Highly Motivated and Entrepreneurial Our Aligned Incentive Structure is Attractive & Empowering Administrators(1) Clinicians(2) • Receive mentorship through an • Training & tuition support for Admin
Slide 13: PACS Services
PACS Services PACS Services provides the controls and guidelines that support administrative functions, allowing local teams to confidently deliver high-quality, compliant care 13
Slide 14: Maturing Cohorts of SNFs
Maturing Cohorts of SNFs Facilities & Bed Count (1) 32,854 • 14% improvement in 32,016 Occupancy from New to Mature (2) 287 291 22,950 78 • 9% improvement in 16,345 203 102 Skilled Mix from New to 150 62 48 64 Mature (2) 84 76 • Revenue PPD increase 4 137 149 by 20% on average as 62 65 buildings mov
Slide 15: We Strategically Own and Acquire Real Estate
We Strategically Own and Acquire Real Estate Roadmap to Unlock Value Through Operational and Financial Improvements Improve local leadership, Acquire underperforming quality, and operational “Unlock” value and long-term custodial care performance Focus on improvements trapped equity by facilities ac
Slide 16: Historical Performance
Historical Performance Twelve months ended December 31, 2025 Total Revenue ($ in millions) Adjusted EBITDA ($ in millions) (1) $5,289 4 8% $505.0 % R: 46 G R: Q4: CAG CA $1,358 – ’25 Q4: – ’25 $4,090 ’21 $142.1 ’21 $3,111 Q3: $1,345 Q3: $279.5 $255.5 $131.5 $2,422 $237.5 Q2: $1,309 Q2: $1,167 $133.9
Slide 17: Annual Performance by Cohort
Annual Performance by Cohort (1)(2) Twelve months ended December 31, 2025 Occupancy Average Daily Revenue Rate 94.9% $526 $436 $454 86.3% 81.1% New Ramping Mature New Ramping Mature Skilled Mix by Revenue Skilled Mix by Nursing Patient Days 56.0% 33.4% 37.7% 41.8% 24.6% 22.8% New Ramping Mature New
Slide 18: Executive Team
Executive Team Jason Murray, Chairman and Chief Executive Officer Mark Hancock, Executive Vice Chairman and Interim • 10+ years at PACS • 10+ years at PACS Chief Financial Officer • 20+ years of experience as a healthcare executive • 25+ years of experience as a finance professional • Nursing home a
Slide 19: Appendix
Appendix 19
Slide 20: Post-Acute Continuum of Care
Post-Acute Continuum of Care Skilled Nursing Facilities represent 43% of spend at 1/3rd the cost Higher Acuity, Higher Cost Lower Acuity, Lower Cost Short-Term Acute Long-Term Acute Inpatient Transitional Care & Assisted Living / Home Health / Care Hospital Care Hospital Rehabilitation Long-Term Car
Slide 21: Balance Sheet
Balance Sheet (unaudited, $ in millions) 2025 December 31, 2024 ASSETS Current Assets: Cash and cash equivalents $ 197.0 $ 157.7 Accounts receivable, net 628.1 641.8 Other receivables 74.0 74.7 Prepaid expenses and other current assets 170.6 64.1 Total Current Assets 1,069.7 938.3 Property and equip
Slide 22: Income Statement
Income Statement Year Ended December 31, (unaudited, $ in millions) 2025 2024 2023 Revenue Patient and resident service revenue $ 5,287.9 $ 4,086.7 $ 3,110.1 Additional funding — — 0.4 Other revenues 1.0 3.0 1.0 Total Revenue $ 5,288.9 $ 4,089.7 $ 3,111.5 Operating Expenses Cost of services 4,129.7
Slide 23: Summary of Cash Flow
Summary of Cash Flow Year Ended December 31, (unaudited, $ in millions) 2025 2024 2023 Net cash provided by/(used in): Operating activities $ 404.2 $ 367.3 $ 63.7 Investing activities (264.0) (442.7) (172.8) Financing activities (69.0) 117.5 129.6 Net change in cash $ 71.2 $ 42.1 $ 20.5 Cash, cash e
Slide 24: Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR
Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR Year Ended December 31, (unaudited, $ in millions) 2025 2024 2023 2022 2021 Net income $ 191.5 $ 55.4 $ 112.9 $ 150.5 $ 47.9 Less: Net (loss) income attributable to noncontrolling interest (0.1) (0.4) 0.0 — — Add: Interest expense
Slide 25: Reconciliation of GAAP Metrics to Net Leverage Ratio
Reconciliation of GAAP Metrics to Net Leverage Ratio Year Ended December 31, (unaudited, $ in millions) 2025 Add: Current maturities of long-term debt $ 4.5 Line of credit 100.0 Long-term debt, less current maturities, net of deferred financing fees 244.8 Less: Cash and cash equivalents 197.0 Net De
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