Slide 1: Q4 '25 vs. '24 2025 2024 % of revenue % of revenue Adjusted EBITDA
Q4 '25 vs. '24 2025 2024 % of revenue % of revenue Adjusted EBITDA (1) $28.0 $25.1 11.6% Adjusted EBITDA margin (1) 10.4% 9.7% Impairment of goodwill $44.7 $53.8 (16.9)% Net income (loss) attributable to Enhabit, Inc. $(38.7) $(46.0) 15.9% Reported diluted EPS $(0.76) $(0.92) (17.4)% Adjusted dilute
Slide 2: Fourth Quarter 2025 Supplemental Information
La enhabit rw Fourth Quarter 2025 Supplemental Information March 4, 2026
Slide 3: Disclaimers
Disclaimers Forward looking statements This presentation contains historical information, as well as forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act’)) that
Slide 4: Contents
Contents Overview 2025 Year in Review Quarterly Results at a Glance 2026 Priorities Consolidated Results Clinical Expertise and High-Quality Outcomes Home Health Segment KPI Performance Hospice Segment KPI Performance Balance Sheet Adjusted Free Cash Flow Assumptions Appendix A: Supplemental Financi
Slide 5: Overview
Overview We are a leading provider of home health and hospice services that strives to provide superior, cost-effective care where patients prefer it: in their homes For over 25 years, we've provided care with high-quality outcomes, becoming a trusted partner of health systems, payers and other risk
Slide 6: 2025 Execution - Return to Growth / Strengthened Balance Sheet
2025 Execution - Return to Growth / Strengthened Balance Sheet Well Positioned for Continued Success in 2026 Consistent Growth Improved Leverage and Free Cash Flow Provides Ability to Revenues +2.4% and Adj. EBITDA +8.4% FY Accelerate Growth via De Novo & Strategic M&A Consolidated Net Service Reven
Slide 7: Quarterly Results at a Glance
Quarterly Results at a Glance Home Health Hospice Average daily census grew 9.9% ADC increased sequentially every quarter since Q1 2024. Admissions increased 0.8% or 2.6% when normalized for branches closed in 2025. Net service revenue increased by 10.0% to $63.6M. Adjusted EBITDA increased 2.3%. Co
Slide 8: 2026 Priorities for Success
2026 Priorities for Success Enhabit Home Health & Hospice Financial Health Quality People Continue to de-lever balance sheet Optimize payer mix Reduce home health cost per patient day Reduce hospice cost per patient day Value-based performance Patient and family experience Home health hospital readm
Slide 9: Consolidated Results
Consolidated Results Q4 ($ in millions, except per share data) 2025 2024 Home Health net service revenue $206.8 $200.4 Hospice net service revenue 63.6 57.8 Total net service revenue $270.4 $258.2 of revenue % of revenue Cost of service 51.3 % $138.7 51.5 % $133.1 4.2% Gross margin 48.7% 131.7 48.5%
Slide 10: Clinical Expertise and High-Quality Outcomes
Clinical Expertise and High-Quality Outcomes Standardized Protocols % Better Than Average National Average HHCAHPS 39 3.7 5.A% 99% of our home health agencies are 3 soa Star Rating’ . . “70 Stars or higher; 75% are 4 Stars or higher? Disciplined Use of Technology 30-Day Hospital % of patients readmi
Slide 11: Home Health Q4 Revenue KPI Performance
Home 39,786 Volume KPI : Total ADC Prior Year (Q4'24) Aver 41,451 Prior Qtr(Q3'25) (Q4 °25) ealth Q4 Revenue KPI Performance srage Daily Census ADC growth to prior year of 6.4% driven primarily by admission growth of 7.3% and 8.1% when normalizing for closed branches ADC growth sequentially by 2.1%
Slide 12: Home Health Q4 Profitability KPI Performance
Home Health Q4 Profitability KPI Performance $28.8 Cost Metric KPI Cost Per Patient Day Actual $ $28.2 Prior Year (Q4 24) Prior Qtr (Q3 '25) 7) $27.8 (04 '25) Cost per patient day of $27.8 improved 1.4% sequentially and improved 3.5% year over year Sequential impact of Q4 2025 average merit increase
Slide 13: Hospice Q4 Revenue KPI Performance
Hospice Q4 Revenue KPI Performance er &) Continued growth in Average Daily Census with sequential growth of 0.5% and to prior year of 9.9% with g g 4,077 A009) discharged average length of stay flat at 110 days to prior year os gr 3,729 _ : . " 5 7 se Admissions flat sequentially, increasing 0.8% ye
Slide 14: Hospice Q4 Profitability KPI Performance
Hospice Q4 Profitability KPI Performance Prior Year Prior Qtr (Q4 25) Prior Year Prior Qtr (04°25) * Sales and Ops back-office G&A costs decreased EBITDA ($1.8) million on increased sales related Actual § By é E> sao Cost per patient day increased sequentially to $80.9 while improving to prior year
Slide 15: Balance Sheet Strength Continues to Improve
Balance Sheet Strength Continues to Improve Leverage Ratio Improved 1.7 Turns (ar | (er) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 23°24 «+24 «*'24 «*'24~«*'25«°25«725«725 Leverage ratio decrease from Q4 2023 largely due to bank debt reduction during this period Enhabit Home Health & Hospice $125M Reduction in Tot
Slide 16: Adjusted Free Cash Flow Assumptions
Adjusted Free Cash Flow Assumptions ($ in millions) 2024 Full Year '5 Full Year Certain cash flow items Adjusted EBITDA”) $100.1 $108.5 Less: Cash interest expense?) 42.7 32.4 Cash income tax payments (refunds), net® 1.9 0.8 Working capital and other) (1.8) (0.8) Maintenance capital expenditures 3.8
Slide 17: Appendix A
Appendix A ww
Slide 18: Debt & Liquidity Metrics
Debt & Liquidity Metrics Trailing twelve-month Adjusted EBITDA“) Available liquidity in millions) December 31, 2025 December 31, 2024 $400 million term loan facility, due 2027 (12) 328.7 348.0 Advances under revolving credit facility, due 2027" $115.0 $160.0 Finance lease obligations 46 74 Total deb
Slide 19: Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA ($ in millions) % of % of Consolidated Consolidated Revenue Revenue Home Health Segment Adjusted EBITDA $37.0 $35.5 Hospice Segment Adjusted EBITDA 13.6 13.3 Home office general and administrative expenses (22.6) 8.4% (23.7) 9.2% Consolidated Adjusted EBITDA” $28.0 $25.1
Slide 20: Home Health Segment
Home Health Segment a4 ($ in millions) 2025 Net service revenue: Medicare $111.6 $117.3 (4.9)%} Non-Medicare 93.4 80.8 15.6 % Private duty 1.8 ze (21.7)% Home Health net service revenue 206.8 200.4 3.2 % Cost of service 108.2 105.5 2.6 % Gross margin 477% 474% General and administrative expenses 61.
Slide 21: Home Health Operational Metrics
Home Health Operational Metrics (net service revenue $ in million: 1 2024 Q2 2024 Q3 2024 Q4 2024 2025 Q2 2025 Q3 2025 Q4 2025 Medicare $128.3 $121.7 $117.3 $117.3 $484.6 $114.2 $116.0 $113.4 $111.6 $455.2 Non-Medicare 82.6 86.3 81.5 80.8 331.2 84.4 87.8 85.2 93.4 350.8 Private duty) 2.3 rae ae} 23
Slide 22: Hospice Segment
Hospice Segment (S$ in millions) Net service revenue Cost of service Gross margin General and administrative expenses Net income attributable to noncontrolling interests Segment Adjusted EBITDA”) Segment Adjusted EBITDA margin Operational metrics (actual amounts) Total admissions Same-store total ad
Slide 23: Hospice Operational Metrics
Hospice Operational Metrics ((menecreiao een Gina Tere) Q12024 @22024 @32024 a4 2024 Q12025 @22025 @32025 42025 Hospice net service revenue (actual amounts) Total admissions 3,032 2,888 3,046 3,059 12,025 3,274 3,140 3,089 3,083 12,586 Patient days 308,542 320,026 333,247 343,063 1,304,878 342,784 3
Slide 24: Consolidated Results — YTD 2025
Consolidated Results — YTD 2025 (Bla, cept ar sare Be] I 2025 vs. '24 Home Health net service revenue $813.8 $824.8 (1.3)%| Hospice net service revenue 246.2 210.0 17.2% Total net service revenue $1,060.0 $1,034.8 2.4% Cost of service 51.0% 540.2 51.3% $30.8 1.8% Gross margin 49.0% 519.8 48.7% 504.0
Slide 25: Home Health Segment Results — YTD 2025
Home Health Segment Results — YTD 2025 Year-To-Date ($ in millions) "25 vs. '24 Net service revenue: Medicare $455.2 $484.6 (6.1)%l Non-Medicare 350.8 331.2 5.9 % Private duty(") 7.8 9.0 (13.3)% Home Health net service revenue 813.8 824.8 (1.3)%| Cost of service 426.5 428.2 (0.4)% Gross margin 47.6
Slide 26: Hospice Segment Results — YTD 2025
Hospice Segment Results — YTD 2025 ($ in millions) Net service revenue Cost of service Gross margin General and administrative expenses Net income attributable to noncontrolling interests Segment Adjusted EBITDA”) Segment Adjusted EBITDA margin Operational metrics (actual amounts) Total admissions S
Slide 27: Payer Sources
Payer Sources As a % of Revenue Fourth Quarter Fiscal Year Consolidated 2025 2024 2025 2024 Medicare 64.1% 66.8% 65.8% 66.8% Medicare Advantage 24.9% 22.5% 23.9% 23.0% Managed Care 9.5% 9.2% 9.1% 9.1% Medicaid 1.1% 1.3% 0.8% 0.9% Other 0.4% 0.2% 0.4% 0.2% Total 100.0% 100.0% 100.0% 100.0% Medicare 5
Slide 28: Outlook: Attractive Industry Tailwinds
Outlook: Attractive Industry Tailwinds Demographic Trends and Our Ability to Deliver Cost-Effective, High-Quality Care Supports Long-Term Growth Aging Population Cost Efficiency of Home Health Care Large and Growing Addressable Markets" Average Post-Acute Annual Medicare Medicare Cost Service Sector
Slide 29: Appendix B
Appendix B ww
Slide 30: Reconciliation of Earnings Per Share to Adjusted Diluted Earnings Per Share
Reconciliation of Earnings Per Share to Adjusted Diluted Earnings Per Share Year-To-Date (in millions except $ Diluted EPS amounts) Amount Diluted EPS Amount luted EPS Amount DilutedEPS Amount Diluted EPS Net income (loss) attributable to Enhabit, Inc. $(38.7) (0.76) $(46.0) (0.92) $(4.6) (0.09) $(1
Slide 31: Reconciliation of Net Income (Loss) to Adjusted EBITDA — Consolidated
Reconciliation of Net Income (Loss) to Adjusted EBITDA — Consolidated Year-To-Date Fourth Quarter ($ in millions) 2024 2024 Net income (loss) $(38.3) $(45.8) $(2.6) $(154.0) Interest expense, net 74 10.1 33.8 42.9 (Benefit from) provision for income taxes (2.5) (5.5) 4.0 (4.0: Depreciation and amort
Slide 32: Reconciliation of Income (Loss) Before Income Taxes to Segment Adjusted EBITDA
Reconciliation of Income (Loss) Before Income Taxes and Noncontrolling Interests to Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin (8 in millions) Income (less) before income taxes and noncontrolling $(40.8) $51.3) Non-segment general and administrative expenses Interest expense, net 74
Slide 33: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow Year-To-Date ($ in millions) 2025 2024 Net cash provided by operating activities $70.7 $51.2 Unusual or nonrecurring items that are not typical of ongoing operations) 3.5 10.1 13.2 Capital expenditures for mainten
Slide 34: Reconciliation of Gross Margin to Adjusted EBITDA Margin
Reconciliation of Gross Margin to Adjusted EBITDA Margin Q4 Year-To-Date 2025 2024 2025 2024 48.5 % 49.0 % 48.7 % Gross margin as a percentage of revenue General and administrative expenses (41.5)% (40.5)% (40.9)% (41.2)%| Stock-based compensation 25% 1.4% 16% 1.1% Noncontrolling interests (0.1)% (0
Slide 35: Reconciliation of Net Income (Loss) to Trailing Twelve-Month Adjusted EBITDA
Reconciliation of Net Income (Loss) to Trailing Twelve-Month Adjusted EBITDA Quarter Ended March 31, June 30, September 30, December 31, ($ in millions) 2025 2025 2025 2025 Trailing Twelve Months Ended December 30, December 31, 2025 Interest expense and amortization of debt discounts and fees Provis
Slide 36: Additional Disclaimers
Additional Disclaimers ADDITIONAL INFORMATION AND WHERE TO FIND IT This communication may be deemed to be solicitation material in respect of the transaction between the Company, Anchor Parent, LLC and Anchor Merger Sub, Inc. The Company expects to announce a special meeting of stockholders as soon