Geo Group Inc (the) Reit · NYSE:GEO
Geo Group Inc (the) Reit — The GEO Group — Investor Presentation (March 2026)
34 slides from Geo Group Inc (the) Reit's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
Investor Presentation March 2026 - Confidential -
Slide 2: Important Notices and Disclaimers
Important Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially and adversely affect actual results, including statements regarding GEO’
Slide 3: Company Overview
Company Overview 3
Slide 4: Company Overview
Company Overview • GEO is a leading diversified government service provider specializing in the design, financing, and development of secure facilities, processing centers, and community reentry centers • Core services include in-custody rehabilitation and post-release reentry support, electronic mo
Slide 5: Corporate Structure
GC@. Corporate Structure GEO ecure * 42,431 Beds + 37 Facilities ° 17,331 Beds Owned/Leased ¢ 12 Facilities Managed Only \ Reentry Services Electronic Monitioring + 260,000 Individuals on Electronic Monitoring & Supervision + 106 ISAP Offices Residential Non-Residential * 6,247 Beds * 96 Non-Residen
Slide 6: GEO's Diversified Operations: 300+ Locations
GEO’s Diversified Operations: 300+ Locations 6
Slide 7: Leading Diversified Secure and Community Reentry Service Provider with 40% Market Share
GEO is the Leading Diversified Secure and Community Reentry Service Provider with a 40% Market Share Revenues Employees Facility Bed Capacity $2.63B 75,000 Beds 71,000 Beds $2.21B 20,000 Employees 70,200 13,000 57,000 Employees GEO CoreCivic GEO CoreCivic GEO CoreCivic Owned/Leased Managed Only Base
Slide 8: Segment Trends
Segment Trends 8
Slide 9: Segment Trends
Segment Trends ICE USMS Increased Immigration Enforcement Stable Populations Current Focus on Increasing Detention Potential Increase in Capacity Capacity and Secure Transportation Requirements Potential Future Growth in GPS Desire to Consolidate into Larger Electronic Monitoring Facilit
Slide 10: U.S. Marshals Service (USMS)
U.S. Marshals Service (USMS) Stable USMS Detention Populations (2014 –2025) 70,000 63,687 63,679 60,923 61,435 61,421 60,000 56,155 55,533 55,170 55,776 51,777 51,316 50,317 50,000 40,000 30,000 ~49% 20,000 Contractor Beds 10,000 - 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source:
Slide 11: U.S. Immigration and Customs Enforcement (ICE)
U.S. Immigration and Customs Enforcement (ICE) UNSUPERVISED INTENSIVE SUPERVISION NON-DETAINED DOCKET APPEARANCE PROGRAM 7,000,000 – 8,000,0002 (ISAP) PARTICIPANTS 180,0003 41.54% 1.07% TOTAL ALIEN DETAINED 1.48% 70,0003 POPULATION 0.41% 16.8M 1 56.99% GOTAWAYS/OVERSTAYS/OTHER 9,574,500 Sources: 1)
Slide 12: U.S. Immigration and Customs Enforcement (ICE)
U.S. Immigration and Customs Enforcement (ICE) Current ICE Processing Center Beds Breakdown * ____70,000 Beds ICE Processing Center Beds Private Sector Beds Public Sector 10% GEO 42% Other Private 58% Sector 90% Expected Growth to 100K Beds * Approximations based on contract guarantee bed counts 12
Slide 13: Captured Growth
Captured Growth New Facilities Under Contract Ownership Client Start Date Bed Count Delaney Hall (NJ) Owned ICE 2Q25 1,000 North Lake (MI) Owned ICE 2Q25 1,800 D. Ray James (GA) Owned ICE 2Q25 1,868 Adelanto Reactivation (CA) Owned ICE 2Q25 1,940 North Florida Detention (FL) Managed ICE 3Q25 1,300 G
Slide 14: Future Growth Potential
Future Growth Potential Idle Facilities Ownership Bed Count Big Spring Flightline Facility (TX) Owned 1,452 Rivers Facility (NC) Owned 1,320 Lea County Facility (NM) Owned 1,200 Big Spring Cedar Hill Facility (TX) Owned 924 Cheyenne Mountain (CO) Owned 700 McFarland Facility (CA) Owned 300 5,896 Ann
Slide 15: Intensive Supervision Appearance Program Update
Intensive Supervision Appearance Program Update • GEO/BI awarded new 2-year contract under new pricing effective October 1, 2025 • Federal government estimated value of new 2-year contract at ~$1 billion, based on average census of 361,000 in Year 1 and 465,000 in Year 2 • Present census of approxim
Slide 16: New Skip Tracing Contract
New Skip Tracing Contract • GEO/BI awarded a new 2-year contract by ICE for the provision of Skip Tracing services, valued at up to $60 million in revenues per year in December 2025 • Skip Tracing entails enhanced location research primarily with identifiable information and commercial data verifica
Slide 17: Scalable Technology and Case Management
Scalable Technology and Case Management ISAP utilizes technology and case management to support non-citizens' compliance with release conditions while on ICE’s non-detained docket High Security Medium Security Low Security GPS Bracelet Wrist Worn GPS SmartLINK Technology BI LOC8® BI SmartBAND I® BI
Slide 18: Financial Overview
Financial Overview 18
Slide 19: Financial Highlights
Financial Highlights Revenues ($ in millions) Adjusted Net Income ($ in millions) $3,000.0 $3,000 $150 $139.0 $2,631.5 $2,500 $2,413.2 $2,424 .0 $117.5 $120.0 $101.9 $2,000 $100 $1,500 $1,000 $50 $500 $- $- 2023 2024 2025 2026E* 2023 2024 2025 2026E* Adjusted EBITDA ($ in millions) $507.2 $500.0 $50
Slide 20: Revenues by Segment
Revenues by Segment FY2025 Revenue = $2.63 Billion GEO Care GEO Secure Services 23% 77% Reentry Services 11% Electronic Monitoring & Supervision Services 12% International 7% Federal 55% State 15% 20
Slide 21: Diversified Long-Term, High-Quality Customer Relationships
Diversified Long-Term, High-Quality Customer Relationships Revenues By Customer (FY2025) Other Non- Residential Various South Africa 8% Others 1% 2% Texas 1% Georgia 1% ICE* New Jersey 48% 1% Federal Alaska Government 1% Oklahoma 67% 1% Indiana 2% Florida 5% U.S. Marshals Arizona 16% Australia Burea
Slide 22: Cash and Debt Balances
Cash and Debt Balances Cash and Marketable Securities Consolidated Debt ($ in millions) ($ in millions) $77 $1,757 $69 $1,683 FY24 FY25 FY24 FY25 22
Slide 23: 2026 Guidance Highlights
2026 Guidance Highlights 1Q26 FY26 Revenue $680M - $690M $2.9B - $3.1B Net Income Attributable to GEO Operations/diluted share $0.17 - $0.19 $0.99 - $1.07 Adjusted EBITDA $107M - $112M $490M - $510M * FY26 guidance reconciliation table included in Appendix 23
Slide 24: Capital Allocation Strategy
Capital Allocation Strategy Strong Free Cash Flow to Support Shareholder Value Creation Fund Growth Deliver Capital Further Debt Capital Needs Returns Reduction Invest in Enhance Reduce Overall Accretive Projects Shareholder Value Debt and/or Facility $500M Share Continue to Acquisitions R
Slide 25: Highlights - Attractive Investment Characteristics
Highlights - Attractive Investment Characteristics Growth Highlights - Captured ~$520 million in annualized revenues through new and expanded contracts - 6,000 idle beds could generate ~$300 million in incremental annualized revenues - Potential future growth in electronic monitoring and secure tran
Slide 26: Appendix
Appendix 26
Slide 27: Aging Prison Infrastructure
Aging Prison Infrastructure • The majority of Public Prison Facilities have Significant Deferred Maintenance Needs • According to a May 2023 DOJ OIG Report, the Federal Bureau of Prisons has 1 approximately 123 facilities requiring an estimated $2 billion in maintenance costs • In late 2018, it was
Slide 28: Asset Value (as of 4Q 2025)
Asset Value (as of 4Q 2025) ($ in millions) Estimated Asset Value Debt(4) Cash and Equivalents $ 69 Senior Secured Notes 2029 $ 650 Accounts Receivable 593 Revolver 359 PP&E(1)(2) 6,030 Total Secured Debt $ 1,009 Other Non-Real Estate Assets (3) 1,200 Senior Unsecured Notes 2031 625 Total Asset Valu
Slide 29: Intrinsic Value of Assets Supported by Recent Transactions
Intrinsic Value of Assets Supported by Recent Transactions Facility Sales Facility Capacity Closing Value • Lawton (OK) 2,388 July 25 $312M • Hector Garza (TX) 139 Sept 1 $10M $322M Facility Purchase • Western Region 770 July 31 $60M San Diego (CA) Transformational Sale of Lawton (OK) Facility Allow
Slide 30: Capital Structure (as of 4Q 2025)
Capital Structure (as of 4Q 2025) Interest Final ($ in millions) Amount Rate Maturity Date Cash & Equivalents $ 69 $450M Revolving Line of Credit(1)(2) 359 SOFR + 2.50% April 2030 8.625% Senior Secured Notes 650 8.625% April 2029 Other Secured Debt(3) 37 Various Various Total Senior Secured Debt, ne
Slide 31: Debt Maturity Schedule
Debt Maturity Schedule 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Total Floating Rate Debt Revolver Borrowings Due 2030** $ - $ - $ - $ - $ 358,583 $ - $ - $ - $ - $ - $ 358,583 Total Floating Debt $ - $ - $ - $ - $ 358,583 $ - $ - $ - $ - $ - $ 358,583 Fixed Rate Debt 8.625% Senior Secured N
Slide 32: Statement of Operations
Statement of Operations Q4 2025 Q4 2024 FY 2025 FY 2024 (unaudited) (unaudited) (unaudited) (unaudited) Re v e nue s $ 707,695 $ 607,720 $ 2,631,549 $ 2,423,702 Ope rating e xpe nse s 529,907 447,358 1,968,481 1,774,479 De pre ciation and amortization 34,132 31,786 132,039 126,220 Ge ne ral and admi
Slide 33: Balance Sheet
Balance Sheet As of As of December 31, 2025 December 31, 2024 (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 68,995 $ 76,896 Restricted cash and cash equivalents 2,998 2,785 Accounts receivable, less allowance for doubtful accounts 593,463 376,013 Prepaid expenses and other current asset
Slide 34: FY2026 Guidance Reconciliation
FY2026 Guidance Reconciliation Net Income Attributable to GEO $132.5 Million - $145.5 Million + Net Interest Expense $141.5 Million - $142.5 Million + Income Taxes $51.6 Million - $56.6 Million (including income tax provision on equity in earnings of affiliates) + Depreciation and Amortization $ 142