Brookdale Senior Living Inc. · NYSE:BKD
Brookdale Senior Living — Q4 2025 Earnings Presentation
36 slides from Brookdale Senior Living's earnings presentation, Feb 19, 2026
Slide 1: Investor Presentation February 18, 2026
Investor Presentation February 18, 2026
Slide 2: Forward-Looking Statements – Safe Harbor
Forward-Looking Statements – Safe Harbor Certain statements in this Investor Presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include
Slide 3: About Brookdale
About Brookdale Y BROOKDALE Ved SENIOR LIVING
Slide 4: Leading senior living operator in the United States
Leading senior living operator in the United States Brookdale is the nation‘s premier operator of senior living communities, with communities in 41 48 states and the ability to serve approximately 51,000 residents. We offer a broad continuum of services across various sectors of the senior living in
Slide 5: Tailored product lines support a diverse range of needs
Tailored product lines support a diverse range of needs Independent Living (IL) Memory Care (MC) Our independent living communities are ideal Our memory care program is rooted in a for older adults who desire to live in a person-centered approach that preserves residential setting that feels like ho
Slide 6: Varied community types in markets with rapidly growing senior population
Varied community types in markets with rapidly growing senior population 548 Consolidated Communities across 41 States Industry Mix(2) Brookdale Mix(1) 52% SNF SNF 8% 3% AL 38% IL IL 23% 40% AL MC 56% 14% MC 18% 74% Brookdale is 22% higher in needs-based AL & MC Community Count 0 1 68 Consolidated P
Slide 7: Three key levers to achieving our multiyear projection
Three key levers to achieving our multiyear projection Leverage supply and Achieve critical mass Excel operationally demand dynamics at market level Senior housing is entering an Prioritize whole markets based Leverage insights from unprecedented supply versus on embedded opportunity to ongoing surv
Slide 8: 4Q 2025 Results & 2026 Guidance
4Q 2025 Results & 2026 Guidance
Slide 9: Continued occupancy growth in 2025 with momentum into 2026
Continued occupancy growth in 2025 with momentum into 2026 RevPAR & Weighted Average Occupancy(1) 1,290 bps growth since inflection point 85% $5,400 $5,000 80% March 2021 – Pandemic $4,600 recovery inflection point 75% $4,200 $3,800 70% $3,400 65% $3,000 Mar21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23
Slide 10: Strong fourth-quarter financial and operational results
Strong fourth-quarter financial and operational results Business Highlights and Recent Performance +19% increase in Adjusted EBITDA for 2025 – Brookdale’s fourth consecutive annual increase in Adjusted EBITDA +310 bps year-over-year consolidated occupancy growth in the fourth quarter – our highest g
Slide 11: 2026 guidance – Strong RevPAR drives mid-teens Adjusted EBITDA growth
2026 guidance – Strong RevPAR drives mid-teens Adjusted EBITDA growth 2026 Annual Guidance Consolidated RevPAR Growth & Average Occupancy 20% 100% RevPAR YOY Growth 8.0% to 9.0% 77.2% 78.6% 80.9% >83% 80% 15% Adjusted EBITDA $502 to $516 million 11.3% 60% Reconciliation of the non-GAAP financial mea
Slide 12: Capital structure anchored in attractive fixed-rate, non-recourse mortgages
Capital structure anchored in attractive fixed-rate, non-recourse mortgages $0M 76% 90% 100% mortgage debt maturities of debt is non-recourse of variable rate debt is of debt is fixed rate debt through 2026 property-level mortgage subject to interest rate with 24% variable financings cap/swap agreem
Slide 13: Meaningful leverage reduction on significant Adjusted EBITDA growth
Meaningful leverage reduction on significant Adjusted EBITDA growth 30% anticipated leverage reduction over three years Year-End Adj EBITDA & Leverage(1) (mm) $1,200 11.1x 12 9.9x $1,000 8.9x 10 8.0x $800 8 $600 $502-$516 6 $458 $386 $400 $336 4 $200 2 $0 0 2023 2024 2025 2026E Adjusted EBITDA Adj E
Slide 14: Long-Term Organic Growth Potential
Long-Term Organic Growth Potential
Slide 15: Limited new supply and growing demand underpin opportunity
Limited new supply and growing demand underpin opportunity New construction is expected to continue to lag demand, creating a shortage of available senior housing units and increasing demand for existing Brookdale communities Estimated Supply and Demand for Seniors Housing(1) 2.1 Unit Demand By 2027
Slide 16: Robust operating income opportunity from occupancy and rate growth
Robust operating income opportunity from occupancy and rate growth Operating income is expected to increase due to the significant flow-through from increases in occupancy and rate increases above cost inflation Illustrative Operating Income through Occupancy and Pricing Gains 100 bps occupancy incr
Slide 17: Higher occupancy drives significantly higher operating income
Higher occupancy drives significantly higher operating income Moving communities up from lower occupancy bands would deliver significant operating income and Adjusted EBITDA Key Considerations Our higher occupancy communities generate significantly more operating income per unit on average We are fo
Slide 18: Key Drivers To Achieving Long-Term Growth Potential
Key Drivers To Achieving Long- Term Growth Potential Limited Rapidly Brookdale’s New Growing Unique Supply Demographic Differentiators Less New Greater Competitive Competition Demand Advantage
Slide 19: Macroeconomic factors have influenced pace of industry development …
Macroeconomic factors have influenced pace of industry development … U.S. Construction Cost(1) 160 Cost to build surged and has Index (Base Year=2015) 140 remained elevated amid high material, labor and capital costs 120 100 Construction costs are up 38% since 2020 due to supply chain issues and inf
Slide 20: … which has led to extremely few competitive communities under construction
… which has led to extremely few competitive communities under construction Senior Housing Inventory Senior Housing Starts Senior Housing Units under Construction and Percent Growth(1) and as Percent of Inventory(1) and as Percent of Inventory(1) (k) (k) (k) 1200 5% 50 5% 80 8% 70 7% 1000 4% 40 4% 6
Slide 21: Age-driven demand for senior living is growing …
Age-driven demand for senior living is growing … Demographic Trends (mm) Births by Year, 1909-1996(1,2) (mm) U.S. Population Age 80+(4) 4.5 35 30.1M 29.9M 29.8M 4.0 29.6M 29.7M 29.4M 29.1M 28.6M 30 28.1M 27.5M 26.8M 3.5 26.1M 25.3M 24.5M 23.7M 25 22.9M 3.0 22.1M 21.2M 20.4M 19.6M 2.5 18.8M Greatest
Slide 22: … and difficulties experienced by older adults are on the rise
… and difficulties experienced by older adults are on the rise Chronic conditions in residential care(2) US adults new dementia cases by year(3) 70% of adults age 65+ develop Higher severe need of long-term services High Blood Pressure High Blood Pressure 980K 1,030K Acuity and support(1) Alzheimer'
Slide 23: Senior living improves affordability of support for an aging population
Senior living improves affordability of support for an aging population Brookdale Communities are 66% of total net wealth in $410k median Boomer Well Positioned for Affordability(5) net worth - would cover 5+ U.S. is held by Baby Boomer +$16 +$133 years living in a Brookdale and Silent generations(1
Slide 24: Brookdale is differentiated within a highly fragmented industry
Brookdale is differentiated within a highly fragmented industry Well Recognized Leadership Position Highly fragmented (2) competitive landscape with ~2,400 operators, ~90% of which operate five or fewer communities(1) Earned most senior living community recognitions by brand 2022-2025 Strong Clinica
Slide 25: Industry-leading clinical expertise through programs like Brookdale HealthPlus
Industry-leading clinical expertise through programs like Brookdale HealthPlus® Benefits Community-Based, Care Coordination Proactive assistance with and management of preventive healthcare services, like Proactive Care Coordination – annual wellness visits, immunizations and health screenings That’
Slide 26: A solid long-term investment option for significant value creation
A solid long-term investment option for significant value creation Nation’s premier operator of senior living communities known for Strong Brand and Leadership clinical expertise and for providing exceptional care and services to older adults and their families Brookdale’s innovative initiatives com
Slide 27: Appendix & Endnotes
v gf#@ BROOKDALE SENIOR LIVING
Slide 28: Appendix: Definitions and Non-GAAP Financial Measures
Appendix: Definitions and Non-GAAP Financial Measures Definitions RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined by the Company as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided
Slide 29: Appendix: Non-GAAP Financial Measures
Appendix: Non-GAAP Financial Measures Adjusted EBITDA Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: benefit/provision for income taxes, non- operating income/expense items, and depreciation and amortization; and further adjusted to exclude
Slide 30: Appendix: Non-GAAP Financial Measures
Appendix: Non-GAAP Financial Measures Adjusted EBITDA (Continued) The table below reconciles Senior Housing Owned Portfolio Adjusted EBITDA from net income (loss). 30
Slide 31: Appendix: Non-GAAP Financial Measures
Appendix: Non-GAAP Financial Measures Adjusted Free Cash Flow Adjusted Free Cash Flow is a non-GAAP liquidity measure that the Company defines as net cash provided by (used in) operating activities before: distributions from unconsolidated ventures from cumulative share of net earnings, changes in p
Slide 32: Appendix: Non-GAAP Financial Measures
Appendix: Non-GAAP Financial Measures Adjusted EBITDA after cash financing lease payments and Net Debt Net Debt is a non-GAAP financial measure that the Company defines as the total of its debt and the outstanding balance on the line of credit, less unrestricted cash, marketable securities, and cash
Slide 33: Appendix: Non-GAAP Financial Measures
Appendix: Non-GAAP Financial Measures Funds from Operations (“FFO”) and Normalized FFO Funds from Operations (“FFO”), is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation and amortization, gain/loss on sale of communities, and non-cash impairment ch
Slide 34: Endnotes
Endnotes Slide Reference 1. National Investment Center for Seniors Housing & Care (NIC) IL, AL, and MC units, NIC Supply Set 4Q 2025 4 2. Brookdale’s Senior Housing segments’ resident fees for the trailing 12 months ending December 31, 2025 3. “2025 ASHA 50: The 50 largest U.S. seniors housing real
Slide 35: Endnotes
Endnotes Slide Reference 1. “What is the Lifetime Risk of Needing and Receiving Long-Term Services and Supports?” Office of Disability, Aging and Long-Term Care Policy, HHS, April 2019 2. “Residential Care Community Resident Characteristics: United States, 2018” National Center for Health Statistics
Slide 36: Endnotes
Endnotes Normal Seasonality Sequential View 1Q 2Q 3Q 4Q Lower due to increased Historically highest Generally remains flat to Begins to turn positive Occupancy Sequential Change incidence and severity of sequential growth period of slightly positive to third toward end of quarter flu the year quarte
Brookdale Senior Living — Q4 2025 Earnings Presentation on 6ix