Pacs Group, Inc. · NYSE:PACS
Pacs — Q3 2025 Earnings Presentation
33 slides from Pacs's earnings presentation, November 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 2025 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of the Private risks associated with leased real property, including lease terminations, extensions and special Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be charges; failu
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: 2025 Guidance
2025 Guidance $5.25B to $480M to ~30% over $5.35B $490M 2024 Annual Revenue Adj. EBITDA(1) Revenue Growth to Midpoint (1) A reconciliation of Adjusted EBITDA guidance to Net Income on a forward-looking basis cannot be provided without unreasonable efforts, as the Company is unable to provide reconci
Slide 5: Our Story
Our Story Locally-Led, Strategic Scale Leading Post- Founded in 2013 Centrally-Supported and Density (1) Acute Company Model Founded by Jason The company operates Facility administrators Owner and operator of Murray and Mark 320 facilities across 17 and local leadership post-acute facilities Hancock
Slide 6: PACS at a Glance
PACS at a Glance (1) 320 Facilities 100 Owned/JV Facilities & 220 Leased Facilities 20 1 31,000+ Patients 21 6 11 24 8 ~47,000 Employees 20 140 2 5 7 10 12 27 94.8% Occupancy Rate for Mature Facilities 5 1 33.0% Avg. Skilled Mix for Mature Facilities (1) Metrics for Q3 2025 (9/30/2025); map displays
Slide 7: PACS Growth Over Time
PACS Growth Over Time Poised to Continue Leading Industry Consolidation Significant Potential for Consolidation 89% 320 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 8: Post-Acute Continuum of Care
Post-Acute Continuum of Care Among Institutional Care Settings, Skilled Nursing Facilities are the Lowest-Cost Option 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 Rehabil
Slide 9: PACS Flywheel: Focus on Continuous Improvement of Best Practices
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) 68.6% facilities Discrete Levers with 4 or 5 Stars 3.9x 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: 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 12
Slide 13: 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 Clinicians • Receive mentorship through an • Training & tuition support for Administrat
Slide 14: Maturing Cohorts of Facilities
Maturing Cohorts of Facilities Facilities & Bed Count (1) 32,016 32,677 • Average of 14% 287 290 improvement in Occupancy from New to Mature (2) 22,950 79 203 102 • Average of 1.0 16,345 improvement in CMS QM 62 150 62 48 Star rating from New to Mature (2) 84 76 4 137 149 • SNF average daily revenue
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 by long-term custodial care performance Focus on improvements exercising real estate facilitie
Slide 16: Historical Performance
Historical Performance Nine months ended September 30, 2025 Total Revenue ($ in millions) Adjusted EBITDA ($ in millions) (1) 2% $4,089.7 R: 5 $3,931.0 : 39% $363.0 G GR CA CA ’24 – ’24 – $3,111.5 ’21 ’21 Q3:$1,344.6 $279.5 Q3:$131.5 $255.5 $237.5 $2,422.0 Q2:$1,309.2 Q2:$133.9 $1,166.6 $104.1 Q1:$1
Slide 17: Quarterly Performance by Cohort
Quarterly Performance by Cohort (1)(2) Three months ended September 30, 2025 Occupancy Average Daily Revenue Rate $523 94.8% $439 $445 86.1% 80.6% New Ramping Mature New Ramping Mature Skilled Mix by Revenue Skilled Mix by Nursing Patient Days 55.4% 33.0% 35.6% 40.6% 23.6% 22.0% New Ramping Mature N
Slide 18: YTD Performance by Cohort
YTD Performance by Cohort (1)(2) Nine months ended September 30, 2025 Occupancy Average Daily Revenue Rate $525 95.0% $433 $455 86.2% 81.0% New Ramping Mature New Ramping Mature Skilled Mix by Revenue Skilled Mix by Nursing Patient Days 56.4% 33.7% 38.2% 41.9% 24.7% 22.8% New Ramping Mature New Ramp
Slide 19: Financial Snapshot and Business Updates
Financial Snapshot and Business Updates Updates for the Quarter Ending September 30, 2025 Financial Snapshot as of 9/30/25 • Q3 Performance Last Twelve Months Revenue ◦ ~31.0% YoY increase in Revenue $5.14B ◦ ~168% YoY increase Adj. EBITDA • Continued execution against M&A and strategic capital depl
Slide 20: Executive Team
Executive Team Jason Murray, Chairman and Chief Executive Officer Mark Hancock, Executive Vice Chairman and Interim ◦ 10+ years at PACS ◦ 10+ years at PACS Chief Financial Officer ◦ 20+ years of experience as a healthcare executive ◦ 25+ years of experience as a finance professional ◦ Nursing home a
Slide 21: Appendix: Quarterly Updates
Appendix: Quarterly Updates 21
Slide 22: Q3 2024 Quarterly Performance Snapshot
Q3 2024 Quarterly Performance Snapshot Three months ended September 30, 2024 Notable Events & Updates from Q3 2024 Total Revenue ($s in millions) $1,344.6 • On September 1st 2024 we completed $1,277.2 $1,309.2 $1,207.9 the Prestige transaction, adding 53 $1,026.3 $919.8 $935.7 skilled nursing and in
Slide 23: Q4 2024 Quarterly Performance Snapshot
Q4 2024 Quarterly Performance Snapshot Three months ended December 31, 2024 Notable Events & Updates from Q4 2024 Total Revenue ($s in millions) • In Q4 2024 we completed 3 separate $1,309.2 $1,344.6 $1,277.2 $1,207.9 portfolio transactions of 8 or more $919.8 $935.7 $1,026.3 facilities • This inclu
Slide 24: Q1 2025 Quarterly Performance Snapshot
Q1 2025 Quarterly Performance Snapshot Three months ended March 31, 2025 Notable Events & Updates from Q1 2025 Total Revenue ($s in millions) • After a year of accelerated expansion $1,344.6 $1,207.9 $1,277.2 $1,309.2 in 2024 with 106 facilities added, our $919.8 $935.7 $1,026.3 Q1 2025 efforts cent
Slide 25: Q2 2025 Quarterly Performance Snapshot
Q2 2025 Quarterly Performance Snapshot Three months ended June 30, 2025 Notable Events & Updates from Q2 2025 Total Revenue ($s in millions) • We expanded our presence in South $1,344.6 $1,207.9 $1,277.2 $1,309.2 Carolina with the addition of 2 senior $919.8 $935.7 $1,026.3 living facilities, streng
Slide 26: Appendix: Financial Statements
Appendix: Financial Statements 26
Slide 27: Balance Sheet
Balance Sheet September 30, December 31, ($ in millions) 2025 2024 ASSETS Cash and cash equivalents $ 355.7 $ 157.7 Accounts receivable, net 628.3 641.8 Other receivables 66.4 74.7 Prepaid expenses and other current assets 76.4 64.1 Total current assets 1,126.7 938.3 Property and equipment, net 1,13
Slide 28: Income Statement
Income Statement Three Months Ended September 30, Nine Months Ended September 30, ($ in millions except for share and per share values) 2025 2024 2025 2024 Revenue Patient and resident service revenue $ 1,344.3 $ 1,024.3 $ 3,930.2 $ 2,878.9 Other revenues 0.3 2.0 0.8 2.9 Total Revenue $ 1,344.6 $ 1,
Slide 29: Summary of Cash Flow
Summary of Cash Flow Nine Months Ended September 30, ($ in millions) 2025 2024 Net cash provided by/(used in): Operating activities $ 407.6 $ 302.8 Investing activities (145.9) (338.3) Financing activities (63.5) (21.1) Net change in cash $ 198.2 $ (56.7) Cash, cash equivalents, and restricted cash
Slide 30: Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR
Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2025 2024 2025 2024 Net income $ 52.3 $ 16.2 $ 131.7 $ 19.2 Less: Net (loss) income attributable to noncontrolling interest (0.1) 0.6 (0.2) 0.6 Add: I
Slide 31: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Year ended December 31, ($ in millions) 2024 2023 2022 Net income $ 55.3 $ 112.9 $ 150.5 Less: Net (loss) income attributable to noncontrolling interest (0.4) 0.0 0.0 Add: Interest expense 44.3 49.9 25.5 Provision for income taxes 46.3 44.5 56.6 Deprec
Slide 32: Quarterly Reconciliation of Net Income to Adjusted EBITDA
Quarterly Reconciliation of Net Income to Adjusted EBITDA Three Months Ended March 31, June 30, September December March 31, June 30, September ($ in millions) 2024 2024 30, 2024 31, 2024 2025 2025 30, 2025 Net income (loss) $ 34.8 $ (31.9) $ 16.2 $ 36.2 $ 28.4 $ 51.0 $ 52.3 Less: Net income (loss)
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