Extendicare : EXE Investor Presentation (May 2026)

About this update from Extendicare Inc.

Growing Together Investor Presentation May 2026 Cover O o/s new photo ption Extendicare (TSX: EXE) Canada's largest seniors' care provider focused on long-term care and home health care 58 years Strong growth opportunities : Organic growth driven by demographic trends augmented by deep acquisition pipeline in a fragmented Canadian market Industry leading performance : T echnology platform in the cloud enables high quality, efficient service delivery and acquisition synergies Strong balance sheet : Low leverage and free cash flow support acquisitions and shareholder returns Capital efficient : Joint venture with Axium Infrastructure enables long-term care growth with minimal capital requirements Revenue stability : Over 90% of revenue is derived from government contracts that insulate results from the economic cycle ~$228M pro forma available liquidity (1) ~41% payout ratio (2) of providing seniors' care ~2.8x pro forma debt to adjusted EBITDA (1) $0.5292 annual dividend/share 1968 (1) Pro forma available liquidity reflecting the impact of the April 2026 CBI acquisition and Notes Offering, refer to slides 8, 12 and 16 Direct care for seniors NOI contribution by segment (before CBI) (1) Long-term care 59 Long-term care homes owned TTM Q1 2026 Adjusted NOI (1) $244.5M $35.8M services 14.7% Managed 41.3% Home health care $100.9M 44.1% Long-term care $107.8M Home health care Home health care 14.5M hours (4) CBI Home Health adds ~10M hours Managed services Geographically diversified operations (2) Management & consulting 40 Homes under contract Group purchasing 157K Third-party & JV beds served Province ON AB MB BC QC Other Total LTC homes owned 39 14 6 - - - 59 - beds 5,660 1,514 973 - - - 8,147 Home health care hours delivered (TTM 000's) 12,884 429 - - - 581 13,894 Assist and JV beds under management contract (3) 5,259 - 978 - - - 6,237 SGP 3 rd party & JV beds served 58,682 19,721 2,140 31,457 35,911 9,161 157,072 Positioned for GROWTH High growth business model to expand home health care services and build new LTC homes through capital efficient JV with Axium to generate managed services revenue TTM Q1 2026 adjusted NOI excludes out-of-period items, refer to slide 15 for details and the impact Figures as at March 31, 2026 Represents 40 homes, including 28 operational LTC homes owned in the joint ventures with Axium in which the Company has a 15% managed interest 4 Services-focused growth Business model enables growth without significant capital requirements Building new LTC homes to address the rising demand for long-term care Seniors aged 85+ increasing at ~4% per year (1) LTC waitlist of more than 50,000 (2) in Ontario (2) Need >200,000 new LTC beds in Canada by 2035 (3) Enhancing home health services to ease health care system strain ParaMed's care volumes grew organically by more than 12% (4) in 2025; following 10% growth in 2024 Home care volume growth outpacing seniors' population growth to bridge LTC shortfall Canadian population aged 85+ 3x 3.0 2.5 2.0 (millions) 1.5 1.0 0.5 0.0 2x 2.70 1.61 0.86 2006 2011 2016 2021 2026 2031 2036 2041 2046 2051 Observed Projected Source: Statistics Canada, Table 17-10-0057-01, Projected population as of July 1, 2025, released January 2026 Source: Ontario Ministry of Long-Term Care Client Profile Database (CPRO), September 2025 The Conference Board of Canada; Sizing Up the Challenge; Meeting the Demand for Long-Term Care, November 2017 5 Meeting the needs of a growing demographic Compelling growth in long-term care and home health care From 1996 to 2006, over 23,000 LTC beds were added in Ontario, raising the ratio to a high of 99 beds per 1,000 Ontarians aged 75+ From 2006 to 2024, only 4,200 LTC beds were added, despite a growing seniors' population The ratio has fallen to 57 beds per 1,000, with over 50,000 people 4 on the LTC waitlist To maintain the current ratio, Ontario must add 4,000 beds annually as the aged 75+ population grows Ontario LTC beds per 1,000 people over 75 94 99 93 94 92 90 93 57 60 62 64 67 72 94 99 96 90 88 86 84 82 81 79 77 74 94 92 90 88 LTC beds per 1,000 Ontarians aged 75+ 100 90 80 70 60 50 40 30 20 10 1996-97 1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 0 Licensed beds per 1,000 (1) Beds in operation per 1,000 (2) Closed 3 rd and 4 th ward beds (3) Source: Financial Accountability Office of Ontario, April 2025, Nov 2025. Beds in Operation = Licensed Beds - Closed 3 rd and 4 th Ward Beds. Source: OLTCA Home Profile Data, Nov 2025. Ontario LTC beds per 1,000 people aged 75+ Development activity has not kept up with growing demand; home health care bridges the gap Robust demand for home health care services driven by aging Canadian population, strained hospital system, limited supply of LTC homes and strong preference to age at home Margin growth as technology-enabled back-office drives scalable, efficient service delivery Ontario government is making significant investments in home health care; $2.2 billion to be invested over the next 3 years to expand home care capacity; 2026 bill rate increases remain uncertain 99% of ParaMed revenue from provincial government contracts Volume growth TTM Q1 2026 +40.1% from 2023 (16.2% CAGR) $120M $100M $80M $60M $40M $20M 0 14M Adjusted NOI margin (1) TTM Q1 2026 at 13.5% a multi-year high 12M 10M 8M 6M 4M Home Health Care Adjusted NOI & NOI Margin (1) 12.8% 13.5% 11.4% 9.4% 2023 2024 2025 TTM Q1-26 Home Health Care Hours of Service 13.0 11.0 9.9 13.9 2023 2024 2025 TTM Q1-26 16% 14% 12% 10% 8% 6% 4% 2% 0% (1) Adjusted NOI & NOI margins exclude items as outlined on slide 15 Home health care Industry leading recruiting, training programs and technology platform support strong volume and NOI growth; highly fragmented market offers M&A opportunities $504M Revenue (1) (FY 2025) $69.6M Adjusted EBITDA (1) (FY2025) $570 million acquisition closed April 1, 2026 Advances Extendicare's services focused strategy H ighly complementary to ParaMed, with substantial presence in Western Canada and the potential for significant synergies ~ 10M hours Annual Volume (2024A) ~ 8.5k Team Members Enhances Extendicare's ability to deliver innovative care models including hospital to home programs and specialized community services The acquisition creates the largest home health care platform in Canada Funded with $200 million common share issuance in December 2025, and an upsized credit facility (1) CBI Home Health results on a standalone basis for the year ended December 31, 2025, adjusted for estimated IFRS 16 lease accounting adjustments of $5.5M, net of Extendicare Quality of Earnings (QoE) EBITDA adjustments of $3.3M and excludes approximately $15.0M in out of period adjustments for retroactive funding and workers compensation rebates related to prior periods. (further details can be found on Extendicare's press release issued on May 12, 2026 and the Business Acquisition Report ("BAR Closed CBI Home Health acquisition Creates a national home health care platform LTC segment has returned to pre-pandemic occupancy and NOI Extendicare operates 59 fully owned LTC homes Provincial funding model enables stable operating margins Annual rate increases mitigate the impact of inflation and support more hours of care $100M $80M $60M $40M $20M 0 Adjusted NOI margin (1) TTM Q1 2026 at 11.6% +70 bps from 2025 100% 95% 90% 85% LTC Adjusted NOI & NOI Margin (1) 10.4% 10.9% 11.6% 8.4% 2023 2024 2025 TTM Q1-26 LTC Average Occupancy Average occupancy consistently above the 97% needed to receive full funding 59 fully owned LTC homes with 8,147 beds 97.4% 97.9% 98.1% 98.1% 12% 10% 8% 6% 4% 2% 0% 80% 2023 2024 2025 TTM Q1-26 Adjusted NOI & NOI margins exclude items as outlined on slide 15 Long-term care Industry-leading scale and improved operating performance driving NOI growth Upgrading our portfolio quality, driving management fee growth Six LTC homes (1,408 new beds) under construction in Axium JV to replace 1,072 Class C beds Opened Beauclaire (320-beds, Ottawa) in May 2026, on track to open Forest Trail (256-beds, Peterborough) later this year Pipeline of 17 projects representing more than ~3,500 beds to replace ~1,600 Class C beds Redevelopment funded via capital-efficient JV strategy Sold the vacated West End Villa Class C home for $12.1M in February 2026 Sold the Sudbury 320-bed project into the Axium JV in early Q2 Redevelopment projects # of beds # Class C beds replaced Expected opening Estimated development costs (1) ($ millions) Forest Trail (Peterborough) 256 172 Q3-26 104.9 Orleans (Ottawa) 256 240 Q1-27 103.3 St. Catharines 256 152 Q1-27 106.4 Port Stanley 128 60 Q1-27 52.7 London 192 170 Q2-27 77.7 Sudbury 320 278 Q1-29 125.9 1,408 1,072 570.9 (1) Development costs are defined on an IFRS basis (which includes the cost of land, hard construction and soft development costs, furniture, fixtures and equipment, Building for the future Two new homes opening in 2026; recycled capital from sale of legacy Class C home in Q1 Highest margin segment, focused on expanding service offerings and geographic reach Extendicare's managed services segment has two offerings: Extendicare Assist: provides management, consulting and other services to third parties and its own joint ventures, enabling clients to provide high-quality, cost-efficient services in a complex regulatory environment SGP Purchasing Network: Offers access to cost-effective products and services to other seniors' care providers Substantially insulated from inflation with minimal capital needs $45M $30M $15M 0 Managed Services NOI and NOI Margin 52.5% 53.5% 55.0% 55.4% 2023 2024 2025 TTM Q1-26 Assist Management Contract Beds (at period end) (1,2) 6,237 6,237 9,783 9,909 2023 2024 2025 TTM Q1-26 SGP Purchasing Network Beds (at period end, 3 rd party & JV) (2) 136,164 146,292 153,575 157,072 70% 60% 50% 40% 30% 20% 10% 0% Consistent 50-55% NOI margins (3) Operate 40 LTC homes, with 6,237 beds (2) SGP 3 rd party & JV clients ~157,100 beds +12.0% CAGR since Q1 2023 Assist management contracts declined in Q2 2025 largely due to Revera's sale of 21 Class C homes to a third party on May 1, 2025 and 9 Class C homes to Extendicare on June 1, 2025, resulting in the termination of management agreements with Extendicare Assist Includes 28 homes (3,886 beds) in the joint venture with Axium in which Extendicare owns a 15% managed interest 2023 2024 2025 TTM Q1-26 Managed services | Extendicare Assist and SGP Growth in SGP purchasing clients and management clients drive NOI growth As at March 31, 2026 Cash Available Revolving Facility Long-term debt (1) Reported $321M $154M $366M Pro forma (3) ~$67M $161M $714M Debt Metrics(1) 10.0x 10.6x 38.6% 7.4x 37.0% 7.9x 31.4% 26.0% 25.5% 4.2x 4.0x 2.6x 2.3x 2.1x 1.9x 2022 2023 2024 2025 TTM Q1-26 TTM interest coverage Debt/Adjusted EBITDA Debt/GBV Debt maturities as at March 31, 2026 (2) ($ millions) Subsequent to Q1, capital structure changes improve maturity profile and cost of capital 2026 2027 2028 2029 2030 Thereafter ~$161M (3) available on new $250M senior unsecured revolving credit facility 166.3 Delayed draw term loan fully repaid subsequent to Q1 with proceeds from Senior Unsecured Note offering Mortgage/loan principal at maturity Mortgage amortization Lease liabilities Delayed draw term loan 43.1 44.0 6.5 2.5 6.9 7.2 2.9 6.7 2.2 7.1 1.8 12.1 6.6 1.5 7.9 5.2 Improved maturity profile with unsecured revolving facility maturity extended to April 2029 and 5-year $450M senior unsecured notes (BBB stable) maturing in April 2031 Pro forma Debt to Adjusted EBITDA (4) is estimated to be ~2.8x ( 4) reflecting the CBI Acquisition and the full-year impact of the 2025 transactions Pro forma Debt to Adjusted EBITDA based on Extendicare's pro forma Adjusted EBITDA for the trailing twelve months ended March 31, 2026 plus the annualized impact of the Closing the Gap and LTC Transactions and $61.9 million of pro forma Adjusted EBITDA for CBI Home results on a standalone basis for the twelve months ended July 31, 2025, adjusted for estimated lease accounting adjustments of $5.5M, net of Extendicare Quality of Earnings (QoE) EBITDA adjustments of $3.3M (further details can be found in Extendicare's Q4 2025 MD&A and in the press release issued on November 19, 2025 announcing the acquisition of CBI Home Health, as filed Debt includes current portion of long-term debt and letters of credit drawn on the revolving credit facility; excludes deferred financing costs Debt maturities exclude letters of credit drawn on the revolving credit facility Pro forma cash, pro forma available revolving credit facility and pro forma long-term debt based on Extendicare's as at March 31, 2026 results, including letters of credit drawn on the revolving credit facility and excluding deferred financing costs, reflecting the impact of the CBI acquisition closed April 1, 2026 and the Notes Offering closed April 14, 2026 as outlined on Slide 16. Further details can be found in Extendicare's Q4 2025 MD&A as filed on SEDAR+ at https://www.sedarplus.com on SEDAR+ at https://www.sedarplus.com and on Extendicare's website at https://www.extendicare.com ) and the impact of the CBI acquisition closed April 1, 2026 and the Notes Offering closed April 14, 2026 on the pro forma longterm debt outlined on Slide 16. 12 Strong liquidity and credit metrics ~$228M of available liquidity pro forma CBI acquisition and senior unsecured note offering Appendix o/s new photos Q4-25 deck Identify Project Pipeline of 17 projects representing more than 3,500 beds replacing ~1,600 C beds Extendicare Develop Project Acquire land, design and tender project, secure permits & MLTC approval to construct Sell Project to JV Sell project to JV, with reimbursement to Extendicare of upfront land, project planning and construction costs incurred prior to sale, and opportunity for gains on sale and development Manage Construction & Commissioning Extendicare earns development fees during construction Manage Operations Recycle Capital Sell vacated Class C home, recycling capital into redevelopment and 15% interest in the JV for new projects Extendicare earns management fees for the term of the 30-year government license + 15% share of JV earnings Joint Venture Development Fees Management Fees JV acquires project 85% Axium/15% Extendicare JV assumes construction contract & project financing (backstopped by Axium & Extendicare guarantees) Development fees paid to Extendicare to manage construction and commissioning of the new home Distributions on JV owns the new home and pays recurring management fees to Extendicare Distributes excess cashflow to JV unitholders 15% JV interest Joint Venture with Axium Infrastructure Funds LTC redevelopment and expansion, driving revenue growth in Managed Services 2023 results impacted by COVID 19 related funding and costs and other out-of-period items LTC recognized COVID-19 related funding and costs of $27.7M and $15.6M, respectively, for a net $12.1M impact to NOI LTC recognized out-of-period funding of $6.6M Home health care recognized $1.0M of COVID-19 related funding and costs 2024 results impacted by out-of-period funding and costs LTC recognized out-of-period funding of $15.3M Home health care recognized $13.6M of retroactive funding and offsetting one-time costs in Q1 2024 in connection with the 6.7% rate increase announced in Q4 2023 2025 results impacted by out-of-period funding and costs, and workers compensation rebates LTC recognized $2.3M of out-of-period funding offset by $2.3M of retroactive union wage adjustments Home health care recognized $11.0M of retroactive funding and offsetting one-time costs in Q1 2025 in connection with the 4% rate increase announced in Q4 2024 LTC and home health care recognized workers' compensation rebates of $5.6M and $9.4M, respectively TTM Q1 2026 results impacted by out-of-period funding and costs and workers compensation rebates LTC recognized $5.0M of out-of-period funding, offset by $2.3M of retroactive union wage adjustments LTC and home health care recognized workers' compensation rebates in Q4-25 of $2.9M and $5.5M, respectively Impact out-of-period items on Revenue, NOI, Adjusted EBITDA and AFFO/basic share Impact on: FY 2023 FY 2024 FY 2025 TTM Q1 2026 Revenue Long-term care $34.3M $15.3M $2.3M $5.0M Home health care $1.0M $13.6M $11.0M - NOI and Adjusted EBITDA Long-term care $18.7M $15.3M $5.6M $5.6M Home health care - - $9.4M $5.5M AFFO AFFO/basic share (1) $0.161 $0.146 $0.135 $8.8M $0.092 (1) TTM Q1 2026 AFFO/basic share computed using Q1 2026 weighted average shares of 95.371 million 15 Adjustments to revenue, NOI, EBITDA and AFFO Years ended December 31, 2023, 2024, and 2025, and twelve months ended March 31, 2026 Closed CBI Acquisition (April 1, 2026) Issued $450M Senior Unsecured Notes (Morningstar DBRS: BBB stable) (April 14, 2026) Source and Use (in millions) Sources Source and Use (in millions) Sources Equity Issuance (net of fees) $ 191.5 Delayed Draw Term Loan $ 154.5 Revolver Draw $ 153.7 Cash & Cash Equivalents $ 82.5 Total Sources of Funds $ 582.2 4.345% April 2031 Senior Unsecured Notes $ 450.0 Total Sources of Funds $ 450.0 Uses Uses Repayment of Delayed Draw Term Loan Partial Repayment of Revolving Facility $ 327.7 $ 100.0 Purchase Price $ 572.6 Financing Fees $ 2.0 Transaction & Financing Fees $ 9.6 General Corporate Purposes and financing fees $ 20.3 Total Uses of Funds $ 582.2 Total Uses of Funds $ 450.0 Concurrent with the Senior Unsecured Note offering, amended senior secured credit facility to a $250 million senior unsecured revolving facility, maturing April 2029 Inaugural $450M Senior Unsecured Note Offering CBI Acquisition provided the catalyst to issue BBB stable senior unsecured notes Attention : This is an excerpt of the original content. 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