BrightSpring Health Services (BTSG) investor relations material

Strategic vision, platform, and business model

• Focuses on integrated home and community health services for seniors and specialty populations, leveraging scale, technology, and operational excellence for growth.

• Expanded through rebranding, acquisitions, and divestitures, including the planned divestiture of Community Living by Q1 2026, to sharpen clinical focus and improve cash flow.

• Opened 150 de novo locations and completed 76 profitable M&A transactions since 2018, targeting fragmented, high-growth markets.

• Integrated care model targets complex, high-risk patients with polypharmacy, aiming to reduce hospitalizations and ER visits through proactive, coordinated services.

• Invests in AI, automation, and Lean Six Sigma, completing over 700 process improvement projects to enhance efficiency, quality, and employee productivity.

Financial performance and guidance

• Achieved a three-year revenue CAGR of 26.6% and Adjusted EBITDA CAGR of 18%, with balanced growth across pharmacy and provider segments.

• Revenue grew from $7.7B in 2022 to $12.9B in 2025, with Adjusted EBITDA rising from $391M to $618M.

• 2026 guidance: revenue of $14.45–$15.0B and Adjusted EBITDA of $760–$790M, reflecting 12–16% and 23–28% growth over 2025, respectively.

• Projects 15–20% organic EBITDA CAGR from 2026–2028, aiming for 70–85% cumulative growth from 2025, excluding M&A upside.

• Reduced leverage from 5.9x in 2023 to a pro forma 2.6x, targeting under 2x in 2026, with at least $2B in capital available for M&A through 2028.

Growth drivers and market opportunities

• Targets double-digit growth by taking market share in fragmented, high-growth markets such as specialty pharmacy, infusion, home health, hospice, and rehab.

• Specialty pharmacy leverages exclusive and preferred network launches, with 97% of 2025 launches being exclusive, and expects robust pipeline growth in oncology and rare diseases.

• Infusion business expands through organic growth, M&A, alternate site strategies, and payer partnerships, focusing on both acute and chronic segments.

• Home and Community Pharmacy is the largest independent non-retail pharmacy, leveraging automation and technology for efficiency and customer experience.

• Provider businesses (home health, hospice, rehab, personal care) emphasize quality, integration, and expansion through de novos, M&A, and preferred payer partnerships.