Extendicare (EXE) investor relations material

Executive summary

• Q1 2026 results reflect strong execution of strategy, with organic growth in Home Healthcare, successful acquisitions including the $570 million CBI Home Health deal, and progress in long-term care redevelopment through joint ventures.

• Adjusted EBITDA excluding out-of-period items rose 52.2% year-over-year to $44.2 million, with reported Adjusted EBITDA at $52.9 million, and net earnings surged 171% to $40.7 million.

• Revenue increased 24.2% year-over-year to $465.2 million, driven by 32.7% Home Healthcare volume growth and acquisitions.

• Issued $450 million in senior unsecured notes at 4.345% (five-year term), achieving BBB rating and enhancing capital flexibility.

• Integration of recent acquisitions and continued focus on high-quality care and efficiency are key priorities for the remainder of the year.

Financial highlights

• Consolidated Q1 revenue rose 24.2% year-over-year to $465.2 million, with Home Healthcare revenue up 29.8% to $205.4 million and long-term care revenue up 23.2% to $243.5 million.

• Excluding out-of-period items, Q1 NOI increased by $16.7 million or 38.3%, and adjusted EBITDA rose by $15.2 million or 52%.

• Q1 AFFO improved by 65% to $32.7 million; AFFO per share was $0.276, up 56% year-over-year.

• Payout ratio declined to 41% on a trailing 12-month basis.

• Net earnings per basic share rose to $0.427, and monthly dividend increased by 5% to $0.0441 per share.

Outlook and guidance

• Expect organic Home Healthcare growth to moderate but remain above long-term trends due to demographic demand and hospital pressures.

• Two new long-term care homes scheduled to open in 2026, with a pipeline of 17 projects representing over 3,700 beds.

• Focus for the next few quarters will be on integration of acquisitions, deleveraging, and continued investment in technology and efficiency gains.

• Redevelopment funded through capital-efficient joint ventures, with ongoing portfolio upgrades and management fee growth.

• Management highlights operating leverage from technology-enabled back office and expects further value creation.