Omega Healthcare Investors (OHI) investor relations material

Executive summary

• Q4 2025 net income was $172 million ($0.55/share), up from $116 million ($0.41/share) in Q4 2024; full-year 2025 net income was $609 million ($1.94/share), up from $418 million ($1.55/share) in 2024.

• Fourth quarter 2025 saw strong revenue and EBITDA growth, driven by acquisitions and active portfolio management.

• Full year AFFO and FAD growth exceeded 8% year-over-year, supported by $1.1 billion in capital deployment.

• Portfolio credit quality improved, and the company expanded its Saber relationship and entered the Canadian market.

• CEO highlighted strong FAD per share growth and reduced leverage to the lowest level in company history.

Financial highlights

• Q4 2025 revenue was $319 million, up from $279 million in Q4 2024; full-year revenues were $1.19 billion, up from $1.05 billion in 2024.

• Net income for Q4 2025 was $172 million ($0.55/share), compared to $116 million ($0.41/share) in Q4 2024.

• Adjusted FFO for Q4 2025 was $250 million ($0.80/share); FAD was $238 million ($0.76/share).

• Dividend payout ratios: 84% for AFFO, 88% for FAD; dividends declared per share were $0.67 for Q4 and $2.68 for the year, unchanged from 2024.

• Total assets at year-end were $10.05 billion, with total equity of $5.44 billion.

Outlook and guidance

• Full year 2026 Adjusted FFO guidance: $3.15–$3.25 per share, assuming continued operator performance and no major market disruptions.

• Guidance includes completed investments as of early February 2026, scheduled loan repayments, and asset sales of $15–$25 million per quarter.

• No additional investments or capital market transactions are included beyond those disclosed.