Acadia Healthcare Company (ACHC) 47th Annual Raymond James Institutional Investor Conference summary

Company overview and strategic focus

• Leading pure-play behavioral health provider with $3.3B revenue projected for 2025 and 277 facilities across 40 states.

• Acute care is the largest service line; 57% of revenue comes from Medicaid payers.

• No single state accounts for more than 15% of revenue, ensuring geographic diversification.

• Four main priorities: patient care, volume growth, operational excellence, and workforce/talent.

• Emphasis on publishing positive patient outcomes and leading industry safety standards.

Growth initiatives and operational execution

• Added 2,500 new beds over three years, with 400–600 more planned for 2026, focusing on faster ramp-up.

• Joint ventures and de novo facilities are part of expansion, with a focus on capital discipline for 2026–2027.

• Retention rates are improving, and talent evaluation is ongoing to support new capacity.

• Execution on recent investments and maximizing value from new beds are top priorities.

Financial outlook and capital allocation

• Q4 revenue and adjusted EBITDA met expectations; 2026 revenue guidance is $3.37B–$3.45B, EBITDA $575M–$610M.

• Same-facility growth expected at 0–1% due to New York Medicaid policy change, creating a 350 bps headwind.

• Patient day growth projected at 2–3% for 2026.

• Over $300M reduction in growth CapEx from 2025 to 2026, with further declines expected in 2027.

• Positive free cash flow anticipated in 2026, supporting leverage improvement.