Concentra Group Holdings Parent (CON) 44th Annual J.P. Morgan Healthcare Conference summary

Business fundamentals and market position

• Largest U.S. occupational health provider, treating 1 in 4 work-related injuries, with 628–650 centers and 400+ onsite clinics as of September 2025.

• Serves ~200,000 employer customers, including all Fortune 100 companies, with no single customer accounting for more than 3% of revenue.

• Highly diversified across industries and geographies, present in over 40 states with top markets in California and Texas.

• Demonstrates strong customer retention, with 98% of top 100 customers for over 10 years.

• High patient satisfaction, with 80% rating care 9 out of 10, and delivers 25% lower claim costs for employers.

Growth strategy and operational execution

• Growth driven by mid- to high-single-digit organic and semi-organic expansion, including over 70 acquisitions and de novo centers since 2016 at sub-3x revenue/EBITDA multiples.

• Consistent 13% YoY growth in revenue and Adjusted EBITDA in 2025, with >5% CAGR over three years.

• Flexible, variable cost structure with over 80% of service expenses variable, enabling efficient scaling and margin stability.

• Strong execution on large acquisitions and successful spin-off, with integration nearly complete.

• Limited exposure to government reimbursement (<1% of revenue), reducing regulatory risk.

Financial performance and capital allocation

• FY 2025 revenue guidance of $2.145–$2.2B and Adjusted EBITDA of $425–$430M, with 19.8–20% adjusted EBITDA margins for five consecutive years.

• Free cash flow conversion >100%, generating nearly $1B since 2021, with $176M in trailing twelve months.

• ROIC at 13.5% as of September 2025, with a dividend yield of 1.3% and $100M share buyback program.

• Deleveraging focus, targeting net leverage below 3.0x by end of 2026, with flexibility for accretive M&A.

• Smaller M&A and de novo investments prioritized until larger integrations are finalized.