Enhabit (EHAB) Proxy Filing summary

Executive summary

• Reported Q4 2025 net service revenue of $270.4M, net loss of $38.7M, and adjusted EBITDA of $28.0M, with full-year revenue up 2.4% and adjusted EBITDA up 8.4% compared to 2024.

• Announced definitive agreement to be acquired by Kinderhook Industries for $13.80 per share, with the merger expected to close in Q2 2026 pending shareholder approval.

• Home health admissions grew 7.3% year over year, with non-Medicare admissions up 16.0%; hospice average daily census increased 9.9%.

• Reduced total bank debt by $125M since Q4 2023, improving leverage ratio to 3.7x and lowering annualized cash interest expense by $22M.

• Opened 10 de novo locations in 2025 and continued to prioritize growth, operational efficiency, and quality outcomes.

Voting matters and shareholder proposals

• Shareholders will be asked to approve the proposed merger with Kinderhook Industries at a special meeting; proxy materials will be filed with the SEC.

Board of directors and corporate governance

• Directors and executive officers are identified as participants in the proxy solicitation for the merger; further details will be included in the proxy statement.