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Growing Together Investor Presentation May 2025 o/s for new pictures Q2 o/s new picture
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Forward-looking Statements This presentation contains forward-looking statements within the meaning of applicable Canadian securities laws (“forward-looking statements” or “forward-looking information”). Statements other than statements of historical fact contained in this presentation may be forward- looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Extendicare Inc. (the “Company” or “Extendicare”), including, without limitation: statements regarding dividend levels, its business operations, business strategy, growth strategy, results of operations and financial condition, including anticipated timelines and costs in respect of development projects; statements relating to the agreements entered into with Closing the Gap Healthcare Group Inc. and certain affiliates (collectively, “Closing the Gap”), including synergies and earnout amounts , and the agreements entered into with Revera Inc. and its affiliates (“Revera”), Axium LTC Limited Partnership and its affiliates (“Axium”) and two limited partnership joint ventures with Axium in respect of the acquisition, disposition, ownership, operation and redevelopment of LTC homes in Ontario and Manitoba; and statements relating to expected future current income taxes and maintenance capex impacting AFFO. Forward-looking statements can often be identified by the expressions “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will”, “may”, “should” or other similar expressions or the negative thereof. These forward- looking statements reflect the Company’s current expectations regarding future results, performance or achievements and are based upon information currently available to the Company and on assumptions that the Company believes are reasonable. Actual results and developments may differ materially from results and developments discussed in the forward-looking statements, as they are subject to a number of risks and uncertainties. Although forward-looking statements are based upon estimates and assumptions that the Company believes are reasonable based upon information currently available, these statements are not representations or guarantees of future results, performance or achievements of the Company and are inherently subject to significant business, economic and competitive uncertainties and contingencies and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Extendicare to differ materially from those expressed or implied in the statements. For further information on the risks, uncertainties and assumptions that could cause Extendicare’s actual results to differ from current expectations, refer to “Risks and Uncertainties” and “Forward- looking Statements” in Extendicare’s Q1 2025 Management’s Discussion and Analysis and latest Annual Information Form filed by Extendicare with the securities regulatory authorities, available at www.sedarplus.ca and on Extendicare’s website at www.extendicare.com. Readers should not place undue reliance on such forward-looking statements and assumptions as management cannot provide assurance that actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. The forward-looking statements speak only as of the date of this presentation. Except as required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Non-GAAP Measures “EBITDA”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “net operating income” (“NOI”), “NOI margin”, “funds from operations” (“FFO”), “adjusted funds from operations” (“AFFO”), and “payout ratio”, are non-GAAP measures and do not have standardized meanings prescribed by GAAP. See “Non-GAAP Measures” in Extendicare’s Q1 2025 MD&A. 2 Forward-looking statements and non-GAAP measures
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Extendicare (TSX: EXE) Canada’s largest seniors’ care provider focused on long-term care and home health care • Strong growth opportunities: Organic growth driven by demographic trends augmented by deep acquisition pipeline in a fragmented Canadian market • Industry leading performance: Technology stack in the cloud supports high quality, efficient service delivery and acquisition synergies • Strong balance sheet: Low leverage and free cash flow support acquisitions and shareholder returns • Capital efficient: Joint venture with Axium Infrastructure enables long-term care growth with minimal capital requirements • Revenue stability: Over 90% of revenue is derived from government contracts that insulate results from the economic cycle 3 1968 $218M available liquidity 32% debt to GBV (including 15% share of JV) $0.504 annual dividend/share ~50% payout ratio 57 years of providing seniors’ care (figures as at March 31, 2025, except annual dividend, which increased to $0.504 beginning in March 2025)
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2x 3x (1) Source: A portrait of Canada’s growing population aged 85 and older from the 2021 Census (2) As of September 2024, per Ontario Ministry of Long-Term Care (3) The Conference Board of Canada; Sizing Up the Challenge; Meeting the Demand for Long-Term Care, November 2017 Meeting the needs of a growing demographic Compelling growth opportunities in long-term care and home health care 0.86 1.65 2.79 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2006 2011 2016 2021 2026 2031 2036 2041 2046 2051 Observed Projected (millions) The number of Canadians aged 85+ will double by 2036 and triple by 2051 Canadian Population 85+ 4 Building new LTC homes to address the rising demand for long-term care • Seniors aged 85+ increasing at ~4% per year(1) • LTC waitlist of more than 48,000(2) in Ontario • Need for >200,000 new LTC beds in Canada by 2035(3) Enhancing home health services delivery to ease system strain • ParaMed’s care volumes grew by more than 10% in 2024 vs 2023 • Volumes outpacing population growth to bridge LTC gaps
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Services-focused growth Services represent ~55% of TTM Q1 2025 adjusted NOI 5 50 Long-term care homes owned Direct care for seniors Home health care hours delivered (TTM) 11.2M Home health careLong-term care Managed services 72 Homes under contract Management & consulting Third-party & JV beds served 148K Group purchasing 20.6% 34.5% 44.9% Long-term care Home health care Managed services TTM Q1 2025 Adjusted NOI(1) $194.8M NOI contribution by segment(1) Geographically diversified operations(2) (1) TTM Q1 2025 adjusted NOI excludes out-of-period items of $12.1M (LTC of $8.2M and home health care of $3.9M) (2) Figures as at March 31, 2025 (3) Represents 72 homes, including 28 operational LTC homes owned in the joint ventures with Axium in which the Company has a 15% managed interest Province ON AB MB BC QC Other Total LTC homes owned – beds 31 4,475 14 1,514 5 762 - - - - - - 50 6,751 Home health care hours delivered (TTM 000’s) 10,535 405 - - - 265 11,205 Assist and JV beds under management contract (3) 8,976 - 1,189 - - - 10,165 SGP 3rd party & JV beds served 57,129 19,391 2,351 29,953 33,805 5,580 148,209 Capital efficient, high margin business model focused on expanding managed services, building new LTC homes through joint ventures and driving growth in home health care Positioned for GROWTH
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Home health care Recruiting, training programs and technology platform drive strong volume and NOI growth 6 (1) Adjusted NOI & NOI margins and volumes exclude British Columbia operations (exited in Q1 2020) (2) Adjusted NOI & NOI margins are adjusted to exclude net COVID costs as outlined in the COVID-19 table in the Q4 2023 MD&A, CEWS of $40.4M in 2020 and $17.4M in 2021, one-time investments (including implementation of cloud-based system) in 2019 of $2.3M and 2020 of $7.4M, WSIB rebates of $2.1M in Q2 2022 and $3.9M in Q1 2025, retro bill rate increases of $2.2M in 2019 and $13.6M of out-of-period revenue and offsetting one-time compensation costs in Q1 2024 8.6% 5.1% 9.3% 6.3% 9.4% 11.4% 11.6% 0% 2% 4% 6% 8% 10% 12% 14% 0 $10M $20M $30M $40M $50M $60M $70M $80M 2019 2020 2021 2022 2023 2024 TTM Q1- 25 Home Health Care Adjusted NOI & NOI Margin(2) 9.3 8.4 9.2 9.2 9.9 11.0 11.2 4M 6M 8M 10M 12M 2019 2020 2021 2022 2023 2024 TTM Q1-25 Home Health Care Hours of Service • Consistent growth in Average Daily Volume (“ADV”) and NOI margins from strong demand, recruiting and training programs and technology-enabled back-office drives scalable, efficient service delivery • Delivered 11M hours in 2024 and Q1 2025 ADV up 8.9% over Q1 2024 • TTM Q1 2025 NOI margin was a multi-year high of 11.6%(2) • Ontario government making significant investments in home care with 2024 budget adding $2 billion in funding over three years for volume expansion and higher compensation for frontline workers • 9.7% rate increase effective April 1, 2023 • 4.0% rate increase effective April 1, 2024 • Unmet demand for care supporting strong organic growth
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Acquisition of Closing the Gap $75.5M acquisition expected to close in Q3 2025 subject to regulatory approvals 7 • In 2024, Closing the Gap’s ~1,200 caregivers delivered approximately 1.1M service hours in Ontario and Nova Scotia(1) • Based on 2024 performance, Closing the Gap would have added $84.2M in revenue with similar NOI margins to ParaMed 2024 results with an estimated $0.06 (2) increase in AFFO per basic share • Earnout tied to new business revenue in year one expected to range from $3.5 to $5.5M and could add an estimated $7.0 to $11.0M in incremental revenue • $1.1M in annualized cost synergies estimated within the first year following closing • Adds new hospital clients and greater presence in allied health professions (1) Based on 12 months ended December 31, 2024 (2) Based on estimated impact for 12 months ended December 31, 2024 assuming purchase price paid in cash, excluding any impact of the earn-out and estimated synergies
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12.5% 12.3% 10.6% 8.6% 8.4% 10.4% 10.8% 0% 2% 4% 6% 8% 10% 12% 14% 0 $10M $20M $30M $40M $50M $60M $70M $80M $90M $100M 2019 2020 2021 2022 2023 2024 TTM Q1- 25 LTC Adjusted NOI & NOI Margin(1) Long-term care Funding increases and improved operating performance support margin increases • Returned to pre-pandemic NOI and occupancy • Ontario flow-through funding to increase direct care hours has compressed NOI margin % by ~140 bps • Ontario rate increases mitigated the impact of inflation in recent years: • 11.5% to the OA envelope and 4.5% to the flow-through envelopes in 2024 • Ontario 2025 funding increases announced (effective April 1, 2025) include ~2.3% to flow-through envelopes and 2.0% to OA envelope • Alberta and Manitoba 2024 funding increases reflected changes in acuity levels, increases to direct hours of care and addressed operating cost inflation; 2025 rate increases not yet announced (1) Adjusted NOI & NOI margins are adjusted to exclude the discontinued Saskatchewan LTC homes (exited in Q4 2022), net COVID funding (costs) as outlined in the COVID-19 table in the Q4 2023 MD&A, out-of-period funding of $4.7M in FY22 ($2.9M in Q1 2022 and $2.2M in Q4 2022), $6.6M in FY23 (Q1 2023), $15.3M in FY24 ($9.8M in Q1 2024, $4.1M in Q2 2024 and $1.4M in Q4 2024), and $5.5M in TTM Q1 2025, and WSIB rebates of $2.1M in FY22 ($1.8M in Q2 2022 and $0.3M in Q4 2022) and $2.7M in Q1 2025 8 97.5% 93.2% 89.1% 92.9% 97.4% 97.9% 97.9% 75% 80% 85% 90% 95% 100% 2019 2020 2021 2022 2023 2024 TTM Q1- 25 LTC Average Occupancy
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Agreement to acquire nine LTC homes from Revera Expected to close in Q2 2025 subject to regulatory approval • The nine homes, currently managed by Extendicare, will add 822 LTC and 574 private pay retirement beds to the LTC segment • Extendicare intends to redevelop the LTC beds into 6 new LTC homes, adding approximately 1,100 beds to our development pipeline • On May 1, 2025, Revera completed the sale of 21 Class C LTC homes currently managed by Extendicare to a third party, resulting in the termination of the Extendicare management agreement • Net impact of the two transactions would increase revenue and NOI by approximately $109.3M and $6.8M, respectively or $0.02 AFFO/share (3) • After these transactions, Extendicare will operate 101(4) long-term care homes with over 14,500(4) beds 9 Home Name Address LTC Beds(1) Ret. Beds Blenheim Community Village Blenheim, ON 57 30 Brierwood Gardens Brantford, ON 67 71 Riverbend Place Cambridge, ON 39 92 Summit Place Owen Sound, ON 99 77 Telfer Place Paris, ON 35 180 Village on the Ridge Ridgetown, ON 30 65 Trillium Court Kincardine, ON 34 59 Carlingview Manor(2) Ottawa, ON 250 - Poseidon Winnipeg, MB 211 - Total Beds 822 574 (1) LTC Beds excludes 133 3rd and 4th ward-style beds that have been taken out of service per regulatory requirements that are eligible to be reinstated upon redevelopment (2) Carlingview Manor is in the process of being redeveloped into a new 320-bed LTC home that is owned by the Axium JV (3) Financial impact of the two transactions is based on annualized revenue, NOI and AFFO based on actual results for the nine months ended September 30, 2024 (4) Represents pro forma impact of the completed sale of the 21 LTC homes by Revera to a third party and the pending acquisition by the Company of the 9 LTC homes from Revera
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64,762 78,937 93,208 109,725 136,164 146,292 148,209 2019 2020 2021 2022 2023 2024 Q1-25 SGP Purchasing Network Beds (at period end, 3rd party & JV) 55.5% 62.2% 58.1% 53.3% 52.5% 53.5% 54.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 $5M $10M $15M $20M $25M $30M $35M $40M $45M 2019 2020 2021 2022 2023 2024 TTM Q1- 25 Managed Services NOI and NOI Margin Managed services | Extendicare Assist and SGP Growth in SGP purchasing clients and management clients driving NOI growth • Fastest growing, highest margin business segment, focused on expanding service offerings and geographic reach • NOI up 55.3% over 2023 driven by acquisitions in 2023 and organic growth in SGP clients • Substantially insulated from inflation with minimal capital needs • Extendicare Assist management and consulting services enable clients to manage a complex regulatory environment and cost pressures • Assist homes under management contracts(1): • As at March 31, 2025: 72 homes (10,165 beds) • Pro forma after Revera divestitures(2): 42 homes (6,391 beds) • SGP third party & JV clients ~148,200 beds(1) • +7.2% from Q1 2024 • Consistent 50-55% NOI margins 10 (1) Includes 28 homes (3,886 beds) in the joint venture with Axium in which Extendicare owns a 15% managed interest (2) Reflects sale by Revera of 21 LTC homes to a third-party on May 1, 2025 and pending sale of 9 LTC homes to Extendicare 6,601 6,379 6,263 5,959 9,783 9,909 10,165 2019 2020 2021 2022 2023 2024 Q1-25 Assist Management Contract Beds (at period end)
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Joint Venture with Axium Infrastructure Funds redevelopment projects and LTC expansion, driving revenue growth in Managed Services • Established to acquire and fund Extendicare redevelopment • Extendicare holds 15% managed interest with Axium owning the balance • JV purchases project when construction begins, reimbursing Extendicare for up-front land, project origination, planning and construction costs • The JV pays Extendicare development fees for managing construction and commissioning 11 • Extendicare manages the home for the term of the 30-year government license in return for management fees • Extendicare retains ownership of vacated buildings replaced by new builds; these are sold providing the capital for Extendicare’s ongoing redevelopment and fundings its 15% interest in new JV acquisitions • Upon closing, the pending acquisition of 9 LTC homes from Revera, Extendicare will have a pipeline of 18 LTC redevelopment projects St. Catharines LTC redevelopment project (256 beds will replace 152 C beds)
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Building for the future Opened three new LTC homes since Q1 2024 and sold three projects to Axium JV in Q2 2025 • Opened three LTC homes since March 2024: Sudbury and Kingston in 2024 and Stittsville in Q1 2025 (704 new beds replaced 642 C beds) • Commenced construction on three new projects in 2024: St. Catharines, London and Port Stanley (576 beds will replace 382 C beds) • Completed sale of three LTC projects to the Axium JV post Q1 (London, Port Stanley and St. Catharines): generated $56.3M in net proceeds and estimated $11.1M after tax gain • Recycling capital from the sale of two vacated C home properties; $9.0M of proceeds realized in 2024; initiated sale of recently vacated home in Ottawa • Six LTC homes under construction in the Axium JVs o 1,408 new beds will replace 1,097 Class C beds • Advancing 12 other redevelopment projects to replace remaining C homes in future years when conditions are favourable • Purchase of nine LTC homes from Revera(3) will add six additional redevelopment projects to the pipeline 12 Redevelopment projects(1) # of Class C beds replaced # of new beds Expected opening Estimated development costs ($ millions) Extendicare ownership interest – 15%(2) Peterborough 172 256 Q1-26 100.6 Orleans (Ottawa) 240 256 Q1-27 107.3 Carlingview Manor (Ottawa) 303 320 Q2-26 121.4 St. Catharines 152 256 Q1-27 106.4 Port Stanley 60 128 Q1-27 52.7 London 170 192 Q2-27 77.7 1,097 1,408 566.1 (1) All projects are replacing Extendicare homes/licensed beds, except for Carlingview Manor, which is replacing a Revera home currently managed by Extendicare (2) Projects held in the Axium JVs in which Extendicare holds a 15% managed interest including 3 LTC projects sold to the JV post Q1-25 (3) See slide 9 for details on pending 9 LTC home acquisition from Revera
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Financial Review Q1 2025
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Consolidated results Q1 2025 • Q1 impact of out-of-period items(1) • lower revenue $12.4M ($11.0M in 2025 vs $23.4M in 2024) • lower NOI $3.2M ($6.6M in 2025 vs $9.8M in 2024) • Q1 revenue up $7.6M; up $20.0M excluding out-of-period items, driven primarily by LTC funding increase, home health care volume and rate increases and growth in managed services • Q1 NOI up $5.5M; up $8.7M excluding out-of-period items, reflecting improved performance across all segments • Q1 AFFO/basic share up $0.025, reflecting increased after-tax earnings and timing of maintenance capex, partially offset by adjustments for non-cash share-based compensation • Excluding out-of-period items, AFFO(1) improved by $0.061 to $0.177 per share 14 (1) Refer to slides 19 and 20 for details and the impact of out-of-period items ($ millions, except per share amounts) Q1 2025 vs Q1 2024 Revenue NOI $374.7 +$7.6 $50.2 +$5.5 +2.1% +12.3% Adjusted EBITDA Net earnings $35.6 +$5.5 $15.0 +$1.9 +18.2% +14.8% AFFO/basic share Payout ratio $0.235 +$0.025 51% +11.9%
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Strong financial position Robust liquidity, including sale proceeds post Q1, supports pending acquisitions (1) Includes current portion; excludes deferred financing costs (2) Includes the impact of 15% share of Axium JV and Axium JV II long-term debt outstanding as at March 31, 2025 and TTM EBITDA and net interest expense of the joint ventures, as applicable (3) Debt maturities exclude 15% share of Axium JV and Axium JV II long-term debt (4) The delayed draw term loan can be extended with one-year extensions, subject to certain conditions; amortization of delayed draw term loan is 5% per annum As at March 31, 2025 Cash Available Credit Facilities Long-term debt(1) Long-term debt(1) (including 15% JV share(2)) $110M $108M $291M $371M Debt maturities(3)(4) ($ millions) 2.7x 3.1x 4.0x 4.2x 5.3x 6.1x 6.5x 7.1x36.8% 35.7% 35.6% 34.1% 33.9% 33.0% 32.1% 31.7% Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Debt Metrics(2) TTM interest coverage Debt/GBV 15 43.2 20.0 6.2 8.6 7.1 6.8 7.1 50.6 1.8 2.4 2.0 1.3 1.1 5.5 4.9 6.5 115.4 2025 2026 2027 2028 2029 Thereafter Mortgage/loan principal at maturity Mortgage amortization Lease liabilities Delayed draw term loan Subsequent to Q1 2025 • Additional $56.3M in cash from sale of three LTC redevelopment projects to Axium JV • Well positioned with cash and undrawn credit facilities to fund pending acquisition of the 9 Revera LTC homes and Closing the Gap, targeted for Q2 and Q3, respectively
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Home health care Growth in volumes and rate increases driving revenue and boosting margins • Q1 impact of out-of-period items(2) • lower revenue $2.6M ($11.0M in 2025 vs $13.6M in 2024) • higher NOI $3.9M ($3.9M in 2025 vs nil in 2024) • Q1 revenue up $14.7M; up $17.3M excluding out-of-period items, reflecting 8.9% growth in ADV and rate increases • Q1 NOI up $8.3M; up $4.4M to $15.2M(2) excluding out-of- period items, reflecting higher volume and rate increases, partially offset by higher wages and benefits • Q1 adjusted NOI margin of 10.3%(2); up 200 bps from 8.3% in Q1 2024; shift of Easter holiday into Q2-25 (vs. Q1 in prior year) increased NOI by ~$1.5M and NOI margins by ~100 bps 8.6% 9.8% 8.8% 8.3% 12.6% 11.3% 10.4% 10.3% 20,000 22,000 24,000 26,000 28,000 30,000 32,000 34,000 0% 2% 4% 6% 8% 10% 12% 14% Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 ADV and Adjusted NOI Margin %(1) ADV Adjusted NOI Margin (1) Adjusted NOI margins excluding out-of-period retroactive bill rate increases ($5.4M in Q4 2023, $13.6M in Q1 2024, $4.4M in Q4 2024, $11.0M in Q1 2025), and one-time retroactive compensation costs ($13.6M in Q1 2024, $11.0M in Q1 2025) (2) Refer to slides 19 and 20 for details and the impact of out-of-period items 16 Revenue Q1 2025 $158.3M +10.3% NOI Q1 2025 $19.1M +77.3% margin 12.0% +450 bps Average daily volume ("ADV") Q1 2025 31,603 +8.9%
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Long-term care Segment growth fueled by funding increases and improved preferred occupancy • Q1 impact of out-of-period items(2) • lower revenue $9.8M (nil in 2025 vs $9.8M in 2024) • lower NOI $7.1M ($2.7M in 2025 vs $9.8M in 2024) • Q1 revenue down $8.7M; up $1.1M excluding out-of-period funding, reflecting funding increases and improved occupancy, partially offset by $9.8M reduction from the closure of three Class C LTC homes following the opening of new homes in the Axium JV • Q1 NOI down $4.1M; up $3.0M to $18.5M(2) excluding out- of-period items, reflecting funding increases, timing of spend and improved preferred occupancy, partially offset by higher operating costs and $1.0M impact from closure of Class C LTC homes • Q1 adjusted NOI margin(2) of 9.4%; up 150 bps from 7.9% in Q1 2024, reflecting funding increases, timing of spend and the shift of the Easter holiday into Q2-25 (vs. Q1 in prior year) 17 (1) Adjusted NOI margins exclude workers’ compensation rebates of $2.7M in Q1 2025, out-of-period funding ($9.8M in Q1 2024, $4.1M in Q2 2024, $1.8M in Q3 2024 and $1.9M in Q4 2024), and COVID-19 funding and offsetting costs of $3.6M in Q2 2023 (2) Refer to slides 19 and 20 for details and the impact of out-of-period items 7.8% 8.7% 8.5% 7.9% 11.3% 11.4% 10.0% 9.4% 5% 10% 15% Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 NOI Margin % (1) NOI margin (as reported) Adjusted NOI margin Revenue Q1 2025 $197.8M -4.2% NOI Q1 2025 $21.2M -16.3% margin 10.7% -160 bps Average occupancy Q1 2025 97.5% –
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50,000 75,000 100,000 125,000 150,000 175,000 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 SGP (3rd party and JV beds) Managed services Extendicare Assist and SGP Continued momentum driven by organic growth in SGP client base • Q1 revenue up $1.6M largely driven by organic growth in SGP clients and newly opened homes in the JV • Q1 NOI up $1.3M on revenue growth, partially offset by higher costs to support business development and change in mix of Assist consulting and other services • Q1 SGP beds up 7.2% from Q1 2024 Revenue Q1 2025 $18.6M +9.2% NOI Q1 2025 $10.0M +15.0% margin 53.4% +270 bps Management contract beds Third party 6,279 +4.0% Joint venture 3,886 SGP 3rd party & joint venture beds Beds 148,209 +7.2% 18
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Adjustments to revenue, EBITDA and AFFO Three months ended March 31, 2025 • Q1 2025 results impacted by out-of-period funding and costs, and workers compensation rebates o Home health care recognized $11.0M of retroactive funding and offsetting one-time costs in connection with the 4% rate increase announced in Q4-24 o LTC and home health care recognized workers’ compensation rebates of $2.7M and $3.9M, respectively • Q1 2024 results impacted by out-of-period funding and costs o LTC recognized out-of-period funding of $9.8M o Home health care recognized $13.6M of retroactive funding and offsetting one-time costs in connection with the 6.7% rate increase announced in Q4-23 19 (1) Reflects impact of out-of-period LTC and home health care items Impact of out-of-period items on Revenue, Adjusted EBITDA and AFFO/basic share(1) Q1 Q1 ChangeImpact on: 2025 2024 Revenue Long-term care ‒ $9.8 $(9.8) Home health care $11.0 13.6 (2.6) Adjusted EBITDA Long-term care $2.7 $9.8 $(7.1) Home health care 3.9 ‒ $3.9 AFFO/Basic Share $0.058 $0.094 $(0.036) ($ millions, except per share amounts)
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Adjusted NOI by division(1) Three months ended March 31, 2025 20 ($ millions) (1) Excludes the impact of the following adjustments: for the LTC segment, the impact of workers’ compensation rebates of $2.7M in Q1 2025 and out-of-period funding of $9.8M in Q1 2024; for the home health care segment, the impact of retroactive funding and offsetting one-time costs of $11.0M in Q1 2025 and $13.6M in Q1 2024; and workers’ compensation rebates of $3.9M in Q1 2025 Long-term care NOI and margin(1) Q1 Q1 Change2025 2024 $18.5 $15.5 19.1% 9.4% 7.9% 150 bps Average occupancy 97.5% 97.5% – Home health care NOI and margin(1) Q1 Q1 Change2025 2024 $15.2 $10.8 41.0% 10.3% 8.3% 200 bps Average daily volume 31,603 29,007 8.9% Managed services NOI and margin Q1 Q1 Change2025 2024 $10.0 $8.7 15.0% 53.4% 50.7% 270 bps SGP 3rd party & joint venture beds at period end 148,209 138,250 7.2%
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Environmental, social and governance 21 Advancing progress for seniors’ care • Building environmentally sustainable communities • Replacing/redeveloping older LTC homes • Investing in energy-efficient retrofits to existing LTC homes • Investing in technology/digital solutions to limit paper waste • Eight of nine directors are independent, including Chairman • Code of Business Conduct guides ethical operations • Robust enterprise-wide risk management approach • Strong and diverse leadership team • Recognized within the Globe and Mail’s top companies for representation of women in leadership roles • Commitment to improving care every day: 1) Improve the quality of life for those we care for; 2) Support the success and skills development of our teams; 3) Engage residents and families as partners in care and organizational change; 4) Replace or upgrade older long-term care homes; and 5) Increase transparency and accountability. • Focus on continuous improvement through innovation and collaboration • Providing channels for open dialogue and feedback with residents, families and team members • Prioritizing safety, wellness, and support of team members • Building partnerships across the health system • Partnering with colleges to provide hands-on education and experience to PSWs • Giving back to our communities • Proud partner of the Alzheimer Society of Canada • Co-founded the Senior Living CaRES fund • Supporting nursing scholarships with Canadian Nursing Foundation Women in leadership roles(1) Board Executives 44% 54% (1) May 2025 Social Environmental Governance