Slides
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Growing Together Q3 2025 Conference Call November 12, 2025 Cover Optiono/s new photo
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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 acquisition of Closing the Gap Healthcare Group Inc. and certain affiliates (collectively, “Closing the Gap”), including anticipated synergies, and the agreements entered into with Revera Inc. and its affiliates (“collectively, Revera”), Axium LTC Limited Partnership and its affiliates (“collectively, 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 Q3 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 Q3 2025 MD&A. 2 Forward-looking statements and non-GAAP measures
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Acquired Closing the Gap Acquisition augmented strong organic volume growth of 13.0% over prior year quarter • Transaction closed on July 1, 2025 for cash consideration of $75.1M, subject to customary adjustments and estimated earnout payments of ~$1.5 to $2.0 million • Full quarter impact reflected in Q3 2025 results: • ~$24.0M revenue and ~$3.1M NOI • 3,500 ADV or 322,000 service hours in Ontario and Nova Scotia, representing 9.3% of our Q3 volume • ~$1.1M in annualized cost synergies targeted within the first year following closing 3
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Q3 growth highlights Adjusted EBITDA, excluding out-of-period items, increased by 36.6% to $46.9M 4 Operational highlights 24.6% YoY increase in home health care ADV; 12.9% organic growth and first full quarter of Closing the Gap volumes 6.0% YoY increase in SGP customer base LTC Occupancy up 10 bps YoY to 98.5% AFFO/share (basic) (1) up 19.3% YoY to $0.309 TTM Payout Ratio 45%(2) (1) Excluding the impact of out-of-period items, refer to slides 14 and 15 for details (2) Payout ratio based on trailing twelve months (TTM) ending September 30, 2025, adjusted for the impact of out of period items (refer to slides 14 and 15 for details) Financial highlights Adjusted EBITDA Q3 Q3 2025 2024 Reported $50.8M $36.1M +40.6% Excluding out-of-period items(1) $46.9M $34.3M +36.6% Adjusted Divisional NOI Margins(1) Q3 Q3 2025 2024 Home health care 13.6% 11.3% +230 bps Long-term care 11.8% 11.4% +40 bps Managed services 57.2% 52.6% +460 bps
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Building for the future Breaking ground on a new home in Sudbury in Q4 2025 5 Redevelopment projects # of beds # Class C beds replaced Expected opening Estimated development costs (1) ($ millions) Peterborough 256 172 Q2-26 103.5 Carlingview Manor (Ottawa) 320 303 Q2-26 121.4 Orleans (Ottawa) 256 240 Q1-27 103.3 St. Catharines 256 152 Q1-27 106.4 Port Stanley 128 60 Q1-27 52.7 London 192 170 Q2-27 77.7 1,408 1,097 565.0 • Three new homes opened since Q1 2024 • Six LTC homes under construction in the Axium JVs; 1,408 new beds will replace 1,097 Class C beds • Advancing 18 other redevelopment projects to replace remaining C homes under the new Ontario Long-Term Care Home Capital Funding Policy • Starting new project in Sudbury in Q4 2025 and up to three additional projects in 2026 (1) Development costs are defined on an IFRS basis (which includes the cost of land, hard construction and soft development costs, furniture, fixtures and equipment, financing costs and capitalized interest costs during construction), net of any capital development government grant receivable on substantial completion of construction, if applicable
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Financial Review Q3 2025
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Consolidated results Q3 2025 • Out-of-period items recognized in Q3 2025(1) consisted of LTC revenue and NOI of $3.9M, up $2.1M from $1.8M in Q3 2024 • Q3 revenue up $81.2M; up $79.1M excluding out-of-period items, driven primarily by the full quarter contribution from the 9 - home LTC acquisition (+$32.9M) and Closing the Gap (+$24.0M), home health care organic growth and rate increases, and LTC funding increases, partially offset by LTC homes closed following redevelopment in Axium JV (-$8.0M) • Q3 NOI up $15.8M; up $13.7M excluding out-of-period items, reflecting revenue growth partially offset by higher operating costs and the full quarter NOI contribution from the 9-home LTC acquisition (+$3.2M) and Closing the Gap (+$3.1M) • Q3 AFFO/basic share up $0.075, reflecting increased after-tax earnings, partially offset by higher maintenance capex • Excluding out-of-period items, AFFO/basic share(1) improved by $0.050 to $0.309 per share 7 (1) Refer to slides 14 and 15 for details and the impact of out-of-period items Q3 2025 vs Q3 2024 Reported Revenue NOI $440.3M +$81.2M $65.9M +$15.8M +22.6% +31.5% Adjusted EBITDA Net earnings $50.8M +$14.7M $24.1M +$7.8M +40.6% +48.0% AFFO/basic share Payout ratio $0.349 +$0.075 36% +27.4%
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Home health care Strong organic growth, full quarter contribution from Closing the Gap and rate increases driving higher NOI margins • Q3 revenue up $48.4M, driven by $24.0M full quarter contribution from Closing the Gap, 13.0% organic growth in ADV and Q4-24 rate increases • Q3 NOI up $9.9M, reflecting $3.1M from Closing the Gap, organic growth and rate increases, partially offset by higher wages and benefits • Q3 NOI margin(2) of 13.6%, up 230 bps from 11.3% in Q3 2024, with scalable technology platform driving efficiency gains in back-office support functions (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 14 and 15 for details and the impact of out-of-period items 8 8.8% 8.3% 12.6% 11.3% 10.4% 10.3% 13.5% 13.6% 20,000 22,000 24,000 26,000 28,000 30,000 32,000 34,000 36,000 0% 2% 4% 6% 8% 10% 12% 14% 16% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 ADV and Adjusted NOI Margin %(1) ADV Adjusted NOI Margin Revenue Q3 2025 $186.8M +35.0% YTD 2025 $503.7M +20.4% NOI Q3 2025 $25.4M +63.2% Margin 13.6% +230 bps YTD 2025 $65.9M +51.7% Margin 13.1% +270 bps Average daily volume ("ADV") Q3 2025 37,609 +24.6% YTD 2025 36,516 +22.8%
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Long-term care Growth fueled by full quarter of the 9-home LTC acquisition and funding increases • Out-of-period items recognized in Q3 2025(2) consisted of LTC revenue and NOI of $3.9M related to retroactive funding increases in Western Canada, up $2.1M from $1.8M in Q3 2024 • Q3 revenue up $36.1M; up $34.0M excluding out-of-period funding, reflecting full quarter impact of the 9-home LTC acquisition (+$32.9M), funding increases and improved occupancy, partially offset by the closure of two Class C LTC homes (-$8.0M) replaced by new homes in the Axium JV • Q3 NOI up $6.9M; up $4.8M to $27.7M(2) excluding out-of- period items, reflecting the 9-home LTC acquisition (+$3.2M), funding increases, timing of spend and improved preferred occupancy, partially offset by higher operating costs and the closure of two Class C LTC homes (-$0.6M) • Q3 adjusted NOI margin(2) of 11.8%; up 40 bps from 11.4% in Q3 2024 9 (1) Adjusted NOI margins exclude workers’ compensation rebates of $2.7M in Q1 2025, and 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) (2) Refer to slides 14 and 15 for details and the impact of out-of-period items Revenue Q3 2025 $237.9M +17.9% YTD 2025 $642.8M +6.7% NOI Q3 2025 $31.6M +28.2% Margin 13.3% +110 bps YTD 2025 $76.7M +1.5% Margin 11.9% -60 bps Average occupancy Q3 2025 98.5% +10 bps YTD 2025 98.1% +30 bps 8.5% 7.9% 11.3% 11.4% 10.0% 9.4% 11.6% 11.8% 5% 10% 15% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 NOI Margin % (1) As reported Adjusted to exclude out-of-period items
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Managed services Extendicare Assist and SGP 6.0% organic growth in SGP client base offset by loss of Assist management contracts related to the Revera sale of its Class C LTC homes • Q3 revenue down $3.3M largely driven by Revera’s sale of its 30 Class C LTC homes (9 to Extendicare, 21 to a third party), partially offset by organic growth in SGP clients and management fees from newly opened homes in the JV • Q3 NOI down $1.0M on decline in revenue and change in mix of Assist consulting and other services • YTD NOI margins remain within the expected 50- 55% range • Q3 SGP beds up 6.0% from Q3 2024 10 Revenue Q3 2025 $15.6M -17.4% YTD 2025 $51.9M -3.7% NOI Q3 2025 $8.9M -10.2% margin 57.2% +460 bps YTD 2025 $28.5M -0.6% margin 54.9% +170 bps Management contract beds Third party 2,351 -35.8% Joint venture 3,886 SGP 3rd party & joint venture beds Beds 152,090 +6.0% 75,000 100,000 125,000 150,000 175,000 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 SGP (3rd party and JV beds)
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Strong liquidity and credit metrics Low leverage and strong free cash flow provide flexibility to pursue growth opportunities 11 • Utilized $55M under the delayed draw term loan in Q3-25 to partially fund the Closing the Gap acquisition • No debt maturities until Q1 2027 Debt maturities(3)(4) ($ millions) $320M total liquidity at Q3-25 4.0x 4.2x 5.3x 6.1x 6.5x 7.1x 7.4x 8.0x 35.6% 34.1% 33.9% 33.0% 32.1% 31.7% 30.4% 32.2% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Debt Metrics(3) TTM interest coverage Debt/GBV As at September 30, 2025 Cash Available Revolving Facility Long-term debt(1) Long-term debt(1) (including 15% JV share(2)) $166M $154M $341M $442M 43.1 20.0 2.4 8.6 7.2 6.8 7.1 50.6 0.9 3.2 2.8 2.2 1.8 6.7 2.3 9.3 166.2 2025 2026 2027 2028 2029 Thereafter Mortgage/loan principal at maturity Mortgage amortization Lease liabilities Delayed draw term loan (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 September 30, 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
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2x 3x 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+ 12 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(2) • Need for >200,000 new LTC beds in Canada by 2035(3) Enhancing home health services delivery to ease health care system strain • ParaMed’s care volumes grew by more than 10% in 2024 vs 2023 and are up 13% YTD Q3 2025 vs YTD Q3 2024 (4) • Volume increases outpacing seniors’ population growth to bridge LTC gaps (1) Source: A portrait of Canada’s growing population aged 85 and older from the 2021 Census (2) Source: Ontario Ministry of Long-Term Care Client Profile Database (CPRO), April 2025 (3) The Conference Board of Canada; Sizing Up the Challenge; Meeting the Demand for Long-Term Care, November 2017 (4) Before the impact of Closing the Gap
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Appendix o/s new photos
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Adjustments to revenue, EBITDA and AFFO Three and nine months ended September 30, 2025 • Q3 2025 and Q3 2024 results impacted by out-of-period LTC funding of $3.9M and $1.8M, respectively • YTD 2025 results impacted by out-of-period funding and costs, and workers compensation rebates recognized in Q1 2025 o LTC recognized $2.3M of out-of-period funding o Home health care recognized $11.0M of retroactive funding and offsetting one-time costs in Q1 2025 in connection with the 4% rate increase announced in Q4 2024 o LTC and home health care recognized workers’ compensation rebates in Q1 2025 of $2.7M and $3.9M, respectively • YTD 2024 results impacted by out-of-period funding and costs o LTC recognized out-of-period funding of $13.9M o Home health care recognized $13.6M of retroactive funding and offsetting one-time costs in Q1 2024 in connection with the 6.7% rate increase announced in Q4 2023 14 (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) Q3 Q3 Impact on: 2025 2024 Change Revenue Long-term care $3.9M $1.8M $2.1M Home health care ‒ ‒ ‒ Adjusted EBITDA Long-term care $3.9M $1.8M $2.1M Home health care ‒ ‒ ‒ AFFO/Basic Share $0.040 $0.015 $0.025 YTD YTD Impact on: 2025 2024 Change Revenue Long-term care $2.3M $13.9M $(11.6)M Home health care $11.0M $13.6M $(2.6)M Adjusted EBITDA Long-term care $5.0M $13.9M $(8.9)M Home health care $3.9M ‒ $3.9M AFFO/Basic Share $0.081 $0.130 $(0.049)
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Adjusted NOI by division(1) Three and nine months ended September 30, 2025 15 (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 $2.3M YTDQ3 2025 ($3.9M in Q3 2025) and $13.9M YTDQ3 2024 ($9.8M in Q1 2024, $4.1M in Q2 2024 and $1.8M in Q3 2024); for the home health care segment, the impact of retroactive funding and offsetting one-time costs of $11.0M in YTDQ3 2025 (all in Q1) and $13.6M in YTDQ3 2024 (all in Q1); and workers’ compensation rebates of $3.9M in YTDQ3 2025 (all in Q1) Long-term care NOI and margin(1) Q3 Q3 Change YTD YTD Change2025 2024 2025 2024 $27.7M $22.8M +21.2% $71.7M $61.7M +16.3% 11.8% 11.4% +40 bps 11.2% 10.5% +70 bps Average occupancy 98.5% 98.4% +10 bps 98.1% 97.8% +30 bps Home health care NOI and margin(1) Q3 Q3 Change YTD YTD Change2025 2024 2025 2024 $25.4M $15.6M +63.2% $62.0M $43.5M +42.7% 13.6% 11.3% +230 bps 12.6% 10.7% +190 bps Average daily volume 37,609 30,181 +24.6% 36,516 29,740 +22.8% Managed services NOI and margin Q3 Q3 Change YTD YTD Change2025 2024 2025 2024 $8.9M $9.9M -10.2% $28.5M $28.6M -0.6% 57.2% 52.6% +460 bps 54.9% 53.2% +170 bps SGP 3rd party & joint venture beds at period end 152,090 143,547 +6.0%
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45.1% 36.5% 18.4% Services-focused growth Services represented ~55% of TTM Q3 2025 adjusted NOI 16 59 Long-term care homes owned Direct care for seniors Home health care hours (Q3 2025 annualized run rate) 13.5M Home health careLong-term care Managed services 40 Homes under contract Management & consulting Third-party & JV beds served 152K Group purchasing NOI contribution by segment(1) Geographically diversified operations(2) Province ON AB MB BC QC Other Total LTC homes owned – beds 39 5,660 14 1,514 6 973 - - - - - - 59 8,147 Home health care hours delivered (TTM 000’s) 11,391 413 - - - 383 12,187 Assist and JV beds under management contract (3) 5,259 - 978 - - - 6,237 SGP 3rd party & JV beds served 57,095 19,391 2,140 30,598 34,106 8,760 152,090 High growth business model to expand home health care services and build new LTC homes through capital efficient JV with Axium to generate managed service revenue Positioned for GROWTH TTM Q3 2025 Adjusted NOI(1) $210.5M Home health care $76.9M Long-term care $94.8M Managed services $38.8M (1) TTM Q3 2025 adjusted NOI excludes out-of-period items of $14.4M (LTC of $6.1M and home health care of $8.3M) (2) Figures as at September 30, 2025 (3) Represents 40 homes, including 28 operational LTC homes owned in the joint ventures with Axium in which the Company has a 15% managed interest