Slides
Page 1
44th Annual J.P. Morgan Healthcare Conference January 2026 Tufts Medicine Behavioral Health Hospital (Tufts Joint Venture) Malden, Massachusetts
Page 2
2 Safe Harbor This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statements that address future results or occurrences. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” "would," “should,” “could” or the negative thereof. Generally, the words “anticipate,” “believe,” “continue,” “expect,” “intend,” “estimate,” “project,” “plan” and similar expressions identify forward-looking statements. In particular, statements about our expectations, beliefs, plans, objectives, assumptions or future events, risks or performance are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, many of which are outside of our control, which could cause our actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. These risks and uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. Additional risks and uncertainties are described more fully in “Risk Factors” in our periodic reports and other filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date of this presentation. We do not undertake and specifically decline any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments. Unless the context otherwise requires, all references herein to “Acadia,” “the Company,” “we,” “us” or “our” mean Acadia Healthcare Company, Inc. and its consolidated subsidiaries. Acadia Healthcare Company, Inc. is a holding company whose direct and indirect subsidiaries own and operate acute inpatient psychiatric facilities, specialty treatment facilities, comprehensive treatment centers, residential treatment centers and facilities providing outpatient behavioral healthcare services to serve the behavioral healthcare and recovery needs of communities throughout the U.S. and Puerto Rico. The terms “facilities,” “centers,” “clinics,” and “hospitals” refer to entities owned, operated or managed by subsidiaries of Acadia Healthcare Company, Inc. References herein to “employees” refer to employees of subsidiaries of Acadia Healthcare Company, Inc.
Page 3
3 CONFIDENTIAL Agenda Overview of AcadiaB 2025 ProgressC 2025 ChallengesD Looking to 2026E Reiterating 2025 GuidanceA
Page 4
4 We are reiterating our 2025 guidance 2025 Revenue$3.28B – $3.30B $601M – $611M 2025 Adj. EBITDA $1.94 – $2.04 2025 Adj. EPS
Page 5
5 Acadia at a glance: the largest BH-focused provider nationally $3.3B in Revenue for Trailing Twelve Months (“TTM”) through 9/30/2025 #1 Pure-play Behavioral Health (BH) provider in the US >82k Patients treated daily across our 4 service lines Positioned to serve the large unmet needs across the country: commitment to evidence-based healthcare, integration across the continuum of care and delivering free cash flow growth Strong foundation for growth 277 Facilities across the nation 1. Acute: Acute inpatient psychiatric facilities provide a high level of care in order to stabilize patients that are either a threat to themselves or to others. The acute setting provides 24-hour observation, daily intervention and monitoring by a psychiatrist. 2. Specialty: Specialty treatment facilities include residential recovery facilities andeating disorder facilities. The Company provides a comprehensive continuum of care for adults with addictive disorders and co-occurring mental disorders. Inpatient, including detoxification and rehabilitation, partial hospitalization and outpatient treatment programs give patients access to the least restrictive level of care. 3. RTC: Residential Treatment Centers treat patients with behavioral disorders in a non-hospital setting. The facilities balance therapy activities with social, academic and other activities. 4. CTC: Comprehensive Treatment Centers specialize in providing medication-assisted treatment in an outpatient setting to individuals addicted to opioids, such as opioid analgesics (prescription pain medications). 59 Acute facilities1 31 Specialty facilities2 9 RTC facilities3 178 CTC locations4
Page 6
6 Acadia continues to be the preferred behavioral health partner for leading health systems across the country Acadia delivers significant value to health systems Landscape of our 21 existing partnerships • Behavioral health expertise with deep experience in operating acute care BH hospitals • Proven track record of partnering with medical health systems • Help health systems meet the unmet needs in the population (e.g., addressing special needs of children and adolescents) and free capacity for medical patients JVs are partnerships with medical health systems that have a shared purpose of improving the mental and physical health outcomes of high-acuity patients Danville Northeast
Page 7
7 Strong diversification across service lines, payors and geography Total revenue: $3.3B TTM ending 9/30/2025 Revenue by geography Revenue by payorRevenue by service line 55% 18% 17% 11% Acute Specialty CTC RTC 57% 25% 14%Medicaid Commercial Medicare 4% Other 35% 13% 9% 8% 6% 6% 5%5% Other PA TN CA MI AZ MA AR 4% TX 4% FL 4% MO
Page 8
8 The Behavioral Health industry has a large unmet need and low industry maturity 1. SAMHSA Results from the 2024 National Survey on Drug Use and Health 2. Treatment Advocacy Center, January 2024. 3. CDC’s National Center for Health Statistics 4. U.S. Department of Health and Human Services Low industry maturityLarge, recognized unmet need >75k Additional beds required in US to meet optimal levels2 ~32% Increase in annual deaths by suicide between 2009 and 20243 ~30M Americans with mental illness receive no mental health treatment1 Technology Integration Fragmentation Most operators are smaller scale (e.g., >50% of the IP psychiatric beds are in small facilities, of the ~1.9k OTPs in the US, the top 3 providers combined operate ~20%) Few providers deliver whole-person care that integrates mental health treatment, management of physical comorbidities, and meaningful attention to social determinants of health. Historic underinvestment in BH technology and services (e.g., BH exclusion from $25B+ HITECH Act of 2009,4 which incentivized and expanded the adoption of health information technology)
Page 9
9 Our strategy focused on setting the standard for quality across the industry, while expanding access • Adding capacity – helps address significant unmet need across the country Expanding access • Workforce and talent – staff who ensure our clinical offerings remain best-in-class by recruiting, training, and elevating talented clinicians and support staff • Technology – technology that ensures we remain at the forefront of the BH industry Enhancing our capabilities • Outcomes – our care seeks to improve quality of life and stabilize our patients during times of critical need • Quality – our facilities ensure our patients have a positive and safe experience Deliver high quality patient care
Page 10
10 CONFIDENTIAL ‒ Our significant investment in care is yielding results, with strong KPI performance across patient outcomes, patient safety, patient experience, and regulatory measures ‒ Strong workforce results with retention levels improving across the last six quarters ‒ Transformation of our Acute team via enhanced leadership, driving clinical progress and greater data-driven action planning. Increased transparency and accountability while managing a significant rise in ordinary course surveys1 and external scrutiny ‒ Six new facilities were opened – Henry Ford, North Port, Geisinger Danville, Capitol Park (JV with Fairview), ECU, and Ascension Seton2 adding 778 beds. Expansions at existing facilities delivered an additional 311 beds, for 1,089 total beds 1 2 3 4 Themes 1. Note, we anticipated an increase in accreditation surveys in 2025 due to cyclicality. Further, CMS continues to direct states/AOs to increase on-site surveys for all healthcare providers in the post-COVID era. 2. 106-bed expansion of a hospital in Austin, TX 2025 recap: significant progress across key initiatives Expanding access Delivering high-quality patient care Enhancing our capabilities
Page 11
11 Our investments enable us to set a new standard and demonstrate strong patient outcomes and experience 1. Includes adult patients (18+) in acute settings only; based on valid Mental Health Quality of Life (MHQoL) results from Acute 33 facilities (n=9,007); MHQoL is a seven-item instrument that assesses mental health-related quality of life across dimensions such as self-image, independence, mood, and relationships. 2. Includes adult patients (18+) in acute settings only; based on valid Patient Health Questionnaire-9 (PHQ-9) results from Acute 33 facilities (n=2,877); PHQ-9 is a nine-item questionnaire that screens for and measures the severity of depression symptoms based on self-reported frequency over the past two weeks. 3. Reflects year-to-date results through December 31, 2025. 4. Patient experience metrics derived from Acadia internal survey data collected at Acute, Specialty, and RTC facilities. Patient outcomes Patient experience4 0.96 Effect size for reduction in depressive symptoms among patients with primary major depressive disorder2 (Reflects a 54% improvement in symptoms) 0.72 Effect size for patients‘ quality of life pre- vs post-discharge1 (Reflects a 29% improvement in MHQoL) >15,000 Patients included in our outcomes measurement effort3 >10% Improvement in overall rating of care in Q3 2025 vs Q3 2024 >40% Increase in the number patient surveys collected in Q3 2025 vs Q3 2024 >10% Improvement in likelihood to recommend in Q3 2025 vs Q3 2024
Page 12
12 Likewise, CTC is offering fast, high-quality patient experience 1. CARF stands for the Commission on Accreditation of Rehabilitation Facilities, an independent, international nonprofit accreditor for health and human services programs. As CARF explains, its accreditation is a review to determine if programs/services meet defined international standards of quality in health and human services. CARF's consultative peer-review process promotes active, dynamic planning focused on impact and outcomes. 2. Represents quality of life improvement over 12 months. Comprehensive services Personalized treatment plan Medication management Medication dispensing Individual therapy Group therapy Peer support Vocational training Social support services 99%+ Quality score across each of CARF’s 13 measures (opioid clinics)1 >50% Percentage of CTC patients illicit-opioid-free at six months (as of Q4 2025) 4.4/5 Quality-of-life improvement since entering treatment, as of Q4 20252 <5 min Average patient wait time to receive treatment at our facilities Differentiated access and experience
Page 13
13 2025 was another year of strong bed growth Quarter Beds added Beds closed Net beds added 2025 bed additions by quarter across Acute, Specialty, and RTC Q1 Q2 Q3 Q4 186 101 345 75 707 378 101 429 181 -192 0 -84 -106 • Added 1,089 new beds in 2025 • As previously disclosed, we closed five facilities totaling 382 beds during 2025 • Expect to reduce capex by at least $300M in 2026 Total in 2025 1,089 -382
Page 14
14 CONFIDENTIAL Drivers of 2025 Adj. EBITDA vs. Guidance 2025 midpoint guidance - Feb 2025 Increased PLGL litigation costs Volume underperformance Rate pressure 2025 midpoint guidance – Dec 2025 $700M -54 ~-30 ~-10 $606 • Both ramping and core facilities (including closed facilities) underachieved; partially offset by operating cost management • Pressure on Medicaid funding environment; partially offset by higher-than-anticipated supplemental payments 2025 recap: while we were pleased with our progress on quality and clinical outcomes, financial results were below expectations
Page 15
15 Weaker volume environment impacting recent cohort occupancy ramp 0 20 40 60 80 2025 Cohort 2024 Cohort 2023 Cohort 17% 34% 63% 57% 22% 27% Historical avg occupancy stated in last year’s JPM Healthcare Presentation2 Initially anticipated occupancy in 2025 Est. occupancy in 2025 Historical avg occupancy in year 1 Historical avg occupancy in year 2 Historical avg occupancy in year 3 Occupancy rate at recently launched facilities,1 % Avg. age of beds is 0.6 years Avg. age of beds is 1.25 years Avg. age of beds is 2.30 years 1. Excludes December 2025 ECU launch and Ascension Seton (106-bed expansion of a hospital in Austin); 2. Represents facilities opened Nov 2020 and before that had a full four years of operating history at the time of the 2025 JPM Healthcare Conference
Page 16
16 New facility openings represents >$200 million incremental EBITDA opportunity Bed adds by year from de novos and JVs,1 # 2. May take 3-5 years for a facility to reach full maturity; 3. Excludes expansion beds At full maturity2, 2023- 2025 de novo/JV cohorts and 2026 facilities currently under construction represent over $150M3 in future EBITDA vs ~$60M in startup losses in 2025, thus driving >$200M incremental EBITDA relative to 2025 665 707 1,572 600 Total beds as of EOY 2022 200 2023 net bed adds 2024 net bed adds 2025 net bed adds ~600 2026 estimated bed adds 10,988 Pro- Forma ‘26 Bed Count 10,988 13,160 +20% Projected Actual beds added Starting Gross bed adds: 595 Gross bed adds: 852 Gross bed adds: 1,089 1. Source: Company Financials Gross beds
Page 17
17 We are tracking several headwinds and tailwinds that impact 2026 Note: All listed figures are estimated adj. EBITDA impacts unless otherwise indicated 1. New York is limiting individuals in their state Medicaid program from receiving treatment outside of the state. This is expected to impact several our specialty facilities in the state of Pennsylvania within proximity of the New York border. Headwinds Tailwinds Acute care volume softness/ongoing payor pressure Weaker government reimbursement environment NY State exclusion of Medicaid referrals to PA (~$25-30M EBITDA)1 Nonrecurring 2025 TN supplemental payments ($29M EBITDA) Mandated staffing ratios in California Embedded growth from new beds ramping Expanded supplemental payment programs (1x EBITDA benefit of up to $22M, with run rate benefit >$22M) Improvement in FCF as capex reduced by ~$300M Recent facility closures and a modest decline in startup losses
Page 18
18 We continue to focus on multiple operational improvement initiatives Focus area Operation improvement focus areas Example workstreams (not comprehensive) Grow same facility volume Focused facility turnarounds, increasing access to care by deepening relationships in communities and improving awareness of facilities, JV partnership enhancement, and stabilizing admissions staffing1 Refreshed strategic approach for interacting with payors and more real-time visibility into contracting landscape, and evaluation of more aggressive payor postures Improve safety and outcomes Build on success in 2025 by amplifying safety programs (e.g., more training), patient outcomes evaluation and best practice sharing, patient satisfaction survey improvements, and state/federal survey preparedness 3 Successfully open new beds 500-700 new bed openings, JV partnership optimization, recently opened hospital acceleration2 Strengthen workforce Further improve workforce retention and time-to-fill for critical roles, while continuing to drive efficiency opportunities with AI5 Investments in technology Continued deployment of EMR and automation of key workflows to drive efficiency, while expanding generative or predictive AI/ML models usage across Acadia 4 Improve payor relationships 6 Refreshed strategic approach for interacting with payors and more real-time visibility into contracting landscape, and evaluation of more aggressive payor postures