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2026 Earnings – 2nd Quarter July 28, 2026 Orlando Health Behavioral Health Hospital (Orlando Health Joint Venture) Apopka, Florida
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2 Safe Harbor This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to our strategy, growth and anticipated operating results for future periods. Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this presentation. We do not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties, and our future results could differ significantly from those expressed or implied by our forward- looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of facility expansions, acquisitions, joint ventures and de novo transactions; (ii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by Acadia from government and commercial payors, including because of the significant changes to Medicaid financing mechanisms introduced by the One Big Beautiful Bill Act (the “OBBBA”) enacted on July 4, 2025; (iv) the occurrence of patient incidents, governmental investigations, litigation and adverse regulatory actions, which could adversely affect the price of our common stock and result in substantial payments and incremental regulatory burdens; (v) the risk that Acadia may not generate sufficient cash from operations to service its debt and meet its working capital and capital expenditure requirements; (vi) changes in expectations resulting from actuarial and other reviews of the Company’s liability reserves and other aspects of its business; (vii) potential disruptions to our information technology systems or adverse impacts of a cybersecurity incident; and (viii) potential operating difficulties, including, without limitation, disruption to the U.S. economy and financial markets; reduced admissions and patient volumes, including, without limitation, due to the OBBBA’s introduction of work or community engagement requirements in the Medicaid expansion population; increased costs relating to labor, supply chain and other expenditures; changes in competition and client preferences; and general economic or industry conditions that may prevent Acadia from realizing the expected benefits of its business strategies. These factors and others are more fully described in Acadia’s periodic reports and other filings with the Securities and Exchange Commission (the “SEC”). 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. This presentation contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“GAAP”) in the statements of income, balance sheets or statements of cash flow of the company. We present non-GAAP financial measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Reconciliations of these non-GAAP measures are included in our filings with the SEC and at the end of this presentation.
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3 Strong performance in Q2 Key themes from Q2 Achieved strong results and updated 2026 outlook Continued to expand access to care Increased focus on execution and discipline • 2Q26 Revenue was above high end of guidance; Adj. EBITDA and Adj. EPS near high end of guidance • Updating 2026 Guidance for Revenue ($3.40 - $3.45B), Adj. EBITDA ($590 - $615M), Adj. EPS ($1.45 - $1.60), Operating Cash Flows ($350 - $400M), and Capital Expenditures ($235 - $255M) • Achieved strong Free Cash Flow; first positive quarter since Q2 ‘24 • Maintained disciplined approach to operational excellence and corporate expenses • Opened two Acute facilities: a 144-bed JV facility with Orlando Health in Florida, and a 96-bed JV facility with Methodist Jennie Edmundson in Iowa • Continued progress with our new Acute facilities from 2023 – 2026 with favorable Q2 results
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4 2nd Quarter 2026 Results 2Q 2026 Results 2Q 2025 Results % Change Revenue $866 $869 0% Adj. EBITDA $149 $202 (26)% Adj. EPS $0.38 $0.83 (54)% Operating Cash Flow $162 $134 21% Total Capital Expenditures $39 $168 (77)% $ in Millions, except per share values
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5 Revenue Bridge 2Q25 Actual to 2Q26 Actual Revenue $ in Millions Non-Same Facility3Same Facility 43 9 2Q25 Actual (9) NY MDCD1 (26) Net OOP Supplementals2 (7) Bad Debts & Denials Core Growth LTM Startups (12) Closures 2Q26 Actual $869 $866 Note: all bridge amounts shown are on an approximate basis. Numbers may not add due to rounding. 1. New York Medicaid has implemented restrictions and administrative practices that limit certain beneficiaries from receiving t reatment outside of New York. These practices have impacted, and will continue to impact, several of our specialty facilities in Pennsylvania located near the New York border 2. $22.3M prior period supplemental payments recognized from Florida in 2Q26; $48.7M prior period Tennessee DPP recognized in Q2 2025 relating to previous quarters 3. Represents the portion of revenue for the periods presented for facilities under operation for less than one year and facilit ies acquired, divested or removed from service during the current or prior year.
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6 Adj. EBITDA $ in Millions Non-Same Facility3 21 2Q25 Actual (6) NY MDCD (13) Net Supplemental1 (39) PLGL2 (7) Bad Debts & Denials Core Growth (12) LTM Startups 4 Closures 2Q26 Actual $202 $149 Adjusted EBITDA Bridge 2Q25 Actual to 2Q26 Actual Note: all bridge amounts shown are on an approximate basis. Numbers may not add due to rounding. 1. $26.1M prior period supplemental payment benefit recognized from Florida in 2Q26; $39.5M prior period Tennessee DPP recognize d in Q2 2025 relating to previous quarters 2. Professional and General Liability (“PLGL”) Expenses increase over 2025 includes $28.6M actuarial adjustment plus the budgete d ~$10M increase in PLGL costs 3. Represents the portion of EBITDA for the periods presented associated with facilities under operation for less than one year and facilities acquired, divested or removed from service during the current or prior year, as well as general and administrative costs related to our corporate functions. Same Facility
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7 Same Facility Volume Growth Drivers 2Q26 Actual Same Facility Patient Day Growth1 % Growth 1.5% Underlying "Core Business" Growth (2.9)% NY MDCD 2.2% ‘23 - ’25 Ramping Facilities 0.8% Same Facility Patient Day GrowthNote: all bridge amounts shown are on an approximate basis. Numbers may not add due to rounding 1. Includes Acute, RTC and Specialty service lines
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8 Same Facility Revenue per Patient Day Drivers 2Q26 Actual Same Facility Revenue per Patient Day % Growth Note: all bridge amounts shown are on an approximate basis. Numbers may not add due to rounding Underlying Rate Growth Mix Shift Net Supplemental Payments Bad Debts & Denials Same Facility Revenue per Patient Day ~(3.0)% ~(0.9)% ~1.2% ~2.0% (0.8)%
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9 New facility openings represent >$200M incremental EBITDA opportunity Bed adds by year1 # of Beds 3. Excludes expansion beds At full maturity, 2023-2025 de novo/JV cohorts and 2026 facilities currently under construction represent over $150M3 in future EBITDA vs $56M in startup losses in 2025, driving >$200M incremental EBITDA relative to 2025 665 707 1,572 299 Total beds as of EOY 2022 200 2023 net bed adds 2024 net bed adds 2025 net bed adds 299 2026 estimated net bed adds2 10,988 Pro-Forma ‘26 Bed Count 10,988 12,859 +1,871 Projected Actual beds added Starting Gross bed adds: 595 Gross bed adds: 852 Gross bed adds: 1,089 1. Source: Company Financials. Bed counts include JVs, De Novos, and Expansions 2. Accounts for recent 251 bed closures due to NY MDCD and other factors Gross bed adds: ~500- 600
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10 Total Capital Expenditures and Cash Flow from Operations 2Q25 Actual to 2Q26 Actual Total Capital Expenditures $ in Millions 29 139 29 2Q25 2Q26 10 $168 $39 -129 Growth CapEx Routine CapEx 2Q25 2Q26 $162 $134 +29 Cash Flow from Operations Cash Flow from Operations $ in Millions 2Q26 Free Cash Flow1 of $124M improved by $158M compared to 2Q25 1. Calculated as Cash Flow from Operations less Total Capital Expenditures. Numbers may not add due to rounding
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11 Key Balance Sheet Statistics Gross Debt1 (150) Cash3 Net Debt1 $2,470 $2,320 Debt Balances as of June 30, 2026 $ in Millions 1. Gross Debt is a non-GAAP measure calculated as total outstanding principal, finance lease liabilities, letters of credit and surety bonds and excludes unamortized debt issuance costs, discounts and premiums; Net debt is gross debt less cash and cash equivalents on our balance sheet 2. Net leverage ratio is calculated as net debt divided by Adjusted EBITDA, as defined in the Credit Agreement 3. Maximum of $150M cash offset for leverage calculation per Credit Agreement • Net Leverage2 is ~4.1x TTM June 30, 2026 Adjusted EBITDA • Expected 2026 Net Leverage 2 Ratio between 3.8x – 4.0x • Total Cash & Cash Equivalents of $171M as of June 30, 2026
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12 Full Year 2026 Guidance Full Year 2026 Guidance (July) Full Year 2026 Guidance (April) Change at Midpoint Revenue $3,400 – $3,450 $3,370 – $3,450 +$15 Adj. EBITDA $590 – $615 $580 – $615 +$5 Adj. EPS $1.45 – $1.60 $1.35 – $1.60 +$0.05 Operating Cash Flow $350 – $400 $285 – $325 +$70 Capital Expenditures $235 – $255 $255 – $280 ($22.5) $ in Millions, except per share values
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13 Full Year 2026 Guidance Assumptions Assumption Change at Midpoint Same Facility Patient Day Growth 1 – 2% - Same Facility Revenue per Patient Day Growth 2 – 3% +1% Total Bed Additions 500 – 600 beds +50 beds Startup Losses $45 – $49 ($2) Depreciation and Amortization Expense $198 – $203 - Interest Expense $157 – $162 - Stock Compensation Expense $40 – $45 - Tax Rate ~26% - $ in Millions
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15 Revenue by Service Line Three Months Ended June 30, 2026 2025 % Change Acute Inpatient Psychiatric Facilities $495 $495 0% Specialty Treatment Facilities $133 $146 (8)% Comprehensive Treatment Centers $141 $141 0% Residential Treatment Centers $97 $87 12% Total Revenue $866 $869 0% $ in Millions. Numbers may not add due to rounding
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16 Adjusted EBITDA Reconciliation Reference footnotes on Pages 18-21 2026 2025 2026 2025 Net income attributable to Acadia Healthcare Company, Inc. $ 10,928 $ 30,127 $ 15,033 $ 38,501 Net income attributable to noncontrolling interests 1,332 7,809 1,691 8,499 Provision for income taxes 9,747 12,067 16,247 16,471 Interest expense, net 38,178 35,138 76,508 64,320 Depreciation and amortization 50,427 48,995 102,853 96,027 EBITDA 110,612 134,136 212,332 223,818 Adjustments: Equity-based compensation expense (a) 10,990 10,549 18,946 19,226 Transaction, legal and other costs (b) 22,579 64,425 44,592 95,497 Debt extinguishment costs (c) — — — 1,269 Legal settlements expense (d) — — 13,751 3,504 Loss on impairment (e) 7,364 1,452 7,364 1,452 Gain on sale of property, net (f) (2,359) (8,715) (3,581) (8,715) Adjusted EBITDA $ 149,186 $ 201,847 $ 293,404 $ 336,051 Corporate general and administrative costs (g) (38,491) (38,550) (79,762) (76,707) Total Facility Adjusted EBITDA 187,677 240,397 373,166 412,758 De novos, acquisitions, and closed facilities (h) (13,260) (5,174) (27,261) (11,262) Same Facility Adjusted EBITDA $ 200,937 $ 245,571 $ 400,427 $ 424,020 (in thousands) Three Months Ended June 30, Six Months Ended June 30,
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17 Adjusted Earnings per Share Reconciliation Reference footnotes on Pages 18-21 2026 2025 2026 2025 Net income attributable to Acadia Healthcare Company, Inc. $ 10,928 $ 30,127 $ 15,033 $ 38,501 Adjustments to income: Transaction, legal and other costs (b) 22,579 64,425 44,592 95,497 Debt extinguishment costs (c) — — — 1,269 Legal settlements expense (d) — — 13,751 3,504 Loss on impairment (e) 7,364 1,452 7,364 1,452 Gain on sale of property, net (f) (2,359) (8,715) (3,581) (8,715) Provision for income taxes 9,747 12,067 16,247 16,471 Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc. 48,259 99,356 93,406 147,979 Income tax effect of adjustments to income (i) 13,190 24,516 25,014 36,210 Adjusted income attributable to Acadia Healthcare Company, Inc. 35,069 74,840 68,392 111,769 Weighted-average shares outstanding - diluted 91,374 90,435 91,205 91,400 Adjusted income attributable to Acadia Healthcare Company, Inc. per diluted share $ 0.38 $ 0.83 $ 0.75 $ 1.22 Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts)
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18 Other Information (1/4) We have included certain financial measures in this press release, including those listed below, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the SEC. These non-GAAP financial measures include, and are defined, as follows: The non-GAAP financial measures presented herein are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The non-GAAP financial measures presented herein are not measures of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as measures of our liquidity. Our measurements of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies. We have included information concerning the non-GAAP financial measures in this press release because we believe that such information is used by certain investors as measures of a company’s historical performance. We believe these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of issuers of equity securities, many of which present similar non-GAAP financial measures when reporting their results. Because the non-GAAP financial measures are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures of other companies. Our presentation of these non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. • EBITDA: net income attributable to Acadia Healthcare Company, Inc. adjusted for net income attributable to noncontrolling interests, provision for income taxes, net interest expense and depreciation and amortization. • Adjusted EBITDA: EBITDA adjusted for equity-based compensation expense, transaction, legal and other costs, debt extinguishment costs, legal settlements expense, and gain on sale of property, net. • Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc. : net income attributable to Acadia Healthcare Company, Inc. adjusted for transaction, legal and other costs, debt extinguishment costs, legal settlements expense, gain on sale of property, net, and provision for income taxes. • Adjusted income attributable to Acadia Healthcare Company, Inc. : Adjusted income before income taxes attributable to Acadia Healthcare Company, Inc. adjusted for the income tax effect of adjustments to income. • Total facility adjusted EBITDA: Adjusted EBITDA adjusted for general and administrative costs related to our corporate functions. General and administrative costs directly related to the facilities are included in total facility results. • Same facility adjusted EBITDA: Adjusted EBITDA for facilities and services to those facilities operated in both the current and prior year. These metrics exclude the operating results associated with facilities under operation for less than one year and facilities acquired, divested or removed from service during the current or prior year.
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19 Other Information (2/4) Same facility results include operating results only for facilities and services operated in both the current and prior year. These metrics exclude the operating results associated with facilities under operation for less than one year and facilities acquired during the current or prior year, as well as facilities divested or removed from service. We believe that providing results on a same facility basis is helpful to investors because it neutralizes the impact of new facilities that are in early stages of operation and facilities that we no longer operate, each of which may distort investors’ understanding of the Company’s underlying performance at our existing and continuing facilities. Further, we believe that providing same facility information is helpful to our investors as a measure of the financial and operating performance of our existing and continuing facilities on a comparable basis, and same facility results provide investors with information useful in understanding underlying organic growth in such facilities. For these reasons, we believe that same facility results are particularly useful during periods of significant expansion or contraction. The Company is not able to provide a reconciliation of projected Adjusted EBITDA and adjusted earnings per diluted share, where provided, to expected results due to the unknown effect, timing and potential significance of transaction-related expenses and the tax effect of such expenses. Total facility results reflect adjustments that are intended to provide the specific presentation described above, and same facility results reflect adjustments that may be irregular in timing from period to period related to newly opened or acquired facilities or facilities that we no longer operate, and may omit certain results that investors may view as important. Total facility and same facility results may therefore not be indicative of the overall performance of our business and should be not be considered as alternatives for net income or any other performance measures derived in accordance with GAAP. Total facility results include operating results for all of our facilities and services but exclude general and administrative costs related to our corporate functions. Such costs related to our corporate functions include, amongst others, costs for accounting and finance, information systems, human resources, legal and operational and executive leadership. General and administrative costs directly related to the facilities are included in facility results. Such costs directly related to our facilities include, amongst others, labor at the facility level, insurance, including property, professional, legal and general liability insurance, hospital supplies, including medication, utilities and food service, and general maintenance costs for the facility. We determine which general and administrative costs to exclude and include in total facility results by ensuring those costs directly associated with facility operations are captured at the facility level for reporting. Note that total facility costs include those related to new facilities and the cost of closure and run-out costs related to facilities we have closed. We believe that providing results on a total facility basis is helpful to our investors as a measure of our financial and operating performance because it neutralizes the impact of corporate-level items that do not arise out of our core operations at our facilities.
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20 Other Information (3/4) 2026 2025 2026 2025 Government investigations $ 7,471 $ 53,526 $ 19,893 $ 84,538 Termination and restructuring costs 5,784 10,074 10,746 12,239 Legal, accounting and other acquisition-related costs 9,324 825 10,040 (1,280) Management transition costs — — 3,913 — Transaction, legal, and other costs $ 22,579 $ 64,425 $ 44,592 $ 95,497 (a) Represents the equity-based compensation expense of Acadia. Equity-based compensation expense is excluded from Adjusted EBITDA because we believe that the cost of equity awards granted to employees does not contribute to the earnings potentially available for distributions to Acadia's equity holders or reinvestment into the Company's business. (b) Represents transaction, legal, and other costs incurred by Acadia primarily related to the following categories: (1) government investigations; (2) termination and restructuring costs; (3) legal, accounting, and other acquisition-related costs; and (4) management transition costs. Government investigations include legal fees and settlement costs related to certain litigation. Termination and restructuring costs include costs, net of gains, incurred related to workforce reductions, contract amendments, and the closure and disposition of certain facilities, including related lease terminations. Legal, accounting and other acquisition-related costs include costs incurred for the development of new facilities ($0.2 million and $0.3 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $1.3 million for the three and six months ended June 30, 2025, respectively) and legal and settlement costs incurred related to certain litigation not included in government investigations ($9.1 million and $9.7 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $(2.6) million for the three and six months ended June 30, 2025, respectively). Management transition costs consist primarily of severance benefits incurred with the departure of the Company’s former Chief Executive Officer, Christopher H. Hunter. The table below quantifies each of the components of transaction, legal and other costs for the periods presented. Such transaction, legal and other costs are excluded from Adjusted EBITDA because we believe that the nature, size, and number of these costs can vary dramatically from period to period and between Acadia and its peers and can also obscure underlying business trends and make comparisons of long-term performance difficult. Three Months Ended June 30, (c) Represents debt extinguishment costs recorded during the first quarter of 2025 in connection with the refinancing of the prior credit facility. Debt extinguishment is excluded from Adjusted EBITDA because we believe that this expense is unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results. Six Months Ended June 30, (in thousands)
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21 Other Information (4/4) Investor Contact: investorrelations@acadiahealthcare.com (g) Represents general and administrative costs related to our corporate functions, including, amongst others, costs for accounting and finance, information systems, human resources, legal and operational and executive leadership. We determine which general and administrative costs to exclude and include in total facility results by ensuring those costs directly associated with facility operations are captured at the facility level for reporting. Corporate general and administrative costs are excluded to present Total Facility Adjusted EBITDA because we believe that providing results on a total facility basis is helpful to our investors as a measure of the financial and operating performance of our core operations at our facilities. (h) Represents the portion of EBITDA for the periods presented attributable to de novos and acquired facilities in operation for less than one year and facilities closed during such period. De novos are newly developed facilities built by Acadia or with a joint venture partner. Such amounts are excluded from Adjusted EBITDA to present Same Facility Adjusted EBITDA because we believe providing same facility information is helpful to our investors as a measure of the financial and operating performance of our existing and continuing facilities on a comparable basis, and same facility results provide investors with information useful in understanding underlying organic growth in such facilities. (i) Represents the income tax effect of adjustments to income based on tax rates of 27.3% and 24.7% for the three months ended June 30, 2026 and 2025, respectively, and 26.8% and 24.5% for the six months ended June 30, 2026 and 2025, respectively. We believe excluding the income tax effect of adjustments to income assists investors in understanding the tax provision associated with those adjustments and the effect on net income. (d) Represents legal settlements expense in excess of the Company's primary and excess insurance policies. Legal settlements expense for the six months ended June 30, 2026, relates to costs associated with the settlement of Sandoval v. Acadia Healthcare Company, Inc., Marin County Super. Ct. No. CIV1802171 . Legal settlements expense for the six months ended June 30, 2025, relates to costs associated with the Desert Hills litigation. Legal settlements expense is excluded from Adjusted EBITDA because we believe that this expense is unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results. (e) Represents non-cash impairment charges. Non-cash impairment charges are excluded from Adjusted EBITDA because we believe that these charges are unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results. (f) Represents gain on facility property sales, net. Net gains from facility property sales are excluded from Adjusted EBITDA because we believe that these gains are unrelated to Acadia’s day-to-day business operations and not indicative of Acadia’s ongoing operating results.