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Financial Supplement Q3 2026
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Disclaimer This presentation contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like "aim," "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "may," "might," "plan," "potential," "predict," "project," "see," "seek," "should," " strategy," "strive," "target," "will,'' and "would" and similar expressions, and variations or negatives of these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management's current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption "Risk Factors" in our 2025 Annual Report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission ("SEC"). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also impair our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.adapthealth.com. Non-GAAP Financial Measures This presentation includes references to financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“GAAP”), including the measures EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and free cash flow. A reconciliation of these non-GAAP financial measures to the nearest GAAP measure can be found in the Appendix to this presentation. Any non-GAAP financial measure used in this presentation are in addition to, and not meant to be considered superior to, or a substitute for, the Company’s consolidated financial statements prepared in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expense and income items that are required by GAAP to be recorded in the Company’s consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income items are excluded or included in determining these non-GAAP financial measures. The non-GAAP measures presented herein may not be comparable to similar non-GAAP measures presented by other companies. All amounts and discussion in this presentation, including current and prior periods, unless otherwise noted, reflects the Continuing Operations of the Company, which excludes the Diabetes Health business presented as Discontinued Operations. / Investor Supplement / Q3 2026 2
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Summary Financial Results (1) Operating loss for the three months ended September 30, 2026 includes non-cash goodwill impairment charges totaling $184.8 million and a pre-tax gain on deconsolidation of subsidiary of $12.0 million. Operating loss for the three months ended June 30, 2026 includes non-cash goodwill impairment charges totaling $144.2 million and a pre-tax gain on sale of a business of $6.3 million. Operating income for the three months ended June 30, 2025 includes a pre-tax gain on sale of businesses of $32.2 million. 3 Three Months Ended (in thousands, except percentages) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Sales revenue $ 354,265 $ 358,147 $ 336,093 $ 371,071 $ 361,591 $ 364,421 Rental revenue 281,085 278,823 268,853 286,059 279,233 261,609 Capitated revenue 110,298 103,337 74,927 32,267 31,543 31,070 Total net revenue $ 745,648 $ 740,307 $ 679,873 $ 689,397 $ 672,367 $ 657,100 Operating (loss) income (1) $ (155,919) $ (137,802) $ (5,421) $ 36,902 $ 43,373 $ 65,694 Net (loss) income attributable to AdaptHealth Corp. $ (168,246) $ (145,316) $ (25,017) $ 1,934 $ 10,233 $ 4,227 Adjusted EBITDA $ 141,904 $ 131,993 $ 104,565 $ 139,639 $ 146,090 $ 136,419 Adjusted EBITDA Margin 19.0 % 17.8 % 15.4 % 20.3 % 21.7 % 20.8 % / Investor Supplement / Q3 2026 All amounts and discussion in this presentation, including current and prior periods, unless otherwise noted, reflects the Continuing Operations of the Company, which excludes the Diabetes Health business presented as Discontinued Operations. Continuing Operations only
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Q3 2026 Business Mix Summary Segment Payor TypeSale Type 4 Sale 65.1 % / Investor Supplement / Q3 2026 Rental 37.7% Capitated 14.8% Sale 47.5% Sleep Health 52.8% Respiratory Health 25.6% Wellness at Home 21.6% Insurance 64.2% Government 23.8% Patient Pay 12.0% Continuing Operations only
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Revenue by Segment (1 of 2) 5 Three Months Ended (in thousands, except percentages) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net sales revenue: Sleep Health $ 267,617 $ 267,764 $ 251,753 $ 278,627 $ 265,994 $ 254,593 Respiratory Health 7,966 9,186 8,257 8,411 8,997 7,826 Wellness at Home 78,682 81,197 76,083 84,033 86,600 102,002 Total net sales revenue $ 354,265 $ 358,147 $ 336,093 $ 371,071 $ 361,591 $ 364,421 % of total net revenue 47.5 % 48.4 % 49.4 % 53.8 % 53.8 % 55.5 % Net revenue from fixed monthly equipment reimbursements: Sleep Health $ 85,103 $ 84,025 $ 81,624 $ 86,160 $ 81,792 $ 73,292 Respiratory Health 152,228 151,684 146,759 156,276 154,228 148,827 Wellness at Home 43,754 43,114 40,470 43,623 43,213 39,490 Total net revenue from fixed monthly equipment reimbursements $ 281,085 $ 278,823 $ 268,853 $ 286,059 $ 279,233 $ 261,609 % of total net revenue 37.7 % 37.7 % 39.6 % 41.4 % 41.5 % 39.8 % / Investor Supplement / Q3 2026 Continuing Operations only
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Revenue by Segment (2 of 2) Three Months Ended (in thousands, except percentages) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net revenue from capitated revenue arrangements: Sleep Health $ 41,140 $ 34,672 $ 25,118 $ 7,485 $ 7,049 $ 6,804 Respiratory Health 30,614 33,532 23,124 13,545 13,771 13,797 Wellness at Home 38,544 35,133 26,685 11,237 10,723 10,469 Total net revenue from capitated revenue arrangements $ 110,298 $ 103,337 $ 74,927 $ 32,267 $ 31,543 $ 31,070 % of total net revenue 14.8 % 13.9 % 11.0 % 4.8 % 4.7 % 4.7 % Total net revenue: Sleep Health $ 393,860 $ 386,461 $ 358,495 $ 372,272 $ 354,835 $ 334,689 Respiratory Health 190,808 194,402 178,140 178,232 176,996 170,450 Wellness at Home 160,980 159,444 143,238 138,893 140,536 151,961 Total net revenue $ 745,648 $ 740,307 $ 679,873 $ 689,397 $ 672,367 $ 657,100 / Investor Supplement / Q3 2026 6 Continuing Operations only
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Net Revenue Growth / Investor Supplement / Q3 2026 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 In thousands Change in Net revenue from Organic revenueNet revenue change drivers 7 4.5% 3.5% 10.0% 15.9% 12.8% $672,367 $86,268 $2,068 $(15,055) $745,648 Q3'25 Organic revenue Acquisition Disposition Q3'26 B A All changes in reported net revenue from the comparable period presented excluding the impacts from acquisitions (B) and dispositions (C). B The change in net revenue attributable to businesses and/or assets AdaptHealth has owned for less than one year based on the month of acquisition. This excludes the acquisition of assets from previous providers to facilitate the transition of patients related to newly awarded at-risk capitated contracts, since the revenue related to these agreements is earned organically. C Net revenue generated in the comparative prior year period from divested product lines, services, and/or businesses for which there is no revenue recognized in the comparative months within the current period presented. 12.8% 0.3% (2.2)% C A 2.5% Continuing Operations only
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Appendix
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Consolidated Non-GAAP Reconciliation / Investor Supplement / Q3 2026 Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 (in thousands, except percentages) Dollars Revenue Percentage Dollars Revenue Percentage Dollars Revenue Percentage Dollars Revenue Percentage Net (loss) income from continuing operations $ (167,025) (22.4)% $ 11,474 1.7% $ (334,981) (15.5)% $ 4,353 0.2% Interest expense, net 28,600 3.8% 25,380 3.8% 80,403 3.7% 81,312 4.1% Income tax (benefit) expense (17,494) (2.3)% 6,519 1.0% (45,886) (2.1)% 36,813 1.9% Depreciation and amortization, including patient equipment depreciation 116,800 15.7% 92,228 13.7% 332,483 15.4% 268,094 13.6% EBITDA $ (39,119) (5.2)% $ 135,601 20.2% $ 32,019 1.5% $ 390,572 19.8% Equity-based compensation expense (a) 986 0.1% 5,191 0.8% 12,750 0.6% 16,393 0.8% Goodwill impairment (b) 184,751 24.8% — —% 328,987 15.2% — —% Gain on deconsolidation of subsidiary (c) (12,002) (1.6)% — —% (12,002) (0.6)% — —% Gain on sale of businesses (d) — —% — —% (6,269) (0.3)% (32,225) (1.6)% Restructuring expenses (e) — —% — —% 6,070 0.3% — —% Loss on extinguishment of debt (f) — —% — —% 1,322 0.1% — —% Litigation settlement expense (g) — —% — —% 500 —% — —% Other non-recurring expenses, net (h) 7,288 0.9% 5,298 0.7% 15,085 0.7% 20,439 1.0% Adjusted EBITDA $ 141,904 19.0% $ 146,090 21.7% $ 378,462 17.5% $ 395,179 20.0% Adjusted EBITDA Margin 19.0% 21.7% 17.5% 20.0% 9 (a) Represents equity-based compensation expense for awards granted to employees and non-employee directors. (b) Represents non-cash goodwill impairment charges as a result of the fair values of the Company's Respiratory Health and Wellness at Home reporting units being less than their respective carrying values. (c) Represents a pre-tax gain associated with with the deconsolidation of the Company's former wholly-owned eCommerce subsidiary. (d) Represents pre-tax gains associated with the dispositions of two businesses within the Company's Wellness at Home segment. (e) Represents expenses related to a cost savings plan that was implemented in June 2026. (f) Represents third-party fees and the write-off of unamortized deferred financing costs in connection with the refinancing of the Company's credit agreement. (g) Represents an estimated expense to settle a shareholder derivative complaint. (h) The 2026 year-to-date period consists of $9.3 million of consulting expenses associated with asset dispositions, $2.1 million of transaction costs associated with acquisitions, $1.6 million of severance related to the Company's former Chief Financial Officer, and $2.1 million of other net non-recurring expenses. The 2025 year-to-date period consists of $9.8 million of consulting expenses associated with asset dispositions (of which $5.1 million relates to contingent success fees from the sales of businesses), $2.3 million of consulting expenses associated with systems implementation activities, $1.7 million of consulting expenses associated with a reorganization project, $1.4 million of transaction costs associated with acquisitions, $1.2 million write-off of assets, and $4.0 million of other non-recurring expenses. Continuing Operations only
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Segment Information Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 (in thousands, except percentages) Net revenue Adjusted EBITDA Adjusted EBITDA Margin Net revenue Adjusted EBITDA Adjusted EBITDA Margin Net revenue Adjusted EBITDA Adjusted EBITDA Margin Net revenue Adjusted EBITDA Adjusted EBITDA Margin Net revenue Adjusted EBITDA Adjusted EBITDA Margin Net revenue Adjusted EBITDA Adjusted EBITDA Margin Sleep Health $ 393,860 $ 70,741 18.0% $ 386,461 $ 70,248 18.2% $ 358,495 $ 55,111 15.4% $ 372,272 $ 71,085 19.1% $ 354,835 $ 77,061 21.7% $ 334,689 $ 73,672 22.0% Respiratory Health 190,808 56,230 29.5% 194,402 53,089 27.3% 178,140 46,164 25.9% 178,232 54,718 30.7% 176,996 51,247 29.0% 170,450 45,281 26.6% Wellness at Home 160,980 14,933 9.3% 159,444 8,656 5.4% 143,238 3,290 2.3% 138,893 13,836 10.0% 140,536 17,782 12.7% 151,961 17,466 11.5% Total $ 745,648 $ 141,904 19.0% $ 740,307 $ 131,993 17.8% $ 679,873 $ 104,565 15.4% $ 689,397 $ 139,639 20.3% $ 672,367 $ 146,090 21.7% $ 657,100 $ 136,419 20.8% / Investor Supplement / Q3 2026 10 Continuing Operations only
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Segment Non-GAAP Reconciliation 11/ Investor Supplement / Q3 2026 Three months ended September 30, Nine months ended September 30, (in thousands) 2026 2025 2026 2025 Total Segment Adjusted EBITDA $ 141,904 $ 146,090 $ 378,462 $ 395,179 Interest expense, net (28,600) (25,380) (80,403) (81,312) Depreciation and amortization, including patient equipment depreciation (116,800) (92,228) (332,483) (268,094) Equity-based compensation expense (986) (5,191) (12,750) (16,393) Goodwill impairment (184,751) — (328,987) — Gain on deconsolidation of subsidiary 12,002 — 12,002 — Gain on sale of businesses — — 6,269 32,225 Restructuring expense — — (6,070) — Loss on debt extinguishment — — (1,322) — Litigation settlement expense — — (500) — Other non-recurring expenses, net (7,288) (5,298) (15,085) (20,439) (Loss) income from continuing operations before income taxes $ (184,519) $ 17,993 $ (380,867) $ 41,166 Continuing Operations only
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Free Cash Flow 12/ Investor Supplement / Q3 2026 Three Months Ended (in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net cash provided by operating activities $ 156,589 $ 145,302 $ 93,722 $ 183,184 $ 161,066 $ 161,994 Purchases of equipment and other fixed assets (105,525) (166,244) (121,212) (103,896) (94,242) (88,665) Free cash flow $ 51,064 $ (20,942) $ (27,490) $ 79,288 $ 66,824 $ 73,329 The following table reconciles net cash provided by operating activities to free cash flow, which includes the cash flows from Continuing Operations and Discontinued Operations.
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Debt Structure 13/ Investor Supplement / Q3 2026 As of Rate as of Maturity as of (in thousands) September 30, 2026 September 30, 2026 September 30, 2026 Revolving credit facility $ 147,000 Base Rate or Term SOFR (1) April 2031 Secured term loans 647,969 Base Rate or Term SOFR (1) April 2031 4.625% Senior unsecured notes due 2029 500,000 4.625% August 2029 5.125% Senior unsecured notes due 2030 600,000 5.125% March 2030 Finance lease obligations 39,357 Total long-term debt $ 1,934,326 Less unrestricted cash (80,687) Net debt $ 1,853,639 Consolidated Total Leverage Ratio 3.05 (2) (1) At the option of the Company, amounts borrowed bore interest at variable rates based upon either the Base Rate, payable quarterly, or Term SOFR, payable monthly or every three months depending on the interest period selected. Interest periods for Term SOFR loans are available for one, three, or six months at the option of the Company. Base Rate loans accrue interest at a per annum rate equal to the sum of (a) the Base Rate determined on each day (subject to a zero percent floor), plus (b) an applicable margin ranging from 0.125% to 1.0% per annum based on the Company's Consolidated Total Leverage Ratio. Term SOFR loans accrue interest at a per annum rate equal to the sum of (a) Term SOFR for the applicable interest period (subject to a zero percent floor), plus (b) an applicable margin ranging from 1.125% to 2.0% per annum based on the Company's Consolidated Total Leverage Ratio. (2) The calculation of the consolidated total leverage ratio was in accordance with the Company’s credit agreement as of September 30, 2026.
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Share Count Information 14/ Investor Supplement / Q3 2026 (1) Shares of Series B-1 Preferred Stock convert to shares of Common Stock at a ratio of 100:1 (2) Stock options outstanding at September 30, 2026 have a weighted-average exercise price of $8.25 per share Note: The above tables represent the outstanding securities as of September 30, 2026. The shares included in the Earnings Per Share computations on the following slide represent the weighted-average shares outstanding for the corresponding periods as calculated under U.S. GAAP. (in thousands) Common Stock Preferred Stock (1) Total Common and Preferred Stock, if Converted Number of shares outstanding, June 30, 2026 136,305 124 148,712 Equity-based compensation activity 89 — 89 Exercise of stock options 30 — 30 Employee stock purchase plan activity 37 — 37 Number of shares outstanding, September 30, 2026 136,461 124 148,868 (in thousands) Stock Options (2) Unvested Restricted Stock Number of shares outstanding, June 30, 2026 766 4,937 Exercise of stock options (67) — Grants of restricted stock units — 182 Vesting of restricted stock units — (137) Forfeitures of restricted stock units — (761) Number of shares outstanding, September 30, 2026 699 4,221
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Earnings Per Share (EPS) 15/ Investor Supplement / Q3 2026 (1) The Company’s preferred stock are considered participating securities. Computation of EPS under the two-class method excludes from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator. There were no amounts allocated to the participating securities during the three and nine months ended September 30, 2026 due to the consolidated net loss reported in those periods. (2) Due to the Company reporting net loss from continuing operations attributable to AdaptHealth Corp. for the three and nine months ended September 30, 2026, all potentially dilutive securities related to outstanding stock options and unvested restricted stock units were excluded from the computation of diluted net loss per share for those periods as their inclusion would have been anti-dilutive. Three months ended September 30, Nine months ended September 30, (in thousands, except per share data) 2026 2025 2026 2025 Numerator Net (loss) income from continuing operations attributable to AdaptHealth Corp. $ (168,246) $ 10,233 $ (338,579) $ 830 Less: Earnings allocated to participating securities (1) — 859 — 70 Net (loss) income from continuing operations for basic and diluted EPS $ (168,246) $ 9,374 $ (338,579) $ 760 Net income from discontinued operations $ 14,259 $ 14,276 $ 34,623 $ 31,146 Less: Earnings allocated to participating securities (1) — 1,199 — 2,621 Net income from discontinued operations for basic and diluted EPS $ 14,259 $ 13,077 $ 34,623 $ 28,525 Denominator Basic weighted-average common shares outstanding 136,396 135,345 136,101 135,048 Add: Stock options (2) — 206 — 215 Add: Unvested restricted stock units (2) — 1,660 — 1,839 Diluted weighted-average common shares outstanding 136,396 137,211 136,101 137,102 Basic net income (loss) per share: Continuing operations $ (1.23) $ 0.07 $ (2.49) $ 0.01 Discontinued operations 0.10 0.10 0.25 0.21 Net income (loss) per share $ (1.13) $ 0.17 $ (2.24) $ 0.22 Diluted net income (loss) per share: Continuing operations $ (1.23) $ 0.07 $ (2.49) $ 0.01 Discontinued operations 0.10 0.10 0.25 0.21 Net income (loss) per share $ (1.13) $ 0.17 $ (2.24) $ 0.22