Earnings release
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NEWS RELEASE FOR IMMEDIATE RELEASE Concentra DALLAS , TEXAS ― Concentra Group Holdings Parent , Inc. Announces Results For Its Second Quarter Ended June 30 , 2026 and Raises FY 2026 Guidance Matt DiCanio to become president and CEO and Keith Newton to transition to executive chairman , effective Nov. 1 , 2026 — August 6 , 2026 Concentra Group Holdings Parent , Inc. ( " Concentra ” , the “ Company ” , “ we ” , “ us ” , or " our " ) ( NYSE : CON ) , the nation's largest provider of occupational health services by number of locations , today announced results for the second quarter ended June 30 , 2026 , declaration of a cash dividend , and raised its full - year 2026 guidance . The quarter included revenue growth of 10.0 % , net income attributable to the Company growth of 46.5 % , Adjusted EBITDA growth of 22.5 % and a net leverage ratio of 2.99x . As part of a multiyear succession process unanimously approved by Concentra's board of directors ( the " Board " ) , effective as of November 1 , 2026 , ( i ) Matt DiCanio , president and chief financial officer , will become Concentra's president and chief executive officer and serve as a Class III director on the Board , and ( ii ) Keith Newton will transition from chief executive officer and director to executive chairman of the Board . Additionally , Robert Ortenzio has notified the Board of his intent to resign from the role of chairman of the Board while continuing to serve as a director on the Board , effective as of November 1 , 2026 . The planned succession is designed to provide leadership continuity and support continued execution of the Company's strategy . " Leading Concentra and our dedicated colleagues over the last decade has been a tremendous privilege , and I am proud of what we have built together a leader in occupational health , " said Keith Newton . “ Our momentum reflects clear priorities and a team committed to delivering results . Matt has been instrumental in shaping that strategy and driving Concentra's performance , making this the right time to transition leadership . " Matt DiCanio added , “ Our strong performance reflects the strength of our strategy , our operating model and our people . As CEO , my priorities are to : deliver high - quality care , create meaningful value for customers and patients , and pursue disciplined growth . As Concentra approaches its 50th year , our experienced leadership team , operating leverage , and steadfast commitment to our mission position us well for continued growth . " Second Quarter 2026 Highlights • • • • • • • Revenue of $ 606.0 million , an increase of 10.0 % from $ 550.8 million in Q2 2025 Net income of $ 67.3 million , an increase of 45.7 % from $ 46.2 million in Q2 2025 Net income attributable to the Company of $ 65.3 million , and Adjusted Net Income Attributable to the Company of $ 66.7 million , an increase of 46.5 % and 39.7 % over prior year , respectively Earnings per share of $ 0.51 and Adjusted Earnings per Share of $ 0.52 , an increase of $ 0.16 and $ 0.15 over prior year , respectively Adjusted EBITDA of $ 140.9 million , an increase of 22.5 % from $ 115.0 million in Q2 2025 Patient visits of 3,610,934 , or 56,421 visits per day , an increase of 2.6 % from 55,005 visits per day in Q2 2025 Revenue per visit of $ 152.67 , an increase of 4.6 % from $ 145.92 in Q2 2025 Net cash provided by operating activities of $ 135.2 million and Free Cash Flow of $ 121.0 million , an increase of 53.0 % and 91.6 % over prior year , respectively Capital expenditures of $ 15.7 million , a decrease of 37.9 % from $ 25.2 million in Q2 2025 Repurchases of approximately 0.4 million shares of common stock totaling $ 11.0 million • . Cash balance of $ 158.0 million and a net leverage ratio of 2.99x Opened one de novo occupational health center Total occupational health centers of 633 , compared to 628 at the end of Q2 2025 • Total onsite health clinics of 415 , compared to 406 at the end of Q2 2025 1
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The definition of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA are presented in table X of this release. The definition of Adjusted Earnings per Share and a reconciliation of net income attributable to the Company and earnings per share on a fully diluted basis to Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share on a fully diluted basis are presented in table XI of this release. The definition of Free Cash Flow and a reconciliation of net cash provided by operating activities to Free Cash Flow are presented in table XII of this release. Balance Sheet As of June 30, 2026, our balance sheet reflected cash of $158.0 million, total debt of $1,573.6 million and total assets of $3,010.3 million. Concentra’s net leverage ratio as of June 30, 2026 was 2.99x, which was in compliance with the financial covenant under our credit agreement. Cash Flow Cash flows provided by operating activities in the second quarter ended June 30, 2026 totaled $135.2 million compared to $88.4 million for the same quarter of the prior year. The increase in year-over-year cash flow from operations was primarily due to an increase in net income from organic growth and through acquisitions and de novos, as well as year-over-year variances in timing associated with payments of current liabilities. During the second quarter ended June 30, 2026, cash flow from investing activities resulted in cash used of $14.2 million, including capital expenditures of $15.7 million, partially offset by proceeds from sale of assets of $1.5 million. Concentra had Free Cash Flow of $121.0 million in the second quarter ended June 30, 2026, compared to $63.2 million for the same quarter of the prior year. Cash flow from financing activities used $24.7 million for the quarter, driven primarily by $11.0 million in repurchases of shares of common stock and $8.0 million in dividend payments. This resulted in a net increase in cash of $96.3 million for the quarter. Dividend On August 5, 2026, the Board declared a cash dividend of $0.0625 per share. The dividend will be payable on or about August 28, 2026, to stockholders of record as of the close of business on August 20, 2026. There is no assurance that future dividends will be declared. The declaration and payment of dividends in the future are at the discretion of the Board after taking various factors into account, including, but not limited to, the Company’s financial condition, operating results, available cash and current and anticipated cash needs, the terms of indebtedness, and other factors the Board may deem to be relevant. Leadership Transition As executive chairman, Keith Newton will continue to support strategic initiatives and leadership development, while providing continuity through the transition. Newton has served as Concentra’s chief executive officer for the past decade, helping establish the Company as the nation’s leading provider of occupational health services by number of locations and guiding its transition to an independent publicly traded company. “Keith’s leadership has been instrumental in Concentra’s growth, strong performance, and distinctive culture,” said Robert Ortenzio, chairman of the Board. “The Board is grateful for his many contributions as chief executive officer, and we are pleased that Concentra will continue to benefit from his experience and leadership as executive chairman.” DiCanio has served as Concentra’s president since 2023 and chief financial officer since 2024. During his 11-year tenure, his responsibilities have spanned clinical functions, operations, sales, marketing, corporate strategy, finance and business development. He has also led multiple business units and major acquisition integrations and played an integral role in Concentra’s transition to a publicly traded company. “Matt has played a pivotal role in shaping Concentra’s strategy, performance, and growth,” Ortenzio said. “His extensive knowledge of the business, proven leadership, and commitment to Concentra’s mission and culture make him the right leader to guide the Company as it approaches its 50th year and builds for the future.” The Company expects to announce its chief financial officer succession plan prior to the leadership transition taking effect on November 1, 2026. 2
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2026 Business Outlook Concentra raised its financial guidance for 2026. We now expect to deliver the following results: • Revenue in the range of $2.325 billion to $2.375 billion • Adjusted EBITDA in the range of $485 million to $495 million • Net leverage ratio below 3.0x • Free Cash Flow in the range of $220 million to $240 million • Capital expenditures in the range of $70 million to $80 million A reconciliation of full year 2026 Adjusted EBITDA expectations to net income is presented in table XIII of this release. A reconciliation of full year 2026 Free Cash Flow expectations to net cash provided by operating activities is presented in table XIV of this release. Company Overview Concentra is the largest provider of occupational health services in the United States by number of locations, with the mission of improving the health of America’s workforce, one patient at a time. Our approximately 13,000 colleagues and affiliated physicians and clinicians support the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care. We support the care of approximately 54,000 patients each business day on average across 46 states and the District of Columbia at our 633 occupational health centers, 415 onsite health clinics at employer worksites, and Concentra Telemed as of June 30, 2026. (1) As of TTM June 30, 2026. Conference Call Concentra will host a conference call regarding its second quarter financial results and business outlook on Friday, August 7, 2026, at 9 a.m. Eastern Time. The conference call will be a live webcast and can be accessed via this Earnings Call Webcast Link or via Concentra’s website at https://ir.concentra.com. A replay of the webcast will be available shortly after the call at the same locations. Participants may join the audio-only version of the webcast or participate in the question-and-answer session by calling: Toll Free: 888-506-0062 International: 973-528-0011 Participant Access: All dial-in participants should ask to join the Concentra call. (1) 3
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* * * * * Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), including statements related to Concentra’s 2026 and long-term business outlook. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following: • The frequency of work-related injuries and illnesses; • Adverse changes to our relationships with employer customers, third-party payors, workers’ compensation provider networks or employer services networks; • Changes to regulations, new interpretations of existing regulations, or violations of regulations; • State fee schedule changes undertaken by state workers’ compensation boards or commissions and other third-party payors; • Our ability to realize reimbursement increases at rates sufficient to keep pace with the inflation of our costs; • Labor shortages, increased employee turnover or costs, and union activity could significantly increase our operating costs; • Our ability to compete effectively with other occupational health centers, onsite health clinics at employer worksites, and healthcare providers; • The impacts of any security breaches, cyberattacks, loss of data, or cybersecurity threats or incidents involving our, or our third-party vendors’, information technology systems, and any failure to comply with legal requirements related to data privacy, interoperability or data protection, including those governing the privacy and security of health information or other regulated, sensitive or confidential information; • Negative publicity which can result in increased governmental and regulatory scrutiny and possibly adverse regulatory changes; • Significant legal actions could subject us to substantial uninsured liabilities; • Litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our business and financial statements; • Insurance coverage may not be sufficient to cover losses we may incur; • Acquisitions may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities; • Our exposure to additional risk due to our reliance on third parties in many aspects of our business; • Our ability to manage relationships with managed affiliated professional medical groups (“Managed PCs”); • Our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable information; • Compliance with applicable data interoperability and information blocking rules; • Facility licensure requirements in some states are costly and time-consuming, limiting or delaying our operations; • Our ability to adequately protect and enforce our intellectual property and other proprietary rights; • Adverse economic conditions in the U.S. or globally; • Any negative impact on the global economy and capital markets resulting from geopolitical tensions; • The impact of impairment of our goodwill and other intangible assets; 4
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• Our ability to maintain satisfactory credit ratings; • The effects of the Separation on our business; • The negative impact of public threats such as a global pandemic or widespread outbreak of an infectious disease; • The loss of key members of our management team; • Our ability to attract and retain talented, highly skilled employees and a diverse workforce, and the succession of our senior management; • Climate change, or legal, regulatory or market measures to address climate change; • Increasing scrutiny and rapidly evolving expectations from stakeholders regarding ESG matters; and • Changes in tax laws or exposures to additional tax liabilities. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, we are under no obligation to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, or otherwise. You should not place undue reliance on our forward-looking statements. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results or performance. Investor and media inquiries: Bill Chapman Vice President, Strategy & Investor Relations 972-725-6488 ir@concentra.com SOURCE: Concentra Group Holdings Parent, Inc. 5
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I. Condensed Consolidated Statements of Operations For the Three Months Ended June 30, 2026 and 2025 (In thousands, except per share amounts, unaudited) Three Months Ended June 30, 2026 2025 % Change Revenue $ 606,030 $ 550,785 10.0 % Costs and expenses: Cost of services, exclusive of depreciation and amortization 413,933 389,334 6.3 General and administrative, exclusive of depreciation andamortization 56,677 52,931 7.1 Depreciation and amortization 19,899 18,998 4.7 Total costs and expenses 490,509 461,263 6.3 Other operating (expense) income (453) 20 N/M Income from operations 115,068 89,542 28.5 Other income and expense: Interest expense (25,723) (28,193) (8.8) Income before income taxes 89,345 61,349 45.6 Income tax expense 22,046 15,155 45.5 Net income 67,299 46,194 45.7 Less: net income attributable to non-controlling interests 2,000 1,634 22.4 Net income attributable to the Company $ 65,299 $ 44,560 46.5 % Basic and diluted earnings per common share: $ 0.51 $ 0.35 _________________________________________ (1) Includes transition services agreement fees of $1.0 million and $3.5 million for the three months ended June 30, 2026 and 2025, respectively. (2) Refer to table III for calculation of earnings per common share. N/M Not meaningful. (1) (2) 6
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II. Condensed Consolidated Statements of Operations For the Six Months Ended June 30, 2026 and 2025 (In thousands, except per share amounts, unaudited) Six Months Ended June 30, 2026 2025 % Change Revenue $ 1,175,585 $ 1,051,537 11.8 % Costs and expenses: Cost of services, exclusive of depreciation and amortization 813,019 746,435 8.9 General and administrative, exclusive of depreciation andamortization 111,957 99,644 12.4 Depreciation and amortization 39,547 35,617 11.0 Total costs and expenses 964,523 881,696 9.4 Other operating (expense) income (384) 20 N/M Income from operations 210,678 169,861 24.0 Other income and expense: Loss on early retirement of debt — (875) N/M Interest expense (51,726) (53,741) (3.7) Income before income taxes 158,952 115,245 37.9 Income tax expense 39,361 28,409 38.6 Net income 119,591 86,836 37.7 Less: net income attributable to non-controlling interests 3,804 3,365 13.0 Net income attributable to the Company $ 115,787 $ 83,471 38.7 % Basic and diluted earnings per common share: $ 0.90 $ 0.65 _________________________________________ (1) Includes transition services agreement fees of $2.7 million and $7.2 million for the six months ended June 30, 2026 and 2025, respectively. (2) Refer to table III for calculation of earnings per common share. N/M Not meaningful. (1) (2) 7
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III. Earnings per Share For the Three and Six Months Ended June 30, 2026 and 2025 (In thousands, except per share amounts, unaudited) As of June 30, 2026 and 2025, the Company’s capital structure consists of common stock and unvested restricted stock. To calculate earnings per share (“EPS”) for the three and six months ended June 30, 2026 and 2025, the Company applied the two-class method because its unvested restricted shares were participating securities. The following table sets forth the net income attributable to the Company, its shares, and its participating shares: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 67,299 $ 46,194 $ 119,591 $ 86,836 Less: net income attributable to non-controllinginterests 2,000 1,634 3,804 3,365 Net income attributable to the Company 65,299 44,560 115,787 83,471 Less: distributed and undistributed net incomeattributable to participating securities 1,372 530 2,438 985 Distributed and undistributed net incomeattributable to common shares $ 63,927 $ 44,030 $ 113,349 $ 82,486 The following table sets forth the computation of EPS under the two-class method: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net IncomeAllocation Shares Basic andDiluted EPS Net IncomeAllocation Shares Basic andDiluted EPS Common shares $ 63,927 125,102 $ 0.51 $ 44,030 126,647 $ 0.35 Participating securities 1,372 2,685 $ 0.51 530 1,524 $ 0.35 Total Company $ 65,299 127,787 $ 0.51 $ 44,560 128,171 $ 0.35 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Net IncomeAllocation Shares Basic andDiluted EPS Net IncomeAllocation Shares Basic andDiluted EPS Common shares $ 113,349 125,439 $ 0.90 $ 82,486 126,647 $ 0.65 Participating securities 2,438 2,698 $ 0.90 985 1,512 $ 0.65 Total Company $ 115,787 128,137 $ 0.90 $ 83,471 128,159 $ 0.65 _________________________________________ (1) Represents the weighted average shares outstanding during the period. (1) (1) (1) (1) 8
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IV. Condensed Consolidated Balance Sheets (In thousands, except par value and share data, unaudited) June 30, 2026 December 31, 2025 ASSETS Current assets: Cash $ 158,038 $ 79,899 Accounts receivable 299,819 257,900 Prepaid expenses and other current assets 48,626 45,299 Total current assets 506,483 383,098 Operating lease right-of-use assets 522,421 483,652 Property and equipment, net 226,040 225,309 Goodwill 1,480,421 1,479,192 Other identifiable intangible assets, net 232,267 242,556 Non-current deferred tax asset 22,511 24,120 Other assets 20,132 20,461 Total assets $ 3,010,275 $ 2,858,388 LIABILITIES AND EQUITY Current liabilities: Current operating lease liabilities $ 87,208 $ 84,582 Current portion of long-term debt and notes payable 12,412 10,738 Accounts payable 36,415 21,005 Accrued and other liabilities 231,904 220,922 Total current liabilities 367,939 337,247 Non-current operating lease liabilities 482,988 443,642 Long-term debt, net of current portion 1,561,211 1,563,658 Non-current deferred tax liability 47,079 48,906 Other non-current liabilities 44,634 44,506 Total liabilities 2,503,851 2,437,959 Redeemable non-controlling interests 21,706 19,404 Stockholders’ equity: Common stock, $0.01 par value, 700,000,000 shares authorized,127,517,736 and 128,633,374 shares issued and outstanding atJune 30, 2026 and December 31, 2025, respectively 1,276 1,286 Capital in excess of par 230,964 248,899 Retained earnings 244,152 146,448 Accumulated other comprehensive income (loss) 703 (3,352) Total stockholders’ equity 477,095 393,281 Non-controlling interests 7,623 7,744 Total equity 484,718 401,025 Total liabilities and equity $ 3,010,275 $ 2,858,388 9
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V. Condensed Consolidated Statements of Cash Flows For the Three Months Ended June 30, 2026 and 2025 (In thousands, unaudited) Three Months Ended June 30, 2026 2025 Operating activities Net income $ 67,299 $ 46,194 Adjustments to reconcile net income to net cash provided by operatingactivities: Depreciation and amortization 19,899 18,998 Stock compensation expense 4,130 2,285 Amortization of debt discount and issuance costs 1,044 995 Deferred income taxes (2,321) (1,177) Other 491 1,097 Changes in operating assets and liabilities, net of effects of businesscombinations: Accounts receivable (3,349) (5,106) Other current assets (3,401) (5,028) Other assets 2,172 1,401 Accounts payable and accrued liabilities 49,246 28,720 Net cash provided by operating activities 135,210 88,379 Investing activities Business combinations, net of cash acquired — (54,282) Purchases of property and equipment (15,665) (25,226) Proceeds from sale of assets 1,468 — Net cash used in investing activities (14,197) (79,508) Financing activities Borrowings on revolving facilities — 35,000 Payments on term loans (2,375) (2,375) Borrowings of other debt — 107 Principal payments on other debt (1,421) (1,810) Dividends paid to common stockholders (7,992) (16,021) Repurchase of common shares (10,958) — Distributions to non-controlling interests (1,928) (2,009) Net cash (used in) provided by financing activities (24,674) 12,892 Net increase in cash 96,339 21,763 Cash at beginning of period 61,699 52,109 Cash at end of period $ 158,038 $ 73,872 Supplemental information Cash paid for interest $ 13,531 $ 16,295 Cash paid for taxes $ 35,165 $ 35,616 10
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VI. Condensed Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2026 and 2025 (In thousands, unaudited) Six Months Ended June 30, 2026 2025 Operating activities Net income $ 119,591 $ 86,836 Adjustments to reconcile net income to net cash provided by operatingactivities: Depreciation and amortization 39,547 35,617 Loss on early retirement of debt — 51 Stock compensation expense 8,265 4,554 Amortization of debt discount and issuance costs 2,072 1,971 Deferred income taxes (1,506) (2,205) Other 507 1,107 Changes in operating assets and liabilities, net of effects of businesscombinations: Accounts receivable (41,975) (26,251) Other current assets (5,186) (7,781) Other assets 3,577 2,303 Accounts payable and accrued liabilities 31,337 3,876 Net cash provided by operating activities 156,229 100,078 Investing activities Business combinations, net of cash acquired (3,760) (333,300) Purchases of property and equipment (26,753) (40,958) Proceeds from sale of assets 1,470 1 Net cash used in investing activities (29,043) (374,257) Financing activities Borrowings on revolving facilities — 85,000 Proceeds from term loans, net of issuance costs — 948,848 Payments on term loans (4,750) (850,250) Borrowings of other debt 4,912 6,575 Principal payments on other debt (3,549) (6,505) Dividends paid to common stockholders (16,009) (16,021) Repurchase of common shares (25,954) — Distributions to non-controlling interests (3,697) (2,851) Net cash (used in) provided by financing activities (49,047) 164,796 Net increase (decrease) in cash 78,139 (109,383) Cash at beginning of period 79,899 183,255 Cash at end of period $ 158,038 $ 73,872 Supplemental information Cash paid for interest $ 50,201 $ 54,432 Cash paid for taxes $ 34,384 $ 35,568 11
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VII. Disaggregated Revenue For the Three and Six Months Ended June 30, 2026 and 2025 (In thousands, unaudited) The following table disaggregates the Company’s revenue: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Occupational health centers: Workers’ compensation $ 361,228 $ 332,191 $ 698,907 $ 634,298 Employer services 183,157 174,318 355,525 334,458 Consumer health 6,893 7,177 14,723 15,788 Other occupational health center revenue 2,239 2,452 4,263 4,516 Total occupational health center revenue 553,517 516,138 1,073,418 989,060 Onsite health clinics 38,832 22,569 76,028 39,119 Other 13,681 12,078 26,139 23,358 Total revenue $ 606,030 $ 550,785 $ 1,175,585 $ 1,051,537 12
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VIII. Key Statistics For the Three Months Ended June 30, 2026 and 2025 The following table sets forth facility counts for our occupational health centers and onsite health clinics operating segments for the periods presented: Three Months Ended June 30, 2026 2025 Facility Counts Number of occupational health centers—start of period 632 627 Number of occupational health centers acquired — — Number of occupational health centers de novos 1 1 Number of occupational health centers closed — — Number of occupational health centers—end of period 633 628 Number of onsite health clinics—end of period 415 406 The following table sets forth operating statistics for our occupational health centers operating segment for the periodspresented: Three Months Ended June 30, 2026 2025 % Change Number of patient visits Workers’ compensation 1,648,983 1,589,981 3.7 % Employer services 1,910,984 1,877,383 1.8 % Consumer health 50,967 52,956 (3.8)% Total 3,610,934 3,520,320 2.6 % Visits per day volume Workers’ compensation 25,765 24,843 3.7 % Employer services 29,859 29,334 1.8 % Consumer health 796 827 (3.8)% Total 56,421 (3) 55,005 (3) 2.6 % Revenue per visit Workers’ compensation $ 219.06 $ 208.93 4.9 % Employer services 95.84 92.85 3.2 % Consumer health 135.26 135.52 (0.2)% Total $ 152.67 $ 145.92 4.6 % Business Days 64 64 _________________________________________ (1) Represents the average amount of revenue recognized for each patient visit. Revenue per visit is calculated as total patient revenue divided by total patient visits. Revenue per visit as reported includes only the revenue and patient visits in our occupational health centers operating segment and does not include our onsite health clinics or other businesses operating segments. (2) Represents the number of days in which normal business operations were conducted during the periods presented. (3) Does not foot due to rounding. (1) (2) 13
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IX. Key Statistics For the Six Months Ended June 30, 2026 and 2025 The following table sets forth facility counts for our occupational health centers and onsite health clinics operating segments for the periods presented: Six Months Ended June 30, 2026 2025 Facility Counts Number of occupational health centers—start of period 628 552 Number of occupational health centers acquired 3 72 Number of occupational health centers de novos 2 4 Number of occupational health centers closed — — Number of occupational health centers—end of period 633 628 Number of onsite health clinics—end of period 415 406 The following table sets forth operating statistics for our occupational health centers operating segment for the periodspresented: Six Months Ended June 30, 2026 2025 % Change Number of patient visits Workers’ compensation 3,232,326 3,034,861 6.5 % Employer services 3,689,568 3,573,795 3.2 % Consumer health 108,131 116,032 (6.8)% Total 7,030,025 6,724,688 4.5 % Visits per day volume Workers’ compensation 25,451 23,897 6.5 % Employer services 29,052 28,140 3.2 % Consumer health 851 914 (6.8)% Total 55,355 (3) 52,950 (3) 4.5 % Revenue per visit Workers’ compensation $ 216.22 $ 209.00 3.5 % Employer services 96.36 93.59 3.0 % Consumer health 136.16 136.06 0.1 % Total $ 152.08 $ 146.41 3.9 % Business days 127 127 _________________________________________ (1) Represents the average amount of revenue recognized for each patient visit. Revenue per visit is calculated as total patient revenue divided by total patient visits. Revenue per visit as reported includes only the revenue and patient visits in our occupational health centers segment and does not include our onsite health clinics or other businesses segments. (2) Represents the number of days in which normal business operations were conducted during the periods presented. (3) Does not total due to rounding. (1) (2) 14
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X. Net Income to Adjusted EBITDA Reconciliation For the Three and Six Months Ended June 30, 2026 and 2025 (In thousands, unaudited) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures that we believe provide useful insight into the underlying performance of our business by excluding items that may obscure trends in our core operating results. These metrics are not intended to be substitutes for U.S. GAAP measures such as net income and net income margin, and may differ from similarly titled metrics supported by other companies. We use these non-GAAP measures internally for budgeting, forecasting, and evaluating performance. Investors should consider these measures in addition to, and not as a replacement for, U.S. GAAP results reported in our financial statements. Adjusted EBITDA is a supplemental measure that we believe offers useful insight into the Company’s business performance by excluding items that do not reflect the core operations of the Company. We define Adjusted EBITDA as net income before interest, income taxes, depreciation and amortization, stock compensation expense, acquisition related costs, gains or losses on early retirement of debt, and separation transaction costs. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. Adjusted EBITDA Margin is a supplemental measure that we believe helps assess the efficiency of our operations on a normalized basis. The following table reconciles net income to Adjusted EBITDA and net income margin to Adjusted EBITDA Margin and should be referenced when we discuss Adjusted EBITDA and Adjusted EBITDA Margin. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Amount % ofRevenue Amount % ofRevenue Amount % ofRevenue Amount % ofRevenue Reconciliation of Adjusted EBITDA: Net income $ 67,299 11.1 % $ 46,194 8.4 % $ 119,591 10.2 % $ 86,836 8.3 % Add (Subtract): Income tax expense 22,046 3.6 15,155 2.8 39,361 3.3 28,409 2.7 Interest expense 25,723 4.2 28,193 5.1 51,726 4.4 53,741 5.1 Loss on early retirement ofdebt — — — — — — 875 0.1 Stock compensation expense 4,130 0.7 2,285 0.4 8,265 0.7 4,554 0.4 Depreciation and amortization 19,899 3.3 18,998 3.4 39,547 3.4 35,617 3.4 Separation transaction costs 1,777 0.3 1,360 0.2 2,853 0.2 1,675 0.2 Nova and Pivot OnsiteInnovations acquisition costs 60 0.0 2,833 0.5 279 0.0 5,970 0.6 Adjusted EBITDA $ 140,934 23.3 % $ 115,018 20.9 % $ 261,622 22.3 % $ 217,677 20.7 % _________________________________________ (1) The percentage of revenue values on this row represent the net income margin for the period. (2) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation from Select into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations. (3) The percentage of revenue values on this row represent the Adjusted EBITDA Margin for the period. (4) Totals in this column may not foot due to rounding. (4) (4) (4) (4) (1) (2) (3) 15
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XI. Earnings per Share to Adjusted Earnings per Share Reconciliation For the Three and Six Months Ended June 30, 2026 and 2025 (In thousands, except per share amounts, unaudited) Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are used by management to provide useful insight into the underlying performance of our business. Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are not measures of financial performance under U.S. GAAP and are not intended to be substitutes for U.S. GAAP measures such as net income attributable to the Company or earnings per share. These metrics may differ from similarly titled metrics supported by other companies. We believe that the presentation of Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are important to investors because they are reflective of the financial performance of Concentra’s ongoing operations and provide better comparability of its results of operations between periods. Investors should consider these measures in addition to, and not as a replacement for, U.S. GAAP results reported in our financial statements. We define Adjusted Net Income Attributable to the Company as net income attributable to the Company, excluding gain (loss) on early retirement of debt, separation transaction costs, and acquisition costs, all on an after tax basis. We define Adjusted Earnings per Share as the Adjusted Net Income Attributable to the Company divided by the diluted weighted average shares outstanding. The following table reconciles net income attributable to the Company and earnings per share on a fully diluted basis to Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share on a fully diluted basis. Three Months Ended June 30, Six Months Ended June 30, 2026 Per Share 2025 Per Share 2026 Per Share 2025 Per Share Reconciliation of Adjusted Net IncomeAttributable to the Company: Net income attributable to theCompany $ 65,299 $ 0.51 $ 44,560 $ 0.35 $ 115,787 $ 0.90 $ 83,471 $ 0.65 Adjustments: Loss on early retirement of debt — — — — — — 875 0.01 Separation transaction costs 1,777 0.01 1,360 0.01 2,853 0.02 1,675 0.01 Nova and Pivot Onsite Innovationsacquisition costs 60 0.00 2,833 0.02 279 0.00 5,970 0.05 Total additions (subtractions),net $ 1,837 $ 0.01 $ 4,193 $ 0.03 $ 3,132 $ 0.02 $ 8,520 $ 0.07 Less: tax effect of adjustments (454) (0.00) (1,036) (0.01) (777) (0.01) (2,100) (0.02) Adjusted Net Income Attributableto the Company $ 66,682 $ 0.52 $ 47,717 $ 0.37 $ 118,142 $ 0.92 $ 89,891 $ 0.70 Weighted average sharesoutstanding - diluted 127,787 128,171 128,137 128,159 _________________________________________ (1) Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation from Select into a new, publicly traded company and are included within general and administrative expenses on the condensed consolidated statements of operations. (2) Tax impact is calculated using the annual effective tax rate, including discrete costs and benefits. (3) Totals in this column may not foot due to rounding. (3) (3) (3) (3) (1) (2) 16
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XII. Net Cash Provided by Operating Activities to Free Cash Flow Reconciliation For the Three and Six Months ended June 30, 2026 and 2025 (In thousands, unaudited) Free Cash Flow is used by management to provide useful insight into the underlying performance of our business. Free Cash Flow is not a measure of financial performance or liquidity under U.S. GAAP and is not intended to be a substitute for U.S. GAAP measures, such as net cash provided by operating activities. This metric may differ from similarly titled metrics supported by other companies. Other companies, including companies in our industry, may calculate Free Cash Flow differently than we do, limiting the usefulness of those measures for comparative purposes. We believe that the presentation of Free Cash Flow is important to investors because it is reflective of the financial performance and cash flows of Concentra’s ongoing operations and provides a better comparability of its cash flows between periods. Investors should consider this measure in addition to, and not as a replacement for, U.S. GAAP results reporting in our financial statements. We define Free Cash Flow as net cash provided by operating activities less net cash used in investing activities, excluding business combinations, net of cash acquired. Free Cash Flow (i) does not represent residual cash flow available for discretionary expenditures and (ii) does not reflect our mandatory debt service obligations or other non-discretionary expenditures that are not deducted in calculating the measure. The following table reconciles net cash provided by operating activities to Free Cash Flow. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Reconciliation of Free Cash Flow: Net cash provided by operating activities $ 135,210 $ 88,379 $ 156,229 $ 100,078 Add (Subtract): Net cash used in investing activities (14,197) (79,508) (29,043) (374,257) Business combinations, net of cash acquired — 54,282 3,760 333,300 Free Cash Flow $ 121,013 $ 63,153 $ 130,946 $ 59,121 17
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XIII. 2026 Net Income to Adjusted EBITDA Reconciliation Business Outlook for the Year Ending December 31, 2026 (In millions, unaudited) The following is a reconciliation of full year 2026 Adjusted EBITDA expectations as computed at the low and high points of the range to the closest comparable U.S. GAAP financial measure. Refer to table X for discussion of Concentra’s use of Adjusted EBITDA in evaluating financial performance and for the definition of Adjusted EBITDA. Each item presented in the below table is an estimation of full year 2026 expectations. Range Low High Net income attributable to the Company $ 203 $ 210 Net income attributable to non-controlling interests 7 7 Net income $ 210 $ 217 Income tax expense 69 72 Interest expense 102 102 Income from operations 381 391 Stock compensation expense 20 20 Depreciation and amortization 81 81 Separation transaction costs 3 3 Adjusted EBITDA $ 485 $ 495 18
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XIV. 2026 Net Cash Provided by Operating Activities to Free Cash Flow Reconciliation Business Outlook for the Year Ending December 31, 2026 (In millions, unaudited) The following is a reconciliation of full year 2026 Free Cash Flow expectations as computed at the low and high points of the range to the closest comparable U.S. GAAP financial measure. Refer to table XII for discussion of Concentra’s use of Free Cash Flow in evaluating financial performance and for the definition of Free Cash Flow. Each item presented in the below table is an estimation of full year 2026 expectations. Range Low High Reconciliation of Free Cash Flow: Net cash provided by operating activities $ 300 $ 310 Add (Subtract): Net cash used in investing activities (84) (74) Business combinations, net of cash acquired 4 4 Free Cash Flow $ 220 $ 240 19