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A L L R I G H T S R E S E R V E D Investor Presentation F E B R U A R Y 2 0 2 6
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A L L R I G H T S R E S E R V E D 2 Notice to Investors Certain statements made herein or else whereby, or on behalf of, the Company that are not historical facts are intended to be 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. These statements are based on assumptions that the Company believes are reasonable; however, many important factors, as discussed under “Risk Factors” and “Forward‐Looking Statements” in the Company’s Annual Report on Form 10‐K for the year ended December 31, 2025, and in other filings with the SEC could cause the Company’s results in the future to differ materially from the forward‐looking statements made herein and in any other documents or oral presentations made by, or on behalf of, the Company. This presentation constitutes the views of the Company at the time they were generated. Any past performance information presented herein is not a guarantee or indication of future results and should not be relied upon for such reason. Forward-looking statements contained herein include any statements regarding any expectations and projections of earnings, revenue, cash flow, adjusted EBITDA, investment returns, capital allocation, debt levels, equity performance, death rates, market share growth, cost inflation, overhead, preneed sales or other financial items. Forward-looking statements contained herein also include any statements of the plans, strategies, objectives, expectations and timing of management for future operations or financing activities, including, but not limited to, capital allocation, organizational performance, execution of our strategic objectives and growth plan, planned acquisitions and divestitures, technology improvements, product development, the ability to obtain credit or financing, anticipated integration, performance and other benefits of recently completed acquisitions, and cost management and debt reductions. We can provide no assurances that these planned activities and objectives will be successfully implemented nor can we provide any assurances that we will generate the revenue growth, free cash flow, market share growth and operational performance referenced herein. We can provide no assurances that our strategic objectives and growth plans will be successfully executed nor can we provide any assurances that we will meet the timing, objectives and expectations related to our capital allocation framework, including our forecasted rates of return, leverage ratio targets, planned uses of free cash flow and future capital allocation, including potential strategic acquisitions, divestiture transactions, internal growth projects, technology improvements, product development, or debt reduction plans. We can provide no assurance that we will meet the expectations related to our ability to generate preneed sales, including implementing our cemetery portfolio sales strategy, product development and optimization plans. These statements are not facts and are made based upon such expectations, assumptions and views as they exist as of the date of this presentation. Because forward- looking statements relate to the future, they are subject to inherent uncertainties, risks, contingencies and changes in circumstances that are difficult to predict, many of which are beyond the Company’s control. The Company’s actual results may differ materially from those contemplated by the forward-looking statements. There is no assurance that such views are correct or will prove, with the passage of time, to be correct. Caution should be taken with respect to such statements and recipients should not place undue reliance on any such statements. The Company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward‐looking statements after the date they are made, whether as a result of new information, future events or otherwise. In this presentation, the Company relies on and refers to certain information and statistics from third-party sources which they believe to be reliable. The Company has not independently verified the accuracy or completeness of any such third-party information. This presentation uses Non-GAAP financial measures to present the financial performance of the Company. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported operating results or cash flow from operations or any other measure of performance as determined in accordance with GAAP. We believe the Non-GAAP measures are useful to investors because it allows investors to compare our results to previous periods and provide insights into underlying trends in our business. In addition, the Company’s presentation of these measures may not be comparable to similarly titled measures of other companies. Pursuant to the requirements of Regulation G, the Company has provided quantitative reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures within the most current press release and on our Investor Relations page of the website. A copy of the Company’s Annual Report on Form 10‐K for the year ended December 31, 2025, our Quarterly Reports on Form 10-Q, and other public filings and news releases, are available at www.carriageservices.com
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3 Our Long-Term Strategic Framework Disciplined Capital Allocation Purposeful Growth Relentless Improvement 1 3 2 • 3.5x - 4.0x long-term leverage target range • Targeted 15 - 20% Return on Invested Capital • High-grading of portfolio through divestitures of non- core assets • 10 - 20% targeted CAGR in preneed sales, enabling a stronger pre-need backlog • Active M&A strategy with complimentary assets • Evolution of legacy systems with Trinity • Newly formed departments focused on driving increased market share Note: “CAGR” defined as compounded annual growth rate.
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A L L R I G H T S R E S E R V E D 4 CSV Q4 2025 Execution Highlights Funeral Cemetery Other ▪ 2.6% growth in average per contract (1) Q4 2025 vs. Q4 2024 ▪ 13.1% growth in Field EBITDA from margin optimization in Q4 2025 vs Q4 2024 ▪ 25.5% growth in Q4 2025 vs. Q4 2024 cemetery preneed sales driven by strong sales production and delivery ▪ 25.1% growth in Field EBITDA on robust revenue gains in Q4 2025 vs Q4 2024 ▪ Project Trinity underway with testing of contract and tracking functionalities ▪ Strategic execution of debt paydown driving our leverage ratio down to 4.0x (1) Average per contract excludes Preneed Interest for Matured Preneed contracts.
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A L L R I G H T S R E S E R V E D 5 Q4 2025 Company Overview NYSE listed • Ticker: CSV (NYSE) • Market cap: ~$696 mm(1) • One of two publicly traded funeral and cemetery services and merchandise companies in the United States Asset Base(4) • Operations in United States only • 155 funeral homes in 24 states • 28 cemeteries in 9 states Q4 Financial Highlights $ in mm, unless per share amounts YTD Q4 2025 YTD Q4 2024 Total Revenue $417.4 $404.2 Total Field EBITDA $187.0 $180.7 % Margin 44.8% 44.7% Overhead(2) $56.6 $66.9(3) As % of Total revenue 13.6% 16.5%(3) Adjusted Consolidated EBITDA $130.7 $126.2 % Margin 31.3% 31.2% Adjusted Diluted EPS $3.20 $2.65 Adjusted Free Cash Flow $45.7 $42.7 (1) As of market close on February 23,2026. Calculated using basic outstanding shares. (2) Defined as regional and unallocated funeral and cemetery costs and general, administrative and other costs, excluding home office depreciation and non-cash stock compensation. (3) Inclusive of non-recurring items used in Adjusted Consolidated EBITDA. Adjusted for Special Items used in Adjusted Consolidated EBITDA, Overhead was $15.2 million, or 14.4% of Total Revenue and $56.6 million, or 13.6% of Total Revenue in YTD Q4 2024 and 2025, respectively. (4) Asset Base overview as of December 31, 2025. Q4 2025 At A Glance
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A L L R I G H T S R E S E R V E D 6 $1,165 $93,034 $44,483 $1,688 ($32,341) ($59,026) ($20,628) ($10,300) ($7,025) ($7,674) YE 2024 Cash Operating Cash Flow excluding Working Capital Working Capital Proceeds from divestitures Acquisitions Capital Expeditures Net Movement in Outstanding Debt Dividends Other Investing/Financing YE 2025 Cash Cash Flow YTD Q4 2025 Overview (1) Other Investing/Financing primarily includes a one-time vesting of our Good to Great Award, which had a five-year cliff vesting period. Cash flow returned to shareholders $ in 000s (1)
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A L L R I G H T S R E S E R V E D 7 Long-Term Growth Profile (1) Total Revenue CAGR 2015 base year is $243 mm. (2) Adjusted Diluted EPS 2015 base year is $1.48 per share. $1.48 $1.62 $1.39 $1.17 $1.25 $1.86 $3.02 $2.61 $2.19 $2.65 $3.20 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $243 $248 $258 $268 $274 $329 $376 $370 $383 $404 $417 29% 30% 27% 26% 28% 32% 34% 30% 30% 31% 31% 23% 27% 31% 35% 39% $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 $55 $60 $65 $70 $75 $80 $85 $90 $95 $10 0 $10 5 $11 0 $11 5 $12 0 $12 5 $13 0 $13 5 $14 0 $14 5 $15 0 $15 5 $16 0 $16 5 $17 0 $17 5 $18 0 $18 5 $19 0 $19 5 $20 0 $20 5 $21 0 $21 5 $22 0 $22 5 $23 0 $23 5 $24 0 $24 5 $25 0 $25 5 $26 0 $26 5 $27 0 $27 5 $28 0 $28 5 $29 0 $29 5 $30 0 $30 5 $31 0 $31 5 $32 0 $32 5 $33 0 $33 5 $34 0 $34 5 $35 0 $35 5 $36 0 $36 5 $37 0 $37 5 $38 0 $38 5 $39 0 $39 5 $40 0 $40 5 $41 0 $41 5 $42 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Revenue & Adjusted Consolidated EBITDA Margin Adjusted Diluted EPS 5.5% Total Revenue CAGR(1) over the last ten years 8.0% Adjusted Diluted EPS CAGR(2) over the last ten years COVID PEAK COVID PEAK $ in millions
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A L L R I G H T S R E S E R V E D D E P A R T M E N T 8 Appendix
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A L L R I G H T S R E S E R V E D 9 Appendix: 2026 Outlook Full Year 2026 Outlook $ in mm, unless per share amounts 2026 Outlook(1) Total Revenue $440 - $450 Adjusted Consolidated EBITDA(2) $135 - $140 Adjusted Diluted EPS(2) $3.35 - $3.55 Adjusted Free Cash Flow(2)(3) $40 - $50 Capital Expenditures $25 - $30 (1) Includes the expected impact of acquisitions and divestitures of certain non-core assets. (2) Adjusted consolidated EBITDA, adjusted diluted EPS, and adjusted free cash flow are non-GAAP financial measures. We normally reconcile these non-GAAP financial measures from operating income, diluted earnings per share, and cash provided by operating activities; however, these measures calculated in accordance with GAAP are not currently accessible on a forward-looking basis. Our outlook for 2026 excludes the following: Gains or losses associated with divestitures, acquisition costs, severance and separation costs, impairment of goodwill, intangibles, and property, plant, and equipment, special vendor incentives, potential tax reserve adjustments and IRS payments and/or refunds, and other special items. The foregoing items could materially impact our forward-looking diluted earnings per share and/or our net cash provided by operating activities calculated in accordance with GAAP. (3) Includes the expected impact of total capital expenditures (growth and maintenance).
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A L L R I G H T S R E S E R V E D 10 Operating Income to Adjusted Consolidated EBITDA and Adjusted Consolidated EBITDA Margin Appendix: Reconciliation of Non-GAAP measures(1) $ in thousands GAAP Diluted Earnings per Share to Adjusted Diluted Earnings per Share (1) For additional detail, see the Reconciliation of Non-GAAP Financial Measures from our Q4 2025 Earnings Release. Cash Provided by Operating Activities to Adjusted Free Cash Flow $ in thousands YTD Q4 2025 YTD Q4 2024 Operating income $ 97,657 $ 81,799 Depreciation & amortization 24,507 22,890 Non-cash stock compensation 7,806 6,520 Net loss on divestitures, disposals and impairment charges 371 2,580 Consolidated EBITDA $ 130,341 $ 113,789 Adjusted for: Acquisition and divestiture expenses $ 349 $ - Severance and separation costs - 6,228 Other special items - 6,228 Adjusted consolidated EBITDA $ 130,690 $ 126,245 Total revenue $ 417,440 $ 404,198 Adjusted consolidated EBITDA margin 31.3% 31.2% YTD Q4 2025 YTD Q4 2024 GAAP diluted earnings per share $ 3.25 $ 2.10 Special items (0.05) 0.55 Adjusted diluted earnings per share $ 3.20 $ 2.65 YTD Q4 2025 YTD Q4 2024 Cash provided by operating activities $ 60,693 $ 51,996 Cash used for maintenance capital expenditures (20,628) (16,098) Free cash flow $ 40,065 $ 35,898 Plus: incremental special items: Acquisiton and divestiture costs $ 349 $ - Severance and separation costs 2,406 3,531 Other special items 2,917 3,256 Adjusted free cash flow $ 45,737 $ 42,685
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A L L R I G H T S R E S E R V E D 11 Operating Income to Adjusted Consolidated EBITDA and Adjusted Consolidated EBITDA Margin(2) GAAP Diluted Earnings per Share to Adjusted Diluted Earnings per Share(2) Appendix: Reconciliation of Non-GAAP measures(1) $ in thousands (1) For additional detail, see the Reconciliation of Non-GAAP Financial Measures from our Q4 2025 Earnings Release. (2) Figures as reported each year. 2015 2016 2017 2018 2019 2019 2021 2022 2023 2024 2025 Operating income $ 48,648 $ 50,204 $ 48,941 $ 43,307 $ 47,443 $ 47,443 $ 93,660 $ 79,726 $ 80,979 $ 81,799 $ 97,657 Depreciation & amortization 13,780 15,421 15,979 17,430 17,771 17,771 20,520 19,799 21,117 22,890 24,507 Non-cash stock compensation 4,444 2,890 3,162 6,583 2,153 2,153 5,513 5,959 7,703 6,520 7,806 Net loss on divestitures, disposals and impairment charges - - - - 4,846 4,846 666 2,029 1,191 2,580 371 Consolidated EBITDA $ 66,872 $ 68,515 $ 68,082 $ 67,320 $ 72,213 $ 72,213 $ 120,359 $ 107,513 $ 110,990 $113,789 $ 130,341 Adjusted for: Withdrawable trust income $ 555 $ - $ - $ - $ - $ - $ - $ - $ - $ - - Acquisition and divestiture expenses 614 701 - - 2,083 2,083 - - - - $ 349 Severance and separation costs 959 3,979 - 1,435 1,205 1,205 1,575 1,431 - 6,228 - Consulting fees 1,913 496 - - - - - - - - - Litigation reserve - - - 1,000 750 750 1,050 200 - - - Disaster recovery and pandemic costs - - 620 437 - - 2,157 - - - - Other special items 220 - - - 336 336 1,020 168 2,192 6,228 - Adjusted consolidated EBITDA $ 71,133 $ 73,691 $ 68,702 $ 70,192 $ 76,587 $ 76,587 $ 126,161 $ 109,312 $ 113,182 $126,245 $ 130,690 Total revenue $ 242,502 $ 248,200 $ 258,139 $ 267,992 $ 274,107 $ 274,107 $ 375,886 $ 370,174 $ 382,520 $404,198 $ 417,440 Adjusted consolidated EBITDA margin 29.3% 29.7% 26.6% 26.2% 27.9% 27.9% 33.6% 29.5% 29.6% 31.2% 31.3% 2015 2016 2017 2018 2019 2019 2021 2022 2023 2024 2025 GAAP diluted earnings per share $ 1.12 $ 1.12 $ 2.09 $ 0.63 $ 0.80 $ 0.80 $ 1.81 $ 2.63 $ 2.14 $ 2.10 $ 3.25 Special items 0.36 0.50 (0.70) 0.54 0.45 0.45 1.21 (0.02) 0.05 0.55 (0.05) Adjusted diluted earnings per share $ 1.48 $ 1.62 $ 1.39 $ 1.17 $ 1.25 $ 1.25 $ 3.02 $ 2.61 $ 2.19 $ 2.65 $ 3.20