Slides
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Investor Presentation Second Quarter 2025
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c This presentation contains statements as to our beliefs and expectations of the outcome of future events that are "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government as a consequence of presidential executive orders, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) our ability to activate idle facilities in a timely manner in order to meet the expected growth in demand for our facilities and services from the federal government that may occur as a result of changes in policies and actions of the current presidential administration, and to realize projected returns resulting therefrom; (v) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (vi) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a rise in labor costs; fluctuations in interest rates and risks of operations; (vii) government budget uncertainty, the impact of the debt ceiling and the potential for government shutdowns and changing budget priorities; (viii) our ability to successfully identify and consummate future development and acquisition opportunities and realize projected returns resulting therefrom; and (ix) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission. We take no responsibility for updating the information contained in this presentation following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services, except as may be required by law. Forward-Looking Statements 1
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c CoreCivicOperates at the Intersection of Government and Real Estate Infrastructure 2 Provides a broad range of solutions to government partners through three segments EST. 1983 Safety CoreCivic’s historical core business addresses the need for correctional facilities, including programming, recreational, courts, and administrative spaces EST. 2012 Properties Leases mission-critical real estate to government tenants to address serious challenges in its criminal justice infrastructure EST. 2013 Community Completes spectrum of correctional services by providing needed residential reentry facilities and non-residential services primarily to states and localities Company Overview • Diversified government-solutions company with the scale and differentiated expertise to solve the tough challenges that governments face in flexible, cost-effective ways • Revenues, Net Income, and Adjusted EBITDA(1) for the quarter ended June 30, 2025, were $538.2 million, $38.5 million, and $103.3 million, respectively • Owns and manages 15.7 million(2) square feet of real estate substantially all used by government • Founded in 1983 and headquartered in Brentwood, Tennessee; publicly traded since October 1986 (1) For reconciliation of non-GAAP figures, Adjusted EBITDA to Net Income, the most directly comparable GAAP measure, see the Appendix to this presentation (2) Includes Managed-Only Facilities and facilities leased by CoreCivic as of June 30, 2025
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c Largest Private Owner of Real Estate Utilized by Government Agencies SAFETY • 92.1% of NOI for the quarter ended June 30, 2025 • 13.7 million(1) square feet • 44 total facilities, including 67,289 correctional/detention beds • 6 idle prison facilities, including 7,426 beds available for growth opportunities 3 Manage 15.7 million(1) square feet of real estate used by government PROPERTIES • 3.2% of NOI for the quarter ended June 30, 2025 • 1.5 million square feet • Consists of corrections facilities held for lease to government entities totaling 5 facilities, including 7,754 beds • 1 idle facility, containing 2,400 beds available for growth opportunities COMMUNITY • 4.7% of NOI for the quarter ended June 30, 2025 • 0.5 million square feet • 21 total facilities, including 4,159 community corrections beds • Serves over 20,000 individuals through non-residential electronic monitoring and case management services • 1 idle facility containing 60 beds Note: As of June 30, 2025 (1) Includes managed-only facilities
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c Properties Government entities require purpose-built facilities and financing flexibility 3.2% CoreCivic's Business Segments are Complementary Industry Trends Core Competency 2025 Business Mix(1) (% of NOI) Value Proposition Community States and localities place high value on reducing recidivism 4.7% Safety Strong fundamental demand from federal, state, and local partners 92.1% Government tenants Customers Ability to develop unique solutions for government partners Facility design, construction, and maintenance expertise. More efficient process for developing needed solutions Broad rehabilitative expertise to deliver customized and flexible program offerings, includes critical infrastructure Critical infrastructure at lower cost and higher standards than alternative capacity, flexible solutions tailored to government partners' needs 4(1) Based on financial results for quarter ended June 30, 2025
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c • The private corrections industry cares for less than 8% of the nation's prison population • CoreCivic is the largest non-government owner of correctional and detention real estate in the United States ➢ We own approximately 57% of all privately owned correctional and detention capacity ➢ We manage approximately 41% of all privately managed correctional and detention capacity Industry Market Share - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 CoreCivic GEO* All Others Beds Owned Correctional and Detention Facility Beds *GEO Group – As reported on company supplemental financial information in August 2025 Federal Detention Market • Immigration & Customs Enforcement (ICE) outsources approximately 91% of its detention beds ➢ The private sector manages approximately 83% of ICE detention populations ➢ We manage approximately 27% of ICE detention populations • US Marshals Service (USMS) outsources approximately 85% of its detention beds ➢ The private sector manages 34% of USMS detention populations ➢ We manage approximately 13% of USMS detention populations 5
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c Multiple opportunities in the market to drive future growth, some of which can be realized due to our decision to convert to a taxable C-Corp in 2021, allowing CoreCivic to fund future growth initiatives with internally generated cash flows Potential Growth Channels & Opportunities 6 CoreCivic Safety • Resumption of operations in March 2025 at the Dilley Immigration Processing Center, a 2,400-bed facility expected to provide significant earnings and cash flow growth. • Letter contracts at two previously idle facilities, if converted to longer-term contracts, could provide meaningful earnings and cash flow growth. • Currently have 7,426 beds available in idle Safety prison facilities to respond to emerging partner needs. • New contract award in August 2025 to reactivate our 600- bed West Tennessee Detention Facility. • Opportunity to increase occupancy at operating facilities within existing contracts and through new contracts. • The current presidential administration's focus on controlling immigration at the southern border and on mass deportation of those already in the US illegally are expected to drive the need for additional ICE detention capacity. ICE populations continue to increase. Several ICE contracts were awarded or modified during the first half of 2025 to expand capacity for ICE and we continue to work on additional contracts in anticipation of a ramp in detainees toward YE25. CoreCivic Community • Opportunity to increase occupancy at operating facilities. • Potential funding from the Bureau of Prisons to increase utilization of residential reentry facilities under the First Step Act. • Expand case-management services using electronic monitoring and other technologies that partners view as an incarceration alternative for low-risk populations and as a tool to reduce overcrowding. ➢ An RFI for the Intensive Supervision Appearance Program (ISAP) V was issued in November 2024. ➢ ICE issued an RFP for ISAP V on August 15, 2025, with proposals due by September 1, 2025 for a maximum performance period of 2 years, broken into 2 one-year ordering periods. The first ordering period starts on October 1, 2025. • Meet increasing partner needs for healthcare services critical to the well-being of residents and inmates, including chronic care management and mental health and substance abuse services. CoreCivic Properties • Design, construct, build, finance criminal justice properties for lease to government entities. ➢ Lower-cost alternative for federal, state and municipal governments to modernize outdated infrastructure. ➢ Favorable financing for a wide range of development opportunities. • CoreCivic estimates $15 billion infrastructure pipeline throughout the US prison system. • Potential to lease existing facilities to government agencies in need of additional or newer capacity. • Currently have 2,400 beds in Properties facilities available for growth.
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c • The COVID-19 pandemic had a significant impact on our occupancy and cash flows. • Facility occupancy has been rising steadily since the end of the COVID-19 pandemic. ICE utilization, along with new state contracts, drove 1H25 increase in occupancy. • A recovery in occupancy to pre- pandemic levels (or above) could provide significant growth in earnings and cash flows. • Occupancy calculations include beds in facilities that are currently idle. Occupancy Recovery Could Drive Significant Earnings Growth 7 COVID-19 Impact Period
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c Facility Utilization – Capacity to Meet ICE Needs 8 • This analysis does not construe a forecast; it is an illustration of the potential financial impact of CoreCivic's idle and unused bed capacity. • Idle facilities include only those owned by CoreCivic. Facilities owned by 3rd parties are not included and present further potential. • Unused beds are only those in facilities where ICE or USMS is the primary customer. • Analysis does not contemplate additional unused beds in facilities where ICE or USMS is not currently the primary customer. • Operating margins are typically higher when topping off occupancy at facilities with unused beds due to operating leverage over fixed costs. • Analysis does not contemplate the possible use of surge capacity, which may boost the available beds at facilities. Design Idle CoreCivic Correctional Facilities Capacity 50% 70% 90% Prairie C orrectional Facility 1,600 800 1,120 1,440 Huerfano C ounty C orrectional C enter 752 376 526 677 Diamondback C orrectional Facility 2,160 1,080 1,512 1,944 Marion Adjustment C enter 826 413 578 743 Kit C arson C orrectional C enter 1,488 744 1,042 1,339 West Tennessee Detention Facility 600 300 420 540 Midwest Regional Reception C enter (1) 1,033 517 723 930 North Fork C orrectional Facility 2,400 1,200 1,680 2,160 C alifornia C ity C orrectional C enter (1) 2,560 1,280 1,792 2,304 Total 13,419 6,710 9,394 12,078 Annual operating expense of idle facilities, 2024 ($17.4M) ($8.7M) ($5.2M) ($1.7M) Eliminated idle facility carrying cost $8.7M $12.2M $15.7M Incremental NOI Potential at 2Q-25 Operating Income per C ompensated Man-day: $28.02 $68.6M $96.1M $123.5M Potential NOI Improvement, including elimination of idle facility carry costs $77.3M $108.3M $139.2M Unused Beds in CoreCivic contracted Safety facilities 50% 70% 90% Unused Beds in C oreC ivic contracted Safety facilities, 2Q-25 3,239 Incremental NOI Potential at 2Q-25 Operating Income per C ompensated Man-day: $28.02 $16.6M $23.2M $29.8M Annual Incremental ICE Net Operating Income Potential $93.9M $131.4M $169.0M Utilization (1) Currently operating under short-term Letter Contracts while longer-term contracts are negotiated. In July 2025, ~$45B was approved for ICE detention capacity under the One Big Beautiful Bill Act, the highest ever approved, and is intended to fund ~100,000 detention beds. If utilized, ICE will need more than ~40,000 additional detention beds.
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c Extensive History of Durable Earnings and Cash Flows 9 Adjusted EBITDA ($ in millions)(1) • Long term stable cash flows from government partners due to essential, mission critical infrastructure and valued services ➢ 40-year+ track record of providing government solutions with pipeline for growth across the Safety, Properties and Community segments ➢ Strong fundamental demand from investment grade federal and state partners; 97% of EBITDA comes from partners rated AA - or better ➢ 97% retention rate in long-dated contracts with average tenure of 22 years for top ten customers • Approximately 51% of revenue from federal partners and 41% from state partners $415 $427 $441 $423 $381 $386 $398 $418 $388 $396 $444 $405 $402 $316 $311 $331 $368 25% 25% 25% 24% 23% 23% 23% 22% 22% 22% 22% 21% 22% 17% 16% 17% 0% 5% 10% 15% 20% 25% 30% 35% 40% $- $100 $200 $300 $400 $500 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Prior C-Corp Era REIT Era Current C-Corp Era EBITDA Margin Source: Management (1) Reflects Adjusted EBITDA as publicly reported by the Company and FY25 is based on the mid-point of guidance 51.1% 40.6%
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c Current Financial Performance 10 For the quarter ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net Income $38.5MM $25.1MM $19.3MM $21.1MM $19.0MM Diluted EPS $0.35 $0.23 $0.17 $0.19 $0.17 Adjusted Diluted EPS(1) $0.36 $0.23 $0.16 $0.20 $0.20 Normalized FFO Per Share(1) $0.59 $0.45 $0.39 $0.43 $0.42 AFFO Per Share(1) $0.61 $0.48 $0.35 $0.42 $0.40 Adjusted EBITDA(1) $103.3MM $81.0MM $74.2MM $83.3MM $83.9MM TTM Debt Leverage(2) 2.3x 2.5x 2.3x 2.2x 2.5x (1) See the Appendix for a reconciliation to the most comparable GAAP amounts. (2) Debt leverage is calculated based on trailing 12-month Adjusted EBITDA.
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c 2025 Guidance Summary (1) (in thousands) 11(1) Our guidance provided as of 2Q25 earnings does not include the impact of any new contract awards not previously announced Low-End High-End Net Income 116,432$ 124,432$ Expenses associated with mergers and acquisitions 2,250 2,250 Gain on sale of real estate assets, net (3,549) (3,549) Income tax expense for special items 367 367 Adjusted Net Income 115,500$ 123,500$ Net income 116,432$ 124,432$ Depreciation and amortization of real estate assets 99,500 100,500 Gain on sale of real estate assets, net (3,549) (3,549) Income tax expense for special items 993 993 Funds From Operations 213,376$ 222,376$ Expenses associated with mergers and acquisitions 2,250 2,250 Income tax benefit for special items (626) (626) Normalized Funds From Operations 215,000$ 224,000$ Maintenance capital expenditures on real estate assets (31,000) (29,000) Stock-based compensation 28,000 28,000 Other non-cash revenue and expenses and non-cash interest 4,000 4,000 Adjusted Funds From Operations 216,000$ 227,000$ Net income 116,432$ 124,432$ Interest expense 76,000 75,000 Depreciation and amortization 130,750 130,750 Income tax expense 43,117 42,117 EBITDA 366,299$ 372,299$ Expenses associated with mergers and acquisitions 2,250 2,250 Gain on sale of real estate assets, net (3,549) (3,549) Adjusted EBITDA 365,000$ 371,000$ Capital Expenditures Maintenance on real estate assets 29,000$ 31,000$ Information technology and other assets 31,000 34,000 Other capital investments 9,000 10,000 Facility activations and transportation vehicles 70,000 75,000 Total capital expenditures 139,000$ 150,000$ Full Year 2025
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c Debt Reduction Due to Multi-Year Capital Allocation Strategy 12 Since June 30, 2020, just prior to our announcement to convert from a REIT to a taxable C-Corporation, CoreCivic has reduced its total outstanding debt by $1.3 billion, including recourse and non-recourse debt. $631.0 $157.5 $17.1 $40.0 $294.0 $382.7 $196.0 $61.7 $15.5 $266.4 $227.9 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Debt Maturity Schedule – June 30, 2020 ($ in millions) Revolver Term Loan A Other Debt Maturities $40.0 $3.1 $9.4 $12.5 $90.6 $3.0 $6.3 $245.3 $7.4 $508.0 $105.8 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Debt Maturity Schedule – June 30, 2025 ($ in millions) Revolver Term Loan A Other Debt Maturities
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c • Significant liquidity of $347 million as of June 30, 2025 • Extensive balance sheet flexibility • Next debt maturity not until October 2027 ($238.5 million) • Strong cash flow to manage debt leverage within target band of 2.25x to 2.75x net debt to adjusted EBITDA. • Credit Ratings: S&P: BB Moody's: Ba2 • On July 18, 2025, S&P upgraded our corporate credit rating to BB from BB- on industry tailwinds Positioned for Long-Term Success and Value Creation (1) Based on financial results for the three months ended June 30, 2025 and stock price as of June 30, 2025. (2) Based on trailing 12-month Adjusted EBITDA (3) Excludes non-recourse debt and related EBITDA of CoreCivic of Kansas, LLC, which is an Unrestricted Subsidiary as defined under the Bank Credit Facility. 20.6% Net Debt/ Undepreciated Fixed Assets 2.3x Debt-to-Adjusted EBITDA(2)(3) 5.7x Fixed Charge Coverage(1)(3) 27.4% Net Debt to Total Market Capitalization(1) 97% Unencumbered Real Estate Assets 13 6.3x Interest coverage ratio(1)
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c Acquired the Farmville Detention Center in July 2025 for $67MM • 736-bed facility constructed in 2010 • Located in Farmville, Virginia • Provides transportation, care and civil detention services to adult male noncitizens through an Intergovernmental Service Agreement between Prince Edward County, Virginia and ICE • Contract runs through March 2029 • Annual incremental revenue of approximately $40MM • ICE has used the facility since its construction in 2010 • Acquisition was funded with cash on hand and borrowing capacity under bank credit facility Flexible Balance Sheet Strength to Take Advantage of Opportunities 14 Acquisition of Farmville Detention Center
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c $108 $146 $237 $75 $38 $69 $81 $60 $164 $234 $251 $256 $200 $204 $210 $106 $- 2.8x 2.7x 2.8x 2.6x 3.2x 3.1x 3.5x 3.4x 3.6x 4.0x 3.7x 3.7x 2.9x 3.2x 2.8x 2.3x 2.3x .8x 1.8x 2.8x 3.8x 4.8x 5.8x 6.8x 7.8x $- $50 $100 $150 $200 $250 $300 Stock Buybacks Prior C-Corp Era Dividend REIT Era Dividend Total Leverage Ratio • As a C-Corp: − 2009-2011: We returned $491 million through a stock buyback program − 2012: We returned $60 million through quarterly dividends • As a REIT: − 2013-2020: We returned $1.6 billion through quarterly dividends • 2021: − Debt reduction strategy positioned the company to once again return capital to shareholders • 2022: − $225 million share repurchase authorized; repurchased $74.5 million in shares • 2023: − Repurchased $38.1 million in shares • 2024: − In May 2024, an additional $125 million was authorized for share repurchases, bringing total authorization to $350 million − Repurchased $68.5 million in shares during 2024. • 2025: − In May 2025, an additional $150 million was authorized for repurchases, bringing total authorization to $500 million. − Repurchased $81.0 million in shares through June 30, 2025, at which point CoreCivic had $237.9 million remaining on its authorization. Active Share Repurchase Plan & History of Returning Capital to Shareholders 15 STOCK BUYBACKS, DIVIDENDS AND TTM LEVERAGE ($MM) Note: Total leverage ratio calculated using total net debt excluding non-recourse debt; EBITDA adjusted for unrestricted subsidiaries, using trailing four quarters. Since 2009, CXW has returned ~$2.4 billion in capital to shareholders, which represents ~108% of the June 30, 2025 market cap.
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c Why CoreCivic 16 Compelling Investment Opportunity… …That Benefits the Public Good Prepares Offenders for Successful Reentry Into Society • Improved conditions ➢Reduced overcrowding, modern amenities ➢99.6% average facility ACA Audit Score • Focus on rehabilitation and reentry ➢Supports legislation designed to eliminate discrimination against rehabilitated justice-involved persons ➢Offers training and treatment programs Company’s ESG Focus Benefits Stakeholders • Serves the needs of government partners, taxpayers and the broader community Market Leader with Critical Infrastructure in Market with High Entry Barriers • Largest private owner of correctional real estate • Overcrowding, understaffing, obsolescence and inadequate capacity at public facilities drive private market need • Significant cost and time to build new facilities Longstanding Government Relationships with High Renewal Rates • 40+ year history of government service and relationships • Average retention rate of approximately 97% since 2021(1) Conservative Balance Sheet with Strong Predictable Cash Flows and Diversified Growth • Strong and predictable cash flows from large unencumbered asset base • Low leverage and strong fixed charge coverage • Occupancy levels and idle facilities provide opportunities for organic growth without deploying significant capital • Balance sheet flexibility to deploy capital and recurring cash flows on M&A opportunities or to return capital to shareholders Proven Management Team with Track Record of Excellence Over Multiple Administrations • Executive team has a combined 152 years of experience at CoreCivic with an average tenure of 25 years • Unwavering commitment to rehabilitation and combating recidivism (1) Refers to Owned/Controlled Facilities. Our contract renewal rate excludes contracts that have reached a final termination date and the Company has unilaterally chosen to exit. Past contract renewal rates are not a guarantee of future results. Our government partners can generally terminate our contracts for non-appropriation of funds or for convenience.
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Market Updates & Recent Developments
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c • After hitting multi-decade highs during the federal fiscal years 2021-2024, apprehension rates along the US Southwest border have slowed in F2025 due to enhanced enforcement and deterrence, particularly since the implementation of Executive Orders by the Trump Administration. • Implemented in March 2020, Title 42, an emergency power granted to the Executive branch due to the pandemic, allowed U.S. CBP to quickly remove all single adults apprehended at the Southwest Border—reducing the demand for detention beds. On May 11, 2023, Title 42 officially ended, and detention populations increased. • In March 2024, Congress funded 41,500 detention beds for ICE, up from 34,000. The "One Big Beautiful Bill" Act was signed into law in early July 2025 and increased ICE funding by $45B over 4 years, intended to expand detention from a current level of ~57,000 to ~100,000. SW Border Apprehensions Declining, but ICE Detention Population Rising 18
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c To boost total available detention beds, accelerate deportation initiatives and explore cost savings, the current administration has considered non-traditional detention options outside of the private sector. This pool of "alternative" beds may include: military bases (domestically and at Guantanamo Bay), soft-sided facilities (Alligator Alcatraz), idled or under-utilized Bureau of Prisons facilities, and international options, particularly in El Salvador. Private Sector Advantages vs "Alternative" Beds 19 • Proven Solution with over 40 years of experience providing detention space and services for ICE. CoreCivic understands the complexity and nuance of the ICE mission. • The Private Sector is the Low-Cost Provider compared with alternatives. • We meet the various Federal Detention Standards helping to provide a safe and humane environment. Other facilities and "alternative" options may not meet the physical or staffing requirements of Federal Detention Standards, which are the highest standards in the United States. • We meet environmental regulations and our facilities are weather-proof. • Our facilities are subject to various external audits and inspections (refer to Slides 27-28) and demonstrate a history of compliance. • Logistically efficient - domestic locations near transportation hubs, key ports of entry, and immigration legal infrastructure. CoreCivic and the private sector are adept at seamlessly integrating transportation with detention requirements. • Readily Available Capacity. Alternative capacity may require construction or reconfiguration, which often requires high costs and delayed availability. Advantages to ICE Using Private Sector Facilities
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c Our Value Proposition to Our Government Partners Remains Strong… 20 Federal PartnersState Partners • Key Federal Partner Challenges: ➢ Limited owned infrastructure ➢ Constantly shifting geographic and population needs ➢ Appropriate setting for detainees ➢ Border surge/mass deportation program • Mission Critical Infrastructure for ICE and USMS ➢ ICE: ~91% of detainee capacity is outsourced ➢ USMS: ~85% of detainee capacity is outsourced ➢ The Company estimates construction of equivalent new government capacity would require Congressional approval and budget of $25+ billion • Flexible Capacity to respond quickly to ever-changing real estate needs ➢ Location needs change based on law enforcement priorities and varying trends in different jurisdictions • Appropriate Setting for ICE and USMS civil detainees ➢ Lack of federal infrastructure means most alternatives to private facilities are local jails • Local jails often co-mingle ICE or USMS populations with their jailed populations • Many local jails are unable or unwilling to meet Performance-Based National Detention Standards (PBNDS) for ICE and federal detention standards for USMS • Key State Partner Challenges: ➢ Prison over-crowding ➢ Aging and insufficient infrastructure ➢ Budgetary constraints ➢ Staff shortages ➢ State legislatures not prioritizing corrections over other public services ➢ Jail backlogs • CoreCivic estimates $15 billon+ infrastructure pipeline throughout US prison system • Kansas: ➢ Constructed a built-to-suit facility for Kansas DOC to replace 150+ year old Lansing Correctional Facility (completed in January 2020) • Inmates in the original state-run prisons were suffering from poor conditions, with small cells and no air conditioning • Montana, Wisconsin, Vermont, Idaho, Wyoming, Kentucky, Nebraska, Hawaii: ➢ Exploring private sector solutions to address criminal justice infrastructure needs • Arizona: ➢ Closed outdated and obsolete public sector facility and transferred populations to a CoreCivic facility in 2022 pursuant to a new contract award • Georgia: ➢ Considering the closure of numerous outdated and obsolete public sector facilities ➢ On August 9, 2022, purchased our 1,978-bed McRae Correctional Facility • Oklahoma: ➢ Purchased a private-sector correctional facility in July 2025 to ensure capacity and may need additional capacity in the future
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c • Immigrations and Customs Enforcement (ICE) entered into a Letter Contract to begin activation efforts at our 2,560-bed California City Immigration Processing Center for a six-month term to help cover our start-up expenses while we work to negotiate and execute a long-term contract. • ICE entered into a Letter Contract to begin activation efforts at our 1,033-bed Midwest Regional Reception Center for a six-month term to help cover our start-up expenses while we work to negotiate and execute a long-term contract. • ICE entered into an amended intergovernmental service agreement (IGSA) to resume operation and place up to 2,400 individuals under a fixed-price, five-year contract with bilateral extension options, at the CoreCivic-managed Dilley Immigration Processing Center in Dilley, Texas. • ICE entered into contract modifications at three facilities (Northeast Ohio Correctional Center, Nevada Southern Detention Center, and Cimarron Correctional Facility) to add capacity for up to 784 detainees. • The state of Montana entered into a new contract expanding the geographic area it is able to use at CoreCivic facilities. Approximately 240 inmates were received at our 2,672-bed Tallahatchie Correctional Facility in Tutwiler, Mississippi. CoreCivic also received an additional 120 Montana inmates at our Saguaro Correctional Facility in Eloy, Arizona, which brings the Montana population there to approximately 360. • ICE entered into a new contract under an IGSA at our previously idled 600-bed West Tennessee Detention Facility in Mason, Tennessee. The new IGSA expires in August 2030 and may be further extended through bilateral modification. 2025 • The state of Montana entered into a new contract to utilize additional out-of-state capacity at certain CoreCivic facilities. Approximately 120 additional inmates were received at our 1,896-bed Saguaro Correctional Facility in Eloy, Arizona, which already housed 120 inmates under a contract awarded in November 2023. 2024 • The state of Wyoming entered into a new contract to house up to 240 inmates at our 2,672-bed Tallahatchie County Correctional Facility. • Harris County, Texas entered into a new contract to house up to 360 inmates at our 2,672-bed Tallahatchie County Correctional Facility. The contract includes an option for the County to access an additional 360 beds there. • The state of Montana entered into a new contract to house up to 120 inmates at our 1,896-bed Saguaro Correctional Facility. • Hinds County, Mississippi entered into a new contract to house up to 250 pre-trial detainees at our 2,672-bed Tallahatchie County Correctional Facility. • The state of Oklahoma entered into a 5.75-year lease agreement at our 1,670-bed Allen Gamble Correctional Center in Holdenville, Oklahoma to transition facility operations to the Oklahoma Department of Corrections, effective October 1, 2023 providing more stable cash flows and enhanced profitability. 2023 21 …And Has Resulted in Many New Contract Wins New Contract Awards
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c We have a well-established history of repurposing facilities for alternative government partners: Our Real Estate is Flexible for Alternative Uses 22 Facility Facility Capacity State Details Allen Gamble Correctional Center 1,670 beds Oklahoma In June 2023, the state of Oklahoma entered into a 5.75-year lease agreement at our 1,670-bed Allen Gamble Correctional Center in Holdenville, Oklahoma to transition facility operations to the Oklahoma Department of Corrections, effective October 1, 2023. This shifted the facility from one owned and operated by CoreCivic for the State of Oklahoma into one that is leased to and managed by the State of Oklahoma, providing more stable cash flows and enhanced profitability. Cimarron Correctional Facility 1,600 beds Oklahoma In August 2020, the State of Oklahoma ended their contract due to budget shortfalls. The facility transitioned to a new contract with the USMS in September 2020. ICE was added to the USMS contract in February 2025. Adams County Correctional Center 2,232 beds Mississippi In August 2019, the BOP ended their contract due to a competitive rebid process. The facility transitioned to a new contract with ICE the same month. Eden Detention Center 1,422 beds Texas In April 2017, the BOP ended their contract due to declining capacity needs and the facility was idled. The facility was reactivated in June 2019 under a new USMS contract. La Palma Correctional Center 3,060 beds Arizona In June 2018, the State of California ended their contract due to declining capacity needs. The facility transitioned to a new contract with ICE in July 2018. In January 2022, the state of Arizona awarded a new contract to house up to 2,706 male offenders at the facility, which resulted in the transfer of ICE detainees to other facilities, including those we own in the region. Cibola County Corrections Center 1,129 beds New Mexico In August 2018, the BOP ended their contract due to declining capacity needs. The facility transitioned to a new contract with ICE in September 2018. Torrance County Detention Facility 910 beds New Mexico In October 2017, we elected to end our contract with the USMS to optimize utilization at other facilities. The facility was reactivated in May 2019 under a new ICE contract. Tallahatchie County Correctional Facility 2,672 beds Mississippi In June 2018, the State of California ended their contract due to declining capacity needs. The facility transitioned to a series of new contracts with federal, state and local partners, including USMS/ICE, Vermont, Virgin Islands, Tallahatchie County, Wyoming, Hinds County (MS), and Harris County (TX). In 2025, we added inmates from Montana pursuant to a new contract award. North Fork Correctional Facility 2,400 beds Oklahoma The facility has served nine different state partners over its operating history: California, Colorado, Hawaii, Idaho, Oklahoma, Vermont, Washington, Wisconsin and Wyoming.
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Corporate Responsibility Reporting
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c • CoreCivic released the Company’s seventh Corporate Responsibility Report in April 2025, demonstrating the continued commitment to transparency and accountability and providing more robust disclosures to show how the Company betters the public good every day • The Company actively supports policies aimed to improve the opportunities available to its residents upon reentry ➢ Ban the Box (a.k.a. “fair-chance”) legislation designed to eliminate hiring practices that discriminate against rehabilitated justice- involved persons ➢ Pell Grant restoration, Voting rights restoration, Licensure reform policies to improve reentry opportunities for formerly incarcerated individuals • Go Further is an evidence-based process that unites CoreCivic staff and those planning for reentry to produce successful outcomes • After careful assessment, a life plan is developed to address potential barriers to reentry such as educational needs and substance use disorders • Other programs focus on normalizing the living environment for residents, and helping their family members, and especially children, to feel more comfortable Unprecedented Commitment to ESG within the Corrections Industry 24 Note: To view all CoreCivic’s Corporate Responsibility Reports, click here: https://www.corecivic.com/esg
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c Company's ESG Focus Benefits All Stakeholders 25 (1) The Independent Institute, "Prison Break: A New Approach to Public Cost and Safety," June 2014. (2) ACA score as of January 11, 2025 • Ban the Box • Education & Vocational Training • Treatment and Behavioral Programs • Victim Impact Programs • Chaplaincy and Religious Services • Reduced Overcrowding • Modern Real Estate Amenities / Facility Design • Improved Medical Programs • Facilities and Open Spaces • Better Security More Humane Conditions Focus on Rehabilitation & Reentry 99.6%: Average Facility ACA Audit Score(2) Evidence Based Programs with Measurable Goals Holistic Approach Toward Preparing Inmates for Successful Reentry… Government Partners CommunityTaxpayers …While Serving the Needs of Broader Stakeholders • Facilities appropriate for inmates / detainees • Adapts quickly to shifting population and geographic needs • Built-to-Suit capabilities • Long run cost savings: 12%- 58%(1) • New construction: ➢ 15-25%(1) cost savings ➢ Faster delivery of beds(1) • Partner to 500+ small businesses • CoreCivic Foundation provides cash contribution and service hours to numerous charitable organizations focused on building strong communities
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c Human Rights – CoreCivic's Approach and Goals 26 Human rights are foundational in all that we do, therefore the salient rights of residents and employees are considered throughout our ESG and corporate strategies. We recognize the inherent dignity of every person and the benefits of promoting a culture of individual respect. Respecting the rights of those in our care is fundamental to our mission and a core component of the ethical framework that governs our business and operations. We operationalize our approach through the following management practices: Residents Employees • Maintain detailed policies and procedures that promote and protect human rights • Train all security personnel on risks to our operations during live, in-person training before interacting with residents and annually thereafter • Provide grievance mechanisms for residents and their friends and family members to report issues • Audit and monitor facility-level performance against key industry-specific obligations • Engage with external stakeholders on human rights issues • Maintain detailed policies on employee rights, including equal employment opportunities; sexual harassment; harassment based on race, sex, and other protected characteristics; and accommodations for persons with disabilities • Train all employees on harassment and discrimination policies annually • Train all security personnel on human rights risks associated with corrections and detention operations • Maintain multiple grievance mechanisms for reporting concerns and prohibit retaliation or reprisals for such reports • Apply investigative resources and disciplinary mechanisms to enforce employee rights Our human rights policy follows the United Nations Guiding Principles Framework and was developed along with an external expert on human rights. In 2024, we completed human rights assessments at 50% of facilities with immigrant detainees, along with four other locations. These assessments continue in 2025.
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c CoreCivic's Quality Assurance and Government Oversight 27 Over 1,000 on-site contract monitors and government partner employees have continuous oversight of our facilities to help ensure compliance
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c American Correctional Association ("ACA") • CoreCivic Safety facilities that maintain ACA accreditation undergo audits by independent auditors trained and assigned by the ACA on a three-year cycle. • ACA audits review all facets of correctional operations, including inmate/resident health care. Prison Rape Elimination Act ("PREA") • All CoreCivic Safety and Community facilities are subject to auditing on a three-year cycle for compliance with PREA. National Commission on Correctional Health Care ("NCCHC") • Some CoreCivic Safety facilities require accreditation by NCCHA, an independent organization that reviews health care operations in correctional environments. Office of Federal Contract Compliance Programs ("OFCCP") • CoreCivic facilities with federal populations are periodically audited by OFCCP of the United States Department of Labor. All CoreCivic facilities are subject to inspections related to state and local requirements in areas such as fire safety and food service, while several CoreCivic facilities are subject to inspection in connection with oversight of our government partner agencies by other, independent government agencies, such as the U.S. Department of Justice Office of Inspector General (BOP and USMS), Department of Homeland Security (DHS) Office of Inspector General (ICE), DHS Office of Detention Oversight, and DHS Office for Civil Rights and Civil Liberties. CoreCivic employees have access to government inspectors general and similar offices for purposes of reporting fraud, waste and other forms of misconduct in connection with government contracts, and such offices typically have authority, by law or by contract, to investigate our operations and the conduct of our employees and agents. CoreCivic's Quality Assurance and Government Oversight 28
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c CoreCivic's Health Services – Care Delivery 29 • Whether CoreCivic directly provides health services or coordinates with partner agencies and third-party providers, we are committed to providing quality care in line with correctional health standards set by organizations like National Commission on Correctional Health Care (NCCHC). • Our focus on care delivery standards starts with quality providers. Our provider credentialing process ensures that all medical providers are board certified and dentistry providers are appropriately vetted. • We seek continuous improvement through regular medical peer review and group review of serious incidents. Our focus on delivering therapeutic care includes the range of care delivery standards summarized at right.
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c c Highly Qualified, Proven Management Team 30 Variety of experience and unwavering commitment to rehabilitation and combating recidivism Damon T. Hininger Chief Executive Officer • Transitioning to Special Advisor to the CEO and Chairman of the Board on January 1, 2026 • 30+ years of corrections experience • Began at CoreCivic in 1992 as Correctional Officer • Active in community: United Way, Nashville Chamber of Commerce, Boy Scouts David Garfinkle EVP and Chief Financial Officer • Began at CoreCivic in 2001 • Former experience in REITs, public accounting and holds CPA certification • Board member/chair of audit committee of Mobile Infrastructure Corporation • Active in community: Junior Achievement of Middle Tennessee Tony Grande EVP and Chief Development Officer • Began at CoreCivic in 2003 • Assists in finding solutions to tough government challenges • Formerly served as Tennessee's Commissioner of Economic and Community Development Cole Carter EVP and Chief Administrative Officer • Began at CoreCivic in 1992 as Academic Instructor • Responsible for Legal and Human Resources • President of CoreCivic Cares Fund • Juris Doctor – Nashville School of Law Patrick Swindle President & Chief Operating Officer • Transitioning to CEO on January 1, 2026 • Began at CoreCivic in 2007 • Previously VP, Treasury and Strategic Development • Prior experience in sell-side equity research and finance department at CoreCivic • Active in community: Men of Valor Lucibeth Mayberry EVP and Chief Innovation Officer • Began at CoreCivic in 2003 • Responsible for the full range of real-estate services, including acquisitions, design & construction, and maintenance • Prior experience in legal and business development
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c • Patrick Swindle, who currently serves as the Company's President and Chief Operating Officer, will assume the role of CEO of the Company, effective on January 1, 2026: ➢ Promoted to President January 1, 2025 ➢ Mr. Swindle will fill the Board vacancy created by the current CEO's, Damon Hininger, resignation ➢ Began at CoreCivic in 2007 ➢ Previously VP, Treasury and Strategic Development ➢ Prior experience in sell-side equity research and finance department at CXW ➢ Active in community: Men of Valor • Damon Hininger, current CEO, has entered into a Transition Agreement as Special Advisor to Patrick Swindle and Mark Emkes, Board Chair, through March 2027 to help ensure a smooth transition. CEO Transition– A Deliberate Succession Plan 31
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Appendix
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c Reconciliation to Adjusted Diluted EPS 33 Period For the Three Months Ended June 30, For the Three Months Ended March 31, For the Three Months Ended December 31, For the Three Months Ended September 30, For the Three Months Ended June 30, ($ in thousands, except per share amounts) 2025 2025 2024 2024 2024 Net income 38,543$ 25,113$ 19,275$ 21,096$ 18,954$ Special items Expenses associated with debt repayments and refinancing transactions - - - - 4,074 Expenses associated with mergers and acquisitions 1,538 - - - - Gain on sale of real estate assets, net - - (1,513) (1,181) - Asset impairments - - - 3,108 - Income tax expense (benefit) for special items (427) - 441 (587) (1,277) Adjusted net income 39,654$ 25,113$ 18,203$ 22,436$ 21,751$ Weighted average common shares outstanding - basic 108,627 109,489 110,240 110,271 110,954 Effect of dilutive securities: Restricted stock-based awards 542 969 1,143 700 578 Weighted average shares and assumed conversions - diluted 109,169 110,458 111,383 110,971 111,532 Adjusted Earnings Per Basic Share $0.37 $0.23 $0.17 $0.20 $0.20 Adjusted Earnings Per Diluted Share $0.36 $0.23 $0.16 $0.20 $0.20
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c Calculation of FFO, Normalized FFO and AFFO 34 Period For the Three Months Ended June 30, For the Three Months Ended March 31, For the Three Months Ended December 31, For the Three Months Ended September 30, For the Three Months Ended June 30, ($ in thousands, except per share amounts) 2025 2025 2024 2024 2024 FUNDS FROM OPERATIONS: Net income 38,543$ 25,113$ 19,275$ 21,096$ 18,954$ Depreciation and amortization of real estate assets 24,920 24,598 25,072 25,166 24,843 Impairment of real estate assets - - - 2,418 - Gain on sale of real estate assets, net - - (1,513) (1,181) - Income tax expense (benefit) for special items - - 441 (377) - Funds From Operations 63,463$ 49,711$ 43,275$ 47,122$ 43,797$ Expenses associated with debt repayments and refinancing transactions - - - - 4,074 Expenses associated with mergers and acquisitions 1,538 - - - - Other asset impairments - - - 690 - Income tax benefit for special items (427) - - (210) (1,277) Normalized Funds From Operations 64,574$ 49,711$ 43,275$ 47,602$ 46,594$ Maintenance capital expenditures on real estate assets (6,065) (4,636) (12,874) (9,752) (7,851) Stock-based compensation 7,425 6,537 6,961 7,602 5,037 Amortization of debt costs 877 878 895 901 902 Other non-cash revenue and expenses 163 168 259 441 400 Adjusted Funds From Operations 66,974$ 52,658$ 38,516$ 46,794$ 45,082$ FUNDS FROM OPERATIONS PER DILUTED SHARE $0.58 $0.45 $0.39 $0.42 $0.39 NORMALIZED FUNDS FROM OPERATIONS PER DILUTED SHARE $0.59 $0.45 $0.39 $0.43 $0.42 ADJUSTED FUNDS FROM OPERATIONS PER DILUTED SHARE $0.61 $0.48 $0.35 $0.42 $0.40
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c Calculation of NOI and Segment NOI 35 Period For the Three Months Ended June 30, For the Three Months Ended March 31, For the Three Months Ended December 31, For the Three Months Ended September 30, For the Three Months Ended June 30, ($ in thousands, except per share amounts) 2025 2025 2024 2024 2024 Revenue Safety 503,339$ 454,184$ 444,461$ 459,270$ 455,373$ Community 30,134 29,708 30,251 28,203 30,302 Properties 4,692 4,642 4,545 4,085 4,416 Other - 93 36 - 18 Total Revenues 538,165$ 488,627$ 479,293$ 491,558$ 490,109$ Operating Expenses Safety 372,653 347,983 340,878 343,423 348,121 Community 23,528 23,613 24,041 24,613 24,134 Properties 2,143 3,123 3,763 2,763 3,462 Other 18 18 19 19 18 Total Operating Expenses 398,342$ 374,737$ 368,701$ 370,818$ 375,735$ Net Operating Income Safety 130,686 106,201 103,583 115,847 107,252 Community 6,606 6,095 6,210 3,590 6,168 Properties 2,549 1,519 782 1,322 954 Other (18) 75 17 (19) - Net Operating Income 139,823$ 113,890$ 110,592$ 120,740$ 114,374$ Interest Income from Finance Leases - Properties 2,023 2,038 2,053 2,067 2,081 Total Segment Net Operating Income Safety 130,686 106,201 103,583 115,847 107,252 Community 6,606 6,095 6,210 3,590 6,168 Properties 4,572 3,557 2,835 3,389 3,035 Total Segment NOI 141,864$ 115,853$ 112,628$ 122,826$ 116,455$ Net Operating Income Safety 92.1% 91.7% 92.0% 94.3% 92.1% Community 4.7% 5.2% 5.5% 2.9% 5.3% Properties 3.2% 3.1% 2.5% 2.8% 2.6% Total Segment NOI 100% 100% 100% 100% 100%
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c Calculation of EBITDA and Adjusted EBITDA 36 Period For the Three Months Ended June 30, For the Three Months Ended March 31, For the Three Months Ended December 31, For the Three Months Ended September 30, For the Three Months Ended June 30, ($ in thousands, except per share amounts) 2025 2025 2024 2024 2024 Net income 38,543$ 25,113$ 19,275$ 21,096$ 18,954$ Interest expense 18,428 18,381 18,616 18,947 20,060 Depreciation and amortization 31,108 30,518 31,896 32,240 32,145 Income tax expense 13,716 6,977 5,886 9,084 8,625 EBITDA 101,795$ 80,989$ 75,673$ 81,367$ 79,784$ Expenses associated with debt repayments and refinancing transactions - - - - 4,074 Expenses associated with mergers and acquisitions 1,538 - - - - Gain on sale of real estate assets, net - - (1,513) (1,181) - Asset impairments - - - 3,108 - ADJUSTED EBITDA 103,333$ 80,989$ 74,160$ 83,294$ 83,858$ EBITDA from unrestricted subsidiaries (2,288) (2,323) (2,329) (2,391) (2,359) RESTRICTED ADJUSTED EBITDA 101,045$ 78,666$ 71,831$ 80,903$ 81,499$