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The GEO Group, Inc.'s ("GEO") Unaudited Reconciliation Tables and Supplemental Disclosure presented herein speak only as of the date or period indicated, and GEO does not undertake any obligation, and disclaims any duty to update any of this information, except as required by law. GEO’s future financial performance is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect GEO's future financial results are discussed more fully in our reports on Form 10-K, Form 10-Q, and Form 8-K filed with the Securities and Exchange Commission ("SEC"). Readers are advised to refer to these reports for additional information concerning GEO. The results presented herein are shown as of December 31, 2025. www.geogroup.com1 The GEO Group, Inc. 4955 Technology Way Boca Raton, Florida 33431 Phone: 866-301-4436 Supplemental Information Fourth Quarter and Full Year 2025
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www.geogroup.com2 Company Profile 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statement of Operations 5 Reconciliation of Net Income to EBITDA and Adjusted EBITDA, and Reconciliation of Net Income Attributable to GEO Operations to Adjusted Net Income 6 Reconciliation of Net Income Attributable to GEO Operations to Net Operating Income (NOI) 7 Financial Summary - 1 8 Financial Summary - 2 9 Global Operations Profile 10 Portfolio Operating Metrics 11 Customer Data 12 Capital Expenditures 13 Debt Maturity Schedule 14 Outstanding Debt 15 Acquisitions/Dispositions 16 Idle Facilities 17 Property List 18-22 Definitions 23
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www.geogroup.com3 Company Profile The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 95 facilities totaling approximately 75,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 20,000 employees. GEO's mission is to develop innovative public-private partnerships with government agencies around the globe that deliver high quality, cost-efficient solutions while providing enhanced rehabilitation and community reintegration programs to the men and women entrusted to GEO’s care. * In '000's except per share data. ** GEO Corporate Structure is shown as of February 12, 2026. Bed and facility counts reflect the July 25, 2025 sale of Lawton, Oklahoma facility, the July 31, 2025 purchase of the Western Region Detention Facility and the September 26, 2025 sale of Hector Garza Center. 59%24% 17% REVENUE DISTRIBUTION FY 2025 67% 12% 21% NET OPERATING INCOME (NOI) DISTRIBUTION FY 2025 OWNED AND LEASED NON RESIDENTIAL AND OTHERMANAGED ONLY 563 548 551 557 556 556 551 552 554 592 635 654 45 46 52 51 50 51 52 55 52 44 48 54 $0 $100 $200 $300 $400 $500 $600 $700 $800 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Millions TOTAL REVENUE DOMESTIC INTERNATIONAL Low-End Mid-Point High-End Revenue 2,900,000$ 3,000,000$ 3,100,000$ Adjusted EBITDA 490,000$ 500,000$ 510,000$ Net Income Attributable to GEO Operations /Diluted Share 0.99$ 1.03$ 1.07$ Growth $10,000 to $25,000 Technology $30,000 to $35,000 Facility Maintenance $80,000 to $95,000 Capital Expenditures $120,000 to $155,000 2026 Guidance Summary *
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www.geogroup.com4 Condensed Consolidated Balance Sheets * As of As of December 31, 2025 December 31, 2024 (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 68,995 $ 76,896 Restricted cash and cash equivalents 2,998 2,785 Accounts receivable, less allowance for doubtful accounts 593,463 376,013 Prepaid expenses and other current assets 53,073 44,485 Total current assets $ 718,529 $ 500,179 Restricted Cash and Investments 179,366 145,366 Property and Equipment, Net 1,884,198 1,899,690 Operating Lease Right-of-Use Assets, Net 72,294 95,327 Deferred Income Tax Assets 9,396 9,522 Intangible Assets, Net (including goodwill) 873,360 882,577 Other Non-Current Assets 106,479 99,419 Total Assets $ 3,843,622 $ 3,632,080 LIA BILITIES A ND SHA REHOLDERS' EQUITY Accounts payable $ 58,727 $ 67,464 Accrued payroll and related taxes 82,086 68,044 Accrued expenses and other current liabilities 197,530 177,768 Operating lease liabilities, current portion 17,193 25,335 Current portion of finance lease obligations, and long-term debt 1,355 1,612 Total current liabilities $ 356,891 $ 340,223 Deferred Income Tax Liabilities 99,689 78,198 Other Non-Current Liabilities 176,083 95,410 Operating Lease Liabilities 57,557 73,638 Long-Term Debt 1,649,268 1,711,197 Total Shareholders' Equity 1,504,134 1,333,414 Total Liabilities and Shareholders' Equity $ 3,843,622 $ 3,632,080 * All figures in '000s
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www.geogroup.com5 Condensed Consolidated Statement of Operations * Q4 2025 Q4 2024 FY 2025 FY 2024 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 707,695 $ 607,720 $ 2,631,549 $ 2,423,702 Operating expenses 529,907 447,358 1,968,481 1,774,479 Depreciation and amortization 34,132 31,786 132,039 126,220 General and administrative expenses 59,823 60,679 235,939 213,028 Contingent Litigation Reserve - - 37,600 - Operating income 83,833 67,897 257,490 309,975 Interest income 2,055 1,153 9,076 8,787 Interest expense (37,939) (43,187) (160,521) (190,624) (Loss) on extinguishment of debt - (1,339) (8,446) (86,637) Other Income - - 5,514 - Gain(Loss) on asset divestitures/impairment - - 232,381 (2,907) Income before income taxes and equity in earnings of affiliates 47,949 24,524 335,494 38,594 Provision for income taxes 16,949 10,045 85,720 9,401 Equity in earnings of affiliates, net of income tax provision 768 1,032 4,532 2,703 Net income 31,768 15,511 254,306 31,896 Less: Net loss attributable to noncontrolling interests (2) (20) 66 70 Net Income Attributable to The GEO Group, Inc.operations $ 31,766 $ 15,491 $ 254,372 $ 31,966 Weighted Average Common Shares Outstanding: Basic 135,988 136,192 137,487 131,318 Diluted 137,389 139,550 139,723 134,064 Net Income per Common Share Attributable to The GEO Group, Inc.operations Basic: Net income per share — basic $ 0.23 $ 0.11 $ 1.85 $ 0.23 Diluted: Net income per share — diluted $ 0.23 $ 0.11 $ 1.82 $ 0.22 * All figures in '000s, except per share data
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www.geogroup.com6 Reconciliation of Net Income to EBITDA and Adjusted EBITDA, and Net Income Attributable to GEO Operations to Adjusted Net Income * Q4 2025 Q4 2024 FY 2025 FY 2024 (unaudited) (unaudited) (unaudited) (unaudited) Net Income $ 31,768 $ 15,511 $ 254,306 $ 31,896 Add: Income tax provision ** 17,197 10,335 86,587 10,203 Interest expense, net of interest income *** 35,884 43,373 159,891 268,474 Depreciation and amortization 34,132 31,786 132,039 126,220 EBITDA $ 118,981 $ 101,005 $ 632,823 $ 436,793 Add (Subtract): (Gain)/Loss on asset divestitures/impairment, pre-tax - - (232,381) 2,907 Net loss attributable to noncontrolling interests (2) (20) 66 70 Stock based compensation expenses, pre-tax 3,972 5,785 23,593 18,107 Non-cash contingent liability and litigation and settlement costs, pre tax 32 - 38,224 - Start-up expenses, pre-tax 1,023 - 1,423 507 ATM equity program expenses, pre tax - - - 264 Transaction fees, pre-tax - 164 76 3,632 Employee restructuring expenses, pre-tax 1,630 2,060 2,003 2,060 Close-out expenses, pre-tax 1,392 - 2,816 2,345 Other non-cash revenue & expenses, pre-tax (1,066) (1,035) (4,225) (3,196) Adjusted EBITDA $ 125,962 $ 107,959 $ 464,418 $ 463,489 Net Income attributable to GEO Operations $ 31,766 $ 15,491 $ 254,372 $ 31,966 Add (Subtract): (Gain)/Loss on asset divestitures/impairment, pre-tax - - (232,381) 2,907 Loss on extinguishment of debt, pre-tax - 1,339 8,446 86,637 Non-cash contingent liability and litigation and settlement costs, pre tax 32 - 38,224 - Start-up expenses, pre-tax 1,023 - 1,423 507 ATM equity program expenses, pre tax - - - 264 Transaction fees, pre-tax - 164 76 3,632 Employee restructuring expenses, pre-tax 1,630 2,060 2,003 2,060 Close-out expenses, pre-tax 1,392 - 2,816 2,345 Discrete tax benefit (1) - (7) - (4,611) Tax effect of adjustment to net income attributable to GEO (2) (1,025) (896) 45,113 (24,733) Adjusted Net Income $ 34,818 $ 18,151 $ 120,092 $ 100,974 Weighted average common shares outstanding - Diluted 137,389 139,550 139,723 134,064 Adjusted Net Income per Diluted Share 0.25$ 0.13$ 0.86$ 0.75$ * All figures in '000s. ** Includes income tax provision on equity in earnings of affiliates. *** Includes loss on extinguishment of debt. (1) Discrete tax benefit primarily relates to interest deduction related to shares of common stock issued to note holders as a result of our private convertible note exchange transactions. (2) Tax adjustment related to (gain)/loss on asset divestitures/impairment, loss on extinguishment of debt, non-cash contingent liability and litigation and settlement costs, start-up expenses, ATM equity program expenses, transaction fees, close-out expenses, and employee restructuring expenses.
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www.geogroup.com7 Reconciliation of Net Income Attributable to GEO Operations to Net Operating Income (NOI) * Q4 2025 Q4 2024 FY 2025 FY 2024 (unaudited) (unaudited) (unaudited) (unaudited) Net Income Attributable to GEO Operations $ 31,766 $ 15,491 $ 254,372 $ 31,966 Less Net loss attributable to noncontrolling interests (2) (20) 66 70 Net Income $ 31,768 $ 15,511 $ 254,306 $ 31,896 Add (Subtract): Equity in earnings of affiliates, net of income tax provision (768) (1,032) (4,532) (2,703) Income tax provision 16,949 10,045 85,720 9,401 Interest expense, net of interest income 35,884 42,034 151,445 181,837 Loss on extinguishment of debt - 1,339 8,446 86,637 Depreciation and amortization 34,132 31,786 132,039 126,220 General and administrative expenses 59,823 60,679 235,939 213,028 Contingent Litigation Reserve - - 37,600 - Net Operating Income, net of operating lease obligations $ 177,788 $ 160,362 $ 900,963 $ 646,316 Add: Operating lease expense, real estate 3,481 4,858 17,051 18,678 (Gain)/Loss on asset divestitures/impairment, pre-tax - - (232,381) 2,907 Start-up expenses, pre-tax 1,023 - 1,423 507 Net Operating Income (NOI) $ 182,292 $ 165,220 $ 687,056 $ 668,408 * All figures in '000s.
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www.geogroup.com8 Financial Summary Q4 2025 Q4 2024 FY 2025 FY 2024 (unaudited) (unaudited) (unaudited) (unaudited) Market Capitalization ** $ 2,196,237 $ 3,922,273 $ 2,196,237 $ 3,922,273 Share Price ** $ 16.12 $ 27.98 $ 16.12 $ 27.98 Owned and Leased: Secure Services $ 370,914 $ 300,725 $ 1,375,843 $ 1,195,529 Owned and Leased: Reentry Services 41,822 40,781 162,058 161,609 Managed Only 179,648 153,627 642,639 611,751 Electronic Monitoring and Supervision Services 83,743 81,230 320,919 332,826 Non-Residential Services & Other 31,568 31,357 130,090 121,987 $ 707,695 $ 607,720 $ 2,631,549 $ 2,423,702 Owned and Leased: Secure Services $ 88,744 $ 72,926 $ 333,104 $ 314,149 Owned and Leased: Reentry Services 13,680 14,052 52,322 50,172 Managed Only 34,827 25,139 112,175 95,440 Electronic Monitoring and Supervision Services 35,677 43,700 150,396 171,878 Non-Residential Services & Other 9,364 9,403 39,059 36,769 $ 182,292 $ 165,220 $ 687,056 $ 668,408 Net Income Attributable to The GEO Group, Inc.operations* $ 31,766 $ 15,491 $ 254,372 $ 31,966 $ 125,962 $ 107,959 $ 464,418 $ 463,489 Growth $ 7,970 $ 1,281 $ 111,741 $ 11,795 Technology 11,068 6,748 36,196 24,190 Facility Maintenance 16,382 11,910 45,130 38,375 $ 35,420 $ 19,939 $ 193,067 $ 74,360 * Figures in '000s, except per share data ** As of quarter-end or year-end as applicable *** Prior period includes certain reclassifications to conform with the current period presentation Capital Expenditures * ** Revenues * Company Profile * Net Operating Income (NOI) * *** Adjusted EBITDA *
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www.geogroup.com9 Financial Summary Q4 2025 Q4 2024 FY 2025 FY 2024 Owned and Leased: Secure Services 31 30 31 30 Owned and Leased: Reentry Services 31 33 31 33 Managed Only & Other 25 25 25 25 87 88 87 88 Owned and Leased: Secure Services ** Revenue Producing Beds 36,535 35,455 40,123 35,455 Occupancy 89% 83% 86% 83% Compensated Mandays 2,990,630 2,713,376 11,533,152 10,785,164 Square Feet 6,221,721 6,280,431 6,221,721 6,280,431 Idle Facilities: Design Capacity - Beds 5,896 10,486 5,896 10,486 Square Feet 1,388,423 1,788,049 1,388,423 1,788,049 Owned and Leased: Reentry Services ** Revenue Producing Beds 5,497 5,497 5,497 5,577 Occupancy (1) 83% 80% 83% 79% Compensated Mandays 418,366 402,083 1,673,250 1,604,799 Square Feet 862,102 862,102 862,102 862,102 Available beds at active facilities 0 - 0 - Idle Facilities: Design Capacity - Beds 750 1,189 750 1,189 Square Feet 103,135 214,627 103,135 214,627 Managed Only ** Revenue Producing Beds 22,624 21,919 23,414 23,455 Occupancy 96% 96% 96% 96% Compensated Mandays 2,005,163 1,927,732 7,675,040 7,974,971 Square Feet 6,580,151 6,582,761 6,580,151 6,582,761 U.S. 3,711,748 3,482,935 3,711,748 3,482,935 International 2,868,403 3,099,826 2,868,403 3,099,826 Non-Residential Units *** Day Reporting Centers (2) 643,818 687,863 2,600,821 2,803,479 Electronic Monitoring and Supervision Services (3) 34,652,944 32,875,571 136,321,722 132,176,507 * Excludes idle facilities. ** Revenue producing beds, occupancy, compensated mandays and square feet exclude Great Plains Correctional Facility, Guadalupe County Correctional Facility, and Youth facilities for which GEO has a management consulting agreement, idle facilities, and projects under activation/construction. *** Non-Residential Units presented in the table are calculated based on number of days within the period multiplied by number of units. Excludes In-Prison treatment participants. (1) Occupancy has increased due to a decrease in capacity primarily due to Delaney Hall being reclassified as a Secured Services facility. (2) Reentry Services Non-Residential Units include home confinement populations and day reporting center participants. (3) Electronic Monitoring and Supervision Services Non-Residential Units include electronic monitoring services and Intensive Supervision and Appearance Program ("ISAP") participants. Portfolio *
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www.geogroup.com10 Global Operations Profile * Data includes all active facilities and idle beds. ** Bed and Facility counts are shown as of November 6, 2025, and reflect the July 25, 2025 sale of the Lawton, Oklahoma facil ity, and the and the July 31, 2025 purchase of the Western Region Detention Facility and the September 26, 2025 sale of Hector Garza Center. Global Operating Portfolio by Region * ** United States Facilities Current Beds Beds 1-Yr Ago Texas 19 17,736 19,031 California 13 6,623 6,623 Pennsylvania 8 3,350 3,350 Florida 6 7,061 5,751 Alas ka 6 705 705 Colorado 5 2,810 2,860 Arizona 4 5,930 5,930 Georgia 4 5,254 5,286 Louisiana 4 3,654 3,654 New Mexico 4 1,984 1,984 New Jersey 3 1,604 2,216 Indiana 2 4,262 4,262 Illinois 2 170 170 Oklahoma 1 1,940 4,328 Michigan 1 1,800 1,800 Washington 1 1,575 1,575 North Carolina 1 1,320 1,450 Alabama 1 722 722 Wyoming 1 342 342 New York 1 172 172 Kansas 1 136 136 Nevada 1 124 124 Utah 1 115 115 Ohio 1 100 100 South Dakota 1 68 68 United States Total: 92 69,557 72,754 International Facilities Current Beds Beds 1-Yr Ago Australia 2 2,222 3,501 South Africa 1 3,024 3,024 International Total: 3 5,246 6,525 Global: 95 74,803 79,279 Global Operating Portfolio by Facility Ownership ** Company Owned 70 50,380 53,559 Company Leased 8 1,662 2,990 Managed - Only 17 22,761 22,730 Total 95 74,803 79,279
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www.geogroup.com11 Portfolio Operating Metrics * BEDS (1) FY 12/31/2025 Q4 2025 Owned & Leased Managed Only Total Revenue* Compensated Mandays Occupancy Revenue* Compensated Mandays Occupancy Eastern Region (FL,GA,IN) 6 2,368,940 1,500 9,195 10,695 $206,077 3,750,903 96% $52,416 946,526 96% Central Region (OK) 0 - - - - $25,519 466,069 92% - - - Western Region (AZ) 4 1,166,385 - 5,930 5,930 $131,560 2,046,674 95% $32,528 515,352 94% Reentry Services 20 666,617 3,913 184 4,097 $103,773 1,292,565 86% $26,637 324,971 86% United States (Ex-Federal) Total: 30 4,201,942 5,413 15,309 20,722 $466,929 7,556,211 94% $111,581 1,786,849 94% Eastern Region (FL,GA,LA,MI,NJ,PA) 12 2,386,505 12,784 1,310 14,094 $458,102 3,738,257 90% $153,735 1,189,596 92% Central Region (TX) 12 2,310,358 13,884 384 14,268 $503,513 4,575,365 88% $129,977 1,165,673 89% Western Region (CA,CO,WA) 9 1,653,799 8,367 512 8,879 $477,395 2,627,879 76% $126,201 691,690 85% Reentry Services 13 242,967 1,584 - 1,584 $65,065 447,845 77% $17,085 110,323 76% United States (Federal) Total: 46 6,593,629 36,619 2,206 38,825 $1,504,075 11,389,346 85% $426,998 3,157,282 88% Australia 2 2,222,569 - 2,222 2,222 $177,030 832,125 100% $48,428 191,820 100% South Africa 1 645,834 - 3,024 3,024 $20,079 1,103,760 100% $5,355 278,208 100% International Total: 3 2,868,403 - 5,246 5,246 $197,109 1,935,885 100% $53,783 470,028 100% Electronic Monitoring and Supervision Services $320,919 136,321,722 $83,743 34,652,944 Reentry Services $115,206 2,600,821 $27,820 643,818 Non Residential Total: N/A N/A N/A N/A N/A $436,125 N/A N/A $111,563 N/A N/A Owned, Non-Managed & Mgmt Fee only (2) 8 1,132,590 3,364 - 3,364 Idle Facilities 8 1,491,558 6,646 - 6,646 Other Total (3): 16 2,624,148 10,010 - 10,010 $27,311 $3,770 Global Total: 95 16,288,122 52,042 22,761 74,803 $2,631,549 20,881,442 (4) 89% $707,695 5,414,159 (4) 91% * Revenue presented in '000s (1) Design Capacity Beds and Facility counts are shown as of December 31, 2025. (2) Includes Great Plains Correctional Facility (1,940 beds), Guadalupe County Correctional Facility (600 beds) and other Leased, Not-Managed Facilities (824 beds). (3) Other Total Revenue includes Great Plains Correctional Facility, Guadalupe County Correctional Facility, facilities under activation, idle facilities, and other revenue. (4) Total Compensated Mandays excludes Non-Residential Units. # of Facilities (1) Sq. Ft.
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www.geogroup.com12 Customer Data Total FY 2025 2024 2023 2022 2021 # of Contracts up for Renewal/Rebid 245 43 46 48 50 58 Contract Retention Rate: Owned & Leased 94.0% 97.4% 97.7% 97.8% 93.3% 84.8% Contract Retention Rate: Managed Only 74.1% 75.0% 66.7% 100.0% 60.0% 75.0% 91.8% 95.3% 95.7% 97.9% 90.0% 82.8% Owned & Leased (FY 2025) ** % of Beds * % of Beds * Top Customers Top Customers 1 U.S. Immigration & Customs Enforcement 38.5% 35.9% 1 Australia 3.2% 2 United States Marshals Service 15.5% 13.4% 2 State of Arizona 9.2% 3 Federal Bureau of Prisons 2.7% 2.6% 3 State of Florida 7.6% 4 State of Georgia 2.3% 1.3% 4 State of Indiana 6.6% 5 State of Oklahoma 0.0% 1.0% 5 United States Marshals Service 1.4% 6 State of Alaska 1.0% 0.8% 6 U.S. Immigration & Customs Enforcemen 2.0% 7 State of New Jersey 0.9% 0.6% 7 South Africa 4.7% 8 State of Texas 1.1% 0.5% 9 Various Others 3.0% 2.9% * Reflect only revenue producing beds ** Top customers do not reflect non-residential revenue % of Revenue Retention Rate Customer Retention Data 1.8% 1.0% 0.8% % of RevenueManaged Only (FY 2025) ** 6.7% 5.0% 4.5% 2.0% 48% 23% 16% 7% 3% 2% 1% GEO REVENUE BY CUSTOMER TYPE FY 2025 ICE State USMS International BOP Local Other 66.3 66.3 65.6 65.5 64.8 64.8 64.8 62.9 62.9 63.1 67.0 64.7 85.4% 85.2% 86.5% 87.2% 87.6% 87.9% 87.3% 87.2% 88.4% 88.8% 90.3% 91.0% 80% 82% 84% 86% 88% 90% 92% 94% 96% 98% 60.0 65.0 70.0 75.0 80.0 85.0 Occupa ncy % Revenue Producing Beds ( in '000)
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www.geogroup.com13 Capital Expenditures * Secure Services Reentry Services Secure Services Reentry Services Cap-Ex Category Growth 7,970 - - - 7,970 78,131 - - - 78,131 Technology - - 11,068 - 11,068 - - 5,665 - 5,665 Facility Maintenance 10,767 2,138 - 3,477 16,382 6,016 1,154 - 2,169 9,339 Total Capital Expenditures *** 18,737$ 2,138$ 11,068$ 3,477$ 35,420$ 84,147$ 1,154$ 5,665$ 2,169$ 93,135$ * Amounts in '000s ** Electronic and Location Monitoring *** Excludes reimbursed Capital Expenditures. Facility improvements are included with growth, and BI maintenance and monitoring equipment & technology are included with Technology. Q4 2025 Q3 2025 Owned & Leased BI ** Managed Only & Other Total Owned & Leased BI ** Managed Only & Other Total $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Capital Expenditures *** Growth Technology Facility Maintenance
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www.geogroup.com14 Debt Maturity Schedule * 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Total Floating Rate Debt Revolver Borrowings Due 2030** -$ -$ -$ -$ 358,583$ -$ -$ -$ -$ -$ 358,583$ Total Floating Debt -$ -$ -$ -$ 358,583$ -$ -$ -$ -$ -$ 358,583$ Fixed Rate Debt 8.625% Senior Secured Notes due 2029 -$ -$ -$ 650,000$ -$ -$ -$ -$ -$ -$ 650,000$ 10.25% Senior Unsecured Exch. Notes due 2031 - - - - - 625,000 - - - - 625,000 Finance Leases 29 - - - - - - - - - 29 Other Debt(1) 1,325 1,383 1,439 1,499 1,576 1,644 1,709 1,787 24,895 - 37,257 Total Fixed Debt 1,354$ 1,383$ 1,439$ 651,499$ 1,576$ 626,644$ 1,709$ 1,787$ 24,895$ -$ 1,312,286$ Total Debt Payments 1,354$ 1,383$ 1,439$ 651,499$ 360,159$ 626,644$ 1,709$ 1,787$ 24,895$ -$ 1,670,869$ Weighted Avg. Interest Rates, pre-tax Floating 6.82% Fixed 9.30% Total 8.87% (1) Bears interest at SOFR + 205 bps. Company has entered into interest rate swap agreements to fix the interest rate to 4.22% * These amounts are in '000-s and represent future maturities as of 12/31 of each year ** Pursuant to the Credit Agreement amendment entered in January 20, 2026, the revolving credit facility commitments were increased by $100M Total Debt Payments $1 $1 $1 $651 $360 $627 $2 $2 $25 $- $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 ($ in millions) Floating Rate Debt 21% Fixed Rate Debt 79%
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www.geogroup.com15 Outstanding Debt * Due 2029 2031 Closing Date 4/18/24 4/18/24 Denomination USD USD Security Secured Unsecured Original Principal Amount $650,000 $625,000 Outstanding Principal Amount (end of quarter) $650,000 $625,000 Stated Coupon 8.625% 10.250% Maturity Date 4/15/29 4/15/31 Date Callable 4/15/26 4/15/27 Call Price 104.313 105.125 Capacity (1) $450,000 Metric December 31, 2025 Outstanding $358,583 Total Net Leverage 3.54x Letters of Credit (2) $44,415 Total Senior Secured Leverage 2.16x Remaining Capacity $47,002 Net Interest Coverage Ratio 3.07x Current Interest Rate Spread 2.500% Interest Rate (3) SOFR + Spread Maturity Date (4) 7/14/30 (1) Pursuant to the Credit Agreement amendment entered in January 20, 2026, the revolving credit facility commitments were increased by $100M (2) Excludes approximately AUD $65M, or $43M, based on exchange rates at December 31, 2025, of letters of credit issued under a bank guarantee facility in connection with certain performance guarantees (3) SOFR floor of 0.75% (5) Based on Adj. EBITDA as reported * Amounts in '000's * Amounts as of December 31, 2025 Revolving Credit Facility due 2030 Credit Metrics (5) Senior Notes (4) Subject to springing maturity on January 14, 2029 if the outstanding Sr. Secured Notes due 2029 are greater than $100M
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www.geogroup.com16 Acquisitions/Dispositions * Bed Count State Purchase Price Acquisition Date Tampa Residential Reentry Center 118 FL $1,200 March 2021 Correct Care Australasia N/A Australia $3,910 March 2024 Western Region Detention Facility 770 CA $60,000 July 2025 Total $65,110 Bed Count State Sale Price ** Sale Date Talbot Hall 536 NJ $13,922 January 2021 McCabe Center 113 TX $2,550 March 2021 Williams Street Center 84 CO $1,400 May 2021 Youth Services *** 824 Various $10,000 July 2021 Queens Detention Facility 222 NY $18,000 August 2021 Dupage Interventions 36 IL $2,200 September 2021 Crossroads Reception Center 300 IN $3,100 October 2021 Perry County Correctional Center 690 AL $15,000 April 2022 Ravenhall Equity Investment N/A Australia $84,000 August 2022 Correctional Alternative Placement Services 240 CO $325 August 2023 Albert "Bo" Robinson Assessment & Treatment 900 NY $15,185 September 2023 Lawton Correctional Facility 2,388 OK $312,000 July 2025 Hector Garza Center 139 TX $9,550 September 2025 Other Asset and Land Sales $8,243 Total $495,475 * Represents acquisitions/dispositions of real estate assets, amounts in '000s. ** GEO received net proceeds of $13.2 million for the sale of its interest in Talbot Hall, $2.4 million for the sale of McCabe Center, $1.3 million for the sale of Williams Street Center, $10 million for the sale of Youth Services, $16.5 million for the sale of Queens Detention Facility, $2.1 million for the sale of Dupage Interventions, $2.6 million for the sale of Crossroads Reception Center, $14.9 million for the sale of Perry County Correctional Center, $84 million for the Ravenhall equity investment sale, $14.7 million for the sale of Albert "Bo" Robinson, $312 million for the sale of Lawton Correctional Facility and $8.8M for the sale of Hector Garza Center. *** GEO divested its Youth Services business effective July 1, 2021 for $10 million net of working capital adjustment. Acquisitions Dispositions
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www.geogroup.com17 Idle Facilities Idle Facilities (As of 12/31/2025) Secure Services Facilities ** Location Ownership Bed Count Net Book Value * Flightline Correctional Facility Texas Owned 1,452 39,761 Rivers Correctional Facility North Carolina Owned 1,320 35,969 Lea County Correctional Facility New Mexico Owned 1,200 45,412 Big Spring Correctional Facility Texas Owned 924 32,005 Cheyenne Mountain Center Colorado Owned 700 17,314 McFarland Facility California Owned 300 10,481 5,896 180,942 Non-Secure Reentry Facilities Location Ownership Bed Count Net Book Value * Philadelphia Residential Pennsylvania Owned 400 6,032 Coleman Hall Pennsylvania Owned 350 5,531 750 $ 11,563 6,646 $ 192,505 * Dollar amounts in '000s. ** Idle bed counts reconfigured for detention use. United States Total Secure Services Subtotal Non-Secure Reentry Subtotal
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www.geogroup.com18 Property List Updated as of December 31 2025 Facility Name City State Y ears Built/ Renov ated Y ears Contracted Primary Customer(s) Capacity Owners hi p Type Term(s) Renew al Option(s) Upcoming Renewal Date OWNED AND LEASED PROPERTIES 1 Adelanto ICE Processing Center Adelanto California 1990, 1991, 2011, 2012, 2015 December-19 ICE 1,940 Owned 5 years Two, five-year December-29 2 Central V alley Annex McFarland California 1997, 2009/2010 December-19/October-23 ICE/USMS 700 Owned 5 years/1 m onth Two, five-year/one, year option plus one, six -m onth ex tension, plus one, three-m onth ex tension, please one, six -m onth ex tension. December-29/January-26 3 Desert V iew Annex Adelanto California 1997, 2010, 2013 December-19 ICE 750 Owned 5 years Two, five-year December-29 4 G olden State Annex McFarland California 1997, 2010 December-19 ICE 700 Owned 5 years Two, five-year December-29 5 McFarland Facility McFarland California 1988, 2011, 2014 None Idle 300 Owned None None None 6 Mesa V erde ICE Processing Center Bakersfield California 1989, 2011,2015 December-19 ICE 400 Owned 5 years Two, five-year December-29 7 Western Region Detention Facility San Diego California 1959-1961, 2000 Novem ber-17 USMS 770 Owned 1 year, 10 m onths One, two-year , plus six -m onth ex tension, plus three-m onth ex tension, plus one fifteen-m onth option, plus one twenty-five m onth option, plus two two-year options. September-27 8 Aurora ICE Processing Center Aurora Colorado 1987, 1993, 1998, 2009, 2010, 2011, 2017 October-21 ICE 1,532 Owned 1 year Four, one-year October-26 9 Broward Transitional Center Deerfield Beach Florida 1998, 2004, 2010, 2011, 2013, 2014 September-21 ICE 700 Owned 1 year Four, one-year August-26 10 Cheyenne Mountain Center Colorado Springs Colorado 2005 None Idle 700 Owned None None None 11 D. Ray James Processing Center* Folkston G eorgia 1998/1999, 2008/2009, 2011/2012 December-16 ICE - IGA 1,868 Owned 1 year Four, one-year, plus one, two- m onth ex tension, plus one, five year renewal February -27 12 Delaney Hall Facility Newark New Jersey 1999/2000, 2008 May-25 ICE 1,000 Owned 15 years None April - 40 13 Folkston ICE Processing Center Folkston G eorgia 2005, 2008, 2013, 2017 December-16 ICE - IGA 1,118 Owned 1 year Four, one-year, plus one, two- m onth ex tension, plus one, five year renewal February -27 14 Riverbend Correctional and Rehabilitation Facility Milledgeville G eorgia 2011 July-10 GA DOC 1,500 Owned 1 year Forty, one-year June-26 15 Robert A. Deyton Detention Facility Lovejoy G eorgia 1984-1986, 2008/2009 February-08 USMS 768 Leased 5 years Three, five-year February-28 16 Alex andria Staging Facility ** Alexandria Louisiana 2014 Novem ber-13 ICE - IGA 400 Owned Perpetual None Perpetual 17 Pine Prairie ICE Processing Center Pine Prairie Louisiana 1999, 2008, 2018 June-15 ICE - IGA 1,094 Owned 5 years One-m onth ex tension plus one, fifty-nine m onth ex tension, plus one, four-m onth, plus one, one- m onth ex tension, plus one four- m onth ex tension Mar-26 18 Central Louisiana ICE Processing Center Jena Louisiana 1998, 2008, 2010/2011, 2017 Novem ber-13 ICE - IGA 1,160 Owned Perpetual None Perpetual 19 South Louisiana ICE Processing Center Bas ile Louisiana 1993, 1994,1996, 1998, 1999, 2000, 2001, 2010, 2011, 2017 June-15 ICE - IGA 1,000 Owned 5 years One-m onth ex tension plus one, fifty-nine m onth ex tension, plus one, four-m onth, plus one, one- m onth ex tension, plus one four- m onth ex tension Mar-26 20 North Lake Processing Center Baldwin Michigan 1998/1999, 2002, 2011 TBD ICE 1,800 Owned TBD None TBD 21 Lea County Correctional Facility Hobbs New Mex ico 1997/1998, 2017 TBD USMS 1,200 Owned TBD TBD TBD 22 Rivers Facility Winton North Carolina 2000/2001, 2017 None Idle 1,320 Owned None None None 22 Moshannon V alley Processing Center Phillips burg Pennsylvania 2005, 2006, 2013, 2021 September-21 ICE IGA 1,876 Owned 5 year None September-26 22 Brooks County Detention Center Falfurrias Tex as 2001, 2011 March-13 USMS IGA 652 Owned Perpetual None Perpetual 22 Coastal Bend Detention Center Robstown Tex as 2008, 2009 July-12 USMS - IGA 1,176 Owned Perpetual None Perpetual 22 East Hidalgo Detention Center LaVilla Tex as 2001, 2002, 2004, 2005, 2007, 2011 July-12 USMS IGA 1,346 Owned Perpetual None Perpetual 22 Cedar Hill Facility Big Spring Tex as 1940, 1960, 1982, 1991, 1994, 1996, 2001, 2009, 2010, 2011, 2012, 2018 None Idle 924 Owned None None None 22 Flightline Facility Big Spring Tex as 1940, 1960, 1982, 1991, 1994, 1996, 2001, 2009, 2010, 2011, 2012, 2018 None Idle 1,452 Owned None None None 22 Joe Corley Processing Center Conroe Tex as 2008, 2017, 2018, 2020 July-08 / Septem ber-18 USMS / ICE 1,517 Owned Perpetual / 5 years None /Five-year, plus one, four- and one-half-m onth ex tension, plus one, six -m onth ex tension, plus two, two-m onth ex tensions, plus one, four-m onth ex tension, plus one, three-m onth ex tension, plus one, four-m onth ex tension, plus one three-m onth ex tension Perpetual/Jan-26 22 Karnes County Detention Facility Karnes City Tex as 1995 February-98 USMS - IGA 679 Owned Perpetual None Perpetual 22 Karnes County Im m igration Processing Center Karnes City Tex as 2011, 2012, 2014, 2015 September-24 ICE - IGA 1,328 Owned 5 years None August-29 22 Montgom ery Processing Center Conroe Tex as 2018 October-18 ICE 1,314 Owned 10 m onths Nine, one-year August-26 22 Eagle Pass Detention Facility Eagle Pass Tex as 2008, 2018 October-20 USMS - IGA 661 Owned Perpetual None Perpetual 22 Rio G rande Processing Center Laredo Tex as 2007, 2008 October-08 USMS 1,900 Owned 5 years Three, five-year September-28 22 South Tex as ICE Processing Center Pearsall Tex as 2004, 2005, 2012 August-20 ICE 1,904 Owned 1 year Nine, one-year August-26 22 V al V erde County Detention Facility Del Rio Tex as 2000, 2001, 2005, 2007 January-01 USMS - IGA 1,407 Owned Perpetual None Perpetual 22 Northwest ICE Processing Center Tacoma Washington 2003, 2004, 2009, 2010, 2012 September-15 ICE 1,575 Owned 1 year Four, one-year plus five-year ex tension, plus two, six -m onth ex tensions March-26 GEO SECURE SERVICES * D. Ray Jam es Processing Center was activated pursuant to an am endm ent under the Folkston ICE Processing Center contract. ** Alex andria Staging Facility was activated pursuant to an am endm ent under the Central Louisiana ICE Processing Center contract.
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www.geogroup.com19 Property List Updated as of December 31 2025 Facility Name City State Y ears Built/ Renov ated Y ears Contracted Primary Customer(s) Design Capacity Owners hi p Type Term(s) Renew al Option(s) Upcoming Renewal Date OWNED AND LEASED PROPERTIES GEO CARE - REENTRY SERVICES 1 Alabama Therapeutic Education Facility Colum biana Alabama 1962 December-21 AL DOC 722 Owned 2 year Three, one-year Novem ber-26 2 Cordova Center Anchorage Alas ka 1974-1979, 2001, 2013 July-19/Novem ber-24 BOP / AK DOC 296 Owned 1 year /8 m onths Nine, one-year/Four, one-year June-26/June-26 3 Midtown Center Anchorage Alas ka Early 1950s, 1972, 1998 Novem ber-24 AK DOC 32 Owned 8 m onths Four, one-year June-26 4 Northstar Center Fairbanks Alas ka 1970, 1975, 1995 July-22 AK DOC 120 Leased 1 year Three, one-year June-26 5 Parkview Center Anchorage Alas ka 1971, 1976 Novem ber-24 AK DOC 112 Owned 8 m onths Four, one-year June-26 6 Seaside Center No me Alas ka 1999, 2016 February-25 AK DOC 60 Owned 5 m onths Four, one-year June-26 7 Tundra Center Bethel Alas ka 1960/1970 February-25 AK DOC 85 Owned 5 m onths Four, one-year June-26 8 El Monte Center El Monte California 1960, 2004, 2012 October-19 BOP 70 Leased 1 year Nine, one-year September-26 9 Long Beach Com m unity Reentry Center Long Beach California 1997 July-24 CDCR 112 Leased 9 years None June-33 10 Marvin G ardens Center Los Angeles California 1962, 1965, 1990, 2017 December-23 BOP 60 Leased 1 year Four, one-year Novem ber-26 11 Oakland Street Center Oakland California 1904, 1911, 2000s February-20 BOP 69 Owned 1 year Nine, one-year January-27 12 Taylor Street Center San Francisco California 1907, 2010, 2011 April-21/ July-25 BOP / CDCR 240 Owned 1 year / 3 years Four, one-year/Two, one-year March-26/June-28 13 Arapahoe County Residential Center Littleton Colorado 2006 July-25 Arapahoe County 202 Owned 1 year None June-26 14 Com m unity Alternatives of El Paso County Colorado Springs Colorado 1991, 1998, 2000 July-24 4th Judicial Dis trict 240 Owned 1 year Four, one- year June-26 15 Tampa Residential Reentry Center Tamp a Florida 2020, 2021 September-21 BOP 118 Owned 1 year Four, one- year August-26 16 G rossman Center Leavenworth Kansas 1988, 2002/2003 July-19 BOP 136 Owned 1 year Nine, one-year June-26 17 The Harbor Newark New Jersey 1929, 1999, 2008 August-25 NJ DOC 260 Leased 1 year, 11 m onths None June-27
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www.geogroup.com20 Property List Updated as of December 31 2025 Facility Name City State Y ears Built/ Renov ated Y ears Contracted Primary Customer(s) Design Capacity Owners hi p Type Term(s) Renew al Option(s) Upcoming Renewal Date GEO CARE - REENTRY SERVICES 18 Tully House Newark New Jersey 1929, 1999 August-25 NJ DOC 344 Owned 1 year, 11 m onths None June-27 19 New Mex ico Men's Recovery Academy Los Lunas New Mex ico No Real Property July-23 NM DOC 124 Managed 4 years None June-27 20 New Mex ico Women's Recovery Academy Alberquerque New Mex ico No Real Property July-23 NM DOC 60 Managed 4 years None June-27 21 Las V egas CCC Las V egas Nevada 1978, 2004 Feburary-21 BOP 124 Owned 1 year Four, one-year, plus one 6-m onth ex tension July-26 22 Bronx Com m unity Re-entry Center Bronx New York 1966, 1998, 2009, 2012, 2015 July-20 BOP 172 Leased 1 year Nine, one-year June-26 23 ADAPPT Reading Pennsylvania 1909, 1919, 1929, 1986, 1989 May-24 PA DOC 64 Owned 4 years, 9 m onths None January-29 24 Chester County Chester Pennsylvania 1923 May-24 PA DOC 142 Owned 4 years, 9 m onths None January-29 25 Coleman Hall Philadelphia Pennsylvania 1919, 2001 None Idle 350 Owned None None None 26 Hoffman Hall Philadelphia Pennsylvania 2008 None Idle 400 Owned None None None 27 Scranton Facility Scranton Pennsylvania No Real Property May-24 PA DOC 100 Owned 4 years, 9 m onths None January-29 28 Com m unity Alternatives of The Black Hills Rapid City South Dakota 1989, 1998, 2007 October-21 BOP 68 Owned 1 year Four, one-year September-26 29 Beaumont Transitional Treatment Center Beaum ont Tex as 1940, 1950, 1967, 1975, 1986, 1997 September-25 TDCJ 180 Owned 2 years Two, one-year August-27 30 Leidel Com prehensive Sanction Center Houston Tex as 1930, 1960, 2005, 2006, 2012 January-21 BOP 190 Owned 1 year Four, one-year plus one six -m onth ex tension June-26 31 Mid V alley House Edinburg Tex as 1985, 2001, 2014 December-20 BOP 128 Owned 1 year Nine, one-year Novem ber-26 32 Reality House Browns ville Tex as 1983, 2011 July-24 BOP 94 Owned 1 year Four, one-year June-26 33 Southeast Tex as Transitional Center Houston Tex as 1960, 1967, 1970, 1984, 1997, 1998, 2008, 2012, 2018 September-25 TDCJ 500 Owned 2 years Two, one-year August-27 34 Salt Lake City Center Salt Lake City Utah 1970, 1977, 2004 June-19 BOP 115 Owned 1 year Nine, one-year May-26 35 Casper Reentry Center Casper Wyom ing 1984, 1994, 2004/2005, 2007 January-22/July-24 BOP/WYDOC 342 Owned 1 year/1 year Four, one-year/Two, one-year options December-26/June-26
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www.geogroup.com21 Property List Updated as of December 31 2025 Facility Name City State Y ears Built/ Renov ated Y ears Contracted Primary Customer(s) Design Capacity Owners hi p Type Term(s) Renew al Option(s) Upcoming Renewal Date MANAGED-ONLY FACILITIES 1 Florence West Correctional and Rehabilitation Facility Florence Arizona 1997 October-22 AZ DOC 750 Managed 5 years One, five-year October-27 2 Phoenix West Correctional and Rehabilitation Facility Phoenix Arizona 1979, 1984, 1995, 1996, 2002 July-22 AZ DOC 500 Managed 5 years None July-27 3 Central Arizona Correctional and Rehabilitation Facility Florence Arizona 2006 December-06 AZ DOC 1,280 Managed 10 years Two, five-year December-26 4 Kingm an Correctional and Rehabilitation Facility Kingm an Arizona 2004, 2010 February-08 AZ DOC 3,400 Managed 10 years One, five-year plus one, two-year plus one, three-and-a-half m onth plus one, one-year ex tension, plus one, one-year, 7-and-a-half-m onth option June-26 5 Blackwater River Correctional and Rehabilitation Facility Milton Florida 2010 October-10 FL DOC 2,000 Managed 3 years Unlim ited, two-year October-27 6 Moore Haven Correctional and Rehabilitation Facility Moore Haven Florida 1995, 1999, 2007 July-21 FL DOC 985 Managed 3 years Unlim ited, two-year June-26 7 South Bay Correctional and Rehabilitation Facility South Bay Florida 1996, 1997, 2001, 2004, 2005, 2007, 2012 July-09 FL DOC 1,948 Managed 3 years Four, two-year plus six -m onth ex tension plus three, two-year ex tensions December-26 8 North Florida Detention Facility Sanderson Florida N/A August-25 ICE 1,310 Managed Perpetual None Perpetual 9 New Castle Correctional Facility New Castle Indiana 2001, 2012 September-05 IN DOC 3,196 Managed 4 years Three, two-year ex tensions plus one, four-year and nine-m onth ex tension plus one, three-m onth ex tension, plus one, nine-m onth ex tension plus one, five-year ex tension with one, four-year option. June-26 10 Heritage Trail Correctional Facility Plainfield Indiana 1890, 1900, 1921, 1961 March-11 IN DOC 1,066 Managed 4 years One, four-year ex tension, plus one, one-year ex tension plus four- m onths and two-days ex tension, plus one-year ex tension plus five- year ex tension June-26 11 El Centro Detention Facility El Centro California 1976 December-19 USMS 512 Managed 2 years Three, two-year, plus nine-m onth ex tension Oct-27 12 Kinney County Detention Center Brackettville Tex as 2004 September-13 USMS-IGA 384 Managed Perpetual None Perpetual INTERNATIONAL 1 Fulham Correctional Centre West Sale, AUS Victoria 1997, 2002 July-12 V ictoria Ministry of Corrections 922 Managed 4 years Nineteen-years and four-m onths October-35 2 Kutam a Sinthum ule Correctional Centre Louis Trichardt, SA South Africa 2003, 2008 February-02 RSA Dept. of Correctional Services 3,024 Managed 25 years None February-27 3 Ravenhall Correctional Centre Melbourne, AUS Victoria 2017 Novem ber-17 V ictoria Ministry of Corrections 1,300 Managed 24 years 5 m onths None March-42 GEO SECURE SERVICES
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www.geogroup.com22 Property List Updated as of December 31 2025 Facility Name City State Y ears Built/ Renov ated Y ears Contracted Primary Lessee(s) Design Capacity Owners hi p Type Term(s) Renew al Option(s) 1 G reat Plains Correctional Facility Hinton Oklahom a 1990-1992, 1995, 2008, 2011, 2013, 2015, 2018 May-23 OK DOC 1,940 Owned 5 years, 6 m onths Unlim ited, one-year 2 G uadalupe County Correctional Facility Santa Rosa New Mex ico 1998/1999, 2008 Novem ber-21 NMCD 600 Owned 2 years Nine, Two-year options 3 Southern Peaks Regional Treatment Center Canon City Colorado 2003, 2004 N/A Abrax as Alliance 136 Owned N/A N/A 4 Southwood Interventions Chicago Illinois 1925, 1950, 1975, 2008 N/A Abrax as Alliance 80 Owned N/A N/A 5 Woodridge Interventions Woodridge Illinois 1982, 1986 N/A Abrax as Alliance 90 Owned N/A N/A 6 Abrax as Ohio Shelby Ohio 1900, 1935, 1965, 1992 N/A Abrax as Alliance 100 Owned N/A N/A 7 Abraxas I Marienville Pennsylvania 1930s, 1960, 1982, 1985, 1987, 1989, 1999, 2003 N/A Abrax as Alliance 204 Owned N/A N/A 8 Abrax as Academy Morgantown Pennsylvania 1999, 2000 N/A Abrax as Alliance 214 Owned N/A N/A GEO LEASED PROPERTIES (NOT MANAGED)
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www.geogroup.com23 Debt Maturity Schedule * EBITDA : Adjusted EBITDA: Adjusted Net Income: Net Debt/Net Leverage: Net Operating Income (NOI): Net Operating Income is defined as revenues less operating expenses, excluding depreciation and amortization expense, general and administrative expenses, contingent litigation reserve and real estate related operating lease expense.Net Operating Income is calculated as net income adjusted by subtracting equity in earnings of affiliates, net of income tax provision, and by adding income tax provision, interest expense, net of interest income, loss on extinguishment of debt, depreciation and amortization expense, general and administrative expenses, contingent litigation reserve, start-up expenses, pre-tax, gain/loss on asset divestitures/impairment, pre-tax, and operating lease expense, real estate. Adjusted EBITDA is defined as EBITDA adjusted for gain/loss on asset divestitures/impairment, pre-tax, net loss attributable to non-controlling interests, stock-based compensation expenses, pre-tax, non-cash contingent liability and litigation and settlement costs, pre tax, start-up expenses, pre-tax, ATM equity program expenses, pre-tax, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, and other non-cash revenue & expenses, pre-tax. Adjusted Net Income, is defined as net income attributable to GEO operations adjusted for gain/loss on asset divestitures/impairment, pre-tax, loss on extinguishment of debt, pre-tax, non-cash contingent liability and litigation and settlement costs, pre tax , start-up expenses, pre-tax, ATM equity program expenses, pre-tax, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, discrete tax benefits, and the tax effect of adjustments to net income attributable to GEO operations. Net Debt is defined as gross principal debt less cash from restricted subsidiaries. Net Leverage is defined as Net Debt divided by Adjusted EBITDA. EBITDA is defined as net income, adjusted by adding provisions for income tax, interest expense, net of interest income, and depreciation and amortization.