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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 September 30, 2026. www.geogroup.com1 The GEO Group, Inc. 4955 Technology Way Boca Raton, Florida 33431 Phone: 866-301-4436 Supplemental Information Third Quarter and YTD 2026
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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 and Outstanding Debt 14 Acquisitions/Dispositions 15 Idle Facilities 16 Property List 17-21 Definitions 22
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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 97 facilities totaling approximately 76,000 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 November 5, 2026. *** On October 2, 2026, GEO completed the sale of the 1,280-bed Adelanto West ICE Processing Center, 660-bed Adelanto East ICE Processing Center, and 704-bed Desert View Annex, totaling 2,644 beds. Following the sale, GEO expects to continue providing support services at the three facilities pursuant to the Company’s existing contract. **** The above outlook does not include the impact of any potential impact related to one-time legal settlements. 59%26% 15% REVENUE DISTRIBUTION YTD 2026 61%16% 23% NET OPERATING INCOME (NOI) DISTRIBUTION YTD 2026 OWNED AND LEASED NON RESIDENTIAL AND OTHERMANAGED ONLY 557 556 556 551 552 554 592 635 654 648 669 698 51 50 51 52 55 52 44 48 54 57 63 63 $0 $100 $200 $300 $400 $500 $600 $700 $800 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Millions TOTAL REVENUE DOMESTIC INTERNATIONAL 2026 Guidance Summary * **** Low-End Mid-Point High-End Revenue 2,975,000$ 3,000,000$ 3,025,000$ Adjusted EBITDA 568,000$ 570,500$ 573,000$ Net Income Attributable to GEO/Diluted Share 5.49$ 5.51$ 5.53$ Adjusted Net Income/Diluted Share 1.40$ 1.42$ 1.44$ Growth $23,500 to $25,000 Technology $34,000 to $36,000 Facility Maintenance $82,500 to $89,000 Capital Expenditures $140,000 to $150,000
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www.geogroup.com4 Condensed Consolidated Balance Sheets * As of As of September 30, 2026 December 31, 2025 (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 215,955 $ 68,995 Restricted cash and cash equivalents 5,297 2,998 Accounts receivable, less allowance for doubtful accounts 544,411 593,463 Prepaid expenses and other current assets 40,792 53,073 Total current assets $ 806,455 $ 718,529 Restricted Cash and Investments 192,008 179,366 Property and Equipment, Net 1,713,918 1,884,198 Operating Lease Right-of-Use Assets, Net 122,014 72,294 Assets Held for Sale 146,798 - Deferred Income Tax Assets 9,396 9,396 Intangible Assets, Net (including goodwill) 867,916 873,360 Other Non-Current Assets 126,122 106,479 Total Assets $ 3,984,627 $ 3,843,622 LIA BILITIES A ND SHA REHOLDERS' EQUITY Accounts payable $ 73,398 $ 58,727 Accrued payroll and related taxes 117,237 82,086 Accrued expenses and other current liabilities 259,202 197,530 Operating lease liabilities, current portion 21,132 17,193 Current portion of finance lease obligations and long-term debt 1,369 1,355 Total current liabilities $ 472,338 $ 356,891 Deferred Income Tax Liabilities 99,689 99,689 Other Non-Current Liabilities 208,838 176,083 Operating Lease Liabilities 103,828 57,557 Long-Term Debt 1,529,252 1,649,268 Total Shareholders' Equity 1,570,682 1,504,134 Total Liabilities and Shareholders' Equity $ 3,984,627 $ 3,843,622 * All figures in '000s
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www.geogroup.com5 Condensed Consolidated Statement of Operations * Q3 2026 Q3 2025 YTD 2026 YTD 2025 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 761,062 $ 682,341 $ 2,198,347 $ 1,923,854 Operating expenses 552,369 508,881 1,604,581 1,438,574 Depreciation and amortization 34,182 33,039 102,208 97,907 General and administrative expenses 72,122 62,121 198,167 176,116 Contingent Litigation Reserve - 37,600 - 37,600 Operating income 102,389 40,700 293,391 173,657 Interest income 2,051 2,558 6,951 7,021 Interest expense (38,143) (38,234) (115,000) (122,582) Loss on extinguishment of debt - (7,851) 0 (8,446) Other Income - 0 0 5,514 Gain/(Loss) on asset divestitures/impairment - 232,381 (673) 232,381 Income before income taxes and equity in earnings of affiliates 66,297 229,554 184,669 287,545 Provision for income taxes 17,910 56,391 51,814 68,771 Equity in earnings of affiliates, net of income tax provision 816 759 2,114 3,764 Net income 49,203 173,922 134,969 222,538 Less: Net loss attributable to noncontrolling interests 11 18 82 68 Net Income Attributable to The GEO Group, Inc. Operations $ 49,214 $ 173,940 $ 135,051 $ 222,606 Weighted Average Common Shares Outstanding: Basic 129,969 138,283 131,052 137,992 Diluted 132,002 139,992 132,691 140,509 Net Income per Common Share Attributable to The GEO Group, Inc. Operations Basic: Net income per share — basic $ 0.38 $ 1.26 $ 1.03 $ 1.61 Diluted: Net income per share — diluted $ 0.37 $ 1.24 $ 1.02 $ 1.58 * 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 * Q3 2026 Q3 2025 YTD 2026 YTD 2025 (unaudited) (unaudited) (unaudited) (unaudited) Net income $ 49,203 $ 173,922 $ 134,969 $ 222,538 Add: Income tax provision ** 18,209 56,610 52,558 69,389 Interest expense, net of interest income *** 36,092 43,527 108,049 124,007 Depreciation and amortization 34,182 33,039 102,208 97,907 EBITDA $ 137,686 $ 307,098 $ 397,784 $ 513,841 Net Income per Common Share Attributable to The GEO Group, Inc. Operations Add (Subtract): (Gain)/Loss on asset divestitures/impairment, pre-tax - (232,381) 673 (232,381) Net loss attributable to noncontrolling interests 11 18 82 68 Stock based compensation expenses, pre-tax 5,002 7,627 17,691 19,621 Non-cash contingent liability and litigation and settlement costs, pre-tax 410 37,661 410 38,192 Start-up expenses, pre-tax 1,208 400 1,717 400 Transaction fees, pre-tax 123 21 445 76 Employee restructuring expenses, pre-tax 1,250 41 1,842 373 Close-out expenses, pre-tax 459 748 478 1,424 Other non-cash revenue & expenses, pre-tax (811) (1,140) (2,374) (3,159) Adjusted EBITDA $ 145,338 $ 120,093 $ 418,748 $ 338,455 Net Income Attributable to The GEO Group, Inc. Operations $ 49,214 $ 173,940 $ 135,051 $ 222,606 Add (Subtract): (Gain)/Loss on asset divestitures/impairment, pre-tax - (232,381) 673 (232,381) Loss on extinguishment of debt, pre-tax - 7,851 - 8,446 Non-cash contingent liability and litigation and settlement costs, pre-tax 410 37,661 410 38,192 Start-up expenses, pre-tax 1,208 400 1,717 400 Transaction fees, pre-tax 123 21 445 76 Employee restructuring expenses, pre-tax 1,250 41 1,842 373 Close-out expenses, pre-tax 459 748 478 1,424 Tax effect of adjustment to net income attributable to GEO Operations (1) (867) 46,689 (1,399) 46,138 Adjusted Net Income $ 51,797 $ 34,970 $ 139,217 $ 85,274 Weighted average common shares outstanding - Diluted 132,002 139,992 132,691 140,509 Adjusted Net Income per Diluted Share 0.39$ 0.25$ 1.05$ 0.61$ * All figures in '000s. ** Includes income tax provision on equity in earnings of affiliates. *** Includes loss on extinguishment of debt. (1) 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, transaction fees, employee restructuring expenses, and close-out expenses.
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www.geogroup.com7 Reconciliation of Net Income Attributable to GEO Operations to Net Operating Income (NOI) * Q3 2026 Q3 2025 YTD 2026 YTD 2025 (unaudited) (unaudited) (unaudited) (unaudited) Net Income Attributable to The GEO Group, Inc. Operations $ 49,214 $ 173,940 $ 135,051 $ 222,606 Less Net loss attributable to noncontrolling interests 11 18 82 68 Net Income $ 49,203 $ 173,922 $ 134,969 $ 222,538 Add (Subtract): Equity in earnings of affiliates, net of income tax provision (816) (759) (2,114) (3,764) Income tax provision 17,910 56,391 51,814 68,771 Interest expense, net of interest income 36,092 35,676 108,049 115,561 Loss on extinguishment of debt - 7,851 - 8,446 Depreciation and amortization 34,182 33,039 102,208 97,907 General and administrative expenses 72,122 62,121 198,167 176,116 Contingent Litigation Reserve - 37,600 - 37,600 Net Operating Income, net of operating lease obligations $ 208,693 $ 405,841 $ 593,093 $ 723,175 Add: Operating lease expense, real estate 3,964 4,021 11,174 13,570 (Gain)/Loss on asset divestitures/impairment, pre-tax - (232,381) 673 (232,381) Start-up expenses, pre-tax 1,208 400 1,717 400 Net Operating Income (NOI) $ 213,865 $ 177,881 $ 606,657 $ 504,764 * All figures in '000s.
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www.geogroup.com8 Financial Summary Q3 2026 Q3 2025 YTD 2026 YTD 2025 (unaudited) (unaudited) (unaudited) (unaudited) Market Capitalization ** $ 4,033,282 $ 2,852,126 $ 4,033,282 $ 2,852,126 Share Price ** $ 30.47 $ 20.49 $ 30.47 $ 20.49 Owned and Leased: Secure Services $ 408,922 $ 363,174 $ 1,175,654 $ 1,004,930 Owned and Leased: Reentry Services 44,193 40,718 128,537 120,236 Managed Only 195,814 164,609 571,242 462,992 Electronic Monitoring and Supervision Services 81,816 80,538 232,220 237,176 Non-Residential Services & Other 30,317 33,302 90,694 98,520 $ 761,062 $ 682,341 $ 2,198,347 $ 1,923,854 Owned and Leased: Secure Services $ 114,776 $ 88,890 $ 328,082 $ 244,362 Owned and Leased: Reentry Services 15,913 12,843 44,000 38,641 Managed Only 33,469 26,536 97,358 77,347 Electronic Monitoring and Supervision Services 40,336 40,067 109,782 114,719 Non-Residential Services & Other 9,371 9,545 27,435 29,695 $ 213,865 $ 177,881 $ 606,657 $ 504,764 Net Income Attributable to The GEO Group, Inc. Operations $ 49,214 $ 173,940 $ 135,051 $ 222,606 $ 145,338 $ 120,093 $ 418,748 $ 338,455 Growth $ 1,182 $ 78,131 $ 7,313 $ 103,770 Technology 13,280 5,665 24,376 25,128 Facility Maintenance 12,542 9,339 35,847 28,748 $ 27,004 $ 93,135 $ 67,536 $ 157,646 * Figures in '000s, except per share data ** As of quarter-end *** Prior period includes certain reclassifications to conform with the current period presentation **** On October 2, 2026, GEO completed the sale of the 1,280-bed Adelanto West ICE Processing Center, 660-bed Adelanto East ICE Processing Center, and 704-bed Desert View Annex, totaling 2,644 beds. Following the sale, GEO expects to continue providing support services at the three facilities pursuant to the Company’s existing contract. Capital Expenditures * ** Revenues * **** Company Profile * Net Operating Income (NOI) * *** **** Adjusted EBITDA *
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www.geogroup.com9 Financial Summary Q3 2026 Q3 2025 YTD 2026 YTD 2025 Owned and Leased: Secure Services 33 31 33 31 Owned and Leased: Reentry Services 31 31 31 31 Managed Only & Other 26 25 26 25 90 87 90 87 Owned and Leased: Secure Services ** **** Revenue Producing Beds 36,549 38,923 36,549 40,123 Occupancy 93% 88% 91% 86% Compensated Mandays 3,122,538 3,031,568 9,097,113 8,509,090 Square Feet 6,167,460 6,221,721 6,167,460 6,221,721 Under Activation: Design Capacity - Beds 2,508 - 2,508 - Square Feet 656,164 - 656,164 - Idle Facilities: Design Capacity - Beds 4,529 5,896 4,529 5,896 Square Feet 1,079,504 1,388,423 1,079,504 1,388,423 Owned and Leased: Reentry Services ** Revenue Producing Beds 5,497 5,497 5,497 5,497 Occupancy 84% 83% 74% 84% Compensated Mandays 426,977 420,195 1,108,991 1,255,883 Square Feet 862,102 862,102 862,102 862,102 Idle Facilities: Design Capacity - Beds 676 750 676 750 Square Feet 103,135 103,135 103,135 103,135 Managed Only ** Revenue Producing Beds 22,789 22,624 22,789 23,414 Occupancy 97% 96% 96% 96% Compensated Mandays 2,023,794 1,912,478 5,996,580 5,675,661 Square Feet 5,394,647 5,371,822 5,394,647 5,371,822 U.S. 3,734,573 3,711,748 3,734,573 3,711,748 International 1,660,074 1,660,074 1,660,074 1,660,074 Non-Residential Units *** Day Reporting Centers (1) 619,158 666,590 1,867,922 1,957,003 Electronic Monitoring and Supervision Services (2) 36,122,128 34,402,054 104,895,223 101,668,778 * 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. **** On October 2, 2026, GEO completed the sale of the 1,280-bed Adelanto West ICE Processing Center, 660-bed Adelanto East ICE Processing Center, and 704-bed Desert View Annex, totaling 2,644 beds. Following the sale, GEO expects to continue providing support services at the three facilities pursuant to the Company’s existing contract. (1) Reentry Services Non-Residential Units include home confinement populations and day reporting center participants. (2) 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 Global Operating Portfolio by Region * ** United States Facilities Current Beds Beds 1-Yr Ago Texas 19 17,689 17,736 California 13 6,577 6,623 Pennsylvania 9 3,304 3,350 Florida 6 7,061 7,061 Colorado 6 3,998 2,810 Alas ka 6 705 705 Arizona 4 5,930 5,930 Georgia 4 5,254 5,254 Louisiana 4 3,654 3,654 New Mexico 4 1,984 1,984 New Jersey 3 1,604 1,604 Indiana 2 4,262 4,262 Illinois 2 170 170 Oklahoma 1 1,940 1,940 Michigan 1 1,800 1,800 Washington 1 1,635 1,575 North Carolina 1 1,320 1,320 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: 94 70,666 69,557 International Facilities Current Beds Beds 1-Yr Ago Australia 2 2,222 2,222 South Africa 1 3,024 3,024 International Total: 3 5,246 5,246 Global: 97 75,912 74,803 Global Operating Portfolio by Facility Ownership ** Company Owned 70 50,273 50,380 Company Leased 9 2,850 1,662 Managed - Only 18 22,789 22,761 Total 97 75,912 74,803 * Data includes all active facilities and idle beds. ** On October 2, 2026, GEO completed the sale of the 1,280-bed Adelanto West ICE Processing Center, 660-bed Adelanto East ICE Processing Center, and 704-bed Desert View Annex. Follow ing the sale, GEO expects to continue providing support services at the three facilities pursuant to the Company’s existing contract.
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www.geogroup.com11 Portfolio Operating Metrics * BEDS (1) YTD 9/30/2026 Q3 2026 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 $157,733 2,820,910 97% $54,249 952,122 97% Western Region (AZ) 4 1,166,385 - 5,930 5,930 $94,569 1,533,641 95% $32,133 517,053 95% Reentry Services 21 689,442 3,913 212 4,125 $82,524 897,609 80% $28,313 331,497 87% United States (Ex-Federal) Total: 31 4,224,767 5,413 15,337 20,750 $334,826 5,252,160 93% $114,695 1,800,672 94% Eastern Region (FL,GA,LA,MI,NJ,PA) 12 2,389,304 12,784 1,310 14,094 $478,147 3,499,390 91% $165,373 1,213,238 94% Central Region (TX) 12 2,312,416 13,884 384 14,268 $402,714 3,608,692 93% $139,827 1,228,191 94% Western Region (CA,CO,WA) 9 1,594,681 8,381 512 8,893 $422,630 2,145,684 88% $147,350 734,178 90% Reentry Services 13 242,967 1,584 - 1,584 $54,066 264,600 61% $18,771 114,398 79% United States (Federal) Total: 46 6,539,368 36,633 2,206 38,839 $1,357,557 9,518,366 90% $471,321 3,290,005 92% Australia 2 1,014,240 - 2,222 2,222 $166,076 606,606 100% $57,079 204,424 100% South Africa 1 645,834 - 3,024 3,024 $16,890 825,552 100% $5,807 278,208 100% International Total: 3 1,660,074 - 5,246 5,246 $182,966 1,432,158 100% $62,886 482,632 100% Electronic Monitoring and Supervision Services $232,220 104,895,223 $81,816 36,122,128 Reentry Services $79,439 1,867,922 $26,551 619,158 Non-Residential Total: N/A N/A N/A N/A N/A $311,659 N/A N/A $108,367 N/A N/A Owned, Non-Managed & Mgmt Fee only (2) 8 1,132,590 3,364 - 3,364 Under Activation 2 656,164 2,508 - 2,508 Idle Facilities 7 1,182,639 5,205 - 5,205 Other Total (3): 17 2,971,393 11,077 - 11,077 $11,339 $3,793 Global Total: 97 15,395,602 53,123 (5) 22,789 75,912 $2,198,347 16,202,684 (4) 92% $761,062 5,573,309 (4) 93% * Revenue presented in '000s (1) Design Capacity Beds and Facility counts are shown as of November 5, 2026. (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. (5) On October 2, 2026, GEO completed the sale of the 1,280-bed Adelanto West ICE Processing Center, 660-bed Adelanto East ICE Processing Center, and 704-bed Desert View Annex. Following the sale, GEO expects to continue providing support services at the three facilities pursuant to the Company’s existing contract. # of Facilities (1) Sq. Ft.
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www.geogroup.com12 Customer Data Total YTD 2026 2025 2024 2023 2022 # of Contracts up for Renewal/Rebid 212 25 43 46 48 50 Contract Retention Rate: Owned & Leased 96.9% 100.0% 97.4% 97.7% 97.8% 93.3% Contract Retention Rate: Managed Only 75.0% 100.0% 75.0% 66.7% 100.0% 60.0% 95.3% 100.0% 95.3% 95.7% 97.9% 90.0% Owned & Leased (YTD 2026) ** *** % of Beds * % of Beds * Top Customers Top Customers 1 U.S. Immigration & Customs Enforcement 39.4% 40.0% 1 Australia 3.4% 2 United States Marshals Service 14.6% 12.1% 2 State of Arizona 9.1% 3 Federal Bureau of Prisons 2.7% 2.6% 3 State of Florida 7.6% 4 State of Georgia 2.3% 1.3% 4 U.S. Immigration & Customs Enforcement 2.0% 5 State of Alaska 1.0% 0.7% 5 State of Indiana 6.6% 6 State of New Jersey 0.9% 0.5% 6 United States Marshals Service 1.4% 7 State of Alabama 1.1% 0.4% 7 South Africa 4.7% 8 State of Pennsylvania 0.5% 0.4% 8 State of New Mexico 0.3% 9 State of California 0.2% 0.3% 10 Various Others 2.2% 1.7% * Reflect only revenue producing beds ** Top customers do not reflect non-residential revenue *** On October 2, 2026, GEO completed the sale of the 1,280-bed Adelanto West ICE Processing Center, 660-bed Adelanto East ICE Processing Center, and 704-bed Desert View Annex, totaling 2,644 beds. Follow ing the sale, GEO expects to continue providing support services at the three facilities pursuant to the Company’s existing contract. Retention Rate Customer Retention Data 1.9% 1.8% 0.8% 0.2% % of RevenueManaged Only (YTD 2026) ** 7.6% 4.3% 4.1% 2.4% % of Revenue 52% 19% 15% 8% 3% 2% 1%GEO REVENUE BY CUSTOMER TYPE YTD 2026 ICE State USMS International BOP Local Other 65.5 64.8 64.8 64.8 62.9 62.9 63.1 67.0 64.7 64.7 64.7 64.8 87.2% 87.6% 87.9% 87.3% 87.2% 88.4% 88.8% 90.3% 91.0% 90.9% 90.7% 93.4% 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 1,182 - - - 1,182 2,677 - - - 2,677 Technology - - 13,280 - 13,280 - - 7,873 - 7,873 Facility Maintenance 8,179 2,322 - 2,041 12,542 5,975 1,255 - 1,796 9,025 Total Capital Expenditures *** 9,361$ 2,322$ 13,280$ 2,041$ 27,004$ 8,652$ 1,255$ 7,873$ 1,796$ 19,575$ * 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. Q3 2026 Q2 2026 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 $20,000 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Capital Expenditures *** Growth Technology Facility Maintenance
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www.geogroup.com14 Debt Maturity Schedule and Outstanding Debt * 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Total Floating Rate Debt Revolver Borrowings Due 2031 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Total Floating Debt -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fixed Rate Debt 10.25% Senior Unsecured Notes due 2031 -$ -$ -$ -$ -$ 625,000$ -$ -$ -$ -$ 625,000$ Other Debt(1) 337 1,383 1,439 1,499 1,576 1,644 1,709 1,787 24,895 - 36,269 Total Fixed Debt 337$ 1,383$ 1,439$ 1,499$ 1,576$ 626,644$ 1,709$ 1,787$ 24,895$ -$ 661,269$ Total Debt Payments 337$ 1,383$ 1,439$ 1,499$ 1,576$ 626,644$ 1,709$ 1,787$ 24,895$ -$ 661,269$ Weighted Avg. Interest Rates, pre-tax Floating 6.99% Fixed 9.84% Total 9.84% Total Debt Payments $0 $1 $1 $1 $2 $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) Fixed Rate Debt 100% Closing Date 4/18/24 Denomination USD Original Principal Amount $625,000 Outstanding Principal Amount $625,000 Stated Coupon 10.250% Maturity Date 4/15/31 Date Callable 4/15/27 Call Price 105.125 Senior Unsecured Notes due 2031 Capacity $550,000 Outstanding $0 Letters of Credit (2) $56,515 Remaining Capacity $493,485 Current Interest Rate Spread 2.250% Interest Rate (3) SOFR + Spread Maturity Date (4) 7/14/31 Revolving Credit Facility due 2031 Total Net Leverage 1.14x Total Senior Secured Leverage 0.00x Net Interest Coverage Ratio 3.78x Credit Metrics Note: Information reflected on an adjusted basis for Sale of Adelanto Complex, Redemption of Senior Secured Notes and Amendment of Credit Agreement as of 10/28/26 (1) Bears interest at SOFR + 205 bps. Company has entered into interest rate swap agreements to fix the interest rate to 4.22% (3) SOFR floor of 0.75% * Amounts in '000's (4) Subject to springing maturity on January 14, 2031 if the outstanding Sr. Unsecured Notes due 2031 are greater than $100M (2) Excludes approximately AUD $71M, or $50M, based on exchange rates at September 30, 2026, of letters of credit issued under a bank guarantee facility in connection with certain performance guarantees
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www.geogroup.com15 Acquisitions/Dispositions * 2025 - YTD 2026 Bed Count State Purchase Price Acquisition Date Western Region Detention Facility 770 CA $60,000 July 2025 Total $60,000 Bed Count State Sale Price ** Sale Date Lawton Correctional Facility 2,388 OK $312,000 July 2025 Hector Garza Center 139 TX $9,550 September 2025 Adelanto ICE Processing Center & Desert View Annex*** 2,644 CA $950,000 October 2026 Other Asset and Land Sales $1,035 Total $1,272,585 * Represents acquisitions/dispositions of real estate assets, amounts in '000s. ** GEO received net proceeds of $312 million for the sale of Law ton Correctional Facility, $8.8M for the sale of Hector Garza, $911M for the sale of Adelanto East, Adelanto West and Desert View and $1M that includes land sales and non-core asset dispositions. ***On October 2, 2026, GEO completed the sale of the 1,280-bed Adelanto West ICE Processing Center, 660-bed Adelanto East ICE Processing Center, and 704-bed Desert View Annex. Follow ing the sale, GEO expects to continue providing support services at the three facilities pursuant to the Company’s existing contract. Acquisitions Dispositions
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www.geogroup.com16 Idle Facilities Idle Facilities (As of 11/05/2026) Secure Services Facilities ** *** Location Ownership Bed Count Net Book Value * Lea County Correctional Facility New Mexico Owned 1,200 43,968 Cheyenne Mountain Center Colorado Owned 700 16,643 McFarland Facility California Owned 300 9,957 2,200 70,568 Non-Secure Reentry Facilities Location Ownership Bed Count Net Book Value * Coleman Hall/Hoffman Hall Pennsylvania Owned 676 10,983 676 $ 10,983 United States Total 2,876 $ 81,551 * Dollar amounts in '000s. ** Idle bed counts reconfigured for detention use. *** On November 1, 2026, Big Spring & Flightline entered into a 10-year Intergovernmental Service Agreement w ith ICE. Accordingly, the facilities are excluded from the Idle page. Secure Services Subtotal Non-Secure Reentry Subtotal
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www.geogroup.com17 Property List Updated as of Novem ber 5, 2026 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 Central V alley Annex McFarland California 1997, 2009/2010 December-19 ICE 700 Owned 5 years Two, five-year December-29 2 G olden State Annex McFarland California 1997, 2010 December-19 ICE 700 Owned 5 years Two, five-year December-29 3 McFarland Facility McFarland California 1988, 2011, 2014 None Idle 300 Owned None None None 4 Mesa V erde ICE Processing Center Bakersfield California 1989, 2011,2015 December-19 ICE 400 Owned 5 years Two, five-year December-29 5 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 6 Aurora ICE Processing Center Aurora Colorado 1987, 1993, 1998, 2009, 2010, 2011, 2017 October-21 ICE 1,532 Owned 1 year Four, one-year, plus one, two- m onth ex tension December-26 7 Cheyenne Mountain Center Colorado Springs Colorado 2005 None Idle 700 Owned None None None 8 Big Horn ICE Processing Center Hudson Colorado 2009, 2011, 2026 July-26 ICE 1,188 Leased 5 years None July-31 9 Broward Transitional Center Deerfield Beach Florida 1998, 2004, 2010, 2011, 2013, 2014 September-21 ICE 700 Owned 1 year Four, one-year, plus one, six -m onth ex tension March-27 10 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 11 Delaney Hall Facility Newark New Jersey 1999/2000, 2008 March-25 ICE 1,000 Owned 10 years None February- 35 12 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 13 Riverbend Correctional and Rehabilitation Facility Milledgeville G eorgia 2011 July-10 GA DOC 1,500 Owned 1 year Forty, one-year June-27 14 Robert A. Deyton Detention Facility Lovejoy G eorgia 1984-1986, 2008/2009 February-08 USMS 768 Leased 5 years Three, five-year February-28 15 Alex andria Staging Facility ** Alexandria Louisiana 2014 Novem ber-13 ICE - IGA 400 Owned Perpetual None Perpetual 16 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, plus one six - m onth ex tension Novem ber-26 17 Central Louisiana ICE Processing Center Jena Louisiana 1998, 2008, 2010/2011, 2017 Novem ber-13 ICE - IGA 1,160 Owned Perpetual None Perpetual 18 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, plus one six - m onth ex tension Novem ber-26 19 North Lake Processing Center Baldwin Michigan 1998/1999, 2002, 2011 March - 25 ICE 1,800 Owned 4 months, 2-Y ear Base None July-27 20 Lea County Correctional Facility Hobbs New Mex ico 1997/1998, 2017 None Idle 1,200 Owned None None None 21 Winton ICE Processing Center Winton North Carolina 2000/2001, 2017 August-26 ICE 1,320 Owned 1 year Four, one-year options. August - 27 22 Moshannon V alley Processing Center Phillips burg Pennsylvania 2005, 2006, 2013, 2021 September-21 ICE IGA 1,876 Owned 5 year One, six -m onth ex tension March-27 23 Brooks County Detention Center Falfurrias Tex as 2001, 2011 March-13 USMS IGA 652 Owned Perpetual None Perpetual 24 Coastal Bend Detention Center Robstown Tex as 2008, 2009 July-12 USMS - IGA 1,176 Owned Perpetual None Perpetual 25 East Hidalgo Detention Center La Villa Tex as 2001, 2002, 2004, 2005, 2007, 2011 July-12 USMS IGA 1,346 Owned Perpetual None Perpetual 26 Cedar Hill Facility Big Spring Tex as 1940, 1960, 1982, 1991, 1994, 1996, 2001, 2009, 2010, 2011, 2012, 2018 Novem ber-26 ICE 925 Owned 10 years None Novem ber-36 27 Flightline Facility Big Spring Tex as 1940, 1960, 1982, 1991, 1994, 1996, 2001, 2009, 2010, 2011, 2012, 2018 Novem ber-26 ICE 1,404 Owned None None Novem ber-36 28 Joe Corley Processing Center Conroe Tex as 2008, 2017, 2018, 2020 July-08 / June-26 USMS / ICE 1,517 Owned Perpetual / 5 years None /Four 1-year Perpetual/June-31 29 Karnes County Detention Facility Karnes City Tex as 1995 February-98 USMS - IGA 679 Owned Perpetual None Perpetual 30 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 31 Montgom ery Processing Center Conroe Tex as 2018 April-17 ICE 1,314 Owned 10 m onths Nine, one-year February-27 32 Eagle Pass Detention Facility Eagle Pass Tex as 2008, 2018 October-20 USMS - IGA 661 Owned Perpetual None Perpetual 33 Rio G rande Processing Center Laredo Tex as 2007, 2008 October-08 USMS 1,900 Owned 5 years Three, five-year September-28 34 South Tex as ICE Processing Center Pearsall Tex as 2004, 2005, 2012 August-20 ICE 1,904 Owned 1 year Nine, one-year August-27 35 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 36 Northwest ICE Processing Center Tacoma Washington 2003, 2004, 2009, 2010, 2012 October-26 ICE 1,635 Owned 10 years None October-36 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.com18 Property List Updated as of Novem ber 5, 2026 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-27/June-27 3 Midtown Center Anchorage Alas ka Early 1950s, 1972, 1998 Novem ber-24 AK DOC 32 Owned 8 m onths Four, one-year June-27 4 Northstar Center Fairbanks Alas ka 1970, 1975, 1995 July-26 AK DOC 120 Leased 1 year Five, one-year June-27 5 Parkview Center Anchorage Alas ka 1971, 1976 Novem ber-24 AK DOC 112 Owned 8 m onths Four, one-year June-27 6 Seaside Center No me Alas ka 1999, 2016 February-25 AK DOC 60 Owned 5 m onths Four, one-year June-27 7 Tundra Center Bethel Alas ka 1960/1970 February-25 AK DOC 85 Owned 5 m onths Four, one-year June-27 8 El Monte Center El Monte California 1960, 2004, 2012 October-19 BOP 70 Leased 1 year Nine, one-year September-27 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-26/ July-25 BOP / CDCR 240 Owned 1 year / 3 years Four, one-year/Two, one-year March-27/June-28 13 Arapahoe County Residential Center Littleton Colorado 2006 July-26 Arapahoe County 202 Owned 1 year None June-27 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-27 15 Tampa Residential Reentry Center Tamp a Florida 2020, 2021 September-21 BOP 118 Owned 1 year Four, one- year, plus one, six - m onth ex tension March-27 16 G rossman Center Leavenworth Kansas 1988, 2002/2003 July-19 BOP 136 Owned 1 year Nine, one-year June-27 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.com19 Property List Updated as of Novem ber 5, 2026 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 Albuquerque 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 August-26 BOP 124 Owned 1 year Four, one-year July-27 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-27 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 276 Owned None None None 26 Diversion, Assessment, Restoration & Treatment (DART) Center Doylestown Pennsylvania 2021 June-21 Bucks County 28 Managed 5 years, 6 months, 2 weeks None December-26 27 Hoffman Hall Philadelphia Pennsylvania 2008 None Idle 400 Owned None None None 28 Scranton Facility Scranton Pennsylvania No Real Property May-24 PA DOC 100 Leased 4 years, 9 m onths None January-29 29 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, six -m onth ex tension March-27 30 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 31 Leidel Com prehensive Sanction Center Houston Tex as 1930, 1960, 2005, 2006, 2012 July-26 BOP 190 Owned 1 year Four, one-year June-27 32 Mid V alley House Edinburg Tex as 1985, 2001, 2014 December-20 BOP 128 Owned 1 year Nine, one-year Novem ber-26 33 Reality House Browns ville Tex as 1983, 2011 July-24 BOP 94 Owned 1 year Four, one-year June-27 34 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 35 Salt Lake City Center Salt Lake City Utah 1970, 1977, 2004 June-19 BOP 115 Owned 1 year Nine, one-year May-27 36 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-27
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www.geogroup.com20 Property List Updated as of Novem ber 5, 2026 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, four-and-a-half m onth plus one, one-year ex tension, plus one, one-year, 7-and-a-half-m onth option February-28 5 Adelanto ICE Processing Center* Adelanto California 1990, 1991, 2011, 2012, 2015 December-19 ICE 1,940 Managed 5 years Two, five-year December-29 6 Desert V iew Annex * Adelanto California 1997, 2010, 2013 December-19 ICE 704 Managed 5 years Two, five-year December-29 7 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 8 Blackwater River Correctional and Rehabilitation Facility Milton Florida 2010 October-10 FL DOC 2,000 Managed 3 years unlim ited, two-year October-27 9 Moore Haven Correctional and Rehabilitation Facility Moore Haven Florida 1995, 1999, 2007 July-21 FL DOC 985 Managed 3 years unlim ited, two-year, plus one 6- m onth ex tension. Dec-26 10 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, plus one, six -m onth ex tension June-27 11 North Florida Detention Facility Sanderson Florida N/A August-25 ICE 1,310 Managed Perpetual None Perpetual 12 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 - 30 13 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, plus one, four year ex tension. June-30 14 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 Service 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 *On October 2, 2026, G EO com pleted the sale of the 1,280-bed Adelanto West ICE Processing Center, 660-bed Adelanto East ICE Processing Center, and the 704-bed Desert V iew Annex . Following the sale, G EO ex pects to continue providing support services at the facilities pursuant to the Com pany's ex isting contract. GEO SECURE SERVICES
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www.geogroup.com21 Property List Updated as of Novem ber 5, 2026 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) Upcoming Renewal Date 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 October-28 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 October-27 3 Southern Peaks Regional Treatment Center Canon City Colorado 2003, 2004 N/A Abrax as Alliance 136 Owned N/A N/A N/A 4 Southwood Interventions Chicago Illinois 1925, 1950, 1975, 2008 N/A Abrax as Alliance 80 Owned N/A N/A N/A 5 Woodridge Interventions Woodridge Illinois 1982, 1986 N/A Abrax as Alliance 90 Owned N/A 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 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 N/A 8 Abrax as Academy Morgantown Pennsylvania 1999, 2000 N/A Abrax as Alliance 214 Owned N/A N/A N/A GEO LEASED PROPERTIES (NOT MANAGED)
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www.geogroup.com22 Definitions EBITDA : Adjusted EBITDA: Adjusted Net Income: Net Debt/Net Leverage: Net Operating Income (NOI): Adjusted EBITDA is defined as EBITDA adjusted for (gain)/loss on asset divestitures/impairment, pre-tax, net loss attributable to noncontrolling interests, stock based compensation expenses, pre-tax, non-cash contingent liability and litigation and settlement costs, pre- tax, start-up 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. 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, start-up expenses, pre-tax, (gain)/loss on asset divestitures/impairment, pre-tax and operating lease expense, real estate. 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, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, 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.