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SERVICE CORPORATION INTERNATIONAL SEPTEMBER 2025 Investor Presentation
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Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements in this presentation that are not historical facts are forward-looking statements. You can generally identify our forward-looking statements by the word s “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “target,” “will,” or other similar words. The absence of these or similar words, however, does not mean that the statements are not forward-looking. These statements are based on assumptions and expectations that the Company believes are reasonable at the time made; however, many important factors could cause the Company’s actual results in the future to differ materially from any forward-looking statements. For further information on these and other risks and uncertai nties, see our Securities and Exchange Commission filings, including our 2023 Annual Report on Form 10-K. Copies of this document as well as other SEC filings can be obtained from our website at www.SCI-Corp.com. Except as required by law, we undertake no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events, or otherwise. 2
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Grow Revenue Our strategy has been effective and remains intact Leverage Scale 3 Deploy Capital
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$4 $34 $51 $550 $540 $750 $850 $800 $800$137 $285 2025 2026 2027 2028 2029 2030 2031 2032 TERM LOAN AMORTIZATION PAYMENT REVOLVER MATURITIES NON-CALLABLE SENIOR BONDS CALLABLE SENIOR BONDS Leverage ratio calculated using net debt to EBITDA in accordance with our credit agreement. Debt schedule does not include net finance leases, mortgages, other debt maturities nor unamortized premiums, discounts, and debt issuance costs. LIQUIDITY $1,455M Cash $241M Credit Facility $1,214M 7.500% 4.625% 5.125% 3.375% 4.000% $ in millions 4 Our financial position affords us financial flexibility, which allows us to be opportunistic DEBT MATURITY PROFILE September 30, 2025 Financial flexibility to invest in our associates and our businesses, and pursue strategic acquisitions and new builds LEVERAGE 3.61x Target 3.50x-4.00x 5.750%
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$- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 100,000 150,000 200,000 250,000 300,000 350,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 58% Reduction in outstanding shares since mid-2004 16% CAGR Dividends per share 2005-2024 SHARES OUTSTANDING DIVIDENDS PER SHARE VALUE RETURNED TO SHAREHOLDERS We have enhanced shareholder returns through dividends and share repurchases 5 ~$7.7B Value returned to shareholders through dividends and share repurchases since 2004
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Annualized Return 3Y E A R 13% 24% 15% 15% 5Y E A R 16% 17% 14% 12% SCI S&P 500 S&P MIDCAP 400 RUSSELL 2000 Returns are as of Sept ember 30, 2025, and include th e reinvestment of dividends. 45% 89% 54% 52% 6 Our execution has translated into superior total shareholder returns over the long term TOTAL SHAREHOLDER RETURN September 30, 2025 10 YEAR 13% 15% 11% 10% 106% 118% 95% 77% 250% 313% 180% 154%
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Sustainable value creation foundational in everything we do INVESTING IN OUR COMMUNITIES OPERATING WITH PRINCIPLE Our most recent Sustainability Report is available at sci-corp.comSUPPORTING OUR 25,000 ASSOCIATES Supporting the personal and professional goals of our associates and empowering inclusive and diverse teams Delivering service excellence and supporting the communities where we do business and where our associates live and work Operating with integrity, responsibility and accountability to our stakeholders and with respect to our environment 7
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We are the largest company in the highly fragmented deathcare space with an approximate ~17% revenue market share in the U.S. & Canada Market Cap $11.4B (as of 10/06/2025) 1 Total 2024 revenues for the Deathcare industry in the U.S. and Canada are estimated at ~$24 billion using data from U.S. Census Bureau and Statistics Canada. 2024 SNAPSHOT 8 OTHER CONSOLIDATORS ~9% ~17% ~74% INDEPENDENTS SCI $4.2B REVENUES Service Corporation International At a Glance Customers Served ~700K Preneed Sales $2.6B Backlog of Future Revenue ~$16B Employees 25K Revenues $4.2B
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FUNERAL CEMETERY 1,986 Of the 499 cemeteries we own, 312 (or 63%) have a funeral home on-site, offering customers the convenience of one-stop shopping while producing higher margins than stand-alone businesses due to economies of scale9 Our scale and footprint provide a competitive advantage • National Brand • Leading technologies • Supply chain cost advantages • Premier preneed sales program • Network optimization/ back-office efficiencies • Leading cemeteries in markets where we operate • Differential economics in preneed trust/insurance structures • T raining and development thru Dignity University® Canada United States 159 16 TOTAL LOCATIONS As of September 30, 2025 FUNERAL CEMETERY 1,328 483
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Long-Term Power of SCI’s Growth Model
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Our long-term earnings growth framework remains sound 8%–12% 11 ORGANIC GROWTH 5%–7% FUNERAL Modest revenue growth driven by increases in volume and sales average supporting stable margins CEMETERY Mid-single digit % preneed sales growth supporting increasing margins CAPITAL DEPLOYMENT 3%–5% Reinvesting in business, growth capital, share repurchases and debt management
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$1.90 $2.91 $4.57 $3.80 $3.47 $3.53 2019 2020 2021 2022 2023 2024 2025E PRE- PANDEMIC Adjusted earnings per share is a non-GAAP financial measure. Please seeappendix for a reconciliation to the appropriate GAAP measure and for other disclosures. Guidance Range: $3.80-$3.90; Midpoint: $3.85 12 ADJUSTED EARNINGS PER SHARE (EPS) Expect to return to earnings growth framework in 2025 We expect that 2025 EPS will grow in line with our long-term framework of 8%-12% Earnings have trended above our expected long-term framework due to the impacts of Covid and excess deaths, as well as increment al learnings and efficiencies achieved related to sales & marketing productivity, cost efficiencies, and accelerated shared repurchases. The level of deaths have waned since peaking in 2021 and we expect to return to our long-term EPS growth algorithm in 2025 of 8% - 12%. COVID YEARS CAGR 12.5% 2019 – 2025 Adjusted EPS
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13 Marketing, Sales & Cemetery Inventory Impact Preneed Backlog Impact Demographic Tailwinds Enhanced Growth Capital Opportunities There are 4 key pillars to reach even greater potential growth
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MAIN DRIVERS AGING DEMOGRAPHICS PRENEED DRIVING MARKET SHARE These drivers could easily increase our current assumptions for funeral volume and cemetery atneed production Favorable conditions exist for future volume growth 14 TAILWINDS
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IMPROVED SALES EFFECTIVENESS & EFFICIENCIES CEMETERY INVENTORY OPPORTUNITIES These drivers could easily increase our current assumptions for cemetery preneed production QUALITY & QUANTITY OF MARKETING - DRIVEN LEADS 15 Initiatives underway supporting even further production growth MAIN DRIVERS INITIATIVES
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16 Our growth capital continues to add strength to our earnings growth framework MAIN DRIVERS ACQUISITIONS NEW BUILDS OTHER GROWTH CAPITAL With continued deployment like recent years, we are able to support higher earnings growth potential DEPLOYMENT
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Strength in our backlog could easily drive increases in our sales average and cemetery recognition assumptions 17 Our preneed strategy and backlog are structured to drive earnings and cash flow growth MAIN DRIVERS HIGHER -QUALITY CONTRACT SALES PRODUCTION TRUST INVESTMENT RETURNS SUPPORTING FUTURE GROWTH INCREASING CEMETERY BACKLOG RECOGNITION STRENGTH
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Strong business modelwith a sustainable growth platform Significant and consistent cash flowcontinues to grow the company andenhance shareholder value Industry leaders in innovation and technology Preneed model and backlog strength differentiates us Potential for incremental growthis much greater in the coming years, as we arepoised to benefit from demographic tailwinds Key Takeaways 18
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SERVICE CORPORATION INTERNATIONAL Trey Bocage and Andrea Low For additional information: InvestorRelations@SCI-US.com
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APPENDIX 20
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Definitions: Non-GAAP Financial Measures This information should not be considered in isolation or as a substitute for related GAAP measures. Additionally, these measures as calculated by the Company may not be comparable to similarly titled measures used by other companies. ADJUSTED EPS OR DILUTED EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS We use diluted earnings per share excluding special items (adjusted EPS) as an underlying operational performance measure of the business and to have a basis to compare operating results to prior and future periods. We make adjustments to net income (a GAAP measure) to remove certain charges and credits. We believe these adjustments are relevant in evaluating the overall performance of the business. ADJUSTED OPERATING CASH FLOW OR NET CASH PROVIDED BY OPERATING ACTIVITIES EXCLUDING SPECIAL ITEMS We use adjusted operating cash flow, or net cash provided by operating activities excluding special items, as an underlying operational performance measure of the continuing operations of the business and to have a basis to compare excluding special items cash flow results to prior and future periods. We make adjustments to cash flow from operations (a GAAP measure) to remove certain receipts and payments. We believe these adjustments are relevant in evaluating the overall performance of the business. FREE CASH FLOW We define free cash flow as adjusted operating cash flow minus expenditures for capital improvements at existing locations, expenditures for the development of cemetery property, and digital investments and corporate, collectively referred to as Maintenance capital expenditures. We use free cash flow to assess the financial performance of the Company. We believe that free cash flow is useful to investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations, such as investment in the Company’s existing businesses. Further, free cash flow facilitates our ability to strengthen the Company’s balance sheet, repay our debt obligations, pay cash dividends and repurchase our common shares. We also believe the presentation of this measure will enhance the investors’ ability to analyze trends in the business and evaluate our underlying performance relative to other companies in the industry. ADJUSTED EBITDA We define adjusted EBITDA as a financial measure calculated in accordance with our credit agreement and represents EBITDA to remove certain charges and credits. We use adjusted EBITDA to provide investors and lenders with additional information to measure our financial performance and evaluate our ability to service debt. 21
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Adjusted EPS – 2024 to 2019 22 (1) The estimate of $64.6 million included in 2022 Legal/contractual settlement, net of insurance recoveries, is for an immaterial preliminary settlement in a private litigation matter in Florida and subsequently we engaged in settlement discussions with the California Attorney General. Both matters relate to previously disclosed litigation. (2) Corporate general and administrative expenses in the fourth quarter of 2024, include a reduction of our California legal reserve of $20.3 million as the primary claims period expired.
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Adjusted cash flow from operations and free cash flow – 2024 to 2020 23
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Financial outlook for Fiscal 2025 Diluted earnings per share excluding special items and net cash provided by operating activities excluding special items are non-GAAP financial measures. We normally reconcile these non-GAAP financial measures from diluted earnings per share and net cash provided by operating activities; however, diluted earnings per share and net cash provided by operating activities calculated in accordance with GAAP are not currently accessible on a forward-looking basis. Our outlook for 2025 excludes the following because this information is not currently available for 2025: Expenses net of insurance recoveries related to weather events and hurricanes, gains or losses associated with asset divestitures, gains or losses associated with the early extinguishment of debt, potential tax reserve adjustments and IRS payments and/or refunds, acquisition and integration costs, system implementation and transition costs, and potential costs or cash outflows associated with estimated litigation charges or legal settlements or the recognition of receivables for insurance recoveries associated with litigation, or deferred tax payments. The foregoing items could materially impact our forward-looking diluted earnings per share and/or our net cash provided by operating activities calculated in accordance with GAAP. GUIDANCE 2025In Millions, except Adjusted EPS HighMidpointLow $3.90$3.85$3.80Diluted earnings per share excluding special items Adjusted EPS $1,085$1,065$1,045Net cash provided by operating activities excluding special items and cash taxes Approximately $135MCash taxes expected in 2025 (at the midpoint of Diluted earnings per share guidance) $950$930$910Net cash provided by operating activities excluding special items Adjusted operating cash flow $315Total maintenance, cemetery development, and other capital expenditures (Maintenance capital expenditures) 24