Ardent Health (ARDT) investor relations material

Deal rationale and strategic fit

• Adds a 392-bed tertiary hospital, 19 care sites and a 26-county referral network, establishing a scaled Mid-Missouri presence.

• Boone Health has ~30% regional market share and a 4-Star CMS rating, the highest in the region; established specialty services and community roots support the fit.

• Expands reach in growing markets, diversifies revenue and aligns with shared priorities in quality, access and community investment; Boone sought a long-term partner to sustain its care quality and culture.

Financial terms and conditions

• Purchase price is $47 million in cash, subject to customary working-capital and closing adjustments; funded with existing cash.

• Proceeds will repay outstanding debt and retained obligations; no Boone debt is assumed, and associated real estate will be fully owned.

• Year-three Adjusted EBITDA is projected at $30–40 million, inclusive of synergies; the purchase-price multiple is expected to be below 2x.

• Adjusted EBITDA accretion is expected to be modest in year one and 6–8% in year three; leverage impact is expected to be immaterial.

• Closing is expected in Q1 2027, subject to customary conditions.

Synergies and expected cost savings

• At least $30 million in annual synergies targeted by year three, with savings beginning in year one and ramping relatively ratably.

• Levers include supply-chain procurement, vendor consolidation, G&A and revenue-cycle optimization; most identified savings are cost-related.

• Identified synergies are supported by quantified initiatives, assigned owners and milestones; service-line growth and market-share gains are additional upside.

• Free cash flow is projected to reach break-even to accretive by year three.