Aveanna Healthcare (AVAH) investor relations material

Strategic transformation and leadership

• Completed year three of a strategic transformation, achieving milestones in payer partnerships, cost efficiencies, and business modernization, led by experienced executives since 2023.

• Leadership emphasizes a national platform and value-based care as core to growth.

• Thrive acquisition integrated successfully, serving as a model for future tuck-in M&A.

• Preferred payer agreements expanded to 93, supporting growth and alignment with payer needs.

• Modernization efforts in all divisions improved margins and operational efficiency.

Business model, segment performance, and outlook

• Operates in 38 states with 366 locations, serving pediatric, adult, and geriatric patients.

• Private Duty Services represents 82% of revenue, with $1.95B revenue, 3%-5% organic growth, and 26%-28% gross margin.

• Home Health & Hospice: $239M revenue, 5%-7% organic growth, 50%-52% gross margin, 82 locations.

• Medical Solutions: $175M revenue, 8%-10% organic growth, 42%-44% gross margin, 27 states served.

• Value-based agreements and preferred payer strategies drive upside and quality bonuses.

Financial performance, guidance, and capital structure

• Q3 2025 revenue grew 22.2% year-over-year to $621.9M; adjusted EBITDA up 67.5% to $80.1M.

• 2025 revenue guidance raised to $2.425B-$2.445B and adjusted EBITDA to $318M-$322M.

• 2026 initial guidance: revenue of $2.54B-$2.56B and adjusted EBITDA of $318M-$322M.

• Free cash flow exceeded $100M in 2025, with similar expectations for 2026.

• Liquidity of $478.7M as of September 2025, with $1.49B in variable-rate debt mostly hedged.