Acadia Healthcare Company (ACHC) 47th Annual Raymond James Institutional Investor Conference summary

Company overview and strategic focus

• Leading pure-play behavioral health provider with $3.3B revenue projected for 2025 and 277 facilities across 40 states, treating 84,000 patients daily.

• Acute care is the largest service line; Medicaid accounts for 57% of payers, with no single state over 15% of revenue.

• Four main priorities: patient care (with published outcome measures), volume growth (ramping 2,500 new beds, 400-600 more in 2026), operational excellence (payer relationships, capital discipline), and workforce/talent management.

Operational and financial outlook

• Q4 revenue and adjusted EBITDA met expectations; 2026 revenue guidance is $3.37B-$3.45B, with adjusted EBITDA of $575M-$610M.

• Same-facility growth expected at 0%-1% in 2026, impacted by New York Medicaid policy changes, but patient day growth projected at 2%-3%.

• Over $300M reduction in growth CapEx from 2025 to 2026, with further declines expected in 2027, supporting positive cash flow and lower leverage.

• 2,500 beds added in three years, with another 400-600 in 2026, representing a $200M EBITDA opportunity as occupancy ramps.

Investment returns and expansion strategy

• Expansion beds offer the strongest returns due to leveraging existing overhead and high occupancy; de novo builds are slower but expected to ramp faster than previous cycles.

• Construction costs have risen, but expansion remains preferable when demand and reimbursement are strong.