Concentra Group Holdings Parent (CON) Investor presentation summary

Company overview and market position

• Largest provider of occupational health services in the U.S., with 628 centers and 411 onsite clinics across 47 states, serving ~200,000 employer customers and caring for over 53,000 patients daily.

• Treats approximately 1 in 4 workplace injuries, with a diversified customer base including all Fortune 100 companies and minimal revenue concentration from any single employer or government payor.

• Demonstrates strong relationships with major employers and ecosystem partners, with 98% of top 100 customers retained for over 10 years.

• 45+ year history of stable growth, doubling both revenue and center count over the last decade.

• Executive leadership team averages over 20 years of tenure, providing stability and deep industry expertise.

Financial performance and growth

• FY 2025 revenue reached $2.16bn with $432mm Adjusted EBITDA, reflecting 14%–15% YoY growth and a 20% Adjusted EBITDA margin.

• Free cash flow conversion exceeded 110% from 2021–2025, generating over $1bn in FCF, with a mid-teens return on invested capital.

• Maintains a variable cost structure, with over 80% of service costs variable, enabling resilience during economic downturns.

• Net leverage at 3.4x as of year-end 2025, with a target of ≤3.0x by end of 2026; ongoing capital returns via dividends and share buybacks.

• Long-term financial targets include mid- to high-single-digit revenue growth, >20% Adjusted EBITDA margin, and >100% annual FCF conversion.

Business model and value proposition

• Offers a one-stop shop for occupational health, employer services, and advanced primary care, with multiple access points: centers, onsite clinics, and telemedicine.

• Delivers strong clinical outcomes: 25% fewer days and lower costs per claim, with 95% of injured employees recommended for return to work on the same day.

• High patient satisfaction, with over 80% rating their experience 9 or 10 out of 10, and robust technology platforms supporting customer engagement.

• Minimal exposure to government reimbursement risk (<1% of revenue) and highly diversified by customer, industry, and geography.

• Capital-light onsite health clinic segment with $130mm annual revenue and significant growth, nearly tripling clinic count since 2023.