Extendicare (EXE) Investor presentation summary

Strategic positioning and growth drivers

• Largest seniors' care provider in Canada, focused on long-term and home health care, with 58 years of experience and a strong acquisition pipeline in a fragmented market.

• Over 90% of revenue comes from government contracts, providing revenue stability and insulation from economic cycles.

• Capital-efficient growth through a joint venture with Axium Infrastructure, enabling expansion of long-term care homes with minimal capital requirements.

• Strong balance sheet with low leverage (pro forma debt to adjusted EBITDA ~2.8x) and significant available liquidity (~$228M).

• Annual dividend per share of $0.5292 and a payout ratio of ~41%.

Market opportunity and demographic trends

• Canadian seniors aged 85+ are growing at ~4% per year, with a projected need for over 200,000 new LTC beds by 2035.

• Ontario's LTC bed ratio has declined from 99 to 57 beds per 1,000 people aged 75+ since 2006, with a waitlist exceeding 50,000.

• Home health care volumes are growing faster than the seniors' population, helping bridge the LTC shortfall.

Business segments and performance

• Home health care segment delivered 14.5M ParaMed hours and added ~10M hours from CBI Home Health, with adjusted NOI margin at a multi-year high of 13.5%.

• Long-term care segment operates 59 fully owned homes (8,147 beds), with occupancy above 98% and adjusted NOI margin at 11.6%.

• Managed services (Extendicare Assist and SGP) serve ~157,100 beds, with consistent NOI margins of 50-55%.