Extendicare (EXE) Investor Presentation summary

Strategic growth and market positioning

• Largest seniors' care provider in Canada, focused on long-term care and home health care, with 57 years of experience and a strong acquisition pipeline in a fragmented market.

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

• Joint venture with Axium Infrastructure enables capital-efficient long-term care growth and redevelopment projects.

• Significant demographic tailwinds, with the 85+ population expected to triple by 2051, driving demand for over 200,000 new LTC beds by 2035.

• Services-focused model, with managed services and home health care representing over half of adjusted NOI.

Operational and financial performance

• Q1 2025 revenue rose by $7.6M (2.1%) and NOI by $5.5M (12.3%), with AFFO per share up $0.025 (11.9%).

• Home health care delivered 11M hours in 2024, with Q1 2025 ADV up 8.9% and NOI margin at a multi-year high of 11.6%.

• Long-term care segment returned to pre-pandemic NOI and occupancy, with funding increases supporting margin improvement.

• Managed services NOI up 55.3% over 2023, with consistent 50-55% margins and SGP network beds up 7.2% year-over-year.

• Strong balance sheet with $218M available liquidity, 32% debt to GBV, and a ~50% payout ratio.

Growth initiatives and acquisitions

• $75.5M acquisition of Closing the Gap expected to close in Q3 2025, adding $84.2M in revenue and $0.06 AFFO per share, with $1.1M in annualized cost synergies.

• Agreement to acquire nine LTC homes from Revera, adding 822 LTC and 574 retirement beds, and increasing revenue and NOI by $109.3M and $6.8M, respectively.

• Opened three new LTC homes since March 2024, commenced construction on three more, and completed sale of three projects to Axium JV, generating $56.3M in proceeds.

• Pipeline of 18 LTC redevelopment projects, with six homes under construction and 12 more in planning.