Aveanna Healthcare : Investor Presentation – May 2026 (292ae0)

Published: 2026-05-15 08:54:08 ET AVAH

Published on 05/15/2026 at 08:54 am EDT

May 2026

Transforming the Value of Homecare

Aveanna offers a leading, diversified homecare platform

that deivers innovative care to pediatric, adult, and

geriatric patients. With locations in 39 states, Aveanna has

aveanna

Jeff Shaner

Chief Executive Officer

CEO of Aveanna since 2023

Instrumental in formation of Aveanna Healthcare

Chief Operating Officer of Aveanna Healthcare since 2017

Chief Operating Officer of PSA Healthcare since 2015

Former SVP, President of Operations of Gentiva Health Services

Former President of Gentiva Health Services' Hospice Division

Matt Buckhalter

Chief Financial Officer

CFO of Aveanna since 2023

Integral to Aveanna's financial structure since inception

Senior Vice President of Finance for Aveanna Healthcare since 2016

Leads the Company's Investor Relations Group

Former Vice President of Finance of PSA Healthcare since 2015

Debbie Stewart

Principal Accounting Officer

Principal Accounting Officer of Aveanna since 2023

Vice President of Accounting and Controller of Aveanna since 2021

Leads the Company's Accounting, Tax, SEC Reporting and Internal Audit teams

Former Assurance Senior Manager of Ernst & Young

Certified Public Accountant since 2009

By The Numbers

2020 - 2026 Revenue Growth

2026 Guidance

$2.56b - $2.58b

Revenue

Key Operating Statistics (3)

379

Locations

($ in millions)

$1,495

$1,679

$1,788 $1,895

9.4% CAGR

$2,025

$2,433 $2,570

31.7%

Gross Margin(1)

States

29,000

Caregivers

$328m - $332m

Adjusted EBITDA

48.2m

Homecare Hours(2)

103

Preferred Payors

2020A 2021A 2022A 2023A 2024A 2025A 2026G

Payor Mix National Footprint

Medicare 10%

No single payor contributes more than 10% of total revenue

Commercial 9%

Medicaid 22%

Medicaid MCO 59%

1. YTD 2026 Gross Margin 2. Annualized Q1 2026 PDS Hours 3. As of April 4, 2026 5

Scaled National Platform

Preferred Payor Partnerships

Our advanced homecare platform positions us to improve outcomes

with data-driven results and introduce

value-based agreements that deliver exceptional value to our partners.

Government Affairs Strategy

Technology and Data Driven Results

Improved Clinical Outcomes

Reduction in Total Cost of Care

Continued substantial progress as demonstrated by key performance metrics.(1)

PDS Preferred Payors

Value-based Agreements

MS Preferred Payors Home Health Episodic Mix

Projected Projected Projected Projected

1. See Disclaimers and Forward-looking Statements slide.

Our future opportunity will continue to provide enhanced value that is driven by our significant investment in our value-based national homecare platform.

Core Organic Growth

Value-based Organic Growth

M&A

1 - 1.5%

3.5 - 4.5%

2.5% - 4%

Scaled national platform drives growth

1. See Disclaimers and Forward-looking Statements slide.

Payor partnerships underpinned by shared value creation

Government agencies shifting programs and reimbursement to homecare

Data and outcomes that define value and savings

Capitating risk and population health management

Strategic tuck-in acquisitions that strengthen our offerings to key payor and government partners

Long-term Growth Rate(1)

7 - 10%

•

By The Numbers

One

Nurse - One Patient

Financial Highlights

$2,143m

Net Revenue1

26% - 28%

Key Operating Statistics (4)

270

Locations

31 44,500

Time & Per Diem

•

Full

Care

•

Lon

r givers Paid by the Hour ger Length of Stay

•

Patie

Care

i nt Demand Exceeds r giver Supply

Gross Margin2

3% - 5%

States

60%

Patients on Service

vices Delivered in the

•

Ser

mfort of the Patient's Home

Organic Growth Rate3

% of PP Volume Preferred Payor

Key Items

Preferred Payor Partnerships underpinned by enhanced rates and value-based agreements

Defined Government Affairs Strategy in every state

Scaled National Recruiting Platform to accelerate caregiver hiring

Technology and Data Driven Outcomes that support value-based agreements

Strategic M&A tuck in opportunities in key states

ganic revenue growth rate over time. 4. As of April 4, 2026

1. Annualized Q1 2026 revenue. 2. Management's target for gross margin percentages over time. 3. Management's target for total or anic evenue growth rate over time. As of April 4, 2026

By The Numbers

me Health

•

G riatric Patient Population

Financial Highlights

$266m

Net Revenue1

50% - 52%

Gross Margin2

Key Operating Statistics (4)

Locations

15 15,000

vice

States Patients on Ser ice

termittent Services orter Length of Stay

•

Int

•

lue-based Care Component

•

RN, PT, OT, SLP, SW and HHA

Hos

ospice

•

G riatric Patient Population

5% - 7%

Organic Growth Rate3

80%

Episodic Mix

Preferred Payors

Per Diem Reimbursement

•

End-of-life Care / Support

Key Items

HH Preferred Payors defined as episodic agreements

Caregiver Capacity aligned with preferred payors

Episodic Payor Agreements and Value-based Payments driven by CMS Star Ratings

Organic growth initiatives that support the preferred payor strategy

1. Annualized Q1 2026 revenue. 2. Management's target for gross margin percentages over time. 3. Management's target for total organic revenue growth rate over time. 4. As of April 4, 2026

By The Numbers

Nutritional Support -

Financial Highlights

$183m

Net Revenue1

Key Operating Statistics (4)

States we deliver to

Enteral Product, Equipment and Supplies

Provided to Pediatric, Adult, and Geriatric Patients

24-hour Clinical Support

42% - 44%

Gross Margin2

8% - 10%

Organic Growth Rate3

2 - 3 Years

Avg. Case Length

$491

Rate / UPS5

31,100

Patients on Service

Preferred Payors

Longer Length of Stay

Leading National Enteral Provider

Key Items

Preferred Payor Contracts provide in-network patient support at favorable rates

Enhanced AMS Model driving need to refine our payor network with focus on preferred payors

Nationally Scaled Enteral Provider

Strong Patient Demand drives growth trends

Symbiotic relationship with PDN services

1. Annualized Q1 2026 revenue. 2. Management's target for gross margin percentages over time. 3. Management's target for total organic revenue growth rate over time. 4. As of April 4, 2026. 5. Q1 2026 Reimbursement Rate

Our Market Opportunity

$119bn

TAM

~4%

Estimated annual growth from 2023-2028

Untapped PDN demand with only a fraction of children and adults getting needed care

Family caregiver program expansion

Expanding insurance coverage for Medicaid beneficiaries

$99bn Addressable Adult Opportunity

Annual U.S. Healthcare Spend

$4.5tn

Home Health

$58.0bn

Hospice

$23.0bn

Personal Care

$18.0bn

$20bn

Legacy Pediatric Focus

Private Duty Nursing

$10.0bn

Therapy

$67.0bn

Enteral Nutrition

$3.0bn

Source: 2022 Third party consulting report, management estimates.

Consolidated Results

$ in millions

Q1 2025

Q1 2026

Y/Y%

Change

Revenue

$559.2

$647.9

15.9%

Gross Margin

$183.6

$205.4

11.9%

Adjusted EBITDA(1)

$67.4

$84.4

25.2%

$ in millions

Revenue and Gross Margin % by Segment

$536 $559

$648

$42

$46 $57

$31

$67

$36

$460

$135

$149

$184

$205

$18 $20

MS Q1'25

MS Q1'26

HHH Q1'25

HHH Q1'26

PDS Q1'25

PDS Q1'26

Total Q1'25

Total Q1'26

Key Highlights

Gross

Margin %

42.7% 44.7%

54.2% 53.7%

29.3% 27.9%

32.8% 31.7%

HHH Q1 2026 revenue growth of 17.4% from Q1 2025, driven by 14.9 thousand total episodes or 23.1% YOY volume increase

PDS Q1 2026 revenue growth of 16.4% from Q1 2025, driven by 12.1 million hours of care or 10.7% YOY volume increase

MS Q1 2026 revenue growth of 7.4% from Q1 2025, driven by 93 thousand unique patients served or 4.5% YOY volume increase

Operating Cash Flow of positive $4.3m for Q1 2026, a $12.9m improvement compared to Q1 2025

Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable GAAP measure

Liquidity (1)

Liquidity of $524.8m, comprised of the following:

$189.3m cash on balance sheet

$225.5m revolver availability

$110m securitization availability

Undrawn revolver

$24.5m in outstanding letters of credit

Cash Flow (2)

Cash provided by operating activities of $4.3m

Free cash flow of $(3.8)m (3)

Indebtedness and Hedging (1)

Total variable rate debt of $1,483m, consisting of:

First Lien: $1,318.4m (S + 3.75%)

Securitization: $165.0m (S + 2.50%)

Interest rate hedges in place:

$520m notional interest rate swap (expires June 2026)

Succeeded by 4% cap (expires December 2029)

$880m notional, 3% interest rate cap (expires February 2027)

As of April 4, 2026.

YTD 2026

Free Cash Flow is a non-GAAP financial measure. See Appendix for a reconciliation to the most comparable GAAP measure

Path Forward: Strategic and Operational Focus on Driving Shareholder Value

Core Organic Growth

Value-based Growth

Enhanced Capital Structure

Non-GAAP Financial Measures

In addition to our results of operations prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), we also evaluate our financial performance using EBITDA, Adjusted EBITDA, Field contribution and Field contribution margin, Free cash flow, and Net leverage. Given our determination of adjustments in arriving at our computations, these non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as substitutes or alternatives to net income or loss, revenue, operating income or loss, cash flows from operating activities, total indebtedness, gross margin, gross margin percentage or any other financial measures calculated in accordance with GAAP. Each non-GAAP measure should be viewed in addition to our reported results prepared in accordance with U.S. GAAP.

EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA

EBITDA, Adjusted EBITDA, and Normalized Adjusted EBITDA are non-GAAP financial measures and are not intended to replace financial performance measures determined in accordance with U.S. GAAP, such as net income or loss. Rather, we present EBITDA, Adjusted EBITDA, and Normalized Adjusted EBITDA as supplemental measures of our performance. We define EBITDA as net income or loss before interest expense, net; income tax expense or benefit; and depreciation and amortization. We define Adjusted EBITDA as EBITDA, adjusted for the impact of certain other items that are either non-recurring, infrequent, non-cash, unusual, or items deemed by management to not be indicative of the performance of our core operations, including impairments of goodwill, intangible assets, and other long-lived assets; non-cash, share-based compensation and associated employer payroll taxes; loss on extinguishment of debt; fees related to debt modifications; the effect of interest rate derivatives; acquisition-related and integration costs; legal costs and settlements associated with acquisition matters; restructuring costs; other legal matters; and other costs. We define Normalized Adjusted EBITDA as Adjusted EBITDA, further adjusted for (i) reimbursement received in the period presented related to certain rate increases applied retroactively for services provided in a prior period, for which there is no associated wage pass-through reflected in cost of revenue, excluding depreciation and amortization,

(ii) annual value-based payment true-up related to prior year results, and (iii) improved collections on previously reserved patient accounts receivable. As non-GAAP financial measures, our computations of EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA may vary from similarly termed non-GAAP financial measures used by other companies, making comparisons with other companies on the basis of this measure impracticable.

Management believes our computations of EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA are helpful in highlighting trends in our core operating performance. In determining which adjustments are made to arrive at EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA, management considers both (1) certain non-recurring, infrequent, non-cash or unusual items, which can vary significantly from year to year, as well as (2) certain other items that may be recurring, frequent, or settled in cash but which management does not believe are indicative of our core operating performance. We use EBITDA, Adjusted EBITDA, and Normalized Adjusted EBITDA to assess operating performance and make business decisions.

We have incurred substantial acquisition-related costs and integration costs. The underlying acquisition activities take place over a defined timeframe, have distinct project timelines and are incremental to activities and costs that arise in the ordinary course of our business. Therefore, we believe it is important to exclude these costs from our Adjusted EBITDA and Normalized EBITA because it provides management a normalized view of our core, ongoing operations after integrating our acquired companies, which we believe is an important measure in assessing our performance.

For the three-month periods ended

(dollars in thousands)

April 4, 2026

March 29, 2025

Net income

41,653

5,193

Interest expense, net

27,500

36,203

Income tax expense

3,322

4,955

Depreciation and amortization

3,044

2,594

EBITDA

75,519

48,945

Goodwill, intangible and other long-lived asset impairment

(24)

167

Non-cash share-based compensation

4,147

10,996

Interest rate derivatives (1)

(3,105)

5,595

Acquisition-related costs (2)

3,110

107

Integration costs (3)

1,423

274

Legal costs and settlements associated with acquisition matters (4)

2,056

1,039

Restructuring (5)

336

Other legal matters (6)

Other adjustments (7)

1,200

(181)

Total adjustments

8,832

18,409

Adjusted EBITDA

84,351

67,354

1-7: Please see our earnings release posted on May 14, 2026 for further description of the nature of these items

Disclaimer

Aveanna Healthcare Holdings Inc. published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 12:53 UTC.