BrightSpring Health Services : First Quarter 2026 Presentation

Published: 2026-05-01 07:09:07 ET BTSG

Published on 05/01/2026 at 07:09 am EDT

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First Quarter 2026 Earnings Presentation

May 1, 2026

A leading pharmacy and health care provider in the U.S., serving large and growing markets that have significant unmet needs,

with high-quality and integrated services that improve outcomes and reduce cost

✓

Serving large and growing healthcare populations, characterized by high-cost, high-acuity, and significant complexity,

with patient-centered and high-quality services delivered in preferred and lower-cost home and community settings

Providing Needed Solutions

✓

Driving patient access and outcomes, through operational focus, quality, and technology and people investments,

supplemented with new locations and patient engagement, analytics, and integrated care capabilities

Focus on Operational Capabilities

✓

Leveraging a uniquely scaled and complementary platform of leading services, defined by continuous process

innovation, best practices deployment, and enterprise efficiency, for differentiation and longer-term sustainability

Importance of Scale and Services

High-Quality, Preferred, and Lower Cost Health Services Delivered to Large and Complex Populations Where They Are

$3,614M

Revenue

25.6%

Revenue Growth

$190M

Adj. EBITDA

44.8%

Adj. EBITDA Growth

Seniors and

Specialty Patients

First Quarter 2026

($ in millions) Y/Y Growth

Pharmacy Solutions Revenue

$3,171

+25.2%

Infusion and Specialty Revenue

2,644

+35.5%

Home and Community Revenue

527

(9.2%)

Pharmacy Segment EBITDA

$169

+46.1%

Provider Services Revenue

$442

+27.9%

Home Health Care Revenue

266

+48.9%

Rehab Care Revenue

+7.2%

Personal Care Revenue

102

+4.3%

Provider Segment EBITDA

$66

+29.2%

Leading service lines in home & community healthcare markets, and meaningful clinical integrations across patients and services today

Note: Adjusted EBITDA is a non-GAAP metric. See Slide 13 for a reconciliation of Adjusted EBITDA to net income from continuing operations.

($ in millions)

Revenue

Provider Services Pharmacy Solutions

Total Revenue

$3,171

$2,532

$346

$442

+25.6%

+27.9%

+25.2%

($ in millions)

Adjusted EBITDA(1)

Adj. EBITDA

margin(1)

4.6%

5.3%

Total Adjusted EBITDA

+44.8%

+29.2%

+46.1%

$169

$116

$51

$66

BrightSpring reported revenue grew 26% driven by attractive and balanced growth in both Pharmacy Solutions and Provider Services; Adjusted EBITDA grew 45% driven by operational execution

Note: Adjusted EBITDA is a non-GAAP metric. See Slide 13 for a reconciliation of Adjusted EBITDA to net income from continuing operations.

1. Adjusted EBITDA Margin is Adjusted EBITDA/Revenue for the applicable period.

($ in millions)

Q1 2026 Revenue

Business Metrics

$2,532

Pharmacy Solutions

$2,644

$1,952

$581

$527

+25.2%

(9.2%)

$3,171

Prescriptions dispensed

(thousands)

10,730

(1.4%) y/y

10,877 in 1Q25

Revenue per script

$295.56

+27.0% y/y

$232.79 in 1Q25

Gross Profit per script

$28.03

+49.5% y/y

$18.75 in 1Q25

+35.5%

($ in millions)

Q1 2026 Segment EBITDA

Segment EBITDA

margin(1)

4.6%

5.3%

+46.1%

$116

$169

Pharmacy revenue and Adjusted EBITDA growth driven by Specialty and Infusion,

with favorable mix shift for growth in Gross Profit per script growth and scale-related operational efficiencies

Note: Adjusted EBITDA is a non-GAAP metric. See Slide 13 for a reconciliation of Adjusted EBITDA to net income from continuing operations.

1. Adjusted EBITDA Margin is Adjusted EBITDA/Revenue for the applicable period.

($ in millions)

Q1 2026 Revenue

$346

Provider Services

$266

$178

$70

$75

$98

$102

+27.9%

+48.9%

$442

Business Metrics

($ in millions)

Home Health Care average

daily census

46,066

+52.3% y/y

30,241 in 1Q25

Rehab Care persons served

7,620

+13.8% y/y

6,697 in 1Q25

Personal Care persons

served

16,079

+1.4% y/y

15,863 in 1Q25

Q1 2026 Segment EBITDA

Segment EBITDA

margin(1)

14.8%

14.9%

$66

+29.2%

$51

Provider Services delivered strong revenue and Adjusted EBITDA growth, with significant Home Health Care average daily census growth and Rehab Care persons served growth, concurrent with operational execution and scale-related efficiencies

Note: Adjusted EBITDA is a non-GAAP metric. See Slide 13 for a reconciliation of Adjusted EBITDA to net income from continuing operations.

Adjusted EBITDA Margin is Adjusted EBITDA/Revenue for the applicable period.

($ in millions,

except Margin)

Three Months

Ended March 31,

2025

Three Months

Ended March 31,

2026

Change

Revenue

$2,532

$3,171

25.2%

($ in millions,

except Margin)

Three Months

Ended March 31,

2025

Three Months

Ended March 31, Change 2026 %

Revenue

$346

$442

27.9%

Cost of goods(1) $2,328 $2,871 23.3% Cost of services(1) $212 $261 23.3%

Gross profit(2)

$204

$301

47.5%

Gross profit(2)

$134

$181

35.0%

Segment EBITDA $116 $169 46.1% Segment EBITDA $51 $66 29.2%

Segment EBITDA Margin %(3)

4.6% 5.3% 70bps

Segment EBITDA Margin %(3)

14.8% 14.9% 10bps

Note: Adjusted EBITDA is a non-GAAP metric. See Slide 13 for a reconciliation of Adjusted EBITDA to net income from continuing operations.

Balance includes depreciation and amortization expense that relates to revenue-generating assets

Gross profit may not reconcile due to rounding

Adjusted EBITDA Margin is Adjusted EBITDA/Revenue for the applicable period

2026 Fiscal Year Guidance

($ in millions)

Prior FY 2026 Guidance1

Provided February 27, 2026

Updated FY 2026 Guidance1

Provided May 1, 2026

Pharmacy Revenue

$12,600 - $13,100

10.1% - 14.5% y/y1

$12,850 - $13,300

12.3% - 16.2% y/y1

Provider Revenue

$1,850 - $1,900

26.3% - 29.7% y/y1

$1,875 - $1,925

28.0% - 31.4% y/y1

Total Revenue

$14,450 - $15,000

11.9% - 16.2% y/y1

$14,725 - $15,225

14.1% - 17.9% y/y1

Total Company Adjusted EBITDA

$760 - $790

23.1% - 27.9% y/y1

$795 - $825

28.7% - 33.6% y/y1

Note: Adjusted EBITDA is a non-GAAP metric. See Slide 13 for a reconciliation of Adjusted EBITDA to net income from continuing operations.

FY 2026 guidance growth rates ranges reflect growth compared to FY 2025 results, excluding the Community Living business and other acquisitions that have not yet closed.

Capex investments: 1% of revenue

Sustainable net working capital position and annual investments

Estimated 2026 Operating Cash Flow of

~$500 million(1)

Long-Term Leverage Ratio Target

Pre IPO / Post-Equity and Debt Transactions Leverage Ratio(2)

Current Leverage(3)

De-leveraging driven by operational performance and capital allocation

Cash Flow Generation Capability

M&A

Acquisitions focused on synergistic and accretive transactions to drive

geographic expansion and increased scale

Strategic divestitures that reduce leverage and optimize platform

Disciplined target selection and strong integration capabilities

Debt Service

Capital allocation priority to reduce leverage ratio and interest expense

Long-term leverage target of ~2.5x or below

~5.9x

4.16x

2.99x

2.27x

~2.5x or below

December 31, December 31, December 31,

2023 (2) 2024 (2) 2025(2)

March 31,

2026 (3)

Long-Term

Target

Note: The forward-looking information presented in this slide are not projections; they are goals/ targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions and opportunities, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult "Forward-Looking Statements" at beginning of this presentation. Nothing in this presentation should be regarded as a representation by any person that these goals/targets will be achieved, or that these goals/targets should act as guidance, and the Company undertakes no duty to update its goals/targets.

Operating cash flow estimate for 2026 excludes the impact of discontinued operations.

Calculated pursuant to the company's credit facilities. Leverage calculation includes the Community Living business.

Leverage as of March 31, 2026 is calculated excluding the Community Living business, given the divestiture closed on March 30, 2026.

Appendix

For the Three Months Ended

($ in thousands)

March 31, 2025

March 31, 2026

Net Income from Continuing Operations

$ 9,216

$ 74,283

Income Tax (Benefit) Expense

(240)

8,551

Interest Expense, net

41,763

38,615

Depreciation and Amortization

40,832

39,094

EBITDA

$ 91,571

$ 160,543

Non-Cash Share-Based Compensation(a)

12,474

13,116

Acquisition, Integration, and Transaction-Related Costs (b)

9,521

6,100

Restructuring and Divestiture-Related and Other Costs (c)

17,496

10,002

Total Adjustments

$ 39,491

$ 29,218

Adjusted EBITDA

131,062

189,761

Revenue

$ 2,878,129

$ 3,613,721

Adjusted EBITDA Margin

4.6%

5.3%

Represents non-cash share-based compensation to certain members of our management and full-time employees.

Represents transaction costs incurred in connection with planned, completed, or terminated acquisitions, which include investment banking fees, legal diligence and related documentation costs, finance and accounting diligence and documentation; costs associated with the integration of acquisitions, including any facility consolidation, integration travel, or severance; and costs associated with other planned, completed, or terminated non-routine transactions.

Represents costs associated with restructuring-related activities, including closure, and related license impairment, and severance expenses associated with certain enterprise-wide or significant business line cost-savings measures.

For the Three Months Ended

(in thousands)

Mar 31, 2025

Jun 30, 2025

Sept 30, 2025

Dec 31, 2025

Mar 31, 2026

Publicly owned shares (excluding KKR and Walgreens)

70,721

98,627

103,138

130,026

151,154

Shares owned by KKR

92,960

77,096

61,942

41,824

Shares owned by Walgreens

11,240

Remaining TEU minimum settlement of 3.2733 26,084

26,084

23,253

11,734

Weighted-average shares outstanding - basic

201,005

201,807

203,487

203,702

204,712

Effect of dilutive securities:

Stock options

8,055

8,098

7,835

7,126

9,416

RSUs

5,867

6,431

6,660

7,589

7,193

TEUs

Weighted-average shares outstanding - diluted

214,927

216,336

217,982

218,417

221,321

shares per unit

Disclaimer

Brightspring Health Services Inc. published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2026 at 11:08 UTC.