Extendicare : Q1 2026 Conference Call Slides (May 8, 2026)

Growing Together

Q1 2026

Conference Call

May 8, 2026

Cover O

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ption

Operational highlights

32.7% YoY increase in home health care ADV from continued strong organic growth and the acquisition of Closing the Gap

6.0% YoY increase in SGP customer base LTC occupancy stable YoY at 97.5%

AFFO/share (basic)(1) up 55.9% YoY to $0.276 TTM Payout ratio 41%(2)

Subsequent to Q1

Completed the acquisition of CBI Home Health ($570M)

Completed inaugural offering of senior unsecured notes ($450M at 4.345% due April 2031)

Financial highlights

Adjusted EBITDA	Q1 2026	Q1 2025
Reported	$52.9M	$35.6M	+48.5%
Excluding out-of-period items(1)	$44.2M	$29.0M	+52.2%
Divisional NOI Margins Excluding out-of-period items(1)	Q1 2026	Q1 2025
Home health care	13.3%	10.3%	+300 bps
Long-term care	10.3%	9.4%	+90 bps
Managed services	54.6% 53.4% +120 bps

1. Excluding the impact of out-of-period items, refer to slides 16 and 17 for details

   
   
   

2. Payout ratio based on trailing twelve months (TTM) ended March 31, 2026, adjusted for the

   impact of out of period items (refer to slide 16 for details) 3

   Q1 highlights

   Adjusted EBITDA, excluding out-of-period items, increased by 52.2% to $44.2M

   $478M

   Revenue(1)

   (TTM July 31, 2025)

   
   
   

   $61.9M

   Adjusted EBITDA(1)

   (TTM July 31, 2025)

   
   
   

   • $570 million acquisition closed April 1, 2026

   • Advances Extendicare's services focused strategy

   • Highly complementary to ParaMed, with substantial presence in Western Canada and the potential for significant synergies

     ~10M Hours Annual Volume (2024A)

     
     
     

     ~8.5k Team Members

     
     
     

   • Enhances Extendicare's ability to deliver innovative care models including hospital to home programs and specialized community services

   • The acquisition creates the largest home health care platform in Canada

   • Funded with $200 million common share issuance in December 2025, and an upsized credit facility

1. CBI Home Health results on a standalone basis for the twelve months ended July 31, 2025, adjusted for estimated lease accounting adjustments of $5.5M, net of Extendicare

   Quality of Earnings (QoE) EBITDA adjustments of $3.3M (further details can be found in Extendicare's Q4 2025 MD&A and in the press release issued on November 19, 2025 4

   announcing the acquisition of CBI Home Health, as filed on SEDAR+ at https://www.sedarplus.com and on Extendicare's website at https://www.Extendicare.com)

   Closed CBI Home Health acquisition

   Creates a national home health care platform

   
   
   
   
   
   
   
   
   

   Upgrading our portfolio quality, driving management fee growth

   Seven LTC homes (1,728 new beds) under construction in Axium JV to replace 1,375 Class C beds

   On track to open two new LTC homes in 2026

   Pipeline of 17 projects representing more than ~3,700 beds replacing ~1,600 Class C beds

   Redevelopment funded via capital-efficient JV strategy

   Sold the vacated West End Villa Class C home for $12.1M in February

   Anticipate the sale of the Sudbury 320-bed project into the Axium JV in Q2

   • Beauclaire (320-beds, Ottawa)

   • Forest Trail (256-beds, Peterborough)

   Redevelopment projects	# of beds	# Class C beds replaced	Expected opening	Estimated development costs (1) ($ millions)
   Forest Trail (Peterborough)	256	172	Q3-26	104.9
   Beauclaire (Ottawa)	320	303	Q2-26	121.4
   Orleans (Ottawa)	256	240	Q1-27	103.3
   St. Catharines	256	152	Q1-27	106.4
   Port Stanley	128	60	Q1-27	52.7
   London	192	170	Q2-27	77.7
   Sudbury	320	278	Q1-29	125.9
   	1,728	1,375		692.3

   1. Development costs are defined on an IFRS basis (which includes the cost of land, hard construction and soft development costs, furniture, fixtures and equipment,

      financing costs and capitalized interest costs during construction), net of any capital development government grant receivable on substantial completion of construction, 5

      if applicable

      Building for the future

      Two new homes opening in 2026; recycled capital from sale of legacy Class C home in Q1

      Financial Review Q1 2026
      
      
      
      

      • Out-of-period items recognized in Q1 2026(1) consisted of retro funding in LTC and home health, partially offset by retro wage adjustments in home health, which added $8.7M to NOI compared to

        $6.6M in Q1 2025

      • Q1 revenue up $90.6M; up $92.0M excluding out-of-period items, driven primarily by organic volume growth and the acquisition of Closing the Gap and the acquisition of 9 LTC homes, partially offset by the closure of West End Villa following the new home opening in Axium JV

      • Q1 NOI up $18.8M; up $16.7M excluding out-of-period items, reflecting revenue growth partially offset by higher operating costs and the NOI contribution from the 9-home LTC acquisition

      • Q1 AFFO/basic share $0.343, reflecting increased after-tax earnings partially offset by an unfavourable change in the adjustment for non-cash share-based compensation

      • Excluding out-of-period items, AFFO/basic share(1) improved by 56% to $0.276 per share

Q1 2026 vs Q1 2025

Revenue	NOI
$465.2M +$90.6M +24.2% Adjusted EBITDA	$69.0M +$18.8 +37.4% Net earnings
$52.9M +$17.3M +48.5% AFFO/basic share	$40.7M +$25.7 +171.0% Payout ratio
$0.343 +$0.108 +46.0%	37%

Reported

(1) Refer to slides 16 and 17 for details and the impact of out-of-period items 7

Consolidated results

Q1 2026

• Q1 revenue up $47.2M; up $56.5M excluding out-of-period items(2), reflecting a 32.7% increase in ADV, driven by organic growth and the acquisition of Closing the Gap in Q2 2025

• Q1 NOI up $8.9M; up $12.0M excluding out-of-period items(2), reflecting revenue growth, partially offset by higher

  15%

  10%

  5%

  0%

  12.6%

  ADV and Adjusted NOI Margin %(1)

  11.3% 10.4% 10.3%

  
  
  

  13.5% 13.6% 13.2% 13.3%

  45,000

  40,000

  35,000

  30,000

  25,000

  wages and benefits

• Q1 NOI margin(2) of 13.3%, up 300 bps from 10.3% in Q1 2025, with higher volumes and scalable technology platform driving efficiency gains in back-office support functions

Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Revenue
Q1 2026	$205.4M	+29.8%
NOI
Q1 2026	$27.9M	+46.5%
margin	13.6%	+160 bps
Average daily volume ("ADV")
Q1 2026	41,936	+32.7%

ADV Adjusted NOI Margin

1. Adjusted NOI margins excluding out-of-period retroactive bill rate increases ($4.4M in Q4 2024, $11.0M in Q1 2025 and $1.7M in Q1 2026), retroactive compensation costs ($11.0M in Q1 2025 and $0.9M in Q1 2026), and workers' compensation rebates of $3.9M in Q1 2025 and $5.5M in Q4 2025

2. Refer to slides 16 and 17 for details and the impact of out-of-period items 8

Home health care

Strong organic growth and acquisition of Closing the Gap driving 78.9% increase in Q1 NOI

• Q1 revenue up $45.8M; up $37.9M(2) excluding out-of-period items, reflecting the contribution from the 9-home LTC acquisition (+$32.5M), funding increases and timing of spend, partially offset by the closure of West End Villa following the opening of Extendicare Crossing Bridge in Axium JV

• Q1 NOI up $11.0M; up $5.8M to $24.3M(2) excluding out-of-

  15%

  10%

  5%

  11.3%

  11.4%

  NOI Margin %(1)

  
  
  

  11.6% 11.8% 10.9%

  10.0% 9.4%

  10.3%

  period items, reflecting the 9-home LTC acquisition (+$3.5M), funding increases, timing of spend and improved preferred occupancy, partially offset by higher operating costs and the closure of West End Villa

• Q1 adjusted NOI margin(2) of 10.3%; up 90 bps from 9.4% in Q1 2025

  1. Adjusted NOI margins exclude out-of-period funding ($4.1M in Q2 2024, $1.8M in Q3 2024, $1.9M in Q4 2024 and $7.9M in Q1 2026), workers' compensation rebates ($2.7M in Q1 2025 and $2.9M in Q4 2025) and retroactive union wage adjustments of $4.5M in Q4 2025

  2. Refer to slides 16 and 17 for details and the impact of out-of-period items

  Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

  As reported Adjusted to exclude out-of-period items
  
  

  Revenue
  Q1 2026	$243.5M	+23.2%
  NOI
  Q1 2026	$32.2M	+52.0%
  margin	13.2%	+250 bps
  Average occupancy
  Q1 2026	97.5%	-

  
  
  

  9

  Long-term care

  Growth driven by the LTC acquisition in 2025 and funding increases

• Q1 revenue down $2.4M, largely driven by Revera's sale of its 30 Class C LTC homes (9 to Extendicare and 21 to a third party) in Q2 2025, partially offset by organic growth in SGP clients and management fees from newly opened homes in Axium JV

• Q1 NOI down $1.1M on decline in revenue and change in mix of Assist consulting and other services

• Q1 NOI margins remain within the expected 50-55% range

• Q1 SGP beds up 6.0% from Q1 2025

175,000

150,000

125,000

100,000

75,000

SGP (3rd party and JV beds)

Revenue
Q1 2026	$16.2M	-12.9%
NOI
Q1 2026	$8.9M	-11.0%
margin	54.6%	+120 bps
Management contract beds
Third party Joint venture	2,351 3,886	-38.6%
SGP 3rd party & joint venture beds
Beds	157,072	+6.0%

Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

10

Managed services

Extendicare Assist and SGP

6.0% organic growth in SGP clients offset by loss of Revera management contracts in 2025

Closed CBI Acquisition

(April 1, 2026)

Issued $450M Senior Unsecured Notes (Morningstar DBRS: BBB stable)

(April 14, 2026)

Source and Use (in millions)

Sources

Source and Use (in millions)

Sources

Equity Issuance (net of fees)	$ 191.5
Delayed Draw Term Loan	$ 154.5
Revolver Draw	$ 153.7
Cash & Cash Equivalents	$ 82.5
Total Sources of Funds	$ 582.2

4.345% April 2031 Senior Unsecured Notes $ 450.0

Total Sources of Funds $ 450.0

Uses

Uses

Repayment of Delayed Draw Term Loan Partial Repayment of Revolving Facility

$ 327.7

$ 100.0

Purchase Price	$ 572.6		Financing Fees	$ 2.0
Transaction & Financing Fees	$ 9.6		General Corporate Purposes and financing fees	$ 20.3
Total Uses of Funds	$ 582.2		Total Uses of Funds	$ 450.0

Concurrent with the Senior Unsecured Note offering, amended senior secured credit facility to a $250 million senior unsecured revolving facility, maturing April 2029

Inaugural $450M Senior Unsecured Note Offering

CBI Acquisition provided the catalyst to issue BBB stable senior unsecured notes

As at March 31, 2026
	Cash	Available Revolving Facility	Long-term debt(1)
Reported	$321M	$154M	$366M
Pro forma(3)	~$67M	$161M	$714M

Debt Metrics(1) 10.0x 10.6x

38.6%

7.4x

37.0%

7.9x

31.4%

26.0%

25.5%

4.2x4.0x

2.6x

2.3x

2.1x

1.9x

2022 2023 2024 2025 TTM Q1-26

TTM interest coverage Debt/Adjusted EBITDA Debt/GBV

Debt maturities as at March 31, 2026(2)

($ millions)

Subsequent to Q1, capital structure changes improve maturity profile and cost of capital

2026 2027 2028 2029 2030 Thereafter

• ~$161M(3) available on new $250M senior unsecured revolving credit facility

  166.3

  Delayed draw term loan fully repaid subsequent to Q1 with proceeds from Senior Unsecured Note proceeds

  Mortgage/loan principal at maturity Mortgage amortization

  Lease liabilities

  Delayed draw term loan

  43.1

  44.0

  6.5 2.5 6.9

  7.2 2.9

  6.7 2.2

  7.1 1.8 12.1 6.6 1.5

  7.9

  5.2

• Improved maturity profile with unsecured revolving facility maturity extended to April 2029 and 5-year $450M senior unsecured notes maturing in April 2031

• Pro forma Debt to Adjusted EBITDA(4) is estimated to be

~2.8x(4) reflecting the CBI Acquisition and the full-year impact of the 2025 transactions

(4) Pro forma Debt to Adjusted EBITDA based on Extendicare's pro forma Adjusted EBITDA for the trailing twelve months ended March 31, 2026 plus the annualized impact of the Closing the Gap and LTC Transactions and

$61.9 million of pro forma Adjusted EBITDA for CBI Home results on a standalone basis for the twelve months ended July 31, 2025, adjusted for estimated lease accounting adjustments of $5.5M, net of Extendicare Quality of Earnings (QoE) EBITDA adjustments of $3.3M (further details can be found in Extendicare's Q4 2025 MD&A and in the press release issued on November 19, 2025 announcing the acquisition of CBI Home Health, as filed

1. Debt includes current portion of long-term debt and letters of credit drawn on the revolving credit facility; excludes deferred financing costs

2. Debt maturities exclude letters of credit drawn on the revolving credit facility

3. Pro forma cash, pro forma available revolving credit facility and pro forma long-term debt based on Extendicare's as at March 31, 2026 results, including letters of credit drawn on the revolving credit facility and excluding deferred financing costs, reflecting the impact of the CBI acquisition closed April 1, 2026 and the Notes Offering closed April 14, 2026 as outlined on Slide 11. Further details can be found in Extendicare's Q4 2025 MD&A as filed on SEDAR+ at https://www.sedarplus.com

   on SEDAR+ at https://www.sedarplus.com and on Extendicare's website at https://www.extendicare.com) and the impact of the CBI acquisition closed April 1, 2026 and the Notes Offering closed April 14, 2026 on the pro forma longterm debt as outlined on Slide 11.

   
   
   

   12

   Strong liquidity and credit metrics

   ~$211M of available liquidity pro forma CBI acquisition and senior unsecured note offering

   
   
   

   Building new LTC homes to address the rising demand for long-term care

   Enhancing home health services to ease health care system strain

   • Seniors aged 85+ increasing at ~4% per year(1)

   • LTC waitlist of more than 50,000(2) in Ontario(2)

   • Need >200,000 new LTC beds in Canada by 2035(3)

   • ParaMed's care volumes grew organically by more than 12%(4) in 2025; following 10% growth in 2024

   • Home care volume growth outpacing seniors' population growth to bridge LTC shortfall

   Canadian population aged 85+

   3x

   3.0

   2.5

   2.0

   (millions)

   1.5

   1.0

   0.5

   0.0

   2x

   2.70

1.61

0.86

2006 2011 2016 2021 2026 2031 2036 2041 2046 2051

Observed Projected

1. Source: Statistics Canada, Table 17-10-0057-01, Projected population as of July 1, 2025, released January 2026

   
   
   

2. Source: Ontario Ministry of Long-Term Care Client Profile Database (CPRO), September 2025

3. The Conference Board of Canada; Sizing Up the Challenge; Meeting the Demand for Long-Term Care, November 2017

4. Before the impact of Closing the Gap 13

Meeting the needs of a growing demographic

Continued demand for long-term care and home health care

Appendix

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Q4-25 deck

Direct care for seniors

NOI contribution by segment(1)

Long-term care

59

Long-term care homes owned

TTM Q1 2026 Adjusted NOI(1) $244.5M

$35.8M

services 14.7%

Managed

41.3%

Home health care

$100.9M

44.1%

Long-term care

$107.8M

Home health care

14.5M

Home health care hours(4)

Managed services Geographically diversified operations(2)

Management & consulting

40

Homes under contract

Group purchasing

157K

Third-party & JV beds served

	Province	ON	AB	MB	BC	QC	Other	Total
	LTC homes owned	39	14	6	-	-	-	59
	- beds	5,660	1,514	973	-	-	-	8,147
	Home health care hours delivered (TTM 000's)	12,884	429	-	-	-	581	13,894
	Assist and JV beds under management contract(3)	5,259	-	978	-	-	-	6,237
	SGP 3rd party & JV beds served	58,682	19,721	2,140	31,457	35,911	9,161	157,072

Positioned for

GROWTH

High growth business model to expand home health care services and build new LTC homes through capital efficient JV with Axium to generate managed services revenue

1. TTM Q1 2026 adjusted NOI excludes out-of-period items, refer to slide 16 for details and the impact

2. Figures as at March 31, 2026

3. Represents 40 homes, including 28 operational LTC homes owned in the joint ventures with Axium in which the Company has a 15% managed interest 15

4. Annualized volumes based on 9-month volumes ending March 31, 2026

Services-focused growth

Services represent ~56% of adjusted NOI on a TTM Q1 2026

Impact of out-of-period items on Revenue, NOI, Adjusted EBITDA, AFFO and AFFO/basic share
Impact on:	Q1 2026	Q1 2025	Change	TTM Q1 2026
Revenue
Long-term care	$7.9M	-	$7.9M	$5.0M
Home health care	$1.7M	$11.0M	$(9.3)M	-
NOI and Adjusted EBITDA
Long-term care	$7.9M	$2.7M	$5.2M	$5.6M
Home health care	$0.8M	$3.9M	$(3.1)M	$5.5M
AFFO	$6.4M	$4.8M	$1.6M	$8.8M
AFFO/basic share(1)	$0.067	$0.058	$0.009	$0.092

• Q1 2026 results impacted by out-of-period funding and costs

  • LTC recognized $7.9M of out-of-period funding

  • Home health care recognized $1.7M of retroactive funding and offsetting costs $0.9M, for a net impact of $0.8M

• Q1 2025 results impacted by out-of-period funding, costs and workers' compensation rebates

  • Home health care recognized $11.0M of retroactive funding and offsetting one-time costs Q1 2025 in connection with the 4% rate increase announced in Q4 2024

  • LTC and home health care recognized workers' compensation rebates of $2.7M and $3.9M, respectively

• TTM Q1 2026 results impacted by out-of-period funding and costs and workers compensation rebates

  • LTC recognized $5.0M of out-of-period funding, offset by

    $2.3M of retroactive union wage adjustments

  • LTC and home health care recognized workers' compensation rebates in Q4-25 of $2.9M and $5.5M, respectively

(1) TTM Q1 2026 AFFO/basic share computed using Q1 2026 weighted average shares of 95.371 million 16

Adjustments to revenue, NOI, EBITDA and AFFO

Three and twelve months ended March 31, 2026

Long-term care NOI and margin(1)
Q1 2026	Q1 2025	Change
$24.3M	$18.5M	+31.4%
10.3%	9.4%	+90 bps
Average occupancy
97.5%	97.5%	-

Home health care NOI and margin(1)
Q1 2026	Q1 2025	Change
$27.1M	$15.2M	+78.9%
13.3%	10.3%	+300 bps
Average daily volume
41,936	31,603	+32.7%

Managed services NOI and margin
Q1 2026	Q1 2025	Change
$8.9M	$10.0M	-11.0%
54.6%	53.4%	+120 bps
SGP 3rd party & joint venture beds at period end
157,072	148,209	+6.0%

(1) Refer to slide 16 for details and the impact of out-of-period items

17

Adjusted NOI by division(1)

Three months ended March 31, 2026