Concentra Group Holdings Parent, Inc. Q4 FY2025 earnings call

• Management opened the call discussing Q4 and full-year 2025 results, mentioned positive feedback on investor book. - Highlighted validation studies on workers' compensation claims showing lower costs and shorter durations with Concentra. - Discussed financial results including revenue growth, adjusted EBITDA increase, and margin improvements. - Talked about opening de novo sites, M&A plans with small bolt-on acquisitions. - Discussed expenses, cash flows, and separation from Select Medical progress

Occupational Health Center operating segment: Q4 2025 total revenue $490.6M, 12.2% higher y-o-y; visits per day up 9%; revenue per visit up 3.1%. Full-year 2025 revenue $2.2B, 13.9% growth y-o-y. Onsite Health Clinics operating segment: Q4 2025 revenue $36.2M, 112% increase y-o-y (largely from Pivot acquisition); full-year 2025 revenue $110.2M, 72% increase y-o-y. Other businesses: Q4 2025 revenue $12.3M, 12.6% increase y-o-y; full-year 2025 growth 8.7% y-o-y

2026 revenue target range 2.25 - 2.35 billion; adjusted EBITDA target range 450 - 470 million; CapEx target range 70 - 80 million; free cash flow target range 200 - 225 million; leverage target ~ three times by end of 2026. Assumes ~3% rate growth in Occupational Health Center segment, low single-digit visit growth excluding NOVA, cost of services as % of revenue relatively consistent, incremental separation costs in 2026

• Forward-looking statements may be affected by factors in earnings release and SEC reports. - Potential impact of weather or respiratory activity on urgent care visits is minimal but possible. - New York workers' compensation fee schedule changes not fully addressed yet, and its impact on entry to the market if revised

Q: Benjamin Rossi asked about weather and respiratory impact on business and ROIC consideration for new opportunities.

A: Matt said weather and respiratory have minimal impact; ROIC is closely followed, and new opportunities are evaluated with strong return hurdles.

Q: Anne Hines asked about New York opportunity details.

A: New York focused on E&M codes but other codes like physical therapy not fully addressed; can move quickly if fee schedule revised.

Q: Justin Bowers asked about 2026 outlook seasonality and de novo investments.

A: Guidance includes Reliant transaction and six de novos, de novos spread throughout year, seasonality similar to prior years.

Q: Ben Hendricks asked about Select Services Agreement expiration impact.

A: Hiring remaining FTEs, TSA costs to ramp down mid-2026, incremental costs in first half 2026.

Q: Stephen Baxter asked about labor front and wage inflation.

A: Labor trends normal, wage inflation 2%-3%, turnover trending favorable.

Q: Joanna Gajuk asked about market share and New York other states.

A: Market share gained via sales tech, DeNovos contribute less than 1%, California good rate year, rest of country tracking as expected