Concentra Group Holdings Parent, Inc. — Second Quarter 2026 Earnings Summary

Financial Performance

• Q2 2026 revenue was $606.0 million, a 10.0% increase from $550.8 million in Q2 2025.
• Net income attributable to the Company was $65.3 million, a 46.5% increase from $44.6 million in Q2 2025.
• Adjusted EBITDA was $140.9 million, a 22.5% increase from $115.0 million in Q2 2025.
• Adjusted Net Income Attributable to the Company was $66.7 million, a 39.7% increase from $43.5 million in Q2 2025.
• Earnings per share (basic and diluted) were $0.51, an increase of $0.16 from $0.35 in Q2 2025.
• Adjusted earnings per share were $0.52, an increase of $0.15 from $0.37 in Q2 2025.
• Net cash provided by operating activities was $135.2 million, a 53.0% increase from $88.4 million in Q2 2025.
• Free Cash Flow was $121.0 million, a 91.6% increase from $63.2 million in Q2 2025.
• Capital expenditures were $15.7 million, a 37.9% decrease from $25.2 million in Q2 2025.
• Net leverage ratio was 2.99x as of June 30, 2026.
• Total debt was $1,573.6 million and cash balance was $158.0 million as of June 30, 2026.
• Revenue per visit was $152.67, a 4.6% increase from $145.92 in Q2 2025.

Guidance and Future Outlook

• Raised full-year 2026 revenue guidance to a range of $2.325 billion to $2.375 billion.
• Raised full-year 2026 Adjusted EBITDA guidance to a range of $485 million to $495 million.
• Raised full-year 2026 Free Cash Flow guidance to a range of $220 million to $240 million.
• Maintained full-year 2026 capital expenditures guidance in the range of $70 million to $80 million.
• Maintained full-year 2026 net leverage ratio guidance below 3.0x.

Business Segments and Product Lines

• Total occupational health centers increased to 633 at the end of Q2 2026 from 628 at the end of Q2 2025.
• Opened one de novo occupational health center in Q2 2026.
• Total onsite health clinics increased to 415 at the end of Q2 2026 from 406 at the end of Q2 2025.
• Patient visits totaled 3,610,934 in Q2 2026, a 2.6% increase from 3,520,320 in Q2 2025.
• Workers' compensation revenue was $361.2 million in Q2 2026 compared to $332.2 million in Q2 2025.
• Employer services revenue was $183.2 million in Q2 2026 compared to $174.3 million in Q2 2025.
• Consumer health revenue was $6.9 million in Q2 2026 compared to $7.2 million in Q2 2025.

Market and Competitive Landscape

• Concentra is the nation's largest provider of occupational health services by number of locations.
• The company operates across 46 states and the District of Columbia.
• Approximately 13,000 colleagues and affiliated physicians and clinicians support operations.
• The company serves approximately 54,000 patients per business day on average (TTM as of June 30, 2026).

Risks and Challenges

• Risks include the frequency of work-related injuries and illnesses, adverse changes to relationships with employer customers or payors, and regulatory changes.
• Potential challenges include labor shortages, increased employee turnover, union activity, and the ability to realize reimbursement increases sufficient to cover cost inflation.
• Risks also encompass cybersecurity threats, data privacy compliance, litigation, and the impact of impairment of goodwill and intangible assets.
• The company faces risks related to facility licensure requirements, climate change, and evolving ESG expectations.

Management Commentary and Tone

• Keith Newton, outgoing CEO, stated that momentum reflects clear priorities and a team committed to delivering results.
• Matt DiCanio, incoming CEO, emphasized priorities to deliver high-quality care, create value for customers and patients, and pursue disciplined growth.
• DiCanio noted that the experienced leadership team, operating leverage, and commitment to the mission position the company well for continued growth as it approaches its 50th year.
• Board Chairman Robert Ortenzio highlighted Newton's instrumental role in the company's growth and culture.

Other Key Points

• Matt DiCanio will become President and CEO and serve as a Class III director effective November 1, 2026.
• Keith Newton will transition to Executive Chairman effective November 1, 2026.
• Robert Ortenzio will resign as Chairman of the Board but continue as a director effective November 1, 2026.
• The Board declared a cash dividend of $0.0625 per share, payable on or about August 28, 2026.
• Repurchased approximately 0.4 million shares of common stock totaling $11.0 million in Q2 2026.
• The company expects to announce its CFO succession plan prior to the November 1, 2026 leadership transition.