GMR Solutions Inc. — Three and Nine Months Ended September 30, 2026 Earnings Summary

Financial Performance:

• Net revenue for the three months ended September 30, 2026, was $1,595.6 million, an increase of 5.9% compared to $1,506.9 million in the same period in 2025.
• Net revenue for the nine months ended September 30, 2026, was $4,543.4 million, an increase of 5.3% compared to $4,316.3 million in the same period in 2025.
• Net income for the three months ended September 30, 2026, was $135.6 million, an increase of 81.7% compared to $74.6 million in the same period in 2025.
• Net income for the nine months ended September 30, 2026, was $213.6 million, an increase of 10.5% compared to $193.4 million in the same period in 2025.
• Adjusted EBITDA for the three months ended September 30, 2026, was $356.6 million, an increase of 4.2% compared to $342.1 million in the same period in 2025.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $946.1 million, an increase of 0.4% compared to $942.8 million in the same period in 2025.
• The company maintained a liquidity position of approximately $999.3 million as of September 30, 2026, comprised of $298.0 million in cash and cash equivalents and approximately $701.3 million in available borrowing capacity on the ABL Facility.
• Net cash capital expenditures for the nine months ended September 30, 2026, were $175.1 million, compared to $136.0 million in the same period in 2025.
• Cash used for aircraft financing arrangements for the nine months ended September 30, 2026, was $79.9 million, compared to $74.8 million in the same period in 2025.
• Long-term debt decreased from $4,898.8 million at December 31, 2025, to $4,096.0 million at September 30, 2026.
• The company repaid $200.0 million of senior secured term loan borrowings and reduced the applicable interest rate by 50 basis points on its senior secured term loan due 2032 on September 17, 2026.
• Diluted net income per share for the three months ended September 30, 2026, was $0.56, compared to $0.07 in the same period in 2025.
• Diluted net income per share for the nine months ended September 30, 2026, was $0.31, compared to $0.32 in the same period in 2025.

Guidance and Future Outlook:

• Full-year 2026 net revenue guidance has been updated to a range of $5,900 million to $6,050 million.
• Full-year 2026 Adjusted EBITDA guidance has been updated to a range of $1,135 million to $1,195 million.
• Full-year 2026 cash used for net capital expenditures and aircraft financing as a percent of net revenue is guided to be between 5.2% and 5.4%.
• Management expressed confidence in the strength of the platform and opportunities ahead, citing momentum in Nurse Navigation and new market growth.

Business Segments and Product Lines:

• Total ambulance transports for the three months ended September 30, 2026, were 1,078,133, compared to 1,052,568 in the same period in 2025.
• Total ambulance transports for the nine months ended September 30, 2026, were 3,168,619, compared to 3,138,059 in the same period in 2025.
• Emergent transports for the three months ended September 30, 2026, were 874,239, compared to 846,679 in the same period in 2025.
• Emergent transports for the nine months ended September 30, 2026, were 2,557,487, compared to 2,502,722 in the same period in 2025.
• Non-emergent transports for the three months ended September 30, 2026, were 203,894, compared to 205,889 in the same period in 2025.
• Non-emergent transports for the nine months ended September 30, 2026, were 611,132, compared to 635,337 in the same period in 2025.
• Wheelchair transports for the three months ended September 30, 2026, were 6,457, compared to 17,363 in the same period in 2025.
• Wheelchair transports for the nine months ended September 30, 2026, were 21,140, compared to 50,078 in the same period in 2025.
• Nurse Navigation encounters for the three months ended September 30, 2026, were 32,180, compared to 21,326 in the same period in 2025.
• Nurse Navigation encounters for the nine months ended September 30, 2026, were 89,211, compared to 59,805 in the same period in 2025.
• Net transport revenue per ambulance transport for the three months ended September 30, 2026, was $1,426, compared to $1,384 in the same period in 2025.
• Net transport revenue per ambulance transport for the nine months ended September 30, 2026, was $1,386, compared to $1,332 in the same period in 2025.
• Air base count was 386 as of September 30, 2026, compared to 383 as of September 30, 2025.
• Weather cancellation rate for emergent air transports for the three months ended September 30, 2026, was 15.7%, compared to 14.8% in the same period in 2025.
• Weather cancellation rate for emergent air transports for the nine months ended September 30, 2026, was 16.1%, compared to 17.0% in the same period in 2025.
• Same market revenue growth for the three months ended September 30, 2026, was 6.0%, compared to 9.5% in the same period in 2025.
• Same market revenue growth for the nine months ended September 30, 2026, was 5.8%, compared to 12.0% in the same period in 2025.
• Payor mix for the three months ended September 30, 2026, showed Medicare at 25%, Medicaid at 9%, Commercial insurance and managed care at 57%, Other third-party payors at 8%, and Self-pay at 1%.

Market and Competitive Landscape:

• GMR operates in approximately 1,400 counties across the U.S., serving rural and urban communities representing more than 60% of the U.S. population.
• The company supports roughly 5.5 million patient encounters annually and performs a critical care intervention every 87 seconds.
• Emergent air transport requests for the three months ended September 30, 2026, were 84,126, compared to 81,854 in the same period in 2025.
• Emergent air transport requests for the nine months ended September 30, 2026, were 239,916, compared to 234,628 in the same period in 2025.

Risks and Challenges:

• Weather-related constraints and higher fuel and inflationary costs impacted flight activity and operations.
• Anticipated shifts in payor mix present a challenge to revenue.
• Risks include potential reductions in emergency or non-emergency transport requests, adverse weather conditions, and climate change impacts on air ambulance operations.
• Risks include changes in commercial insurer rates, reimbursement methodologies, and delays in collections.
• Risks include reductions in governmental rates, funding limitations, or eligibility changes for Medicare and Medicaid.
• Risks include the inability to maintain or reduce costs, inflationary pressure on fuel, and labor relation matters.
• Risks include the inability to attract and retain qualified personnel, loss of existing contracts, and competition from other providers.
• Risks include substantial indebtedness, cybersecurity incidents, and regulatory scrutiny of private equity's role in healthcare.
• Risks include the inability to manage or integrate acquisitions, divestitures, or organizational change effectively.

Management Commentary and Tone:

• Nick Loporcaro, Chairman and CEO, stated that the third quarter showcased the resiliency inherent in GMR's scale, national footprint, and integrated model.
• Management noted the ability to serve patients across a broad range of operations and geographies helped navigate weather-related constraints and external pressures while growing core emergent services.
• Brian Tierney, CFO, highlighted strong financial performance despite headwinds, attributing results to growth in core emergent services, improved revenue per transport, and disciplined cost management.
• Management expressed confidence in the strength of the platform and opportunities ahead, reinforced by momentum in Nurse Navigation and new market growth.

Other Key Points:

• The company completed the repricing of its senior secured term loan due 2032 on September 17, 2026, which included the repayment of $200.0 million of borrowings and a 50 basis point reduction in the interest rate.
• The company issued warrants to purchase common stock for $500.0 million during the nine months ended September 30, 2026.
• The company issued common stock, net, for $446.9 million during the nine months ended September 30, 2026.
• The company redeemed redeemable preferred stock for $549.4 million during the nine months ended September 30, 2026.
• Stock-based compensation expense for the nine months ended September 30, 2026, was $142.6 million, compared to $1.8 million in the same period in 2025.
• Professional fees and other expenses for non-recurring matters for the nine months ended September 30, 2026, were $34.6 million, compared to $11.9 million in the same period in 2025, largely driven by IPO-related fees and system implementation costs.
• The company has approximately 34,000 team members.
• The company's family of solutions includes American Medical Response, Air Evac Lifeteam, REACH Air Medical Services, Guardian Flight, Med-Trans Corporation, and AirMed International.