Concentra Group Holdings Parent, Inc. · NYSE:CON

Concentra Group Holdings Parent — Investor Presentation (January 2026)

59 slides from Concentra Group Holdings Parent's investor presentation, January 2026

1. Slide 1: Concentra Investor Book

   Concentra Investor Book Improving the health of America’s workforce, one patient at a time January 2026 ©2026 Concentra Inc. All rights reserved.

2. Slide 2: ©2026 Concentra Inc. All rights reserved.

   ©2026 Concentra Inc. All rights reserved.

3. Slide 3: Disclaimer

   Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that express Concentra Group Holdings Parent, Inc.'s ("Concentra," the "Company," "we" or "our") current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events

4. Slide 4: Table of Contents (by section)

   Table of Contents (by section) 1 Company Overview 2 Value Proposition 3 Facilities & People 4 Industry Overview 5 Growth Strategy 6 Spotlight: Onsite Health Clinics 7 Financial Performance 8 Appendix 4

5. Slide 5: Table of Contents (by page number)

   Table of Contents (by page number) 1 Investor Book 19 Value Proposition 37 Growth Strategy 2 Mission Statement 20 Differentiated Value Proposition 38 Growth Levers 3 Disclaimer 21 Strong Clinical Outcomes and ROI 39 Growth Algorithm 4 Table of Contents (Overview) 22 Operational Excellence & Patient

6. Slide 6: Company Overview

   Concentra’ Company Overview

7. Slide 7: Concentra At-a-Glance

   Concentra At-a-Glance Concentra is the largest provider of occupational health services in the United States by number of locations1, with a mission of improving the health of America’s workforce, one patient at a time KEY STATISTICS ROBUST FINANCIALS 628 411 $2.2bn $432mm Occupational health Onsite

8. Slide 8: Our Investment Highlights Underpin a Clear Path for Continued Growth and Success

   Our Investment Highlights Underpin a Clear Path for Continued Growth and Success ▪ Largest provider of occupational health services in the U.S.1, treating ~1 in every 4 injuries that occur within the U.S. workplace2 Industry Leader ▪ >10x the size of next largest pure-play occupational health compet

9. Slide 9: Concentra Has a 45+ Year History of Stable Growth

   Concentra Has a 45+ Year History of Stable Growth 1979 1995 1997 1999 2010 2015 2018 2021 2024 2025 Founded as a single occupational healthcare facility in Amarillo, TX Completes IPO Merges with CRA Acquires Acquires and Acquires Acquires 100% of Completes IPO on Acquires Managed Care, rebrands as (

10. Slide 10: We Have Built an Extensive Footprint Across the U.S.

    We Have Built an Extensive Footprint Across the U.S. 628 Occupational Health Centers 411 Onsite Health Clinics Our broad geographic footprint serves ~200,000 employers and enables us to care for millions of employees of U.S. employer locations are 64% within ~12 miles of a Concentra occupational hea

11. Slide 11: We Deliver High Quality Service Through Multiple Access Points

    We Deliver High Quality Service to Employers and Patients Through Multiple Access Points Occupational Health Onsite Health Centers Clinics Telemed # of Facilities1 628 411 Virtual 24/7 Each center serves hundreds of employers Each clinic dedicated to a single Customer Base employer’s worksite ~200,0

12. Slide 12: One-Stop Shop Service Offering & Full Continuum of Care

    One-Stop Shop Service Offering & Full Continuum of Care Workers’ Injury care Nature of Injuries Treated Compensation 46% of Visits1 Services Physical therapy* Sprains / strains Lacerations / abrasions 24.4k Visits Per Day (“VPD”)1 Eye injuries Burns / wound care $210 Revenue Per Visit (“RPV”)1 Speci

13. Slide 13: Highly Diverse Business with Minimal Stroke-of-the-Pen Risk

    We Have a Highly Diverse Business with Strong Underlying Fundamentals and Minimal Stroke-of-the-Pen Risk Attractive payor mix1 Broad geographic mix2 California Medicare & Other Urgent & Commercial 16% <1% 2% Workers’ Employer Compensation Texas Employers, insurance Remaining States 16% Services 53%

14. Slide 14: Deep Employer and Ecosystem Partner Relationships and Integration

    Deep Employer and Ecosystem Partner Relationships and Integration Concentra’s employer customers include… 100% of Fortune 100 companies1 5 largest retailers 5 largest logistics 5 largest food & bev. Employers in the U.S. operators in the U.S. companies in the U.S. 98% of top 100 employer customers 5

15. Slide 15: Demonstrated Track Record of Financial Performance & Steady Growth

    Demonstrated Track Record of Financial Performance & Steady Growth TTM Total Revenue ($bn) TTM Adjusted EBITDA1 ($mm) $2.16 $432 +8% CAGR $2.09 +9% CAGR $414 $2.01 $397 $1.93 $383 $1.90 $377 $1.84 $1.85 $1.86 $1.88 $364 $365 $368 $1.81 $355 $361 $1.76 $1.78 $346 $1.72 $339 $334 Q4 Q1 Q2 Q3 Q4 Q1 Q2

16. Slide 16: Our Business Model Allows Us to Maintain Stable Labor Costs

    Our Business Model Allows Us to Maintain Stable Labor Costs... Stable Cost of Services Over Time ⚫ Over the past three years, Concentra has experienced stable cost of services, including variable (Cost of Services as % of Total Revenue1) labor costs, as a percentage of our revenues Variable Cost of

17. Slide 17: ...And Remain Resilient Through Economic Cycles

    …And Remain Resilient Through Economic Cycles Adj. EBITDA1 ($ in millions) COVID-Related2,3 COVID-19 Pandemic $390 $361 $75 $334 $276 $1 Global Financial Crisis (GFC) $253 $94 $90 $88 $92 2007 2008 2009 2010 2019 2020 2021 2022 2023 From 2007-2009, total visits declined 19%, Able to quickly flex Cos

18. Slide 18: Experienced Leadership Team with ~300 Years of Combined Experience

    Experienced Leadership Team with ~300 Years of Combined Experience with Concentra WILLIAM KEITH NEWTON JOHN ANDERSON, DO GIOVANNI GALLARA, PT DOUGLAS MCANDREW Chief Executive Officer Executive Vice President, Executive Vice President, Executive Vice President, ▪ Joined Concentra (formerly known Chie

19. Slide 19: Value Proposition

    Concentra’ Value Proposition

20. Slide 20: Leader Across the Fragmented Occupational Health Landscape

    We are a Leader Across the Fragmented Occupational Health Landscape due to Our Differentiated Value Proposition Local & Regional Occupational Other Groups (urgent care, Health-Focused Providers hospital/ED, primary care, etc.) Strong Clinical Outcomes and ROI for Employer Customers Multiple, Flexibl

21. Slide 21: Strong Clinical Outcomes and ROI for Employer Customers

    Strong Clinical Outcomes and ROI for Employer Customers High-quality medical care to patients Demonstrated quality outcomes supported by internal clinical analytics and industry validation studies based on ~500K closed claims Early clinical intervention philosophy and safe and Shorter claim duration

22. Slide 22: Operational Excellence in Delivering Positive Patient Experience

    Operational Excellence in Delivering Positive Patient Experience Proprietary Systems and Technologies 9 or 10 Patient Satisfaction (on a scale of 1-10)2 Based on 3.5 million patients surveyed from 2023-2025 Practice Management, Billing & Collections, Customer Portal (HUB) 81% 79% 77% Colleague Workf

23. Slide 23: Customer-Centric Technology & Innovation

    Customer-Centric Technology & Innovation Innovation is at the Root of Our Culture Case Study: Concentra HUB We invest in employer-focused technologies designed to provide a ⚫ Concentra HUB is an integrated occupational health customer platform that provides fully digital experience 24/7 access to in

24. Slide 24: Facilities & People

    Concentra’ Facilities & People

25. Slide 25: Our Occupational Health Centers Are Designed Based on a Proven Archetype

    Our Occupational Health Centers Are Designed Based on a Proven Archetype Exam room Lab area Digital x-ray Physical therapy Key Center Stats Other Features Center Site Criteria Procedure Rooms ~8,000 sq. ft. 8–12 ✓ Location near industry / employers Average size of center1 Examination rooms Drug Scre

26. Slide 26: We Strategically Staff Our Centers

    We Strategically Staff Our Centers to Provide a Comprehensive Array of Services Our centers are comprehensively staffed to serve our customers… ~2 Providers ~1-2 Physical ~8-9 Support Staff (Physicians, Advanced Therapists (Medical and Practice Providers) Non-Medical) … with a demonstrable ability t

27. Slide 27: Our Supporting Infrastructure Underpins Our Operations

    Our Supporting Infrastructure Underpins Our Operations ▪ Our foundational verticals and infrastructure support all Concentra facilities and segments, from the location-level to the executive-level ▪ Our experienced leadership, effective interdepartmental teams, and longstanding commitment to innovat

28. Slide 28: Industry Overview

    Concentra’ Industry Overview

29. Slide 29: Our Industry Has Seen Stable Growth Over Time

    Our Industry Has Seen Stable Growth Over Time… A growing active U.S. workforce Stable workplace injury incidence rate Consistent reimbursement rate increases # of occupational injury cases per 100 full-time Annual growth in incremental revenue from U.S. workforce size (millions)1 equivalent (FTE) wo

30. Slide 30: Driven by Ongoing Workforce Needs and Challenges

    …Driven by Ongoing Workforce Needs and Challenges Aging employed Increase in High injury rates population comorbidity claims among young workers 25-30% 175% 28% Of U.S. employees projected to be over Increase in workers’ compensation claims Of claims attributable to manufacturing age 55 by 20301 inv

31. Slide 31: Medical Expenses Are a Driving Force in Costs of Work-Related Injuries

    Medical Expenses Are a Driving Force in Massive Costs of Work-Related Injuries Cost of work-related injuries in the U.S.1 ⚫ Every $1 of medical expense cost can have an impact on nearly $4 of $176bn non-medical workers’ compensation claims and indemnity costs ⚫ Concentra not only lowers medical cost

32. Slide 32: Workers' Compensation 101: Ecosystem Overview

    Workers’ Compensation 101: Ecosystem Overview The below diagram outlines the complex journey of a workers’ compensation claim and the key stakeholders within the ecosystem Employee reports injury to the employer when hurt Employee Employer Employer may choose to self-insure (via a TPA or self-admini

33. Slide 33: Workers' Compensation 101: Direction of Care

    Workers’ Compensation 101: Direction of Care Legislation for direction of care for workers’ compensation varies state by state and can be highly nuanced Employer Ability to direct care Employee Employer has more control Shared control Employee has more control Employer generally has initial choice o

34. Slide 34: Workers' Compensation 101: Reimbursement & Fee Schedules

    Workers’ Compensation 101: Reimbursement & Fee Schedules Workers’ compensation reimbursement operates under state-specific frameworks State-driven system Fee schedules Alternative methodology (UCR) ▪ Each state sets its own payment ▪ 45 states use formal fee ▪ 5 states (IN, IA, MO, NH, NJ) rules sch

35. Slide 35: Workers' Compensation 101: Rate Updates & Increases

    Workers’ Compensation 101: Rate Updates & Increases Workers’ compensation rates are updated regularly in various ways, with many states having automatic annual updates and/or inflationary adjustments WA ND MT MN 19 states with a Concentra occupational health WI ME center have automatic adjustments t

36. Slide 36: Fragmented Competitive Landscape of Occupational Health Centers

    Fragmented Competitive Landscape of Occupational Health Centers Concentra is the largest provider of occupational health services in the United States by number of locations, treating approximately 1/4th of injuries that occur in the U.S. workforce each year1 628 2 ~55% of The remaining ~45% are tre

37. Slide 37: Growth Strategy

    Concentra’ Growth Strategy

38. Slide 38: Multiple Levers to Continue Accelerating Our Growth

    Multiple Levers to Continue Accelerating Our Growth Occupational Health Occupational Health Expansion into Onsite Health Clinics Centers: Organic Centers: Inorganic Adjacencies Levers: Visits + Rate Levers: M&A + De Novos Levers: Organic + M&A Levers: New Services + M&A Strong history of volume Leng

39. Slide 39: Occupational Health Centers: Growth Algorithm

    Occupational Health Centers: Growth Algorithm Our long-term growth algorithm is underpinned by: a stable organic/same-center volume growth + b steady flow of semi-organic, highly accretive bolt-on M&A and de novos + c strong, predictable rate increases a b Visit Growth c Rate Growth Revenue Growth (

40. Slide 40: Occupational Health Centers: Acquisitions & De Novos

    Occupational Health Centers: Acquisitions & De Novos Significant geographic expansion opportunities for Acquisitions 500+ additional occupational health centers, informed 45+ 1,000+ <3x by our sophisticated market analysis processes acquisitions since 2016 opportunities evaluated avg. EBITDA multipl

41. Slide 41: Market Case Study: Hampton Roads, Virginia

    Market Case Study: Hampton Roads, Virginia Leveraging a combination of de novos and attractive M&A to achieve local market scale and density As of 2021, the Hampton Roads market (Virginia Beach-Norfolk-Newport 2021 News) was the largest MSA in the country that Concentra did not have a presence in (r

42. Slide 42: Sales & Marketing Strategy

    Sales & Marketing Strategy Relationship-driven and tech-enabled approach to customer capture/retention and revenue optimization Focus on insurance carriers, injury and non-injury Payor Relations TPAs, and other ecosystem partners Corporate-level relationships with large national Enterprise Accounts

43. Slide 43: Spotlight: Onsite Health Clinics

    Spotlight: Onsite Health Clinics

44. Slide 44: High Growth, Capital-Light Operating Segment

    High Growth, Capital-Light Operating Segment Our Onsite Health Clinics deliver occupational health and employer-sponsored advanced primary care services at an employer’s workplace Onsite Health Clinic services are wide-ranging Onsite Health Clinics serve a wide Flexible clinical models fit the and c

45. Slide 45: Multi-billion Dollar Industry With Significant Tailwinds

    Multi-billion Dollar Industry With Significant Tailwinds Onsite Health Clinic Industry Overview Market Opportunity By The Numbers Multi-billion dollar industry in the U.S., largely comprised of occupational health and advanced primary care services Attractive secular tailwinds support long-term grow

46. Slide 46: Multi-Pronged Growth Execution

    Multi-Pronged Growth Execution Our Onsite Health Clinics operating segment has grown consistently over time, driven by organic growth, new services and acquisition Onsite Health Clinics Footprint Onsite Health Clinics TTM Revenue ($mm) $110 +25% CAGR $91 $72 $61 $62 $63 $64 $65 $57 $59 $59 $60 $56 Q

47. Slide 47: Strong, Rising Position in Competitive Landscape

    Strong, Rising Position in Competitive Landscape Concentra has grown into the third largest operator of onsite health clinics in the U.S., based on number of locations1 800 700 Approximate # of 411 onsite health clinics1 250 160 150 90 75 50 Competitor 1 Competitor 2 Competitor 3 Competitor 4 Compet

48. Slide 48: Financial Performance

    Concentra’ Financial Performance

49. Slide 49: Financial Highlights

    Financial Highlights ▪ $2.16bn Revenue and $432mm Adjusted EBITDA1 in FY 2025 Size & Scale ▪ 14%-15% YoY growth in Revenue and Adjusted EBITDA in FY 2025 ▪ Mid-to-high single digit organic/semi-organic growth o (a) Stable organic/same-center volume growth + (b) steady flow of semi-organic, highly ac

50. Slide 50: Our Long-Term Financial Targets

    Our Long-Term Financial Targets Stable Revenue Consistent Robust Free Prudent Dividend Growth Profitability with Cash Flow2 Deleveraging Continued Generation Strategy Improvement Mid-to-High 20%+ >100% ≤3.0x $0.0625 Single-digit growth Adjusted EBITDA Annual FCF Targeted net Quarterly cash margin1 c

51. Slide 51: Strong Free Cash Flow Generation & ROIC

    Strong Free Cash Flow Generation & ROIC Over $1 billion FCF and >110% FCF conversion since 20211 Strong, mid-teens ROIC and improving over time1 Free Cash Flow Generation Return on Invested Capital (ROIC)1 15% Free Cash Flow1 FCF / Net Income1,2 14% FY 2021 – FY 2025 $1,048mm 114% (cumulative) 13% F

52. Slide 52: Balance Sheet & Capital Allocation Strategy

    Balance Sheet & Capital Allocation Strategy Capital Allocation Strategy Net Leverage Liquidity (Net leverage as multiple of Adj. EBITDA1, calculation per credit agreement) ($ in millions) Leverage Prudent management of leverage levels, $508 Nova targeting ≤3.0x net leverage by end of acquisition 202

53. Slide 53: Financial Summary (2023-2025)

    Financial Summary (2023-2025) ($ in thousands) FY 2023 FY 2024 FY 2025 Revenue $1,838,081 $1,900,192 $2,163,417 YoY Growth 3.4% 13.9% Adjusted EBITDA1 $361,334 $376,856 $431,863 Adjusted EBITDA Margin1 19.7% 19.8% 20.0% YoY Growth 4.3% 14.6% Key Statistics: # of Occupational Health Centers 544 552 6

54. Slide 54: Appendix

    Concentra’ Appendix

55. Slide 55: Reconciliation to Adjusted EBITDA (2022-2025)

    Reconciliation to Adjusted EBITDA (2022-2025) TTM ($ in thousands) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Income from Operations $258,529 $263,667 $272,434 $281,673 $287,632 Depreciation and Amortization 73,667 73,165 72,718 72,896 73,051 Stock Compensation Expense 2,141 1,784 1,248 713 651 Separat

56. Slide 56: Reconciliation to COVID-Adjusted EBITDA (2019-2023)

    Reconciliation to COVID-Adjusted EBITDA (2019-2023) ($ in thousands) FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Income from Operations $176,606 $162,515 $305,264 $258,529 $287,632 Depreciation and Amortization $96,807 $87,865 $82,210 73,667 73,051 Stock Compensation Expense $3,069 $2,512 $2,142 2,141 6

57. Slide 57: Reconciliation to Adjusted EBITDA (2007-2010)

    Reconciliation to Adjusted EBITDA (2007-2010) ($ in millions) 2007 2008 2009 2010 Income from Operations $41.9 $55.9 $59.6 $45.7 Depreciation & Amortization of PP&E $23.2 $23.6 $23.6 $23.1 Amortization of Intangibles $4.3 $4.8 $2.8 $1.9 Stock Compensation Expense $17.4 $5.0 $8.4 $12.2 Acquisition Tr

58. Slide 58: Reconciliation to Free Cash Flow

    Reconciliation to Free Cash Flow ($ in millions) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021-FY 2025 Net Cash Provided by Operating Activities $291 $274 $234 $275 $279 $1,353 Net Cash Used in Investing Activities $(62) $(58) $(75) $(71) $(415) $(681) Business Combinations, Net of Cash Acquired $

59. Slide 59: Reconciliation to Return on Invested Capital (ROIC)

    Reconciliation to Return on Invested Capital (ROIC) ($ in thousands) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating Income $263,654 $272,420 $281,673 $287,632 $287,869 $289,706 $294,992 $304,763 $309,585 $315,182 $323,420 $333,992 (x) 1-Effe

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