US Physical Therapy updates 2025 investor deck

U.S. Physical Therapy, Inc. filed an 8-K to share an updated investor presentation for the year ended December 31, 2025.

Rhea-AI Filing Summary

U.S. Physical Therapy, Inc. filed an 8-K to share an updated investor presentation for the year ended December 31, 2025. The deck highlights that the company owns or manages 780 outpatient physical and occupational therapy clinics across 44 states, generating $781mm in trailing twelve-month revenue and $95mm in trailing twelve-month Adjusted EBITDA.

The presentation describes a highly fragmented $40bn+ U.S. rehabilitation market where no single company holds more than 10% share, positioning USPh as one of the largest platforms. It reports 16% year-over-year revenue growth and a $1.80 annual dividend, driven by organic clinic openings and acquisitions in physical therapy and industrial injury prevention services.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did U.S. Physical Therapy (USPH) disclose in its latest 8-K?

U.S. Physical Therapy filed an 8-K to announce an updated investor presentation for the year ended December 31, 2025. The deck outlines its clinic footprint, revenue mix, growth strategy, market positioning, and key non-GAAP metrics such as Adjusted EBITDA and Operating Results.

How large is U.S. Physical Therapy’s clinic network as of year-end 2025?

As of the year ended December 31, 2025, U.S. Physical Therapy reports 780 owned or managed outpatient physical and occupational therapy clinics. These clinics span 44 states and include 34 locations managed on behalf of third parties, supporting both physical therapy and industrial injury prevention services.

What financial performance metrics did U.S. Physical Therapy highlight?

The investor presentation highlights trailing twelve-month revenues of $781mm and trailing twelve-month Adjusted EBITDA of $95mm. It also notes 16% year-over-year revenue growth and a $1.80 annual dividend, emphasizing non-GAAP measures like Adjusted EBITDA and Operating Results alongside GAAP financial reporting.

How does U.S. Physical Therapy describe its market opportunity?

U.S. Physical Therapy cites a U.S. rehabilitation market exceeding $40bn, with more than 37,000 clinics and no company controlling over 10% market share. The company positions itself as one of the largest physical therapy owner-operators, benefiting from favorable demographics and consolidation opportunities.

What growth strategy does U.S. Physical Therapy (USPH) emphasize?

The company emphasizes a multi-pronged growth strategy: opening de novo clinics, acquiring physical therapy and industrial injury prevention practices, forming hospital alliances, and boosting volumes at existing sites. It highlights a partnership model where clinic founders retain significant equity interests and share in monthly distributions.

What role does industrial injury prevention play in USPH’s business mix?

Industrial injury prevention services provide onsite sports medicine, ergonomic testing, occupational health, and related offerings at over 600 client locations. This segment has grown through acquisitions and now contributes a meaningful share of total revenue, complementing the core outpatient physical therapy operations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/09/2026 - 04:13 PM EDT Learn about SEC filing dates

falseU S PHYSICAL THERAPY INC /NV0000885978NYSE00008859782026-03-062026-03-060000885978usph:NewYorkStockExchangeMember2026-03-062026-03-060000885978usph:NYSEMember2026-03-062026-03-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

 CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 6, 2026

 U.S. PHYSICAL THERAPY, INC.

(Exact name of registrant as specified in its charter)

Nevada		001-11151		76-0364866
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

1300 WEST SAM HOUSTON PARKWAY SOUTH, SUITE 300, HOUSTON, Texas		77042
(Address of Principal Executive Offices)		(Zip Code)

Registrant's telephone number, including area code: (713) 297-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	USPH	New York Stock Exchange
Common Stock, $.01 par value	USPH	NYSE Texas, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

ITEM 7.01 Regulation FD Disclosure.
 

On March 6, 2026, U.S. Physical Therapy, Inc. ("the Company”), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, updated its investor presentation. The presentation covers an overview of the Company and is included here as Exhibit 99.1. Additionally, the presentation can be found on the Company's website at www.usph.com under the Investor Relations section.

The information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS

Exhibit		Description of Exhibit
99.1		USPH Investor Presentation for the Year Ended December 31, 2025

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				U.S. PHYSICAL THERAPY, INC.
Dated: March 9, 2026				By:		/s/ CAREY HENDRICKSON
						Carey Hendrickson
						Chief Financial Officer
						(duly authorized officer and principal financial and accounting officer)

CONTACT:

U.S. Physical Therapy, Inc.

Carey Hendrickson, Chief Financial Officer

          Email: Chendrickson@usph.com

Chris Reading, Chief Executive Officer

(713) 297-7000

Three Part Advisors

Joe Noyons

(817) 778-8424

Exhibit 99.1

 

 Disclaimer  2  Forward-Looking Statements   This presentation contains forward-looking statements, which involve numerous risks and uncertainties. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to: changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status; revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction; changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by patients; private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability; compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and penalties for failure to comply; compliance with state laws and regulations relating to the corporate practice of medicine and fee splitting, and associated fines and penalties for failure to comply; competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets; the impact of a termination of one or more of the Company’s hospital affiliation arrangements, which could have an adverse impact on revenue and the results of operations; the impact of future public health crises and epidemics/pandemics; certain of our acquisition agreements contain put-rights related to a future purchase of significant equity interests in our subsidiaries or in a separate company; the impact of future vaccinations and/or testing mandates at the federal, state and/or local level, which could have an adverse impact on staffing, revenue, costs and the results of operations; our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing and our ability to operate our business; changes as the result of government enacted national healthcare reform; the ability to control variable interest entities for which we do not have a direct ownership; business and regulatory conditions including federal and state regulations; governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and increased costs; revenue and earnings expectations; contingent consideration provisions in certain of our acquisition agreements, the value of which may impact future financial results; legal actions, which could subject us to increased operating costs and uninsured liabilities; general economic conditions, including but not limited to inflationary and recessionary periods; actual or perceived events involving banking volatility or limited liability, defaults or other adverse developments that affect the U.S or the international financial systems, may result in market wide liquidity problems which could have a material and adverse impact on our available cash and results of operations; our business depends on hiring, training, and retaining qualified employees; availability and cost of qualified physical therapists; competitive environment in the industrial injury prevention services business, which could result in the termination or non-renewal of contractual service arrangements and other adverse financial consequences for that service line; our ability to identify and complete acquisitions, and the successful integration of the operations of the acquired businesses; impact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling interest (minority interests); maintaining our information technology systems with adequate safeguards to protect against cyber-attacks; a security breach of our or our third party vendors’ information technology systems may subject us to potential legal action and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act; maintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or termination of those contractual arrangements by such clients could cause operating results to be less than expected; maintaining adequate internal controls; maintaining necessary insurance coverage; use of generative artificial intelligence; availability, terms, and use of capital; and weather and other seasonal factors. See Risk Factors in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026, and any subsequent filings we make with the SEC.  Non-GAAP Financial Measures  This Presentation includes certain measures (“non-GAAP financial measures”) which are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), such as Operating Results, basic and diluted Operating Results per share, Adjusted EBITDA, Adjusted EBITDA margin and other Non-GAAP measures. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to GAAP measures. Our presentation of these measures may not be comparable to similarly titled measures used by other companies. Management believes that such measures are commonly reported by issuers and widely used by investors as indicators of a company’s operating performance. All non-GAAP financial measures contained herein should be considered only as a supplement to, and not as a superior measure to, financial measures prepared in accordance with GAAP.  

 780  Owned/Managed Outpatient Physical and Occupational Therapy Clinics (1)  44  State   National Footprint (1)  85%  Physical Therapy   Operations % of Revenue(1)  15%  Injury Prevention   Services % of Revenue(1)  >$40bn  US Rehabilitation Market  >10%  No Company Has Greater Than 10% Market Share(2)  Partner of Choice with Experienced Physical Therapists  $781mm  TTM Revenues(1)  $95mm  TTM Adj EBITDA(1)(3)  16%  YoY Revenue Growth(1)  $1.80  Annual Dividend (1)   Proven Business Model  Attractive Market Dynamics  Leading Physical Therapy Company  USPh At a Glance  Strong Financial Position  One of the largest PT clinic owner/operator platforms in a highly fragmented market   Leading public physical therapy platform  Headquarters: Houston, TX  Founded: 1990  Employees: 7,200+  Favorable Demographic Trends  As of and for the year ended December 31, 2025,.Included in the clinic count shown above are 34 clinics that the Company manages on behalf of third parties.   Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT). Select Medical used as proxy for largest physical therapy operator in the U.S. with 1,944 outpatient rehabilitation clinics as of Sept 30, 2023.   Adjusted EBITDA is a non-GAAP financial measure and has not been prepared in accordance with GAAP. See Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA for further detail..  Driven by Organic Growth and Acquisitions  Diversified Payor Mix  3 

 Expanding National Footprint of Physical Therapy Clinics   4  Color Scheme  0 155 217  155 155 155  20 81 163  124 59 129  170 68 61  254 163 11  * Included in the clinic count (but excluded from the map) are 34 clinics that the Company manages on behalf of third parties.  

 Large and Growing Market Opportunity  5  $40B+ U.S. rehab market   Favorable demographics – physically active, aging and obese population segments  Significant market potential  ~50% of Americans over 18 years old develop a musculoskeletal injury that lasts more than 3 months   Within this group, only 10% use outpatient physical therapy services (1)  Healthcare delivery shifting towards lower cost, high quality outpatient providers  Operating environment favors market consolidators with scale  (1) Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT), Market Research. 

 Outpatient Clinics are the Leading Setting For Care  6  Orthopedic rehab is the primary driver of physical therapy services, representing approximately 60% of visits  Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT).  Outpatient Clinics  Hospitals; State, Local, and Private   Home Health   Offices of Physicians  Other  Physical Therapy Delivery Mix 

 Payors See Significant ROI for Physical Therapy  7  Total Treatment Cost~$78K  Hip replacement surgery($56,000)  Inpatient care($15,000)  Total Treatment Cost~$85K  Hip replacement surgery($56,000)  Inpatient care($15,000)  Readmission  Rate of20%  Readmission  Rate of10%  Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT).  Outpatient PhysicalTherapy Clinic   Full Recovery  Home  Full Recovery  With PT  Without PT  Average overall savings of ~$7k with significantly lower readmission rate 

 Competitive Landscape  8  Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT).  Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT). Select Medical used as proxy for largest physical therapy operator in the U.S. with 1,917 outpatient rehabilitation clinics as of December 31, 2025.   Clinic count as of December 31, 2025.  1,900+  Clinics(3)  780  Managed / Owned Clinics(3)  Highly fragmented U.S. outpatient rehab market with 37,000+ clinics (1)   USPh is one of the largest owner/operator of PT clinics  No company with >10% market share(2)  USPh is well-positioned to capitalize in a more challenged macro environment 

 Physical Therapy Growth Strategy  9  Drive organic growth through de novo PT/OT clinic openings (utilize true partnership model)  Maximize profits of existing facilities by growing volume, improving pricing, increasing efficiencies and adding programs and services  Augment organic growth through strategic acquisitions of PT / OT practices  1  2  3  Create strategic alliances with hospital systems   4 

 Highly Retentive, Partnership Model  10  Specialize in trauma, sports, work-related and pre- and post-surgical cases  Partner with experienced physical therapists   Drive volume via referrals  Augment sales with marketing reps   Organic growth includes lower cost de novo start up clinics  Strategic acquisitions structured as partnerships to create strong alignment of interests:  Significant ownership retained by founders (~20% to 50%)  Maintain established local brand  Monthly distributions of cash generated based on ownership percentages  Agree to purchase remaining interest of partners on back end at typically the same EBITDA multiple as the original purchase 

 More Resources  Less Administrative Burden  USPh Partnership Advantages  11  Accounting  HR  Real Estate  Construction  Purchasing  Contracting/Credentialing  Marketing  Compliance  Legal  IT  Capital and Resources to Enhance Development Rate  No Personal Financial Risk  Aligned Practice Incentives  Unlimited Earnings Potential   Enhanced Benefits Package  Business Intelligence and Collaborative Guidance 

 Acquisition Strategy  12  Completed more than 50 acquisitions since 2005 ranging in size from 1 to 52 clinics  Acquisitions include eight industrial injury prevention services businesses  Seeking & evaluating M&A transactions is part of USPh’s DNA  PT acquisition criteria:  Owner therapists continue to operate clinics and retain significant equity interest  Immediately accretive to earnings  Further de novo growth opportunities  High quality clinics with a history of profitability  Values Alignment 

 New Clinics Since January 1, 2025  13  47 owned clinics added (1)(2) since January 1, 2025  From 1/01/2025 – 12/31/2025  WV  VT  VA  SC  PA  OH  NJ  NC  ME  MD  MA  GA  FL  CT  TX  OK  MS  LA  AR  AL  AK  TN  5  Includes de-novo clinics and acquisitions of single and multi-site practices.  Included in the clinic count (but excluded from the map) are 34 clinics that the Company manages on behalf of third parties.  

 Scale Advantages Create a Robust Business Case for Consolidation  14  Increased likelihood of selection for payor networks  Scale is cited as a core criterion by specialty network managers and payors.  Some limited leverage in negotiations with payors for reimbursement  Higher likelihood of referrer activity and advocacy  More efficient, patient-centric care model -- including clinic, home and telehealth options  Enhanced compliance capabilities  Centralized infrastructure to limit costs and improve operational efficiencies  Increased patient awareness and high brand recognition  Source: “Industry Trends in M&A and Total Addressable Market Study” (Bain & Company, WebPT)  Efficiency  More efficient, patient-centric care model -- including clinic, home and telehealth options  Compliance  Enhanced compliance capabilities  Payor Networks  Increased likelihood of selection for payor networks  Scale is cited as a core criterion by specialty network managers and payors.  Ability to negotiate higher rates for reimbursement with commercial payors  Referrals  Higher likelihood of referrer activity and advocacy  Centralization  Centralized infrastructure to limit costs and improve operational efficiencies  Awareness  Increased patient awareness and high brand recognition  Increasingly difficult environment for smaller clinics given increasing compliance, regulatory and payor complexities and challenging macroeconomic conditions 

 Revenue Mix by Segment and Payor Type  15  Physical Therapy Revenue Mix by Payor Type   Year Ended December 31, 2025  Other  Workers Comp  Private Insurance & Managed Care  Medicaid  Medicare  Revenue Mix by Segment Type  Year Ended December 31, 2025  Physical Therapy Operations  Industrial Injury Prevention 

 USPh Physical Therapy Growth Drivers  16  In 2019, the Company sold interest in a partnership, which operated 30 clinics. In 2020, the Company sold 14 previously closed clinics and closed 34 clinics.   Number of Owned Clinics (1)  Daily Patient Visits Per Clinic   Number of Patient Visits (in thousands)  Both prior to and post COVID-19, each driver has shown robust growth  2012-2025: CAGR +4%  2012-2025: CAGR +3%  2012-2025: CAGR +8% 

 Daily Physical Therapy Volumes Progression  17  Continue to see record-high volumes  Average daily visits per clinic was of 32.7 was a record-high for any fourth quarter  COVID Trough  Average Visits per Clinic per Day 

 Physical Therapy Operations  18  Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation.  Includes management contracts.  Excludes certain incentive costs related to the Metro acquisition and gains or losses related to clinic closures, as applicable. See the reconciliation of non-GAAP measures to the most directly comparable GAAP measure in the Appendix section.  Annual Adjusted Gross Margin   Percentage (1)(2)(3)  Quarterly Adjusted Gross Margin   Percentage (1)(2)(3) 

 Today  Services performed onsite at >600  client locations  Industrial Injury Prevention  19  Industrial Injury Prevention services include industrial sports medicine and injury prevention, post offer testing, ergonomic services, occupational health and medical services, and specialized solutions  March 2017  2020  14.6%   of Total Revenue(3)  Since USPh’s initial entry into the Industrial Injury Prevention services space, the business has grown both organically and through additional acquisitions  % of Revenue full year 2018.  % of Revenue full year 2020.  Revenue for the year-to-date ended December 31, 2025.   5.6%   of Total Revenue(1)  9.3%   of Total Revenue(2)  Initial Acquisition   into the Industrial Injury Prevention services   space  2018 

 Industrial Injury Prevention   20  Note:   Amortization of certain intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation.  * The Company acquired an IIP business in November 2021with $26.7 million in revenue at an EBITDA margin of 16.0%, which reduced the overall IIP margin in 2022 and forward.    Revenue ($ in millions)  Gross Margin (%) (1)  * 

 Strong Balance Sheet and Capital Allocation Strategy  21  At June 30, 2024, we had $112.9 million in cash and $142.5 million outstanding on our term loan. We have $175 million available for borrowings under our revolving facility.  A strong balance sheet and capital allocation strategy has allowed USPH to return value to shareholders both directly and through strategic growth investments  In 2023, the Company generated Adjusted EBITDA(1) of $77.7 million  Liquidity ($ in millions) (as of 06/30/24)  Acquisitions  Continue fueling a highly acquisitive growth strategy within a fragmented landscape  Maintain strategic flexibility and a conservative balance sheet   Debt Management  Capital Allocation Strategy  History of dividend increases and the ability to return value to shareholders directly   Dividend Issuances  Debt Management  Minimize interest expense and maintain strategic flexibility  Liquidity ($ in millions) (as of 12/31/2025)  Dividend Payments  History of dividend increases and the ability to return value to shareholders directly   De Novos  Develop de novo physical therapy clinics, increase industrial injury locations and add services in   both businesses  Share Repurchase  Authorization to repurchase up to $25M if market conditions are appropriate.  Repurchased 81,322 shares for $5.6 million in 4Q25 

 Executive Management  22  https://www.usph.com/about/senior-leadership/  https://www.linkedin.com/in/rick-binstein-66944512  Joined USPh as CFO in November 2020  Previously served as CFO for Capital Senior Living Corporation (NYSE:CSU) and Belo Corp. (NYSE: BLC)  BBA & MBA  Carey Hendrickson   Chief Financial Officer  Joined USPh in March 2018  Previously President & Chief Executive Officer of Baptist Health System in San Antonio, TX. Managed six hospitals with a $1.32B annual operating budget  BS Physical Therapy & MBA  Graham Reeve   Chief Operating Officer – West Region  Joined USPh in July 2021  Previously President and Chief Operating Officer for Omni Ophthalmic Management Consultants (OOMC), an ophthalmology management services organization  Previously served in the roles of Chief Operating Officer and then Chief Executive Officer of Drayer Physical Therapy Institute, LLC, an outpatient physical therapy provider with a network of over 150 clinics in 14 states  BA in Materials and Logistics Management  Eric Williams   President, Chief Operating Officer – East Region  Joined USPh in May 2011 as VP, General Counsel and Secretary  Promoted to EVP General Counsel in March 2022   Previously served as VP, General Counsel and Secretary for Physiotherapy Associates, Inc. (and its predecessor, Benchmark Medical, Inc.), a national provider of outpatient physical therapy services. From 1997 through 2000, served as Assistant General Counsel and then General Counsel of NovaCare, Inc., a national provider of rehabilitation services.   Law degree from The Columbus School of Law at The Catholic University of America and Bachelor of Science degree in Business Administration from the University of Delaware in 1983  Rick Binstein   Executive VP & General Counsel  Joined USPh as COO in November 2003  Promoted to CEO and Board in November 2004  Previously Senior Vice President of Operations with HealthSouth, managed over 200 facilities including OP, ASC, DX Imaging and rehab hospital operations  BS Physical Therapy  Chris Reading  Chief Executive Officer 

 23  Summary Investment Highlights  Significant scale with national footprint  Large and growing market / favorable demographics  Proven business model, driven by organic growth and acquisitions  Strong cash flow and balance sheet  Publicly-traded, pure play operator of rehab clinics  Attractive Dividend Yield 

 APPENDIX 

 Transaction Overview  Demonstrated Track Record of Consistent Growth  Over the last decade, USPH has consistently grown, organically and through strategic acquisitions  USPH Revenue ($ in millions)  Adj. EBITDA(1) ($ in millions)  4.7%  15.5%  8.6%  7.6%  16.1%  9.6%  6.2%  (12.2%)  17.0%  11.7%  16.8%  15.9%  25  Growth (%)  Margin (%)  2013-2025: CAGR +8%  2013-2025: CAGR +9%  Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and have not been prepared in accordance with GAAP. See Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA margin for further detail.  9.4%  15.2%  11.0%  15.5%  19.2 %  21.3%  18.4% 

 Summary Financial Results  26  Operating Results, a non-GAAP measure, equals net income attributable to our shareholders less, changes in revaluation of a put-right liability, clinic closure costs, loss on sale of a partnership, changes in fair value of contingent earn-out consideration, business acquisition related costs, costs related to a one-time financial and human resources systems upgrade, an income tax adjustment to revalue our deferred tax assets and liabilities to the most current statutory tax rate, and any allocations to non-controlling interests, all net of taxes. Operating Results per share also excludes the impact of the revaluation of redeemable non-controlling interest and the associated tax impact.  Adjusted EBITDA, a non-GAAP measure, is defined as net income attributable to our shareholders before interest income, interest expense, taxes, depreciation, amortization, change in fair value of contingent earn-out consideration, changes in revaluation of put-right liability, equity-based awards compensation expense, clinic closure costs, impairment on assets held for sale, business acquisition related costs, costs related to a one-time financial and human resources systems upgrade, loss on sale of a partnership and other income and related portions for non-controlling interests. 

 Segment Information  27  (1) Adjustments include certain earnout bonuses related to the Metro acquisition and clinic closure costs. Additionally, amortization of certain intangible assets were allocated between physical therapy and IIP segments. Prior year amounts were reallocated to conform with current year presentation.  

 Reconciliation of Non-GAAP Financial Measures – Operating Results  28  Costs associated with the closure of 23 owned clinics during the year 2025, 45 owned clinics during the year 2024 and 15 owned clinics during the year 2023.  Primarily consists of retention bonuses, legal and consulting expenses related to the acquisitions of equity interests in certain partnerships.   Consists of costs related to a one-time financial and human resources systems upgrade. .  

 Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin  29  Costs associated with the closure of 23 owned clinics during the year 2025, 45 owned clinics during the year 2024 and 15 owned clinics during the year 2023.  Primarily consists of retention bonuses, legal and consulting expenses related to the acquisitions of equity interests in certain partnerships.   Consists of costs related to a one-time financial and human resources systems upgrade. .  

 30  Thank you 

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