Concentra Group Holdings achieves 17% revenue growth and improved margins despite macroeconomic challenges, signaling robust operational momentum and strategic focus on core business

Prior quarters. I'll touch on some of our key financial highlights and provide a lens on expenseslected metrics, both including and excluding the impact of the Nova acquisition so that folks have a good expensesnexpenses of core business performance similar to last quarter. I would note here at the outexpensest that we had the same number of revenue days in Q3 2025 as Q3 2024, so there is no need to adjust any prior year comparisons for days. Total company revenue was 572.8 million in Q3 2025 compared to 489.6 million in Q3 of the prior year, repreexpensesnting 17% growth year over year. As previously mentioned, excluding contributions from Nova, revenue was 541.5 million, resulting in a 10.6% increaexpenses over prior year. Total patient visits increaexpensesd 9.2% in the quarter to more than 55,500 visits per day. Our workers compensation visits per day increaexpensesd 9.8% and employer expensesrvices visit volumes increaexpensesd 8.9% relative to prior year. Excluding the impact from the acquisition of Nova, total visits per day increaexpensesd 3.0%, workers compensation visits increaexpensesd 4.4%, outpacing the year over year growth obexpensesrved in the first half of the year, and employer expensesrvices visits increaexpensesd 1.9%, which was in line with the Q2 2025 growth. We had a strong quarter in terms of workers comp visits with two things going for us that contribute in part to the outsized year over year growth. First, Hurricane Beryl led to softer than normal volume in early July 2024. Additionally, we continue to expensese growth from the visit mix within workers compensation visits driven primarily by follow up injury visits and physical therapy visits. Our operations and sales and marketing teams have done a nice job driving visits and gaining market share against a macroeconomic backdrop that I would generally describe as uncertain considering interest rates, tariffs and the shutdown. Some recently published jobs data which expensesemingly indicate that we're in an economic environment that is slowing down, but we aren't necessarily expenseseing that play out in our business to date. With respect to macroeconomic data reporting over a long period of time, we have expensesen correlation between our workers compensation volume and employment levels reported by the BLS and there is strong correlation between our employer expensesrvices volumes and quits and hiring rates within the BLS jolts data. However, we've also found that our workers comp visit data has largely shown a lack of correlation with BLS employment data in the most recent times. I just point that out so that the folks not to rely solely on the publicly reported jobs data as the only proxy for our visit volume. On the rate front we had strong growth again with a 4.2% increaexpenses in revenue per visit this quarter versus the same quarter prior year. This growth was driven by a 4.7% increaexpenses in workers compensation and a 2.7% increaexpenses in employer expensesrvices revenue per visit. Adjusted EBITDA was $118.9 million in the quarter versus $101.6 million in the same quarter prior year or a 17.1% increaexpenses. Adjusted EBITDA margin increaexpensesd slightly from 20.7% in Q3 2024 to 20.8% in Q3 2025. As with prior quarters, we are comparing against prior year margin that was not fully burdened by public company and other expenses. Additionally, similar to last quarter, we had a number of onetime NOVA integration costs that burden adjusted ebitda. This expansion in margin even with theexpenses dynamics is another strong indicator of the performance of our business. Adjusted net income attributable to the company was 49.9 million and adjusted earnings per share was $0.39 for the third quarter 2025. Theexpenses compare favorably to prior adjusted net income attributable to the company and adjusted earnings per share of 44.3 million and 37 cents respectively. As a reminder, adjusted EBITDA and adjusted net income reflect the add back of transaction expenexpensess related to our acquisition activity as well as one time costs related to our expensesparation from Select Medical. Now we'll turn it over to Matt to provide additional details on our financial results.

Thanks Keith and good morning everyone. I'll start by going through some more details on our results in our three operating segments. In our Occupational Health operating segment, total revenue of 526 million in Q3 2025 was 13.6% higher than the same quarter prior year. Workers compensation revenue of 343.5 million in Q3 2025 was 15% higher than prior year. Workers comp visits per day increased 9.8% from prior year and work comp revenue per visit increased 4.7% versus prior year. Within employer services, revenue of 1 73.2 million increased 11.9% from prior year, employer services visits per day increased 8.9% from prior year and employer services revenue per visit increased 2.7% versus prior year. As with the past two quarters, here are the same stats excluding the impact of NOVA to help isolate our core business from our Q1 acquisition. Total revenue within the Occupational Health center operating segment was 494.7 million in Q3 2025, a 6.8% increase over the prior year. Total visits per day increased 3% over the same quarter per year and revenue per visit increased 3.9% from $141 in Q3 2024 to $147 in Q3 2025. Workers compensation revenue of $324 million in Q3 2025 was 8.5% higher than prior year, workers compensation visits per day were 4.4% higher than prior year and work comp revenue per visit was 3.9% higher than prior year. Within Employer Services revenue of 1 61.7 million in Q3 2025 increased 4.4% from prior year. Employer Services visits per day were 1.9% higher than prior year and employer services revenue per visit was 2.5% higher than prior year. Moving on from our occupational health centers, our on site health clinic segment reported revenue of 34.9 million in Q3 2025, 123.8% increase from the same quarter prior year. This was largely driven by the acquisition of Pivot on site Innovations in Q2 of this year. Excluding the impact from Pivot, the on-site segment revenue grew 17.5% year over year. The growth in the legacy on site business is indicative of the nice momentum we are seeing with the platform as a solution to employers across the country who are seeing double digit year over year increases in employee health benefit costs. We believe we are naturally positioned to further penetrate this growing market given our national presence in infrastructure and deep relationships across approximately 200,000 existing employer customers. We expect this to continue to be an important part of our organic and inorganic growth strategy over the coming years. And finally, other businesses generated revenue of 11.9 million in the quarter, an 8.1% increase against same quarter prior year. Now switching to expenses. Cost of services was 405.5 million or 70.8% of revenue in Q3 2025, down from 71.7% of revenue for the same quarter prior year. The decrease as a percentage of revenue can generally be attributed to an overall improvement in staffing efficiencies at our centers. As with the last quarter, we had a number of one time costs related to the NOVA transition that are not adjusted out of adjusted ebitda. We estimate that the net incremental costs totaled more than $500,000 during the quarter and are now substantially complete. As of September, our total general and Administrative expenses were 52.9 million or 9.2% of revenue in Q3 2025 compared to 7.6% of revenue in the same quarter prior year. And just to reiterate, this comparison is not apples to apples as we have expenses in Q3 of this year that we did not have in the prior year before we separated from select and we're fully burdened with public company costs. We also have some one time acquisition related expenses here related to Pivot and NOVA that are adjustments to EBITDA excluding items that are added back for the purpose of calculating adjusted EBITDA including equity compensation expense, one time select separation costs and M&A transaction costs. GNA expense was 48.5 million for the quarter or 8.5% of revenue compared to 7.5% of revenue in the same quarter prior year. The increase was largely driven by expected increases in personnel costs since becoming a public company and with our ongoing separation from Select Medical. On the topic of separation, we have onboarded approximately 2/3 of the colleagues needed to fully transition services over from select and we have made meaningful progress towards reducing our transition services agreement spend as those folks ramp up and knowledge transfer occurs. We have until November of 2026 to complete the transition, but at this point we expect to be substantially complete with separation activities by the summer of 2026. As previously communicated on a run rate basis we will have net incremental expense as a standalone public company, but a significant portion of these costs are already embedded into our 2025 actual results and our guidance. The overall adjusted EBITDA margin in Q3 2025 was 20.8% compared to 20.7% during the same quarter prior year. Keith mentioned this, but I think it's important to underscore that we're achieving incremental year over year gain in margin despite additional public company and separation costs. In Q3 2025 we generated $60.6 million in operating cash flow. This compares to $65.9 million in the third quarter of 2024 with a year over year decrease largely driven by a $25 million increase in cash interest payments offset by a $12 million decrease in cash taxes paid. Investing activities used $20.5 million of cash in the third quarter and was driven by our spend on center de novos, relocations, renovations and normal maintenance. The year over year increase from $17 million of spend in Q3 2024 was due in part to approximately $3 million of one time capex related to the Nova integration. The substantial majority of Nova capital has been spent as of the end of the third quarter. Free cash flow or cash flow from operations, less cash flow from investing activity excluding business combinations totaled 40.2 million, a decrease from prior year. Third quarter free cash flow of 50.8 million. Additional cash interest expense following the recapitalization of the business in July 2024 and Nova integration capex were the primary drivers of the decrease. On an LTM basis. Excluding acquisitions, we've generated $176.3 million of free cash flow which is net of approximately $11 million in one time. Nova integration capex financing activities during the quarter resulted in net cash outflows of 64.1 million. This was primarily due to repayments of $25 million outstanding on the Revolver Credit facility in both August and September and an $8 million dividend payment. Subsequent to quarter end, we made another $35 million revolver payment resulting in zero outstanding balance on the credit facility. We ended the quarter with total debt balance of 1.61 billion and a cash balance of $50 million. Our net leverage ratio per our credit agreement at the end of September was 3.6x. We continue to focus on deleveraging towards our targets of 3.5 times or below by the end of this year and below 3.0 times by the end of 2026. Q4 is typically our strongest cash flow period, so meaningful progress will be made towards these targets during the quarter. Now with respect to our growth efforts regarding nova, we now have all centers converted to Concentra systems, processes and signage and our teams have shifted focus towards growing visits and bringing operating efficiencies in line with the rest of our platform as it relates to cost synergies. Through the end of Q3 we estimate we have captured just over 85% of our planned operational back office synergies, though not all of that was fully reflected across the entire quarter with the remainder to occur through Q1 of 2026. We still have some running room before we hit expected run rate performance from both a top line and cost perspective, but we are pleased with the progress to date. Similarly, integration of our Pivot acquisition continues to go smoothly with most expected synergies having been captured to date. On the de Novo front, we opened one location in Atlanta, Georgia in the quarter and we have two more locations in California and Florida planned for the fourth quarter. Shifting to 2026 activity. We currently have six sites across Florida, Georgia, Missouri, Idaho and Arizona in advanced stages of development and have a number of other locations that we are actively evaluating on the MA front. With the NOVA and Pivot integrations largely behind us, we are shifting our focus back towards our core acquisition strategy of practices with around one to five occupational health centers. We've had a lot of success with these smaller deals over the last decade, with an average acquisition Multiple less than 3 times EBITDA on a post synergy basis. We've been building out our deal pipeline, and we have several active targets that we are pursuing that could close over the next three to six months. From a capital allocation standpoint, we believe we can continue to execute on our growth strategy in parallel with our deleveraging efforts and achieve the leverage targets that we've consistently communicated to the market. Add.