1. Like the home care and specialized pharmacy divisions of a major health insurer like Humana or Optum, but as an independent company. 2. The home healthcare version of Optum.

• Home and Community-Based Services: Provides comprehensive non-clinical and clinical support services for individuals with intellectual and developmental disabilities, seniors, and those requiring post-acute care in their homes or communities.
• Pharmacy Services: Offers specialized pharmacy solutions, including institutional and home infusion pharmacy services, focusing on medication management for complex patient populations.
• Rehabilitation Services: Delivers physical, occupational, and speech therapy services across various care settings, helping patients recover and improve functional abilities.

Managed Care Organizations (MCOs)

• UnitedHealth Group (UNH)
• Centene Corporation (CNC)
• Elevance Health (ELV)

Institutional Healthcare Providers

• Long-term care facilities (e.g., nursing homes, assisted living facilities)
• Correctional facilities (jails, prisons)
• Behavioral health facilities
• Hospice providers

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Jon Rousseau, President and Chief Executive Officer

Jon Rousseau is a seasoned executive with extensive experience leading multi-billion dollar healthcare organizations, particularly in pharmacy solutions and home health services. He has a strong background in accounting and financial management, successfully navigating complex corporate strategies and executing numerous acquisitions throughout his career. Before joining BrightSpring in 2016, he was an Executive Vice President at Kindred Healthcare, Inc., serving as President of Kindred Rehabilitation Services and President of the Care Management and Kindred at Home Divisions. Earlier, he held senior leadership positions at Mylan, Inc. and Medtronic PLC. Rousseau also worked with the private equity firm Friedman Fleischer & Lowe LLC from 1998 to 2005 and in Mergers and Acquisitions and Investment Banking at Morgan Stanley from 1996 to 1998. Under his leadership, BrightSpring was acquired by global investment firm KKR and an affiliate of Walgreens Boots Alliance Inc. in March 2019, merging with PharMerica. He holds an MBA from Harvard Business School and an A.B. degree from Princeton University.

Jennifer Phipps, Executive Vice President and Chief Financial Officer

Jennifer Phipps was promoted to Chief Financial Officer on March 4, 2025, succeeding Jim Mattingly. With eight years at BrightSpring Health Services, she previously served as Chief Accounting Officer and CFO of BrightSpring's Home Health and Hospice segment. Her contributions include significant improvements in financial processes, technology implementation, and her involvement in the company's initial public offering. Prior to BrightSpring, Ms. Phipps accumulated over 20 years of experience in the healthcare sector, including senior accounting positions at Cardinal Health and six years at Ernst & Young, where she focused on auditing financial statements. She is a CPA and holds Bachelor's and Master's degrees in Accounting from The Ohio State University.

Rachael Kurzer Givens, Chief Compliance Officer

Rachael Kurzer Givens has been a key member of BrightSpring's quality and regulatory compliance team for over 20 years, holding various leadership roles. As Chief Compliance Officer, she is responsible for overseeing all compliance practices, establishing internal policies and procedures to ensure adherence to local, state, federal, and third-party regulations, and managing audits and investigations. Before joining BrightSpring, she served as a quality enhancement coordinator for a multi-state intellectual and developmental disabilities provider. Ms. Givens earned a Master of Science degree in rehabilitation counseling from Virginia Commonwealth University and a bachelor's degree from North Carolina State University. She is also certified in health care compliance.

Lisa Nalley, Chief of Staff and Senior Vice President, Human Resources

Lisa Nalley has served as Chief of Staff since February 2017 and Senior Vice President of Human Resources since August 2020, also leading the Executive Project Management Office. Her operational experience allows her to work closely with the CEO, CFO, presidents, and operating leaders. Before her tenure at BrightSpring, Ms. Nalley was a business consultant at Barrel Consulting, LLC. From 2003 to 2016, she held various business improvement roles at Kindred Healthcare, Inc., including Sr. Director of Strategic Initiatives for Kindred Rehabilitation Services and Kindred at Home. She holds an A.A.S. in Applied Science in paralegal science from Marshall University. Ms. Nalley has also engaged in insider stock sales.

Bob Barnes, President, ResCare Community Living

Bob Barnes has been President of ResCare Community Living, a BrightSpring Health Services brand, since July 2018, bringing over 20 years of experience in the health services field. In his role, he focuses on core operational processes and growth strategies, utilizing technology-led initiatives to enhance quality and outcome-based care. Prior to joining BrightSpring, Mr. Barnes was the Senior Vice President of Operations at Trilogy Health Services, LLC from 2016 to 2018, where he managed national healthcare operations. His previous experience also includes serving as Chief Operating Officer at Affinity Health Services, Inc. and holding operational leadership positions at Guardian Elder Care Holdings, Inc. Mr. Barnes holds a Bachelor of Science degree in nursing from Mount Aloysius College and a Nursing Home Administration certification from Slippery Rock University.

BrightSpring Health Services (BTSG) faces several key risks to its business, primarily stemming from its financial structure, the highly regulated healthcare environment, and operational challenges.

1. High Debt and Thin Margins: BrightSpring Health Services carries a substantial debt load and operates with narrow profit margins, which poses a significant risk to its financial health. The company's net debt was approximately $3.48 billion as of the third quarter of 2023, and around $2.61 billion in June 2024. Furthermore, its earnings before interest and taxes (EBIT) decreased by 64% over the last year, which could complicate its ability to manage this debt. The company has also reported negative free cash flow, specifically -$368 million and -$301 million in different periods, raising concerns about its financial flexibility and capacity to service its obligations. The IPO itself was described as "underwhelming" due to these concerns about high debt and slim margins.
2. Regulatory Changes and Reimbursement Pressures: Operating within a highly regulated industry, BrightSpring is vulnerable to changes in healthcare policies and reimbursement rates. The Centers for Medicare & Medicaid Services (CMS) has proposed changes that could impact reimbursement rates, directly affecting the company's revenue and financial stability. The broader effort to reduce healthcare costs in the U.S. also increases the risk of reduced reimbursement from programs like Medicaid and Medicare.
3. Workforce Management and Intense Competition: The company faces challenges in recruiting and retaining qualified healthcare professionals, with the healthcare industry experiencing high annual turnover rates, potentially reaching 20%. This can lead to increased costs for recruitment and training. Additionally, the healthcare sector is intensely competitive, with BrightSpring contending with both large integrated healthcare systems and smaller regional providers, which could impact its market share and pricing power.

BrightSpring Health Services (BTSG) faces a clear emerging threat from the aggressive vertical integration and direct care delivery expansion by large payers and healthcare conglomerates. Major entities such as Optum (UnitedHealth Group), CVS Health (through acquisitions like Signify Health and Oak Street Health), and Humana (via its CenterWell brand) are rapidly building comprehensive, integrated care networks that encompass home-based care, pharmacy services, and behavioral health. This strategic shift aims to control more of the care continuum, manage costs, and improve outcomes within their own ecosystems, potentially reducing reliance on independent third-party providers like BrightSpring. As these powerful players internalize services that BrightSpring traditionally provides, they exert significant competitive pressure on contract terms, market share, and the overall demand for external specialized healthcare services.

BrightSpring Health Services (BTSG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion in Specialty and Infusion Pharmacy: The company anticipates continued strong growth in its Pharmacy Solutions segment, particularly within specialty and infusion pharmacy services. This growth is fueled by strategic initiatives such as expanding its portfolio of limited distribution drugs (LDDs) and launching new LDDs. Management expects 16 to 18 additional LDD launches over the next 12 to 18 months, which is projected to drive significant script growth in these high-value areas.
2. Strategic Acquisitions and Organic Growth in Provider Services: BrightSpring is focused on both strategic acquisitions and organic growth initiatives within its Provider Services segment, specifically in home healthcare and rehabilitation care. The company anticipates closing recent acquisitions of Amedisys and LHC Home Health branches, which are expected to contribute to market penetration and revenue growth in this segment.
3. Investments in Operational Efficiency and Technology: The company is making significant investments in operational efficiency, including the adoption of AI technology and lean methodologies across its service lines. While not a direct revenue driver, these improvements are expected to support overall financial performance by enhancing service delivery, optimizing operations, and potentially allowing for increased capacity to serve more customers.
4. Leveraging Favorable Demographic Trends and Integrated Care Models: BrightSpring is well-positioned to capitalize on demographic trends, such as an aging population and increasing demand for home- and community-based healthcare services. The company's diversified and integrated home- and community-based pharmacy and health solutions are designed to meet the needs of complex populations, driving market share gains and supporting sustainable long-term top-line growth.

Share Repurchases

• BrightSpring authorized a concurrent repurchase of 1,500,000 shares, or up to $50 million, from an underwriter as part of a secondary offering by existing stockholders that closed on October 22, 2025.

Share Issuance

• BrightSpring completed its Initial Public Offering (IPO) in January 2024, pricing 53,333,334 shares of common stock at $13.00 per share.
• Concurrently with the IPO, the company offered 8,000,000 of its 6.75% tangible equity units at $50.00 per unit.
• The net proceeds from these IPO offerings amounted to $656.5 million for common stock and $389.0 million for the tangible equity units, after deducting offering-related expenses. These proceeds were used to repay debt and for general corporate purposes.

Outbound Investments

• BrightSpring has pursued a strategy of "tuck-in acquisitions" to enhance market penetration and density, including a Maryland home health operation (January 2024), a Michigan behavioral therapy company (March 2024), and a Montana long-term care pharmacy (March 2024).
• The company finalized the acquisition of Haven Hospice assets in North Central Florida for $60 million, marking its entry into the Florida market for comprehensive hospice care.
• BrightSpring anticipates the acquisition of Amedisys and LHC Home Health Branch assets to close in the fourth quarter of 2025.
• In January 2025, BrightSpring announced a definitive agreement to divest its Community Living business (ResCare Community Living) to Sevita for $835 million in cash, with the transaction expected to close in the first quarter of 2026. The after-tax cash proceeds of approximately $715 million are primarily intended for debt reduction.

Capital Expenditures

• The Community Living business, which BrightSpring is divesting, was expected to incur approximately $23 million in capital expenditures and capital leases in 2024.