Here is a brief analogy to describe The GEO Group (GEO):

• Like HCA Healthcare, but for prisons and detention centers instead of hospitals.

• Correctional and Detention Facility Management: Manages and operates secure correctional and detention facilities for government agencies.
• Electronic Monitoring and Supervision: Provides technology-based supervision programs, including GPS tracking and radio-frequency monitoring, for individuals in the criminal justice system.
• Community-Based Reentry Services: Offers a range of residential and non-residential programs designed to support individuals reentering society, such as halfway houses and day reporting centers.

The GEO Group (symbol: GEO) primarily sells its services to government agencies, rather than to other private companies or individuals. Its major customers are institutional entities that contract for the ownership, management, and operation of correctional, detention, and community reentry facilities. While these are not "companies" in the traditional sense, they are the primary institutional clients.

Major customers include:

• U.S. Immigration and Customs Enforcement (ICE): A federal agency responsible for immigration law enforcement.
• Various U.S. State Departments of Corrections/Correctional Agencies: State-level government bodies responsible for the incarceration and rehabilitation of convicted felons.
• Federal Bureau of Prisons (BOP): A U.S. federal law enforcement agency responsible for the administration of the federal prison system.
• U.S. Marshals Service (USMS): A federal law enforcement agency that provides security for the federal judiciary and ensures the effective operation of the federal justice system, including the detention of federal prisoners.
• Government agencies in Australia: Including state and federal correctional entities.
• Government agencies in the United Kingdom: Including the Ministry of Justice.
• Government agencies in South Africa: Primarily the Department of Correctional Services.

These customers are government entities and therefore do not have public company symbols.

Brian R. Evans, Chief Executive Officer

Brian R. Evans was appointed Chief Executive Officer of The GEO Group, effective January 1, 2024. He has been with GEO since 2000, serving as the company's Chief Financial Officer for 14 years prior to his CEO appointment. Throughout his tenure at GEO, he has held increasingly senior positions, including Vice President of Finance, Chief Accounting Officer, and Controller. As CFO, he was responsible for overall financial management and the company's acquisition and growth initiatives, overseeing significant financial growth and shareholder value creation. He was instrumental in executing strategy for three secondary public offerings of equity, multiple financing transactions, and major business acquisitions such as Correctional Services Corporation (2005), CentraCore Properties Trust (2007), Cornell Companies (2010), BI Incorporated (2011), LCS Corrections (2014), and Community Education Centers (2017). Before joining GEO, Mr. Evans worked for Arthur Andersen LLP as a Manager in the Audit and Business Advisory Services Group from 1994, where he supervised financial statement audits for both public and private companies and government entities. He also served as an Officer in the Supply Corps of the United States Navy from 1990 to 1994.

Mark J. Suchinski, Senior Vice President and Chief Financial Officer

Mark J. Suchinski was appointed Senior Vice President and Chief Financial Officer of The GEO Group, effective July 8, 2024. Prior to joining GEO, Mr. Suchinski served as Senior Vice President and Chief Financial Officer for Spirit AeroSystems since 2020, where he was responsible for overall financial management, reporting, treasury, investor relations, strategy, and mergers and acquisitions. He began his career at Spirit AeroSystems in 2006, holding various senior positions including Vice President of Financial Planning & Analysis and Corporate Contracts, and Vice President of Finance and Treasurer. Earlier in his career, from 2000 to 2006, he was the Vice President and Chief Accounting Officer at Home Products International.

George C. Zoley, Executive Chairman and Founder

George C. Zoley is the Founder and Executive Chairman of The GEO Group. He established The GEO Group as a division of The Wackenhut Corporation in 1984, then known as Wackenhut Corrections Corporation. He also founded GEO Care Inc., a subsidiary of The GEO Group, in 1984. Dr. Zoley served as CEO since the company went public in 1994 until June 2021, when he transitioned to Executive Chairman. He will step down as Executive Chairman on June 30, 2026, and will continue as an Advisor and non-Executive Chairman of the Board. Prior to founding GEO Group, he held roles as manager, director, and vice president of government services at Wackenhut. He also served as the CEO of Cornell Companies Inc. starting in 2010, which GEO Group acquired in 2010.

Wayne H. Calabrese, President and Chief Operating Officer

Wayne H. Calabrese was appointed President and Chief Operating Officer, effective January 1, 2024. Mr. Calabrese originally joined GEO in 1989 as Vice President of Business Development and served in various senior operating and business development roles before retiring as Vice Chairman, President, and Chief Operating Officer in December 2010. After serving as a company advisor, he rejoined GEO on a full-time basis in 2021 as head of the Legal Department, and in 2022, he was appointed Senior Vice President and Chief Operating Officer. Prior to his time at GEO, Mr. Calabrese was a partner in the Akron, Ohio law firm of Calabrese, Dobbins and Kepple. He also served as an Assistant City Law Director in Akron, Ohio, an Assistant County Prosecutor for Summit County, Ohio, and Legal Counsel and Director of Development for the Akron Metropolitan Housing Authority.

James H. Black, Senior Vice President and President, Secure Services

James H. Black serves as the Senior Vice President and President of Secure Services. He has more than 37 years of experience in corrections and joined GEO in June 1998 as Senior Warden of a correctional facility. Over the years, he rose through the ranks, serving as Facility Administrator, Assistant Director of Operations, Director of Compliance, Director of Operations, and Vice President of the Western and Central Regions. In his current role, he oversees approximately 79,000 beds and over 17,000 employees across 68 diverse facilities in the U.S., Australia, South Africa, and the United Kingdom. Mr. Black will retire from his executive role at the end of 2024 and will continue to contribute to the company as a consultant.

Key Risks to The GEO Group (GEO):

1. Political and Regulatory Risks, and Public/Activist Opposition: The most significant risk to GEO's business is the ongoing political and regulatory scrutiny, coupled with strong public and activist opposition to private prisons. Government policies, especially at the federal level, directly impact the company's contracts and revenue. For example, the Biden administration's executive order directing the U.S. Attorney General not to renew Department of Justice contracts with privately operated criminal detention facilities has impacted the company, though it does not apply to contracts with ICE. This opposition has also led to major financial institutions, such as JP Morgan Chase and Wells Fargo, announcing moratoriums on new financing for private detention facilities, making it harder for GEO to access capital. Furthermore, there is increasing pressure from activists and shareholders regarding environmental, social, and governance (ESG) concerns, as well as allegations of human rights abuses and mismanagement in facilities, which can lead to reputational damage and litigation. Shifts in federal immigration policies and declines in border crossings also pose a risk to the company's contracts with U.S. Immigration and Customs Enforcement (ICE).
2. Financial Risks and Access to Capital: Directly related to political and public opposition, GEO faces challenges in its financial health, particularly concerning its debt load and access to capital. The company's stock has been negatively impacted by institutional resistance from banks and investors' disfavor toward the correctional facilities industry. GEO has focused on deleveraging its balance sheet, reducing its long-term debt, and has suspended dividends to prioritize debt reduction. While the company is actively working to reduce its debt, its financial performance remains exposed to political shifts and rising operational costs, which can affect revenue growth and operating margins.
3. Operational Risks and Contract Dependency: GEO's revenue is heavily dependent on contracts with government agencies, including federal immigration authorities like ICE, the Federal Bureau of Prisons (BOP), the U.S. Marshals Service (USMS), and various state and local correctional agencies. Fluctuations in these contracts, including terminations, renegotiations, and changes in occupancy levels, directly affect the company's financial results. Moreover, the company faces allegations of chronic understaffing, health and safety risks, and labor law violations within its facilities, which could lead to litigation, fines, and further damage to its reputation. The company's ability to win new contracts and retain existing ones is crucial for its sustained revenue growth.

The GEO Group faces two clear emerging threats that fundamentally challenge its business model:

• Government Policy Shifts Towards De-privatization: There is a clear and ongoing trend, particularly at the U.S. federal level, to reduce or eliminate the use of privately operated correctional and detention facilities. The Biden administration's executive order directing the Department of Justice not to renew contracts with privately operated criminal detention facilities is a direct example of this. While the order initially focused on federal prisons, it signals a broader policy direction that could expand to other segments, such as immigration detention, which is a significant portion of GEO's business. This trend reduces the addressable market for GEO and increases the risk of non-renewal for existing contracts.
• ESG-Driven Financial Divestment and Restricted Access to Capital: A significant and material threat is the growing movement among financial institutions to cease providing financing to the private prison industry due to Environmental, Social, and Governance (ESG) concerns. Major banks have publicly announced their decisions to stop lending to or underwriting private prison companies. This critically impacts GEO's ability to refinance existing debt, secure new capital for operations or expansion, and makes its cost of capital significantly higher, directly threatening its financial stability and operational viability.

1. New and Expanded Government Contracts: The GEO Group anticipates significant revenue growth from newly secured and expanded contracts with government agencies. The company has announced over $460 million in new incremental annualized revenues from such contracts, marking a record year for new business. These contracts are expected to be fully integrated by 2026.
2. Increased Utilization and Expansion of ICE Detainee Facilities and Related Services: GEO expects to generate over $300 million in additional revenues from ICE detainee contracts at full occupancy. This includes leveraging approximately 6,000 available high-security idle beds. Furthermore, expanded secure transportation services are projected to contribute an additional $60 million in incremental annualized revenues. The company is also making a $70 million capital investment to enhance its capabilities in expanded detention capacity, secure transportation, and electronic monitoring services for ICE.
3. Growth in Electronic Monitoring and Supervision Services: The GEO Group secured a new two-year ISAP 5 contract, which is anticipated to accommodate 361,000 participants in the first year and 465,000 in the second year, valued at over $1 billion. This contract represents a significant growth opportunity in the electronic monitoring space.
4. Strategic Expansion Through Joint Ventures and Diversified Services: GEO is expanding its revenue streams through strategic joint ventures and long-term contracts in new or expanded markets. Examples include a 15-year contract for the Delaney Hall Facility in Newark, New Jersey, expected to generate $60 million in annualized revenue, and the North Lake Facility in Baldwin, Michigan, projected to generate $85 million annually. Additionally, the company was awarded three managed-only contracts with the Florida Department of Corrections, set to generate $130 million in annualized revenue, with $100 million as new incremental income.

Share Repurchases

• The GEO Group's Board of Directors increased its share repurchase authorization to $500 million and extended the program through December 2029, with approximately $458.4 million available as of November 6, 2025.
• In the third quarter of 2025, the company repurchased approximately 1.97 million shares at an aggregate cost of $41.6 million.
• On August 4, 2025, GEO's Board of Directors approved a $300 million share repurchase program set to expire on June 30, 2028.

Share Issuance

• In February 2021, GEO's subsidiary, GEO Corrections Holdings, Inc., closed a private offering of $230 million aggregate principal amount of 6.50% exchangeable senior unsecured notes due 2026, which may be exchanged for shares of the Company's common stock.

Inbound Investments

• Since the beginning of 2025, GEO has entered into new contracts to house ICE detainees at four facilities, totaling approximately 6,000 beds, expected to generate more than $300 million in incremental annualized revenues when they normalize in 2026.
• In early October 2025, the company announced a joint venture agreement to provide management services at the 1,310-bed North Florida Detention Facility in Baker County, Florida.
• New or expanded contracts announced in 2025, including those for secure ground transportation and air support services, are expected to generate more than $460 million in new incremental annualized revenues, normalizing in 2026.

Outbound Investments

• In July 2025, The GEO Group completed the sale of its 2,388-bed Lawton Correctional Facility to the State of Oklahoma for $312 million.
• The company used a portion of the net proceeds from the Lawton facility sale to purchase the 770-bed Western Region Detention Facility in San Diego, California, for approximately $60 million in July 2025.
• In May 2024, the company acquired Correct Care Australasia Pty Ltd, a healthcare services provider in Australia, for approximately AUD6.0 million (approximately $3.9 million USD) to expand its healthcare services in the region.

Capital Expenditures

• Total capital expenditures for the full year 2025 are expected to be between $200 million and $205 million.
• This includes a previously announced $100 million investment to enhance ICE facilities and services, and approximately $60 million for the purchase of the San Diego Facility.
• In December 2024, GEO announced a $70 million investment in capital expenditures to strengthen its capabilities for expanded detention capacity, secure transportation, and electronic monitoring services to U.S. Immigration and Customs Enforcement (ICE).