Ardent Health Reports Fourth Quarter 2025 Results Brentwood, Tenn. (

Ardent Health Reports Fourth Quarter 2025 Results

Brentwood, Tenn. (March 4, 2026) - Ardent Health, Inc. (NYSE ARDT) ( Ardent Health or the Company ), a leading

provider of healthcare in growing mid-sized urban communities across the U.S., today announced results for the quarter

ended December 31, 2025.

Fourth Quarter 2025 Operating and Financial Summary

All comparisons are versus the same prior year period. See the footnotes to the Operating Statistics table of this press

release for definitions of the metrics below and a full list of key operating metrics.

(1) Adjusted EBITDA and Adjusted EBITDAR are financial measures that have not been prepared in a manner that complies with U.S. generally accepted

accounting principles ( GAAP ). See Supplemental Non-GAAP Financial Information and reconciliations of non-GAAP measures to their most

comparable GAAP financial measures contained later in this press release.

1 Lease-adjusted net leverage ratio is defined as the Company's net debt as of December 31, 2025, plus 8x trailing twelve-month real estate investment

trust ( REIT ) rent expense as of the end of the fourth quarter of 2025, divided by trailing twelve-month Adjusted EBITDAR as of December 31, 2025.

Financial Performance Summary

Fourth quarter 2025 year-over-year growth rates were negatively impacted by the Company recording two quarters of

financial benefit from the New Mexico state directed payment program in the prior year quarter.

For the fourth quarter of 2025

Total revenue decreased 0.1% year-over-year to $1,605 million, driven primarily by a 2.0% increase in adjusted

admissions offset by a 2.4% decrease in net patient service revenue per adjusted admission. Total revenue

increased approximately 3% year-over-year when adjusting for the New Mexico state directed payment program

that included two quarters of financial benefit in the prior year quarter.

Net income attributable to Ardent Health was $45 million, or $0.32 per diluted share, compared to net income

attributable to Ardent Health of $114 million, or $0.81 per diluted share, in the fourth quarter of 2024.

Adjusted EBITDA decreased 26.6% year-over-year to $134 million.

For the full-year 2025, revenue increased 6.0% to $6.32 billion, Adjusted EBITDA grew 9.3% to $545 million, and Adjusted

EBITDA margin expanded 20bps to 8.6%.

Operating Performance Summary

The following table provides a summary of certain key operating metrics for the fourth quarter of 2025 compared to the

same prior year period. See the footnotes to the Operating Statistics table of this press release for definitions of the metrics

below and a full list of key operating metrics.

Admissions for the fourth quarter of 2025 increased 1.5% year-over-year, driven by strong inpatient surgery growth.

Surgeries for the fourth quarter of 2025 increased 0.1% year-over-year. The increase in total surgeries reflected

inpatient surgery growth of 3.9% largely offset by a decrease in outpatient surgeries of 1.3%.

Balance Sheet, Cash Flow Liquidity Update

As of December 31, 2025, the Company had total cash and cash equivalents of $710 million and total debt of $1.1 billion.

The Company's net leverage ratio as of December 31, 2025, was 0.8x, as calculated under the Company's credit

agreements, and its lease-adjusted net leverage ratio1 was 2.5x, an improvement from 2.9x as of December 31, 2024. At the

end of the fourth quarter, the Company's available liquidity was $1 billion.

During the fourth quarter of 2025, net cash provided by operating activities was $223 million, compared to $120 million in

the same prior year period. For the full-year 2025, net cash provided by operating activities increased 49% to $471 million.

During the fourth quarter of 2025, the Company repurchased 0.35 million shares of its common stock for $3 million. The

Company had $47 million remaining under its repurchase authorization as of December 31, 2025.

Introducing 2026 Financial Guidance

The Company is providing initial full-year 2026 financial guidance. The guidance incorporates a number of assumptions,

including headwinds from annualization of elevated professional fees and other rate pressures driven by payor denials,

Exchange disruption, and restoration of short-term compensation. The outlook also assumes tailwinds from mid-single digit

core earnings growth and IMPACT program savings. All guidance is current as of the time provided and is subject to change.

The Company's guidance is based on current plans and expectations and is subject to a number of known and unknown

uncertainties and risks, including those set forth below under the heading Forward-Looking Statements. The Company

does not forecast the impact of items such as, but not limited to, losses (gains) on sales of facilities, losses on retirement of

debt, legal claim costs (benefits) and impairments of long-lived assets. The Company does not believe that it can forecast

these items with sufficient accuracy because of the inherent difficulty of forecasting the timing or amount of various items

that have not yet occurred and are out of the Company's control or cannot be reasonably predicted.

Fourth Quarter and Year End 2025 Results Conference Call

The Company will host a conference call to discuss its fourth quarter and year end financial results on March 5, 2026, at

10 00 a.m. Eastern Time. A webcast of the conference call will be available in the Investor Relations section of the

Company's corporate website at https ir.ardenthealth.com. To listen to a live broadcast, go to the site at least 15 minutes

prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference

United States Live 1-888-596-4144

International Live 1-646-968-2525

To listen to a replay of the teleconference, which will be available through March 19, 2026

United States Replay 1-800-770-2030

International Replay 1-647-362-9199

Ardent Health (NYSE ARDT) is a leading provider of healthcare in growing mid-sized urban communities across the U.S.

With a focus on people and investments in innovative services and technologies, Ardent is passionate about making

healthcare better and easier to access. Through its subsidiaries, the Company delivers care through a system of 30 acute

care hospitals, more than 280 sites of care, and over 2,000 employed and affiliated providers across six states. For more

information, please visit ardenthealth.com.

Supplemental Non-GAAP Financial Information

We have included certain non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted EBITDA

margin, and Adjusted EBITDAR. We define these terms as follows

Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA is defined as net income plus (i) provision for income

taxes, (ii) interest expense and (iii) depreciation and amortization expense (or EBITDA), as adjusted to deduct

noncontrolling interest earnings, and excludes the effects of loss on extinguishment and modification of debt other

non-operating (gains) losses recoveries from the cybersecurity incident in November 2023 (the Cybersecurity

Incident ), net of incremental information technology and litigation costs certain legal matters and related costs

restructuring, exit and acquisition-related costs change in accounting estimate New Mexico professional liability

accrual expenses incurred in connection with the implementation of our integrated health information technology

system provided by Epic Systems equity-based compensation expense and loss (income) from disposed operations.

Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue.

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP performance measures used by our management and

external users of our financial statements, such as investors, analysts, lenders, rating agencies and other interested

parties, to evaluate companies in our industry. Adjusted EBITDA and Adjusted EBITDA margin are performance

measures that are not prepared in accordance with GAAP and are presented in this press release because our

management considers them important analytical indicators commonly used within the healthcare industry to evaluate

financial performance and allocate resources. Further, our management believes that Adjusted EBITDA and Adjusted

EBITDA margin are useful financial metrics to assess our operating performance from period to period by excluding

certain material non-cash items and unusual or non-recurring items that we do not expect to continue in the future and

certain other adjustments we believe are not reflective of our ongoing operations and our performance.

Because not all companies use identical calculations, our presentation of Adjusted EBITDA and Adjusted EBITDA margin

may not be comparable to other similarly titled measures of other companies. While we believe these are useful

supplemental performance measures for investors and other users of our financial information, you should not

consider Adjusted EBITDA and Adjusted EBITDA margin in isolation or as a substitute for net income or any other items

calculated in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA margin have inherent material limitations

as performance measures, because they add back certain expenses to net income, resulting in those expenses not

being taken into account in the performance measures. We have borrowed money, so interest expense is a necessary