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

Ardent Health Reports Third Quarter 2025 Results

Brentwood, Tenn. (November 12, 2025) - 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 September 30, 2025.

Third 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.

Financial Performance Summary

For the third quarter of 2025

Total revenue grew 8.8% year-over-year to $1,577 million. The growth in total revenue resulted primarily from a

2.9% increase in adjusted admissions and 5.8% growth in net patient service revenue per adjusted admission year-

over-year. Excluding the impact of a $43 million reduction to revenue resulting from a change in accounting

estimate, as discussed below, total revenue grew 11.7% year-over-year.

Net loss attributable to Ardent Health was $23 million, or $0.17 per diluted share, compared to net income

attributable to Ardent Health of $26 million, or $0.19 per diluted share, in the third quarter of 2024.

Adjusted EBITDA increased 46.3% year-over-year to $143 million.

Two non-recurring items impacted reported third quarter 2025 financial results

During the third quarter, a change in accounting estimate resulting from a modification to the technique used to

estimate the collectability of accounts receivable and new information provided by recently completed hindsight

evaluations of historical collection trends resulted in a decrease in revenue of $43 million. During the quarter, the

Company implemented a new revenue accounting system that provided management with additional information

to more precisely estimate the collectability of accounts receivable, particularly with respect to more timely

consideration of payor denial and payment trends. The $43 million adjustment is reflected in total revenue for the

quarter but excluded from adjusted EBITDA.

During the third quarter, the Company recorded an increase to its professional liability reserves as part of its

periodic review of professional liability claims, with input from its third-party actuary. The increase in reserves

included an adjustment of $54 million attributable to the emergence of adverse prior period claim developments

with respect to recent settlements and ongoing litigation arising from a limited set of claims between 2019 and

2022 in New Mexico for a single provider who the Company no longer employs, as well as consideration of broader

industry trends, including social inflationary pressures. The $54 million adjustment attributable to New Mexico is

excluded from adjusted EBITDA.

Operating Performance Summary

The following table provides a summary of certain key operating metrics for the third 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 third quarter of 2025 increased 5.8% year-over-year, driven by strong inpatient surgery growth.

Surgeries for the third quarter of 2025 increased 1.4% year-over-year, a modest improvement from declines of 0.7%

and 0.2% in the first and second quarters of 2025, respectively. The total surgery year-over-year increase of 1.4% in the

third quarter of 2025 reflected inpatient surgery growth of 9.7% and an outpatient surgery decline of 1.8%.

1 Lease-adjusted net leverage ratio is defined as the Company's net debt as of September 30, 2025, plus 8x trailing twelve-month real estate investment

trust ( REIT ) rent expense as of the end of the third quarter of 2025, divided by trailing twelve-month Adjusted EBITDAR as of September 30, 2025.

Balance Sheet, Cash Flow Liquidity Update

As of September 30, 2025, the Company had total cash and cash equivalents of $609 million and total debt of $1.1 billion.

The Company's net leverage ratio as of September 30, 2025 was 1.0x, as calculated under the Company's credit

agreements, and its lease-adjusted net leverage ratio1 was 2.5x, an improvement from 2.7x as of June 30, 2025. At the end

of the third quarter, the Company's available liquidity was $904 million.

During the third quarter of 2025, net cash provided by operating activities was $154 million, compared to $90 million in the

same prior year period.

2025 Financial Guidance

The Company is reaffirming its full-year 2025 revenue guidance, which at the midpoint is an increase of 6% from 2024.

The Company now expects full-year 2025 adjusted EBITDA of $530 - $555 million, which at the midpoint is an increase of 9%

from 2024. The updated guidance primarily reflects higher Professional Fee expenses and a higher level of payor denials for

the second half of 2025. The accounts receivable and professional liability reserve adjustments were not a factor in revising

adjusted EBITDA guidance.

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.

Third Quarter 2025 Results Conference Call

The Company will host a conference call to discuss its third quarter financial results on November 13, 2025, at 9 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 November 27, 2025

United States Replay 1-800-770-2030

International Replay 1-609-800-9909

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 and approximately 280 sites of care with over 1,900 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 losses (gains) recoveries from the cybersecurity incident in November 2023 (the Cybersecurity

Incident ), net of incremental information technology and litigation 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 (income) loss 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