Disclaimer 2 Forward-Looking Statements This presentation contains forward-looking statements, which involve numerous risks and uncertainties. Included among such statements may be those relating to new clinics, availabi

U.S. Physical Therapy, Inc.

Carey Hendrickson, Chief Financial Officer

Email: Chendrickson@usph.com

Chris Reading, Chief Executive Officer

Disclaimer 2 Forward-Looking Statements This presentation

contains forward-looking statements, which involve numerous risks and uncertainties. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The

forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and

factors, which include, but are not limited to: changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status; revenue we receive from

Medicare and Medicaid being subject to potential retroactive reduction changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by

patients private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability; compliance with federal and state laws and regulations relating to the privacy of individually

identifiable patient information, and associated fines and penalties for failure to comply compliance with state laws and regulations relating to the corporate practice of medicine and fee splitting, and associated fines and

penalties for failure to comply competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible

write-down or write-off of goodwill and other intangible assets; the impact of a termination of one or more of the Company's hospital affiliation arrangements, which could have an adverse impact on revenue and the results of

operations; the impact of future public health crises and epidemics/pandemics; certain of our acquisition agreements contain put-rights related to a future purchase of significant equity interests in our subsidiaries or in a

separate company; the impact of future vaccinations and/or testing mandates at the federal, state and/or local level, which could have an adverse impact on staffing, revenue, costs and the results of operations; our debt and

financial obligations could adversely affect our financial condition, our ability to obtain future financing and our ability to operate our business; changes as the result of government enacted national healthcare reform the

ability to control variable interest entities for which we do not have a direct ownership business and regulatory conditions including federal and state regulations governmental and other third party payor inspections, reviews,

investigations and audits, which may result in sanctions or reputational harm and increased costs revenue and earnings expectations contingent consideration provisions in certain of our acquisition agreements, the value of which

may impact future financial results; legal actions, which could subject us to increased operating costs and uninsured liabilities general economic conditions, including but not limited to inflationary and recessionary periods;

actual or perceived events involving banking volatility or limited liability, defaults or other adverse developments that affect the U.S or the international financial systems, may result in market wide liquidity problems which

could have a material and adverse impact on our available cash and results of operations; our business depends on hiring, training, and retaining qualified employees; availability and cost of qualified physical therapists

competitive environment in the industrial injury prevention services business, which could result in the termination or non-renewal of contractual service arrangements and other adverse financial consequences for that service

line; our ability to identify and complete acquisitions, and the successful integration of the operations of the acquired businesses; impact on the business and cash reserves resulting from retirement or resignation of key

partners and resulting purchase of their non-controlling interest (minority interests); maintaining our information technology systems with adequate safeguards to protect against cyber-attacks a security breach of our or our

third party vendors' information technology systems may subject us to potential legal action and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health

Information Technology for Economic and Clinical Health Act; maintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or termination of those contractual

arrangements by such clients could cause operating results to be less than expected; maintaining adequate internal controls; maintaining necessary insurance coverage use of generative artificial intelligence availability, terms,

and use of capital and weather and other seasonal factors. See Risk Factors in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026, and any subsequent filings we

make with the SEC. Non-GAAP Financial Measures This Presentation includes certain measures ("non-GAAP financial measures") which are not presented in accordance with generally accepted accounting principles in the United States

of America ("GAAP"), such as Operating Results, basic and diluted Operating Results per share, Adjusted EBITDA, Adjusted EBITDA margin and other Non-GAAP measures. These non-GAAP financial measures are not measures of financial

performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to GAAP

measures. Our presentation of these measures may not be comparable to similarly titled measures used by other companies. Management believes that such measures are commonly reported by issuers and widely used by investors as

indicators of a company's operating performance. All non-GAAP financial measures contained herein should be considered only as a supplement to, and not as a superior measure to, financial measures prepared in accordance with GAAP.

780 Owned/Managed Outpatient Physical and Occupational Therapy

Clinics (1) 44 State National Footprint (1) 85% Physical Therapy Operations % of Revenue(1) 15% Injury Prevention Services % of Revenue(1) >$40bn US Rehabilitation Market >10% No Company Has Greater Than 10%

Market Share(2) Partner of Choice with Experienced Physical Therapists $781mm TTM Revenues(1) $95mm TTM Adj EBITDA(1)(3) 16% YoY Revenue Growth(1) $1.80 Annual Dividend (1) Proven Business Model Attractive Market

Dynamics Leading Physical Therapy Company USPh At a Glance Strong Financial Position One of the largest PT clinic owner/operator platforms in a highly fragmented market Leading public physical therapy platform Headquarters:

Houston, TX Founded: 1990 Employees: 7,200+ Favorable Demographic Trends As of and for the year ended December 31, 2025,.Included in the clinic count shown above are 34 clinics that the Company manages on behalf of third

parties. Source: "Industry Trends in M&A and Total Addressable Market Study" (Bain & Company, WebPT). Select Medical used as proxy for largest physical therapy operator in the U.S. with 1,944 outpatient rehabilitation

clinics as of Sept 30, 2023. Adjusted EBITDA is a non-GAAP financial measure and has not been prepared in accordance with GAAP. See Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA for further detail.. Driven by

Organic Growth and Acquisitions Diversified Payor Mix 3

Expanding National Footprint of Physical Therapy Clinics 4 Color

Scheme 0 155 217 155 155 155 20 81 163 124 59 129 170 68 61 254 163 11 * Included in the clinic count (but excluded from the map) are 34 clinics that the Company manages on behalf of third parties.

Large and Growing Market Opportunity 5 $40B+ U.S. rehab market

Favorable demographics - physically active, aging and obese population segments Significant market potential ~50% of Americans over 18 years old develop a musculoskeletal injury that lasts more than 3 months Within this

group, only 10% use outpatient physical therapy services (1) Healthcare delivery shifting towards lower cost, high quality outpatient providers Operating environment favors market consolidators with scale (1) Source: "Industry

Trends in M&A and Total Addressable Market Study" (Bain & Company, WebPT), Market Research.

Outpatient Clinics are the Leading Setting For Care 6 Orthopedic

rehab is the primary driver of physical therapy services, representing approximately 60% of visits Source: "Industry Trends in M&A and Total Addressable Market Study" (Bain & Company, WebPT). Outpatient

Clinics Hospitals; State, Local, and Private Home Health Offices of Physicians Other Physical Therapy Delivery Mix

Payors See Significant ROI for Physical Therapy 7 Total Treatment

Cost~$78K Hip replacement surgery($56,000) Inpatient care($15,000) Total Treatment Cost~$85K Hip replacement surgery($56,000) Inpatient care($15,000) Readmission Rate of20% Readmission Rate of10% Source: "Industry Trends

in M&A and Total Addressable Market Study" (Bain & Company, WebPT). Outpatient PhysicalTherapy Clinic Full Recovery Home Full Recovery With PT Without PT Average overall savings of ~$7k with significantly lower

Competitive Landscape 8 Source: "Industry Trends in M&A and

Total Addressable Market Study" (Bain & Company, WebPT). Source: "Industry Trends in M&A and Total Addressable Market Study" (Bain & Company, WebPT). Select Medical used as proxy for largest physical therapy operator

in the U.S. with 1,917 outpatient rehabilitation clinics as of December 31, 2025. Clinic count as of December 31, 2025. 1,900+ Clinics(3) 780 Managed / Owned Clinics(3) Highly fragmented U.S. outpatient rehab market with

37,000+ clinics (1) USPh is one of the largest owner/operator of PT clinics No company with >10% market share(2) USPh is well-positioned to capitalize in a more challenged macro environment

Physical Therapy Growth Strategy 9 Drive organic growth through de

novo PT/OT clinic openings (utilize true partnership model) Maximize profits of existing facilities by growing volume, improving pricing, increasing efficiencies and adding programs and services Augment organic growth through

strategic acquisitions of PT / OT practices 1 2 3 Create strategic alliances with hospital systems 4

Highly Retentive, Partnership Model 10 Specialize in trauma,

sports, work-related and pre- and post-surgical cases Partner with experienced physical therapists Drive volume via referrals Augment sales with marketing reps Organic growth includes lower cost de novo start up

clinics Strategic acquisitions structured as partnerships to create strong alignment of interests: Significant ownership retained by founders (~20% to 50%) Maintain established local brand Monthly distributions of cash

generated based on ownership percentages Agree to purchase remaining interest of partners on back end at typically the same EBITDA multiple as the original purchase

More Resources Less Administrative Burden USPh Partnership

Advantages 11 Accounting HR Real Estate Construction Purchasing Contracting/Credentialing Marketing Compliance Legal IT Capital and Resources to Enhance Development Rate No Personal Financial Risk Aligned Practice

Incentives Unlimited Earnings Potential Enhanced Benefits Package Business Intelligence and Collaborative Guidance

Acquisition Strategy 12 Completed more than 50 acquisitions since

2005 ranging in size from 1 to 52 clinics Acquisitions include eight industrial injury prevention services businesses Seeking & evaluating M&A transactions is part of USPh's DNA PT acquisition criteria: Owner

therapists continue to operate clinics and retain significant equity interest Immediately accretive to earnings Further de novo growth opportunities High quality clinics with a history of profitability Values Alignment

New Clinics Since January 1, 2025 13 47 owned clinics added (1)(2)

since January 1, 2025 From 1/01/2025 - 12/31/2025 WV VT VA SC PA OH NJ NC ME MD MA GA FL CT TX OK MS LA AR AL AK TN 5 Includes de-novo clinics and acquisitions of single and multi-site practices. Included

in the clinic count (but excluded from the map) are 34 clinics that the Company manages on behalf of third parties.

Scale Advantages Create a Robust Business Case for

Consolidation 14 Increased likelihood of selection for payor networks Scale is cited as a core criterion by specialty network managers and payors. Some limited leverage in negotiations with payors for reimbursement Higher

likelihood of referrer activity and advocacy More efficient, patient-centric care model -- including clinic, home and telehealth options Enhanced compliance capabilities Centralized infrastructure to limit costs and improve

operational efficiencies Increased patient awareness and high brand recognition Source: "Industry Trends in M&A and Total Addressable Market Study" (Bain & Company, WebPT) Efficiency More efficient, patient-centric

care model -- including clinic, home and telehealth options Compliance Enhanced compliance capabilities Payor Networks Increased likelihood of selection for payor networks Scale is cited as a core criterion by specialty

network managers and payors. Ability to negotiate higher rates for reimbursement with commercial payors Referrals Higher likelihood of referrer activity and advocacy Centralization Centralized infrastructure to limit costs

and improve operational efficiencies Awareness Increased patient awareness and high brand recognition Increasingly difficult environment for smaller clinics given increasing compliance, regulatory and payor complexities and

challenging macroeconomic conditions

Revenue Mix by Segment and Payor Type 15 Physical Therapy Revenue

Mix by Payor Type Year Ended December 31, 2025 Other Workers Comp Private Insurance & Managed Care Medicaid Medicare Revenue Mix by Segment Type Year Ended December 31, 2025 Physical Therapy Operations Industrial

USPh Physical Therapy Growth Drivers 16 In 2019, the Company sold

interest in a partnership, which operated 30 clinics. In 2020, the Company sold 14 previously closed clinics and closed 34 clinics. Number of Owned Clinics (1) Daily Patient Visits Per Clinic Number of Patient Visits (in

thousands) Both prior to and post COVID-19, each driver has shown robust growth 2012-2025: CAGR +4% 2012-2025: CAGR +3% 2012-2025: CAGR +8%

Daily Physical Therapy Volumes Progression 17 Continue to see

record-high volumes Average daily visits per clinic was of 32.7 was a record-high for any fourth quarter COVID Trough Average Visits per Clinic per Day

Physical Therapy Operations 18 Amortization of certain intangible

assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. Includes management contracts. Excludes certain incentive costs related

to the Metro acquisition and gains or losses related to clinic closures, as applicable. See the reconciliation of non-GAAP measures to the most directly comparable GAAP measure in the Appendix section. Annual Adjusted Gross

Margin Percentage (1)(2)(3) Quarterly Adjusted Gross Margin Percentage (1)(2)(3)

Today Services performed onsite at >600 client

locations Industrial Injury Prevention 19 Industrial Injury Prevention services include industrial sports medicine and injury prevention, post offer testing, ergonomic services, occupational health and medical services, and

specialized solutions March 2017 2020 14.6% of Total Revenue(3) Since USPh's initial entry into the Industrial Injury Prevention services space, the business has grown both organically and through additional acquisitions %

of Revenue full year 2018. % of Revenue full year 2020. Revenue for the year-to-date ended December 31, 2025. 5.6% of Total Revenue(1) 9.3% of Total Revenue(2) Initial Acquisition into the Industrial Injury Prevention

Industrial Injury Prevention 20 Note: Amortization of certain

intangible assets was reallocated between the physical therapy operations and IIP segments. Prior year amounts were reallocated to conform with current presentation. * The Company acquired an IIP business in November 2021with

$26.7 million in revenue at an EBITDA margin of 16.0%, which reduced the overall IIP margin in 2022 and forward. Revenue ($ in millions) Gross Margin (%) (1) *

Strong Balance Sheet and Capital Allocation Strategy 21 At June